Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT
Table of Contents

INTRODUCTION ..........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Explore about different range of business ventures that can be considered entrepreneurial 4
P2 Mention similarity and differences in ventures of entrepreneurship ....................................4
TASK 2............................................................................................................................................4
P3 Assess and interpret about relevant statistics and data to show impact of SMEs on
economy .....................................................................................................................................4
P4 Discuss the importance of SMEs in growth of social economy ...........................................4
TASK 3............................................................................................................................................4
P5 Mention the skills, characteristics and traits of entrepreneurs that differentiate them from
managers.....................................................................................................................................4
P6 Mention how aspects of entrepreneurs personality reflects about entrepreneurial mindset
and motivation ............................................................................................................................4
TASK 4............................................................................................................................................4
P7 Discuss how background and experience of a person can foster or hinder entrepreneurship
.....................................................................................................................................................4
CONCLUSION................................................................................................................................4

INTRODUCTION
Entrepreneurship is defined as the procedure to establish a new organisation and bearing
all the risks associated with it so that maximised revenues can be earned. In general terms, it is
an activity in which production and investment opportunities are seek so that business venture
can be managed in a profitable manner (Bakeman and Hanson, 2012). This assignment report is
based on New London Cafe which is a UK based local business offering breakfasts, burgers and
organic coffees to their customers. This cafe is present in London, UK and operates at very small
level. This report is going to mention about distinct range and types of business ventures along
with their typology. Also, differences in these ventures will be carried out. Interpretation and
statistics are discussed to mention impact of SME on business and social economy. Also,
information about different characteristics and traits of entrepreneur, entrepreneurial personality
is mentioned. At last, role of experience and background in hindering or fostering
entrepreneurship is discussed.
TASK 1
P1 Explore about different range of business ventures that can be considered entrepreneurial
Entrepreneurship is described as the willingness of an individual to start, run and manage
a new business so that high revenues and profits can be earned. These businesses are prone to
more risks due to their unpredictable nature. Ventures of entrepreneurship can either be small,
medium or large sized (Bridge and O'Neill, 2012). Activities involved in these businesses all a
business person to earn decent revenues so that standardised life can be earned. Various type of
business ventures in this respect are stated below:
Different type of business venture
Small business: These businesses require less amount of money, equipment and
workforce to manage their business. Due to this, size and scope of these businesses is limited and
they operates at local level only. These firms offer services or products at genuine price and
employs less than 50 employee. They works either on individual or partnership basis. Income of
these businesses is around 2 million pounds on annual basis. For example, New London Cafe,
Rowlinson Knitwear.
Large businesses: These type of business needs heavy investment, workers and
resources to perform their business operations. Their size and scope is wide and these businesses