Entrepreneurship and Small Business

ENTREPRENEURSHIP AND SMALL BUSINESS

Contents
INTRODUCTION...........................................................................................................................3
LO1 Explore and illustrate the range of venture types that might be considered
entrepreneurial.................................................................................................3
P1 Discussion of different types of entrepreneurial ventures and explanation about the ways
those relate to the typology of entrepreneurship..........................................................................3
P2 Exploration of the similarities and differences between Entrepreneurial ventures................4
M1 Investigating diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both public and corporate sector..................................................................5
LO2 Assess the impact of small business on the economy.............................................6
P3 Interpretation and assessment of relevant data and statistics to illustrate the ways micro and
small businesses impact on the economy....................................................................................6
P4 Explanation of the importance and business start-ups to the growth of the social economy. 8
M2 Evaluation of the differences make by small, medium and large businesses to the UK’s
economy through relevant published data and statistics..............................................................9
LO3 Determine and assess the key aspects of an entrepreneurial mindset.........................9
P5 Determination of the characteristic traits and skills of successful entrepreneurs that
differentiates from other business managers...............................................................................9
P6 Assessment of the ways aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset..............................................................................................................10
M3 Exploring and examine different lines of argument relating to entrepreneurial
characteristics............................................................................................................................11
LO4 Examine the different environments that foster or hinder entrepreneurship.............11
P7 Impact of experience and background on successful entrepreneurship...............................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is terms as the setting up of a business in order to have the growth and
development of business along with proper financial assessment with different level of risk. The
ventures of entrepreneur can have different level of ownership and structure which is need to
have various level of skills and characteristics for business management. In this report there will
be major discussion on ranges of venture that should be considered in entrepreneur ventures
along with having the proper assessment of impact of small business over the economy. The
report will have also had key points to be discussed in ways of entrepreneur mindset with having
proper examination of different environment that can turn to be opportunities or challenges
towards the entrepreneurship development of business. The skills needed in order to have proper
setup of busin4ss will be having proper elaboration and personal background which can affect
the development of business in longer productivity.
LO1 Explore and illustrate the range of venture types that might be considered
entrepreneurial
Discussion of different types of entrepreneurial ventures and explanation about the ways those
relate to the typology of entrepreneurship.
The entrepreneurial ventures are discussed to have solution to any significant issues with
their product of services and have the growth at exponential are different types as follows such as
-
Small business entrepreneurship- In these types of the start-up business the number of owner
and employee are very low as comparative to different entrepreneurship. More over the ways of
raring the generation of revenue in not much as these organizations are continuously paying
major focus of their clients or customers by developing their respective projects and services.
Particularly these types of business organization have major development with family member of
close friends as the respective level of partners. Hence, the small business has been setup by
providing the innovation level of idea and level of creativity in competitive environment in more
specific direction.
Scalable start-up entrepreneurship- These businesses have the establishment with innovative
ideas along with having proper focus in order to have development in their respective products
and services. In these types of entrepreneurship, the owner has the belief that their innovative
idea will help in changing the perspective of world. These businesses have the search of
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investors such as venture capitalist. The company have the major search for brightest level of
mind in growing their business so that they can build up the certain standards to set up a scalable
business model. UK has been set up as the country which is basically known as the bets places to
have establishment of start-ups which palsy more level of influential role.
Large company entrepreneurship the large level of company have the finite number of
life cycle along with having proper focus in order to have development in their respective
products and services in order to have customer sustainability and longevity of the business. Due
to rapid changes in the trends of the customer the large company is had the major focus on the
disruptive innovation for creating the new level of products which is considered as totally new to
market. Hence, the large organization makes the disruptive innovative more difficult ways to in
analysing the needs to change trends of customer. In UK have there major following of large
companies such HSBC Holdings (£134 billion), Unilever (£132.9 billion) and many more BP
(£110.8 billion).
Social entrepreneurship these are the social of voluntary organization which are
majorly focusing on the different level of issues for delivering their food products and services.
These organizations focus on creating a better world for the people and can be for-profit, non-
profit or hybrid. It is community interest which having more of environmental interest such as
the trustee-based company.
Exploration of the similarities and differences between Entrepreneurial ventures
Factors Small business
entrepreneurship
Scalable start-up
entrepreneurship
Large company
entrepreneurship
Social
entrepreneurship
Objectives These company
don’t have the
structured goals
along with
objective and
work which is
achieving the
lessees level of
profitability and
The company is
aiming in
provide the
innovative
product which is
constantly in
order to have
achievement of
high level of
The organization
id aiming to have
the order to
sustains the
variable level of
products with
more of research
and development
along with
These
organization
have the goals in
in providing the
quality of
products with
services in order
to make the the
world a better
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