Entrepreneurships and Small Business Management Assignment (Solution)

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their relation with typology of
entrepreneurship ....................................................................................................................1
P2 Similarities and differences between entrepreneurial ventures........................................3
TASK 2............................................................................................................................................5
P3 Impact of micro and small business on economy.............................................................5
P4 Importance of small business and business start-ups will contribute to the growth of the
social economy after 'Brexit'..................................................................................................7
TASK 3............................................................................................................................................9
P5. Characteristics, traits and skills of successful entrepreneurs...........................................9
P6 Aspects of entrepreneurial personality and reflection of entrepreneurial motivation and
mindset.................................................................................................................................11
TASK 4..........................................................................................................................................12
P7. Examine how background and experience can hinder and foster entrepreneurship:.....12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship refers to a systematic set of activities though which an individual begin
its own new business or trade and bear all risks and rewards associated with new business. It is a
vital process which leads to creation of wealth in business along with risks related to business. In
entrepreneurship process, individual invest time and funds or equity while working on a unique
idea. Such individual are known as entrepreneurs, apply new ideas to launch new products in
market or marketing of old products in new manner. It is required for entrepreneur to be
innovative and creative and innovative in order to enhance their market base (Blackburn and
Wainwright, 2013).
Small business management implies to managed or organised process in which various
operations and functions are performed in small business is controlled and managed effectively.
Main motive of small business management is to enhance profitability in market, and it can be
achieved with help of effective management. This report contains an explanation about range of
venture types and their typologies, small businesses 's impact of economy, vital aspects of
entrepreneurship and environments that hinder entrepreneurship.
TASK 1
P1 Different types of entrepreneurial ventures and their relation with typology of
entrepreneurship
Entrepreneurship is defined as process of establishing new business in new or existing
market place with the objective and goal of enhancing profitability and revenues. Under
entrepreneurship process, normally a small business is established by entrepreneur. Main motive
of this process is to provide customer satisfaction to maximise or increase customer base.
Following are major four types of entrepreneurial ventures, as discussed below:
Types of Entrepreneurship
 Small business entrepreneurship: Under this kind of entrepreneurship individual start a
new business at their own risks. This entrepreneurship business includes store fronts, ,
travel agents, internet commerce, electricians, plumbers etc. Main motive of entrepreneur
is to ensure survival of family and to gain profits (Bridge and O'Neill, 2012). In UK,
approx 51% of private or non-governmental workers and about 5.5 million people are
engaged in small business to provide quality services.
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 Scalable start-ups entrepreneurship: Under this type of entrepreneurs, main motive is
to achieve profitability and to change world with new innovative idea. Entrepreneur or
Individual to start business, first recruits or hire professional employees. Main objectives
of hiring professional employees in business is to identify or develop scalable business
model such as twitter, tik-tok, Facebook, Instagram etc.
 Large company entrepreneurship: Under this entrepreneurship, individuals run
business at large scale. They manufacture or provide products or services as per changing
tastes and preferences of customers. Such organisation or companies are also develop
new and innovative products or services to attract or draw attention of more costumers.
Here, main goal of business organisation is to minimise or eliminate competition and to
retain market share (Carsrud and Brännback, 2011). In this large business organisation,
managerial personnel plays a vital role in providing skill development and training
session or lectures to employees so that they can manage or perform their work
effectively.
 Social entrepreneurship: In this kind of Entrepreneurship, business organisation
emphasises on fulfilment of various social needs of customers or group of customers.
Entrepreneur though business provides new and innovative products and services that
assist in solving social issues and problems of people. Generally these organisations are
non-profit making organisation or collaboration of NPOs and companies. The main
objective of social entrepreneurship business is customers wealth creation and to fulfil
social responsibilities.
Typology of entrepreneurship: Following are the key topologies in the context of
entrepreneurship, as follows:
 Male: This entrepreneurship purely based on male or men who are operating and
managing functions or activities of business effectively. This entrepreneurship restricts
female or women to make interruption in decision-making process within a business
organisation.
 Female: In current business scenario, more females are involved in entrepreneurship as
comparison of male, because females have more business skill and patience than men
which assist in operating business functions smoothly.
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