Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
P1. Types of entrepreneurial ventures and how they relate to typology of entrepreneurship 1
P2. Similarities and difference between entrepreneurial ventures.........................................2
P3. Statistics to support presentation of impact of micro and small businesses on economy 3
P4 Relevance of SMEs in economic development.................................................................5
P5. Characteristics, traits and skills of entrepreneurs.............................................................5
P6. Aspects of entrepreneurial personality (OCEAN model)................................................6
P7: Positive or negative impact of backgrounds and experiences of entrepreneurs over their
entrepreneurship.....................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship can be comprehensibly defined as a notion which is concerned with taking
risks for the betterment of society as a whole (Morris and et. al., 2018). Besides this,
entrepreneur is an individual who sets up the whole establishment and assumes the responsibility
of foreseen or unforeseen losses. The current report throws light on the importance of
entrepreneurial ventures and small businesses for a country. Besides this, OCEAN model is
applied on selected entrepreneur to exhibit their personality traits. Further, it includes the skills,
traits and characteristics of the entrepreneurs along with the impact placed by experiences &
background over their entrepreneurship.
P1. Types of entrepreneurial ventures and how they relate to typology of entrepreneurship
Entrepreneurship is described as a process through which entrepreneur offer advisory facility
to newly start firm for conversion of their innovative business plan in to realism. There are four
kind of entrepreneur venture that is given below:
 Small Business Entrepreneurship: It involve different kind of small enterprise includes
plumber, food market, hair stylist travel agents as well as many more for growth of the
organisation and satisfy need of user. Cafe pod is considered as a good example of this
entrepreneurship.
 Large Business Entrepreneurship: Large companies considered those organisations
who invest their money in different organisation for attracting ample of user towards
organisation for satisfying their demands (Neumeyer and Santos, 2018).
 Social Enterprises: This organisation focuses on providing social services to community
and their main purpose is to provide better services for satisfying the social need.
 Scalable start up Entrepreneurship: Herein the newly started firm focuses on making
effective Vision and Mission in order to attract the fund provider for great future of
organisation. It also helps in attracting ample of user at marketplace.
Typologies of Entrepreneurship
On the basis of above given different kind of business in relation to entrepreneurship there are
various typology that is going to be mentioned below:
1

 Growth firms: Here in the primary purpose is to increase more and more revenue for
success as well as development of the company. Here in the main focus is to convert the
business plan into the really for fulfilling the necessity of consumer at market place.
 Lifestyle Enterprises: These enterprises focus on providing different kind of opportunity
in relation to employment to an individual person for gaining revenue and modify their
lifestyle (Kuratko, 2016).
 Survival Firms: The main focus of the business enterprise is to maintain their survival as
well as maintenance on regular basis it help in boosting their brand image and reputation
in front of customer at marketplace.
Hence, it has been stated that and entrepreneur venture as well as typology both are
connected to each other that help in success as well as growth in future phase of time period
P2. Similarities and difference between entrepreneurial ventures
Similarities
Basis Small business Large Business Social Enterprise Scalability
enterprise
Meeting
the social
need and
Upliftment
The primary
purpose of small
organisation is to
provide
Employment
opportunity to
individual person
for satisfying their
wants. Cafe pod is
considered as a
good example of
this
entrepreneurship.
Large companies
considered those
organisations who
invest their money in
different
organisation for
attracting ample of
user towards
organisation for
satisfying their
demands.
This organisation
focuses on
providing social
services to
community and
their main purpose
is to provide better
services for
satisfying the
social need.
Herein the newly
started firm
focuses on making
effective Vision
and Mission in
order to attract the
fund provider for
great future of
organisation. It
also helps in
attracting ample of
user at
marketplace.
Differences
Basis Small Business Large Business Social Enterprise Scalable Enterprise
2