Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Contents
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT................................................1
TASK 1.......................................................................................................................................................3
P1. Different types of entrepreneurial ventures and their relation to the typology of entrepreneurship...3
P2. Similarities and differences between entrepreneurial ventures..........................................................4
TASK 2.......................................................................................................................................................5
P3. Impact of small and Micro business on economy..............................................................................5
P4 explain the important of small business and business startups to the growth of the economics..........7
TASK 3.......................................................................................................................................................8
P5.Mini research to determine the characteristics, traits and skills of two successful entrepreneurs:......8
P6.Enterpeneurial motivation and mindset..............................................................................................9
TASK 4.....................................................................................................................................................10
P7. With practical examples obtained through your mini-research, examine how background and
experience can hinder or foster entrepreneurship...................................................................................10
CONCLUSION........................................................................................................................................10
REFERENCES........................................................................................................................................11

INTRODUCTION
Small and micro business has a huge impact on growth of economy. These business
provides knowledge and employment opportunities to the people who are living in geographical
areas (Martin and et.al., 2013). This report is carried out in the context of entrepreneurs.
Different types of entrepreneurial ventures and their relation with typology are also been
discussed under this report. In addition to this, some benefits of small and micro business are
also evaluated in this report.
TASK 1
P1. Different types of entrepreneurial ventures and their relation to the typology of
entrepreneurship
Entrepreneurship
It is the process of designing, launching and setting up of new businesses by taking
financial risks in order to create profits (Bae and et. Al., 2014). These type of business are run by
and created by individuals which are called entrepreneurs. These businesses are also called small
businesses. It is a business method which involves product, services and advanced technology
products.
Types of Entrepreneurship
There are different types of entrepreneurship which are as evaluated under the following
heads.
 Small business entrepreneurship: Small business includes grocery stores, hairdressers,
consultants, carpenters, etc which runs their own business. There are approximately 5.7
million of small business in UK. The main motive of these businesses is to make profits
and feed their family.
 Scalable startups entrepreneurship: These are also known as Silicon Valley
entrepreneur. It is a small software based business which includes Twitter, Facebook and
Instagram. The entrepreneur of this business has an ability to create profits without
putting additional costs. The entrepreneur of scalable business operates mainly in
Shanghai, New York, etc.
 Large company entrepreneurship: These businesses offers new products with
advanced technology to its consumers. These business are focused on long term stay at
market place. The main objective of these business is to increase sales by offering
superior quality products to its consumers and also the profitability margins.
 Social entrepreneurship: These business is established by entrepreneur in order to serve
its consumers with all social needs and problems. This also helps in bringing positive
changes by identifying problems of people.
Typology of entrepreneurship:

 The skeptical entrepreneur: In this, entrepreneur sees the success of others and ask
questions related to the business. They determine the business of other entrepreneurs and
wait waits for the breaks.
 The copycat entrepreneur: These entrepreneurs are called copycat because they copy
all the things of other companies. They use the same website like others business and also
copies the same business cards. They look after the success of others and copy tem
exactly.
The research entrepreneur: These entrepreneurs believes in research. They find every possible
techniques and strategy to make their business successful at marketplace. They focus on learning
different things to grow their business. but without copy from any business (Fayolle., 2013).
These types of people like to run their business with their own ideas and techniques. They
analyze the needs and demands of its consumer and then produce their products so that they will
increase their profitability margins and increase sales.
 The accomplished entrepreneur: These types of entrepreneurs build their business to
make it grow and success at marketplace. They focus on developing their business more.
They have gone already with all types of stages of entrepreneurship and now have all
type of knowledge to make their business grow. The main objective of these
entrepreneurs is to accomplish their set goals in allotted time frame.
P2. Similarities and differences between entrepreneurial ventures
Small and large entrepreneurship
Basis Small business entrepreneurship Large company entrepreneurship
Similarities  These business are run by
entrepreneurs to achieve growth
and profitability at marketplace.
 They attract their consumer
towards their goods by proving
products at affordable rates.
 The main motive of these
entrepreneurs are also to increase
revenues and sales and grow their
business successfully (Fayolle,
and Gailly., 2015).
 They also allure their consumers
towards their company by
providing superior quality
products at low costs.
Differences  These businesses run with a
small investments and with small
number of employees.
 Their leadership trait is patience
and maintain discipline in
company.
 Large company entrepreneurs
start their company with a large
amount of funds. Along with this,
workers performing in this type
of company are also large in
number.
 Leadership trait of these business
are highly motivated and
influential.