Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship.....................1
P2 Similarities and differences between entrepreneurial ventures.............................................3
Task 2...............................................................................................................................................4
P3 Interpretation of statistics for showing impact of micro and small business on the economy
.....................................................................................................................................................4
P4 Importance of small businesses and business starts-ups in growth of social economy.........6
Task 3 ..............................................................................................................................................7
P5 Characteristic, traits and skills of successful entrepreneurs...................................................7
P6 Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation.........8
Task 4...............................................................................................................................................9
P7 Background and experience can hinder or foster entrepreneurship.......................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
The entrepreneurs are those individuals who seeks to do more with the existing trend of
market. An entrepreneur puts all their efforts and hard work on to brining the revolution within
their respective share by imposing the effective ideas and practising unique as well as innovative
process of work, to create a distinct8ive image of themselves in the market. As these all the
qualities differentiates an entrepreneur from a traditional business tycoon (Akehurst, Simarro,
and Mas‐Tur, 2012). The entrepreneurs within the nation enforces a country to boost its economy
by generating optimum vale of revenue from their respective work fields.
To support this fact entrepreneurs establish the business ventures in the market. These
ventures are different from each others in various measures, such as according to their nature,
that could be public, private etc. or according to the size whether it can be small, medium or
large industry. This report paper here will determine all such factors such as differences and
similarities among various types of ventures and interpreting the statistical data to observe the
influence of small and micro enterprises on the economy. Along with that, the certain types of
typologies of ventures will also be discussed, the importances and explanation of the
characteristics of small / micro business and start ups is also mentioned in this project. Thus all
the aspects of entrepreneurial motivation and mindset impacts on the overall business
background and certainly on the personality of entrepreneur as well as of entrepreneurship.
Task 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
The entrepreneurs are wholly accountable to establish new business ventures to perform
the trading of their goods and service to earn a standard amount of profit. Each of these said
enterprises have their own purpose of existence and have distinctive approach in the market
place which enables their respective stake holders to gain their shares of profitability. The
effective returns from these ventures in the form of profit and dividends are the standards to
determine the success and work flow of the respective venture. These business centres are
classified on the basis of their size, nature, purpose, scope, capital invested etc.
Entrepreneurial activity
1

All those certain tasks and actions that helps a business to complete its operations for the
achievement of its determined goals and objectives are termed as the entrepreneurial activities
(Bakeman and Hanson 2012). These activities are an important part for the business growth and
development as all these activities are combined with the identification of innovative and unique
ideas which can significantly enhance the business process and can give the suitable alternatives
to improve the work operations and increment of effectiveness and efficiency in the respective
work flow.
Different type of ventures
Small business: The small business are considered as the post initial stage of
entrepreneurial section, as these types of business units have a determined number of employees
that can be approx 50, where each and every one is assigned with respective duties and
departments. The nature and working process of these business are not so developed according to
the market as these types of industries runs on a very specific budget and that is generally
formulated from the revenue and profits which are gained with the previous sales of products and
services. The small firms can also be formed out of partnerships, uni cell expansion or sole
proprietorship. The standard net worth of a small business is considered to be below €2 million.
The effective private small business units in United Kingdom are Clarasys, Orion electro tech
limited etc.These organisation have a very limited amount of capital that is invested in the
overall operations and the working f these company does not involve more than 250 personnel at
work.
Large company: The large companies are associated with the huge level of operations
and limit less trading and profit earnings. The distribution of products and service of a
respective large company is performed at a very large scale and in a very systematic manner.
Most of the large scale companies expand their business operation a global level. A huge amount
of capital is also invested at the beginning of these organisations. Big firms of United Kingdom
such as Marks and Spencer, in the private sector whereas NHS is also a renowned company
among the public sector of United Kingdom . These companies work at a extensive level
equipped with more than 250 workers. While the Marks and Spencer operates its business at a
global level. The company deals in clothing and other essentials in the global market.
Social enterprises: These organisation aims at resolving the social issues and works for
the betterment of society and region. These firms are developed with a view to understand the
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