Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1 Kinds of entrepreneurial venture and relation to typology of entrepreneurship.....................3
P2 Similarities and Differences between entrepreneurial venture...............................................4
TASK 2............................................................................................................................................6
P3 Assess and illustrate how micro and small enterprises impact on economy..........................6
P4 Benefits of start-up and small business to the growth of social economy..............................7
TASK 3............................................................................................................................................8
P5 Determine the traits, skills and characteristics of successful entrepreneur which distinct
them from other business manager..............................................................................................8
P6 Determine how entrepreneurial personality reflect motivation and mind set of entrepreneur.
......................................................................................................................................................9
TASK 4..........................................................................................................................................10
P7 Describe the background and experience which hamper or foster entrepreneurship using
relevant example........................................................................................................................10
CONCLUSION .............................................................................................................................11
REFERENCES ...............................................................................................................................1

INTRODUCTION
Entrepreneurship is defined as the process to develop and organize new venture which
helps them to generate profit. This explore new ideas and opportunities which assist them to
develop new product and services in market (Al Omoush, Al-Qirem and Al Hawatmah, 2018).
Entrepreneur is a person who has skills and knowledge to establish the business along with the
risk to handle the business environment. Entrepreneurship is essential in business to improve the
lifestyle and create wealth which help them to grow the success in organisation and develop
economy. Promoting new goods and services in market maximize the job opportunities for the
employees in marketplace. This report covers types, similarities and differences of
entrepreneurial venture, small and micro enterprises impacts on economy, benefits of small
business for the growth of social economy, traits characteristics and skills of entrepreneurs,
aspects of personality which reflect mindset as well as motivation, experience and background
which hamper or foster entrepreneurship.
TASK 1
P1 Kinds of entrepreneurial venture and relation to typology of entrepreneurship.
Entrepreneurship bring innovation in the marketplace by developing new products with
the elimination of existing goods which enhance the growth of economy. Entrepreneurial venture
describes the new plans and bring advance technology in market which helps company to attract
customers. There are many entrepreneurial venture which are explained below:
Small entrepreneurship: It refers to the enterprise which run their business to fulfil own
and family requirement. The examples of small business are consultants, local grocery stores and
medical shops. Advantages of small business is learning opportunities which helps them to
identify different business functions.
Large entrepreneurship: It defines those enterprises which innovate new products and
development based on the requirement of customers needs and desires. For examples, Google,
Morrisons and Sainsbury's. Large business has greater funding to achieve goals which helps
them to increase profitability (Alsos, and et.al., 2019). These enterprises have huge resources
which maximize sales and create greater profit.
Scalable start-up: This type of enterprises initiate their business with new ideas for the
development and expansion of company. Venture capitalists helps businesses financially to find

professionals and talented employees. This organisation launch new goods in the existing
market. Scalable start-up enter into huge market and meet the demand of product which is
offered by business. This generate revenue by increasing product line, it create economies of
scale with cost minimization.
Social entrepreneurship: This states that they create products to overcome the social
needs. The purpose of this enterprise is not to maximize profit in the business. Examples of
social entrepreneurship are Helpsy and Matr Boomie. These entrepreneurs are the person who
create their entity to generate social value (Alvarez and Barney, 2020).
Typology of entrepreneurship
Growth: It describes as the business to accomplish and boost the sales and revenue by
reducing cost in company which helps them to achieve organisational objectives. Social and
small business is included in the typology of entrepreneurship to develop the growth of
enterprise. Business growth is essential to attain performance and increase business operations.
Lifestyle: It is defined as the behaviour, attitude and opinions of group of individuals.
This is the factors which signifies the standard of living and needs as well as wants of customers.
Scalable start-up and large enterprises contain in lifestyle growth typology to change according
to the style and trend in market.
P2 Similarities and Differences between entrepreneurial venture
Basis Small Large Scalable Social
Meaning Business is managed
and organised by
individuals and have
few members to
perform work.
This enterprise
have large
resources to launch
new products in
market, huge
annual turnover
and market share.
Scalable start-up
define as changes
in business process
to maximize
operations in
company.
It refers to
approach which
provide solutions
to social as well as
culture problems.
Purpose The aim of this
enterprise is it create
job opportunities
and generate profit
The purpose of
large enterprises is
to expand their
business by
Scalable start-up
enterprises is
important to
compete and
The purpose of
these entrepreneur
focus to solve
social issues by