Entrepreneurship and Small Business Management

Entrepreurship and Small
Business Management

INTRODUCTION.....................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Different types of entrepreurial ventures and its typology..................................................................3
P2 Similarities and differences between various entrepreurial venture....................................................6
TASK 2.......................................................................................................................................................6
P3 Influence of micro and small business on the economy......................................................................6
TASK 3.....................................................................................................................................................10
P5 Characteristics and skill of successful entrepreur and explain how they are different from managers
...............................................................................................................................................................10
P6 Examine entrepreurial personality reflect over their encouragement and mindset............................12
TASK 4.....................................................................................................................................................13
CONCLUSION........................................................................................................................................14
REFERNCES...........................................................................................................................................16

INTRODUCTION
Entrepreur is an individual who undertakes the creation, organization, ownership and risk
of business in order to enhance the lifestyle of community as well as improves the scenario of
economy in a better manner. Along with this, they plays a significant role in the country’s
development as they provide an enormous platform for employment which changes the situation
or condition of society and provide them full level of satisfaction (Baum, Frese and Baron,
2014). Moreover, there are various kinds of entrepreurial venture who contains their own set of
roles, size and structure in order to achieve their business goal in an impressive way. In this
study it covers several types of entrepreur venture along with their typology and also examine
their similarities or differences. Furthermore, impact of small, micro and start-up companies
towards an enhancement of nation or social economy. Finally, analyze how entrepreur are unique
from managers by comparing their skill, mindset, traits as well as application of suitable theories
to identify their motivation level is also mentioned here.
TASK 1
P1 Different types of entrepreurial ventures and its typology
Definition of entrepreurship
Entrepreurship are considered to be those individual who look forward to produce value
through creation and development of economic activity by highlighting and identifying novel
products, processes or market segments.
Differentiate entrepreur from intrapreneurs
The main difference between entrepreur and intrapreneur is that entrepreur is free and leader of
business operation whereas intrapreneur is an employee who employs within an organization.
However, intrapreneurship is the change initiatives taken along with a going concern by the
people working in company. Although both has fully focused over innovation or creativity yet
entrepreur are more fruitful than intra because they are not restricted with any kind of regulation
or environment i.e. their flexibility level is wider than intrapreneurs (Burns and Dewhurst, eds.,
2016).

Different types of entrepreurial venture
Private: It is a business unit which is established, owned and operated by an individual
and their main motive to generate profit, instead of by or for any government or its
agencies. Thy grab opportunity in order to maximize profit and create economic
advantages to others.
Public: These entrepreneurship is an alternative, inventive approach for leading changes
in public realms. However, they are defined as the generation of novel or innovative idea and the
design or implementation of creative thoughts into public sector enterprise and their main aim is
to generate profit and also enhance the life style of community or societies.
Social: This kind of entrepreur not just only maximize profit but they are triggered to
improve the societal wellbeing. However, they are defined as those individuals who run social
enterprises that are private entities used to conduct activities in public interest whose sole
mission not just to earn profit but attainment of various social or economic goals as well as
having capabilities of implementing innovative ideas for the issues of unemployment and social
exclusion.
Small: They are regarded as those entrepreur whose main objective is to satisfy the needs
of their family and make a profit only as they do not help in attracting the scale of venture capital
as they invest in business via family or loans. It involves grocery stores, travel agents,
carpenters, electricians, plumbers etc.
Large: Sustaining innovation supports in the growth of these companies by providing
new products. The factors which create pressure on entrepreur to introduce innovative products
are changes in taste of customer, new technologies, competitors etc. the culture and size of large
firm are difficult to manage.
Micro: It is defined as small business where nine people or fewer than that employs as
well as having a balance sheet or turnover less than certain amount i.e. €2 million.
Typology of entrepreurial ventures