Assignment on Entrepreneurship & a Small Business Management (pdf)

Entrepreneurship
and small Business
Management

Table of Contents
Introduction:.....................................................................................................................................4
LO1: Explore and illustrate the range of ventures types that might be considered
entrepreneurship...............................................................................................................................5
Examine the different types of entrepreneurship ventures and explain how they relate to
typology of entrepreneurship.......................................................................................................5
ENTREPRENEURSHIP:-Is the process of designing,launching and running a new
business,wich is often initially a small business..........................................................................6
LO2. Assess the impact of small businesses on the economy.......................................................10
Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy..............................................................................................................10
Explain the importance of small businesses and business start-ups to the growth of the social
economy.....................................................................................................................................12
LO3. Determine and assess the key aspects of an entrepreneurial mindset...................................15
Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers...........................................................................................15
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.......................................................................................................................................18
LO4. Examine the different environments that foster or hinder entrepreneurship........................20
Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.........................................................................................................................20

Conclusion:....................................................................................................................................22
References:.....................................................................................................................................23

Introduction:
This report is based on entrepreneurship and small business management. In that perspective, the
first part of this report will provide a brief description about different types of ventures. This first
part of this report will include description on different entrepreneurial ventures along with the
explanation that shows the relation among different entrepreneurial ventures and several
typology of entrepreneurship. Besides that, this report will show both similarities and differences
between entrepreneurial ventures. On the other hand, the second part of this report will include
effect of start-up organisation for the development of the society. In that perspective, a proper
statistical chart and graph will be provided to establish the impact of small business and start up
business on the social economy. Along with that, the necessary characteristic traits and skills to
be successful entrepreneur will also be attached in this report. In addition, the major factors are
mentioned in this report regarding entrepreneurial mindset. Furthermore, this report will mention
about different foster that can be affective for entrepreneurship in both the negative and positive
way.

LO1: Explore and illustrate the range of ventures types that might be
considered entrepreneurship.
Examine the different types of entrepreneurship ventures and explain how they
relate to typology of entrepreneurship.
Entrepreneur refers to a person who organise, manage and takes risk of business. Therefore
entrepreneurship can be considered as running, developing and introducing a new business
ventures along with taking business risk.
Types of entrepreneurship
1. Small business entrepreneurship: Small business entrepreneurship mainly refers to the sole
proprietorship which is independently owned and work for profit, these business is usually not
dominant in the field. Mainly restaurants, construction firm, retail stores and agriculture falls
under small business entrepreneurship. They mainly raise their funds from micro loans, bank
loans, personal funds etc. Small business firm can generate taxes and jobs but they cannot create
huge numbers of employment. They supply those goods and service which are necessary for
people livings as well as some leisure goods. In today’s world large number of business are
small. They fail to attract investors because they do not deal with huge profits.
2. Scalable start up entrepreneurship: In this types of entrepreneurship, a person start a
company in a view to change the world. They arrange their funds from venture capitalist and
they hire qualified employees. Their goal is to introduce scalable and repeatable business model.
Once they achieve their first goal they start finding new investors to expand their business.
Examples of this entrepreneurship are Facebook, Instagram etc. Very few people do this start-

ups because it is an inovation cluster, so, it has risk capitals and outsize returns (Kuratko Morris
and Schindehutte 2015).
3. Large company entrepreneurship: It can be defined as an established organisation or joint
stock company which employee at least 500 people. The main purpose of this large companies is
to create huge revenue and profit for its shareholders. They generally get their funds from their
retained earnings, tax credits and subsidies. Generally this enterprises has sustainable life cycle
because of their new product introduction along with its core products. Their day to day
operation depends on customer’s tastes and preferences, government laws, competitors etc.
Example of large companies can be Google, Microsoft, and Samsung etc (Kuratko Hornsby and
Naffziger 2016)
4. Social entrepreneurship: This types of entrepreneurship mainly produces goods and
services which solve the problems and needs of society. Their main objective is to make
the world a better place rather than earning huge profit and accruing wealth. Safe point
trust is one of the famous social enterprise in the world they made inexpensive non
reusable syringes and delivered it to 40 countries. This type of enterprise mainly aim to
solve global issues and problems of developing countries. Their capital provider depend
on the size of the business and one investor can take responsibility of entire capital. These
type of enterprise may be profit, non-profit or hybrid (Lumpkin, 2017).
Entrepreneurship is considered as both the analysis of how new business are established
and the exact procedures of initiating a new one (Entrepreneurship definition. 2019). Moreover,
this is the procedures to design, launch as well as operating new enterprise, that is often started a
new business.