Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Several types of entrepreneurial ventures and how they interrelate to the typology of
entrepreneurship.....................................................................................................................3
P2. Differences and similarities between entrepreneurial ventures........................................5
TASK 2............................................................................................................................................7
P3. Interpret relevant data and statistics, how micro and small business impact on the
economy.................................................................................................................................7
P4. Significance of small businesses and business start-ups to the growth of social economy.
..............................................................................................................................................11
TASK 3..........................................................................................................................................13
P5. Characteristics traits and skills of successful entrepreneurs that differentiate them from
other business managers.......................................................................................................13
P6. How entrepreneurial personality reflect entrepreneurial motivation and mindset.........16
TASK 4..........................................................................................................................................18
P7. How background and experience can foster and hinder entrepreneurship.....................18
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20

INTRODUCTION
At current scenario entrepreneurship has become very important in order to develop
better economy. It is very essential for creating regional growth, industrial development and
employment generation which is mainly depends upon the entrepreneurial development.
Entrepreneurship refers to the process of different actions of an entrepreneur who is an individual
always search for something new to gain better opportunities in future. Whereas, small business
management refers to the different styles of management to get better outcomes appropriately.
Present assignment is based on entrepreneurship and small business management which will
focus on range of ventures types that could be considered as entrepreneurial. After this impact of
small business on the economy (Galloway, Kapasi and Sang, 2015). At last, key aspects of
entrepreneurial mind set and various environments that foster entrepreneurship will get covered.
TASK 1
P1. Several types of entrepreneurial ventures and how they interrelate to the typology of
entrepreneurship.
Enterprise: It is an enterprise which is most associated with the new type of ventures that
includes manufacturing, production and other operations which is performed by an organisation
in order to gain appropriate value of business.
Entrepreneurs: It is an individual who develop a new business and bearing huge risks
along with able to gain better rewards in an effective manner. It mainly includes innovator, a
source of goods and services, ideas, appropriate procedures as well as business.
Entrepreneurial venture: These are those type of ventures which is managed and owned
by the diverse entrepreneurs who mainly engaged within the business activities in order to
provide better quality of goods and services to customers in a perfect way. Online retail
consigner and Instagram consultant can be the best example of entrepreneurial ventures. This is
because these sorts of businesses mainly handled by one or two persons last, with the help of
managing their business in a proper way they can achieve their targeted goals in a success full
manner. There are different types of entrepreneurial ventures, those are listed below:
Ventures:
Small business
entrepreneurship
Large scale entrepreneurship Social business
entrepreneurship

 This type of
entrepreneurial
ventures is which
where business carried
out on small scale
through engagement of
the individual who has
been selected from the
local market (Burns,
2011). With the help of
this, best resources will
be produced in an
effective manner.
 Some of the small
businesses includes
grocery stores,
plumbers, carpenters
and many more.
 In addition to this,
entrepreneur is a
person who owns the
overall business and
staff members in order
to accomplish their
goals and objectives.
 With the assistance of
skilled and talented
employees, needs and
wants of customers will
be fulfilled in an
effective manner and
 This is the type of
business entity where
organisation use
advanced techniques in
order to produce high
quality goods and
services within limited
time frame.
 Size of such type of
business entity perform
their business
operations in order to
bring innovative ideas
for the development
and betterment of
future. Some of the
examples of such type
of enterprise are
Google, Facebook,
Yahoo and Adobe.
 Apart from this within
a large business
enterprise, ample
number of job
opportunities will be
developed which
increases the standard
of living.
 This is the type of
organisation who have
the capability to attain
 This is the type of
business entity offered
goods and services in
order to develop the
society in an effective
manner. They mainly
work for the
development of society
and individuals
(Bridge and Neill,
2012).
 Some of the instances
of this type of scale
includes Bill dray-ton,
Scott Harrison, Shiza
Shahid and many more.
According to this most
of the firms are using
social marketing
business models in
order to know about
customers taste and
preferences as well.
 In addition to this, with
the help of this they
can build effective
contact with large
number of individuals.
 For example: NGOs
are best way to provide
better facilitates to the

attain positive
advantages at the
marketplace.
goals and objectives of
the company at global
level.
 For instance: Google is
one of the biggest and
largest business
organisation who have
large number of
employees in order to
fulfil needs and wants
of customers in an
effective manner.
people in order to
enhance their living
standard.
P2. Differences and similarities between entrepreneurial ventures.
There are different types of entrepreneurial ventures into the marketplace. All they have
aim to become more successful by having huge profits and growth for the better development of
economy within country. Some of the similarities and differences are given below in context
with them:
Differences:
Small business enterprise Scale start up enterprise
In this sorts of enterprise thoughts and ideas
always stolen from the other person after that
start business with their own name and
identity.
According to this, business ideas always have
uniqueness like innovative strategies and
something new forever to gain competitive
advantages in a perfect way.
It is the type of business where number of
employees are around 50 where they work for
their own livelihood and not for the
betterment of the society.
This type of business work at the competitive
marketplace in order to develop the living
standards of individuals by bringing unique and
innovative products and services.
Purpose of this type of enterprise is to earn
huge profits for fulfilling overall demand and
The main aim of this entrepreneurship is to being
huge innovative techniques within society in

requirements of individual's family members
appropriately. For example: those types of
business who are operating their overall
systems and functions within the local level
then they are really needed to have so many
strategies and tools in order to make their
business attractive and valuable for people at
marketplace. In order to make huge profits
they always needed to have bette4r tools and
strategies in an effective manner.
order to develop new and effective products.
For example: If any start up comes into the
market with unique and new ideas then it can
influence large number of people within the
economy of UK. By satisfying several people
they can achieve their all over the task in order
to stay for long period of time within the
organisation. Along with they always have
innovative technologies so that they can easily
get potential customers and able to achieve huge
success in a peaceful manner.
Large scale enterprise Social enterprise
This type of enterprise always found with the
aim of earning huge profits in order to
develop huge sales and revenue within society
by giving large amount of funds. Along with
this, there are more than 250 employees who
are working in these sorts of organisation to
achieve organisational objectives and goals.
For example: It can be said that Google,
Facebook and so many large organisations
who are dealing their overall operations at
higher level they really needs to follow all
over the government rules and policies so that
they can meet their goals without facing any
kind of issues and problems in an appropriate
manner. Therefore, they have lots of people to
achieve same predetermined goals perfectly.
These type of enterprises always developed in
order to increase living standard of people
within society. On the other side these type of
enterprise do not have any motive to earn profit,
together with they always develop unique
strategies for societies so that they can give job
opportunities for numerous people effectively.
For example If NGO' s will provide more better
accommodations to their potential customers or
people so that they will become more successful
business entrepreneur and it also increase their
overall sales and revenue in an effective
manner. By having this type of scenario they
can also become world's largest firm in order to
give huge protective services to people and
remove negatives aspects from the world.