Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Different types of entrepreneurial ventures.......................................................................4
P2 Similarities and differences in different entrepreneurial ventures....................................5
M1 Range of entrepreneurial ventures and ventures in public and corporate sector.............7
D1 Scope, development and growth of Entrepreneurial ventures..........................................7
TASK 2............................................................................................................................................8
P3: Relevant data and statistics showing impact of micro and small businesses on economy8
P4: Explain the importance of small businesses and business start-up to the growth of the
social economy.....................................................................................................................10
M2: Evaluate the differences small, medium and large business makes to the economy,
applying relevant data and statistic.......................................................................................11
D2: Critically evaluate how small businesses have an impact on different levels of the
economy (local, regional, national) and in an international context....................................11
TASK 3..........................................................................................................................................11
P5: Determine the characteristic trait and skills of successful entrepreneurs that differentiate
them from other business managers.....................................................................................11
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset...........................................................................................................................13
M3: Explain different lines of argument related to entrepreneurial characteristics.............14
D3: Analyse the characteristic traits, skill and motivational drivers of successful entrepreneurs
supported by specific examples............................................................................................14
TASK 4..........................................................................................................................................15
P7 Background and experience can hinder or foster entrepreneurship................................15
M4 Link between entrepreneurial characteristics and the influence of personal background
and experience......................................................................................................................15
D4 Background and experience influences entrepreneurs, both positively and negatively. 16
CONCLUSION..............................................................................................................................16

REFERENCES..............................................................................................................................18

INTRODUCTION
An entrepreneur is a person who comes up with a new idea or innovation for developing a
product or service along with which there is a risk attached and also if the idea is successful the
entrepreneur earned a lot of profit through this business idea. When an entrepreneur develops an
idea or innovation it is the beginning of entrepreneurship. After this a successful plan is
developed and executed to start the business (Bouncken and Reuschl, 2018). The following
report contains a discussion about different types of entrepreneurial businesses as well as all the
typologies of those ventures. The importance of small and micro businesses for an economy and
their comparison with large and medium size businesses is also conducted in this report. There
are a number of such characteristics, traits as well as skills which are required in an entrepreneur
so that they can skilfully and without any barriers conduct the entrepreneurship successfully. All
those skills, traits and characteristics are also discussed in the report below. It is often seen that
the background and experiences which an entrepreneur have went through out their life deeply
affect the leadership as well as decision-making power of an entrepreneur. Such experiences and
its effect on leadership of an entrepreneur also discussed in the report.
TASK 1
P1 Different types of entrepreneurial ventures
Entrepreneurship: Entrepreneurship is the ability in an individual which describes the process in
which designing, launching as well as running a new business which have some innovative idea
Inc and also the owner needs to take risk in order to earn profit from those.
Various concepts in entrepreneurship
Serial entrepreneurship: Serial entrepreneurship is when a person is coming up with
new ideas continuously in order to start their new business. They are different from other
entrepreneurs who have only a single idea for the company. They are day today coming up with
new ideas to keep up their business activities and enhance their profits and revenues.
Intrapreneurs: Intrapreneurship is when an individual is having qualities of an
entrepreneur while working in any large company.They are the people who take risk and
integrate innovative approach in an organisation which is already doing well in order to earn
more profits and also motivate the individuals in the organisation by involving various
techniques.