Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and explains how they relate to the typology of
entrepreneurship..........................................................................................................................3
P2 Discuss similarities and differences between entrepreneurial ventures.................................5
TASK 2............................................................................................................................................6
P3 Interpret relevant data to illustrate how micro and small businesses impact on economy. . .6
P4 Importance of small business and business start-ups to the growth of social economy. ......7
TASK 3............................................................................................................................................9
P5 Explain characteristic traits and skills of successful entrepreneurs that make them
differentiae from managers. .......................................................................................................9
P6 How aspects of entrepreneurial personality reflect entrepreneurial mindset and motivation.
...................................................................................................................................................11
TASK 4..........................................................................................................................................12
P7 How background and experience can hinder or foster entrepreneurship. ...........................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is the heart of every business. Every large company has started with
small company and led by an entrepreneur. Entrepreneur is an individual person who started an
organisation or small business with a purpose of achieving goals and objectives. He takes all
responsibilities and risks associated with the business and carry out all activities. Entrepreneurial
skills and capabilities are also in demand in every type of business whether it may be small,
medium or large enterprises. Entrepreneurship and small business management are designed to
build entrepreneurial skills step by step (Ahsan, 2020). This will help entrepreneur in enhancing
their skills and development. This report is covers various types of entrepreneurial ventures and
how they are interrelated with typology of entrepreneurship. This also covers similarities and
difference between entrepreneurial ventures. How micro business impact on social economy and
importance of small business and start-ups to the growth of social economy. This report includes
case studies and traits of two entrepreneurs. These are Tom mercer and Elizabeth Gooch. How
aspects of entrepreneurial personality reflects entrepreneurial mindset and motivation. And last it
covers how background and experiences can hinder or foster entrepreneurship.
MAIN BODY
TASK 1
P1 Different types of entrepreneurial ventures and explains how they relate to the typology of
entrepreneurship.
Entrepreneurship provides planning of new ideas and innovation of techniques that can
helps the business in operating its activities. Businesses can be of any type small, medium and
large. There is a huge requirement of entrepreneurial ventures at the time of working in an
organisation. Entrepreneurial ventures focus on providing various services to the people at the
time of working in early stage. Entrepreneurial ventures help to take proper approaches and
methods that are based on development of strategies, setting network on various specified areas
and implementation of plans (Anwar and Ali Shah, 2020). Entrepreneur are made for
introduction of new ideas and innovations and making proper planning in any situation comes in
the business environment. Various types of entrepreneurial ventures are there. These are:
 Small scale organisation: These business are generally maintained and owned by a
single entrepreneur in independent manner. In this sole proprietor have certain

responsibilities and neds to bear all risks by his own. This business contains of generally
carpenters, small outlets etc (Yunis, Tarhini and Kassar, 2018).
 Medium size organisation: Medium size company are those who who increase
investments on various kinds of machineries. The investment will be about more than 4
billion but below 10 billions. The business which is taken in this is Captify is a superior
example of this.
 Large size organisation: Large organisations focuses on increasing there profits by
satisfying customer needs and demands. The biggest example of large organisations are
Tesco, Marks and Spencer etc. They adopt those entrepreneurs who conduct various
strategies and provides variety of goods and services to the customers. They focus on
increasing their profits and revenue while satisfying customers needs and wants (Bakri,
2017).
 Social enterprises: These organisations focus on increasing welfare of the society. For
this entrepreneur apply commercial strategy to focus on company's finance and social
welfare.
There are different types of typologies that are used in business organisation. These are:
 Lifestyle firms: The entrepreneur identifies various ideas and planning strategies to
design the lifestyle of employees in a standard manner. This enhance employees at the
time of attending a meeting or conferences with any other organisation. The examples of
these firms are tour guides and skin instructor.
 Entrepreneurial firm: This is a simple from of company which is based on large
operations and also which consist of capable employees in an organisation.
 Salary- substitute entrepreneur: Salary substitute entrepreneurs are those who
implement various ideas and innovation to make proper structure of the salary of
employees and workers so that it can allotted to the employees in an effective manner
(Bozhikin, Macke and da Costa, 2019). And there can't be any conflicts between them.
P2 Discuss similarities and differences between entrepreneurial ventures.
There are various types of entrepreneurial ventures. As these re discussed in above
question. There is a difference between entrepreneurial ventures. This is mentioned below:
Difference between small business and large business: