Entrepreneurship and Small Business Management Characteristics Doc

Entrepreneurship and Small Business Management
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Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
Different type of Entrepreneurial venture and its relation with typology of the
entrepreneurship.....................................................................................................................3
Similarities and differences between entrepreneurial venture...............................................6
LO 2.................................................................................................................................................9
Impact of micro and small business on the economy ...........................................................9
Importance of small business and business start-ups to the growth of social economy.......10
LO 3...............................................................................................................................................11
Characteristic traits and skills of successful entrepreneurs.................................................11
Aspects of the entrepreneurial aspect’s personality reflect entrepreneurial motivation and
mindset.................................................................................................................................13
LO 4...............................................................................................................................................14
Background and experience can hinder or foster entrepreneurship....................................14
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18
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INTRODUCTION
Entrepreneurship is all about the process and a study to start or create a new business
with the aim of generating profit while taking the risk.
This report is all about the entrepreneurship and small business management that will
explain the market intelligence and give the advice in establishing the small business and
entrepreneurs. Report will include the entrepreneurship and small business management and its
practice. This will also include the different type of the entrepreneurship and type of
entrepreneurial ventures and the similarities between them. Furthermore, it will include the
impact of the small and micro business on the economy. Report will also explain the importance
of the small, micro and start-ups to the growth of the social economy. Report will describe the
characteristic and skills of successful entrepreneurs that make them different from other
entrepreneurs. It will include aspect personality that reflect entrepreneurial motivation and mind-
set. And report will tell how background and experience can hinder and foster the
entrepreneurship.
LO 1
Different type of Entrepreneurial venture and its relation with typology of the
entrepreneurship
Introduction
This will include the definition of Entrepreneurship. It will also cover the different
typology of the entrepreneurship and the types of the venture.
Entrepreneurship
Entrepreneurship is the process and a study to start or create a new business with the aim
of generating profit while taking the risk. Entrepreneurship is all about the people who takes their
career and dream into their hands and lead it in their own choice direction to create new business
and life on their own terms (Kuratko, 2016).
Entrepreneur
Entrepreneur is a people or individual who found, build and run a small business with
taking the risk and give the rewards to the venture with the aim of making profit. An
entrepreneur is innovator, source of good and new ideas, services and business.
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Typology of entrepreneurship
There are three types of Entrepreneurship:
 Individual Entrepreneurship – Individual entrepreneurship refers to the person or
people that start and runs the business individually. In this a single entrepreneur invest in
the business individually to set up a new venture and takes all the risk related to the
business individually. In this type of entrepreneurship include all the small size business.
This is a good rather than other type because all the profit margin would be only
belonging to that individual there is no need of sharing the profit (Hechavarría and
Welter, 2015).
 Corporate Entrepreneurship – Corporate entrepreneurship or the intrapreneurship is
referring to the applying the entrepreneurship inside the established organisation, that
believe into generating new and creative ideas within the established business and lead it
to improvement of the organisation profit and financial gain. In which they support and
encourage their employees to behave like entrepreneur in the existing organisational
structure (Entrepreneurship, 2019). Right vision and skills encourage the employees to
find new opportunities and ideas, that helps in innovating new products and services.
 Public sector Entrepreneurship – Public sector entrepreneurship means to take
initiative to innovating the public policy that helps in generating the greater economic
value by transforming the status of the economic environment which is more productive
to economy that create and innovate the activities for the public welfare. This public
sector entrepreneurship as it names refers to take the risk in the economic activities and
policies that would help the public organisation in gaining the profit and which would
work for the public satisfaction (Fayolle and Gailly, 2015).
Types of Entrepreneurial Ventures
An entrepreneurial venture or business venture us also be a small business which is built
by investing one or more individuals and groups with the expectation that business brings the
profit. Most of the business venture is created on the basis of the demand and needs of the
customers and the lack of supply in the market. Entrepreneur\ and investor proceed to build the
idea of creating, producing and selling the product.
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