Entrepreneurship and small business management: entrepreneurship and small business management

ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT

Entrepreneurship and small business management
Table of Contents
Introduction:...............................................................................................................................3
P1) Different types of entrepreneurial ventures and its relationship with the entrepreneurship
typology:....................................................................................................................................4
P2) Similarities and differences among different entrepreneurial ventures:..............................6
P3) Impact of micro and small businesses on the economy:.....................................................9
P4) Importance of the small businesses and business start-up for developing social economy:
..................................................................................................................................................12
P5) Skills and the character traits that create successful entrepreneur:...................................13
P6) Assessment of how entrepreneurial personality may reflect the mindset and motivation of
entrepreneur:............................................................................................................................14
P7) Importance of the past experiences and background of personnel on fostering or
hindering the entrepreneurship:................................................................................................16
Conclusions:.............................................................................................................................18
Reference list:...........................................................................................................................19
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Entrepreneurship and small business management
Introduction:
In this present era, entrepreneurs are considered as the national assets that need to be
motivated, cultivated along with remunerated. Entrepreneurship is highly important fact for
any economy because it changes the way any person live as well as work so that standard of
living can be improved. Therefore, economic development if any country is entirely
dependent upon the entrepreneurial venture's development. Development of entrepreneurial
ventures not only improves the economy of any country but it also reduces the
unemployment. This assignment is intended to describe the importance of entrepreneurship
and small businesses enterprises.
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Entrepreneurship and small business management
P1) Different types of entrepreneurial ventures and its relationship with the
entrepreneurship typology:
According to Morris et al. (2016), entrepreneurship refers to the willingness for developing;
managing along with organising business ventures so that profitability can be achieved.
Therefore, entrepreneurship is all about starting a new business. Any new business is
generally formed as the small and start-up businesses and then strategies are developed so
that the organisation can be maintained on long run basis. Most of the entrepreneurial
ventures are developed for gaining profitability, though there are some entrepreneurial
ventures that are developed for creating some social wellness for the societies (Morris, 2015).
An entrepreneurial can be run or maintained by a single people or it can be initiated and
maintained by two or more people. Various entrepreneurial ventures are there such as high
growth, low growth along with the lifestyle ventures.
It has been observed that a high growth entrepreneurial venture is mainly formed for the
creation of huge profit and expansion of the businesses into various areas so that it can help
the organisation in maintaining sustainability in both the international and national locations
(Bruton et al. 2015). Any high growth organisations are generally technology-based and
innovation based organisation so that they can achieve competitive advantage over their
competitors. However, it is really difficult for any entrepreneur in developing high growth
ventures in the initial stage because lots of process needs to be completed here. It has been
observed that mainly first generation entrepreneurs are there that are associated with the
development of this kind of ventures (Alvedalen and Boschma, 2017). These kinds of
ventures are mainly formed with the help of the innovative skills of the entrepreneurs so that
a superior quality unique product can be generated to create the huge amount of profitability.
On the contrary, small profit organisations are not developed for the generation of
profitability or huge expansion of the businesses (Alvedalen and Boschma, 2017). The main
intention of the small profit entrepreneurs is leading a decent life rather than becoming a
profitable entrepreneur in their newer future. One of the effective examples of this kind of
businesses is the Mom and Pop stores which have the presence in only one location that is
London (Bruton et al. 2015). This business is one of the sole proprietorship businesses that is
the business is run and maintained by the only owner. As mom and Pop store is one of the
family-owned business so the owner gains the entire sets of risks as well as income. Mainly
small-scale entrepreneurs are those entrepreneurs that are associated with running and
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