Entrepreneurship and Small Business

Entrepreneurship and Small
Business

Table of Contents
INTRODUCTION .........................................................................................................................3
Task 1...............................................................................................................................................3
Different kinds of entrepreneurial ventures and their relation with classification of
entrepreneurship...........................................................................................................................3
Similarities and differences between entrepreneurial ventures....................................................5
Task 2...............................................................................................................................................6
Impact of micro and small business on economy........................................................................6
Importance of small businesses and business start-ups to the growth of the social economy.....9
Task 3.............................................................................................................................................11
Distinguishing traits and skills of prospering entrepreneurs that distinguish them from other
business directors.......................................................................................................................11
Entrepreneurial personality reflecting entrepreneurial motivation and mind-set......................12
Task 4.............................................................................................................................................14
How background and experience can hinder or foster entrepreneurship...................................14
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................18

INTRODUCTION
Entrepreneurship is defined as a process of building or creating business and developing
business along with scaling business in order to generate profit. Entrepreneurs are one who
undertakes different activities in order to develop, organise and run entrepreneurial venture along
with taking all risks and uncertainties to make profit and scale business. Small businesses are
those businesses that operate at limited scale and involve minimum investment to run business.
The report will talk about different kinds of entrepreneurial ventures along with their
similarities and differences. Followed by this report will cover impact of micro and small
business on economic system and value of small business in development of social economy will
be discussed. Followed by the report will discuss about entrepreneurs and their traits, skills and
characteristics. This discussion will be based on case study of Issa Brothers, Zuber Issa and
Mohsin Issa who started their business with single petrol pump and now their business EG
Business owns more than 5200 petrol stations. They are known to be one of successful
entrepreneurs and they have been considered as Remarkable Entrepreneurs.
Task 1
Different kinds of entrepreneurial ventures and their relation with classification of
entrepreneurship
Small Business Entrepreneurship
Small business entrepreneurship refers to entrepreneurship that is mainly started and
operated to support living and lifestyle of entrepreneurs and their family. Small business
entrepreneurship does not seek large scale profit and venture capital funding (Morris and et.al.,
2018). Small businesses mainly are operated by entrepreneurs alone and when they employ
employees they are limited in number and many times employees are from their family. Local
grocery stores, small boutique and consultants are example of small business entrepreneurship.
Concerned with relation of entrepreneurial ventures with typology of entrepreneurship
small businesses is created by mode and need entrepreneurs including those entrepreneurs who
start venture for their feeling.

Scalable Entrepreneurship
Scalable entrepreneurship is started and developed by entrepreneurs who consider and
believe that their idea and vision of venture can change world. Scalable entrepreneurs receive
funding from venture capitalists. These businesses hire specialised employees who can add value
in realising goals and objectives of entrepreneurs. Scalable entrepreneurship works on
identifying gap in market and on the basis of that they develop products and services to create
solutions for customers and market. Many of these scalable businesses are based on technology
and focuses on rapid expansion of the business.
Scalable entrepreneurship is created by serial entrepreneurs, lifestyle entrepreneurs and
nascent entrepreneurs who consider entrepreneurship as career (Brown and et.al., 2018). Serial
entrepreneurs are those who start new entrepreneurs and sell these ventures and continuously
starting new ventures make them serial entrepreneurs.
Large Company Entrepreneurship
This is a type of entrepreneurship in which business or companies have fixed life cycle
and entrepreneurs creating this sort of entrepreneurship are modern professional who knows how
to preserve creativity. Products and services offered by these ventures are based on identified
demand from market and customers. These type of entrepreneurships involve several activities
that includes core business activities and corporate activities along with marketing and research
and development and CSR activities. Small businesses can turn them into large companies when
their growth is rapid and acquisition of small business by existing large organisation also turns
the business into large entrepreneurship.
Large company entrepreneurs are created by corporate entrepreneurs and when small
entrepreneurs become successful they become corporate entrepreneurs. Other than this, scalable
entrepreneurs can also become corporate entrepreneurs.
Social Entrepreneurship
Social entrepreneurship is another type of entrepreneurial venture that are created to solve
social problems and address social issues. Important aim of these businesses is to create society a
better place to live (Bertoni, Martí and Reverte, 2019). These entrepreneurial ventures do not