Entrepreneurship and Small Business Management

ENTREPRENUERSHIP
AND SMALL BUSINESS
MANAGEMENT

INTRODUCTION
Entrepreneurship defined as setting up of the enterprise for taking financial risk in hope
of profit. This termed out as ability to manage and run activities in business to generate income.
Therefore, small business management work autonomous and operated firm. They usually
operate in small area and its profit depend on industry (Akhmetshin and et.al., 2018). It is entity
that can be suitable to operate on small scale to serve local community to provide profit to
owners of company.
The present reports will lay emphasize on entrepreneurial ventures and typologies of
entrepreneurship, impact on national, international and social economy. Thus, report will also
determine key aspects of entrepreneurial mindset and skills and motivational drivers of
successful entrepreneurs. Lastly, report will definehow background of person fosters and hinders
entrepreneurship.
PART A
1. Critical examination of differ kinds of entrepreneurial ventures and typology
Entreprenuer are those businessman who take risk to earn profits (Antoncic and et.al.,
2015). Thus, types of entrepreneurship ventures defined in below contexted manner as are-
Small business entrepreneurship- In present era, the most of the business enterprise are small
business setups (Bronfenbrenner, 2017). It is the enterprise that is barely profitable and generate
revenue for fulfilling own needs. Therefore, this enterprise are usually funded on loans. They are
of various categories like grocery stores, consultants etc. This is the enterprise that can be set
with help of financial assistance from family, savings and financial investment that provides
short term loans. For example- The small grocery, stationary, saloon comes under the catergory
of small and medium enterprise. Henceforth, they need low amount of capital to start their
business activities.
Scalable start-up entrepreneurship- It is enterprise that takes an innovative idea and searches
for scalable and repeatable business model that leads to high growth and profitable company.
The main aim of this enterprise is to bringing up the innovation that assists to change the world.
However, funds to this kind of enterprise comes from venture capitalist (Coffie and Blankson,
2018). However, the examples of scalable enterprise are as Facebook, Instagram and online

shopping for electronics etc. Additionally, this can be stated that the one and foremost focus of
this enterprise is on innovation and this aids to shape business functions.
Large company enterprise- It is enterprise that sustain innovation, offering new commodities
that are differed around their core commodities. Additionally, large scale enterprise takes loan
from banks, financial institution etc. Therefore, new commodities are offered for fulfilling needs
of people (Czarniewski, 2016). For example- Tesco is British leading supermarket chain that is
engaged in grocery services. In order to start their business function, the firn need to have large
amount of funds.
Social entrepreneurship- This is defined as entrepreneurship in which an entrepreneur focus on
improving social life of people by offering products and services (DeTienne, McKelvie and
Chandler, 2015). It can be non-profit, profit and hybrid. It is concept that can be applied to the
wide range of enterprise that can be varied in size. For example- Oxfam is the enterprise that
works as NGO and promotes poor children education and women welfare. In order ot set up, the
funds can be arranged with charity, financial institution etc.
Typology of entrepreneurship-
 Serial- It is an entrepreneur that comes up with new ideas and start new business. Thus,
they are significant in day to day undertaking of business activities.
 Survival- It is defined as enterprise that can be set up in small entity manner. In this,
entreprenuer earn short anount of profit that can aids to run business activities
effectively.
 Lifestyle- In this, an individual creates business with goals of altering their personal
lifestyle not with the aim for sole purpose of making profits. However, Lifestyle
entrepreneur mainly focuses on life rewards to people to encourager their passion for they
are doing.
 Aggressive growth venture- It is kind of investment fund that seeks to return the highest
capital gains (Edwards-Schachter and et.al., 2015). However, these are the that holds
stock of companies with the potential for rapid growth.
2.
The similarities and dissimilarities to different types of entrepreneurial venture defined in
below contexted manner as are-