Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Describe various types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship..................................................................................................3
P2 Analyse the differences and similarities between entrepreneurial ventures.....................5
TASK 2............................................................................................................................................7
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...........................................................................................................7
P4 Explain the significance of small businesses and business start-ups to the growth of the
social economy.......................................................................................................................9
TASK 3..........................................................................................................................................10
P5 Characteristics, traits and skills of successful entrepreneurs..........................................10
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set
..............................................................................................................................................12
TASK 4..........................................................................................................................................13
P7 Background and experience can hinder or foster entrepreneurship................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is an important part of every business as it is the capability to develop,
organise, and manage a business with bearing risk in order to earn profit. Entrepreneurship and
small business both are interrelated with each other as entrepreneurship occurs when a new
business started. In entrepreneurship, entrepreneur focus on the creating market base for the
business products and services in order to achieve its goals and objectives. In this file the chosen
organisation is Clarasys which is a business consultant. This file will tell about the various type
of entrepreneurial ventures and the relation is various ventures to the entrepreneurship
typologies. Different skills and traits of successful entrepreneurs will be discussed and how their
personality impact on the mind-set of the employees. For better understanding this, will use
examples how background and experience can surrogate the entrepreneurship.
TASK 1
P1 Describe various types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship
Entrepreneurship is one of the foremost part of the organisation as the success of the
business depends on it (Zaridis and Mousiolis, 2014). It is also very important for the economic
as it helps the business to grow in the global marketplace which provide a huge benefit to the
business as well as economic. There is different type of entrepreneurial ventures which are
different from each other’s because of their size, purpose and scope. These different
entrepreneurial ventures are defined below:
Small business: This kind of business is an owned and operated by an individual or a
group of people. In the present world, most of the business formed as a small business with the
motive of earning profit. As they are operating their activities at a small scale due to which they
are not able to attract investors so they have collect their funds from family and small loans. In
this category two type of businesses are included sole partnership and proprietorship who has
less than 100 employees and the revenue of this company is also less than approx £5 million.
Examples of small business in the UK are Good-stuff, Virtual1 Ltd and many more.
Large business: In this buisness entity, the organisation activities are operating at a large
scale which helps them to acquire a huge market base at the marketplace. As they are operating
at large scale so they have to face tough competition at global level, for beating their competitors

they have to produce new products and services to their customers. It is necessary for them to
change their production process according to the business environment and trends so they will be
sustain and grow in the market for a longer period of time. Some example of this business are
Shell, Tesco, and many others which are operating their activities at large scale as private
companies (Morris and et. al., 2013).
Social enterprises: When it comes to social enterprises, it is very beneficial for the
society. As this business develops the various products and services for improving the progress
of the social system. They are operating their activities with the motive of non-profit and their
main goal is to make the world a better place not to capture a big market place. For example
CASA, Childcare Finalist, School space, and many others who are operating their activities only
for social welfare.
Typologies of entrepreneurship:
Typologies are used in the entrepreneurship for improving efficiency, performance, and
effectiveness of the business activities. There are different kind of typologies which are
described below:
Lifestyle enterprise: This type of enterprises is established for changing the lifestyle of
various people by providing them various products and services. Lifestyle enterprises are
included in the social enterprises as they are established for making the socity a better place.
Growth firms: In this category those firms are included who are operating their activities
for earning by providing customers various products and services. The small and large business
are included in this category as the growth and sustainability of their organisational activities
depends on the customers satisfaction.
So it can be said that entrepreneurial ventures and typologies are well-connected with
each other (Obeng, Robson and Haugh, 2014).
Different type of entrepreneurial ventures for understanding the entrepreneurship in both the
public and corporate sectors.
Entrepreneurship is an important part either for a private organisation or for the public
organisation. As public sector consists two sectors which are scalable and social enterprise and
private/corporate sector include the small and large business. With the help of proper
entrepreneurship management, both the public and private sector will be able to capture a big