Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
PART A...........................................................................................................................................3
1) Various types of entrepreneurial ventures with their scope, development, growth and
relationship with typology of entrepreneurship and discuss similarities and differences
between entrepreneurial ventures and provide examples in both public and corporate sector3
2) Impact of businesses on national and international and social economy and evaluation of
impact that different types of businesses make to the economy and use relevant data and
statistics for illustration..........................................................................................................5
PART B............................................................................................................................................6
1) Determine and analyze characteristics traits, skills and motivational drivers of successful
entrepreneurs by exploring different lines of arguments and support them with specific
examples.................................................................................................................................6
2) An assessment of how various characteristics of the entrepreneurial personality reflect
entrepreneurial motivation and mindset.................................................................................8
3) Critically evaluate how a person’s background and experience can influence entrepreneurs,
both positively and negatively by comparing and contrasting examples...............................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneur is the concept which determine willingness and capacity for proper
development, organisation and management of enterprise for taking all types of risk so that
profits can be achieved or obtained in effectual manner (Britzelmaier, Häberle and Landwehr,
2015). Small business management is the way of managing tiny or little business in order to
make it large in effectual manner. The entrepreneurship and small business management are
related to each other as one develop firm and another manages it at competitive market. Being
the junior business executive of UK government department various task are assigned. This
report contain various types of entrepreneurial ventures and their impact on economy of country.
It has also highlight about characteristics, traits, skills and motivational drivers of successful
entrepreneur and their mindset and motivation for personality entrepreneurial. The background
and experience of businessperson are described here.
PART A
1) Various types of entrepreneurial ventures with their scope, development, growth and
relationship with typology of entrepreneurship and discuss similarities and differences
between entrepreneurial ventures and provide examples in both public and corporate sector
Entrepreneurial Venture
This is defined as concept where business has to do innovation and opportunism in order
to increase their economic and social value. The entrepreneurial venture includes following:
Small Entrepreneurial Venture- This is regarded as that business which possess less
requirement of capital and have less number and size of firm (Doern, 2016). In order to operate
such enterprise, they prefer to recruit local individual of society like travel agent, designer, hair
dresser, etc. This is connected with growth topology to survive at market. They focus on finding
new opportunities and development at marketplace and scope is to grow at marketplace.
Scalable Entrepreneurial Venture- It is referred as those business where entrepreneur
focus on changing world by attracting people to invest their money in business. In order to run
business activities and operations, they have to recruit best people to perform work. For instance,
Instagram, Facebook. It is related with growth topology which focus on making profits. They
focus on growing along with developing new ideas and innovation at marketplace. Scope is to
earn high profit margin in an appropriate manner.

Large Entrepreneurial Venture- It is that venture whose size is large and has huge
market share. This business focus on manufacturing innovating and unique products and services
in order to meet requirement of consumers. It is linked with lifestyle topology to increase market
share for fulfilment of need of society. This includes, Google, Microsoft and others. For lifestyle
topology, need and demand of consumers should be fulfilled along with growing and developing
at marketplace. Scope is to fulfils requirement of their users and updating themselves on regular
basis.
Social Entrepreneurial Venture- This is mainly formed for meeting and solving
requirements of society people by providing them products and services (Dunne and et. al.,
2016). It is the combination of non-profit and hybrid rather than making profits. For instance,
Oxfam, NHS and others. This is related with lifestyle topology to meet consumer need and
demand. In order to survive at market, it is very important to develop and grow along with
fulfilling society requirements.
Similarities Between Entrepreneurial Ventures
 All focus on developing innovative products with use of technology to meet requirement
of consumers.
 For business expansion, ventures has to borrow money from different investors.
Difference Between Entrepreneurial Ventures
Basis Small
entrepreneurial
venture
Large
entrepreneurial
venture
Scalable
entrepreneurial
venture
Social
entrepreneurial
venture
Meaning This operate and
run enterprise at
small level and
has small size and
less number of
staff.
This is operating
business at huge
or large level by
manufacturing
innovative
products.
It focus on
investing money
for start-ups at
scalable level.
It operate
business at large
level having aim
to provide welfare
to society.
Objectives Objective is
sustaining at
market place for
Objective is
competing with
other in order to
Objective is
reaching large
number of clients
Objective is
working for
welfare of society