Entrepreneurship And Small Business Management

Entrepreneurship And Small Business
Management

Contents
PART 1..................................................................................................................................................3
INTRODUCTION.................................................................................................................................3
P1 Evaluating the different types of entrepreneurial ventures with their different typologies............3
P2 Differences and similarities between such different types of entrepreneurial ventures.................3
P3 Access the relevant statistics to determine the impact of micro and small business on the
economy............................................................................................................................................3
P4 Evaluating the significance of small business and business start ups towards the growth of the
Economy in particular.......................................................................................................................3
PART 2..................................................................................................................................................3
P5 Determine the key characteristic traits and skills of successful entrepreneurs..............................3
P6 Describe that the entrepreneurial personality and mindset which can derives the motivation
among the others entrepreneurs.........................................................................................................3
P7 Examining the background, lifestyle which..................................................................................3
CONCLUSION.....................................................................................................................................3
REFERENCES......................................................................................................................................5

PART 1
INTRODUCTION
Entrepreneurs are the individuals who identify the business opportunities in order to build a
business venture and sustain it for the long time in the market. A small scale business is a new venture
which is employs a small number of employees and also such small business cannot produces high
level of volume and also cannot incur higher profit margins. This study will help in developing a
complete understanding about different types of entrepreneurial ventures and their typologies. This
report will also help in understanding different typologies of such ventures.
Moreover, the document also provides the differences and similarities between such
entrepreneurial ventures. Along with this, it will also help in developing a understanding about the
impact of small business on the economy growth of the country. In addition, personality traits and
characteristics of the Famous entrepreneur will also be described in the present study in order to
determine the mind-set of such famous entrepreneurs.
P1 Evaluating the different types of entrepreneurial ventures with their different typologies
There are various different types of entrepreneurial ventures which may vary according to the
different objectives of the business. There are various different types of enterprises among them some
of the ventures may earn huge profits and achieve the sustainable growth within the market. However
some business start-up get started with the small capital and investment but still can earn huge profits
during the growth of time. So such different ventures along with the different typologies are evaluated
below:
Survival Ventures
Survival business and startups are the independently owned firms and these enterprises are
aimed at achieving high profits. The main goal of these businesses is to achieve the sustainable
growth and in order to accomplish the main goals of the enterprise. Small ventures are generally
established in the form of retail businesses, restaurants, construction firms etc. these ventures get
capitalized with micro-loans, bank loans, family or personal funds.
A survival or small venture generally comes under the female or male typology who
manages their business by their own means and also this typology may come under the sole
proprietorship.
Lifestyle ventures
This type of ventures generally produces a relatively stable income for the owners. Lifestyle
businesses also have their own premises to perform the main operations of the business and this
venture generally employs at least 500 employees and it also allows the enterprise to generate the
substantial revenue and profits for the company and its stakeholder. Some Lifestyle Business
examples are General Electric, AT&AT, and general Motors etc.

This business comes under the Social Typology as such enterprises are highly scalable and
produces a steady growth in the market.
Managed growth Ventures
Managed Growth Business mainly focused towards the young innovation with a high
potential to create a new market. This types of entrepreneurial ventures generally possesses a periodic
entry into the new market via launch of the new products and steady expansion of the services as well
as development of the employees which contributes towards the overall sustainability and growth.
Managed growth ventures are based on the Scalable as well as female typologies that are
aimed at managing the sustainable growth of the firm over a time.
Aggressive growth Enterprises
Such enterprises are based on the high technology and aggressive growth ventures initially
aimed at higher success and great profitability. These companies have strong innovation capabilities
that seek the exponential growth and such businesses are mainly funded through the Equity Capital.
Aggressive Growth Ventures are based on the Scalable Typologies and these firms have
great sustainability and growth factor.
P2 Differences and similarities between such different types of entrepreneurial ventures
Different types of entrepreneurial ventures may vary according to the different scope,
operations and size of the business. So such differences within the different types of enterprises are
elaborated below:
Point of
Differences
Survival Ventures Lifestyle
organizations
Managed
Growth Firms
Aggressive Growth
Enterprises
Annual Growth
rate
These types of
Business earn on a
nominal basis on
the basis of their
day to day
operations within
the firm. So a
Survival business
manages to earn
less in order to
fulfill their daily
expenses.
The annual Growth
rate of the
Lifestyle business
is less than 5
Percent and this
types of business
manages to earn
within the firm
during the time
period of month or
a weekly basis.
The
organizations
mainly earns the
profitability of
10 to 15 percent
within the time
period of 1 to 2
years of business
operations.
It earns the annual
growth rate which
is higher than the
managed growth
ventures as less
than 20 Percent via
performing the
operations within
the time period of
2 to 5 years.
Focus Such businesses
focus in selling the
available goods and
services at store.
Lifestyle business
focus towards
maintenance of the
work
infrastructure.
These
organizations
focus on the
strategic
development
within the firm.
This business
focuses towards
the scalable
operation which
help the company
to earn higher
profits
Technology
investment
Survival business
cannot adopt the
technology for the
efficient operations.
There is Limited
change in the
technological
improvements are
adopted in the
These
organizations
invests on the
technological
improvement
There is a huge
investment uses for
the technology
improvement
which leads to the