Entrepreneurship and Small Business Management

Entrepreneurship and Small Business
Management

Table of Contents
INTRDUCTION..............................................................................................................................3
P1 analyse different entrepreneurial ventures as well as their typologies..............................3
P2 Similarities and differences between different type of ventures......................................5
P3 interpretation and assessment of different data and statistics of micro and small businesses
in United Kingdom.................................................................................................................6
P4 Importance of small as well as start-up businesses for growth of social economy...........8
P5 Difference between various characteristic traits and skills of successful entrepreneurs...9
P6 Assessment of different aspects of entrepreneurial personality and entrepreneurial
motivation in mindset...........................................................................................................11
P7 Background and experience of entrepreneur were hindering and fostering entrepreneurship
..............................................................................................................................................12
Conclusion.....................................................................................................................................13
REERENCES.................................................................................................................................14

INTRDUCTION
Entrepreneur refers to a person who looks for a new innovative idea related to any process
of product in the business and that converts the idea into a business model. This is done by
entrepreneurs in order to earn profit via taking risk in the business. Entrepreneur are basically
refers to development of small-scale businesses in an economy in order to achieve a number of
different objectives and goals of the business (Brush and et. al., 2019). In the following report
there are a number of discussion about different small-scale organisations and the role of start up
in social economy. The discussions are made on different type of entrepreneurial ventures along
with the typologies. Various similarities and differences between these typologies are also
discussed. There are a number of impact on social and economic condition of a nation due to
micro and small businesses which is explained with the help of statistics. Along with that the
report contains discussions on different entrepreneurs and entrepreneurship skills, traits and
characteristics and how does their background and experiences hinder the entrepreneurship
opportunities in decision-making.
P1 analyse different entrepreneurial ventures as well as their typologies
Different type of entrepreneurial ventures are
Survival venture: survival ventures are those ventures which sustain in the market in order to
make sure that they are returning to the stakeholders what ever they have invested in terms of
profit. It is the only goal of the company to make sure that they are financially fulfilling all their
obligations through engaging the business into profits. There can be a number of such new
entrepreneurial ventures which are survival ventures such as MOMA food. This organisation
arrange finances for its operation through taking loans and it is necessary for them to make sure
that they are returning all these financial obligations timely. Survival ventures can be linked to
small business entrepreneurship. These are the businesses that thrive to stay in market and earn
profits in order to run their operating expenses on a day to day basis.
Lifestyle venture: Lifestyle ventures are the micro enterprises who make sure that they’re
bringing a different in the life of people by different type of cost which is involved in their
business. They have a number of different ideas which is based on some specific culture of
entrepreneurship through the help of which they develop lifestyle for the followers and the
customers. Such ventures usually come with continuous changes and innovations in their

processes and products. There are a number of such small entrepreneurs who start their
entrepreneurship business with Lifestyle ventures such as SGS product United Kingdom.
Lifestyle ventures can be related with scalable entrepreneurship style of business. These
businesses are bringing huge changes and coming up with new innovations. These innovationsa
remajorly changing lifestyle of people.
Growth venture: Growth ventures are those ventures who always aim at increasing their
operations and expanding their business beyond the international margins. These businesses
game at staying in the market for a longer period of time and due to which they need to bring
innovations in their already existing products and services so that they can gain customer
attention and succeed in their business (Morozova, Popkova and Litvinova, 2019). Their major
motive is to increase their market share. Apple can be one of the growth venture which
continuously focuses on bringing in new products and services in order to fulfil customer
requirement and expand their business. Growth ventures are majorly related to large
entrepreneurship businesses. These businesses are always looking for growth and development
therefore it can be related to large entrepreneurship business.
Entrepreneurial typologies are
Small business entrepreneurship: Small business entrepreneurship are those ventures which is
started by a single person with the help of their family and friends. The investment which is
required for such business is very low and also the take the help of family members as
employees in the organisation. There can be a number of examples of such entrepreneurs which
can be grocery stores, hairdresser, travel agents and so on.
Scalable start up entrepreneurship: Scalable all the winners are those companies which come
with a vision and mission in order to bring a change in the world. There are major criteria is to
involve customers in their working and attract them so that they can efficiently fulfil the
unidentified need of customer. There are major in this to make sure that they are running high
profits by increasing the convenience they are providing to the customer. A number of online
shopping stores and different social media platforms such as Facebook, Amazon are example of
scalable start up entrepreneurship.
Social entrepreneurship: Social on the prices are those on the prices which are working towards
different issues in the society. They can be governmental or non-governmental organisations.
They also have criteria of profitable or non-profitable or a hybrid organisation. They do not