Entrepreneurship and Organizational Growth

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Different types of entrepreneurial ventures and their relationship with the typologies............3
P2 Various types of similarities and difference between entrepreneurial ventures..........................5
TASK 2.................................................................................................................................................6
P3 Assessing and interpreting data and statistics for analysing the impact of micro and small
businesses on economy....................................................................................................................6
P4 Contribution of Small business and Business start-ups on the growth of social economy........8
TASK 3.................................................................................................................................................9
P5 Characteristics, traits and skills of successful entrepreneurs which differentiate then from
others................................................................................................................................................9
P6 Evaluation of Aspects of Entrepreneurial Personality and its reflection on entrepreneurial
motivation and mind set.................................................................................................................10
TASK 4...............................................................................................................................................10
P7 Factors that foster or hinder entrepreneurship using relevant examples..................................10
CONCLUSION...................................................................................................................................11
REFERENCES...................................................................................................................................12

INTRODUCTION
Entrepreneurship can be defined as process in which the individual is able to turn the ideas
into actions. It is a very significant process in which the individual takes various types of risks for
setting up their business in the market and for also earning wealth. The risk attached with this kind
of business is in terms of investment, time , equity or any other. The person who runs these kinds of
businesses is called Entrepreneur (Blackburn, Hart and Wainwright, 2013). On the other hand, small
business management can be defined as management of business activities of a small business in an
effective manner so that more profits can be gained by the members of the company. This report
will discuss about the various types if ventures that are related to the enterprise and also the
similarity and differences index among them . Along with this, benefits of small scale business in
economy, required skills and capabilities of a person for becoming a successful entrepreneur, traits
and characteristics will also be discussed. Also, the background and experiences of entrepreneur
that foster or hinder the businesses will also be covered here.
TASK 1
P1 Different types of entrepreneurial ventures and their relationship with the typologies
Entrepreneurship can be defined as an activity in which the individual develops a whole
business through its creative ideas and runs it successfully through his own skills and capabilities. It
can also be called as Start ups. In these types of businesses the risk attached is very high as they
face issues regarding management of funds or resources or convincing the people about the idea.
So, they adopt various types of plans and policies for executing the activities in an effective manner.
The main aim attached with this is to set themselves in the market and increasing the profits of the
company. Becoming an entrepreneur is not an easy task , a proper mindset and skills is required to
be present in the person so as to become a successful one. The mindset which is required should be
like:-
 Opportunity seizer
 Opportunity screener
 Opportunity seeking
Entrepreneurial ventures can be defined as those types of ventures which helps the developing
effective services for those kinds of businesses that are being run at the opening level. The
individuals who start this business is focussed on achieving success in the business (Bridge and
O'Neill, 2012). There are various types of ventures that are present in the business environment , it
is the entrepreneur's decision that which type of venture he wants to enter into. The different types
of entrepreneurial ventures can be described as :-

 Small business Entrepreneurship – In the current business environment, entrepreneurship
is growing at a very fast rate. There are various kinds of start-ups that are opening in UK.
These start-ups are still running as a small business in the UK economy . According to the
recent data, there are approx 6 million small businesses in UK that is generating
employment on the economy and is helping those people who are not having any work
(Carsrud and Brännback, 2011). The various types of small-business are grocery stores,
electricians, consultants, travel agents etc. These are the people who runs their own business
and are responsible for their own profits or loss in their business.
 Scalable start-up Entrepreneurship – These are the types of entrepreneurs who knows
from the starting that their ideas have the power to do something good for the country. They
aim to being changes in the society and try to do something new. For funding, the people
who believes in the idea of the entrepreneur is being called for investment and these people
can also be called as the venture capitalists.
 Large scale Entrepreneurship – normally, the life cycle of these companies is infinite as
they grow continuously be bringing innovation and invention in the business activities.
These types of ventures have to take care about the changes that are happening in the
economy so that they are able to produce goods and services according to the choice and
taste of the consumers.
 Social Entrepreneurship – The main aim of these kinds of entrepreneurs is to make that
kind of products and services that are useful for society. They try to make this society a
better place to live in and not earning much profits.
Various types of entrepreneurial typologies are:-
 Lifestyle ventures – In this type, the entrepreneur generally thinks to work alone but this is
the reason also which comes in way of their success. These individuals manages some time
from their busy schedule to be in competition (Chittithaworn and et. al., 2011).
 Survival Ventures – These types of business is started in order to gain livelihood for the
family and themselves. These types of ventures are generally not registered and the
entrepreneur uses Barter and Cash system of accounting other than bank contracts.
 Managed Growth ventures – The people run these types of ventures knows that they will
grow in the market by applying a certain strategies. They try to bring stability in the
economy. The investors who invest in this type of ventures knows that they will earn
something and their money will not go waste.
 Aggressive growth - These type of business is run with new technologies and innovations
in method of operations. They are also not funded by the equity capital.