Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
PROJECT 1......................................................................................................................................1
Different types of ventures and their impact upon the economy............................................1
Comparison between enterprises............................................................................................2
Impact of different business on economy...............................................................................3
PROJECT 2......................................................................................................................................4
Entrepreneur Mind-set?..........................................................................................................4
The characteristic traits, skills of successful entrepreneurs....................................................5
Difference between characteristics of successful Entrepreneurs and Managers...................7
How background and experience influences entrepreneurs: Local Entrepreneur..................7
How background and experience influences entrepreneurs: Social Entrepreneur.................7
How background and experience influences entrepreneurs: International Entrepreneur.......8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship is a process that includes different type of procedures like initiation,
launching, designing of a newly established business venture to generate value from them.
Entrepreneurs aim towards offering unique and innovative product and services to customers in
order to satisfy their needs and demands (Ayoub, Gottschalk and Müller, 2017). Entrepreneurs
undertake risks that are already associated with new business in order to serve and fulfil
community and individual effectively by offering them innovative services facilities and
products. Entrepreneurship is having maximum contribution on economy of nation, as they play
a major role in offering employment opportunity to large number of individual. It automatically
enhances living standard and overall GDP growth of a country. Present report includes
discussion upon entrepreneurial venture along with their economic impact. In addition to this
characteristics and traits of successful entrepreneur are also included in this report. Further this
report includes experience and background influence upon entrepreneur along with
entrepreneurial mindset.
PROJECT 1
Different types of ventures and their impact upon the economy
Entrepreneur
Entrepreneurs are those individuals who undertake risks and innovate product, services
with unique feature with the aim to satisfy customers and society needs in order to generate value
from them. They play a crucial role in economic growth and development. There are different
types of entrepreneur those who form their business operations in different segments that are
defined below:
Different types of entrepreneur
Small business –
Entrepreneur in this segment conduct their business functions in small market segment
and operate their activities with minimum capital investments. It includes business units like
plumber services, carpenter, grocery stores and more. This has been identified that organisation
in this business provide their product and services to large organisations and earn money for
living hood.
Large business –
1

Entities those who are operating their business services in large business entrepreneurial
venture are conducting their business operations with high capital investment to fulfil need and
demand of customers at large scale by providing them wide range of services and products.
These organisations are having main objective to enhance their profitability at great extent and
accomplish corporate goal with maximum efficiency, Marks and Spencer, Tesco are some of the
examples those who conduct their business in this segment. Entities forming their business
within large sector aim towards expanding their services all around the world to generate
maximum revenue.
Social business –
These are those organisations who engage in the business activities to provide welfare and
benefit to citizens and society (Chahar, Hatwal and Arya, 2020). Organisation within this have
one of the most important objective which is to solve problems as a well as issues that are
prevailing in community by offering them efficient services, products and other facilities to full
customers need and demand by helping them efficiently. Entities involved in social business
entrepreneurial services provide customers with the facilities related to offering welfare to for
citizens, protecting environment etc.
Comparison between enterprises
Entrepreneurs performing their entrepreneurial business operations in different type of
ventures like small, large and social those are impacting upon their day-to-day performance.
Mentioned below formative comparison among different type of entrepreneurial venture is
define
Basis Small business Large business Social business
Purpose Companies involved
in business
entrepreneurial
process have main
purpose which is to
earn money for their
livelihood by offering
services and products
to customers.
Main purpose of large
business organisation
is to maximize their
profitability by
satisfying customer’s
needs at wide range
along with expanding
their business
operations in other
Business forming in
social entrepreneurial
segment conducts
their functioning with
the purpose to fulfil
welfare need and
demand of customers
by offering them
2