Entrepreneurship and Small Business Management INTRODUCTION

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and how they relate to the typology.............1
P2 Different types of entrepreneurial ventures, similarities and differences between each other
................................................................................................................................................4
P3 Effect of micro and small business on economy...............................................................7
P4 Importance of small businesses and business start-ups on the growth of the social economy
................................................................................................................................................8
M1 Demonstrate an understanding of entrepreneurship in both public and private sector..10
M2 Evaluating the differences that small, medium and large businesses make to the economy
..............................................................................................................................................11
D1 Critically examining the scope, development and growth of entrepreneurship ventures11
D2 Critically examining how small businesses have an impact on different levels of the
economy...............................................................................................................................11
PART 2..........................................................................................................................................12
P5 Characteristic and traits of successful entrepreneur........................................................12
P6 Personality of entrepreneur act as a motivational tool....................................................13
P7 Background and experiences which can hinder or foster entrepreneurship....................14
M3 Different lines of argument relating to entrepreneurial characteristics.........................15
M4 Entrepreneurial characteristics that influences of personal background and experience16
D3 Analysing the characteristic traits, skills and motivational drivers of successful
entrepreneurs........................................................................................................................16
D4 How background and experiences influences entrepreneurs, both positively and negatively
..............................................................................................................................................16
CONCLUSION..............................................................................................................................16
REFERENCES .............................................................................................................................17

INTRODUCTION
Entrepreneurship is a activity that consider start up of new business in a economy. In this
process individual is works to design, launch and build a business that can be start up with a
small scale. These people are known as Entrepreneurs who are willing to develop, organise and
running a business firm with any risk to create desired profit and income as well. In this
procedure entrepreneur require specific skills and capacity to achieve implement effectiveness in
their business and achieve future goals as well (Albrech, 2011). For this entrepreneur require to
understand market condition, customer's demand and competitive firms to build impactful
strategy on its bases. All these procedure are based on structure of new enterprise, its size and
target goals that they want to achieve in future. For this entrepreneur require to provide
appropriate training to their employees that helps to getting desired outcomes easily. This report
represent types of several entrepreneurial firms, similarities and differences between each other
and impact of micro and small business on economy. Its also represent Importance of small
businesses and business start-ups on the growth of the social economy and characteristic and
traits of successful entrepreneur. At last it represent Personality of entrepreneur act as a
motivational tool as well as Background and experiences which can hinder or foster
entrepreneurship.
PART 1
P1 Different types of entrepreneurial ventures and how they relate to the typology
Entrepreneurship is a specific procedure in which is individual create impactful strategy
to launch a business venture easily. This is based on new start ups of a firm that include different
type of concepts, ideas, procedures and technologies as well. In this process, individual requires
to understand marketing concept and values that can impact on business procedure.
Entrepreneurship is based on skills, concepts and ability of an individual to build a new start up
in target market. It can be determine in two different terms as entrepreneur and enterprise. In
which entrepreneur is known as a single person who create and design a business structure to
manage their several activities in appropriate manner (Armstrong and Taylor, 2014).
On the other hand Enterprise is a business venture or a company that can be small or
large. These kind of business ventures are established to getting desired profit and income
through different activities. These legal enterprises can be Partnership firms, solo proprietors,
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limited liability company and corporation. In these business venture entrepreneur operate their
business activities in effective manner to getting higher competitive advantages easily. It
consider lots of risk to implement several activities in a competitive market, so for this individual
requires to make effective and impactful strategy that helps to achieve future goals and
objectives in effective manner (Boxall and Purcell, 2011). Entrepreneur should have to be
innovative and creative who translate their ideas and thoughts in business operation activities.
Differences between an Entrepreneur and Intrapreneur – In a new venture two
different people provider their different contribution by their own strategy. They can be
Entrepreneur and Intrapreneur. They both are very different to each other as Entrepreneur is
known as individual who start new business venture by their ideas and skills while as
Intrapreneur can be someone who already working in a form but develop a new product by their
creative thoughts and ideas as well. They both are different to each other but their main objective
is to achieve higher success and earn maximum profit by their own strategy. Below further
difference between Entrepreneur and Intrapreneur are shown as -
Bases Entrepreneur Intrapreneur
Definition They are a person who
establish a new business by
their own ideas and
techniques.
