Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

TABLE OF CONTENT
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
Types of Entrepreneurship Venture............................................................................................3
Differences and Similarities between Entrepreneurial Ventures.................................................5
Impact of Small business on economy.........................................................................................6
Importance of Small business on Social economy......................................................................7
Skills required for becoming successful entrepreneur and its differences with a manager.........9
Entrepreneurial personality reflect entrepreneurial motivation and mind-set...........................10
Background and experience can hinder or foster entrepreneurship...........................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is ability to set up business by organising and devolving ideas with an
aim to generate profit. The owner of business is started by an individual is called its
entrepreneur. This report will discuss the impact of entrepreneurship in the economy and also the
different types of ventures available for an entrepreneur. This report will critically evaluate the
necessary skills required for the success of entrepreneurship. The affects of Personal background
and experiences on entrepreneurship. This report will also analyse case studies of certain facts in
entrepreneurship. Differentiation between the personalities entrepreneur and business manages
and how they operate their business along with their advantages and disadvantages. In this
project we will discuss with examples the required of skills and traits necessary for a successful
entrepreneur.
MAIN BODY
Types of Entrepreneurship Venture
There are different types of ventures in entrepreneurship. These ventures are
differentiated by their size, ideas and resources. Some entrepreneurship are,
Small Business Entrepreneurship :
Mostly these types of business are run by individuals who runs their own business. Such
a venture types include small grocery stores, consultancy firm or any specialized business for
example plumbing (Morris and Kuratko, 2020) Small business types are the most commonly
seen business venture in the economy. Main objective of such business is providing the
necessary needs of themselves and their family. Aims of these businesses are not very high, their
profit begins after the fulfilment of their family.
Large Company Entrepreneurship:
Large companies have a team of high level executives which helps the company to create
products or services based on their type of business. These Companies are usually evolution of
small business entrepreneurship which turn themselves into a company or are acquired by some
other large company to increase the business on a large scale. This type of entrepreneurship are
corporate companies which has innovative sustainment of providing new products or in other
words these business have capital along with new ideas for implementing in new bushinesses
(Kreiser,and et.al., 2019).