Entrepreneurship and Small Business Management

This report provides a critical evaluation of different types of entrepreneurial ventures, small and micro businesses, and their role in the growth of the economy. It discusses the skills and traits of successful entrepreneurs and the impact of background and experience on fostering entrepreneurship. The report also explores the statistics and data illustrating how micro and small businesses affect the economy.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and how they are connected with typology of
entrepreneurship.....................................................................................................................3
P2 Similarities and differences between entrepreneurial ventures.........................................6
M1 Analyse range of entrepreneurial ventures to demonstrate understanding of both public &
corporate sector......................................................................................................................7
D1 Examine the scope, development and growth of entrepreneurial ventures......................7
TASK 2............................................................................................................................................7
P3 Relevant statistics and data for illustrating how micro and small business affects economy.
................................................................................................................................................7
M2: Evaluate the differences small, medium & large enterprises make in a economy.........9
D2 Examine how small business can impact different level of a economy (local, regional and
national)..................................................................................................................................9
P4 Importance of small businesses and start-up's in growth of the social economy in UK...9
TASK3...........................................................................................................................................11
Analyse various characteristic traits, skills and personality reflects in a successful
entrepreneur..........................................................................................................................11
Assessment of how aspects of personality of entrepreneur reflects their motivation and
mindset.................................................................................................................................13
M3: Examine the different line of argument related to entrepreneurial characteristics.......14
D3: Analyse the traits, characteritics and motivational drivers of successful entrepreneurs14
TASK 4..........................................................................................................................................15
P7 Effect of background and experience of entrepreneurs on fostering entrepreneurship...15
M4: Analyse the line between influence of personal experiences, background of Entrepreneur
with the characteristic of Entrepreneur.................................................................................16
D4: Critically make a evaluation of the experience and background that influence of
entrepreneurs both in a positive and negative manner.........................................................16
Conclusion.....................................................................................................................................18
1

REFERENCES..............................................................................................................................19
2

INTRODUCTION
Entrepreneurship is defined procedure in which a entrepreneur can identify and develop a
new business entity with the help of a innovative idea in the market. Major aim of all
entrepreneurial ventures is to earn higher amount of profits and bring some positive changes in
the society and its overall functioning. There are any activities that are part of entrepreneurial
ventures such as arrangement of resources such as financial, human etc. So that it can be
collected together and then work for achievement of their overall objectives. As a newly
appointed advisor to one of the local authorities I have been provided with the responsibility to
present a critical evaluation of different types of business ventures in the area. This report so
based on developing and understanding of various types of such ventures, small and micro
business and their role in growth of whole economy, discussion of skills and traits of these
successful entrepreneur. At last there is discussion of the impact of background and experience
on fostering or hindering the overall process of entrepreneurship.
TASK 1
P1 Different types of entrepreneurial ventures and how they are connected with typology of
entrepreneurship
Entrepreneur is a person that is responsible for development of unique ideas and
creativity for the purpose of achievement of laid business objectives. They are actually
responsible for conversion of idea into a business.
Intraprenuer: It is regarded as the working staff of the company ho has mainly assigned
the work of creating innovative ideas and thoughts. They have all the resources that is available
in the organisation so that business can be performed with more dedication.
Entrepreneurship can be defined as a procedure that is relate with the act of
development if different products or services in something different and creative manner. It is
completely different from already existing business that is prevailing in the macro environment.
It consists of the ways in which there is complete transformation that is taking place by an
entrepreneur. It is conversion of an idea or a opportunity into a real business by undertaking all
the risks and responsibility associated with smooth functioning of the business. Such as, Milton
Keynes Council is a local Council the actors having presents Buckinghamshire in England it is a
3

unitary authority. Powers related to non Metropolitan country and also district Council that is
combined. It is divided in 19 words and those are willing to elect 57 counsellors. It was formed
by the local government in the year 1972 district Council. They have derived their powers and
functions from local government act 1972 and the subsequent legislation.
Enterprise is a process in which various business functions and operations are
undertaken with a motive of earning higher amount of profits. There is investment of funds in
such a way that maximum benefits can be undertaken in terms of financial profits.
