Entrepreneurship and Small Business Management

Entrepreneurship and
small business
management

Contents
PART 1............................................................................................................................................3
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
LO1..................................................................................................................................................3
P1 Different types of entrepreneurial ventures at the marketplace and their explanation...........3
P2 Similarities and differences between different types of entrepreneurial ventures..................4
LO2..................................................................................................................................................6
P3 Impact caused by micro and small businesses on a particular economy................................6
P4 Significance and importance of small businesses and business start-ups towards the
enhancement of social economy..................................................................................................6
CONCLUSION................................................................................................................................7
PART 2............................................................................................................................................8
INTRODUCTION...........................................................................................................................8
MAIN BODY..................................................................................................................................8
LO3..................................................................................................................................................8
P5 Different traits characteristics and skills of professional entrepreneurs which provides edge
to them as compared to normal business managers.....................................................................8
P6 the different ways in which personality of an entrepreneur effect motivation in entrepreneur
and mindset in order to survive at the marketplace.....................................................................9
LO4................................................................................................................................................10
P7 Different causes behind how background and experience that can impact on various
functions in entrepreneurship....................................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

PART 1
INTRODUCTION
Entrepreneurship is considered as major economic activity which is essential for
development of whole country. The entrepreneurship is a way of starting own business to
generate specific amount of revenue from the marketplace (Baker, 2021). Many people perform
entrepreneurship related operations and functions to earn profit and develop source of income. In
this report different types of entrepreneurial ventures are explained along with similarities and
differences between them in a precise manner. This report includes the influence which is caused
by different business start-ups at the marketplace and on economy. In this report example of A to
Z consultancy is taken into consideration for in depth understanding of entrepreneurship. The A
to Z consultancy is situated in London city which provides consultancy services at the
marketplace to small businesses.
MAIN BODY
LO1
P1 Different types of entrepreneurial ventures at the marketplace and their explanation
In market there are different entrepreneurial venture present which are mentioned below:
 Small business entrepreneurship- This type of entrepreneurship is referred to starting
of a business with small set of operations. Small business requires low amount of capital
and low amount of labour force in order to perform different activities and tasks.
Majority of businesses at the marketplace are first started as small business in order to
minimise risk associated with market. It is very much easy for management or a person to
manage different aspects of small business to better perform different operations.
 Large scale entrepreneurship- The large scale entrepreneurship requires high capital
and investment which is essential in performing large transactions in a business. Risk
associated in large scale entrepreneurship is high at the marketplace so many businesses
hire professional managers and employees to compete (Collins, and et. al, 2017). The
profit which is earned in large scale entrepreneurship is also high in proportion to the
capital.