Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship..........................................................................................................................1
P2. Similarities and differences between entrepreneurial ventures............................................3
TASK 2............................................................................................................................................5
P3. Interpret and assess data and statistics to illustrate how micro and small business impact
on the economy...........................................................................................................................5
P4. Importance of small business and business start-ups of social economy.............................7
TASK 3............................................................................................................................................8
P5. Determination of the characteristics, traits and skills of successful entrepreneurs that
differentiate them for business managers....................................................................................8
P6. How aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation
and mindset...............................................................................................................................10
TASK 4..........................................................................................................................................11
P7. How background and experience can hinder and foster entrepreneurship.........................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship indicates to an action or the capability of the a person to generate,
visualise, develop and organise thoughts in the from of business enterprise with an objective of
obtaining high extent of profitability in an efficacious and efficient way. In addition to it, the
foremost instant of each and every entrepreneurial enterprise to accept innovative thoughts as
well as bear all sort of loss or threat in context of gain rival benefits within competitive sector
(Belz and Binder, 2017). Moreover, it consist different kinds of venture which diverse from each
other in context of roles and responsibilities for developing the living standard of community or
society in a better manner. This report will discuss about different types of entrepreneurial
ventures along with its typologies, diversification and similarities between different kind of
ventures. Further, will define the influence of small, micro and start up businesses on the
economic system and also finding out characteristics, skills and traits of successful
entrepreneurs. Lastly, monitoring personality aspects and determine the experience and
background whether it hinder and foster them in effective manner.
TASK 1
P1. Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Entrepreneurial venture- It is concern with those determinative which indicates that the
organisation which is commenced by the business person for manufacturing higher and better
quality commodities and services within competitive sector as known as entrepreneurial
enterprise. In addition to this, it is divided in to different types of ventures that varies in term of
roles and aims. Some of them mentioned as below:
Small businesses entrepreneurship- It refer to those kind of business in which business
operations and activities of the company are carried out with the help of limited resources like
land, labour, capital and others in context of fulfilling consumers needs and demands (Bridge and
O'Neill, 2012). The aim of these kind of business activities are providing employment to local
people of that location. Groceries carpenters, plumbers are some examples of small business
ventures.
Scale start-up entrepreneurship- In this business venture, the business person set up the
business concern with the hope of increasing and improving econmic condition of the nation by
1

devising investment in different sectors of business.In addition to it, for accomplsihing
maximised extent of profitableness, the organisation recruit skilled and well qualified or
knowledgable person who can contribute in running the business of the firm in an efficacious
manner. Online shopping is a bets example of these kind of business.
Large company entrepreneurship- It refers to those kind of business in which business
persons seeks for creation for fulfilling customers needs and demands in an well improved way.
Furthermore, in these kind of businesses, entrepreneurs forms an attempt to furnish new
commodities within current marketplace (Burns, 2011). Companies perform this procedure by
partnering with or acquiring several creative organisations for increasing market shares or size in
an efficient manner. Google Microsoft, Facebook, Apple, Yahoo etc. are some example of these
kind business ventures.
Social entrepreneurship venture- It mentions those businesspersons who forms an effort
in introducing novel or innovative product or services into rival marketplace with the motive of
serving and improving the living standard of the people or society. These kind of business are
operated to develop the community so they are totally determined in resolving the conflicts.
Scott Harrison, Bunker Roy, Shiza Shahid are some well known social entrepreneurs in UK
marketplace.
Entrepreneurial venture typologies
There are several business ventures typologies some of them are defined as under:
Serial entrepreneur typology- It consist scale start ups entrepreneurship who forms an
effectiveness to collect innovative or effective thought into the business operation for
accomplishing sustainable profit margins ratio. These kind of businesspersons obligate time
management competency which direct them to gain effective result within given time frame
without any conflict.
Social entrepreneur typology- It refers to to those business organisations who are operate
their business for social welfare and passionate to resolve problems of the society (Down, 2010).
It include social business persons who devise an attempt to search or understand the problems of
individuals and community and take effective measures that assist them to gain higher extent of
satisfaction in an efficacious manner.
Female entrepreneur typology- This form of typology indicates that female have more
patients in comparison to male which lead them to implement best plan of action for particular
2