Entrepreneurship: Types, Differences, and Impact on Economy

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1 ................................................................................................................................................3
P1 Analyse different types of entrepreneurial ventures and discuss how they relate to the
typology of entrepreneurship...........................................................................................................3
P2 Examine differences and similarities between entrepreneurial ventures....................................5
TASK 2.................................................................................................................................................6
P3. Interpret and assess relevant data and statistics to illustrate how micro as well as small
businesses impact on the economy..................................................................................................6
P4. Significance of small businesses & start-ups to the growth of the social economy..................8
TASK 3.................................................................................................................................................9
P5 Discuss the attributes, traits and skills of entrepreneur that differentiate from managers.........9
P6 Explain different entrepreneurs personality which reflect entrepreneur mindset and motivation
........................................................................................................................................................11
TASK 4...............................................................................................................................................11
P7 Background and Experiences of an Entrepreneurs ..................................................................11
CONCLUSION..................................................................................................................................13
REFERENCES...................................................................................................................................14
Books &Journal:............................................................................................................................14

INTRODUCTION
Entrepreneurship is a broader and wider concept which needed to be carried out in most
effective manner. In business, it is important to examine the business management and understand it
in proper manner. Entrepreneurship is defined as concept of developing & managing business
venture with motive of earning profit by facing risks and challenges. Small businesses plays vital
role in business sector. Deloitte, multinational corporation and consultancy firm which provides
services to professional clients headquartered in UK who provides solutions to their clients and
partners (Basole, 2018). This report comprises of various types of entrepreneurship, difference &
similarities between entrepreneurial ventures, impact of small business, importance of business start
us, examining of successful traits, skills, aspects of entrepreneurial personality and analysing how
background & experience affects entrepreneurship.
TASK 1
P1 Analyse different types of entrepreneurial ventures and discuss how they relate to the typology
of entrepreneurship
In business sector, it is essential to understand the types of ventures so that it become easy to
perform the functions and operations. Entrepreneurship refers to forming or starting of innovative
business venture. It involves the managing, controlling, & handling of other risk as well as
challenges within in the corporation. In relevance with Deloitte, they have diversified business and
they recruit well efficient personnel for their operations. So, there are various types of
entrepreneurial ventures which are being mentioned below-
Small business entrepreneurship- This is defined as kind of business which is run by
entrepreneur at small scale and with limited market. Saloon, shops, retailers, cafes etc. comes under
this category. Risk associated with type of business is less and profit earned by owner can be used
for both personal as well a professional use. Moreover, in this small member if team is also
involved with which are responsible for carrying out the activities in effective way (Kellermanns,
2016).
Scalable start-up entrepreneurship- This business refers to in which business is
introduced which in large size of market. Such type of businesses took financial help from external
investors for running their business. Also, they are always active and aware of available opportunity
in market and use it for growth as well as overall development. Furthermore, they try to join or
took partnership with other businesses or organisation. They focus on innovation and invention with
motive of changing business.

Large entrepreneurship- Then comes the large scale entrepreneurship in which business is
done with motive of providing new innovation to industrial sector. In this, risk involved is high as
because of involvement of shareholders, high capital invested etc. They use different ways of
advertising and promotions methods so that they are able to increase their brand goodwill. Also, the
have enough capital to run their business activities, operations, functions in moist appropriate way.
Social entrepreneurship- These are defined as those businesses who run with motive of
social welfare and helping people who need help. The scope and size is limited to a market or
region or country. In this, risk associated with this is moderate as they require capital for the
functions & operations. Their work mainly focuses on values, principles ethics (Madichie, 2019).
Typology of entrepreneurship
Typology is defined as examining and studying of types of concept on different basis. Thus, there
are various types of typologies which are explained below-
Serial entrepreneurs- They refers to those entrepreneurs who run business with aim of
introducing new ideas as well as thoughts. These type of entrepreneurs always accepts the change
in most effective way. Moreover, they also enjoys the risks & deal with it in proper manner. Their
main focus is on to bring the change within the market.
Lifestyle venture- Theses are defined as those who want to enjoy their life and run their
business because of their passion or motive of enjoying life. Their main objective is to have a large
market share & resource.
Social economy- In this, this comprises of associations, foundations etc. are involved
through which entrepreneurs shares ideas. It involves combination of interests and members that
provide responsibility to a particular individuals.
Survival venture- Such type of business mostly have carry out their business activities with
motive of their personal survival (Lacerda, 2020).
Traits of successful entrepreneur
 It is one who have motivation for doing work.
 Creativity and innovation of new ideas and thoughts.
 The individual who have clear vision and mission of a company for future growth.
P2 Examine differences and similarities between entrepreneurial ventures