Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
P1 Explain different types of ventures by entrepreneurs and its relation with entrepreneurship
typology..................................................................................................................................1
P2 Examine differences and similarities between different entrepreneurial ventures...........2
TASK2.............................................................................................................................................4
P3 Analyse and interpret that how micro and small enterprises impact economy with the help
of data and statistics................................................................................................................4
P4 Determine growth of economy in context of importance of start-ups and small businesses
................................................................................................................................................6
TASK 3 & 4.....................................................................................................................................7
Covered in PPT.......................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship refers to that process by which new innovative product or enterprise is
created with objective of earning profits. Entrepreneur is person who bear all risks and seeks
investment to start small businesses. Management of small business is act by which owners
control operations to achieve organisational goals or objectives by using knowledge and
expertise. This report includes similarity and difference between various kind of entrepreneurial
ventures and their effective relation of entrepreneurship with typology. Analyse importance of
small business start ups in growth of economy with relevant data and statistics to explain its
impact. Explain skills, traits and characteristics that differentiate entrepreneurs from other
managers, also determine that how entrepreneurial personality reflects motivation and mindset.
With help of background and experience examine that how it block and brings success for
entrepreneurs.
TASK1
P1 Explain different types of ventures by entrepreneurs and its relation with entrepreneurship
typology
Entrepreneurship is act by which entrepreneurs seeks investment to develop and manage
venture by arranging inputs capital and technology. It is process by which enterprises are
operated and innovative products are introduced in market. There are different types of
entrepreneurial ventures as discussed under:
Small Business Venture: These are independently owned businesses which are limited
in size and revenues. Majority of businesses in UK are of this type of small start-ups. There are
5.7 million of small venture in UK economy and make upto 99% of total companies which
provides employment to 50% of individuals (The Four Types of Entrepreneurship, 2015.).
Scalable Start-ups: This types of startups takes innovative idea to convert it into
business model of scalable nature to earn higher profits. They start business with idea of
innovative products that can change the world. They are less in numbers as compared to small
enterprises but focuses on rapid expansion (Abdullayev, 2019).
1

Large Company: this type of entrepreneurship offers new innovative products with large
investment of capital to earn higher profits and capture bigger share of markets. These are
relatively few in numbers as compared to other ventures.
Social Enterprises: These are those ventures which focuses on filling present gap in
society by providing innovative product to enhance living standards of individuals. These are
basically non profit organisations which operates with motive of serving society.
Entrepreneurship Typology: These can be define as classifications of entrepreneurs which
helps ventures to improve its performance, productivity and efficiency (Aggarwal, 2018). There
are different types of typologies that are discussed below:
Lifestyle Entreprise: These type of typology akigned with social ventures of
entrepreneurship as it aims to improve life and well being of society by providing innovative
products.
Growth Business: Its main objective is to earn higher profits and target to expand or
growth of businesses. This typology can be seen in scalable businesses which strives for
continues growth by higher profitability.
Men Typology of entrepreneurship: Men are risk taker as compared to females and have
ability to manage and control larger firms. Large businesses are generally owned by males who
bears risk and efficiently manage enterprises.
Female Firms: Women considerably prefer to work in groups so that risk can be
distributed and stability in profits is only objectives. They manage and control small scale
ventures to minimise risk factor and sources of profits are consistent.
P2 Examine differences and similarities between different entrepreneurial ventures
Entrepreneurship Ventures are started up with different objectives and aims in processes
which distinguish them with others (Azizi and Mahmoudi, 2019). Although, there are some
similarities that ensures connection between working styles of such enterprises. Differences and
similarities between them are as follows:
Particulars Large Company Social Enterprises
Objectives Large scale businesses
operates with the motive of
achieving profitability by
Social ventures of
entrepreneurship basic
objective is to produce
2