Entrepreneurship and Small Business Management.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Explain different types entrepreneurial ventures and discuss how they relate to the
typology of entrepreneurship......................................................................................................3
P2 Elaborate the similarities and differences between entrepreneurial ventures........................5
TASK 2............................................................................................................................................6
P3 Explain and evaluate relevant data and statistics to demonstrate how micro and small
business impact the economy......................................................................................................6
P4 Describe the importance of small business and business startups for the growth of social
economy......................................................................................................................................7
TASK 3............................................................................................................................................8
P5 Describe the traits and skills of successful entrepreneurs which differentiate them from
other business managers..............................................................................................................8
P6 Evaluate how the aspects of entrepreneurial personality reflect entrepreneurial motivation
and interest..................................................................................................................................8
TASK 4............................................................................................................................................9
P7 Inspect by giving relevant example that how background and experience can hinder or
foster entrepreneurship................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is the practice of being an entrepreneur who forms new business. It is
the ability of the person to make innovation, business and finance to modify innovations into
economic goods(Dou and et. al., 2019). An entrepreneur is the person who is self-motivated,
self-employed and aspiring to meet the organisation goals willingly. Entrepreneurship helps in
creating the opportunity for the person to make a contribution. Entrepreneurs are the persons
with strong personality who are independent and tries to do something better for the society.
Entrepreneurs helps the local economy in providing the goods and services with appropriate
quality and reasonable cost. Their are distinct types of entrepreneurship style, depending upon
the skills entrepreneurs can choose the style. This report covers various types of ventures that is
considered as entrepreneurial and also covers the impact of small business on the economy. In
addition with this, the report also covers the evaluation of entrepreneurs mindset and the
different environment that fosters or hinders the entrepreneurship.
TASK 1
P1 Explain different types entrepreneurial ventures and discuss how they relate to the typology
of entrepreneurship
Entrepreneur ventures are those where organisations follow opportunities which are
identified by innovative application and where the growth and efficiency is the main goal. Their
are various types of entrepreneurship venture which are discussed below- Small business entrepreneurship- Most of the businesses are small business in UK
where they provide employment to 50% of the non-governmental workers. The small
business can be a retail store, restaurant or a company who earn their profits just to spend
their basic lives(Sassmannshausen and Volkmann, 2018). These businesses are not able
to get huge investments thus they receive their fund by their families, friends or from
some other business person. Scalable business entrepreneurship- This type of venture is different from small as the
entrepreneurs in this believes that their enterprise can make some changes in the world.

Because of which they receive their funds from venture capitalists and employs
specialised employees who have the tendency to make some innovation for the company.
Scalable business identifies those things which are needed in the market so they can work
on those things. Large company entrepreneurship- This type of entrepreneurship is for those individuals
who have the ability to make innovations and knows how to sustain them (Zhang and
Acs, 2018). Large enterprise includes limited amount of life cycles. They create varieties
of products for different consumers according to their requirements in the market. Small
enterprises can turn into a large enterprise when the company achieves growth.
 Social entrepreneurship- This category involves those individuals who wants to work for
the society by developing those products which will act as beneficial for the society. In
this type entrepreneurs are ready to take the risk to bring positive changes in the society
from their initiatives.
Typology of entrepreneurship- Entrepreneurs can divided into various types of dimensions.
Thus, various dimensions of entrepreneurs are illustrated below- Lifestyle entrepreneur- Lifestyle entrepreneur is a different type of style where the
entrepreneur builds the business to enjoy their own lifestyles. This is a unique type of
style compared to others as they build the business because they are passionate about it
and think that they will be benefited from it. They always focus to earn certain income
which will helpful to live their lifestyles.
 Survival entrepreneur- The major goal of this type of entrepreneurship is to achieve the
goals and survive in the market for longer period(Bui, Kuan and Chu, 2018). Many
individuals are engaged in this type of business so they can beat the competition and stay
in the market for longer term. The enterprise can exist in the market only when they will
cut down their cost of their products from that of competitors and will be committed
towards their future goals.
 Male entrepreneurs- This type of topology means when the management, ownership
and control is done by the men. They work with great determination and are focussed on
the plans and innovative ideas. Entrepreneurs main objective is to achieve the goals of the
company and to make their competitive image in the market.