Entrepreneurship is a wider and broader concept and requires skills as well as knowledge
to understand it thoroughly. So, in business there are four types of entrepreneurship which are
discussed below-
Small entrepreneurship- Such type of typologies are small and local with limited
market area as well as customers. In small entrepreneurship, risk associated with business is low
because and such type of businesses is grocery store, supermarket, saloon, restaurant etc. Profit
earning is objective but main motive is to survive with peace. In this, decision making is done by
owner without consulting to anyone. (López-Valladares, 2019).
Scalable Entrepreneurship- These are those who start their own business or say start-up
with perception that they have the power to change the world with their thoughts as well as ideas.
For example- Vidsy headquartered in UK which was founded in 2015 and creates quality of ads
for various firms like Netflix, L’Oreal etc. In such type of entrepreneurship, risk associated with
business is flexible depending upon the market situations and trends.
Large scale Entrepreneurship- These are one in which risk associated with business is
high because such type of entrepreneurship deals with wider market and acquire larger profit as
well as market share growth. Their main motive is to access and run the business at both national
& internationally. For example- Facebook, Google, Microsoft, IBM, etc. are to be considered as
large entrepreneurship. Also, profit and losses depend upon customer decision scale and market
scenario. Such type of entrepreneurship opens their business with various branches across the
globe. (Bertoni, 2019).
Social Entrepreneurship- Such type of entrepreneurship mostly runs their business for
social help or with motive of helping people in the society. These are also known as non-profit
organisation such as Leonard Cheshire Disability, headquartered in UK which helps disable
people around the world. Social Entrepreneurships are mostly dependable on their goodwill.
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5

P2 Similarities and differences between entrepreneurial ventures.
BASIS Public enterprises Private enterprises Social enterprises
DIFFERENCE
Objective
Main objective of
such venture is to
provide service to the
society.
To acquire the market
and increases sales
revenue.
Their objective is to
solve people problem
so that peace is
established within the
environment.
Structure They follow
horizontal structure.
In this, most of
organisation adopts
horizontal but
sometime turn into
vertical too depending
upon the situations
and events,
These enterprises
follow flexible
structure; horizontal+
vertical.
Size
SIMILARITIES
Customer focus
Base
These are wider in
size and grow
accordingly. For
example- NHS service
UK.
Public enterprises
focus on providing
services to customers
and people.
These mostly depend
upon market as well
Such type of
enterprises is also
larger in size and
employee individual
at broader level. For
example- IBM
They main source of
generating profit is
customer so they also
target customers with
revenue motive.
Such enterprises are
dependent on
Size of these are
limited because they
grow and develop at
slow scale.
For example- Leonard
Cheshire Disability
Social enterprises
focus on customers
but with motive of
serving and helping
people.
Their main base is
society though which
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as public. customers. they operate their
business.
M1 Analyse range of entrepreneurial ventures to demonstrate understanding of both public &
corporate sector
Entrepreneurial ventures are of various types which are public, private and corporate
ventures. Public sector are those in which main motive is to help people and provide
services at affordable rate. Whereas corporate sector those in which main motive is to earn
profit and increase sales revenue. Ventures affect both the public and corporate sector at
deeper level. So, proper analysis is to be done when selecting the ventures.
D1 Examine the scope, development and growth of entrepreneurial ventures
Public ventures have scope in helping people at international level depending upon their
service quality. Development of these ventures is rising at rapid level. Growth of such
ventures depend upon public and society how they maintain relationship with people.
Private ventures have scope of accessing business globally. Development of such ventures
depends upon the market situations and trends. Growth is private is slow because of
uncertainty of market. Corporate have lower scope in business, development of venture is
undetermined and growth is slow when it comes to corporate.
TASK 2
P3 Relevant statistics and data for illustrating how micro and small business affects economy.
Micro enterprises are those that are having less than 50 employees that are part of such
ventures. These businesses are operating on small scale and they have small ratio of
investments, level of operations. These are enterprises that have minimum of 5 employees
and maximum 50 employees. These businesses are mostly conducted for purpose of
earning living and satisfaction of their basic survival needs. They play a very important
role in the development of a economy. They make efforts to bring some positive changes
on the entire economy by the product and services that they are dealing in with. Such as in
UK there have been lot of changes that are taking place in the economy and it has been
impacted in terms of lot of changes that are taking place in the economical scenario.
