Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

INTRODUCTION
Entrepreneur are the individual who who invented implement their Idea into reality so that
they can meet the demands of the population by which they can generate and profitability and
growth. These are the backbone of any economy as they are operating their business in order to
generate more revenue and job opportunity for the nation through which the living standard of
the local people can be enhanced (Pahnke and Welter, 2019). Such entrepreneurs open the new
venture which can be small or medium size in order to provide the economic development in a
country. This report will determine the different types of venture and topologies and also
determine the differences and similarities between the entrepreneur venture. Moreover, this
report will also analyse the importance of small business in economics and also explain the
characteristics threat and skills of the successful entrepreneurs. Atlas this report will cover the
aspect of entrepreneur personality that reflect their motivation and mindset and also analyse how
background and experience can impact the the entrepreneurship.
TASK 1
P1
Entrepreneurs are considering various kinds of entrepreneurial Ventures and conduct their
business activities with their innovative ideas with the use of entrepreneurial Ventures. There are
numerous kinds of entrepreneurial Ventures which are responsible for each and every business
activities which are conducted by entrepreneurs. Entrepreneurial Ventures maintain specific
entrepreneurship with the public and corporate sectors so that these letters can effectively
regulate their business operations. Some specific kind of entrepreneurial Ventures are
considered by the businesses on the basis of their scale & size are discussed below -
 Scalable Entrepreneurial Ventures - This venture represent specific business model
which public and corporate sectors can adopt and start their business with the new
business idea. Public & corporate sectors raise funds with this model from some specific
venture capitalists for the growth of the sector. Small Entrepreneurial Ventures - As per this venture, need adequate capital, resources,
finance and workforce so that entrepreneurs can maintain their business growth. The

main concern of small venture is to provide more employment opportunities to the rural
and local area people. Public and corporate sector also considered small venture and
maintain effective entrepreneurship. Small ventures contain more scope in term of their
applicability in the development of the economy. In this kind of ventures only 50 people
can perform their job and the turnover rate contain €2 Million. Some specific examples of
public and corporate sectors Travelodge & Orion Electrotech Ltd.
 Large Entrepreneurial Ventures – Large ventures also considered by the public and
corporate sector and enhance the all the consideration of the entrepreneurship. These
Ventures are large in size and also cover wide market area nationally or internationally.
Through their creative & innovative goods that create effective value of their goods and
lead the whole market place. The main purpose of large ventures is profit maximization
and these ventures is also responsible to generate more foreign currency which can help
full to make country economy more strong. Tesco, Morrisons, Dyson and many more is
the best exam of large ventures.
 Social Entrepreneurial Ventures - Social ventures are work for the growth & betterment
of the local people & communities so that they can improve themselves & become more
capable to stand in the society. Public & corporate sectors also provide their best
contribution in this venture to make their market position more influential. Shelter, Hill
Holt Wood & save the children are the best example of social ventures.
Typologies of Entrepreneurship
Typologies of entrepreneurship incorporated with the development of the enterprises so that
businesses can regulate their operations in an effective manner. The explanation of some specific
typologies of entrepreneurship in relation with the entrepreneurial Ventures are discussed below-
 Growth oriented firms - The concern of this firm is to whether it is public or corporate
sector. In order to attain more successful results, companies can adopt specific kind of
innovation in their goods and services which can help full to provide more profit
advantage and improve the growth rate of the enterprises.
 Lifestyle oriented Firms - This kind of typology of entrepreneurship mainly focused on
the lifestyle of the people and also provide those goods and services which are helpful to