Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Managament

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 Different type of entrepreneurial ventures and associates with different typology................3
Critically analyses typology of entrepreneurial ventures............................................................4
P2 Differences and similarities between entrepreneurial ventures..............................................5
LO2..................................................................................................................................................7
P3 Impact of Small and Micro business on economy..................................................................7
P4 Importance of small and start up business in growth and development of social economy. .8
LO3..................................................................................................................................................9
P5 Various traits, skills and characteristics that need to be present in entrepreneur...................9
P6 Different entrepreneurial aspects of personality and the impact on the entrepreneurial
motivation and mindset..............................................................................................................10
LO 4...............................................................................................................................................11
P7 Impact of background in hindering or fostering of the entrepreneurs..................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship refers as an ability of people or individual to establish new and
innovative type business idea by taking risk to keep hope that maximize profitability will be
earned. So, entrepreneurship is the term of developing a new business venture which helps to
fulfil all needs by making lots of purchasing of products and services. A successful entrepreneur
has some specific skills, knowledge and potential for running business smoothly in the
competitive market. The brief study provides understanding about different type of entrepreneur
venture who plays significant role within country in this report.
LO1
P1 Different type of entrepreneurial ventures and associates with different typology
There is various type of entrepreneurial such as public, private and voluntary ventures
which are described as follows:
Private enterprise
These type organization operates by individuals or two and more partners without
involving governmental activities and offers wide variety products and services to the customer.
The main objective of these corporations is to earn high profit in it’s sector and establishes good
relationship with the user. There has an example of Next plc that is a private corporation which is
headquartered in England, UK. It is a British multinational retailer company which is operated in
multiple sectors i.e. clothing industry, footwear industry and home accessories as well. it run it’s
business in various countries i.e. Asia, Europe, Middle East and UK through it’s 500 retail stores.
Management of Next plc is mainly focused on the customer’s requirement’s, preferences and
desires and meets their objectives by offering expected products with value-added services. The
organization has specialization in clothing so it is famous as clothing retailer (Burns, 2016). it
has established loyal brand image in customer’s mind to stand on it’s commitment.
Public enterprise
It is operated by owners or in partnership to generate high revenue. Such type enterprises
are controlled by shareholders who are elected by general public so that they can fulfil needs and
preferences of customers can fulfilled effectively. M&S is a great example of public limited
company which is headquartered in UK and posses’ wide product line. The main objective of the
organization is to give value to the customers choice so that achieves high profitability within
company (Cramer, 2016). The main vision of the organization is to influence customer’s
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experience by providing high quality products and services like financial services to the
customer at reasonableprice and in return gain high selling revenue within company.
Voluntary enterprise
These type organizations are charitable that has goal to offer good public services as
result improves their lifestyle. Such kind organizations are designed to offer services and
supports like financial support, medical support and others to the public which improves their
living standard like other potential people. Oxfam is the best example of voluntary organization
which is headquartered in UK has main goal to eradicate poverty across the UK and offers better
life to the people who does not enable to live independently (Crick, Chaudhryand Crick,
2017).The main mission of Oxfam’s members is to improve people life by suppressing and
eradicateall social evils such as gender inequality, poverty, unemployment, discrimination and
others. Such kind corporations do not have goal to earn profit but keeps people wellbeing within
country. It is non-profit type enterprises whereas staff does not get any salary so they are known
as volunteers.
Critically analyses typology of entrepreneurial ventures
Lifestyle ventures
Lifestyle ventures are specifically associated with public needs and preferences which
has motto to influence quality of people’s living standard by giving value-added services. These
type ventures entrepreneur doers not have concentration on market and competitors because they
have high concentration on people wellbeing. Such kind ventures have fewer resources of
income but runs business in particular segment instead of multiple one. The main disadvantage
of the lifestyle ventures is that it requires high investment and creative workforce so that they can
differentiate their brands from others in the business market (Meyer, 2019).
Small profit ventures
These type ventures start up it’s new business, products and services in existing
corporation which gives values to the public but generate small profit by entrepreneurial
actions.such kind ventures needs string management who can determine opportunities and risks
in the business market and helps to uplift brand position by generating high profitability within
company. The main objective of entrepreneurial ventures is to improve potential in the business
to stimulate growth in a effective way.
High growth ventures
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