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For example the BREXIT has resulted in falling of the economy as Britain left the European
Union that lead to reduction in the value of currency and organisations’ started facing difficulties
in terms of their survival. In such conditions the Micro and small business actually help the
economies to sustain and deal with the economic slowdown situations.
Source: Impact on small businesses, 2017
From the graph presented above it can be interpreted that it is very important to
understand the contribution made by SMEs for economy of UK:
It can be seen clearly that the micro business is making a clear contribution of
approximately 20 percent in the whole economy of UK. It can also be seen that small business
are making contribution of approximately 23.4 percent that is considerable part of a country’s
economy.
Entrepreneurship is leading to more generation and establishments of small & medium
enterprises in a country. It leads to development of the international and national economy. it is
also very helpful in resolving various issues that arises such as problems related to improvement
of living standard of people, unemployment, management of the demands of people etc. There
are also some issues that are commonly faced by a organisation like limited availability of
resources, financial resources, human resources etc. Entrepreneur is the one who uses various
creative ideas in order to solve such problems of the people faced in society by establishment of
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a business venture. So, the major contribution made by such micro & small business is discussed
below:
Employment generation: They help in generation of lot of employment opportunities as
they are helping in converting the innovative ideas into some profitable business. According to
the above discussed graph iut can be seen clearly that maximum contribution by such SMEs are
very helpful in solving the problem of unemployment and employment that is provided to the
unemployment sector of the economy leads to people earning their living & maintaining their
living standard. They usually make an average contribution of 16 percent in the development of
overall economy of a country.
Infrastructure development: Micro and small business also contribute towards
infrastructural development as they help the government of a country to develop overall
infrastructure for their country. As it can be seen in the above represented graph in the overall
economy of UK there has been maximum contribution that has been made by such micro and
small business, Such business helps in improvement of conditions of backward areas which lead
to overall development of infrastructure in such areas in terms of bridges, roads etc
M2: Evaluate the differences small, medium & large enterprises make in a economy
Small enterprises run with motive of survival, medum organisation operates their activties to
acquire customers and market wheras large enterprises estabilshed themselves with motive
of accesing glonbal market (Beer 2019).
D2 Examine how small business can impact different level of a economy (local, regional and
national)
Small business affect the economy for example in local economy it is easy to operate the
business, in regional it is difficult to operate because of rules and regulations so sometimes
necessary products are not consumed by people whereas at national, small busines faces
competitors and rivals.
P4 Importance of small businesses and start-up's in growth of the social economy in UK
Large business has the capabilities of dominating the stock market in comparison with the
various small business and start ups that are playing a very crucial role in the success of a
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economy. It is very helpful in bringing prosperity in the success of whole economy especially in
the smaller geographical areas. Such type of business help in establishment of strong connection
with villages with cities that acne help in converting the creativity of people to large ventures
that actually leads top development of backward economies and this in turn leads to benefit for
the overall society. Such small business have high amount of flexibility that leads to
modifications that can be made with time and this in turn leads to higher growth of a country as a
whole. Following are some of the ways in which various small business that actually help in the
growth and development of a economy of a country:
Job creation: There is some of the business that is contributing in creation of more job
opportunities for various local workers. Small business play a very crucial role in growth of
economy of a country in a way as it helps in providing more opportunity to workers who are
living in various rural areas so that they can make utilisation of their overall competence,
capabilities and skills so that they are able to earn living to maintaining the satisfaction of their
basic needs. It also helps in enhancing the overall economic conditions of a country stronger and
better for their overall citizens (Mukherjee, 2016).
Improvement of the standard of living: small and micro business are very helpful in acquisition
of various goods & services at prices that are low enough that can be affordable; for lower
sections of the society and it is also very helpful in making essentials available for people of the
society. Also there are no major restrictions for entering in this sector that makes it easier for
people to enter in such sectors and it leads to employment opportunities for unemployed sector
of the economy of a country. Competition: Small business help in increasing the nature of
competiveness in the overall economy of a country as when there are generation of such small
start ups then it leads to creation of competition for already established large business
organisations who are offering similar products or dealing into similar services (Quinones and
Hunter, 2017).
