Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Various kinds of entrepreneurial ventures along with their relation to typology of
entrepreneurship...........................................................................................................................1
P2: Differences and Similarities between entrepreneurs.............................................................5
P3: Interpretation and assessment of the relevant data and statistics...........................................8
P4: Importance of small businesses and business start-ups to the growth of social economy. .10
PART B..........................................................................................................................................11
TASK 3..........................................................................................................................................11
P5: Characteristic skills and traits of successful entrepreneurs.................................................12
P6: Impact of aspects of entrepreneurial personality.................................................................13
TASK 4..........................................................................................................................................15
P7: Background and Experience of Entrepreneurs....................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneur is a term which alludes to an individual who is able for making interesting
thought just as effectively actualizes strategic policies (Anderson and Gaddefors, 2016). There
are different assignments and exercises performed by entrepreneur to effectively and adequately
leading business task. Entrepreneur incorporates various practices which are critical for
compelling and productive running of a business. Entrepreneur is liable for starting, planning just
as dispatching new and exceptional business with the help of inventive thoughts. The principal
intention of this kind of business is to give innovative items and administrations to clients to
address with their issues and needs. Entrepreneur is performing strategic policies to procure more
benefits and upgrade business exercises. Entrepreneurship organizations have immense
commitment in by and large development and improvement of public financial framework just as
increasing of GDP rates. This report will incorporate data in regards to various endeavors of
business alongside their typology. In this similitudes and contrasts among various entrepreneurial
endeavors have been resolved. This report comprises of significant information to decide effect
of miniature and independent venture on economy. It incorporates meaning of independent
venture and start up in development of social economy. In this different qualities, characteristics
and abilities of effectively entrepreneur have been distinguished. Various parts of entrepreneurial
character which reflect entrepreneurial inspiration or outlook is dissected. Aside from this, effect
of foundation an encounter on hinder or foster entrepreneurship has been identified.
Scenario- A seminar will be held on Entrepreneurship & Small Business Management. It
will be attended by the different types of companies. Therefore, it is quite essential that the
managers of these companies are able to learn about the various types of ways which can be used
so that a higher-level of efficiency and effectiveness can be maintained in the right manner while
managing their organizations so that the overall level of profitability can be enhanced. The
session was attended by different types of enterprises in various categories. Some of these
enterprises are-
 Airdri
 Generosity
 Alcove
 Bonane Bistro
 UnLtd
1

 Connect Catering Ltd
PART A
TASK 1
P1 Various kinds of entrepreneurial ventures along with their relation to typology of
entrepreneurship
Entrepreneurial endeavor can be portrayed as the firm which is created through the help
of interesting and development to give great items and administrations to clients (Botha and
Bignotti, 2016). This sort of business is critical for setting advantage in its business cycle with
the rationale of improving financial and social qualities. In this various practices and assignments
are performed with the intention of accomplishing shared objective and expanding the exhibition
of association. Business person adventure extreme target is to effectively performing business
exercises and improve its deals and incomes altogether. Business visionary is the individual who
is obligated to take all the misfortunes or dangers that happen while directing and performing
strategic approaches. Business person reserve the privilege to appreciate most the advantages and
benefits that are acquired by effectively execution of the business. It is fundamental for
individual to consider new and imaginative procedures for effectively and successfully directing
strategic approaches. This will help business person to viably complete hierarchical errands just
as address with the issue of clients. There are different types of ventures and all of these will
have various thought processes and methods of performing business errands. Business visionary
endeavors can be significantly ordered into four unique parts, for example, huge, little, adaptable
and social business person adventures. These endeavors have diverse typology. Business
visionary endeavors alongside its typology is referenced underneath in detail.
Small company business – This sort of business visionary endeavor can be portrayed as the
business which is working its exercises in little market zone (Burch and et.al., 2016). Private
company business venture is in like manner considered as neighborhood association that is
working its business close by market zone. There are number of autonomous organizations and
they work subtly. In this type of business, there are less than 50 workers who work for the
enterprise which makes it a Small company business. Thus, In this manner it can be said that this
enterprise can aim for enhancing its profits by adopting the right techniques and methods. For
2

example- Airdri is a small business venture which provides hand dryers to its different types of
customers in the market.
Large business venture – such a business is offering its things and organizations to overall area
and tending to with the necessities of different customers (Dana, 2018). Enormous business
visionary organizations have in excess of 50 representatives and are completing business tasks in
worldwide market region. Tremendous or multination affiliation contain various delegates that
are working effectively in order to achieve objectives of affiliation. There are different
organizations which are performing business exercises as huge business, for example, Marks and
Spencer, Tesco and so on
Scalable business – This sort of association has more development rate when contrasted with
other association in the business (Fayolle, 2018). Versatile business is coordinating business
practices in order to give new and create organizations to customers. Adaptable start up
undertaking has mission or vision to change world or necessities to customers by offering
particular kind of creative things. This undertaking is thinking about new and inventive
innovation or methods while giving special items to clients. This is huge for addressing their
requirements and needs. Instances of adaptable business are Microsoft, Amazon and numerous
others.
Social business venture – This kind of association is performing various capacities and
exercises to give advantages to society and its residents (Hosseininia and Ramezani, 2016).
There are assorted social affiliation that is coordinating business action in order to decide the
issues or issue of society. The commitment or aftereffects of social business will assist with
tending to with the necessities and requirements of residents and society similarly as aiding
people who needs. Generosity is the case of social business venture and it is offering various
types of assistance for society benefits.
Various kinds of Entrepreneurial ventures
Scalable Business Start-ups:
These organizations are completely centered around the innovative piece of the business
(Ismoilov and et.al., 2020). The enduring model is powerfully changed by these endeavors. They
focus on employing productive staff in their labor to accomplish their targets. They depend on
investment reserves and monetary interests to develop. The organization Alcove which gives
3