Assignment Entrepreneurship and Small Business Management (Doc)

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK-1 ...........................................................................................................................................1
P-1 Discussing various types of ventures in relation to typology of entrepreneurship..........1
P-2 Specifying similarities and differences between entrepreneurial ventures......................2
TASK-2............................................................................................................................................4
P-3 Specifying data and statistics in micro and small business impacting on the economy.. 4
P-4 Importance of small and start-up businesses that contributes to social economic growth.. .5
TASK-3............................................................................................................................................6
P-5 Characteristics, traits and skills of successful entrepreneur.............................................6
P-6 Aspects reflecting entrepreneurial motivation and mind set............................................7
TASK-4............................................................................................................................................8
P-7 Background and experiences foster or hinder entrepreneurship......................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship and Small Business Management are the part and areas which specifies
this business to be owned independently and is concerned with manager as an owner of firm in
UK. This entrepreneurship and small businesses are new start-ups in market, which involves
organising, planning and gaining profit with high risks. Main advantage of this business is being
a boss and offering product and services to customers. This report mainly includes various types
of entrepreneurial ventures and in addition to this, statistical data is used to examine small
business which affects the economy. Moreover, it reflects significance of enterprise, which
grows towards social economy. Necessary characteristics and skills of manager is discussed in
this report. Lastly, factors affecting mind set of entrepreneur and background which hinders
entrepreneurship is described briefly in this report.
TASK-1
P-1Discussing various types of ventures in relation to typology of entrepreneurship.
There are mainly four types of business ventures which are social, small, large and
scalable start-up entrepreneurship. This all types also relate to typology of entrepreneurship in
market.
Social Entrepreneurship:
This venture is mainly concerned in terms of society. They are mainly focused on
providing goods and services in need of society and people. Entrepreneur solve all the issues in
terms of people demands, living in society. Social ventures aim in making world and nation a
better place (Ward, 2016).Social entrepreneurship can be in form of profit or non-profit.
Business enters in all sizes and shapes which always focus on customer's requirements in market.
On basis of typology, they are only set up for satisfaction of people of society and religions. This
enterprise builds their profit in terms of making society happy and satisfied.
Small Entrepreneurship:
In the current situation in market new and small business in UK are still at initial level.
They are focused on maximising their unit and also to employ workers who are not
governmental. This small entrepreneurs can be as electricians, plumbers, agents, grocery store
owner and many more. They are the owners of their own system of business. Their focus is to
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earn maximum profit but it's barely profitable to them. Their success means only to feed their
family and they promote their business through friends and relatives (Soundararajan, Spence and
Rees, 2016). They are the one who runs business as an owner and manager themselves. Small
businesses are not successful in relation to typology of entrepreneurship. They just dream of
fulfilling their family needs and not of building an industry.
Large Entrepreneurship:
Here, life of large entrepreneurship is very finite in terms of having business at bigger
scale. Growth of their business is maintained through innovation and by providing new goods
and services in market. Sometimes, they are pressurised along with changes in taste of client's,
innovative techniques, new competitors etc. In addition to its typology, they reduce production
cost which makes higher growth and profitability of business. Companies on a large scale creates
rigid and wild techniques which is not easy to implement in business.
Scalable Start up Entrepreneurship:
This venture is not like small business but they start their enterprise being aware about
their goals which can change the market reviews (Guiso, Pistaferri and Schivardi, 2015).
Investors are attracted by them through new techniques from which scalable entrepreneur gets
more investments and funds. They bring continuous changes in organisation which also invites
risk factors in capital. They focus on new models for business which can be repeatable and from
this, they can achieve more capital in venture. In relation to typology, they put various practices
in organisational performance. Entrepreneur also focus on the bright and best of investors to
invest in their business.
P-2 Specifying similarities and differences between entrepreneurial ventures.
Entrepreneur runs business in order to satisfy customer demand and to achieve higher
growth in business. Various ventures work for different activities and provide various types of
products and services depending on their business unit. Different enterprise runs business to
achieve higher performance level and also avoid risk factors in organization. They are focused
on attaining higher hopes and aims in enterprise. They also apply theories and strategies to make
their firm more effective and enhanced (Memili and et.al, 2015). Entrepreneur runs business
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