Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT
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Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................3
P1 Different types of entrepreneurial ventures and their relation with typology of
entrepreneurship.....................................................................................................................3
P2 Similarities and differences between entrepreneurial ventures.........................................6
TASK 2............................................................................................................................................7
P3 Interpretation of statistics for showing impact of micro and small business on the
economy.................................................................................................................................7
P4 Importance of small businesses and business starts-ups in growth of social economy... .9
TASK 3..........................................................................................................................................10
P5 Characteristic, traits and skills of successful entrepreneurs............................................10
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation...............12
TASK 4..........................................................................................................................................13
P.7. Background & experience can hinder or foster entrepreneurship.................................13
CONCLUSION .............................................................................................................................14
REFERENCES..............................................................................................................................15
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INTRODUCTION
The aim of this present report is to provide advice and market intelligence to a small
business and new entrepreneurs being an intern at consultancy firm. There is an arrangement of
a small business and entrepreneur show with the aim to attract and guide new businesses by
extending support for starting and running the business successfully. This will going to serve as a
one window solution to small businesses for all their problems. Entrepreneurs are those
individuals who brings something new or things different from existing. These kinds of persons
invents or implements new plans into real world to fulfil rising needs and demands of country
people with the motive of earning profits. Small enterprises gives rise to employment
opportunity in economy that enhances livelihood of certain people ultimately whose purchasing
power increases. Along with this small enterprises impact on economy by ta way of rising
circular money flow through generation of sales and higher revenues. Every entrepreneur
initially starts its business as small level or of medium size then grows at large size which later
brings several benefits to nation through payment of taxes with large amount and several others
advantages (Acs and et.al., 2017). The present report discusses about different forms of ventures
along with their typologies of entrepreneurial ventures backed by their similarities and
dissimilarities present in it. The report will include explanation about some statistics which will
show the impact on economy by small and medium enterprises. This also includes the relevance
of small enterprises and start-ups which leads economy to achieve growth. Further, the features,
personality traits and competencies of successful entrepreneurs will be discussed. In last, few
cases of successful and leading entrepreneurs will be analysed along with motivation which
reflects personality of entrepreneurs and their mindset.
TASK
P1 Different types of entrepreneurial ventures and their relation with typology of
entrepreneurship.
Entrepreneurs are those who thinks differently with some kind of innovation and gives a
real picture to their new ideas and plans. They are responsible for establishment of business
which will sale its products and services to potential customers along with generation of profits
from that sale. The businesses which are set by entrepreneurs are termed as entrepreneurial
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ventures (Apostolopoulos and et.al., 2018). Entrepreneurs set-ups this business with a motive to
generate revenue and earn high profits in industry and enjoy their livelihood. There are several
types of ventures which are given existence by the entrepreneurs. These ventures are defined by
different categories such as size, purpose, scope or services.
Entrepreneurial Activity:
Entrepreneurial activity can be defined as a business process out of which companies
gives rise to their values and morals by making it as economic activity. Such activities are
backed by unique and different thoughts which will provide growth and success to company and
provides their products and services into the market (Azoulay and et.al., 2020). The development
of plans and ideas into reality gives rise to employment and effective use of available resources
in the economy.
Types of Ventures:
1. Small and medium Enterprise: This type of ventures includes small business
operations along with less number of employees and capital involved. Such
ventures are established with the motive of generating profits from sale of its
products and services into market. These firms operates with less span of size and
bears less scope as they operates at small level. Generally such ventures are
established either by sole proprietorship or by in partnerships. The entrepreneurs
working at small level comprises of equivalent or less then fifty employees having
net worth of 2 million pounds (€2 m.) Enterprise like Clarasys, Orion electrotech
Ltd. are examples of small and medium size businesses. Which deals in private
sector companies. In public sectors enterprise such as Travelodge operates at
small level in United Kingdom (Baker and Powell, 2019).
2. Large Enterprise: These are those enterprises which operates at large level in
terms of size, business operations, revenue generation,employees, capital, etc.
these kinds of firms offers numerous producers and services with different
variants into market for its customers. Large enterprises sometimes does not only
operates in domestic country but also expands their operations into international
market. Such enterprises requires large amount of capital to run business activity
sand for this raises funds from market such as by offering shares, by taking loans
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