Entrepreneurship and Small Business Management | Assignment

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P.1. Entrepreneurial venture and their relationship with typology.........................................1
P.2 Similarities and differences between entrepreneurship ventures:....................................2
TASK 2............................................................................................................................................4
P.3 Impact of SME on UK.....................................................................................................4
P.4. Role of start-up and SME contribution into growth of social economy Brexit..............5
TASK 3............................................................................................................................................6
P.5. Characteristics, skills and traits of entrepreneur.............................................................6
P.6. Entrepreneurial personality reflecting motivation and mind set both.............................7
TASK 4..........................................................................................................................................10
P.7 Background and experience hindering or fostering entrepreneurship...........................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
The ownership of a business with an objective of earning profit in the marketplace is
known as entrepreneurship. This current is based on report similarities and differences between
all the ventures of entrepreneurship. It will also determine various types of entrepreneurial
ventures and their relation to the typology. In order to understand the nature of small businesses,
impact of it on economy is required to be determined. The report will also focus on importance
of small businesses and business start-ups to growth of social economy. Furthermore, this study
will determine characteristic traits and skills of successful entrepreneurs like Steve jobs and Bill
gates along with the aspect of entrepreneurial personality that reflects entrepreneurial mind set
and motivation.
TASK 1
P.1. Entrepreneurial venture and their relationship with typology
An entrepreneur is that person who brings idea to begin a business, by taking necessary
process for its creation and bears risk in order to earn revenue. He is the person who has a vision
and mission with some objectives and goals (Dees, 2017).
There are many types of entrepreneurial ventures, some of them are as follows:1. Micro Entrepreneurship: In this type of business, owner is the only person who
manages and does major activities of enterprise and not more than 10 employees are
employed in such firms.2. Small business entrepreneurship: Those business whose capital investment in low and
owner is the only person who takes decisions related to work done. These type of
enterprises have minimum operating capacity that kind of enterprise is called small
business entrepreneurship such as retail shops, travel agents, grocery shops etc.3. Medium sized entrepreneurship: Those firms whose capital investment is more than
small businesses and have less than 250 employee’s falls under the category of medium
size entrepreneurship. These organisations are independent sole-proprietor or partnership
firms.4. Large sized entrepreneurship- these type of venture is having more number of
employees and higher profits as compared to that of medium or small enterprise.
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Typology of entrepreneurship: Start-up Entrepreneurship: This is a new and a young company which is established to
meet the requirement of the customer and marketplace. Such organisations have major
focus on its growth. Large Company Entrepreneurship: Such organisation has large capital investment and
they face higher risk in order to earn high profits (Hitt and Duane Ireland, 2017). These
are also called as corporate Entrepreneurship. Social Entrepreneurship: These organisations first understand the social problem and
then try to achieve a social change by implementing business policies and principles.
Such entity focuses on environmental problems and is generally connected with Non-
profit organisations. For example: foundation for women empowerment. Lifestyle firm: Lifestyle firm refers to a business venture with its main aim of having a
certain level of income rather than earning a huge amount and for the purpose of altering
personal mode. Its goal is to maintain a pleasant and sustainable work life balance. Growth firm: Growth firm refers to a business which earns positive earnings and cash
flows and increases at faster rates than its competitors and overall economy and whose
focus is on achieving growth in their sector.
 Entrepreneurship in corporate or public sector: It is simple process that is used to
develop new product, process, service, business inside the company's existing business in
order to create values and to generate new growth of revenue through actions and
thoughts of entrepreneurial.
P.2 Similarities and differences between entrepreneurship ventures:
There are so many kinds of entrepreneurship who has similar goals and objectives of
earning growth and success in terms of profit and revenues, some organizations believe in
building a brand name while other focuses on earning profits. Similarities are being listed below
on the basis of their roles and characteristics.
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