Entrepreneurship and Small Business Management

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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Contents
Task 1..........................................................................................................................................................3
Explore and illustrate the range of venture types that might be considered entrepreneurial....................3
Task 2..........................................................................................................................................................6
Assess the impact of small businesses on economy.................................................................................6
Task 3........................................................................................................................................................10
Determine and assess the key aspects of an entrepreneurial mindset.....................................................10
Task 4........................................................................................................................................................12
Examine the different environments that foster or hinder entrepreneurship..........................................12
References.................................................................................................................................................15
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Task 1
Explore and illustrate the range of venture types that might be considered entrepreneurial
The concept behind entrepreneurship can be well understand by going through its types and its
features. An entrepreneur is a person who is the owner of a new company, idea or venture. He or
she is countable for the inherent outcomes and risks associated with the business. In simple
words, an entrepreneur is a person who seeks the opportunity and organizes resources required
for working out on that opportunity (Smilor and Sexton, 2001). The entrepreneur also makes
strategies to deal with the opportunities and achieve it. According to Peter Drucker, an
entrepreneur is a person who always searches for a change responds to it and then achieve it as
an opportunity. He also stated that an entrepreneur innovates and innovation is a particular tool
of success available to the entrepreneurs. There are varieties of entrepreneurship types out of
which only few are important and basic types such as small business entrepreneurship, scalable
startup entrepreneurship, large company entrepreneurship as well as social entrepreneurship
(Seavey, 2009). These entrepreneurship ventures are discusses below:
Scalable startup entrepreneurship
Scalable startup entrepreneurship is different from small and large scale entrepreneurship. These
types of entrepreneurs are more concerned with the future of the world rather than the future of
the company. The investors invest on the projects of these entrepreneurs. The investors know
that they will get profit from them along with fame and stardom (Seavey, 2009). These
entrepreneurs start an organization knowing from the first day that their vision could change the
world. Moreover, they attract investment from equally crazy financial investors. These
entrepreneurs hires the best and the brightest investors. The only job of these entrepreneurs is to
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
search for scalable and repeatable model of business. As soon as they find it, their focus on scale
need even more venture capital so that they can fuel rapid expansion (Special Issue ofJournal of
Social Entrepreneurship, 2012). Some of the scalable startups in innovation cluster includes
Silicon Valley, Shanghai, Bangalore, Israel, New York and so on make up a small percentage of
entrepreneurs along with startups. The entrepreneurs of Silicon Valley are known as Silicon
Valley Entrepreneurs or SVE. It is the largest grassroots movements of developers and founders
in the Bay area since 2007. Moreover, this particular community provides opportunities for the
startups for sharing their passion with the other members of a broader startup ecosystem.
Source: https://www.google.co.in/url?
sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjZh_7H0fjSAh
VCqI8KHb9bCEQQjRwIBw&url=http%3A%2F%2Fwww.forbes.com%2Fsites%2Frodebrahimi
%2F2013%2F08%2F28%2F6-emerging-trends-in-silicon-valley-entrepreneurship
%2F&psig=AFQjCNHxYWGNazuy0x73IjfSoqsTkeutRg&ust=1490771175249576
Social entrepreneurship
The application and utilization of the techniques by start-up companies as well as other
entrepreneurs to implement, develop, fund a solution to social, environmental and cultural issues
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