Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Contents
Introduction.................................................................................................................................................3
Part 1...........................................................................................................................................................3
P1 Different types of entrepreneurial ventures and explaining how they relate to the typology of
entrepreneurship....................................................................................................................................3
P2 Similarities and Differences between the various entrepreneurial enterprises and ventures............4
P3 Illustrate the impact micro and small business have on the economy. You should consider local,
regional, national and international economic impacts............................................................................5
P4 Explain the importance that small businesses and business start-ups on the growth of the social
economy..................................................................................................................................................6
PART 2.........................................................................................................................................................6
P5 Give the example of the successful entrepreneurs and the effective traits and qualities possessed
by them which made them and their venture successful........................................................................6
P6 How aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset. You
may wish to consider how personality is shaped by family upbringing, lifestyle, cultural differences
and personal motivation and drivers amongst other factors.....................................................................7
P7 How a person’s background and past experiences can hinder or foster entrepreneurship. Factors to
consider may include level and type of education, national culture, economic circumstances and
character traits. The risks and rewards of starting a business should also be considered.......................8
CONCLUSION...........................................................................................................................................8
REFERENCES............................................................................................................................................9

Introduction
Entrepreneurship is the ability to take the risks and set up a business enterprise. This
helps in the better handling of the various operations that will help in the significant management
of the different operations that will help in the effective attaining of the better productivity and
profitability. The entrepreneurship leads to the better adoptability of the various measures that
help in the significant increase in the business operations (Bae and et.al., 2014). The Small and
medium enterprises (SME’s) will help in the better handling of the different operations that helps
in the significant increase in the business operations. For the report, Educ8 Group is been taken
as the organization of context. This report will cover the details of the various types of the
entrepreneurial ventures and its different typologies along with the similarities and the
differences are been taken into the consideration, the roles and characteristics of the various
ventures is been discussed. The impact of the micro and small business on economy is been
taken into the consideration. Apart from this, various entrepreneurial skills sets and the effect of
their mindset is been taken into consideration with factors hindering or fostering the
entrepreneurial venture are discussed.
Part 1
P1 Different types of entrepreneurial ventures and explaining how they relate to the
typology of entrepreneurship.
Different types of the entrepreneurial ventures are been taken into effective consideration
which helps in the better handling of the different types of the business operations, as per the size
and the capabilities or efficiency of the enterprise. The different types of the operations will help
in the significant increase in the various operations which helps in the effective gaining of better
profitability and productivity. Some major types of the entrepreneurial ventures and their
typology are as follows:
 Small Business Entrepreneurship: This type of entrepreneurial ventures help in the
better growth of the various operations that are limited in growth, finance and other
resources. They comprise of the largest number of the business enterprise and cater the
maximum number of customers. The small and medium business enterprises or SME’s
are usually owned by a single individual. The employees are generally the local people
or the family members who work in the enterprise. This also helps in the better handling
of the different operations that will produce the raw material and skilled labor for the
other entrepreneurial ventures. Other than this, the SME’s will generate the largest
number of jobs for the candidates.
 Scalable startup Entrepreneurship: This entrepreneurial venture will help in the better
handling of the different operations which will help in the significant rise in the different
operations which will help the venture to gain better productivity and profitability. The
operations and financial resources of these ventures are limited but can be easily