They are known as existing
individual of organisation who
works to introduce new
product in firm by their create
ideas and thoughts as well.
Objective Maximise high competition in
market by establish in business
in target location. There main
objective is to getting higher
success by achieving their
target objectives and goals as
well (Bratton and Gold, 2012).
These individuals are works to
introduce new and innovative
products in their organisation
to increase social economic
values. Main objective of those
individual is to introduce new
creation that consider
innovative ideas and new
invention as well.
Activities Entrepreneur are build Intrapreneur are those who
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organisational activities by
their own and they are the
owner of new venture.
participate in new and
innovation activities of firm to
introduce creative though in
product development.
Uses of resources Entrepreneurs are basically
introduce their own resources
that requires to utilize in
appropriate manner to getting
higher success easily.
Intrapreneur are works to
utilize organisational resources
in proper and innovative
manner to launch new products
and services in market.
Risk Entrepreneurs take risk while
set up a new venture in
competitive market.
All the risks are taken by
organisation.
Different activities that link to entrepreneurship - Entrepreneur requires to analyse
marketing activities that can affect on their business procedure and services. Through this they
can easily maximise their profit and organisation's income easily (Brewster and Hegewisch,
2017). For example business strategy required in a entrepreneur who conduct operational
approachers in their new enterprise to getting competitive advantages from target market. Such
activities helps to create new path for firm to build their own image easily in front of competitive
organisation's and in target market.
Different venture that are undertaken by entrepreneur -
Small business entrepreneurship – These are the kind of Enterprise that start up on a
small scale. In these venture number of employees, resources and operation activities are
consistently small by the nature. These kind of organisation provide their own contribution in
economy development and employment services. Theses small scale operations are basically
implemented by small grocery stores, travel and tourism firm as well as retail stores.
Large business entrepreneurship – These type of organisations are large in structure
and size. Such organisations conduct large operational activities and grab lots of opportunities
from target market (Choi and Turk, 2011). Growth of these firms are based on production
services, innovation, uses of advance technology and number of employees who serve their
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quality services in firm. These organisation easily expend their business structure in several
countries.
Social entrepreneurship – These organisation are basically works to provide effective
products and services for social welfare. Main objective of theses type of organisation is social
development through various activities.
Entrepreneurial ventures -
 Lifestyle ventures – These entrepreneur are more likely to invest their money at specific
place. Their aim is to sustaining particular level of income to enjoy their lifestyle easily.
These business have limited potential growth because main objectives of its owner is to
provide higher satisfaction to target customers. Main objective of lifestyle venture is to
engaged effectiveness in entrepreneur's income and their personal requirement.
 Survival ventures – These are the new start-ups in a economy that faces lots of
challenges and competition. For them, it is require to manage their strategies in impactful
manner. Through this, they can easily get desirable growth and income. For them, it is
require to make proper analysis on target market before implementing any operational
activity .
 Aggresive growth ventures – These type of business organisations are basically
established to making money and funds quickly. For this entrepreneur needs to manage
their activities effectively to build appropriate market image in short term period. Owner
of these enterprises make proper strategy to getting desirable growth in proper manner.
 Managed growth ventures – Entrepreneur of these ventures are more likely to create
their positive image in target market. So for this, they analyse target market properly to
provide higher satisfaction to customers on the bases of their requirement and need.
 High growth venture – In this procedure, an individual start a venture by their own
efforts and effectiveness to getting higher competitive advantages and growth. In this
procedure, most of the private sector organisations has comes under as sole proprietors.
In which one person develop creative ideas to getting maximum growth esaily.
P2 Different types of entrepreneurial ventures, similarities and differences between each other
In a economy different type of entrepreneurial ventures are established to achieve their
future objectives in effective manner. Working structure and future goals of theses firms are very
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