Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Typologies of entrepreneurship relationship with entrepreneurial ventures .........................1
Differentiation and similarities among entrepreneurial ventures ..........................................4
TASK 2............................................................................................................................................6
Evaluation of small as well as micro level business on economy by statistics and applicable
data.........................................................................................................................................6
SME importance towards social economy growth ................................................................7
TASK 3............................................................................................................................................8
Successful entrepreneurs traits, skills and characteristics......................................................8
Different types of entrepreneurial personality........................................................................9
TASK 4..........................................................................................................................................10
Experience and Background that foster and hinder entrepreneurship ................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is an activity which is related to setting up businesses while undertaking
financial risk in order to acquire profitability at large scale. Entrepreneur is an individual who
starts a fresh venture by undertaking risk factors in order to earn more money (Bridge and
O'Neill, 2012). They are strong pillars of a country economy as with their entrepreneurial
ventures they offer numerous job opportunities to individuals that with the help of which country
cab significantly able to increase their GDP and income level of individuals. Thus, it is the core
responsibility of government to provide maximum support to entrepreneurial ventures as to
strengthen country economic stability. Present report include discussion on numerous form of
entrepreneurial ventures and entrepreneurship typologies. Further in this report difference and
similarities among entrepreneurial venture is being defined. Impact of micro and small business
on economy is also covered in this report with the importance of SME to social economy growth.
Lastly, report covers experience and background which is required by an entrepreneur to become
a successful entrepreneur.
TASK 1
Typologies of entrepreneurship relationship with entrepreneurial ventures
Entrepreneurship significantly offer economic advancements to country with their
contribution in employment sector and social development. Entrepreneur are those who initiate
new business with innovative idea and offer unique services and products to customers while
taking risk. With their effective contribution they offer significant growth in a country economy
that further increase nation global image. Main motive of an entrepreneur is to effectively
accomplish their entrepreneurial goal and objectives by offering unique and innovative services
and products to customers.
Differentiation and similarities among entrepreneurial ventures
Number of entrepreneurs operate their business within social, small and large segment.
As to offer satisfactory services to customers and further acquire large market holding by
providing unique and innovative products and services. There are some certain set of similarities
and difference among entrepreneurial ventures in being defined below:
Similarities between small, large, scalable and social entrepreneurs
 The main motive of all the entrepreneurs is to grow and develop their businesses.
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 Their main motive is to develop a business activity that leads to profit maximization of
the companies.
 With a view to compete in the market and gain competitive advantage they take the
benefit of innovative and new ideas and apply same on the functions of organization.
 Entrepreneur performing their business with an aim to satisfy the needs and demands of
customers in best effective way so that customer loyalty has been generated.
 They are mainly focus on maintaining sustainable business model so that organization
facilities will be provided to the customers in an effective and efficient way.
Difference between small, large, scalable and social entrepreneurs
Basis Small size Large size Social Scalable
Meaning Small size
entrepreneurs
functions at small
level.
They mainly
focus on location
for business to
operate.
They run business
for the benefit of
the societies.
Entrepreneurs
operates business
at scale level that
denotes fine
location and any
fine area.
Objects The main
objective of small
size entrepreneur
is to earn profit.
Their main
objective is to
expand its
operation in other
locations also.
The main objective
of these kind of
entrepreneur is the
welfare of the
society and
providing them
quality products
and services.
Profit
maximization is
the main motive of
scalable
entrepreneurs.
Capital Small size
entrepreneurs
need small
amount of capital
They require high
investment to set
the enterprise or
to advance their
They arrange
funds from the
society for their
They require less
investment as
compare to other
size of
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to perform its
operations.
activities. welfare. entrepreneurs.
Entrepreneurs
from scalable
enterprises mainly
attracts capitals
from financial
investors (The 4
Types of
Entrepreneurship.
2019).
This is being identified that there are mainly three types of business entities operate their
functions as to satisfy customers in best effective manner. Public, private and social are the
sectors mainly conduct their functioning with having different set of purpose and objectives.
Public Sector: In this sectors organisation those who operate their functions are duly
owned as well as managed by government. These organisation offer their services with an aim to
satisfy customers in well defined manner. Organisations within this only operate their services to
provide consumer satisfaction rather than to earn large base of profitability.
Private Sector: In this, companies mainly conduct their functions to earn profitability at
great extent while ensuring consumer satisfaction. In addition to this, each and every set of
activities and functions are duly controlled, operated and managed by private individuals or
group of individuals. In this there is rare or no interference from government entities. These
organisation mainly offer their services as to gain large base of profitability while ensuring long
term sustainable growth.
Social Sector: Companies within this sector mainly conduct their functioning as to
provide welfare to society and communities. These organisation only conduct their functions to
provide satisfaction to customers rather than to earn profitability at great extent.
Similarities of a public, private and social sector
There are three types of business sector those who operate their activities and functions in
marketplace as to effectively satisfy customers by fulfilling their needs and demand as per
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