Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION.........................................................................................................................3
TASK 1..........................................................................................................................................3
Different types of entrepreneurial ventures and typology of entrepreneurship......................3
Similarities and differences between entrepreneurial ventures..............................................5
TASK 2..........................................................................................................................................7
Interpretation of statistics for showing impact of micro and small business on the economy7
Importance of small businesses and business starts-ups in growth of social economy..........9
TASK 3........................................................................................................................................11
Characteristic, traits and skills of successful entrepreneurs.................................................11
Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation........12
TASK 4........................................................................................................................................13
Background and experience can hinder or foster entrepreneurship.....................................13
CONCLUSION............................................................................................................................15
REFERENCES ...........................................................................................................................16

INTRODUCTION
Entrepreneurs are the person that are possessed with capability of inventing and
implementing new ideas which are lying within needs and demands of their surrounded people
and to earn money from these ideas. Business is having their backbone by the name of
entrepreneurs and by help of them high business efficiency can be obtained and immense
opportunities of job can be rendered to population as well. These opportunities are helping
society in covering up their standard of living and to fulfil their own needs in more significant
manner. Small or medium ventures are initiated by entrepreneurs and through which economic
development can be established within country as by providing quality services of product and
rendering employment to huge populations. This report is sum of all the entrepreneurial
ventures and their similarities and dissimilarities from one another along with interpreted data
within macro environment. Last part of this report includes personal reflection within
entrepreneurial motivation by which factors which are hindering or fostering entrepreneurship
can be obtained (Dana, 2018) .
TASK 1
Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurs are the individuals those takes overall responsibility of initiating new
venture and renders products or services to customer in lieu of sum of money. Likewise
entrepreneurial ventures are the arrangement by which earning money is the sole objectives so
as to provide level best comfort to the surrounded population. The major purpose of forming
these ventures is to meet up demands of people and earn profits from them. Entrepreneurship is
defined as the aspect in which new values and prominent changes are exhibited in which social
benefits are provided. This is stated as the capability to arrange and develop of the businesses
by inculcating various complexities and to earn high profit along with benefiting society
(Parker, 2018). There are various types of concepts within entrepreneurship such as serial
entrepreneur, intraprenuers and owner manager (Morris and et.al., 2018) . Serial entrepreneurs
are the persons who are continuously come up with new and innovative ideas in order to initiate
a venture. Similarly intraprenuers are the persons who are involved in acting as entrepreneurs
within organisation in order to tackle people and working. On the other hand owner managers

are defined as the person who is keeping descriptions of regular updates and held accountable
for the same. Various types of ventures are initiated within entrepreneurial ventures which are
explained in detail as under:
Entrepreneurial activity
Entrepreneurial ventures are categorised as the procedure which is involved in
generating business activities within various economic activities and to provide innovative
ideas thereon (Sheldon, Pollock and Daniele, 2017). When these ideas get converted to reality
then these product and services are provided to customer in order to meet their demands and
needs. By these ideas various employment opportunities are obtained which lead to economic
growth of the nation in which business is operated effectively.
Different type of ventures
Small business: Within these ventures high capital is being invested and operations are
handled by employees in order to earn profits in lieu of sum of money. The scopes of these
ventures are quite small as the products are offered within niche market. The net worth of these
ventures are less than or equal to €2 million and overall number of employees are less than 50.
These ventures include Clarasys, electotech limited etc. The major problem faced by small
business is procurement of funds due to which their functions are not properly managed by the
companies.
Large company: These ventures are having huge business operations and are big in size
and number of employees. These ventures are operating their business at worldwide level and
which business gets their smooth operations. These business operations are helpful in getting
sustainability and high market share. Examples of these ventures are Tesco, Aston martin and
many more. (Elo, 2016). The major problem in large companies are managing their financial
records as these companies are pertained with heavy transactions and data exploding is the
major challenge faced by them.
Social enterprises: These ventures are made in order to provide development to the
society and its welfare. Innovative ideas are rendered within this by which living standard of
local people can be enhanced. These ventures are not operating for earning money rather they