Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management
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Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
P1 Different type of entrepreneurial ventures and the relation to the typology of
entrepreneurship.....................................................................................................................3
P2 Similarities and difference between entrepreneurial ventures..........................................4
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both public and private sector.................................................................6
P3. Interpretation of relevant data and statistics to define how micro and small businesses
effect on economy..................................................................................................................6
P4 Importance of SME to growth of social economy............................................................9
M2 classification small, medium and large businesses make to the economy, applying relevant
data and statistics....................................................................................................................9
PART 2..........................................................................................................................................10
P5. Traits along with characteristics, and skills successful entrepreneurs...........................10
M3 Different lines of argument relating to entrepreneurial characteristics.........................11
P6. Elements of entrepreneurial individuality depict motivation.........................................12
P7: Background and Experience could hinder or offers Entrepreneurship..........................12
M4 link between the characteristics and the impact of personal background and experience to
specific successful entrepreneurs.........................................................................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
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INTRODUCTION
The Entrepreneurship is the pattern of performing the business to attention of large number of
individuals The owner of an entrepreneurial venture is termed as an entrepreneur. The present
report seeks to explore the different types of entrepreneurial ventures along with the typologies.
Moreover, it also involves the effect of SMEs on the national economy. Moreover, it involves the
elements of the entrepreneurial individuality that is represented the assistance of OCEAN model.
Lastly, it involves the skills of two very popular entrepreneurs including the elements that offer
the entrepreneurship.
PART 1
P1 Different type of entrepreneurial ventures and the relation to the typology of entrepreneurship
Entrepreneur could be viewed as an individual that is not afraid to experience risks as they have
the purpose to bring up with innovative and different offerings that have the potential to resolve
the issues faced by society at large. In relation to this, it is found that there are various types of
entrepreneurial ventures upon which a discussion is given beneath:-
Small business:
These are the way of entrepreneurial ventures which require lower amount of venture capital. It
is usually started by one individual and has the aim of generating satisfactory amount of
profitability and revenues through provision of goods and services of high quality. These
businesses function with the motive of earning huge profits. They consist of less than 50
employees and have an overall net worth of 2 million Euros. They do not have a wide scope as
the only purpose is to earn high in bring in the way of profits. Small businesses are majorly
found within the confines of construction and production sector. To example: Orion Elect
Rotech Limited
Large Enterprise:
These ventures require large amount of investment. High financial resources offer assistance to
them in expanding the growth and developing themselves in accordance with the market. The
main motive is to earn huge revenues as well as profits by undertaking risks. This company
consist of on 5000 individuals and have an overall turnover of 1.5 million Euros. They have a
wide scope as they intend to enhance the scale of operations with the passage of time. To
example: Marks and Spencer, TESC and many more.
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Social Enterprises:
These are the ventures which are setup with the sole purpose of ensuring social welfare of
individuals. Social entities are generally managed and run by trustees that intend to work in a
collaborative manner to the welfare of society as a table. These entities are usually funded by
large scale organisations as the aim is to earn goodwill in rapid course of time. To example:
Oxfam, Save the Children and many more.
Scalable Enterprises:
These are the ventures these entrepreneurs do not intend to run within the confines of small
business area. These entities emphasize on the provision of high quality offerings with a view to
maximise the profitability. They have restricted scope owing to its functioning with the concern
of all the partners. The main purpose of scalable enterprises is to enable business development.
Example: Partnership and automate solution
Types of entrepreneurship
Below discussed are the various typologies of entrepreneurship:-
Lifestyle enterprises:
These are the entities which are mainly aimed at inflating the standard of living of individually
by providing them with job opportunities. As a result of this, the lifestyle and living standards get
significantly enhanced.
Growth firm:
These are the entities this sole motive is to earn high profits and sale. The entrepreneurs hereby
bring up with new ideas so as to solve the issues faced by society and subsequently fill the
market gap to enhance the venture’s profitability (Bridge and O'Neill, 2012).
P2 Similarities and difference between entrepreneurial ventures
There are different types of entrepreneurial ventures that have already been discussed
above. In relation to this, it is also determined that these ventures differ from and are alike each
other on the basis of a number of elements. It is essential to take in account the similarities and
classification lying between the different entrepreneurial ventures to ascertain probable
opportunities and threats associated with the similar. In context to this, a discussion on the
similar is given beneath:-
Similarities between small, large, scalable and social entrepreneurs
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