Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Contents
INTRODUCTION...........................................................................................................................................3
TASK 1..........................................................................................................................................................3
Types of Entrepreneurship Ventures and their Typology........................................................................3
Impact of Small Business organization on Economy of United Kingdom.................................................6
TASK 2..........................................................................................................................................................7
CONCLUSION...............................................................................................................................................7
REFERENCES................................................................................................................................................9

INTRODUCTION
The entrepreneurship is considered as capacity or willingness to make, organize and
manage a venture along with different type of risks to make profit. In simple language
entrepreneurship is all about starting a new business that is consist of different people who are
connected to organization with certain mutual goals (Burns and Dewhurst, 2016).
Entrepreneurship refers to new and innovative idea and opportunities with large developed
business. This report is providing brief of different type of organization to know how they
conduct business in market place. This report is analyzing different type of entrepreneurship
ventures and how they are related to typology of entrepreneurship. Similarities and differences
between of various entrepreneurship venture is also provided in study. For both private and
public sector entrepreneurship is explained. Different type of relevant data is provided to
perform an analysis to know the impact of micro and small entrepreneurship venture on the
economy. On basis of provide data importance of small business and business startups.
Information of successful entrepreneur is provided in report. Different personality traits and
skills of entrepreneur are explained in the study. Reflection of personality traits in individual
entrepreneur also covered in report. The impact and influence of person’s background and
experience is analyzed on an individual entrepreneur.
TASK 1
Types of Entrepreneurship Ventures and their Typology
There are different type of entrepreneur ventures that are considered in entrepreneurship
ventures. Before getting into this it is important to know about what is entrepreneur and
intrapreneur. Basically the entrepreneur is a person who is the founder of the new
organization and runs the company (Runyan and Covin, 2019). The leader and owner of
organization are consider as entrepreneur but intrapreneurs are the people who are associated
with the organization and helps the entrepreneur to run the organization by contributing with
their skills and knowledge. Intrapreneurs of the organization are known as employees. The
different entrepreneurship venture are small business entrepreneurship, scalable startup
entrepreneurship, large company entrepreneurship and social entrepreneurship.

Small Business Entrepreneur
In the market place small type of business entrepreneur are in maximum number and
this organization or business get very low marginal profit. Purpose of this organization to make
enough profit to keep survive in market to manage personal living. Individual business like
grocery and electronics stores and professions like plumber and consultants come into this
category (Volery and Mazzarol, 2015). In the small business organizations the fund is collected
through small business loans and family investment. Small businesses are mainly of personal
and private type.
Growth: possibility of growth in this type organization is maximum in the market place. Cause
of small size implementation of innovation and change management is too easy. For better
model this organization can get easy high marginal profit.
Scope: Scope for small venture is high and have international exposure but only thing
organization need is experienced employees and financial support.
Scalable Startup Entrepreneur
This type of organization starts with a vision to make change in market or world.
Funding for this organizations comes from venture capitalists and they hire best employees for
their organization (Yan and Yan, 2016). For scalable startup business entrepreneur their
business model is dependent on their short term and long term goal. Ones they get settle in the
market place then they need further investors for more growth in future. This type of startup
get enough profit that is required for their growth and market performance. Facebook,
Instagram and online shopping platforms are initially scalable startups. This organizations are
normally private organization cause their purpose is only to make profit.
Large Company Entrepreneur
This type of entrepreneurship is performed by a well settled organization and through
this process they try to launch a new product in the global market. This type of entrepreneur
ventures are good with their core products but to get more profit they try innovation in
company business. In order to develop new product this organization needs new and innovative