Entrepreneurship and Small Business Management

Entrepreneurship and small
business management

Table of Contents
INTRODUCTION......................................................................................................................1
PART 1.......................................................................................................................................1
P1. Different types of entrepreneurship ventures and their typology....................................1
P2. Similarities and differences between entrepreneurial ventures.......................................2
P3 Micro and small businesses impact on the economy........................................................3
P4. Explain how important small businesses and business start –ups will contribute to the
growth of the social economy................................................................................................3
PART..........................................................................................................................................4
P5 Traits, skills and characteristics of successful of Bill Gates and J.K. Rowling................4
P6 Aspects which reflect entrepreneurial motivation and mind sets.....................................5
P7 Investigating background and experiences of entrepreneurs............................................7
CONCLUSION..........................................................................................................................8
REFERENCES...........................................................................................................................9

INTRODUCTION
Entrepreneurship is the process of designing, launching and running a new business,
which is often initially a small business. The people who create these businesses are called
entrepreneurs. In contrast with this statement, the following report will aid in exploring the
range of business ventures available to different types of entrepreneurs. After exploring
different types of ventures, similarities and differences exist in each venture will be described
in the assignment. With the help of relevant data and statistics, the impact of small business
on economy will be assess and importance of small businesses on the economy of United
Kingdom will be asses. The traits, skills and characteristics of successful entrepreneur will be
determined and aspects of entrepreneurial personality reflect on entrepreneur ventures will be
explained in the assignment. Eventually, the background and past experiences of person
hinder or foster entrepreneurship will be examined in the assignment.
PART 1
P1. Different types of entrepreneurship ventures and their typology
Entrepreneurship is known as way of taking action in order to exploit new ideas and
grab opportunities which assist in making the good position in the market. There are various
types of uncertainties faced by entrepreneur while starting a new business (Dacin, Dacin and
Matear, 2010). Here below are provided several types of entrepreneurs:
Small business ventures: Small business carry out their all business activities at a
lower level. These types of business basically are grocery, hairdresser and consultant. At the
time of starting a business, support is basically taken by family members and friends to carry
to daily activities.
Scalable start-up venture: In this type of business entrepreneurs are highly motivated
for accomplishing success (Morris, Kuratko and Covin, 2010). They kept a vision to change
the world through establishing a new business. In order to accomplish the vision, they hired
highly skilled employees who help them in their business.
Large venture: To start a large company a huge capital and proper planning is
required in order to accomplish success. There are various types of strategies are developed
that help in making innovative products and services to enhance customer satisfaction and
earn a profit.
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Determines entrepreneur: These type of entrepreneurs who are generally pacemaker
not a follower. It is because they do not copy products and services of other firms and try to
do something different.
Social venture: Social venture work basically for providing welfare of society not to
earn a profit (Dacin, Dacin and Matear, 2010). They possess the capability to serve society
and provide them quality products and services without earning any profit.
P2. Similarities and differences between entrepreneurial ventures
As discussed above in the above question there are several types of entrepreneur and
they all work with respect to the growth and development of the economy. They all possess
some similarities and differences regarding managing profit and for developing their
business. One of the similarity is that all the entrepreneurs accomplish growth and make a
profit. Along with this, they all make products and services for satisfying customers’ needs
and wants. Apart from this one of the main difference among them is that they all work for
different reasons and goals. In the small business, investment is low as compared to large
companies so there is the difference in profit (George and Bock, 2011). One of another
difference is that social enterprise work for welfare not for earning a profit as compared to
small and large enterprise.
Differences between the ventures are as follows:
Small Business Ventures Scalable Start-Up
Venture
Social Venture
Small venture set short term goals and
objectives while starting business. They
sell single product in market for enhancing
customer base (Bridge and O'Neill, 2012).
In this type of business
entrepreneur try to make
innovative product for its
customers
This types of
company do not
work for profit.
This type of business is start with lower
level of risk
Leve of risk is high There is no risk
because work is
done for society
welfare.
There are some similarities between all the ventures which are as follows:
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