Entrepreneurship and Small Business Management

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGMENT

Table of contents
Introduction
Main body
Conclusion
References

INTRODUCTION
 Entrepreneurship defined as designing, launching and running the business activities
at the small level. This is defined as willingness and capacity to organize, develop
and manage activities of the entity along with risk in order to make profit. It is an
actual process of starting the business.
 The present report is based on entrepreneurship and small business management.
Henceforth, this report will cover the activities as concept of entrepreneur,
identification on the type of entrepreneurial ventures, similarities and differences
between entrepreneurial ventures.
 Lastly, critical examination will be defined in relation to development and growth of
entrepreneurial ventures within UK.

MAIN BODY

1. Define concept of entrepreneur with some examples of different
entrepreneurs.
Entrepreneur is person who works as to search of something new and exploits ideas into gainful opportunities by accepting the risk and
uncertainty with the entrepreneurs. He is an individual who sets up and grows a business. Thus, different entrepreneurs defined in
following manner as-
 Serial entrepreneur- An entrepreneur that come up with new ideas and starts new businesses. They are the entrepreneur who will
come up with the new idea, start the company and plays crucial role in day to day functioning within the enterprise.
 For example- Foundation of the business conglomerate Virgin group has established in 1970, 20-year-old Richard Branson
started the mail order record business. Hence, today this entity owns over 200 different companies.
 Lifestyle entrepreneur- This is defined as entrepreneur that sets up the business with purpose of having modification within their
personal lifestyle. They put their major focus on life awards provided to the people for the enjoy and they are having passion for
what they are doing. For example- Ferris is one of the probably the number one poster boy for the lifestyle entrepreneur
movement and defined as Indiana hones for the digital age and in present it listed as one of the fast company as most innovative
business people.
 Innovative entrepreneur- They are the individual who invests in new ideas and commodities and methods of production. Hence,
these kinds of entrepreneur are having the unusual foresight in order to recognize the demand for goods and services. They
always ready to take up the challenge that has associated with little amount of risk.
 Intra-entrepreneur- This is defined as employees who are assigned to work on the special idea and project. They are individual
who gives time and freedom to develop and project as entrepreneur.

2. Identification on types of entrepreneurial ventures and investigate the similarities
and differences between entrepreneurial ventures.
Entrepreneur ventures defined as an organisation that places the innovation
and opportunities that mainly put their core focus on business strategy.
Therefore, types of entrepreneur ventures defined in following manner as-
 Small business entrepreneurship- They are the enterprise that set up on
the small level. Thus, number of the enterprise comes under this category
grocery stores, hairdressers, travel agents, carpenters, electrician etc.
 Scalable start entrepreneurship- They are the entrepreneurs who starts up
the business from the day one and the vision could change the world.
 Large company entrepreneurship- The large enterprise has finite life
cycles. These are the enterprise that mainly grows through sustaining
innovation, offering new commodities that are different around the core
commodities.
 Social entrepreneurship- They are the innovators that mainly put their
focus on creating products and services that solve social needs and issues.