Entrepreneurship and Small Business Management INTRODUCTION 1 PART 11 P1 Different types of entrepreneurial ventures and their relation to its typologies

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their relation to its typologies....................1
P2 Similarities & differences between entrepreneurial ventures................................................3
P3 Impact of micro and small business on economy..................................................................5
P4 Significance of small businesses & start up's on growth of social economy.........................7
PART 2............................................................................................................................................8
P5 Traits, skills and characteristics of successful entrepreneurs.................................................8
P6 The way in which entrepreneurial personality aspect reflects motivation and mind set.....10
P7 How background and experience can foster entrepreneurship............................................11
CONCLUSION .............................................................................................................................11
REFERENCES .............................................................................................................................13

INTRODUCTION
Entrepreneurship is a process of starting new venture by taking risk with the help of
yielding high profits. It refers to an activity where an individual is willing to operate and manage
business by using their skills and resources so that enough profits can earn (Altman, Sabato and
Wilson, 2010). Entrepreneurs are innovators and they have ability to determine opportunities
from market and exploit them on time. They convert the resources with low productivity into
higher one. This assignment covers different entrepreneurial ventures and its similarities and
differences. Apart from this, report includes skills, traits and characteristics of successful
entrepreneurs.
PART 1
P1 Different types of entrepreneurial ventures and their relation to its typologies
Entrepreneurship concept:
Entrepreneurship is determined as a process of converting an idea into innovation that
helps in growth and sustainability of venture. By successful conversion of idea into valuable
goods and services, firm enables to yield high profits (What is Entrepreneurship?. 2018). By
combining resources, capital, land and labour in business opportunities, high profits are earned
by entrepreneurs. It completely depend on the ability and potential of individual to take risk,
examine market and execute plan with the aim of delivering high quality products and services to
target customers.
Different entrepreneurial ventures:
Small business entrepreneurship: These are small firms which are owned and managed
by single individual. There is a single owner which handles the functioning of entire business.
These are considered as small size firms as for starting it, high amount of capital as well as
manpower is not required. These ventures are established with the aim of satisfying basic needs
of people and earning enough profits. Main objectives behind operating these businesses is feed
members of family rather than earning profits. Electricians, carpenters, consultants and grocery
stores are some example of small business entrepreneurship.
Scalable start up entrepreneurship: These are skilled and creative entrepreneurs and
have high ability & potential to change the world by their skills, competencies as well as
innovative ideas (Audretsch and Link, 2012). They mainly emphasize on searching out
repeatable and scalable business model. Once the found such structure or frame, their next step is
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to start focusing on getting attention venture capitalist. These individuals establish, develop and
expand their business by their creative & innovative ideas.
Social entrepreneurship: These are the innovators that mainly focus on developing such
goods which facilitates in resolving problems and needs of society. Main aim behind starting this
venture is to enhance country's economic condition. Its existence is not only for the purpose to
earn enough profits but to give their high contribution in welfare and development of society.
These entrepreneurial ventures deals with several issues like poverty, health care and illiteracy
(Barringer, 2012).
Serial entrepreneurship: These are individuals who come up with new ideas on
continuous basis to establish a venture. They are somewhat different from other entrepreneur as
others establish their business with own ideas and play significant role in managing routine
operations of business. But in case of serial entrepreneurs, they come up their unique ideas, start
a business and handover it to others after its successful running then again start a venture with
different idea. These entrepreneurs are known by the name of founder of businesses.
Large scale entrepreneurship: It includes multinational firms which start up their
businesses with high investment. Such organisations mainly focuses on creativity and innovation
and operates with the major aim of yielding profits as well as working for social welfare. They
are engaged in CSR activities and run their business ethically. For gaining high profitability and
competitive edge in market, their main focus is to improve quality of products and satisfy needs
of customers.
Entrepreneurship typologies:
Female entrepreneur: These are women entrepreneurs who start their business actively
with innovation and creativity. Female participation in employment and equity of firm is the
basis of female entrepreneurship. In this, organisation is successfully run and managed by
females and have minimum 51% of stake in company (Baum, Frese and Baron, 2014).
Serial entrepreneur: These individuals continuously come up with innovative idea to
start business. They take challenges, establish business properly, assigning responsibilities to
perform operations and then move to another venture.
Male entrepreneur: Organisations are rely on ability and potential of men & an entire
business is operated and managed by males only. Minimum 49% shares of company are hold by
male entrepreneur.
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