Entrepreneur and Small Business Development

Entrepreneur and Small
Business Development

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Types of entrepreneurial business and relations with entrepreneurship typology.................1
P2 Similarities and difference between different entrepreneurial ventures................................3
TASK 2............................................................................................................................................7
P3 Impact of micro and small business over economy...............................................................7
P4 Importance of small businesses and start-ups on the growth of social economy..................8
TASK 4............................................................................................................................................9
P7 Background and experience affect process of entrepreneurship............................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is an activity of establishing a new business by bearing all the risk and
uncertainties. Entrepreneur in the one who bear the risk, develop organisational structure and
enjoy maximum share of profits. This report cover examination of various types of
entrepreneurial business and explanation of its relations with the typology of entrepreneurship.
Report also include the similarities and differences between entrepreneurial ventures. Later the
report comprise of assessment and interpretation of data and statistics to demonstrate the
influence of small business on the economy. Further the report also cover the explanation of
importance of small businesses and ventures on economical development of the country.
Moreover the report also determine the qualities and skills of successful entrepreneurs that made
them better from other business managers. Further the report include the assessment of reflection
of entrepreneurial personality over the entrepreneurial motivation and mentality. Lastly the
report examine background and experience that can obstruct or boost entrepreneurship
(Mamabolo, Kerrin and Kele, 2017).
TASK 1
P1 Types of entrepreneurial business and relations with entrepreneurship typology
Types of Entrepreneurship
Small Business Entrepreneurship: Small businesses are those enterprises which are
privately operate by small number of individuals. The activity of establishment and running of
small scale business by an entrepreneur is called small business entrepreneurship. Small
businesses are mostly earn marginal profit. Their aim is to just earn sufficient money to
comfortable livelihood of them as well as their families. Sole proprietorship, corporation and
partnership firm are included in the category of small businesses. Some of the examples of small
business entrepreneurship are salon, grocery stores, gym, and retail store (Wang, Jessup and
Clay, 2015).
Scalable Start-up Entrepreneurship: When an entrepreneur starts a business with a idea
of ease the working of people than this type of entrepreneurship known as scalable start-up
entrepreneurship. Start-ups hold very less portion in the composition of all businesses. Mission
of starting a Scalable Start-up by entrepreneur is to alter the world. Some of the examples of
Facebook, Instagram, Uber, Igloo and Revolut.
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Large Company Entrepreneurship: In this entrepreneurship, large firms do the
operations of business. Company launches new products to match the changing taste and
preference of the customers with upgraded technology. Company launch new product with added
features to attain the objective of sustainability in the market. Large companies have huge
potential of executing tough plans that are very difficult for other business. Example of large
company entrepreneurship is E-Commerce giant Amazon (Ratten, Dana and Ramadani, 2017).
Social Entrepreneurship: This type of entrepreneurship has been practice for welfare of
the society. The main motive of social entrepreneurship is to help the needy people of the
society. These organisations does not work for profit instead they work for catering to the needs
of the society. One of the renowned example of social entrepreneurship is Safepoint Trust. It is a
start-up opened by Marc Kosla. The motive of this start-up is to provide cheap syringes to under
subsidized hospitals.
Types of Entrepreneurs
Innovators: These are the one who brings new establish a business with the new
innovative idea. Their mission is to change the world by providing new exceptional services to
the people. The are basically deals in services instead of goods. The type of entrepreneurship
innovators adopt is scalable start-up entrepreneurship. Advantage of innovative entrepreneur is
that innovator can take all the credit of success of business. Another advantage of being
innovator is that they face minimum competition in the starting. Limitations of being an
innovator is that it requires lots of investment to execute new plan of business. Also equity
shareholder denied entrepreneur in making some profitable decisions. Best examples of
successful innovators are founder of Apple Steve Jobs and founder of google Larry Page
(Britzelmaier, Häberle and Landwehr, 2015).
Hustler Entrepreneur: Those entrepreneur who start with small business with common
idea in hope of becoming big in future are called hustler entrepreneur. Small business
entrepreneurship is suitable for hustle entrepreneur. This type of entrepreneurs are usually have a
ideology of working hard towards the goal instead of smart work. Workers do extreme hard
work to accomplish their objectives. Hustlers avoid any kind of distractions and laser focus on
goals. They give priority to dis comfortable work and over comfortable entertainment. Benefits
of becoming a hustler is that low capital is needed to start the business. Limitations of becoming
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