Entrepreneurship and Small Business Management

Entrepreneurshi
p and Small
Business
Management

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Various forms of entrepreneurial ventures and describe how they relate to the typology of
entrepreneurship..........................................................................................................................3
P2 Similarities and differences between entrepreneurial ventures..............................................4
M1 Various range of entrepreneurial ventures to establish an understanding of
entrepreneurship in both the public and corporate sector............................................................5
D1 Critically examine the scope, development and growth of entrepreneurial ventures............6
TASK 2............................................................................................................................................6
P3 Data and statistics to exemplify how micro and small businesses impact on the economy...6
P4 The significance of small businesses and business start-ups to the growth of the social
economy.......................................................................................................................................7
M2 Differences how small, medium and large businesses make to the economy along with
relevant data and statistics...........................................................................................................9
D2 Critically evaluate how small businesses have an impact on various levels of the economy
(local, regional, national) and in an international context...........................................................9
TASK 3..........................................................................................................................................10
P5 Characteristic traits and skills of successful entrepreneurs that differentiate them from other
business managers.....................................................................................................................10
P6 How aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-
set...............................................................................................................................................11
M3 Appropriate strategies to improve competitive edge and market position based on the
outcomes....................................................................................................................................12
D3 Characteristic traits, skills and motivational drivers of successful entrepreneurs, supported
by specific examples..................................................................................................................12

TASK 4..........................................................................................................................................13
P7 Relevant examples, how background and experience can hinder or foster entrepreneurship.
...................................................................................................................................................13
M4 Link between entrepreneurial characteristics and the influence of personal background and
experience to specific successful entrepreneurs........................................................................13
D4 analyse how background and experience influences entrepreneurs, both positively and
negatively, by comparing and contrasting examples.................................................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship refers to process of planning, lunching, running and opening a new
business enterprise, which is often originally a small business, before as the "capacity and
willingness to develop, organize and manage a business venture along with any of its risks to
make a profit." In simple word, entrepreneurship is the act of developing a business or businesses
while scaling and building it to generate or earn a profit. Small business management introduces
to the process of coordinating and aligning all prospects of a small enterprise, whether it’s
managing by employees, finances, suppliers, its roadmap or performing routine activities or
tasks. Both are the important type of business that helps in economic growth. There are different
tasks that will be requiring for completing this assignment (Alderete, 2017). These are; range of
venture types that might be considered entrepreneurial, the impact of small business on the
economy, key aspects of an entrepreneurial mindset and the different environments that foster or
hinder entrepreneurship. All these are requiring for conducting this assignment in successfully.
TASK 1
P1 Various forms of entrepreneurial ventures and describe how they relate to the typology of
entrepreneurship
Entrepreneurial ventures are those ventures that run and start by an individual with
extremely limited resources as well as high rate of risk. This also includes innovative business
idea regarding any product or services. There are different types of entrepreneurial ventures that
will be explained as below:
Small business entrepreneurship: This type of entrepreneurial often funds their business
from family, friends, saving and small business loans. There are different examples of such type
of entrepreneurial including travel agents, grocery stores, storefronts, plumbers, carpenters etc.
Main purpose of small business entrepreneurship is to earn profit.
Social entrepreneurship: These could be hybrid or non-profit type of business. Main
purpose and focus of social entrepreneurship is on developing new products or services in
accordance to social requirements and problems (Amir, Auzair and Amiruddin, 2016).
Scalable start-up entrepreneurship: This type of business has a vision regarding their
business idea. They have power in attracting of investors to invest within their business plan, it