ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Contents
INTRODUCTION...........................................................................................................................3
Task 1...............................................................................................................................................3
P1 Different types of entrepreneurial ventures and typology of entrepreneurship......................3
P2 Similarities and differences between entrepreneurial ventures..............................................4
P3 Interpretation of statistics for showing impact of micro and small business on the economy
.....................................................................................................................................................6
P4 Importance of small businesses and business starts-ups in growth of social economy..........7
Task 3...............................................................................................................................................8
P5 Characteristic, traits and skills of successful entrepreneurs...................................................8
P6 Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation........10
Task 4.............................................................................................................................................11
P7 Background and experience can hinder or foster entrepreneurship.....................................11
Conclusion.....................................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurs are those individuals which invent new concepts and ideas into reality so
that high revenues can be earned along with satisfying the needs of customers in a proper
manner. These people are considered as backbone of a nation and economy as they also benefit
in providing numerous job and income opportunities to common people (Dimov, 2011). By this,
people in UK are able to earn an indispose income. This assignment report is going to cover
different kind of entrepreneurial ventures and their typologies along with difference &
similarities in business ventures. Beside this, statistics and facts are mentioned about SMEs on
the basis of economy. Beside this, advantages of start-ups and small business in context with
social economy is mentioned. Other than this, characteristics and traits related with successful
entrepreneurs are mentioned along with aspects that reflects mind-set and motivation of
entrepreneurs. At last, role of background and education in hindering or fostering
entrepreneurship is discussed.
Task 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurs are the people which are responsible to start a new business by offering
products or services to the customers as per their choice. These are the businesses which are set
up by entrepreneurs so that high amount of income can be generated to live a standardised life.
Entrepreneurial activity is referred as the procedure in which an organisation generates profits by
performing economic activities. These activities benefits in exploration of unique and new ideas
so that high growth can be sustained through venture (Heinonen,Hytti, and Stenholm, 2011).
There are different kind of entrepreneurial ventures which have their own size, purpose, service
and scope which are mentioned below:
Different type of ventures
Small business: These kind of businesses require limited number of operation, size,
employees and capital to operate their business. These business ventures are run to offer good
services and products to the customers. Scope and size of these business is narrow as their
operations are performed on small level only. Small businesses are formed under sole