Entrepreneurship: Types, Impact on Economy, and Characteristics of Successful Entrepreneurs

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Various types of entrepreneurial venture and typology of entrepreneurship ........................3
P2 Differences between entrepreneurial venture and with similarities......................................4
TASK 2............................................................................................................................................6
P3 Determine and illustrate how small and micro enterprises impact on the economy..............6
P4 Importance of small business and star-ups to the growth of social economy........................7
TASK 3............................................................................................................................................8
P5 Ascertain characteristics and skills of successful entrepreneurs differentiate from other
business manager.........................................................................................................................8
P6 Aspects of entrepreneurial personality which reflect mind-set and motivation of
entrepreneur...............................................................................................................................10
TASK 4..........................................................................................................................................11
P7 Determine experience and background hamper or foster entrepreneurship.........................11
CONCLUSION .............................................................................................................................12
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship refers to create a business with an aim to generate profit by individuals
which helps them to develop and maintain venture to explore new opportunities and bring new
product in the market(Botha and Bignotti, 2016). It determine risk as entrepreneur cannot
succeed without it this occurs due to implementing and innovating of new thoughts. Entrepreneur
is important for development of economic growth and formation of new ideas to accomplish
organisation objectives. Skills needed skills such as technical skills, personal and management
skills to process the operations in company. Entrepreneur has ability to enhance lifestyle and
build prosperity for company as well as businessman. They offer new product and services
which lead to increase in employment that boost economic growth. It promote unique ideas to
create social changes that result in development of business. This report includes types and
typology of entrepreneurship, differences and similarities between ventures, small business
impact on economic, features of small business, characteristics and traits of entrepreneur mind-
set and environment foster or hamper entrepreneurship of Zuber and Mohsin Issa.
TASK 1
P1 Various types of entrepreneurial venture and typology of entrepreneurship
Entrepreneur is defined as a person who assess business and process to continue
participate in business production to run company in an efficient manner. It establish plan and
strategies to innovate new products and services in market to retain customers.
Entrepreneurial venture: It signifies that company focus on creating and opportunism
for the production of social and economic value. Mentioned below are type of entrepreneurial
venture:
Small business signifies those business venture which create profit for their own lifestyle
and families. Thus, it is owned by single person to grow company performance. Small business
entrepreneurship includes electricians, consultants and local street stores. Benefit of small
industries is that it require limited capital, personal customer service and generate large
employment in vast scale(Brush and et.al., 2019).
Large business is the types of entrepreneurship launch new products related to advance
trend and technology to meet the requirement of customer taste and preferences. This operates at

large scale in enterprise such as Tesla, Microsoft and Google. . enterprises use high resources,
higher profits which create high sales and revenue in business.
Scalable start-up states that entrepreneur start their organisation and assume that they can
implement the world. This type of entrepreneurship acquire resources from venture capitalist and
company recruit talented workers to achieve success in enterprise. For example, E-commerce,
Instagram and Twitter (Collins and et.al., 2017). This venture is essential as it give competitive
edge, productivity, position and quality to increase the return in entity.
Social is defines to those business entrepreneur which innovate goods and services which
give solution to solve issues and requirement. Aim of this entrepreneurship is not to gain and
obtain wealth. Example of social entrepreneurship is Schwab foundation. It enhance better
customer relationship, satisfaction of employee and changes in culture and values.
Typology of entrepreneurship
Lifestyle is defined as attitudes, belief and interest of individual or group of individuals.
This examines about the culture and wants of customers rather than profit and with little growth.
Large and Scalable Start-up are in the lifestyle typology of entrepreneurship to expand their
business according to trend.. It focus on needs to generate business activities as they know that it
is rewarding them. Lifestyle focuses on durability and maintain the standard of living (Fayolle,
2018).
Growth signifies business opportunities to make profit and reach its targeted goals and
objectives. In growth, small and Social company are include in this typology as they focus on
expansion of their entity. Growth is important for the survival and long term goals of enterprise
which lead to increase in business performance and productivity.
P2 Differences between entrepreneurial venture and with similarities.
There are various difference between entrepreneur venture which are described below:
Basis Small Large Scalable start-up Social
Meaning It is the enterprise
where there is
limited number of
workers to
increase success of
Large business
enterprise is
defined as they
have strong
investments, sales
It refers to start-
up of new ideas
and development
to expand of
product line in the
It defines to
develop and
change to solve
environmental,
social and