Entrepreneurship and Small Business Management: Types, Impact on Economy, and Growth

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT

Contents
INTRODUCTION......................................................................................................................3
TASK 1......................................................................................................................................3
P1. Different kinds of entrepreneurial ventures & relevant typology....................................3
P2. Dissimilarities and comparisons among different type of entrepreneurial ventures........4
M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and corporate sector...........................7
D1: Critically examine the scope, development and growth of entrepreneurial ventures......7
TASK 2......................................................................................................................................7
P3. Assess relevant information and statistics to illuminate how micro as well as small
businesses affect the economy................................................................................................7
P4. Clarify the significance of small businesses & business start-ups to the growth of the
social economy.......................................................................................................................8
M2: Evaluate the differences small, medium and large businesses make to the economy,
applying relevant data and statistics.......................................................................................9
D2: Critically examine how small businesses have an impact on different levels of the
economy (local, regional, national) and in an international context......................................9
TASK 3....................................................................................................................................10
P5. Characteristic traits & skills of successful entrepreneurs...............................................10
M3: Explore and examine different lines of argument relating to entrepreneurial
characteristics.......................................................................................................................11
D3: Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs........................................................................................................................11
TASK 4....................................................................................................................................11
P6. Entrepreneurial personality and reflection of motivation and mind-set.........................11
P7. How entrepreneur’s background & experience can foster and hinder their life............12
M4: Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs........................................12
D4: Critically evaluate how background and experience influences entrepreneurs, both
positively and negatively, by comparing and contrasting examples....................................12
CONCLUSION........................................................................................................................13
REFERENCES.........................................................................................................................14

INTRODUCTION
Entrepreneurship refers to a procedure which assists in seeking to examine, handle and
grow their own business organisation which is known as entrepreneur. It is known as the
capability of an individual in order to develop, maintain as well as organise their own
business and take risk for gaining profitability at the competitive marketplace. Mainly, it
emphasises on creating as well as maintaining a new business entity in order to fulfil the
needs and wants of customers. In the present report, various sections are going to be
discussed in a form of formative discussions. This report includes an analysis about various
kinds of entrepreneurial ventures. In addition to this, wide-ranging of entrepreneurial venture
are discussed in this report which help in increasing the knowledge and understanding about
the topic. Furthermore, different types of entrepreneurial typology are included in this report.
In addition to this, the report consists of significance of starts-ups ventures as well as small
scale businesses entities along with the contribution made by them towards the enhancement
of economic system of the nation. At the end of this report experience & background of both
the entrepreneurs are going to be discussed which assist in foster or hinder their overall
entrepreneurship.
TASK 1
P1. Different kinds of entrepreneurial ventures & relevant typology
Entrepreneurial businesses define as a business firm which is created by a single
individual with the aim of earning profitability by delivering high quality goods and services.
This will assist in satisfying the needs and requirements of customers in an efficient manner.
Various kind of entrepreneurship is going to be discussed in detail manner which increases
the knowledge and understanding about the concept.
 Small Business Ventures: It refers to the private organisation which consists of single
business or commercial activities. This as a result creates restriction on the business
functions, staff members, capital used by business organisation to perform their
functionality. Some of the most essential examples come under this type of
enterprises included small shops, barber, carpenter, food stores and so on.
 Scalable Entrepreneurial Ventures: It is a type of sector, where entrepreneurs have
innovative and unique dreams in order to change the whole world in a best and most
suitable way. It is required by the person to have effective knowledge so that they can
perform their business functions in a positive manner. In this context, Bulb is one of

the best example as their main motive is to provide 100% renewable energy to the
customers.
 Large Organisation Entrepreneurial Ventures: Such sort of business organisation is
diverse as their operations are bigger which requires huge number of workforce in
order to perform their business functions in an effective manner. Along with this, such
companies require lot of funds so that they can gain competitive advantage at the
marketplace by satisfying the needs and requirements of customers. For example,
Peter Jones is one of the best example of such organisations.
 Social Entrepreneurial Ventures: These are the organizations which provide social
services to their customers in order to enhance their living standards. Some of these
companies provide healthcare services to the poor for their overall development and
welfare. Furthermore, their main aim is to support the community by creating
development and welfare for the needy people.
Typology of entrepreneurship
 Male entrepreneur: These are the business entity where they create new and
innovative goods which as a result help them in raising their overall profitability at the
marketplace. Such businessmen have the abilities to take the actions which are
essential on timely manner and support their organization.
 Female entrepreneur: In this context, the owner is a woman who establish a
business entity in order to fulfil the requirements of customers and for this they
develop best and most innovative product and service. Women’s are more innovative
as compared to men and this assist them in increasing their brand value at the
competitive marketplace.
 Survival entrepreneur: These are the business types comes to save the life by
producing necessary goods and services to satisfy the needs and desires. They start
their functionality with small scale and gain support and response from customers by
satisfying their desires and needs.
P2. Dissimilarities and comparisons among different type of entrepreneurial ventures
Differences Social enterprises Scalable
Entrepreneurial
venture
Large company
entrepreneurial
venture
Meaning It defines as individual This recommend Those