Entrepreneurship and Small Business Management

Entrepreneurship and
small business
management

Table of Contents
Entrepreneurship and small business management ........................................................................1
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
1) Different types of Entrepreneurial ventures ...........................................................................3
2) Typology of Entrepreneurship................................................................................................4
3) Explore Similarities and Differences between entrepreneurial ventures................................5
4) Understanding of Entrepreneurship in public and corporate sector.......................................8
Examination of scope, development and growth of ventures of entrepreneurial in a critical
manner.........................................................................................................................................8
Lo 2..................................................................................................................................................8
1) Impact of both such as small and micro business on economy .............................................8
2) Importance small business and start ups in growth of social economy...............................11
3) Different small, medium and large enterprises contribute to the economy..........................13
4) Critical examination of small businesses in impacting different levels of economy............14
Lo3.................................................................................................................................................15
1) Characteristic Skills and Traits of successful entrepreneurs...............................................15
2) Motivational drivers of successful entrepreneurs................................................................15
Lo 4................................................................................................................................................16
1) Experience & background of entrepreneurs which can create hinder and foster
entrepreneurship........................................................................................................................16
2) Link between entrepreneurial characteristics ......................................................................18
Conclusion ....................................................................................................................................18
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship is defined as the procedure of designing, launching and running a new
business that of often initially a small organisation. In addition to this, entrepreneurship is also
refers as a willingness to develop, succeed and manage a business venture with considering the
objective to gain higher growth and profit. Entrepreneurs are performing an essential role in
economic progress of the country. In economic aspect, entrepreneurship combines through
natural aspects involving resources, labour, capital and land that are effective in reducing the
profitability. This report contains the study about entrepreneurship and small business
management, therefore this involves, many types of entrepreneurship and other several small
scale business as well. There is many kinds of similarities which have to be seen between other
investors and which is also being evaluated here. Also, there is direct contribution from both
activities which have to be involved related to micro and mother small scale business ventures.
The main issues due to which importance of new start-ups are required is also mentioned below
in the file. All this mentioned above is described correctly in this file.
LO1
1) Different types of Entrepreneurial ventures
Entrepreneurship: It can be regarded is a process which is developed for a valuable idea in the
process of innovation which is helpful in growth to earn higher amount of profits of venture
(Altman, Sabato, and Wilson, 2010.). It is a combination of resources, capital, land and labour
which is used to generate maximum outcomes in a business. Entrepreneur is willing to take
higher amount of risk, by investigating of market, implementation of business plans is done
which is based on a innovative idea.
Different entrepreneurial ventures: In the external environment some different types of
enterprises are there which is operated by a single owner who is entrepreneur. They are willing
to take high amount of risk so that objectives can be achieved. Every venture is different from
another and this has to be different only then it will be able to have a advantage of
differentiation. There are four ventures which are mentioned below:
Large entrepreneurship: It is those types of entrepreneurship in which there are large
funds involved and there is huge risk which is being taken by the entrepreneur. In order to satisfy

increasing demands of customers and have a larger share in market iot has become very
necessary to have advanced technology, legislations to be followed and many other obligations
which will be helpful for the organisation to have sustainability in market.
Social entrepreneurship: These are those types of ventures who ate willingly taking
efforts in improving quality of products and services which they are offering (Audretsch, and
Link, 2012). Major motive of such type of ventures is not to earn maximum profits but to
provide society and its people help and benefits. They are functioning for fulfilment of their
objectives which are not to earn profits.
Scalable starts-ups entrepreneurship: They have enough potential that they can be one
of successful organisations. Major objective of such organisation is to bring a change in the way
operations are done in way which has maximum risk has profit percentage is also very high.
They require higher amount of funds which can help them in more investment and which leads to
more profits at same time. They always posses need for large amounts of fund for expansion.
Small-business entrepreneurship: This is a enterprise has various functions which have
annual turnover around 6.5 million. They need low capital and have less risk to operate their
business. There are basically small businesses who are consultants, electricians, plumbers,
agents & many other.
Entrepreneurship in Public sector: This is referred to as the innovative public policy
which will help in generation of economic prosperity by transformation of a economic
environment. This is helping in engagement of innovation & creative activities in the situations
of uncertainty. This is a type of public policy initiative which is generating prosperity by
transforming of ideas and help in usage of available resource with a country by the government
in a most effective manner.
2) Typology of Entrepreneurship
Typologies of entrepreneurship: In market, there are many number of enterprisers which
are available and they are rendering their services or products help in overall development of
society. Their basic motive is to fulfilment of basic needs, desires of customers to participate in
overall welfare of country. Some basic typologies are explained below:

Serial entrepreneur: These entrepreneurs who establish various ventures & when it
become successful they open another venture (Barringer, 2012). Major objective of the venture
is not to earn profits.
Lifestyle venture: It refers to a firm which is focussing on capturing large share of market
and utilisation of resources in a optimum manner. It leads to more flexibility in overall operation
of business.
Female entrepreneur: This is a business which is operated by a female entrepreneur and
stared and all its functions are carried on by a female only.
Male entrepreneur: This is also a typology of enterprise in which the whole venture is
dependent on a male entrepreneur. The venture is started and all its functions are taken care by a
male owner only. These entrepreneurs are mainly depend on men's capability and power.
3) Explore Similarities and Differences between entrepreneurial ventures
It has been said that there are different type of entrepreneurial venture which plays very
essential role in the overall development of the economic system of the country. These ventures
have some similarities along with differences which are going to be discussed as follows:
Lifestyle ventures with other business entities Serial entrepreneurs similarities with other
business
 These are the business ventures which
gives flexibility in attire, places, hours
and many more.
 It is the type of venture which mainly
does not have any kind of purpose and
motive in order to attain any kind of
benefits and advantages for a limited
period of time (Baum, Frese, and
Baron, Eds., 2014).
 In context of business functions and
operations, they highly requires more
competent, skilled and knowledgable
individuals with the assistance of which
 It refers to the kind of business ventures
highly focuses on keeping the position
as well as goodwill of the company
high at the marketplace. This will assist
in increasing the overall profitability of
the organisation at the competitive
marketplace.
 It refers to type of business organisation
which are of small scale and provide
employment opportunities to ample
number of individuals.
 Both these business ventures have same
goals and objectives and for this they

profit margin of the organisation will
be raised effectively.
 This majorly focuses on gaining large
market share and effectively using
available resources, so that
organisational goals and objectives will
be achieved effectively and within
given time frame.
need to hire skilled and capable staff
members.
 Apart from this, they highly focuses on
grabbing large number of market share
at the competitive place.
Difference Difference
 They do not communicate each and
every data as well as information to
their financial informations.
 It has been said that these types of
business ventures do not have any type
of strategies in order to perform their
business functions at the competitive
marketplace (Bosma, and Levie,
2010).
 Generally these types of business
ventures start their business operations
with their own earnings.
 They communicate and transmit each
and every information about internal as
well as external situations of the
organisation to their financial capitalist
on a regular basis.
 They do have specific place to launch
and perform their business operations in
an accurate, effective as well as
efficient way.
 They do not emphasise on earning
money in order to live their life or for
their family. These types of individuals
have completely different type of
attitude and behaviour of lifestyle
ventures, they generally establish their
business operations by selling goods to
other business entities.
Female venture similarities with business Male ventures similarities with other business
 Main aim as well as aim of female  It has been said that both the female as