Entrepreneurship and Small Business Management- Types

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
P1. Different types of entrepreneurial ventures and its relationship to typology of
entrepreneurship.....................................................................................................................1
P2. Differences and similarities between entrepreneurial ventures........................................4
P3. Assessing how micro and small business impact on economy and its relevant data and
statistics..................................................................................................................................4
P4. Importance of small businesses and business start ups for the growth of social economy6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................7

INTRODUCTION
The term entrepreneur refers to the individuals who identifies busiest opportunities and
decides for creating a own business venture. Entrepreneurs are generally found in every type of
industry and also at every level in a society. Entrepreneurship is considered as the heart for every
business organisations. Pip & Nut is a small business organisation in UK that sells range of
almond milks and nut butters. The present report is based on the entrepreneurship and
management of small businesses (Scarborough, 2016). The report examines different types of
entrepreneurial ventures and its relation with entrepreneurship typology. The report further
explains the importance of small business and business start ups for growing of social economy.
MAIN BODY
P1. Different types of entrepreneurial ventures and its relationship to typology of
entrepreneurship
Entrepreneur refers to an individual who aims at starting and running a business that
includes limited sources and plans. The entrepreneurial ventures are the start up business ideas
and entrepreneur is responsible regarding all the benefits and risks of the business. Entrepreneur
is someone responsible for organising, managing and assuming risk related to the business
enterprise (Differences between entrepreneurship and small business, 2019). The entrepreneur
may be a local hair salon owner or retail shop keeper or founder of an up-and-coming medical
device organisation. The different types of entrepreneurial venture are explained in detail as
follows:
Micro-enterprise ventures: This can be defined as a small business enterprise that employs
small number of employs. It usually operates less than 10 people and can be started with less
capital.
Small/ lifestyle ventures: This is business that is set up and run by the founders primarily with
the objectives or aim of sustaining specific level of income. Or it can focus on providing a
foundation through which particular lifestyle can be enjoyed. Generally professional investors
are involved in the lifestyle business.
Gazzelle ventures: This refers to extremely fast growing and developing organisation that focus
on maintaining consistent expansion of employment and turnover over a extended period.
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