Entrepreneurship and Small Business Management

Entrepreneurship and
small business
management
1

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Define the different entrepreneur ventures and the relationship with entrepreneurship
typologies...............................................................................................................................3
P2 Analyse the difference and similarities among all the entrepreneurial venture................4
TASK 2............................................................................................................................................6
P3 Interpret and assess relevant data and statistics to elaborate how micro and small
businesses effect on the economy...........................................................................................6
P4 Explain the significance of small-business and Start-up's in the development of economy.. 8
TASK 3............................................................................................................................................9
P5 The characteristics, traits and skills of successful entrepreneurs......................................9
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set
..............................................................................................................................................11
TASK 4..........................................................................................................................................12
P7 Background and experience can hinder or foster entrepreneurship ...............................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15
2

INTRODUCTION
Entrepreneurship defined about the capabilities and willingness of an entrepreneur to
develop and carry out the business along with the risk in order to make the profit. Entrepreneur
refers to that person who is ready to establish a business by determining the business
opportunities, new techniques and resources to reach the business organisation at higher level
(Bosma, 2013). This study will cover the different type of entrepreneurial ventures along with
their relationship with the entrepreneurial typologies. The impact of the small and micro business
on the economy will be analysed by creating the differences and similarities between all the
entrepreneurial ventures. The importance of characteristic, skills and traits behind the succession
of an entrepreneur also will be discussed in this report.
TASK 1
P1 Define the different entrepreneur ventures and the relationship with entrepreneurship
typologies
In the present corporate world, there are various type of entrepreneurship venture are exist
such as small, large, social and scalable start-up's. These all have huge contribution in the growth
of the economy. These entrepreneurial ventures are defined beneath:
Small business: This is most common form of the business as it is easy to formed as an
individual can establish this business with little amount of money (Blackburn, Hart and
Wainwright, 2013). The main motive of this business is to make profit by accomplishing the
basic needs of the society. Scope of this business is wide as it is easy to establish due to which it
can be set up in the rural and backward areas also where large businesses are not able to reach.
The total income of this business is less then £5 million and the total number of the employees
are 100. For examples: Softwire or Oscar are small organizations which follow the lifestyle
typology in order to maintain the specific income of individual as well as lifestyle.
Large business: This is the largest form of the business as in this business venture the
organisational activities are operating at multinational level. They have huge contribution in the
development of the economy because they are offering a range of job opportunities and various
products and services to the people due to which they have immense scope also. The total
turnover of this kind of venture is 1.5 billion and have almost 5000 employees in the
organisation. For example: Asda, Tesco, Sainsbury's are the example of large organization which
3

capture the huge market share and main aim is to maximise the profitability of the company.
These types of large organizations adopt the growth typology in order provide business growth.
Social enterprise: As it can be seen in its name that they are leading their organisation
only with the social purpose, not for earning profit. In the today's economy they have very wide
scope as because they are operating their business for social development (Alvarez‐Garrido and
Dushnitsky, 2016). Also, this kind of venture is highly contributing in economy development as
their main focus on development of every individual so that they will be able to contribute in
developing the whole society. Various examples are available of this business like CASA,
Doncaster Refurnish etc. These types of organizations follow the growth firm where they focus
on resolving social purpose not to earn profit.
Scalable start-up: These kind of organisations are operating their activities with the aim
of changing the whole world. The main focus of this type of business organisation is to develop
an effective model which will help the business to attain higher growth and success in the
marketplace. One of the main example of this kind of organisation is Facebook and this
organization also follow growth typology.
Typologies of entrepreneurship:
There are different types of entrepreneurial typologies in which every typology contains
its own benefits. Here are defined some of the entrepreneurial tyopologies:
Lifestyle enterprise: This enterprise is set up with the aim of maintaining a specific level
of income and improve the lifestyle of the people (Autio and et.al., 2014). The small business
firm is included in this category as they are conducting their activities to improve the lifestyle of
the people by providing them neccessary products and services.
Growth firms: This includes the large and scalable business organisation as they have
contribution in the development of the country as well as individual (Audretsch, 2012).
Thus, it can be stated that the entrepreneurial ventures and typologies have great relation
with each other.
P2 Analyse the difference and similarities among all the entrepreneurial venture
All the entrepreneurial ventures are different from each other according to their purpose,
scope, size and other elements, but in some cases they are represting some similarities also. All
the above discussed ventures are included in two categories private or public. The small, scalable
4