Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Types of entrepreneurial venture along with their typology.............................................1
P2 Similarities and differences between different entrepreneurial ventures..........................2
TASK 2............................................................................................................................................3
P3 Interpret of data and statistics to understand micro and small-business...........................3
P4 Importance of small businesses and business start-ups to the growth of the social economy
................................................................................................................................................5
TASK 3............................................................................................................................................6
P5 Characteristic, traits and skills of successful entrepreneur that distinguish them from
business's manager.................................................................................................................6
P6 Aspects of entrepreneurial personality to understand entrepreneurial motivation and
mindset...................................................................................................................................7
TASK 4 .........................................................................................................................................9
P7 Background and experience of an entrepreneur impact on entrepreneurship...................9
CONCLUSION..............................................................................................................................10
REFERENCES................................................................................................................................1
.........................................................................................................................................................2

INTRODUCTION
Entrepreneurship is defined as a process of launching, developing, running and
organising a business's venture by monitoring different risk factors. In simple terms it is launch
of new venture or business's in market to enter in global market for earning large amount of
profits. Small businesses perform their operations at local level with small investment for earning
good returns in organisation. In this report different types of entrepreneurial venture along with
their typology and their similarities and differences will be discussed. Along with this interpret
and assess of relevant data to understand their impact on economy of business's. Moreover
characteristic, skills, traits of successful entrepreneur are also be discourse in report (Baldock
and North, 2015). At last aspects of entrepreneurial personality and their mind set and motivation
to understand how background of an individual impacts on entrepreneur and business's.
TASK 1
P1 Types of entrepreneurial venture along with their typology
There are different types of entrepreneurial venture such as small businesses, large
business's and scalable businesses present in market. To better understand types of
entrepreneurial venture are mention below:
Small business's entrepreneurship
In present scenario majority of businesses are small in overall world. Small entrepreneurs
or businesses perform their operations in a minimum area. Hairdresser, consultant, travel agents
etc. are some example of small business's. The major motive of small entrepreneur of is to earn
more profits. Small business's engage 50 employees’ to complete their work and it earns a profit
up-to £ 10 million. Further small entrepreneurs follow lifestyle typology they work with motive
of earning more amount of money (Comunian, Taylor and Smith, 2014). So individual is able to
lead a comfortable and luxury life.
Micro business
Micro businesses are those in which less than 10 employees are involve to operate a
business's. They operate their business's at small level due to which micro organisation earn a
profit of £ 2 million. Micro business's includes catering, childcare, computer services etc. all of
this business's perform their operations in a few areas. Micro entrepreneurs follow survival

typology to complete their business's. This leads them to stay in market for longer period by
helping them to earn a constant level of profits.
Scalable start up entrepreneurship
This type of businesses are raised for a particular and specific market area. The main
motive of scalable enterprise is to change the method of completing a work in society. Example-
To accept payment in digital way instead of cash payment, to do online shopping rather than in
stores. The main vision of scalable enterprise is to change the vision to complete their work.
Scalable businesses are supported by investor so it is easy for them to recruit skilled employee's .
This helps them to complete their work with more efficiency and effectiveness. This type of
entrepreneurs follows male and female typology to influence, engage large number of individual
in organisation.
Social entrepreneurship
Social businesses introduce in market to satisfy needs and demands of customer through
bringing new and innovative products for satisfying need, wants and demand of customers.
Rather than earning profits they work for providing benefits to society (Grix, Brannagan and
Houlihan, 2015).
Public Entrepreneurship
Organisation which perform their work under operations of government are included
under public sector enterprise. Railways, income tax department and profits, legal services are
example of public business's that work to provide effective services for customer's.
Private Entrepreneurship
Organisation which are established and controlled by a single entity are included in
private sector enterprise. The major intention of private enterprise is to earn high amount of
profits. They follow legal rules, regulations and policy of government but whole decisions are
controlled by them only.
P2 Similarities and differences between different entrepreneurial ventures
Differences
Basis Small Business Scalable Start up Micro business's
Purpose The main motive of
small business's is to
Scalable organisation
work with purpose of
Micro business's work
to satisfy needs and