Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION.......................................................................................................................................3
Task 1..........................................................................................................................................................3
P1 Various entrepreneurial ventures & its relation with entrepreneurship typologies.............................3
P2 Similarities& differences between the various entrepreneurial ventures...........................................5
TASK 2.......................................................................................................................................................8
P3 Interpret relevant data & statistics to illustrate how micro & small businesses impact on economy. 8
P4 Importance of small businesses & business start-ups to the growth of the social economy................9
TASK 3.....................................................................................................................................................10
P5 Characteristic traits & skills of successful entrepreneurs..................................................................10
P6 Entrepreneurial personality reflects entrepreneurial motivation & mindset.....................................13
TASK 4.....................................................................................................................................................15
P7 Background & experience can hinder or foster entrepreneurship.....................................................15
REFERENCES..........................................................................................................................................18

INTRODUCTION
Every entrepreneur established their firms with an Innovative & creative ideas which can
aid to maintain a business effectively. To maintain each & every operations success, there's an
ingenious & strategic mind of entrepreneurs that give long term success for future. Business
needs influential & effective entrepreneurs which aid to take care of all the activities &
Operations in an appropriate manner. Entrepreneurs and little businesses are helpful to spice up
the economy level and also provide their best contribution within the economic process
(Abdullah, Hadi and Dana, 2018). The main motive project is to spot the importance of
entrepreneurship and little business management within the United Kingdom. This project will
discuss various sort of entrepreneurship Ventures & also identify the relationship in context with
typology of entrepreneurship. This project determined that what's the similarity & differences
between the specific entrepreneurial Ventures. Furthermore, this project explains about the local,
global & social entrepreneurs & evaluates their background & knowledge that aid to inspire most
of the person All around the world.
Task 1
P1 Various entrepreneurial ventures & its relation with entrepreneurship typologies
There are many types of entrepreneurial ventures which considered by the most of the
entrepreneur and businessman to regulate their business operations effectively. All these
entrepreneurial Ventures determine and differentiate on the basis of size & size. The description
of different kinds of international ventures in relation with the typologies of entrepreneurship are
discussed below –
Entrepreneurial Ventures
 Scalable Ventures - This kind of entrepreneurial ventures is follow appropriate business
model that is beneficial for the entrepreneur two formed a business with their innovative
ideas. When companies and specific entrepreneur properly find a suitable model then
they try to raise money from various type of capitalist for the growth of their business
(Blundel, Lockett and Wang, 2017).

 Small Ventures - Small entrepreneur Ventures need appropriate capital and financial
resources to operate their business operations effectively. The main concern of small
ventures is wealth maximization and the only target ruler and local area market so that
they can effectively provide their services for those people who are not easily get
resources. The scope of small ventures is more because it can help full to improve the
living standard of need area people. The size of small ventures is less and there is only 50
members are allowed to work and the net worth is contained as €2 Million. Some specific
examples of small ventures are Orion Electrotech Ltd. , Jurys Inn and Travelodge.
 Large Ventures – Basically large entrepreneurial ventures scope is more and they cover
large market, size and shares as compared to the small venture. These enterprises require
more financial resources and also human resources so that all the operation of the
enterprises can then in and proper manner. There are more than 250 people can work
together and the turnover rate is contained as more than € 50 Million. Some examples of
these ventures like Marks & Spent, Burberry, Tesco and many more.
 Social Ventures - social Ventures is more concerned about providing their services for
the development and growth of the society so that common people and communities can
live their life without any issues and difficulty. The scope and size of these types of
enterprises is more because they work for the betterment of the society so the net there is
a huge network of these social Ventures. Save the child, shelter & Cafédirect are the
appropriate examples of this Venture (Boermans and Willebrands, 2017).
Entrepreneurship Typologies
There are many specific entrepreneurial typologies are determined in relation today
entrepreneurial ventures which are discussed below -
 Development oriented enterprises - The main concern of this type of enterprises is to
profit maximization so that they can effectively operate their business activities and
connect most of the people to gain more profitability. With their creative ideas, these
types of enterprises create more values in their goods and services so that they can