Entrepreneurship and Small Business Management

Entrepreneurship
and small business
management

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
LO1..................................................................................................................................................3
Different types of entrepreneur ventures.....................................................................................3
Differences between entrepreneurial ventures.............................................................................5
LO2..................................................................................................................................................6
Impact of small and micro business in growth and development of economy............................6
Importance of start-up and small business for social economy...................................................7
TASK 2............................................................................................................................................8
LO3..................................................................................................................................................8
Different characteristics, traits and skill of successful entrepreneurs..........................................8
Evaluates various aspects of Entrepreneurial personality that reflect motivation and mindset...9
TASK 3..........................................................................................................................................10
LO4................................................................................................................................................10
Various environmental factors that hinder and foster entrepreneurship....................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship includes various activities that are performed by individual to start or
established new business and undertaken associated financial risk. Small business need to be
effectively managed owner of company so that needs of customers can be fulfilled and individual
can earn sufficient profit for better living for itself and family member. It can also be stated that
various characteristics that are present in successful entrepreneur that contributed in effective
growth of enterprise in competitive market. The report has covers various point related to
different types of entrepreneurial ventures and its typology. At the same time have analysis
similarities and difference between various entrepreneurial ventures such as high growth,
survival and social ventures. Various statistics and data are used to explain the impact of small
and micro enterprise on growth and development of economy. It has also analysis the way
background and experienced of individual have contributed in development of successful
entrepreneur.
TASK 1
LO1
Different types of entrepreneur ventures
Most common entrepreneur venture are private, public and social enterprise that have
different types of operation, scope and development. Each is established with different objectives
and goals such as main objectives of private firm are to earn maximum profitability through
delivering qualitative services. On the other hand objectives of public are to offer products and
services at reasonable cost so that individual that has different income can easily make fulfil their
requirements. Therefore, various types of entrepreneur ventures can be illustrated as follows:
Private firm: These are organisation that are established by sole properties or individual or
partner in order to provide new and innovative products and services to large number of
customers for earning profitability (Haugh, Lyon and Doherty, 2018). Ownership and control of
private enterprise are held by single individual or two partners so that common objectives can be
gained. Scope of development of private enterprise is higher as their aim is to grow and expand
operation through provides best experienced to customers. Private enterprise always makes
optimum utilisation of available resources so that cost can be reduced and maximum benefits can

be given to end users. These enterprises cannot subscribe for share to general public thus raise
capital or amount of fund for operation and expansion of business from personal saving, loan or
money contributed by each partner for growth of firm.
Public enterprise: It have much wider scope for development or operates at large market share
in order to provide essential products and services to number of individual that are living in
particular society. It is fully or partially control and managed by people that are appointed by
government so that desired objectives can be achieved. Public enterprise main aim is to enhance
living standard of people through offering them qualitative products and services at minimum
rates so that they can easily make purchases (Wynn and Jones, 2019). It can also issue number of
share to public for subscription in order to get specific amount of capital for establishment and
expansion of business.
Voluntary enterprise: Companies that are established by groups of individual to provide social
benefits to people rather than earning profit margin by selling products at specific price. It have
limited market share due to less availability of resource and capital for satisfaction of end users
needs (Jones and et.al., 2018). There are few voluntary organisations that operate in UK to
delivered free products and services to people that actually needs. Scope of development of
voluntary enterprise is limited as they have less availability of resources that can be used to
satisfied needs of different individual.
Related typology of entrepreneurship
Various typologies related to entrepreneurship such as small ventures, lifestyles venture, high
growth and high tech ventures are discussed below:
High growth ventures: It includes firm that are established to grow and expand their business
across different market segment to earn more and more profitability and market share. High
growth firm have main motivate to provide best qualitative products and services in order to
retained and grow in competitive market condition for long term.
Small ventures: Business that are mainly owned and managed by single individual for earn
better living by selling necessary and small amount of products and services to specific market
segments (Yadav and Unni, 2016). Small ventures provide products at low cost by reducing its
profit margin so that maximum number of individual can be motivated to make purchased.