Entrepreneurship and Small Business Management

entrepreneurship and small
business management

Table of Contents
INTRODUCTION......................................................................................................................3
LO1............................................................................................................................................3
P1. Types of entrepreneurial ventures....................................................................................3
P2. Similarities between entrepreneurial ventures.................................................................4
LO2............................................................................................................................................6
P3. Impact of micro and small business over economy.........................................................6
P4. Role of small business and start up in growth of social economy...................................6
LO3............................................................................................................................................7
P5. Characteristics, traits and skills of successful entrepreneurship......................................7
P6. Reflection of entrepreneurial personality over motivation and mindset of entrepreneurs
................................................................................................................................................8
LO4............................................................................................................................................9
P7. Background and experience hinder and poster entrepreneurship.....................................9
CONCLUSION..........................................................................................................................9
REFERENCES.........................................................................................................................11

INTRODUCTION
Entrepreneurship is all about converting a business ideal into a successful business
venture. This report will project different aspecsrt related to entrepreneurship. Henceforth,
this report will project about different types of entrepreneurship venture and also the relation
of venture with different typology of entrepreneurship. This report will also project all the
similarities and differences between entrepreneurship ventures will also project in this report.
Impacts of micro and small business will also project with the help of relevant data.
Importance of small business and business start up in the growth process of economy will
demonstrate in this report. Furthermore, the characteristics of successful entrepreneurs will
also be a part of this project. Factors of entrepreneur personality that drives the entrepreneur
motivation will also highlight in this report. Influence of background and experience of
entrepreneurs over the decision-making process of entrepreneurs will also indicate in this
report.
LO1
P1. Types of entrepreneurial ventures
Entrepreneurial venture is the start up entrepreneur has started in order to conduct the
business. Different types of entrepreneurial ventures are a part of business environment.
Social Enterprises: Social enterprises are the organisation that is established to provide
social benefits to people. The objectives behind the operations of social enterprises are not to
earn profit. Thus, Social enterprises play a huge role in growth and development of society by
enabling different basic products like food, clothes and other essential items free of cost for
welfare of the people (Acs and et.al., 2018). In Australia thousands of social organisations are
running to provide social services that includes ASRC Catering, Green Collect and other
social organisation.
Scalable Entrepreneurial venture: Scalable entrepreneurial venture are such start ups that
are highly based on innovative and creativity and carry a vision to grow and expand its
business in long run. They raise capital from venture capitalist in order to conduct different
functions (Barba-Sánchez and Atienza-Sahuquillo, 2018). These organisations carry limited
resource and market share in initial stage of business but grow rapidly. Because of innovation
these organisation get to entertain healthy profitability in market. For examples: Cocoon is

among one of such enterprises that have used the patent technology to provide internet
connection for security of home through system without wires and sensors set up.
Large company Entrepreneurial venture: Large Company carries huge amount of capital,
resource and market share. Company can easily collect resources by issuing shares due to
strong brand image and high profit margin. Large scalable organisation grows rapidly due to
effective resources. For example: company’s lime ALDI, Big W and other organisation are a
part of this group.
Small Business entrepreneurial venture: Small business enterprises are a business venture
establish by family members in order to earn profits. These business organisation established
with low investment amount to meet the need of different functional activities (Bradley and
et.al., 2019). These organisations sale products and services at low prices to attract customesr
in market. For example: Davison Canners LTD is food production company that provide tasty
and delicious filling and jams to its customers.
The way relate to the typology of entrepreneurship
Survival firms: Companies established by aiming to serve the low cost products in market
covers under this category. These companies meet the needs of customers at a very low
prices. Small enterprise is included in such typology as they operate in order to sustain and
survive in market.
High grow firms: These organisation carry the motive to grow and expands its business by
entering into a new market. These companies introduce new products to meet customers
requirements. Big companies are part of high grow firm as they always involve in policy of
business expansion or product exoasnion.
High tech firms: High tech firms are such organisatioon invbolve innovation as a part of
business practice. These organisation carry innovation as a part of the main part of business
operations.
Social firms: Social enterprises are such organisation operated to serve the social benefits to
peoples part of society. These organisation are involved in social services.
P2. Similarities between entrepreneurial ventures
Similarities Social Enterprise Scalable
Entrepreneurial
venture
Large company
Entrepreneurial
venture
Objectives The objective of the It is established to Large organization