Entrepreneurship and Small Business Management

Entrepreneurship and Small
business Management

INTRODUCTION
Entrepreneurs are the people that have some innovative and creative idea through which t
hey could make the change in the society and with that always try to get satisfy the basic need
and demand of the market. They have also known as the backbone of the economy as they have
generate a lot of revenue and job opportunity as well(Brush, 2019). This report includes ventures
and typology along with various similarities and differences among various entrepreneurial
ventures. Furthermore, it includes the impact and importance of micro and small business as well
as start up on growth of the economy. Apart from this, report includes the characteristic of the
entrepreneur, their trait and skills, along with this the impact of their background and experience
on the level motivation and mindset are discussed.
Task 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurs venture defines the small businesses that will develop by an entrepreneur in
order to generate more sales and better profit. There are some of the different entrepreneurial
venture which are based upon their size, scope and the purpose of the business.
Entrepreneurial activity
Entrepreneurial activity is the procedure through which the entrepreneur will create more
economy as it is based on the creative and the innovatory ideas that helps to make more growth
and better development. As for these ideas the livelihood of the society will get developed with
that they get the employment as well by which the need and demand of the customer will also get
satisfied(Cole, 2018).
Different type of ventures
Small business: It is the businesses that have less than 50 number of employee and have
generate the revenue of €2 million. It has been developed to make more profit that is more
usually get formed under the sole proprietorship and partnership. These types of business have
developed with narrow size and scope and have earned maximum profit as from the product and
services. For example Clarasys, Orion electrotech limited etc that are the public firm.
Large company:It is the businesses that get worked with the larger scale and more size
with large number of employee and they have provided the diverse product and service to fulfil
the demand of the customers. These are the business that will expand their business on
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international level and have also need a huge amount to perform their function with more
smoothness. For example Tesco, ASDA etc that is private firm
Social enterprises:It is the business that will get developed to raise the living standard of
the public and with that measure more development(Dana, 2018). It is the business that has more
scope and thus the livelihood will get developed and doesn’t have focused to generate more
profit. For example: various activities related to social welfare, provide education etc.
Typologies of entrepreneurship
The ventures of entrepreneurship have followed various typologies through which they
have make their business more advanced and some of the typology are as defined below as:
Lifestyle Enterprise: It is the enterprise that will developed the standard of living and
likelihood of the people as they have also given the employment to lot of people and with that
satisfy the demand of the local people with more better goods and services. It is the enterprise
that includes the social venture.
Growth firms:It is the firm that will get developed to generate more profit and higher
revenue and always try to indulge the new ideas in order to gain more productivity. They have
choose different creative ideas to fulfil the basic requirement of the society by which the public
get most better quality goods and these firm have come under the small and large
organisation(Fayolle, 2018).
The ventures of entrepreneurship and various typologies are organized with the motive of
improving the standard of living and lifestyle of the people and also to contribution to the
development of the economy as a whole.
P2 Similarities and differences between entrepreneurial ventures
The similarities and difference among the entrepreneurial ventures are given below:
Differences
Basis Small business Large company Social
entrepreneurship
Scale It is the business that will
work on small level and
also get perform their
business with small
It is the business that will
operate the business on
higher scale and need
large amount of funds to
It is the business that
will operate the
operation to fulfil the
need of the local
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