Entrepreneurship and Small Business Management

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1Different type of entrepreneurial ventures and typology of entrepreneurship........................1
P2 Explore similarity and difference between entrepreneurial ventures.....................................3
P3 Impact of micro and small business on UK economy...........................................................5
P4 Importance of small business and business start up for growth in context of social
economy......................................................................................................................................6
P5 Traits, skills and characteristics of that differentiate entrepreneurs from managers.............7
P6 Aspects of entrepreneurial personality and entrepreneur motivation as well as mindset....10
P7 Ways in which background and experience can hinder and foster entrepreneurship..........11
CONCLUSION..............................................................................................................................12
REFERENCE.................................................................................................................................13

INTRODUCTION
Entrepreneurship is one of the most buzzing word in 21st century. Entrepreneurs are known
for their risk-taking behaviour and innovations which they do in their products and business
operations. In current research study detail discussion is carried out on entrepreneurship in
multiple ways. In the report types of entrepreneurial ventures and its typology is discussed in
detail. Apart from this, impact of small and micro business on the UK economy is discussed
briefly. Managers and entrepreneurs are differentiated from each other in respect to skills, traits
and characteristics. At end of the report, relationship between aspects of entrepreneurial
personality and entrepreneur motivation as well as mindset is identified. Along with this, role of
business background and experience on individual to become entrepreneur is also evaluated. In
this way, entire research work is carried out.
TASK 1
P1Different type of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurs are the entities that take risk and implement new business idea. They play
vital role in growth of nation. Wide variety of entrepreneurial ventures are observed across the
world. All these entrepreneurial ventures are different from each other which are discussed
below.
 Public sector: It include those firms that are established by the central government of the
nation. Public sector firms operate on large scale and do time to time innovation in their
business operations. This is because they produce specific sort of products in the entire
nation and there is absence of other firms producing same product. Hence, they are also a
sort of entrepreneurs who are ready to take risk and bring changes in their business
operations so that customers can be served in better way. Private sector: Scope of private sector entrepreneurial firms is high as they operate on
large scale and consistently innovate their existing product line in order to meet demand
of the customers. In past couple of years these type of entrepreneurial ventures grow at
rapid pace. With passage of time customers become more demanding and want products
that provide more comfort to them (Kirzner, 2015). Thus, relevant entrepreneurial
ventures are meeting demand of the people in proper manner which lead to sharp
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elevation in their growth rate. In many nations now, a day’s special funding is done to
innovation projects which indicate that government is seriously promoting
entrepreneurial ventures and assist them a lot which lead to their consistent development
at fast pace. Social sector: These cover organizations that are like NGO but operate business at small
level so that employment can be provided to uneducated people. Many areas where large
number of fruits are grown some NGO operate small plant that process fruit pulp. In such
institute tribal people worked and their skill development happened. In such kind of
institutes such kind of people are given technical knowledge of machines and even they
are uneducated that come in position where machine can be repaired. Thus, it is also a
sort of entrepreneurship where one is taking risk of getting work done through
uneducated and unskilled people.
Entrepreneurial typology Entrepreneurial: In this category those who individuals come that are high risk taker and
do innovation to satisfy needs and wants of the product end users. Intrapreneurship: It include those entrepreneurs who operate and manage their business
on large scale. These individuals are highly motivated by nature and always try
something new and different in their business. Such kind of people sometimes face
failure in their business but they do not stop implementing innovative ideas in their
business. Business firms in which such kind of entrepreneurship observed grow at rapid
pace. This typology of entrepreneurship best suit to the private business or corporate.
This is because private firm owners as entrepreneur take a lot of risk in the business and
always they try to do something different in their business.
 Managerial: These are entrepreneurs that work at management level in any business
firms. Such kind of entrepreneur’s restructure hierarchy, working styles and
communication etc across workplace and identify new ways in which innovation can be
done in business operations (Parker, 2018). Relevant type of entrepreneurs motivates
employees to work hard and give new suggestions. All these things ultimately lead to
achievement of target in the business. Mentioned typology of entrepreneurship applied to
both public and social organization as well as private firm explained above. This is
because way of performance if changed then it is also termed as innovation of business
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