Entrepreneurship and Small Business Management

Entrepreneurship
And small business
management

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PART 1 ( ENTERPRENUER VENTURE )
INTRODUCTION
Entrepreneurship refers to introducing, launching, running or a new business. Individuals
who step up their businesses are referred to as entrepreneurs. It's the ability or inclination to start
or run a business while taking risks in order to earn. An entrepreneur Furthermore, tiny and
micro businesses have a significant impact on the economy. Different forms of entrepreneurial
ventures are discussed in this assignment, as well as their relationship to typology. In addition,
the impact of micro and small businesses on the economy is depicted in this paper. Aside from
that, two successful entrepreneurs are distinguished from other business managers by their
features, traits, and skills. Finally, this study examines how one's background and experience
might either inhibit or encourage entrepreneurship.
TASK 1
P1 Various forms of entrepreneurial ventures and briefly discuss their relation with
entrepreneurship typology ?
Types of Entrepreneurship
 Large company entrepreneurship: These businesses are run on a large scale by their
founders. They create or manufacture things based on the tastes and preferences of their
clients. These businesses also develop and market new products in order to attract more
customers (Burns and Dewhurst, 2016). The major goal is to achieve a competitive
advantage and remain at the top of the market. Large-company executives play an
important role in providing training to their personnel so that they can do their jobs
effectively. These businesses' activities and functions are carried out in a systematic
manner.
 Small business entrepreneurship: Individuals run these enterprises at their own risk.
These include online storefronts, travel agents, plumbers, and electricians, among others.
Individuals who run these enterprises primarily want to feed their families and make
money (Bridge and O'Neill, 2012). They employ around 50% of non-government
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workers, and there are approximately 5.7 million small businesses in the United
Kingdom.
 Scalable start-ups entrepreneurship: The major goal of these businesspeople is to
increase their revenues. Their goal is to transform the entire world. These businesses'
owners hire or attract the best and most professional personnel. Employees in these
businesses are responsible for finding a scalable business plan. INSTAGRAM, Twitter, ,
Fb, and other social media platforms are examples.
 Social entrepreneurship: These businesses' owners are primarily concerned with their
consumers' social requirements and desires. They offer products and services that address
all of an individual's social issues. They are classified as non-profit, hybrid, or for-profit
businesses. The basic goal of social entrepreneurship is to generate income for clients
while also improving the Place.
Typology of entrepreneurship
 The sceptic entrepreneur: This type of entrepreneur can be a builder, an innovator, an
opportunist, a specialist, and so on. They raise questions about other people's success
(The 5 Types of Entrepreneurs, 2015). They are in charge of identifying and analysing
other people's businesses.
 The builder entrepreneur: These are people or business owners who are focused on
starting their own company. They believe in generating new items that are in line with
current trends in order to achieve greater results. Businesses are supposed to be powerful
and scalable, according to them (Burns, 2016). They invest their money and are
constantly striving to create or manufacture something new and useful.
 The specialist entrepreneur: A specialist entrepreneur is an individual who builds their
business with their own skills and capabilities. They have complete and professional
knowledge about their work or filed in which they perform their activities. These
entrepreneurs are owners of their own work. They always love to do whatever they want.
P2 Similarities as well as differences among different entrepreneurial ventures?
Small and large entrepreneurs
Basis Small business entrepreneurship Large company entrepreneurship
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