Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
PART A...........................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and their relations with each other...............3
P2 Similarities and differences between various entrepreneurial ventures............................5
TASK 2............................................................................................................................................6
P3 Data and statistics to illustrate micro and small businesses impact on economy.............6
P4 Importance of small businesses and business start-ups to growth of social economy......9
PART B..........................................................................................................................................10
TASK 3..........................................................................................................................................10
P5 Characteristic traits and skills of successful entrepreneurs that differentiate them from
other business managers.......................................................................................................10
P6 Aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset.13
TASK 4..........................................................................................................................................14
P7 How background and experience can hinder entrepreneurship with examples..............14
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship refers to the process of which an individual develops ability to
organize, develop and operate a business enterprise considering fact of uncertain business
environment. A sound working of a business organisation depends on it's way of management to
tackle with various uncertainty faced by firm while carrying it's respective operational activities.
It includes changing demands of customers, uncertain social environment, dynamic political
environment and many more(Julien ed., 2018). This report will highlight different types of
entrepreneurial ventures with their similarities and differences. With addition to it, this document
will illustrate importance of small as well as micro business enterprises with their impact on
economy and will characterise skills and traits of a successful enterprise which helps them
differentiate from others.
MAIN BODY
PART A
TASK 1
P1 Different types of entrepreneurial ventures and their relations with each other
Entrepreneurship in a business firm refers to overall process of shaping efforts been
produced by respective staffs working in an organisation towards achievement of business goals
and objectives. Employees performing their various job roles in an enterprise poses different
style for completion of assigned task. Sound entrepreneur is the one who ensures better
productivity in business operations by grouping efforts of various individuals and by maintaining
effective coordination in an organisation (Dana, 2017). There are different types of
entrepreneurship, out of which some of them are as follows:
Small business entrepreneurship: With light to fact, majority of business operating
across the world are small businesses. The main objective of these businesses aside profit
making is to support their respective family and maintain living standards. In most of cases in
small business, there is sole proprietorship form of ownership (Neumeyer and Santos, 2018).
However they might hire staffs and family members for delegating respective business activities.

It includes businesses such as hairdressers, boutiques, plumber and many other businesses done
on small scale.
Large company entrepreneurship: This type of entrepreneurship supports hiring up of
well qualified professionals for conduction of respective operations of business firm. The main
objective for business firm is to earn high profits and sense of being on top is evaluated. Big
company focuses on creation of new products or services as per trending demands of companies
customers in given marketplace. Some examples of these types of entrepreneurship are Google,
Microsoft and Disney.
Scalable start-up entrepreneurship: This type of entrepreneurship originates with an
idea that operational activities of business firm can bring changes in world. These types of
enterprises aims at conduction of respective operational activities of the firm by adoption of
innovative approaches (Chen, Chang and Pan, 2018). High qualified professionals are been hired
in these organisation and main focus is to introduce new approaches for doing specific work by
taking help of innovate techniques and using appropriate technologies. It includes organisation
like; Facebook, Uber and Instagram.
Social entrepreneurship: These types of entrepreneurship supports conduction of various
operational activities, keeping in mind valuable resources of the firm and it's respective social
objectives towards society. Operational activities in these businesses are aimed at production of
certain product or service that might be helpful for solving social issues in society. There main
objectives is not to carry out profits, instead they aim at providing better society for various
companies to operate their operational activities.
Characteristics of successful entrepreneur
 They are self motivated individuals,
 Ability to take risks/ Daring,
 Good knowledge about management principles,
 Good communication skills,
 Passion.
Therefore, it can be analysed that various types of entrepreneurship have different styles
in working. However they are interrelated with each other in respective working of business
organisations. It becomes important for managers and leaders of specific entrepreneurship to
analyse it's proper aims and objectives for effective decision making in the company (Frederiks