Entrepreneurship and Small Business Management

Entrepreneurship and
small business
management
Contents

INTRODUCTION.................................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Diverse types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship................................................................................................................................3
P2 Differences and similarities between entrepreneurial ventures.....................................................4
M1 Diverse range of entrepreneurial ventures to determine the understanding in both corporate and
public sector......................................................................................................................................6
D1 Evaluate the scope, growth and development of entrepreneurial ventures...................................6
Task 2....................................................................................................................................................6
P3 Assessment and interpretation of important data in context with how small and micro term
enterprises impact the economy.........................................................................................................6
P4 Importance of small business and business start-up for growth of social economy......................7
M2 Analyse the differences which small, medium and large organizations make to the economy in
relation with both statistics and data..................................................................................................8
D2 How small organizations have an influence on diverse levels of the economy in terms of the
international context..........................................................................................................................9
TASK 3.................................................................................................................................................9
P5 Examine the characteristic, skills and traits of successful entrepreneurs......................................9
P6 Determine how various entrepreneurial aspects personality affect mind-set adnd motivation....10
M3 Different lines of argument in context with entrepreneurial characteristics..............................10
D3 Skills, traits and motivational drivers of successful entrepreneurs.............................................10
TASK 4...............................................................................................................................................11
P7 Examine using examples how experience and background can foster or hinder entrepreneurship
.........................................................................................................................................................11
M4Evaluate the link between entrepreneurial features and influence of personal experience and
background......................................................................................................................................11
D4 Evaluation of how background and experience influences entrepreneurs both positively and
negatively........................................................................................................................................11
CONCLUSION...................................................................................................................................12
REFERENCES....................................................................................................................................13
INTRODUCTION
Entrepreneurship organisations refer to the certain Start-ups which are developed in
terms of the small businesses and the reason behind this is the lack of funds. All the small

trades must focus on numerous aspects that include providing innovative market offerings,
certain marketing activities, analysing the budget which is included in estimating the overall
risk indulged in different business functions and many more (Shahid and Ahsen, 2021).
These small businesses need to manage up with the efficient and growing market trend and
finding out various sources of funds and offering exceptional products in the marketplace so
that all customers can get attracted and effective customer satisfaction can be built up. The
report is based on Fresh ways. It is a small business enterprise which is mainly known for
providing pure milk and certain dairy products since long period of time. The report includes
various types of entrepreneurial ventures, the difference and similarities between both,
importance of small business and businesses start-ups, the influence of micro and small
business on the economy, different entrepreneurial aspects that reflect mind-set and
motivation and how background and experience hinders or foster entrepreneurship.
TASK 1
P1 Diverse types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
In terms of entrepreneurial ventures they refer to the business expansion and new
opportunities of the corporate projects, innovation with regards to meet the profitability
objectives and goals and ultimately the business success. There are two categories of
entrepreneurial undertakings which include the small and medium businesses as well as the
big companies. There are numerous types of these ventures which totally depend on the
nature of the industry that comprises the main purpose of organisation, their financial
capability and certain market offerings. The typology of entrepreneurship means behaviour of
businessperson that ultimately helps to frame out different approaches for enabling the
business. Besides this the tycoon’s possess various type of skills and talents and their roles
and responsibilities which defines the method of conducting a business by taking certain risks
while dealing with doubts that can occur at any point of time. There is diverse type of
ventures which involves a scalar entrepreneurship, small scale, larger scale as well as the
social entrepreneurs.
 Small scale entrepreneurship: - They involve travel agency, grocery stores, and
plumber’s local shops. In terms of these productions they do not have any constant
economic condition as they move to different places in search for jobs and meet their
financial needs there are various small businesses in the United Kingdom and they
totally depends on the government donations to meet their financial necessities
(Khalilov and Yi, 2021). There are various types of policies and plans which includes
offering financial support and certain other corporate solutions so that they can
support these small business establishments. In United Kingdom they mainly support
the business operations with the help of governmental funding and other private
resources.
 Scalar entrepreneurship: - It involves the business corporations that have stable
economic conditions though on provisional basis so with respect to this they look for
investors, shareholders financing with business activities. In relation with this
entrepreneurship individuals do jobs because they need to meet all the expectations
and lead to business growth.

 Social entrepreneurship: - It was the industries which includes updating all the
activities just for the purpose of attaining social needs as well as the welfare in the
society. In relation with these organisations they come under the non- profit sector
that works mainly to increase the social anxieties and enhance the public value of the
corporation. Their main objective is not to earn profit but to enable collective justice
and equality.
 Large business: - In accordance with these business organisations they have high
level of financial resources and stable economic condition through which they meet
the market demand and gather all the segments (Abdelkarim, 2021). The main goal is
to maintain corporate and efficient image and improve all goods and services with the
help of enabling new changes and inventions in their organisation. It involves
transnational enterprises like Zara, Mark and Spencer and many more. In relation with
these businesses they have different nominees, shareholders that finance all the
monetary activities of the business.
P2 Differences and similarities between entrepreneurial ventures
There are numerous types of entrepreneurial ventures like macro, micro, social and
many more. In terms of all the endeavours there are certain differences and similarities which
are being explained as below: -
Similarities and differences between entrepreneurial ventures: -
Basis Scalable
start-up
entrepren
eur
Small
business
entrepreneur
ship
Large
company
Social
entrepreneur
ship
Private
venture
Public
venture
Goals
and
objectiv
es
The main
purpose of
these
business
organizatio
ns is to
deliver
inventive
and unique
products
on
constant
basis and
achieve
high level
of
profitabilit
y.
These
corporations
do not have a
proper
structured and
sequential
goals and
works mainly
on the basis of
receiving
reduced level
of growth.
These
enterprise
s the
objective
s are to
sustain in
the
market
place by
enabling
new
goods
and
services(
Ali and
et.al,
2021).
The focus is to
provide
efficient and
best quality
goods and
services to
make the
world a better
place.
To
provide
creative
values to
all the
audiences
.
To take
benefits in
terms of
social
opportunit
ies
The risks
which are
in
association
with these
enterprises
The risk is low
but besides
this there is
high level of
competition
with same
In this
case the
risks are
at the
medium
stage
The risk is
neither high
nor low and
the reason is
that proper
support from
Various
operation
al risks
are there
There are
certain
reputation
al risks
are there