 Flexibility to open new businesses: Small business does not require much higher amount
of investments as they can have as much business they can create from their creative
ideas and also with the small amount of financial investment that si required for starting
of such ventures. All this leads to higher contribution towards the economy of a country.
 Contribute to local government with taxes: When there are large number of
establishments then it leads to increase in revenue sources for the government also as
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people are paying more taxes. Such revenue so indirectly invented in the benefits and
development of overall country. All this cycle carets benefits and more opportunities for
people in society and county as a whole (Ekene, Raymonda, and Chidubem, 2018).
 Increase in GDP: micro and small business are very helpful in increasing the growth of
economy. GDP is the average of production of goods & services in a country. It helps in
increasing the overall circulation of various transactions in a economy. When there will
be more production of goods in form of this small business then it will automatically
going to enhance the overall rate of GDP for a country.
TASK3
Analyse various characteristic traits, skills and personality reflects in a successful entrepreneur
Entrepreneurship can be regarded as a new venture that can be implemented with help of
new innovative ways for operations to attain a higher position in the organisation. For
implementation of some new methods and innovation it is very important for a Entrepreneur to
increase their traits, skills and characteristics are something that help in differentiating managers
from others managers and leaders for attainment of a completive advantage. Some of the traits,
skills and characteristics of entrepreneurs are discussed below:
Characteristic of entrepreneur
 Self-motivation- Motivation is one such technique that is very important aspect of a
enterpenur that is used for organisation to attain higher position in the market. It is very
important for employees to keep themselves motivated enough so that there are many
challenges that they face while working towards their goals and objectives but it is very
important to deal with such challenges by self motivation. Such as Ishaan Malhi has
always mad efforts to keep him self motivated as it will help them in having enough
determination to enhance their employee motivation so that they are continuously
working in the direction of achievement of objectives in the well defined manner.
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 Forward looking- It is very important for employees and entrepreneur themselves that
they have to perform all the functions in such a way that it is forward looking according
to future objectives or the end of the organisation. It will be very helpful in enhancement
of organisation performance in the coming time period. Such as in case of Ben Jeffry as
this person started to see a vision at a very young age that actually differentiates from
other managers and business owners (Eliasson Rönnqvist and Vartiainen, 2016).
Skills of entrepreneur
Creativity- It is very important for a entrepreneur that they have to work according to the
needs of market so that they are able to differentiate them from other managers. They have a skill
of looking at some aspects in the most creative and innovative manner that actually helps in
creating differences. Such as Ben Jeffries is a person who started his Company in the age of 13
years and with the help of high technical skills that he posses he was able to actually transform
his basic idea into a successful venture and employee other similar mindset of people in his
venture (Chambers, 2016)
Willingness to learn- Learning is a skill that is a very important factor that actually helps
employees and individual in learning and their overall development. In case of successful
entrepreneurs as they have to analyse certain new aspects so that they can work in a more
positive manner. Such as Ishaan Malhi actually learnt the overall process of starting a tech
company as he felt that he didn’t posses sufficient amount of knowledge to start his own
company. All this actually leads to development of his own venture with high amount of
perfection with high proficiency and perfection. So it can be clearly seen that all entrepnusr have
a zeal and willingness to acquire knowledge for achievement of their objectives in a more
effective manner (Moraes, Iizuka. and Pedro, 2018).
Traits of successful entrepreneur
Strong work ethics- different types of successful and hardworking entrepnusr posses a skills
just like Ishaan Malhi and Ben Jeffries that they followed all the rule very strictly the major
reason behind this was that they strongly believed that their ethical responsibilities actually will
help them in creating a examples for their workforce and also for all their teammates. So they use
to adopt all the ethical rules and responsibilities in such a way that they used to complete their
working hours and also work with full dedication. All these efforts actually result into setting up
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of example for all their employees so that they are also working with equivalent amount of
dedication (Sarmin,. and Ashrafuzzaman, 2017).
