Entrepreneurship and Small Business Management: Types, Similarities, and Significance

Entrepreneurship and
Small Business
Management

Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
Types of entrepreneurial venture............................................................................................................3
P2 Key similarities and differences between entrepreneurial ventures..................................................4
(3) Statistics to demonstrate the influence of SME’s over UK economy..................................................6
(4) Significance of small business and start ups to the growth of social economy..................................7
TASK 2.......................................................................................................................................................7
P5 Key characteristics traits and skills.....................................................................................................7
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set..................................................................................................................................................8
TASK 3.......................................................................................................................................................9
(Covered in PPT)......................................................................................................................................9
CONCLUSION...........................................................................................................................................9
REFERENCES..........................................................................................................................................10

INTRODUCTION
Entrepreneurship is referred as the willingness and capability of an individual to develop and
manage a venture by taking risk with the hope of earning profit. An entrepreneur work hard
towards attaining the goals of business. This report covers different types of entrepreneurial
ventures and the similarities and differences between them. It also assesses the data to determine
impact of micro and small businesses on economy (Dennis Jr, 2011). Apart from this, the
significance of small businesses in growth of social economy is also included. At last, different
skills, characteristics and traits of entrepreneurs along with aspects of entrepreneur personality
which reflects their motivation and mindsets are included in the report.
TASK 1
Types of entrepreneurial venture
Entrepreneurship behaves as just a procedure where an investor carries out a capability
together by an ability to generate, coordinate and manage an organization project together with a
risk measure for implementing an appropriate amount of profit. There are majorly 4 main types
of business endeavors which include scalable entrepreneurs, social entrepreneurs, small
businesses and big businesses. Business owners in each state carry out their operational activities
with limited financial resources as well as specific behaviors to carry out their operational
activities and make a contribution to the economy growth. Mostly forms of startup companies
characterized here are described:
Small business entrepreneurship: There are numerous small-business ventures in
UK economy that significantly contribute to nation GDP and job prosperity. Such companies are
primarily run by single, limited ratio of staff, families and partners. With all the beneficial to the
firm of such entrepreneurship ventures region can greatly enhance their potential future
development which will enable them to even further boost their global reputation on the
globalized economy. A few instances of small entrepreneurs, including such digital merchants,
small-scale manufacturing plants and airport hotel consultancy, are listed below.
Scalable start-up entrepreneurship: In this element of entrepreneurial ventures
businessman performs their activities efficiently by placing their significant emphasis on
delivering together with development in the context of goods & services.
Large company entrepreneurship: In this type of entrepreneurial ventures, many who
conduct business about their features are primarily dedicated on delivering experience with the
help of technology development with the greatest efficient goods & services.
Social entrepreneurship: Entrepreneurial enterprises in social entrepreneurship
successfully lead to community social assistance. Here represent communities by providing the