Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P 1 Different types of entrepreneurial ventures and ways in which they relate to
entrepreneurship topologies.........................................................................................................1
P 2 Similarities and differences between entrepreneurial ventures.............................................2
M 1 Diverse range of entrepreneurial ventures in order to understand entrepreneurship in both
the public and corporate sectors...................................................................................................3
D 1 Scope, development and growth of entrepreneurial ventures...............................................4
L O 2................................................................................................................................................4
P 3 Micro and small businesses impact on the economy.............................................................4
P 4 Importance of small businesses and start-ups to the growth of the social economy.............5
M 2 Differences small, medium and large businesses make to the economy..............................6
D 2 Small businesses have an impact on different levels of the economy (local, regional,
national) and in international context.........................................................................................7
L O 3................................................................................................................................................7
P 5 Characteristic traits and skills of successful entrepreneurs...................................................7
P 6 Entrepreneurial personality reflect entrepreneurial motivation and mindset........................8
M 3 Different lines of argument relating to entrepreneurial characteristics..............................10
D 3 Characteristic traits, skills and motivational drivers of successful entrepreneurs..............10
L O 4..............................................................................................................................................11
P 7 Examine, how background and experience can hinder or foster entrepreneurship.............11
M 4 Link between entrepreneurial characteristics and the influence of personal background
and experience to specific successful entrepreneurs..................................................................11
D 4 Critically evaluate how background and experience influence entrepreneurs, both
positively and negatively, by comparing and contrasting examples..........................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurial Ventures focuses on providing service to early or mid-stage
organizations. Entrepreneurs are the one who create entrepreneurial ventures (Bertoni, Martí and
Reverte, 2019). Their main focus is on grabbing opportunities for growth and profitability of
their organizations. Entrepreneurial ventures are of various types and each type of venture
comprises of different kinds of organizations. This presentation will focus on different types of
entrepreneurial ventures, their relation with entrepreneurship topologies, similarities and
differences between entrepreneurial ventures, understanding of entrepreneurship in both the
public and corporate sectors and examination of growth of entrepreneurial ventures.
LO 1
P 1 Different types of entrepreneurial ventures and ways in which they relate to entrepreneurship
topologies
Entrepreneurship can be defined as a process through which designing, launching and
running of a new business is done. People who create and run such businesses are known as
entrepreneurs (Parker, 2018). Mostly of the times in order to run a new business successfully and
take it to a next level, entrepreneur is required to risks their money, career etc.
Entrepreneurship can also be defined as a business found by an individual who takes various
kinds of risk in order to establish their own business (Burns, 2016).
Differentiate entrepreneurs from intrapreneurs
There are various kinds of differences between an entrepreneur and an intrapreneur and
one of the main differences within them is the working setting in which they work. Most of the
times intrapreneurs do not take much amount of risk in order to run a business whereas
entrepreneurs take large amount of risk to run their large business.
There are four main types of entrepreneurial ventures such as:
Private business entrepreneurship: Entrepreneurs who run this type of business have
least number of employees (Colombo, D’Adda and Quas, 2019). Such kind of organizations do
not make much revenue and profit. These types of organizations majorly focus on enhancing
their customer base and for this continuously bring changes within their business. It can be
related to serial and female entrepreneurship topology. Another topology that comes under this
category is start-up topology i.e. most of private sector organizations are start-ups only at initial
level.
1

start-up entrepreneurship topology: Entrepreneurs who bring innovation within their
business products or services with their innovative ideas in order to take their organizations to
large scale is known as scalable start-up entrepreneurship. These ventures are mostly run by
entrepreneur’s who focus on bringing change within their organization with their innovative
ideas. It can be related to serial entrepreneurship as entrepreneurs of these ventures continuously
think of new ideas in order to run their own business (Sarason, Yuthas and Nguyen, 2018).
Private Company entrepreneurship: In order to grow their business, entrepreneurs of
these ventures focus on bringing sustainability within their business. such kind of ventures
provide various kinds of products and services to their customers in order to enhance their
customer base. It can be linked to serial entrepreneurship topology as in order to run a large
organization there is a requirement of generating new ideas.
Social entrepreneurship: in order to create a better world these types of ventures focus on
resolving social issues or problems with the help of their products and services. There are two
types of social entrepreneurship ventures profitable and non-profitable. It can be related to
lifestyle topology as such entrepreneurs focus on rewarding personal lifestyles rather than profit.
P 2 Similarities and differences between entrepreneurial ventures
Similarities:
Similarities in private, public and social enterprise.
Employees Employees: Number of employees in all the three types of
ventures depends upon their overall size.
New ideas All the three types of ventures require implementation of new
ideas in order to sustain within the growing market in which they operate.
strucutre All the three organizations do not have a fixed organizational
structure. It completely depends upon type and size of the organization.
Differences:
Private enterprise Public enterprise Social enterprise
Objective Main objective of these
types of ventures is to
gain profitability and
focus on growth of their
These types of
organizations mainly
focus on bringing
sustainability within
These types of
organizations mainly
focus on producing
quality products and
2