Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
Introduction......................................................................................................................................1
Task 1...............................................................................................................................................1
Explain various kinds of entrepreneurial ventures and how they relate to the typology of
entrepreneurship.....................................................................................................................1
Explain the differences and similarities of different entrepreneurial ventures.......................2
Task 2...............................................................................................................................................3
Discuss and evaluate associated data assessing how small businesses impact the economy.3
Examine the importance of start-ups and small ventures to the development of social
economy.................................................................................................................................5
Task 3...............................................................................................................................................5
Examine the skills an entrepreneur has in compare to other business managers...................5
Assess how aspects of entrepreneurial personality replicate mindset and motivation...........6
Task 4...............................................................................................................................................7
Explain with appropriate examples how background and personal experience can hinder or
foster entrepreneurship...........................................................................................................7
Conclusion.......................................................................................................................................7
References........................................................................................................................................9

Introduction
Entrepreneurship is described as the procedure of formation and extraction of value through
starting new enterprise with the generation of new and innovative ideas, it generally involves the
an individual who is known as entrepreneur starts an enterprise bearing all the risk involved for
the purpose of making profit. This report highlights various forms of ventures and their impact of
the London economy along with their similarities and differences and also the ventures
influencing economy and importance of small business in the growth of social economy. In
addition to this skills of entrepreneur and his personality reflecting his mindset is also
highlighted and how his surroundings and personal experience hold back and encourage
entrepreneurship is also highlighted.
Task 1
Explain various kinds of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Small business Vs entrepreneurial venture
The small business are the small size business which generally deal with known products
and services in the marketplace, but whereas the entrepreneurship is the process of creation of
essential value through establishing new innovative enterprises bearing all the risk for the
purpose of getting rewards (Bhardwaj, 2018). The various kinds of entrepreneurial business are
mentioned below:
Small business entrepreneurship: These types of entity that are generally small in size
started by the single entrepreneur involving very small amount of investment. The increasing
numbers of small venture largely contributes in the enhancement of the economy.
Example: A small café started by an entrepreneur is an example of small business
entrepreneurship.
Scalable start-up entrepreneurship: The scalable start up are started with some
innovative and creative ideas by the entrepreneur, the entrepreneur always tries to bring
something new and innovative in the market (Truong and Nagy, 2020).
Example: Facebook is one of the example of Scalable start-up entrepreneurship venture
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Large company entrepreneurship: This kind of enterprises are generally big in size
requires large amount of investment, offering large number of products and services to fulfil the
demands of the target customers and with aim of maximising profit.
Example: Apple is one of the example of large company entrepreneurship
Social entrepreneurship: The last kind of entrepreneurial venture is the social
entrepreneurship, continuously working towards the welfare of the society through fulfilling their
needs and wants (Giménez and Calabrò, 2018).
Example: Aspergers East Anglia in UK is one of the example of social entrepreneurship
Typologies of entrepreneurial ventures: The typologies of the venture is defined as the
different type of entrepreneurs and their different types of ventures.
Innovator entrepreneur: The innovator entrepreneurs are innovative in nature brining
innovation.
Female entrepreneur: This involves the enterprises are started by the female
entrepreneurs.
Typologies
Lifestyle enterprises: These types of enterprises involves where entrepreneur works
towards improving life others.
Growth enterprise: It works towards regular growth and development.
From the above it is analysed that the various kind of entrepreneurial ventures and different
typologies are directly linked with each other and effectively working towards enhancing the
performance and profitability and fulfilling the needs and wants of the (Kim, 2018).
Explain the differences and similarities of different entrepreneurial ventures
The various differences and similarities among the various forms of entrepreneurial
ventures are mentioned below:
Similarities
 All the four entrepreneurial ventures works towards fulfilling the demands of their target
buyers.
 All these started with some unique and creative idea which was later converted into
business enterprise.
 In addition to this another similarity between all four is that they all offers quality and
value added products and services to their customers.
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