Entrepreneurship and Small Business Management - Assignment Solution

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and differences between entrepreneurial ventures............................................3
TASK 2............................................................................................................................................4
P3 Assess relevant data and statistics to illustrate how micro and small businesses impact on
the economy................................................................................................................................4
P4 Importance of small businesses and business start-ups to the growth of the social economy
.....................................................................................................................................................5
TASK 3............................................................................................................................................6
P5 Characteristic traits and skills of successful entrepreneurs that differentiate them from
other business managers..............................................................................................................6
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset..8
TASK 4............................................................................................................................................9
P7 Background and experience can hinder or foster entrepreneurship.......................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
.......................................................................................................................................................12

INTRODUCTION
Entrepreneurship consider as an activity of setting up a business by taking on financial
risk with the hope of generating huge profits. It is related with the capacity and willingness to
develop, organize and organise a new venture to manufacture products and services with the aim
of satisfying customers needs and wants. In this context, entrepreneurs are the person who take
risk and initiative to start a new business to produce new and innovative products to invite large
number of customers (Albort-Morant and Ribeiro-Soriano, 2016). This will directly contribute in
enhancing the chances of attaining success at market place. Along with this, various types of
venture operate their business in market for generating larger profitability. Current report is
going to discuss various types of entrepreneurial venture along with different entrepreneurial
typologies. Difference and similarities between different entrepreneurial venture is also
mentioned in this project. Impact of small and start-ups on overall economy growth is cover in
this project. Furthermore, traits, skills and characteristic of successful entrepreneurs is discussed
here. At last how experience and background hinder of foster the entrepreneurship process is
mentioned in the project.
TASK 1
P1 Types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship
Entrepreneurship is a process of launching a new venture with the hope of attaining
success at market place. In this, entrepreneur play a significant role in starting a new business as
they take risk, identify the human needs and manufacture a quality services to satisfy the
customers needs. This will directly contribute in enhancing the chances of attaining success. For
attaining the same, entrepreneurs undertake research to determine the opportunities present in the
market and also use available resources to attain the success. In this context, there are various
type of entrepreneurs can be understood by following points:
Large scale enterprise: These are the one who focus on the attaining growth at market
place by producing as well as offering new and innovative products to its customers as per their
needs. The main focus of this business is to generate high profitability at market place (Burns
and Dewhurst, 2016). For attaining the same, they require huge amount of financial resources to
established their commercial activities. Main aim of this type of business is to attain competitive
1