Entrepreneurship and Small Business Management

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Contents
INTRODUCTION................................................................................................................................3
LO1.......................................................................................................................................................3
Different types of entrepreneurial ventures.....................................................................................3
Tipology of entrepreneurship..........................................................................................................4
The similarities and difference between entrepreneurial ventures.................................................4
LO2.......................................................................................................................................................6
Impact of SME on UK economy.....................................................................................................6
Importance of SME In The Growth of The Economy....................................................................7
LO3.......................................................................................................................................................8
Skills and Traits of Entrepreneurs....................................................................................................8
Personality Motivational Aspects of Entrepreneurs.......................................................................10
LO4.....................................................................................................................................................12
Obstacles in Entrepreneurship.......................................................................................................12
CONCLUSION..................................................................................................................................13
REFERENCES...................................................................................................................................14

INTRODUCTION
The process where business is initiated, designed and launched to form a small business is
known as entrepreneurship. The person who takes this initiative is known as entrepreneur. When
entrepreneurs use some methods or process to run their operations it is known as the process of
small business management. The process of small business management often requires the
entrepreneur to think and have a wide range of knowledge about every business related topics and
understanding of them. This report covers questions such as types of various entrepreneurs and how
does they link with typology, difference between entrepreneurial ventures and small businesses,
how does micro and small business help or affect the economy, how does small business help the
economy grow socially with the importance of it, skills and traits of entrepreneurs that makes them
different from business managers, their personality, motivation and mindset and their background
and experience.
LO1
Different types of entrepreneurial ventures
The procedure of the entrepreneurship is one of the best creative approaches for business
activities to manage, organize and lead employees towards the company’s goal and objective. An
effective and good entrepreneurship can bring a development and positive change. Various types of
entrepreneurship ventures-
Entrepreneurial
An entrepreneur is a single person who runs and starts a business with limited resources. all
the risks and revenues that generated by business will taking by individual only. An effective
business plan includes the brand new innovation and creation of unique products and services. An
individual should have to develop an effective business plan for new innovation and should not only
focus on the existing business model (Burns and Dewhurst., 2016). It is very necessary for a
business to focus on different aspects to gain its goals and objectives. Separation of entrepreneurial
aspects is majorly dependent on the product quality, innovation and business model.
Intrapreneurship
It is like a business firm which has a specific working focusing to business standards and
majorly working as a startup. Intrapreneur is basically highly self-motivated, action-oriented and
proactive people who takes their decisions and initiatives quickly and easily. They also take very
necessary process to innovate new product and services in the area of their organization. The most
vital thing is that they are in comfort zone because they have faith that failing they doesn’t have to
pay any extra cost.
Managerial
Its an emphases on managing the organization efficiently with a motive to inspire the people

to for working hard (Hatten., 2015). It helps in conducting tasks more effectively and it also
focusses on work efficiency. They also take responsibility to allocate the work and day to day
activities of the organization to developing and meeting all level of standards.
Scale-able start up
These organizations have a great drive Centre point. It is known as small Entrepreneurship.
By the innovative ideas and excellence, the organization will start their business to conduct their
operational activities effectively. The uses of remarkable thing and progressive actions, this
organization setting a huge platform in the market. They complete their operations and functions
according to standard rules and regulations and developed the corporate attributes in themselves
(Burns., 2016). They majorly focus on build a huge position in the market.
Tipology of entrepreneurship
Entrepreneurial ventures focuses on high returns with big level of uncertainty. Such
entrepreneur takes unlimited risks and has no concern about the spending money and time. An
entrepreneur majorly concern about the specific issues and also focusses on the area where they
conduct the process and activities of the whole business. For solving these specific issues the
company develops the required skills for increasing the productivity. Entrepreneur takes essential
actions to drive best innovative stages for creating the comfortable situation for the company by
providing goods and service.
The similarities and difference between entrepreneurial ventures
We all can understand that each and every business firm has its own way of working and
operational values that helps the organization for their factory development. Thus entrepreneurship
scale has numerous similarities and differences. This measures plays a important role for effective
working and assist in achieving objectives and goals in a significant manner. The differences
between social entrepreneurship and lifestyle entrepreneurship are as follows.
Social entrepreneurship is a great practice by which organizations are started up. They develop,
implement and find solutions to cultural, environmental and social issues. This method may vary
from organization to organization with unique sizes, believes and aims.
Lifestyle entrepreneurship means a concept by which a individual develop a business for the
purpose of modifying a lifestyle. They are not major concern about the profit earning but mainly
focus on altering lifestyle. This type of entrepreneurship has a more concern on the life rewards.
The lifestyle entrepreneur conduct their work and operations as per the passions.
Topic Social Entrepreneurship Lifestyle Entrepreneurship
Location Social Entrepreneurs are
leading their work in limited
locations.
Lifestyle Entrepreneurs are
conduct their business
according to their choices and