Entrepreneurship and Small Business Management

Entrepreneurship and small
business management
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table of Contents
INTRODUCTION...........................................................................................................................3
P1 Different types of entrepreneurial ventures and typology of entrepreneurship......................3
P2 Similarities and difference between entrepreneur ventures ..................................................4
P3 Influence of small and micro business on economy...............................................................6
P4 Importance of small business in growth of social economy ..................................................7
P5 Determine several traits and characteristic of successful Entrepreneurship...........................8
P6 Determine several aspects of the entrepreneurial personality that influence on the mindset
and motivation of entrepreneur...................................................................................................9
P7 How background and experience can hinder or foster entrepreneurship ............................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
Entrepreneurship refers to setting of a business and managing it. there are many successful
entrepreneurs who runs large and small business. for becoming an entrepreneur, it is necessary to
have a unique idea and concept which is transformed into business. However, business needs to
managed in effective way to make it successful (Basco, 2019). An entrepreneur traits and
features differ from one another. usually, it is based on their education and background.
Furthermore, business needs to be managed in different way as per its nature and type.
In this assignment it will be described about types of entrepreneurial ventures and typology
of entrepreneurship and difference between them. Also, influence of micro companies on UK
economy and importance of small business will be explained. Moreover, it will be discussed
about traits and characteristic of entrepreneur and aspects which influence mindset and
motivation of entrepreneur.
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurial ventures are the firms that performs the functioning of designing ,running
and launching the business that is owned by the entrepreneur. Mention below are some
entrepreneurial ventures.
Micro entrepreneurial ventures- These are the one who are relatable to the small business and
also have the minimum number of the staff members.
Small ventures- They are the one who are basically interlinked to the small businesses as well as
have the less number of the staff members working within it (Usman, 2020).
Large enterprise- These are the firms that have generally large number of life span as well as
grow day by day innovating new products, variances and many more.
Typology
Survival firms- It is used to meet the financial obligations of the entity and also survive to the
extended, its mainly characteristic through employment freeze, cutting costs,laying off the staff
members (Ratten, Dana. and Ramadani, 2017).
Lifestyle entrepreneurship= The main aim of such kind of entrepreneurship is to undertake the
actions that will gives the reasonable living to the founders rather than incurring such kinds of
risks. The enterprises and small business also gives the avenue for the development of the
specified entrepreneurial cultures such as lifestyle entrepreneur (Basco, 2019).
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P2 Similarities and difference between entrepreneur ventures
There are several ventures of entrepreneur that are operates within one or oanother way but out
of them all have similarities that makes these ventures that are highly identical to one another.
Basics Public Private Social
objectives The basic
objective of
public enterprise
to maximize the
profits for
enhancing
shareholder value
The main
objectives of the
private firms is to
innovate products
and devices so
that they can
generate revenue
at high extent.
These are the firms whose main aim
is to provide the quality products and
also services to the entire
community.
Size Here the number
of the staff
members are
around 8000
Number of
employees within
public firms are
more than 100000
Here the employees that are present
in social organisation are depends on
their size
Structure The
organizational
structure of the
public firms are
highly complex as
well as consists of
large level of
hierarchical
Structure of the
private firms are
basically depends
upon the size and
no of the staff
members.
The structure of the social firms re
also focuses mainly upon the trustees
and also the board of directors
(Usman, 2020).
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