Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1 : Range of venture types ........................................................................................................1
P1 Different types of entrepreneurial ventures ..........................................................................1
P2 Similarities and differences between the entrepreneurial venture.........................................3
Similarities..................................................................................................................................3
Differences..................................................................................................................................3
LO 2 : Impact of small businesses on the economy.........................................................................4
P3 Interpretation and assessment of relevant data and statistics of SME's impact on the UK
economy......................................................................................................................................4
P4 Small business and business strat-ups contributing to the growth of the economy...............5
LO 3. Determine and assess the key aspects of entrepreneurial mind-set.......................................6
P5 Characteristics, traits and skills of successful entrepreneurs.................................................6
P6 Aspects of the entrepreneurial personality.............................................................................7
LO 4. Examine the different environments that foster or hinder entrepreneurship.........................8
P7 Background and experience can hinder or foster entrepreneurship.......................................8
CONCLUSION ...............................................................................................................................9
REFERENCES .............................................................................................................................10

INTRODUCTION
Entrepreneurship is a state under which a business owner or entrepreneur establish or
start a business with his or her thought, idea, creation and so on. It is a willingness and capability
to develop, organise and manage an organisation or business venture along with any of the risk
in order to make profit out of it. Any individual who starts a business is known as an
Entrepreneur. The present report is in context to entrepreneurship and small business
management, it will identify various types of entrepreneurship along with their similarities and
differences. The report will also determine impact of small business on the economy and their
importance for the growth and development. Furthermore, the report will discuss the
characteristic, traits and skills of two successful entrepreneurs.
LO 1 : Range of venture types
P1 Different types of entrepreneurial ventures
Entrepreneur is a man who has the capacity and ownership of another undertaking,
venture or thought and expect fundamentally responsibility for the natural dangers and results.
He or she is an aspiring pioneer who puts resources into the land, work and capital to frequently
make and market new products and ventures. There are different sorts of businesses which are as
per the following- Small business entrepreneurship - Small entrepreneur are any individual who runs
his/her own particular business. They change over thoughts into the real world and
manage both assembling and exchanging parts of business. For instance: markets,
beauticians, advisers, travel specialists, web trade customer facing facades, craftsmen,
handymen, electronic, and so forth. They enlist nearby workers or family (Cherny and
et.al., 2017). Scalable start-up entrepreneurship - This enterprise action is connected with sorting out
business as indicated by vision and drawing in one of a kind quality highlights with
regard to new pursuits. Be that as it may, it is fitting for adaptable plan of action and
quick extension of big business. Under this procedure, high sum is required for arranging
and actualizing plans for viable reserve and asset distribution. Social business entrepreneurship - Social business people are those daring individuals
who focus around giving items that are helpful to settling society's needs and issues.
These are non benefit enterprise elements in which restricted dangers happen in working
1

business exercises. Accordingly, its objective is to settle on choices related with society's
mindfulness and making riches for authors. It is advantageous for country's improvement
and contributing successfully in every single other division of country. For example,
business, tourism, creation identified with trade import of merchandise and so on. Trading - This sort of entrepreneur embraces exchanging exercises and worried about
promoting. The entrepreneur isn't worried about the assembling works and exercises.
They don't manage exercises of generation and acquisition. They simply buy the
completed item and straightforwardly pitch it to the clients. In this business, proprietor
offer completed item either without anyone else or by retailer. This sort of entrepreneur
goes about as the go between among producer and clients and they are the distributor,
retailer and merchant. Industrial entrepreneur - Industrial entrepreneur is a producer who begins or set up a
modern unit. This sort of entrepreneur recognizes the real client prerequisite related with
items and benefits and convey the correct ware to them. The significant target of this sort
of business enterprise is to fulfil the requirements and needs of purchasers in the market
by assembling items as needs be. This entrepreneur is an item arranged man who
understands the chance to set up and mechanical unit as a result of the likelihood of
making some new item. This sort of entrepreneur has the capacity to exchange monetary
assets and compelling national innovation in to an extensively productive venture. They
change over crude material into completed wares. Corporate entrepreneur - This entrepreneur is that who speaks to his expertise in sorting
out and dealing with a corporate business with driving development. This entrepreneur
needs to design, make and deal with a firm structure.
 Agriculture entrepreneur - The entrepreneur conducts rural exercises, for example,
developing and advertising of harvests, manures and other contribution of horticulture.
They are inspired to raise the horticultural results by utilization of viable innovation,
water system. They cover a wide range of the agribusiness area and incorporate rural and
unified occupation (Charness, 2017).
According to the above discussion, it has been found out that there are different sorts of
entrepreneur businesses which have diverse procedures, targets and arrangement of business.
Following are Entrepreneurial ventures in connection with typology of enterprise:
2