Disciplined- It is very important for entrepreneurs to have high amount of discipline so that they
can save their energy towards utilisation of it for the purpose of achievement of objectives
and working is done in a more efficient manner. Such as having a disciplined type of attitude
is very important on part of employee’s so that their overall contribution level can be
maximized. Such as in the examples of Ben Jefferies it can be seen that managers are willing
top carte timely schedules for their work so that they poses strict rules for themselves and
their whole working staff.
Assessment of how aspects of personality of entrepreneur reflects their motivation and mindset
The overall personality of a entrepreneurs actually help them in management of business and
building up of effective and healthy relations between their customers and employees so that
various opportunities can be identified to expand and develop their overall business. For making
a business more successful there is a requirement to identify such opportunities so that there can
for long term sustainability of the business in changing external environment (Frenzel, 2018).
There are also responsibilities to develop some of traits and skills. There is a discussion of the
Big five Model for this purpose that is used for identification of various characteristic and traits
that can be acquired by various entrepreneurs as discussed below:
Openness to experience: It is the first aspect that is related to being more imaginative
and exploring various attractive opportunities so that they can be further converted into a
profitable business. All this will help catering to the creative ideas of entrepreneurs. As it is the
trait that actually opens was to develop some innovative ideas that can be used for the purpose of
achievement of objectives in a better manner. When entrepreneurs like Ben Jeffries and Ishaan
Malhi will be open to experience and some new experiences then, it will make them more open
minded as they will be willing to explore some new areas related to their business that is going to
enhance the overall growth.
This is the first trait of the model which is most important for the entrepreneur. This helps
them to be imaginative and to determine the insights which will help them to explore the world.
It will make them curious to know about people whom they have to cater; also it will make the
entrepreneur creative and logical thinkers. Such openness of the entrepreneur will make them
different than the business managers as they will make them open minded.
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Conscientiousness: it is a trait that is related with entrepreneur being a goal oriented
person and making them competent enough to understand what are various actions and
behaviour of employees that can actually make them more dedicated towards their end
objectives. It also creates an attitude for successful entrepreneurs like Ben Jeffries & Ishaan
Malhi that is more disciplined and deliberate towards their long term vision of their organisation.
It also leads to establishment of differentiation from various business managers in terms of goals
they are willing to achieve (Sallem, Boudabbous. and Daas, 2016).
Extraversion: According to the traits if entrepreneurs it is very important for them to be
more emotionally expressive as it helps them in increasing their overall capabilities to be more
understanding. This is a trait that is required so that the other entire working staff and workforce
can be handled more properly by the entrepreneurs and other competent authorities. Extraversion
is basically a trait that leads to entrepreneurs like Ishaan Malhi and Ben Jeffries moiré
enthusiastic, energetic and having a quality to convince people in a more effective manner.
Agreeableness: It is a trait that is related with the entrepreneurs having capabilities of
being more affectionate and kindness. These are some of the qualities that lead to enhancement
of the overall satisfaction level of employees in a organisation. It helps in improvement of the
contribution of employees towards the organisational objectives. In case of Ishaan Malhi such
qualities will also be very helpful in motivation of employees and increasing their level of
comfortablility. So, that they get a positive environment of working at the workplace.
Neuroticism: It is a trait that is in concern with the instability or emotional stability that
is present in a person and can lead to some negative outcome such as in form of higher stress,
discomfort or high amount of dissatisfaction these are some of the feelings that should be
avoided in a organisation and it must be not present in a entrepreneurs. It is very important for
the entrepreneurs like Ben Jeffries who have started their careers at a very young age to be calm
in all the business situations like that of adverse business conditions as their attitude will result
into the attitude of their overall workforce.
M3: Examine the different line of argument related to entrepreneurial characteristics
It is not easy to become entrepreneur and to become it there are some traits and
characteristics which is to be there within individual. Such as leadership skills, communication
etc. such type of skills decides whether person has the ability or not (Torfing, 2019).
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D3: Analyse the traits, characteritics and motivational drivers of successful entrepreneurs
To become successful entreprenurs must be problem solving, extrovert, shoukd have
leaders quality. Also, person need to be motivated and influence other decisions. With help of
these qulaities and individual can turn himself into entreprenur.
TASK 4
P7 Effect of background and experience of entrepreneurs on fostering entrepreneurship.
