Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and how they are connected with typology of
entrepreneurship.....................................................................................................................3
P2 Similarities and differences between entrepreneurial ventures.........................................7
M1: Differentrange of entrepreneurial ventures inorder to demonstrate an understanding of
entrepreneurship in both the public aswell as corporate sector..............................................9
D1: Scope, Development and growth of entrepreneurial ventures.........................................9
TASK 2..........................................................................................................................................10
P3 Relevant statistics and data for illustrating how micro and small business affects economy.
..............................................................................................................................................10
P4 Importance of small business and start-ups for growth of social economy....................11
M2: Difference which is made by small, medium and large businesses within the economy12
D2: These enterprises contribution at different levels like national, regional and local.....12
TASK 3..........................................................................................................................................13
P5 Traits and skills of entrepreneurs....................................................................................13
P6 How entrepreneurial aspects personality reflect motivation and mindset of entrepreneurs
..............................................................................................................................................15
M3: Different Lines of Argument Relating To Entrepreneurial Characteristics..................17
D3: Characteristics, Traits, Skills and Motivational Drivers of Successful Entrepreneurs..17
TASK 4..........................................................................................................................................18
P7 Effect of background and experience of entrepreneurs on fostering entrepreneurship...18
M4: Link Between Entrepreneurial Characteristics And The Influence Of Personal
Background And Experience To The Successful Entrepreneurs.........................................18
D4: Background And Experience Influences Entrepreneurs Positively And Negatively....19
Conclusion.....................................................................................................................................19
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INTRODUCTION
Entrepreneurship define as a process where a person known as entrepreneur develop a
business entity with an innovative idea and thought at the marketplace. Their main aim is to earn
profit by bearing all the risk associated with the organisation. In organisation various functions
are going to be performed which includes gathering resources to utilise them in order to produce
effective goods and services. It is the report which includes discussion about various kinds of
entrepreneurial venture as well as typology of entrepreneurship. Along with this, it includes
differences along with similarities among all these ventures & contains interpretation of required
data which affect the small and micro business organisation. It is the report which includes a
detail discussion of characteristic, skills and traits of a successful entrepreneur. At the end of this
report, required examples are going to be discussed that how background as well as experience
of a person might foster and hinder their overall performance.
TASK 1
P1 Different types of entrepreneurial ventures and how they are connected with typology of
entrepreneurship.
Entrepreneur is considered as an individual who have unique ideas or thoughts in order
to create a business entity so that they can produce unique food products which will satisfy the
requirements of customers. These are the individuals who have risk taking skills in order to make
profitability at the marketplace. Some of the different types of entrepreneurs are as follows:
 Serial entrepreneur: It is a type of entrepreneurs mainly focuses on creating new and
innovative ideas in order to establish a business entity at the competitive marketplace.
Entrepreneur is the one who manages their day to day operations by himself on a regular
basis.
 Intraprenuer: It refers to the staff members working within the company who is mainly
assigned with the task of creating innovative ideas and thoughts. They access all the
resources which is available for the organisation in order to develop a idea so that
business can be performed(Zahra and Wright, 2016).
Entrepreneurship is define as an act of developing and manufacturing products, method
of production, forms of organisation which are fully innovative and fresh. On the other hand,
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development or conversion of a new idea into a business entity by considering all the risk which
is associated with the business organisation.
Enterprise also known asundertaking the business operations with the main motive of
earning profit at the marketplace. Entrepreneur increase funds in order to invest it in various
activities so that they can produce positive outcome in an effective manner. Sole proprietorship
is one of the most effective example which is mainly established at small scale as well as the
management is controlled by the owner himself.
Entrepreneurial venture is an entity which mainly focuses on innovating and looking
for an opportunity with an objective in order to enhance the economic value as well as social
recognition. Some of its main types are as follows:
Survival firms: It includes all those business enterprises which mainly struggle to get business
stability at the marketplace by performing their business profitability and operations. Revenue in
this type of business operations are very limited sometimes very insufficient in order to fulfil the
objectives. It is very essential for them to work hard so that they can maintain in the competition.
It has been identified that, due to limited resources it is become difficult to attain pre defined
targets. Some of the most essential examples of this type of ventures includes bakeries,
electricians, grocery stores and many more(Petkovska, 2015)
.
 Lifestyle firms: It is define as the type of business enterprise where individuals get
various opportunity in order to conduct their functions and to earn a high profile
livelihood. It has been said that when a passion of individual is converted into a venture
is enclosed in this kind. In this type of business venture, owners wants to enjoy their life
by fulfilling their needs and wants in an effective manner. Example of such ventures are
gym, blogging and many more.
Social enterprise: These are the those type of entrepreneurs who help in production of goods &
services, which can help in solving various problems of society is facing. There are profit
motives or non profit motives depending upon the type of business. Major focus of these
entrepreneurs is that they are able to help in the development of social, environmental and
financial well being of all the people living in society. These are those entrepreneurs who
believe in resolving various problems of society. Examples of such type of entrepreneurs are the
people who open community shops etc(Ramadani and e. al., 2017)
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