Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Content
INTRODUCTION...........................................................................................................................3
Main Body.......................................................................................................................................3
P1 Types of entrepreneurial ventures and their relation with typology.......................................3
P2 Analyse similarities and differences between entrepreneurial ventures.................................5
P3Analyse, interpretation, and illustrate impact of Small and micro organisation on the
economy.......................................................................................................................................6
P4 Importance of small and start-up businesses in growth of social Economy...........................8
P5 Analyse Trait and skills of successful entrepreneurs that differentiate them from other
business managers.......................................................................................................................9
P6 Evaluate how aspects of entrepreneurial personality can affect entrepreneurial motivation
and their mind sets.....................................................................................................................12
P7 Evaluate with the help of relevant examples and discuss how the background and
experience can hinder and foster the entrepreneurship..............................................................13
CONCLUSION..............................................................................................................................14
REFRENCES.................................................................................................................................15
Books and Journal......................................................................................................................15

INTRODUCTION
Entrepreneurship can be defined as a procedure of launching, designing and running a new
business and the person who is responsible for this process is known as Entrepreneur
(Barron and Amorós, 2020). They are responsible and even liable for their profit or loss and
provide their contribution to capital. They establish as small businesses and set up their
ventures in global market and can be classified as scalable, small, social and large
organisation and choose according to their capital contribution. ASDA is taken over by
ISSA brothers. They are billionaire Blackburn brothers Mohsin Issa and Zuber Issa where
Mohsin Issa runs day to day activities of business and Zuber is responsible for strategy and
acquisition. They both works like a team and prove to be a successful entrepreneur. This
report contains various types of entrepreneurs with relation with their type of entrepreneur
and describes various similarities between entrepreneurial ventures. It also discusses traits
and skills required to became an entrepreneur which distinguish them from managers of
business. There are various environments which affects entrepreneurship in an organisation
and this report also contain different impacts of different environment on organisation.
Main Body
P1 Types of entrepreneurial ventures and their relation with typology.
Meaning of Entrepreneurship: Entrepreneurship refers to a position of operating an
organisation with a view to take opportunities of market with a motive to earn profit and
contribute in capital for establishing its own business (Bell, 2020). Entrepreneurship is
encouraged in society because it operates for extreme satisfaction and provides technology and
innovation to society which involves development of various strategies with planning, arranging
and controlling their operations.
Various Types of Entrepreneurship
Serial Entrepreneurs: This type of entrepreneur always comes up with new and
innovative ideas and uses them in their organisation. This type of entrepreneur has good time
management skills, ability to set concrete goals and creativity and innovation with strong
discipline and stable leadership. Once venture started their responsibility settles and they come
with new venture and many more.

Intrapreneurs: Intrapreneurs are those employees which are employed for special
project or idea and assigned task for given time and freedom. They are given resources as well as
full authority to complete a certain project as an entrepreneur would complete it. They are solely
responsible for project assigned to them and have ability to work as an entrepreneur for an
assigned project.
Owner-Managers: Owners in any organisation are persons who invests their capital in
organisation and responsible for operations in business organisations (Jena, 2020). Owner-
managers are persons who own as well as manage all major activities of a business. They alone
are liable and responsible for formulations of their plans and policies and handling issues of
operations in an organisation. They organise resources, build teams and assign task in them with
proper guidance to their leaders.
Difference between Entrepreneur and Intrapreneur
Entrepreneur Intrapreneur
 An entrepreneur is liable for operations
of their own company
 They work under a lot of risk due to
authority of taking decisions. Also,
liable to pay debts and liabilities.
 An intraprenuer is liable for working
into other organisation for working
effectively
 They work under less risk environment
because of working according to planed
strategies.
Various Entrepreneurial Ventures
Entrepreneurship is classified into various categories in order to run and operate its functions. All
these categories are discussed below:
Survival Venture: This type of entrepreneurs focuses on survival of businesses in
competitive market by accomplishing their needs of finance and working capital. In order to
sustain in market, they use various strategies such as to cut cost of products, terminate employees
or sacrifice quality or quantity of product offered by them. There are several examples which
explains survival venture in United Kingdom such as MOMA food outlet, Amazon sellers, and
many more. They run their business at small scales and sell accessible resources to fulfil basic
needs in their daily activities.