Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Different kinds of entrepreneurial ventures and explain how these relate to topology of the
entrepreneurship......................................................................................................................................3
P2 The similarities and differences between the entrepreneurial ventures...............................................4
TASK 2.......................................................................................................................................................6
P3 Assess and interpret the relevant statistics and data which illustrates how the small and micro
business impact on economy...................................................................................................................6
P4 The importance of the small businesses and start-ups to growth of social economy..........................7
TASK 3 & 4................................................................................................................................................7
Covered in PPT.......................................................................................................................................7
CONCLUSION...........................................................................................................................................8
REFERENCES............................................................................................................................................9

INTRODUCTION
The entrepreneurs are the one who with their innovative ideas tries to satisfy the needs of
customers and generate high revenues in the competitive market. They play an essential role in
developing the economy of the nation through their hard work, skills and knowledge. The
entrepreneurs have the ability to turn their ideas into the reality so that they can generate high
revenues and profits from the entrepreneurial venture (Kuratko and Morris, 2018). This report
shall cover various kinds of entrepreneurial ventures together with their differences and
similarities, impact of a SME on the economy and the importance of small businesses in the
growth of social economy. Further it will include traits and characteristics of entrepreneurs, how
personality of entrepreneur reflect their mindset and motivation and the background and
experience of entrepreneurs.
TASK 1
P1 Different kinds of entrepreneurial ventures and explain how these relate to topology of the
entrepreneurship.
The entrepreneurs are the people who developed the new idea and convert them into an
opportunity in the competitive market by supplying the offering to target customers so that high
revenue is generated. Entrepreneurial venture is referred to as the company that is set up by an
entrepreneur so that profitability and revenues are generated which can make better living
standards for all. Various types of entrepreneurial ventures discussed below-
 Small business- These types of organizations are not required to have large number of
capital, employees, operations and size. They are aimed to be established for generating
profit by offering goods or services to the target market. They operate at a small scale in a
local area. The legal status of small business can be either partnership or the sole
proprietorship. For example boutiques, saloon, small grocery shops etc. are small scale
business.
 Large business- These kinds of organisations operate at large scale and have no limit for
the number of workforce, size, operations and scope. They have a huge target market to
which their offerings are provided and have the ability to expand at a global level. These