Entrepreneurship & Small Business Management | Assignment Solution

Entrepreneurship and
Small business
management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Analyse various types of entrepreneurial ventures and explain how they relate to the typology
of entrepreneurship.................................................................................................................3
Analyse the difference and similarities among all the entrepreneurial venture.....................6
TASK 2............................................................................................................................................7
Definitions of creativity and innovation.................................................................................7
Interpret and assess relevant data and statistics to elaborate how micro and small businesses
effect on the economy............................................................................................................8
Explain the significance of small-business and Start-up's in the development of economy.10
TASK 3..........................................................................................................................................11
Determine the characteristic traits and skills of successful entrepreneurs...........................11
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.................................................................................................................................13
TASK 4..........................................................................................................................................14
Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship...................................................................................................................14
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship is defined as the process of developing a business by taking the risk in
order to earn higher profit. It is the one of the most important element in enhancing the economic
and social growth at national, regional and local level too. In this the entrepreneur plays an
important role entrepreneur is a person who bear all the risk of formulating a new business in
order to make profit. This study will cover about a range of entrepreneurial ventures like small,
medium and large along with its typologies. Along with this, the impact of small business on the
economy and key aspects of an entrepreneurial mindset will be considered. Moreover, the
different environment which is liable to hinder or foster entrepreneurship will be discussed.
TASK 1
Analyse various types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship
Entrepreneurship: It can be understood by the proficiency of an individual to gather all
the required resources to establish a business by hoping to earn maximum profit.
Entrepreneurship is the most important element for the business as well as economy as in this
aspects all the activities are operating by the entrepreneur to organise, manage and lead a range
of people in order to attain the business organisational goals and objectives (Akehurst, Simarro
and Mas‐Tur, 2012). The various entrepreneurial activities have done by entrepreneur in the
organisation like organising, directing, supervising, controlling, risk taking and others. Whereas,
an enterprise is described as willingness of an individual to establish a business for earning
profit, but it is generally linked to the entrepreneurial ventures.
The differences between serial entrepreneurs, entrepreneurs and owner-managers:
Serial entrepreneurs Entrepreneurs Owner-managers
Serial entrepreneur is an
individual who start many
businesses at a time as it
brings new ideas perpetually
and work on them
simultaneously.
Entrepreneur is a person who
creates a firm, by bearing
financial risk in order to get
higher profit.
Manager is that person who
takes all the responsibilities of
managing and controlling the
organisation.

The main focus of the Serial
entrepreneur is on innovating
new ideas and taking
advantage of available
opportunities.
An entrepreneur is concern
only for coming up with the
idea of developing a new
business.
Whereas, the manager is
opposed both of them as the
main focus of manager on
operating all the business
functions smoothly.
Roles and characteristics of micro, small and medium-sized organisations:
Basis Micro Small Medium-sized
Roles Micro business is
helpful in generating
the employment
opportunities and
income generating for
the lower income
group of people.
Small business plays
an incredible role in
providing the job
opportunities and
economy development
by providing the
services in the rural
and urban areas.
The medium size
business has important
role in developing the
local as well as
regional areas.
Characteristics The major
characteristics of this
business are lower
income, less
investment, little
contribution in
economy growth and
others.
This business
formation consists
various characteristics
like small number of
employees, limited
size, lower revenue
and other.
This business has
limited customers,
limited products, less
investment and other
characteristics within.
Different types of ventures:
In today's economy, various types of entrepreneurial ventures are available in which each
have their own contribution in the development of economy (Blackburn, Hart and Wainwright,
2013). The several entrepreneurial ventures are defined underneath: