Entrepreneurship and Small Business Management

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
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REFERENCES..............................................................................................................................19
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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
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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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