Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
Different types of entrepreneurial ventures.................................................................................3
Similarities and difference between entrepreneurial ventures.....................................................4
LO2..................................................................................................................................................5
Impact of micro and small business on the economy..................................................................5
Importance of small businesses in the growth of social economy...............................................5
LO 3.................................................................................................................................................6
Characteristic traits and skills of successful entrepreneurs.........................................................6
OCEAN Model for entrepreneurial personality..........................................................................7
LO 4.................................................................................................................................................8
Impact of environment on Entrepreneurship...............................................................................8
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship deals in the ability to run, develop and organize a business enterprise
despite all the uncertainties in order to make large profit. This can be done by developing a new
business. The individuals who exercise entrepreneurship are given a title of Entrepreneur who is
a person who has abilities and the determination to establish a start-up despite of all the risks to
make much profit (Sohail, Balaraman and Telford, 2019). They believe in developing new ideas
and innovations rather than improving the old ones.
Small and medium sized enterprises are started by some of the individuals who have the will to
take the risks and strive hard to grow it into a bigger organization. The report will begin by
describing the range of entrepreneurial ventures along with their similarities and differences.
This was followed by examining the importance of micro and small businesses in the growth of
the economy. It will also highlight the different aspects of entrepreneurial mind set. The report
will be finalized by describing the factors of background and experiences which fosters and
hinders the entrepreneurship by taking examples of 2 well-known entrepreneurs.
LO1
Different types of entrepreneurial ventures
Entrepreneurship refers to the establishing the new business and an entrepreneur is the
person, who use its skills, talent and capabilities for the start-up of the business. Entrepreneur
venture is the place where the implementation of the new innovation and ideas takes place. It
plays an important role for the early and mid-stages company by providing the ideas and advice
to them (Frederick, 2018). This includes the implementation of the plan and strategy for the
development of the business. Basically there are four type of the entrepreneurial venture. They
are as follows:
Small business ventures: small business are the business which are run and managed by the
small entrepreneurs. Small business includes the business of travel agents, grocery shops,
hairdressers etc. In these businesses the local people and the family members are hired for
running the business. The main aim and objectives for the small business ventures are to earn
profit for meeting the needs of the family members.
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Scalable start-up ventures: the main aim and objective of the scalable start-up ventures are to
change the vision of the world. These entrepreneur thinks that their business can change the
vision of the people. The main objective of the scalable start up is to earn profit rapidly.
Large company ventures: large company ventures are the business which has started with the
higher capital. Large companies consist of many processes like innovation, offering the new
product. These companies might get affect ted due to many reasons such as, customer’s
satisfaction, customers demand, laws and regulations, new techniques and the competitors.
Social ventures: social ventures are the business which are established for the welfare of the
society. The main focus of these business are to fulfil the needs and demands of the society. It
also focuses on the new products and innovation for the betterment of the society. It also
provides various programs for the society, it is considered as the responsible business in the
market.
These ventures are related to the typologies of the entrepreneurship. It means that the
different types of the ventures are inter related to the typologies. Such as, small businesses are
the business which includes their families and the local people, their main motive is to earn profit
for the survival of the families (DeSantola, 2017). Whereas the large company ventures are
related to the capital investment. Their focus is on maximising the profit of the business. Their
objective is to get the higher return from the products and services provided to the customers.
Similarities and difference between entrepreneurial ventures
The similarities of entrepreneurial ventures are to earn and maximises the profit from their
business. The main goal of the public and private company is to be profitable and social ventures
use their profit for the welfare of the society (Katz, 2018).
The difference between the entrepreneurial ventures are:
On the basis of business structure: private limited do not have the permission to sell their shares
openly in the market, whereas public limited can. Public and private limited company focuses on
the profit making whereas social ventures focuses on the serving to the society.
On the basis of size: the aim of medium ventures is for the expansion, whereas large business do
not focuses on the ability to survive, but have control on the market share.
On the basis of ownership: public limited uses their revenue for making the public things, which
is helpful for the society as well.
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