Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................2
MAIN BODY...................................................................................................................................3
P1 Types of entrepreneurial ventures and its typologies of entrepreneur ventures................3
P 2 Differences and common aspects between entrepreneurial ventures...............................5
P 3 Relevant data of how SME's business impacts on the economy......................................6
P 4- Importance of small and start ups in social economy.....................................................7
P 5 TRAITS AND SKILLS OF ENTREPRENEUR.............................................................9
P 6 – How aspects of the entrepreneurial personality reflects entrepreneurial motivations and
mindsets .................................................................................................................................9
P 7 Relevant examples of background and experience of entrepreneurship that supported and
hinder their business.............................................................................................................11
CONCLUSIONS............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Small business are contributing well in the economic development of nation.
Entrepreneurship is the skill that helps person in introducing new business and establish it
successfully in market. Entrepreneurship is the ability through which person can start new firm
in the market and can also support in improving economic condition of country.
Report will include types of ventures and their typology Study also includes similarities
and differences between entrepreneurial venture. study describes interpret and assess of relevant
data to show the impact of small business on economy. Assignment will also include the
importance of small business and start-ups to social economy. traits and skills of entrepreneur of
United Kingdom will be explained in this report. It will assess factors that reflect personality of
entrepreneur and reflect motivations and mindset of individual. study will summarize relevant
examples of background and the experience that can hinder and foster entrepreneurship.

MAIN BODY
P1 Types of entrepreneurial ventures and its typologies of entrepreneur ventures
Entrepreneur venture can be defined as owner of an organization who focuses on
doing business in order to make profit. There are many types of entrepreneur ventures
such as small business, scalable start-ups, large company, social business and many more.
Entrepreneur: An entrepreneur is an individual who has unique skills that makes
him/her differ from a business manager. individual has new and creative ideas. entrepreneur
starts a business and try to expand their business. There are mainly 2 entrepreneurial ventures
that are described as follows:
Micro: Micro entrepreneurship refers as a small business that recruits very few numbers
of employees. In the context of number of employees it can be said that there is a requirement of
maximum 10 employees. In addition, small capital of investment is required in micro firms.
Anyone can start up this type of business (Rawhouser, Cummings and Newbert, 2019).
Approximate amount of investment is 2.5 million.
Medium: In medium size, numbers of employees are greater than micro businesses.
Maximum number of employees are 250. It is difficult to establish a medium size firm because it
requires high investment as compare to micro firms. There is a requirement of some innovation
and creative skills because the main purpose of these businesses is to get high retrun over their
investments. Requirement of investment is approximate 25 million.
Entrepreneurial ventures have relationship with typologies as they may be social, scalable
and other. Entrepreneur venture can be defined as owner of an organization who focuses on
doing business in order to make profit. There are many types of entrepreneur ventures such as
small business, scalable start-ups, large company, social business and many more.
Types of enterprises and ventures
Small: There is a small difference between small and micro as it can also be established
by anyone because of less investment. There is a requirement of approximate 5 million for
running up this business. Some examples of these type of businesses are: grocery stores,
carpenters, coffee shop etc. Patience and discipline skills are required for these entrepreneurs. It
can be related to serial or female entrepreneurship as today most of the females are focusing on
running their own business.