ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT (ESBM).

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT (ESBM)

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial venture and its typology .................................................1
P2 Similarities and differences between entrepreneurial ventures ...........................................1
TASK 2............................................................................................................................................1
P3 Impact of micro and small business on UK economy ..........................................................1
P4 Importance of small business and start up to growth of social economy .............................2
TASK 3............................................................................................................................................4
P5 Characteristics, skill and traits of successful entrepreneurs .................................................4
P6 Entrepreneurial personality reflect their motivation and mindset ........................................7
TASK 4............................................................................................................................................8
P7 Examine how background and experience hinder or foster entrepreneurship with suitable
examples .....................................................................................................................................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
The term entrepreneurship is related with those aspect which states that it is a capacity or
willingness of an individual to establish a new venture in existing marketplace with an aim of
bearing risk and profit. Along with this, the primal function of entrepreneur is to discover novel
ideas and implement the same into business function for gaining competitive advantage in an
innovative or creative style. Moreover, it is classified into various categories and each of them
differ from each other in terms of roles and responsibilities (Baum, Frese and Baron, A., 2014).
Furthermore, for accomplishing desired objective, every entrepreneurial ventures need definite
set of skills and traits that lead them to reach their goal in a prescribed time limit. In this study, it
involves various kinds of entrepreneurial venture and relates it to typology, influence of small
business on UK economy. Finally, identification of characteristics, skill and traits of
entrepreneurs as well as provide relevant example to explain whether their past experience or
background hinder or foster them. Furthermore, effect of social economy on UK economic in
terms of accomplishing growth and development in better way.
TASK 1
P1 Different types of entrepreneurial venture and its typology
Entrepreurial venture is a proprietor or owner of an association who makes an endeavour to
earn increased level of profit maximisation by utilising available resources at optimal manner.
Moreover, there are different types of entrepreurial venture which varies from each other in
terms of size, scope, purpose, profit margin and so on. However, each entrepreur are viewed as
innovative driven, and are constantly prepared to adopt all exiting or upcoming challenge of
organisation. Therefore, some of the various types of entrepreurial ventures are as follows: The
various sorts of pioneering adventure are as per the following:
Scalable Start-up Entrepreneurship: This type of entrepreneurship relates with those in
which entrepreneur establishes its own business with an aim of changing the world. However, for
obtaining the same, it collect funds from venture capitalists as well as recruit highly skilled or
talented manpower (Burns and Dewhurst, eds., 2016). This is because, it empower them to attain
increased level of sustainable profitability ratio. Moreover, such entrepreur tend to set up
scalable business model by implying their best contribution towards an economic enhancement

in terms of employment generation. For example, Facebook, Instagram, online shopping for
electronics and etc.
Large company: Under this kind of entrepreneurship make an initiative in acquiring
sustainable innovation for which they deliver innovative products or services in order to fulfil the
requirements of customers and also to gain competitive advantage among competitors. Hence,
for obtaining the same they make use of advanced technology or automation that motive those to
enlarge its market share effectively and efficiently. For example, Google, Microsoft, Samsung
and many more.
Social Entrepreneurship: In such kind of entrepreneurship, an entrepreneur produce or
offer certain goods or services for solving social issues or difficulties with an intent of improving
living standard of community or society in an impressive way. For example, Safepoint Trust,
NHS and etc. Some of them are non- profit, profit or hybrid organisation who works towards to
develop wellbeing of community or society (Fayolle, Liñán and Moriano, 2014).
Typologies of entrepreurial ventures
Innovative entrepreur: In this entrepreneurship, these are the ones who imagine the new
thoughts, new items, new generation strategies or procedures, find potential markets and revamp
the organization's structure. These are the business chiefs and contributes fundamentally towards
the financial improvement of the nation. It involves large entrepreurship and scalable who make
use of available resources by grabbing all opportunities and growth platforms in a better way.
Lifestyle: A person who makes a business not for earning profit rather enriching the
living condition of society is called life style entrepreneurship. Under such type, social
entrepreur are included who also dedicated to serve society by providing better social welfare for
the betterment of individual lifestyle in an improved way (Hatten, 2015).
P2 Similarities and differences between entrepreneurial ventures
Some of the difference between different entrepreurial ventures are as follows:
Differences Scalable
entrepreurship
Large
entrepreurship
Social
entrepreurship
Definition Scalable business are
related to those
enterprises which is
Large firms are
mostly emphasis on
sustaining within
Social entrepreurship
are enthusiastic to
deliver best quality of