Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

EXECUTIVE SUMMARY
Entrepreneurship is one who design and operate a new venture in the global market.
Similarities and differences among entrepreneurial ventures are studied to understand their each
concepts. How micro and small business is influencing economy is determined in order to makes
necessary chances in the loop holes. On the other hand importance of small business and
business start-ups to growth of social economy are examined so more entrepreneurs can be
motivated to come up with innovative idea. The traits, skills and characteristic which differ
entrepreneur from manger are evaluated so that weak skills can be improved with the phase of
time. Tessa Clarke and Andrew Diprose are the two selected entrepreneur who background and
experience is deeply studied in order to foster entrepreneurship.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Explain Various types of entrepreneurial ventures................................................................1
Illustrate similarities and difference between entrepreneurial ventures.................................4
TASK 2............................................................................................................................................5
Interpret and assess applicable data and statistics to exemplify how micro and small
businesses effect on economy................................................................................................5
Importance of small businesses and business start ups to the growth of social economy......7
TASK 3............................................................................................................................................8
Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.......................................................................................8
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset...................................................................................................................................9
TASK 4..........................................................................................................................................11
Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship...................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship is the process of launching, designing and running a new venture in the
global market. Whereas, entrepreneurs are those who are accountable in taking high risk for the
business growth and development. They are contributing more in the upliftment of the nation
economy because new and small businesses are generating huge job opportunity for the general
public. New venture is opened with innovative idea so they are able to create job opportunity for
people in various area. By this ratio of unemployment is reduced and living standards of the
people are raised as compare to earlier day. Government should support the entrepreneurs
financially so that more small businesses can be opened in the market place. LCC has invited to
Local Authority Business Conference. This conference is conducted once in a year to promote
entrepreneurship in the area. This assignment covers, various types of entrepreneurial ventures
and how they are interrelated with entrepreneurial typology. Similarities and differences among
entrepreneurial ventures are studied to understand their concepts. Statistical diagram is evaluated
to understand how micro and small businesses impact economy. Importance of small business
on growth of the social economy is determined. Two entrepreneurs are selected and study to
known how their background and experience hinder entrepreneurship.
TASK 1
Explain Various types of entrepreneurial ventures
Different typology of Entrepreneurship
Social entrepreneur typology- It consist those kind of entrepreneurs who are passionate to work
for the welfare of the society and dedicated to solve social issues in order to improve the living
standard and life style of specific community in an effective manner (Kunaka and Moos, 2019).
This type of entrepreneurship consist non governmental organisation, charity firm and trusts etc.
These firms are basically offer social services to resolve social problems.
Speaker notes:
Scalable entrepreneur typology- Within this typology, it involves scale start-up entrepreneurs
who makes their efforts to collect creative and effective ideas and thoughts in context of business
activities for accomplishing sustainable profit margins ratio. These kind of person impose time
management quality which directs them to gain effective outcomes in appropriate manner within
set time frame without any complexities.
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Male entrepreneur typology- Under this type, it mention that male entrepreneurs are
more effective in making control and determining whole business operations and activities in
comparison to female. Moreover, small and large business are related with such typology
because these firms are competitive and challenging business atmosphere. Due to which, it help
in making their planning and critical thinking quality more strong for achieving effective level of
sales and profitability (Landström and Harirchi, 2019).
Female entrepreneur typology- This determinant of typology states that females have
more patients compare to male that direct them to apply effective decision in term of particular
issue and complexity. In context of it, social entrepreneurship has been advised which is
affiliated with this typology as they pointed as good decision maker that advantageous them in
devising effective relations in business assumptions.
Various types of entrepreneurial ventures
Entrepreneurs refers to as individual to open up a new venture is accountable to handle all profit
and loss incurred by the organization in the cut throat competitive world (Demirel and Tamvada,
2019). In the market entrepreneurs come up with those product and services which are demanded
by customers.
Speaker notes:
Many time they come with innovative idea and create demand for that goods and services so that
consumer are stimulated to purchase them. Profit maximization is the main motive of
entrepreneur who are opening their small business among rivalry.
Entrepreneurial venture are that type of organisation which are having varied scope and
sizes and are functioned by entrepreneurs in the internal market. This covers public and private
venture. In public venture government monitors the business activities and work for providing
services to the general public. Their main motive is not to earn profit. Whereas, private
organization is any corporation, person, agency or partnership which are functioned by public
body. In this type of business there is no government interference only business owner operate
their business. They are running the firm with the motive of generating huge profit by selling
their goods and serves in the global market. New venture are able to grow and develop business
in the market because their business and goods are completely innovative. In today's world
customers are more attracted towards those product and services which are unique in nature. The
various entrepreneurial ventures are discussed as under:
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Small business entrepreneurship: They are independent and are conducting business
activities at small level in the market place (Julien, 2018). The size of the small entrepreneurship
is limited. There is no government interference and are running the business to earn their
livelihood. With less capital this type of venture in be opened in the market Example: TSB bank
in Barnet are serving their bank services to the local people to that their issues related to finance
can be resolved easily. The scope of TSB bank is to assist local people and community to expand
unitedly. By this raising issues related to cash, pension etc. can be solved easily. TSB bank has
growth opportunity in national and international level. They are coming with effective policies
related in car insurance, life insurance, home loan and many more. By this business of bank can
be expanded in the market easily and huge customer base can be raised for the service.
Scalable start up entrepreneurship: Here, innovative idea or thought is selected and
find out repeatable business model that can turn into profit and growth of the company. In the
open market place this type of entrepreneurs does not enter in the vast because they have no
certification of being implemented in the market. Example: Trouva provides online marketplace
for brick and mortar independent boutiques selling. This organization provide products in UK
and Europe. The scope of the business is to provide quality services to the customers. There is
growth opportunity for this business because in today's world people mostly prefer to deal
online (Kraus and Schüssler, 2018).
Large company entrepreneurship: To operate this type of business in the market
sufficient amount of fund is required. Large company entrepreneurship is running the business in
order to gain huge profit by selling their goods and services to their potential customers. There is
more government interference in this type of business. Example: Mark and Spencer is a large
company entrepreneurship which is British retailer and are serving their goods and services
across the globe. The scope of the company is to provide high quality clothing , food products
and home product to their targeted customers. By coming up innovative goods in the market
business can easily grow and develop in the international market. By scanning the global market
creative products should be launched in the market to make it successful.
Social entrepreneurship: This type of business mostly work for the betterment of the
society and community. Social entrepreneurial come up with those product and services which
are beneficial for the people living in the society. By this living stand of the general public can
be raised by solving their problem. Example: The Create foundation is a social firm which is
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