Entrepreneurship and Small Business Management

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................3
Task 1...............................................................................................................................................3
P1 Entrepreneurial venture types and relation to typology .........................................................3
P2 Similarities and difference between entrepreneurial ventures................................................6
Task 2...............................................................................................................................................7
P3 Interpretation and assessment of data and statistics ..............................................................7
P4 Importance of small businesses and business start ups to growth..........................................8
Task 3 ............................................................................................................................................10
P5 Characteristics traits and skill of successful entrepreneurs..................................................10
P6 Entrepreneurial personality reflects entrepreneurial motivation and mindset......................11
Task 4 ............................................................................................................................................12
P7 How background and experience can hinder and foster entrepreneurship ..........................12
CONCLUSION..............................................................................................................................13
REFERENCE ................................................................................................................................14

INTRODUCTION
Entrepreneurship is consider as act which is taken by an individual for the purpose
of establishing and developing a new enterprises. To run a new business and small
business there is need to skills and innovation which attracts people towards own side and
increase the profits. The main object to start any business is satisfy the people and make
profits. If business is running successfully then business people think about expanding
the business which helps to increase the profits. Such people always find changes and get
the opportunities to increase the productivity and profitability (Pathak and Muralidharan,
2016). The concept of entrepreneurship and small business states how an organisation
can attain the business goals. Different topics are covered in this project such as different
types of entrepreneurial venture, similarities and difference between ventures, typologies
of entrepreneurship, and impact of small business on economy. Further it consider
characteristics, traits and skills of successful entrepreneurs who foster and hinder the
entrepreneurship.
Task 1
P1 Entrepreneurial venture types and relation to typology
Entrepreneurship – This is the continuous process of launching, designing and
running a new business which is consider as small business. Entrepreneurship is started
by a person who have innovative knowledge and idea provide innovative products and
services in order to make profits and increase market share. Entrepreneurship refers those
business which are ready to take risk and maintain the profitability by running a business
and launching new thing in market. In other words, this is an activity of setting up a
business by taking financial risk in hope to earn profit (Dominik and Banerji, 2019).
Entrepreneurial activity – This refers as human actions which is used to
generation of value by creating and expanding economic activity. Entrepreneurial activity
is used identifying and exploiting new products, markets and process which helps to start
a business effectively.