Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
Types of Entrepreneurial Ventures..............................................................................................3
Similarities and Differences between Entrepreneurial Venture..................................................4
Impact of Micro and Small Businesses on Economy..................................................................5
Importance of Business Start-ups in growth of Social Economy................................................6
Characteristic Traits and Skills of Successful Entrepreneurs......................................................6
Assessment of Entrepreneurial Personality for Motivation.........................................................7
Background and Experience Can Hinder or Foster Entrepreneurship.........................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is the ability of a person which provides better information to make
decision which increases the potential of business organization to compete in the market
effectively. Increase in the market competition it is very essential for entrepreneur to develop
effective strategies and gain better knowledge and skills which helps to increase performance of
business enterprise to gain higher profit margins effectively. This report provides brief
information about types of entrepreneur ventures which have some similarities and differences.
Report describes impact of SME on economy of UK and importance of business start-ups. It is
highlighted that characteristics, traits influence success of entrepreneurs which helps to develop
effective personality for motivation.
Types of Entrepreneurial Ventures
It is very essential for entrepreneurship to analyse all the types of ventures which can be
best compatible with entrepreneurial typology to attain better outcomes and compete in the
market effectively.
Small Ventures
Small venture is formed with the purpose to increase profit margins with lowest
investments. This venture also has higher potential to generate better opportunities which
increases customer satisfaction (Radović-Marković and Tomaš, 2019). This venture tends to
have lower risk which helps entrepreneurs to gain better results to grow business effectively.
Analysing the increase in demand of dairy products in the market creating business which dairy
products to meet the exceeding demand of customers and gain higher profit margins.
Medium Ventures
Medium ventures has the capacity to grow their business by investing in itself which
increases their sales, product line however medium ventures do not have efficient management
system which increases the cost of operation and impact pricing of product to compete in the
market.
Large Ventures
Large scale venture are more professional in developing strategies and allocating their
resources for optimal usage. This venture also helps to develop better products according to