Entrepreneurship

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Entrepreneurial ventures.........................................................................................................3
Task 2...............................................................................................................................................5
P3 Interpret and assess relevant data and statistics to illustrate how micro and small business
impacts on economy....................................................................................................................5
P4 Importance of small businesses and business start up growth to the social economy............6
Task 3...............................................................................................................................................7
P5 Characteristics and traits of successful entrepreneurs............................................................7
P6 How aspects of entrepreneurial personality reflect motivation and mind set.........................7
Task 4...............................................................................................................................................8
P7 Influence of background on entrepreneurship venture performance......................................8
CONCLUSION ...............................................................................................................................8
REFERENCE...................................................................................................................................9

INTRODUCTION
A capacity and willingness to manage, organize and control a business venture by taking
risk in order to make profits is known is entrepreneurship. To start a new business along with
risk is an example of entrepreneurship (Elo and Volovelsky, 2017). An individual or person who
creates new business by using own skills and knowledge is called entrepreneur. It play a key role
in economy as it introduce new products and services which attracts customers and contributes in
the development of company. Such report is based on range of ventures types, typology of
entrepreneurship, impacts of small business on the economy, entrepreneurial characteristics and
mindset that differentiate from others.
TASK 1
P1 Entrepreneurial ventures
Entrepreneurship is the wider term that is used by persons in order to introduce new
products and services for the purpose of making profits. The main aim of business organization
is to satisfy customers by analysing needs and wants.
Small business entrepreneurship: This types of entrepreneurship run a business at
small level with the objective to earn livelihood only. There is no required technical skills and
high capital to start such business. (Loarne-Lemaire, Maalaoui and Dana, 2017).
Scalable start up entrepreneurship: This type of entrepreneurship consider growth and
development of a business by using innovating ideas. Market analysis is main factor of such
entrepreneurship that helps to know the needs of people and innovate new products in order to
satisfy them.
Social entrepreneurship: This type of business are created by members of society for
the purpose of solving society problems. The main object behind this entrepreneurship to make a
better world by satisfying society needs.
Large entrepreneurship: This types of ventures focus on growth and business activities
for the purpose of making profits and expanding business. The manager of such entrepreneurship
create innovation and offer new products and services by using new technology.
Scope, development and growth of entrepreneurial ventures
The scope, development an growth of business are depend on sale and demand of products
which helps to expand business globally. All business have different scope and growth that helps

to maintain the profits. Small entrepreneurship has vast scope and development because it
manage business activities at small level. Scalable, social and large entrepreneurship has wider
scope who understand the needs of customer then introduce that kind of products and services in
order to make profits by satisfying customers.(Ayandibu and Houghton, 2017).
Entrepreneurial venture typology
Typology are the classification of various things according to different basis. Different
types of typology are as described:
Male typology: This is related with male entrepreneurs in which only males are allows to
make business decisions. Such typology is related with small business ventures where person
does not involves and new innovation and runs business by using male thoughts and ideas.
Female typology: When females are running a business by using their skills and patience
consider female typology. Here, business grows continuously because control and decisions of
female are preferred within organization.
Managed growth: It consider lifestyle and growth of business organization by involving
male and female ideas. This typology helps to manage business and operations effectively by
bearing risk and making profits. It is linked with scalable and large entrepreneurship where
decisions of male and female are involving in business activities (Gërguri‐Rashiti and et. al.,
2017).
P2 Similarities and difference between entrepreneurial ventures
The difference and similarities between small, scalable, large and social entrepreneurship are as
defined:
Basis Survival Firms venture Life style firm Social entrepreneurial
venture
Meaning Survival firm venture are
the venture which used to
carry out their operation
with the sole motive of
surviving in the market.
They generally do not used
to change their operation
Life style firms are the
organization which
used to provide their
owner with a chance
to pursue with the
lifestyle desire by
owner.
These ventures are run by
society for the purpose of
upgrading social level by
solving problems of society.
It is run by contribution of
all society members. For
example: Oxfam Social