Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Types of entrepreneurial ventures and the way relate to typology........................................1
P2. Similarities and differences between entrepreneurial ventures.............................................2
TASK 2............................................................................................................................................5
P3. Interpretation of relevant data of how micro and small business impact economy...............5
P4.Importance of small business and start-ups to growth of economy........................................6
TASK 3............................................................................................................................................8
P5. Characteristics and traits of entrepreneurs ............................................................................8
P6. Determine entrepreneurial aspects that reflect motivation and mindset................................9
TASK 4..........................................................................................................................................10
P7. Identifying relevant example that hinder and foster entrepreneurship................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurs are those who recognize opportunity too early than others and challenge
the world and proof everyone by their success. They are innovative, focus and optimistic about
their business idea. Small business management refer to small ventures that does not have much
capital, labour and resources and largely affect from the factors that present in business
environment (Alsafadi and et.al., 2020). They play necessary part in the contribution in economy
growth. In this report different types of entrepreneurial ventures and the way they relate to
typology of entrepreneurship and discussed about similarities and differences between ventures.
Apart from that relevant data and statistics about how micro and small business impact the
economy and importance of small business and start-ups contribute their growth in country has
been studied. In present report determining the characteristics and traits of successful
entrepreneurs and how they different from other business managers and things they reflect
motivation and mindset is being discussed and analysing the relevant examples that hinder and
foster entrepreneurship.
TASK 1
P1. Types of entrepreneurial ventures and the way relate to typology
Entrepreneurial ventures are usually related to focusing and come up with new ideas and
believe in bringing new positive change in society through serving them. They initiate risk and
different challenges to overcome unknown risk and they hoped for rapid growth and high returns
in business. They came in market with great vision and mission and established their ventures for
long term period. There are different types of entrepreneurial venture in business environment
such as-
 Small business entrepreneurship- Most of business are small business in nature, they
are largely carried out by those people who likely to make profit that helps in their
family and modest lifestyle. They were not seeking for large scale profit and runs their
own small business. It consist of Local grocery stores, small boutiques and plumbers and
typically hire local employees (Boermans and Willebrands, 2017).
 Large company Entrepreneurship- They operate in large scale and has finite life
cycles and knows for advanced professional and create new services and product based
on consumer preferences and staisfy market demands. Small businesses can convert into

large company entrepreneurship when they grow rapidly and big companies like
Microsoft, Google and Disney are some example of this kind of entrepreneurship.
 Scalable start-up entrepreneurship- This kind of entrepreneurship believes in bringing
change in world and often get funding from venture capitalist and hire professional
personnel. They generally find out opportunity and challenges in market and create
solution for it and known for their large vision such as Facebook, Instagram.
 Social entrepreneurship- They refers to entrepreneur who consider the social problems
and come up with product and services. They come to make better place and do not want
to make big profit or wealth and dedicated towards social work and tend to start with non
profit intentions (Burns, 2016).
Typology of entrepreneurship
 Growth rate factor- Entrepreneurs ventures were established in order to maintain that
growth and achieve their desired results. In the growth rate large business and scalable
entrepreneurship were able to get higher profit in future as they have strong vision and
dedicated set standards that makes them to reach the heights. Their main aim is to sustain
in market for longer period and compete in market.
 Man topology- In this type of Man topology, mostly large business and start-ups
entrepreneurship business were handle and operate by Men, as they are quite difficult to
maintain. So, these business were mainly concentrate by Men because some it require
many risks and challenges that were normally regulate by them (Collins and et.al., 2017).
 Women topology- In this, social entrepreneurship and small business were mostly
manage by Women such as NGOs, shops and other social business. As, women were
normally engaged in these type of entrepreneurship business and regarding other similart
activities and functions.
P2. Similarities and differences between entrepreneurial ventures
There is difference between entrepreneurial ventures as every business has different
nature and its characteristics that play important part in economy growth. All entrepreneurial
ventures are different roles and responsibility that they play in order to achieve their goals and
objective.
Basis Small business
entrepreneurshi
Large company
entrepreneurshi
Scalable start-
ups
Social
entrepreneurshi