Entrepreneurship and Small Business Management

ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Different types of ventures of entrepreneurship....................................................................1
P2 Similarities and Dissimilarity................................................................................................2
P3 Statistical data for the micro as well as small business impact on the economy...................3
P4 Small scale start-up in development of social economy........................................................4
P5 Characteristics as well as skills of entrepreneurs which are different from other managers. 5
P6 Motivation and mind set of successful entrepreneurs............................................................8
P7 Background and experiences.................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Small and medium enterprise are mid sized enterprise in which the operation is small and
also the size of employees are small with small amount of mode of operation is small in which
they focus on earning small. (Runyan. and Covin, 2019). There is high growth potential in the
small and medium enterprise. Management of the small and medium enterprise is must in order
to get better results. In the study different types of ventures will be studied and what are
similarities and dissimilarities are discussed in detail. Statistical data is used for the objective of
doing intense analysis of the contribution of small and medium enterprises and also large
enterprises in social as well economic development. The characteristics and skill which makes a
businessman successful are discussed in detail and motivational factors which keeps the
entrepreneurs motivated and staff focused towards work are studied in detail. Background and
experience also plays a major role as a helping hand towards the development of a business is
studied in detail in the study.
P1 Different types of ventures of entrepreneurship.
Entrepreneurship includes doing business in order to earn profit and the entreprenuer is
the person who used to do business who is the owner of the business.
There are different types of ventures for entrepreneurship and are as follows:
Private limited
Private limited companies are the companies which is having majority of the
shareholdings of the private shareholders the holding of the government is less. They are owned
and managed by the separate owner which is separate from the Private limited companies are the
companies in are focused on making profits (Daneshjoovash. and Hosseini, 2019). Private
limited companies are more effective as the money earned by such companies are invested
towards the growth and development of the company and due to which the business can invest on
better infrastructure and providing quality services to its stakeholders such as government by
paying tax, employees by paying dividend and manager by paying better salaries and better
promotion. The scope of the public company is wide as private limited company is having high
growth potential in the market if right strategies are used at right time.
Sole proprietorship
Sole proprietorship is a business which is owned as well as managed by a single person.
Under this venture there is no restriction between the person owning the business and the
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business. The capital investment is small and also the employee size is small (Fu. and et.al.,
2019). There is broad scope of this sector as this sector has high earning per person.
Limited liability Partnership
This is a partnership in which the liability of the partners are limited by the amount
invested by the partner. To sign such type of partnership the partnership is required to be sign. In
the partnership there are small numbers of partners and also the profit sharing between them is
limited. The scope of Partnership is wide as It will merge two or more ideas in single platform.
Corporation
Corporation a large company or group of company in which there is a large operation in
the business. There aim is to make money employing large number of employees. The liability is
limited by the amount invested by the investor or share holders. As the owner is separate from
the business. There is a wide scope of Corporation but corporation needs patients among the
investor as it will take time to grow such as large empire.
Public limited company
Public limited company is the company which is fully owned and operated by the
government. The majority of shareholdings are of the government. The aim of such companies is
not to make profit but indulge themselves in social activities in order to do betterment for the
society. The decision are taken by the government in the public sector in which the government
takes decision to build bridge, park, roads etc. The budget for the development is also of the
government in which management is done as per the budget by the government. There is a wide
scope of the Public limited company as the risk is shared by the government and also the
investment is of the government.
Social enterprise
These are such companies that work on volunteer bases and work to improve social
wellbeing of person. There is no specify legal structure of these firm, just volunteers work in
group and they form a firm called social firm. There is beneficiary who get benefit from it,
unincorporated association is there in which companies generate low income. There is no need to
hire employees because people work on volunteer bases.
Typologies
Lifestyle enterprises is the main typology in which owner always think to generate level
of income to business so that they can sustain in market for longer duration. This typology is
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