Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

INTRODUCTION ...........................................................................................................................................3
TASK 1 .........................................................................................................................................................3
P1 Different types of entrepreurial venture and its typology .................................................................3
P2 Similarities and differences between various entrepreurial venture .................................................5
M1 Distinct entrepreneurial venture ranges for understanding entrepreneurship in various sectors....8
D1. Growth, development addition to scope of ventures of entrepreneurs. .........................................8
TASK 2..........................................................................................................................................................8
P3 Impact of small and micro business over economy ...........................................................................8
P4 Importance of small business and start up ......................................................................................10
M2 Differences between various strategies ......................................................................................11
D2 Small business impact on distinct economic level ...........................................................................11
TASK 3........................................................................................................................................................11
P5 Characteristics, traits and skill of successful entrepreneurs.............................................................11
P6 Aspects of entrepreurial personality reflect their motivation and mindset ....................................13
M3 Examine different line of argument ................................................................................................14
D3 Analyses characteristic, skill, traits and motivational drivers .........................................................14
TASK 4........................................................................................................................................................14
P7 How background and experience hinder or foster entrepreurship .................................................14
M4 Link between entrepreneurs characteristics and personal background .........................................15
D4 How background and experiences influences entrepreneurs both positively and negatively .........15
CONCLUSION ............................................................................................................................................16

INTRODUCTION
Entrepreurship is an activity as well as an ability of an individual to create, visiluasize,
develop, and organize ideas or thoughts into new business venture with an aim of obtaining
maximum level of profit in an effective and efficient manner. Along with this, the foremost
intent of every entrepreurial venture to adapt innovative ideas as well as bear all sort of loss or
risk by its own in order to gain competitive advantage within competing industry (Belz and
Binder, 2017). In addition to this, it contain several types of ventures which differs from each
other in terms of roles or responsibilities in order to improve the living standard of community or
society in a better way. For this report, Morrisons Company has been considered which one of
the well-known retail firm is and it is commenced in the year of 1899. However, in this study, it
includes various kinds of entrepreurial venture along with its typology, differences and
similarities between different types of ventures. Moreover, influence of small, micro, start up on
economy and also identifying characteristics, skill, traits of successful entrepreur. Finally,
determining entrepreurial personality aspect and also examining their experiences whether it
hinder or foster them in a better way.
TASK 1
P1 Different types of entrepreurial venture and its typology
Entrepreneurs: These group of personnel are considered as those who takes an
initiative in acquiring novel ideas or technology for establishing new venture and bearing all sort
of risks in order to make profit in an improved way. Along with this, entrepreur are regarded as
one of the important element for growth and development of nation in an impressive manner.
Enterprise: This aspect is defined as introducing or establishing a new project or start up
with a combination al all managerial and operational functions in order to gain competitive
advantage in an improved and amended style.
Entrepreneurial venture: It is concern with those determinant which signifies that the
enterprise which is commenced by entrepreur for producing high or best quality of products and
services within competing industry are termed as entrepreurial venture. Along with this, it is
categorized into various forms of ventures that varies from each other in terms of roles and aim.
Some of its are explained below:

Small businesses entrepreneurship: Under such type of entrepreurship, business activities
are carried out with limited source of factors of production i.e. land, capital, personnel,
material in order to fulfill the requirements of domestic members. Moreover, for
processing the functional areas of business local manpower are recruited or hired who
make an effort in achieving firm’s objective at small level. Some of its examples are
plumbers, groceries, carpenters, hair dressers and many more.
Scale startup entrepreneurship: In this entrepreurship, entrepreur establishes the business with a
hope of enhancing and enlarging the economic state of nation by making investment in various
field of business. Along with this, for attaining increased level of profitability, company hires
highly skilled and qualified personnel who can take initiative in implying scalable and repeatable
business model into firm’s functional units in an effectual manner. Online shopping is the
appropriate example for such kind of entrepreurship (Bridge and O'Neill, 2012).
Large company entrepreneurship: Under such form of entrepreurship, entrepreur seeks
for innovation or advancement for satisfying the customer taste or preferences as well as to
obtain maximum level of profit by utilizing all available resources in an improved manner.
Moreover, in this entrepreur makes an attempt to renders new products or service within existing
marketplace. Often, organization execute this process by partnering with or acquiring different
innovative companies for enlarging market share or size in an amended mode. Some of the
examples are Google, Facebook, Adobe, Yahoo and etc.
Social entrepreneurship ventures: Under this component, it encompasses those entrepreur
who makes an effort in introducing novel or innovative product or services into competitive
market with a purpose of serving or enriching the living standard of community and society.
Moreover, they are wholly determined in solving the issues of community rather than obtaining
profit and wealth maximization. Some of its examples are Scott Harrison, Shiza Shahid, Bunker
Roy and Scott Harrison, who are recognized as well-known social entrepreur in UK market.
Entrepreneurial venture typologies
The term typology refers to structure, models, rules, policies, size, and culture of
particular enterprise. However, in context of entrepreurial ventures there are several types of
typologies which varies from each other but at the same time they are interrelated to each other