(PDF) Entrepreneurship and Small Business Management Project | Assignment

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Various types of entrepreneurial ventures and how they relate to typology of
entrepreneurship..........................................................................................................................3
P2 Differences and similarities among entrepreneurial ventures................................................5
TASK 2............................................................................................................................................8
P3 Interpretation of significant data and statistics to exemplify how micro and small business
impact on the economy................................................................................................................8
P4 Explain small business and business start ups to growth of the social economy...................9
TASK 3..........................................................................................................................................10
P5 Characteristic skills and traits of successful entrepreneurs..................................................10
P6 Aspects of entrepreneurial personality.................................................................................11
TASK 4..........................................................................................................................................12
P7 Diverse ways through which background as well as experience hamper the performance of
entrepreneurship........................................................................................................................12
CONCLUSION..............................................................................................................................14

INTRODUCTION
Entrepreneurship is defined as the process of running a business successfully
and maintain good image of the company in marketplace (Ács,, Autio, and Szerb,
2014). It is also known as the capacity of a company in organizing a profitable
business and tackling all risks. An entrepreneur is an individual who is responsible
for performing all business activities and making strategies for growth and
development of organization. The following report is based on Entrepreneurship
and small business management. It includes different entrepreneurial ventures,
differences and similarities with entrepreneurial ventures. This report describes
impact of micro and small business and entrepreneurial personality and their
background is explained in this report.
TASK 1
P1 Different types of entrepreneurial ventures and how they relate to typology of
entrepreneurship
Entrepreneurship is defined as an innovative process that is used for creation
of company and giving innovative and creative ideas. It is essential for
entrepreneurs for having a modern and originality in entrepreneur’s ideas in
starting a new venture and taking it to greater heights (Blackburn., Hart, and
Wainwright, 2013). An Entrepreneur thinks to develop business at initial stage by
utilizing resources effectively and appropriately. It is important for an
entrepreneur to make new and innovative ideas in the products and services of the
organization in order to sustain in market for longer period. The different types of
entrepreneurial ventures are described as under-

Small business entrepreneurship – There are a number of small business ventures
present in United Kingdom. This is the reason that they have remarkable rate of
growth for the development of small business entrepreneurs (Bosma, and et. al.,
2012. ). They are operated by friends, relatives or family members. The small scale
entrepreneurship can be operated in internet café, production houses, consulting
companies and mobile retailers.
Scalable start up entrepreneurship – Entrepreneurs emphasizes on creation of
qualitative products and not on quantitative services. In scalable start up
entrepreneurship, the entrepreneurs are confident of the services or products. The
main objective of this entrepreneurship is that they must have enough financial
resource to operate business effectively.
Large company entrepreneurship – These entrepreneurs are in large organizations
and they have limitation in operating business. Such entrepreneurs are focusing on
launching new products and services. The demand of people depends on
advancement in technology and this helps in building competitive advantage in
market. The company should have a good business image in marketplace for
enabling business entrepreneurs to maintain the position and transforming ideas
into actual actions.
Social Entrepreneurship – These Entrepreneurs are responsible for the creation of
innovative products and services for welfare of society. The Entrepreneurs of this
venture are involved in developing several strategies and executing ideas in order
to betterment of society and environment.
Typologies of entrepreneurial ventures