Entrepreneurship and Small Business Management

ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT
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Table of Contents
Introduction........................................................................................................................3
LO1: Explore and illustrate various ranges of venture types which is considered as
entrepreneurial...................................................................................................................3
P1: Examining various types of entrepreneurial venture by relating to the typology of
entrepreneurship................................................................................................................3
P2: Explore the similarities and difference between entrepreneurial ventures.................4
LO2: Assessing the impact of small business on economy..............................................5
P3: Interpreting and assessing data and statistics to show impact on economy..............5
P4: Explaining the importance of small business and start up business to grow social
economy............................................................................................................................6
LO3: Determining the aspects of entrepreneurial mindset................................................7
P5: Determining the characteristic traits and skills required for successful entrepreneurs
...........................................................................................................................................7
P6: Assessing the entrepreneurial aspects that reflects motivation and mindset.............9
LO4: Explaining various environments that foster or hinder entrepreneurship...............10
P7: Examine with example the background and experience..........................................10
Conclusion.......................................................................................................................10
Reference List..................................................................................................................11
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Introduction
In the global economy world the role played by entrepreneur is action oriented which
highly motivates individuals to achieve goals. In case of small business
entrepreneurship contributes large share of new jobs and creates opportunities for
those who are looking for job (Linton and Solomon, 2017, p.196). The present
assignment will deal with the case of opening a new branch in UK with an objective to
expand their products and services. It will explore the range of venture types and
identify the aspects of an entrepreneurial mindset. Moreover, various environmental
factors that will foster or hinder entrepreneurship will also be identified.
LO1: Explore and illustrate various ranges of venture types which is considered
as entrepreneurial
P1: Examining various types of entrepreneurial venture by relating to the
typology of entrepreneurship
The term entrepreneurship is the capacity and willingness that is associated to manage,
organisation and develop business venture by taking risk with the aim of making profit.
This concept is required while starting new business or expanding the business in other
location. Gibson (2017, p.716),defined entrepreneurial venture as an advisory services
that is given to the company at an early and middle stage to make economical and
social value. The term entrepreneur is most often contrasted with manager as they are
known to be the important person associated with an enterprise.
Entrepreneurship is associated with the task where there is a requirement of sensing
opportunities and creates new products for the organisation. They provide opportunity to
the business to make profit and maintain or gain competitive advantage in the market
place. A person getting the role as an entrepreneurship for the growth and create lot of
employment opportunities.
Entrepreneurial venture plays its role in economic growth and making suitable standard
of living for the country. Every start up company thinks that they are working less than
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they have to do for getting better future. However, their little work gives a lot in
enhancing countries economy and growth. For growing countries economical statues
small business provides lots of scope in creating job opportunities. When one fulfils the
role of an entrepreneurs there becomes less job seeker in the country but they provide
employment opportunities to large number of population who are having the capacity in
handling responsibilities (Dana et al. 2016, p.4). Moreover, entrepreneur setting new
business ideas also gives positive impact for growth and development in regional areas.
In underdeveloped areas improvement are made in infrastructure by making better
roads, developing schools and hospitals. This is the way through which improvement is
made.
Solomon and Linton (2016, p.1) added that by increasing the living standards of
common people is also the key goal of entrepreneur and contribute their work in
economic development. Such is done by developing new techniques to innovate
products and services which improve quality of life for the customers and the
employees. Moreover, ideas are bought for the organisation that will help them in
minimising cost of production and maximise the rate of production. This is a way that
enables a business unit to be productive in the market place and perform better in the
market place.
P2: Explore the similarities and difference between entrepreneurial ventures
Entrepreneur and manager are associated with the organisation for controlling,
managing and administrating. The term entrepreneur is one of the individual who is
having skills, ideas and courage to take risk and take effective measures to solve it.
Besides, manager is associated with a company to manage organisation operations and
functions. Therefore, it can be stated that entrepreneur is the person that takes financial
risk in order to make profit whereas, managers controls the organisation by managing
and administrating organisational task (Jaén et al. 2017, p.31). The main motive of
manager is to focus on ongoing operations and entrepreneur focuses on business start-
up.
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