ENTREPRENEURSHIP AND SMALL BUSINESS ENTERPRISE TABLE OF CONTENTS

ENTREPRENEURSHIP AND
SMALL BUSINESS
ENTERPRISE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
LO 1 ................................................................................................................................................1
P1 Description on different types of entrepreneurial ventures and define how it relates with
typology of entrepreneurship..................................................................................................1
P2 Define the similarities and differences between entrepreneurial ventures........................4
P3 Interpret and assess relevant data and statistics to illustrate how micro and small business
impact on economy.................................................................................................................6
P4 Description on the importance of small business and business start ups to growth of social
economy.................................................................................................................................8
LO 3 ..............................................................................................................................................10
P5 Determine the characteristics traits and skills of successful entrepreneur and it
differentiates from other business managers. ......................................................................10
P6 Assess how entrepreneurial personality reflects entrepreneur motivation and mindset. 11
LO 4 ..............................................................................................................................................13
P7 Examine, how background and experience can hinder or foster entrepreneurship. .......13
Reference ......................................................................................................................................16

INTRODUCTION
The term entrepreneurship can be termed out as capacity and willingness to develop
formulate, organize and manage a business along with risk in order to make profit. It is process
of designing, launching and running the new business. Thus, to earn profitability the main aim of
entrepreneurs is to satisfied the customer by providing better quality of commodities. It is
dynamic process that works as to creation of incremental wealth and innovate the commodities
to earn large amount of profitability. It is the concept of starting the small business with the help
of offering the product and services and their main intention is to maximising the profitability in
the enterprise.
The present report is based on activities as entrepreneurship and small business
management that explores and illustrates the range of entrepreneur ventures and affect of small
business on UK economy.
Furthermore, report will look over upon things as type of entrepreneur ventures and and
how it relates with typology of entrepreneurship, similarities and differences between
entrepreneur ventures, traits and skill of successful entrepreneur. Lastly, there is need to
determine the background and experience hinder and foster entrepreneurship.
TASK 1
LO 1
P1 Description on different types of entrepreneurial ventures and define how it relates with
typology of entrepreneurship.
The entrepreneur is a individual who works as to starts and run business with limited
resources and planning. Thus, these are the entrepreneur ventures that termed out as firm that
creates substantial wealth more than regular business and they create it faster. There are differ
kinds of entrepreneur ventures as-
Small business entrepreneurship- These are firms that is privately owned and operated with
small number of employees and relatively lower volume of sales. It is privately owned
corporations, partnerships and sole proprietors. Thus, small businesses are grocery stores,
hairdressers, consultants, street food travel agents, plumbers, electricians etc. Individuals who
deals in this kind of firm, their main motive is to feed the family and to make profit (Akhmetshin
and et.al., 2018). Thus, they can't provide scale to attract venture capital and they fund their
businesses via friends, family and small business loans. They can start their business with the
1

help of taking loan and are able to perform their business function in the appropriate manner.
For example- Talent plus is the small business enterprise and it deals in performance reviews
and employee of this firm works as to take career investment decision with the managers.
Large business entrepreneurship- These are the large business enterprise and this firms are set
up with the motive of earning huge profits by way of having long term benefits with proper
2
Illustration 1: classification of Entrepreneurs
Sources: entrepreneurs definition, classification and role in economic development, 2018