Each entrepreneur has certain set of experiences that actually help them in understanding
and developing some of the capabilities to start a entrepreneurial venture. The overall education,
lifestyle, family background is all the key factors that can actually foster and at same time hinder
the entrepreneurship for a individual at a given point of time.
There are many traits that are associated with how these traits and qualities are helpful in
developing an understanding of the need to convert a entrepreneurial venture or convert a idea
into form of a profitable business. In the present scenario, there is consideration of two most
popular entrepreneur that is Ben Jeffries and Ishaan Malhi . How these entrepnusr actually got
affected by their own family background and does that makes a positive or negative impact on
the entrepreneurial venture set up by these two can be understood from the discussion done
below:
Ben Jeffries
Background and Experiences of Ben Jeffries: In the age if 15 years he started his clothes
business in name of Breez. He dropped from school and then started off his career as a influencer
in one of the marketing companies of UK. He took this company top new heights and clubbed
with various innovators such as Caspar Lee and raised funds. He has association with big brands
such as Apple, Mcdonalds etc.
Ishaan Malhi:
Background and Experiences of Ishaan Malhi : Ishaan Malhi is person behind Trussle and
owner of the online mortgaged company he after graduating from the university of Brazil in the
field of Science is joined Merill lynch but soon at a very early age he started his own tech
company. The main aim of his venture was to make people availability of easy mortgage without
making huge amount of payments.
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Positive impact that foster entrepreneurship : Overall background and experience of
entrepreneurs help in motivating them such as in case of Ishaan Malhi he got inspiration from
various rejections whole truing to get some mortgages for his company. It lead to creation of a
vision for him on other had Ben Jeffries also got inspiration to start their own company from
personal experiences and high amount of dissatisfaction from job.
Negative impact that hinder entrepreneurship: Many times such background can also
hinder performance as Ben Jeffries was not able to handle effectively all the decision for this
he had to appoint another parameter who could help in making timely decisions also, the
availability of sufficient funds because of middle class family backgrounds are some of the
factor that actually hinder the entrepreneurship process for both entrepreneurs (Roach,
Sauermann and Skrentny, 2019).
M4: Analyse the line between influence of personal experiences, background of Entrepreneur
with the characteristic of Entrepreneur
Every entrepreneur is affected by personal background, experience and characteristics.
Personal background reflects the how that person took initiative to become entrepreneur and
what challenges were faced etc. Whereas, the experience in case of Ben Jeffries clearly reflects
the how much knowledge of business has been applied in professional life both past and future
one (Ahmed, 2019). Ben Jeffries is a influencer and has one of the business in the industry as
they are raising their first investments based on crowd cube in 24 hours. In 2017 labelled as
young entrepreneurs and was invited as a keynote speaker at the largest business show in UK. It
can be said that there is a link between the personal experiences and background related with the
characteristics of a particular entrepreneur such as early age trees was involved in different types
of activities that help him in becoming the successful entrepreneur in such a young age.
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D4: Critically make a evaluation of the experience and background that influence of
entrepreneurs both in a positive and negative manner
Experience and personal backgrounds are both strength as well as weaknesss too
depending upon how entreprenurial see them. But when talking about these two entrepereneurs
taht is Ben Jeffries & Ishaan Malhi need to calm because they affect the goodiwill of
entreprenur at wider level (Frisch Aviram, 2019). In case of positive manner ishaan malhi got
inspiration because of all the rejections that was faced in his life this was a personal experience
that motivated to become a entrepreneur on the other hand negative impact was on Ben jeffries
as there was a difficulty in handling some of the adverse situation because of the age hindrances
as he has started this business at a very early age that was of 15 years.
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Conclusion
After a brief analysis above report it is concluded that sales management is wider and
broader concept. It requires high level of expertise and knowledge so that process is carried out
in effective manner. Entrepreneurship ventures play vital role in business and range of such
venture is also wider. Various types of ventures are involved such as public, private and
corporate. Further, typologies of entrepreneurship are also necessary to understand such as small,
large, scalable and social entrepreneurship. All are heterogeneous in nature and run their
business accordingly. Hence, while selecting these, proper analysis is to be done so that
decisions are made effectively.
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