(DOC) Assignment Title: Entrepreneurship and Small Business Management

Entrepreneurship and small
business management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK1 ............................................................................................................................................1
P.1 Types of entrepreneurial ventures and their relationship with typologies ...........................1
Similarities and differences between entrepreneurial ventures ..................................................3
TASK 2............................................................................................................................................6
A) Contribution of small and micro business on economy of UK .............................................6
B) Role of small firm and their contribution ..............................................................................7
C) Importance of small business and start ups ...........................................................................8
TASK 3............................................................................................................................................9
P5 Traits and characteristic of successful entrepreneurs.............................................................9
P6 Aspects of entrepreneurial personality ................................................................................10
TASK 4..........................................................................................................................................11
P7 How background of entrepreneur can hinder entrepreneurship...........................................11
CONCLUSION ............................................................................................................................11
REFERENCES..............................................................................................................................12
.......................................................................................................................................................13

INTRODUCTION
Entrepreneurship is the process and method through which they can create innovative and
creative ideas (Agarwal, Audretsch, and Sarkar, 2010). Thus they can easily attract many user
and they can easily increase the market share. Hence as a result they can easily promote various
products. They can also maintain good image in minds of all users and thus as a result they can
easily enhance their reputation. Hence they can easily enhance their reputation. Assignment
describes about the Professional placement resources which is a recruitment firm. It is located in
U.K. Report explains about the various types of entrepreneurial ventures, similarities and
difference between ventures. It also describes about contribution of micro and small business to
U.K. It also explains about the characteristics, skills of successful entrepreneurs and the methods
which reflect motivation and mindset. It also describes about the experience and background
which can foster or hinder the entrepreneur.
TASK1
P.1 Types of entrepreneurial ventures and their relationship with typologies
Entrepreneur: They are the persons who creates innovative and unique ideas so that form
can run smoothly and successfully. They can capture any opportunities and can enhance their
market share. Thus they can easily earn more revenues and can enhance market share.
Entrepreneurship: It is the process in which entrepreneur can create innovative and
unique ideas and thus they can easily promote these ideas in market. Through this they can easily
earn more profits and market share.
Types of entrepreneurs:
 Serial Entrepreneurs: They are the person who can create innovative and creative ideas
and start their business continuously. They can easily sell the business at later stage.
They have huge funds which are involved in the market.
 Social entrepreneurs: They are the entrepreneurs who generally solves all social issues.
Thus they can easily handle all issues and conflicts and this results in growth and
development of company. Female entrepreneurs: This entrepreneurship mainly consists of women. These are the
organizations which is managed by the women and they can provide more employment to
all women (Barringer, B., 2012).
Key ventures of entrepreneurship:
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It is the method through which there is preparation, designing and finally launches business.
People who work are called entrepreneurs (Bosma and Levie, 2010).
Key ventures of entrepreneurs: Various types of entrepreneurial ventures are:
Small business: It has small funds and it operates at small scale. It includes grocery
stores, internet cafe owners, carpenters, consultants, electricians etc. They run their activities and
operations at huge risks. They themselves profits and losses. Hence they can easily earn more
revenues. For example small carpenters, cyber cafe, coffee shops, small gardens etc. They has
less money and they invest their money in profitable activities. Thus as a result they can easily
enhance their reputation.
Scalable entrepreneurship: These are the entrepreneurship which are created by strong
ideas. It has a unique vision and mission to change the world. Thus they can easily convince
more people through there creative and unique ideas. Hence as a result they can easily create
innovative ideas. Thus they can create positive image in minds of all people.
Social entrepreneurs: These are the ventures which run for giving various advantages to
members of society. Thus they can easily perform all tasks and activities which directly gives
many benefits to all members of society. Through this they not only maintains good image in
society but they can also expand their and diversify their business in limited time.
Relation of ventures with Entrepreneur Typology:
Various ventures are created and connected with many entrepreneurs so that they can
grow themselves. Lifestyles ventures can give directly connected with serial entrepreneurs.
Survival ventures can be connected and linked with small scale business as they both runs on a
small scale. Managed growth venture is connected with social entrepreneurs and thus they can
easily create unique and distinct ideas. This connection is crucial so that business can earn more
revenues and business can be carried properly. Various types of typology are:
 Lifestyle ventures: These are the ventures which give huge profits to business. They can
work alone. It can be connected with serial entrepreneurs (Dacin, Dacin and Matear,
2010).
 Survival entrepreneurs: It is a small scale business. It has small funds. For example
internet cafe, grocery store, barber store. It is connected with small scale businesses.
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