ENTREPRENEURSHIP AND SMEMIC BUSINESS MANAGEMENT INTRODUCTION 3 TASK1 3 P1. Similarities and differences between entrepreneurial ventures

ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK1.............................................................................................................................................3
P1. Different types of entrepreneur ventures and their relation with the typologies. ............3
P2. Similarities and differences between entrepreneurial ventures........................................5
TASK2.............................................................................................................................................6
P3. Interpret and assess relevant data and statistics to illustrate the impact of micro and small
businesses on the economy.....................................................................................................6
P4. Importance of small businesses and start ups to the growth of the social economy........9
TASK3 & TASK4............................................................................................................................9
Covered in PPT.......................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCE.................................................................................................................................11

INTRODUCTION
Entrepreneurship is the process of developing a business or businesses in order to build or
scale the generation of profits. It is the individual who is involved in setting up of business so
that the aims and objectives can be fulfilled effectively and efficiently (Purnama and Subroto,
2016). They are the person who keeps looking at the certain opportunities rather than seeing only
problems and hurdles and wants to grab the same in order to attain the goals. In this report, range
of ventures will be considered by the entrepreneur. The assessment of small business will be
done on SME of UK. The report will also determine and assess the important aspects of the
entrepreneurial mindset. It will examine different environments which will foster and hinder
entrepreneurship.
TASK1
P1. Different types of entrepreneur ventures and their relation with the typologies.
Entrepreneurship: This is the study and the manner in which the new businesses are
created as well as the real process of initiating a new business is enhanced under it (Rafiki,
2014). An entrepreneur is someone who is involved in creating new and innovative idea for the
betterment of the business. So the act of entrepreneurship is a critical concept which drives the
business organisation towards the growth and development.
Enterprise: In general and simple words, enterprise is a company or business
organisation. This is the ability of the entrepreneur to think new and innovative in order to build
profitability enterprise (Parida and Örtqvist, 2015). In other words, it is the human act by any
individual who is able to take risk with innovative ideas for the overall growth and development
of the company.
Entrepreneur and intra intrapreneur
Basis Entrepreneur Intrapreneur
Meaning Entrepreneur is concerned with
setting up of new businesses
with innovative and new ideas
and thoughts.
This is related to the employee
of the business organisation
who is responsible for bearing
innovations in product,
services and processes.

Resources The entrepreneur makes use of
resources of their own.
Whereas, Intraprenuer makes
use of resources which are
provided to them by the
business organisations.
Risk In this, the risk is handled by
the entrepreneur himself.
In this, the risk is taken by the
company.
Different activities of entrepreneurship
The entrepreneur is a broad in their area where they work immensely for variety of things
in the business organisation. There are different activities which are essential and must be
performed by the entrepreneur for the betterment of the business organisation. The following are
some of the major activities on which the entrepreneur must concentrate:
 The business market is highly dynamic in nature and changes in external environment
puts focus on the company to quickly deal and take action (Omar and. et. al., 2015). For
instance, the entrepreneur will work to predict and forecast the unforeseen future events
and occurrences so that they can deal with contingent events with back up plans.
 Entrepreneur will work in making plans for the new products. The new product are
launched for satisfying the growing customer needs and requirements and for this it is
very important for the entrepreneur to assess the market competition.
Entrepreneurial ventures
The term entrepreneurial venture is concerned with the venture where the entrepreneur
takes different attempts and actions in order to fulfil the respective aims and objectives of the
venture. There are different types of entrepreneurial ventures which are discussed below:
 Small business entrepreneurship venture: The small business entrepreneurial ventures
are those which exist for the purpose of fulfilling their basic needs and requirements.
They are the individuals who runs and operates their business independently (Omar,
2015). Some of the small business ventures are grocery stores, hairdressers, travel agents,
etc.
 Large business entrepreneurial ventures: Large ventures are the ones who have proper
product life cycle stages. In such ventures, there is a proper innovation, legislations,
competitors, etc. They have huge financial resources and have the greater capability to