Entrepreneurship and Small Business Management

ENTREPRENERUSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
PROJECT 1......................................................................................................................................1
Different types of ventures and their impact upon the economy.................................................1
Comparison between enterprises.................................................................................................2
Impact of different business on economy....................................................................................3
PROJECT 2......................................................................................................................................5
Entrepreneur Mind-set?...............................................................................................................5
The characteristic traits, skills of successful entrepreneurs.........................................................5
Difference between characteristics of successful Entrepreneurs and Managers........................7
How background and experience influences entrepreneurs: Local Entrepreneur.......................7
How background and experience influences entrepreneurs: Social Entrepreneur......................8
How background and experience influences entrepreneurs: International Entrepreneur............9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is termed as a procedure in which different steps like initiation, designing,
launching of a new business venture is being done with the assistance of innovation and unique
ideas. Main aim of this is to serve society with something unique and a willingness to gain more
market share (Heider, Dinther and Hülsbeck, 2020). In order to conduct this process entrepreneur
willingly undertake risk associated with launching of new business venture in order to gain
maximum rate of profitability and value from them. In this individual effectively engage in the
functions of innovation of offering new service or product by taking use of new ideas. They have
motive for long term sustainability and provide economic advantage to a country. With the
contribution of entrepreneurship nation can assure maximum revenue generation that
automatically enhance their GDP ratio. Entrepreneurship not only has a significant contribution
in country economy but they also provide different type of employment opportunities to
individual that maximizes per capita income. In this report formative discussion has been made
on entrepreneur mindset, skills, characteristics and trait of successful entrepreneur along with the
extent at which experience and background influences entrepreneur.
PROJECT 1
Different types of ventures and their impact upon the economy
Entrepreneur
Entrepreneur can be describe as the person who is introducing and establishing business
with new and creative idea. Entrepreneur is responsible for conducting different business
operation and liable to take loss and profits that is occurred through business activities. There are
different types of entrepreneur ventures that is affect growth and development of economy
(Ayoub, Gottschalk and Müller, 2017). Entrepreneur is conducting different types of business
activities in order to provide various products and services and meet with the requirement of
customers. The motive of entrepreneur is to earn profits by providing its offering to customer and
enhance market share.
Different types of entrepreneur
There are different types of entrepreneur ventures that is conducting business operation in
different market area and influence over growth and development of economy. Different types of
entrepreneur ventures are mention below in detail –
1

 Small business – Small size business can be describe as all those enterprise that is
conducting business activities in small market area. This type of organisation is also
consider as local companies that is operating its business function is local market area.
There are number of small business and they are operated privately (Bertoni, Martí and
Reverte, 2019). This types of business includes grocery store, plumber services,
carpenters and so on. Airdri is an example of small size organisation as it is conducting
business activities in UK market area. The scope of small and medium size company is to
increase number of customer by providing high quality services. This type of
organisation is working to meet basis or financial requirement of owner.
 Large business – This refer as those company that is operating business activities in large
market area. This type of organisation in offering its products and services to
multinational area and meeting with the needs of different customers. Large or
multination organisation consist of many employees that is working effectively in order
to attain gaols of organisation (Bobera, Leković and Berber, 2017). Example of large
organisation is Marks and Spencer, Tesco and many more. These are enterprise that have
large investment of capital and offering its products or services all around the world. The
scope of large organisation is to earn more revenues and gain competitive advantage over
other rival companies.
 Social business – Social business can be describe as organisation that is performing
business activities for providing benefit to society and its citizens. There are different
social organisation that is conducting business operation in order to resolve the issues or
problem of society. The offering or products of social business will assist in meeting
with the needs and wants of customer as well as helping people who needs. Goodwill
industries is the example of social business. The scope of social business in to provide
benefit to society and citizen through its products and services (Coulibaly,Erbao and
Mekongcho, 2018). There are various activities conducted by social business such as
protecting environment, welfare of poor citizens and many more.
Comparison between enterprises
There are different factors that will lead to differentiate different entrepreneur ventures
and affect its business performance. Comparison between different types of entrepreneur
venture is mention below -
2