Entrepreneurship and Small Business Management

Entrepreneurship and small business management
INTRODUCTION
Entrepreneur is a person who have potentiality for establishing and managing a
venture. Entrepreneurship is an art that creates as well as extracts values.
TASK 1
P1: Examination of different entrepreneurial venture types along with explanation of
their relationship with its typology
Entrepreneur signifies a person who creates an enterprise and bears all risk
associated with it along with it enjoys rewards of business venture. Entrepreneur runs a
business with incorporation of an innovative idea and ensures its implementation with
the aim of earning high profit.
Entrepreneurial venture: It indicates a venture that focused on innovation or opportunism
for production of economic as well as social value.
Following are different types for entrepreneurial venture:
 Small business: It represents those entrepreneurial ventures that operates at low
level and incorporates small level of working staff. Hence, profit which is
generated from such enterprises is often. It is generally owned and operated by a
single person. An example of small business entrepreneurship is Broadsword
event house.
 Large business: This type of entrepreneurial venture pertains advanced professional
which facilitates and sustains innovation and it operates at large level. Concept which is
associated with this entrepreneurial venture types is related to advancement of
opportunities as well as ideas within established large company. Unilever can be
considered as an example of large business entrepreneurship. Entity operates in United
Kingdom and deals in the sector of consumer goods.
 Scalable start up: This type of entrepreneurial entity obtains funds through venture
capitalists and it hires specialised employees. Such type of entrepreneur implements an
innovative idea and further searches for a business model that is scalable as well as
repeatable with the motive of turning it into growing and profitable entity. An example of
scalable start-up is Allphant. It delivers plan based food to customers at their door.