Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Types of entrepreneurial venture and its relation with typology of entrepreneurship......3
P2 Similarities and differences between entrepreneurial ventures.........................................5
TASK 2............................................................................................................................................6
P3 Interpret and assess of relevant statistics and data to demonstrate the impact of small and
micro business on local economy...........................................................................................6
P4 Importance of small business and business start-up for growth of social economy.........8
TASK 3............................................................................................................................................9
P5 Characteristic, trait and skill of entrepreneurs that differentiate them from manager......9
P6 Entrepreneurial aspect that reflect motivation and mindset of an entrepreneur..............12
TASK 4..........................................................................................................................................13
P7 Background and experience that foster entrepreneurship...............................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
The term entrepreneurs refers to those individual that have ability for inventing and
implementing theoretical ideas into practical approach. Entrepreneur works with motive of
identifying and fulfilling a gap that exists among market or society in order to fulfil them for
entering into competitive market through utilising innovation aspect. Along with this
entrepreneurs work as backbone of business that enhance number of job opportunities in market.
In order to provide different assistance that support development of country an entrepreneur
implement small, micro or large business organisation that provide better services to customers
(Avevor, 2016). Moreover, this report includes differentiation and similarities among different
entrepreneurial venture and interpretation about different related statistics is also used for
interpreting conditions about macro environment. In the last, aspect related with personal
reflection of entrepreneurial motivation and with their mind set which foster entrepreneurship
will also focus in this report.
TASK 1
P1 Types of entrepreneurial venture and its relation with typology of entrepreneurship
According to the American association, the term entrepreneurship is defined as an act for
creating a business activity or action that is used to build and scale a business for generating
better profits. This is also used for transforming world as per transforming areas that solve
problems. It is also used to initiate change through making innovation in organisational products
that add more value among existing products.
Concept of entrepreneurship
The term entrepreneur is an individual or person who allocate it’s time for searching
something new areas that exploit better notion as well as vision to gain better opportunities that
bear risk to involve better operational process (Burns, 2016). It is also used for undertaking
different activities related with entrepreneur.

For the 21st century entrepreneurship refer to the way of thinking, acting and reasoning
that is used for making opportunity which obsessed holistic approach that make balance for
generating value creation among all organisation. Entrepreneurship also results for creation,
realization and renewal that support participant to all stakeholders.
Types of entrepreneur
 Serial entrepreneur- An entrepreneur performs work with new ideas and start business
which is based on new idea. From perspective of serial entrepreneur the organisation
take challenge on repetitive basis. Once a serial entrepreneur manage its business with
more success than organisation is sold by entrepreneur or the responsibility is delegated.
It helps them to start a new business or manage a new venture to enter into new market.
 Intrapreneur- An intrapreneur is recognises as an employee or individual who complete
task by developing and managing an innovative idea or project in an organisation.
Moreover, the intrapreneur undertakes the access of resources and capabilities of an
established business that work with a special idea or project (Chhabra and Pattanayak,
2014).
 Owner-manager- Most of the small businesses are managed with owner-manager types
of entrepreneur that drives force to enhance changes in business that occurs among
environment. This also refers that an individual manage and operate business within a
small area for fulfil its own purpose.
Types of entrepreneurial ventures and its typologies
 Small business- These kinds of adventures are having tremendous number of capital,
activities and workers in which benefits are earned in offering types of assistance for
earning better amount of cash. The extent of this kind of adventure is little in which
items are offered in specialty advertise. The total assets of these sorts of adventures are
not exactly or equivalent to €2 million and number of workers are under 50. Instances
of the small business are Clarasys, electotech limited and many more.
 Enormous organization: These undertakings incorporate those endeavours which are
having high activities, size and immense number of workers. Such types of ventures are
giving their business activity at worldwide level and this trademark makes their
business to run their activity in smooth way (Duchek, 2018). With the assistance of