Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

INTRODUCTION
Traditionally entrepreneurship process has been known to encompass all the operations
of an entrepreneur during the creation of a business organisation or entrepreneurial venture and
operating it within the operational industries with the intention to generate maximum amounts of
profits. While the modern definitions of entrepreneurship also have come to encompass the
additional activities undertaken by an entrepreneur with the intention to finding new and
innovative solutions to the issues and challenges that society faces in the current world (Monitor,
2016). Entrepreneur through their individual operations have nowadays become immensely
important and essential towards the development of the entire business environment of a country
and the operations of an entrepreneur also contribute enormously towards the economic growth
of the country. This report analyses the various types of entrepreneurial ventures that
entrepreneur creates, their impact on the overall economy of UK, the skills and characteristics
that are possesses by competent and successful entrepreneurs.
MAIN BODY
LO 1
P1 Distinct Forms of Entrepreneurial Ventures
Entrepreneurs are individuals who create and establish an entrepreneurial venture or
business organisation and operate it within the consumer markets with the intention to generate
maximum amounts of profits for the entrepreneurial venture and the entrepreneur. Enterprise
relates to the business organisation that is created by the entrepreneur that operates in the
consumer markets with regards to generating maximum amounts of profits. Entrepreneurial
activity encompasses all the human action, decision making operations and risks that an
entrepreneur takes while establishing and operating their enterprise in the operational industries.
On the other hand, an intrapreneur is an individual or manager within the business organisation
who promotes and encourages innovation with relation to product development and marketing
operations of the business organisation or entrepreneurial venture. Intrapreneurship is the process

of behaving and conducting operations similar to an entrepreneur but working within a large
business organisation, that is created by someone else.
Primarily there are three main forms of entrepreneurial ventures that can be created by
entrepreneurs based on their wishes, objectives and goals for the entrepreneurial venture. These
are as follows:
 Social Entrepreneurial Venture:
Social entrepreneurial ventures are created by private entrepreneurs with the intention to apply
the new, advanced and modern technologies and innovative solutions to the most challenging
problems or issues that are faced by portions of a given society with the intention to create a
better future for these underprivileged sections of the population. The private entrepreneur
creates and funds the entrepreneurial venture and makes use of new innovative solutions to
address the issues and problems of a society (Kraus and et.al., 2019). This form of
entrepreneurial venture links the operations of the following two forms of entrepreneurial
ventures private and public. Examples of social entrepreneurial ventures include the Grameen
Bank which is a privately owned and operated social entrepreneurial venture that provides
collateral and interest free financial loans to the underprivileged sections of the population.
 Public Entrepreneurial Venture:
These forms of entrepreneurial ventures are created by individuals who are part of the governing
authority of a country, with the operations of the public entrepreneurial venture geared towards
providing the society with innovative services and goods that are able to effectively increase the
standard of living and lifestyle of the given population. Such public entrepreneurial ventures
operate with the intention to improve the living conditions of the society at large.
 Private Entrepreneurial Venture:
These forms of entrepreneurial ventures are created and owned by a private entrepreneur,
who operates the entrepreneurial venture with the intention to satisfy the needs, demands,
requirements and preferences of market consumers so that maximum amounts of profits can be
generated by the entrepreneurial venture for the entrepreneur. These forms of entrepreneurial
ventures require the entrepreneur to take on significant risks, with the potential to provide