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 their relation with typology of
entrepreneurship ....................................................................................................................1
P2.Similarities and differences between entrepreneurial ventures.........................................2
TASK 2............................................................................................................................................4
P3.Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...........................................................................................................4
P4.Importance of small businesses and business start-ups to the growth of the social economy
................................................................................................................................................5
TASK 3 and TASK 4 ......................................................................................................................6
Covered in PPT ......................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is considered as a process where people establish and launch a new
enterprise that can be small at starting. Individual who initiates a small business as well as
entrepreneurship are called entrepreneurs (Burns and Dewhurst, 2016). For this report, the
chosen consultancy is Bluefin Solution Limited which facilitates SAP business and consultancy
services for technology industry. Its headquarters is in London, UK. The purpose of this report is
to explain the various types of entrepreneurial ventures and its relationship with entrepreneurship
typology. Differences and similarities among entrepreneurial ventures. Interpretation of relevant
data to illustrate the impact of micro and small business on economy. Importance of small-
business as well as start ups. The characteristics traits and skills of successful entrepreneurs.
Aspects of entrepreneurial personality that shows entrepreneurial motivation. Along with this
evaluation of different environment which foster entrepreneurship are also mentioned in this
report.
TASK 1
P1.Different types of entrepreneurial ventures and their relation with typology of
entrepreneurship
Entrepreneurship is refers as a procedure where people who is considered as an
entrepreneur operate a small-business to serve society for earning profitability or performing
social welfare. People who starts a new business have to take many kinds of risk for sustaining
into market like financial risk, customer dissatisfaction regarding products or services risk and so
on (El Ebrashi, 2013). There are various kinds of entrepreneurial venture that are available into
market. Some of them are mentioned below:
Entrepreneurial Venture Types:
Some types of entrepreneurial ventures are explained below:
 Large scale enterprises: These kinds of entrepreneurship needs large amount of funds as
well as market shares. Large scale enterprise produce and serves products with new
conception and design to target consumers for accomplishing its demand and
requirements. They introduce many products or services variety as per the trends and
needs of clients.
1

 Small scale enterprise: These mainly performed commercial activities at smaller level
and its main aim is to produce profitability. It is usually handled by the firm owner and
this can not get impacted largely with the changes occurs into market trends. Like cafe,
grocery stores and so on.
 Social enterprise: It facilitates products or services that accomplish the consumers
requirements in appropriate way. Its main purpose is to serve society in order to improve
its living standards in effectual manner (The Four Types of Entrepreneurship. 2019).
 Scalable business enterprise: It mostly concentrates upon products quality rather than
producing goods in bulk. The main objective of scalable business enterprise is to grab
attention of investors which always maintain the products quality.
Kinds of various entrepreneurial typology types
 Serial Entrepreneur: These are extremely creative as well as want to take risk and face
challenges. Serial entrepreneur launch new goods or services in all the areas so that
demands and requirements of consumers can be accomplished.
 Male Entrepreneur: As per this an entrepreneurship is initiated by male entrepreneur.
Its main aim is to provide effective products or services into marketplace for generating
more profitability. For example: Mark Zuckerberg who is the founder of Facebook, it is
utilise at international level.
 Female entrepreneur: This is considered to one when any female individuals establish a
new business for serving innovative products to society. These entrepreneurs are more
creative in comparison to others (Griffiths, Gundry and Kickul, 2013). For example:
Emma Kane, the chief executive officers of Red leaf communication.
 Lifestyle Entrepreneur: these are the entrepreneur who concentrates upon gaining
profit, for this they choose suitable sectors so that they can obtain more profit as well as
market share. It generally initiate its business at both the level large and small depends
upon their financial abilities and interests.
P2.Similarities and differences between entrepreneurial ventures
Differentiations:
Large and Small Entrepreneurial Ventures
Basis Large Entrepreneurial Ventures Small Entrepreneurial
2