Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Contents
Introduction.................................................................................................................................................3
Task 1..........................................................................................................................................................3
P1/ M1/ D1 Different kinds of entrepreneurial ventures and typologies of entrepreneurship. Also
examine it with respect to their scope, growth and development of ventures.......................................3
P2 What are the similarities and differences between entrepreneurial ventures?................................5
Task 2..........................................................................................................................................................7
P3 Interprets the statistics in order to show the impact of micro and small Enterprises on the
economic condition of the nation............................................................................................................7
P4 importance of small business and business start-ups in the growth of social economy.....................8
M2 Evaluate the differences small, medium and large businesses make to the economy, applying
relevant data and statistics......................................................................................................................9
D2 Critically evaluate how small businesses have an impact on different levels of the economy (local,
regional, national) and in an international context...............................................................................10
Task 3........................................................................................................................................................11
P5/ M3/ D3 characteristics, traits and skills of a successful entrepreneur............................................11
P6 different aspects of entrepreneurial personality which reflects their motivation............................12
Task 4........................................................................................................................................................13
P7 background and experience which can hinder or Foster entrepreneurship.....................................13
M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs........................................................15
D4 Critically analyse how background and experience influences entrepreneurs, both positively and
negatively, by comparing and contrasting examples.............................................................................15
Conclusion.................................................................................................................................................15
References.................................................................................................................................................16

Introduction
Entrepreneur is a person who sets up a business or a company while taking it's financials
on risk in the hope of generating profitability from it. They play an significant role during the
develop the financial and monetary condition of the nation as wherever they operate their
business. Their business helps the nation to develop the standard of living of the people (Ben
Youssef and et. al., 2018). The report discussed different types of entrepreneurial ventures and
typologies of free enterprise. What are the similarities and differences between entrepreneurial
ventures. The impact of micro and small Enterprises on the economy is also discussed and their
importance of small business and startups in the growth of the social economy. Different
characteristics, traits and skills of a successful entrepreneur are also discussed. Lastly the report
covers the different aspects of entrepreneurial personality which reflects their motivation and
mine along with their background and experience which is possessed by them so that they can
have personality which reflects their motivation and along with their background and experience
which is possessed by them which helps them to become a successful entrepreneur.
Task 1
P1/ M1/ D1 Different kinds of entrepreneurial ventures and typologies of entrepreneurship. Also
examine it with respect to their scope, growth and development of ventures.
Entrepreneurs are those people who used to innovate something in the competitive market
which made them different from the existing goods and services as they used to innovate their
Idea into physical reality. These kinds of company are also accountable to develop innovative
business while providing their commodities and services to the targeted consumers as this helps
them to earn success from the competitive market. Their innovative ideas are also used in order
to make their life at comfort level while satisfying their desire's in an effective manner (Bonesso
and et. al., 2018).
Entrepreneurial activity
It refers to a process in which the enterprise organisation used to function their friendship
so that they can generate profitability from the competitive market. There are several activities
which are associated with it in order to explore their unique idea to expand their ventures into the

market. The entrepreneurs used to build up the ideas into reality so that they can satisfy the needs
and wants of the targeted client for whom they are working (Diaz-Briquets, 2019). With the help
of such activities the employer used to provide employment opportunities for all those people
who are deciding so that they can satisfy their livelihood in an effective way.
Types of ventures
 Small business: These are such types of Organisation in which they have limited amount
of employee, size, capital and operations. These are founded so that the company can
earn profitability while given that their supplies and services to the targeted regulars.
Their size and amount of operation is narrow which resulted in operating at small scale
only (Durán-Sánchez and et. al., 2019). These kinds of organisations used to provide their
products and services at the local market as they are generally under sole proprietorship
and partnership forms. The main objective behind small business organisations is to earn
livelihood. They usually have less than 50 persons as a workforce. Their net worth
income is £2 million. For example stores of grocery, medical stores and many others.
 Large company: these are such company which has a finite amount of life cycle in the
competitive market. In these kinds of companies the entrepreneurs use to develop their
innovative ideas in order to workforces to sustain their innovation into the competitive
market. They are working in order to provide their goods and services into the
competitive market so that they can satisfy the desires of their customers in an effective
manner (Eckhardt, Ciuchta and Carpenter, 2018). They have no foundations with respect
to their size, scale, operations or scope. These kinds of organisations are developed with
the help of different techniques which helps them to stay for a longer period of time in
the competitive market. For example: Tesco, Tesla etc.
 Social enterprise: these are such firm which are developed to uplift the standards of the
general public. The company used to innovate different ideas and techniques which
helped them for the growth of the economic conditions. The aim of such owners are to
work to satisfy the basic needs of people. These entrepreneurs are not focused on earning
profit from their services but aim to develop the standard of people. For examples, some
of the organisation on working in order to save the children, child labour, environment,
etc.