Entrepreneurship and Small Business Management

Entrepreneurship
and Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Types of entrepreneurial venture and its relationship with topology of entrepreneurship.. .3
P2. some similarities and difference between different entrepreneurial ventures.......................5
TASK 2............................................................................................................................................6
P3. How micro and small business impact on economy with interpret and assess relevant data
and strategics to illustrate............................................................................................................6
P4. Importance of small business and start-ups to growth of social economy...........................7
TASK 3............................................................................................................................................8
P5. Characteristic traits and skills of successful entrepreneurs...................................................8
P6. Different entrepreneurial personality reflecting entrepreneurial motivation and mindset..10
TASK 4..........................................................................................................................................11
P7. Various ways by which background and experience hampers performance of an
entrepreneurship........................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship refers to an individual which takes benefits form best opportunity and
starts new business and bearing risks for profit making. The micro and small businesses
organization plays an very crucial role in development of economy. In current report, different
entrepreneurial business venture with their similarities and differences are discussed in brief.
Thus, every entrepreneur focuses on introducing some innovation with help of their product and
services. Along with this, some importance of micro-mall business enterprises and start-ups
which helps in growth of social economy are listed below. This report also considers some
different entrepreneurial traits and skills given by successful entrepreneurs. In addition to this,
for examining the entrepreneur personality OCEAN model is adopted. At last some factors by
which background as well as experience is enhanced the performance and productivity of an
entrepreneurship is described in effective manner (Ahmad, 2015).
TASK 1
P1. Types of entrepreneurial venture and its relationship with topology of entrepreneurship.
Entrepreneurship is defined as process of introducing new innovative business idea that
helps business man to operate their business operations effectively by facing financial risk in
order to generate profit. However, there are different entrepreneurship venture that helps an
entrepreneur to run his innovative idea. Such venture are scalable start-up, small business, large
company, social entrepreneurship.
Different types of Entrepreneurial Venture:
There are various form of entrepreneurial venture that will help entrepreneur to execute
their new innovative business idea for offering their products and services in profitable market.
Here, some different business ventures are discussed under below:
Small Business Entrepreneurship: Departmental stores, grocery stores, cyber cafe,
consultancy, travel agencies, carpenters business, etc. are some examples of small business
entrepreneurship (Audretsch and Caiazza,2016). Such business are family business, where they
hire local people in their business organization for making profit. Thus, they commenced they
business to full-fill needs of their family.

Scalable Start-up Entrepreneurship: These businessperson sets their goals in advance for
business expansion and making country healthier as well as beautiful place. Although, they
work for building brand image and goodwill in market which affects wealth and image of
founder. These Entrepreneurship ventures can be non profit, for-profit, or hybrid enterprises.
Some examples of scalable start-up entrepreneurship is Facebook, Instagram, twitter, Amazon,
flip-cart, snap-deal and many more (Belz and Binder, 2017).
Social Entrepreneurship: Social entrepreneurs are effective innovators which focuses on
creating impressive products and services that can resolve problem and issues of social and
customer's needs.
Large Company Entrepreneurship: Large companies does concentration on sustaining in
competitive market with some innovative offerings. As they develop new innovative goods form
their core product. Thus, innovative product is developed for fulfilling customer needs by using
advance technology, as it leads to increase profit maximization. Some examples of large
entrepreneurship are Apple, Google,Microsoft, Samsung and many more (Bryson and Daniels,
2015).
Topology of Entrepreneurship:
Skeptical entrepreneur: These businessperson analysis success of other entrepreneur and
focuses on learning about them by questioning them or by examining their business idea to find
best opportunity and acquired their business. Hence, by doing this, they think they are very
innovative, prospering and successful entrepreneur.
Manager Entrepreneur: These entrepreneur are involved and participating in business
form starting of organization. As they involves in business planning and managing and perform
their job role as manager.
Research Entrepreneur: These entrepreneur focuses on gaining knowledge about business
by conducting research and collect all related information regarding new business idea. Side by
side they analysis market and environment for examining strength, opportunity, threats for their
business and then do implementation of innovative idea.
Copycat Entrepreneur: These entrepreneur are those individual which check-out
successful person and copy them as same as they are. Thus, it is copied by entrepreneur but