Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION....................................................................................................................3
TASK 1......................................................................................................................................3
P1) Types of entrepreneurial ventures and its relationship to different typology of
entrepreneurship...............................................................................................................................3
P2) Difference & similarities between types of entrepreneurship ventures.......................................5
TASK 2......................................................................................................................................8
P3) Explain briefly the impact of small and micro business on economy with the help of statistics
data....................................................................................................................................................8
P4) Evaluate the importance of small businesses in order to growth of social economy.................10
TASK3.....................................................................................................................................12
P5 Examine the traits, characteristics and skills of successful entrepreneur....................................12
P6) Analyze how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind set...........................................................................................................................................14
TASK 4....................................................................................................................................15
P7) Analyze how experience and background affect entrepreneurship..........................................15
CONCLUSION.......................................................................................................................15
REFERNCES..........................................................................................................................16

INTRODUCTION
An entrepreneur is an individual or person who developing new innovative ideas in
order to implement this idea for creating more profit and sustainable business model for
longer period of time. The report is about the Asda which is established in United Kingdom
and it is one of the famous supermarket chain they deliver high quality products and services
to customers (Abbas, 2018). It includes those developing new strategies in order to making
innovative products and services and satisfies the needs and wants of customers. It considers
as entrepreneurship venture which helps to enhancing the standard of living of community.
The paper consist different types of as well as various kinds of business ventures which
includes traits and features are required to become successful entrepreneur.
TASK 1
P1) Types of entrepreneurial ventures and its relationship to different typology of
entrepreneurship
Entrepreneurs bring new and innovative ideas in order to provide unique services to
society for their growth and development (Hoppe, 2016). They undertake innovative ideas
and convert it into reality to achieve set goals. Further, they undertake higher risk to earn
potential profit margin. Different kind of entrepreneurial ventures are mentioned below:
Large company entrepreneurial venture-These companies work at large level and
provide ample of products and services in order to meet with the needs and wants of
customers. Majorly, large entities work at international level and serve global as well
international audience to get competitive edge. In addition, there is huge investment required
to operate these companies in an efficient manner. Main motive of large ventures is to earn
higher profit margins and serve the society in better manner. For instance, Google, Apple are
some organizations that are working at wide level across the globe.
Scalable Entrepreneurship venture-Under this, entrepreneurs bring innovative and
unique products to achieve their desired goals in predefined period of time. They believe to
take appropriate action to convert plans into reality. Further, they take help of qualified and
competent employees in order to get success. Here, various examples of this king of
entrepreneurship such as Face book, Instagram and more (Klapper, Biga-Diambeidou and
Lahti, 2016).

Small Business Entrepreneurial ventures- There are ample of small business units
that are initiated by individuals with lower investments and resources. Main aim of these
entities is to enhance risk taking ability of people so that they can come up with more new
and innovative approaches. Mostly, small business owners take money from friends and
families to start and operate organization. It consist small bakery shops, carpenters, plumber
and more.
Social Entrepreneurial venture-Main aim of social enterprises is to create huge
social impact. They focus to provide more innovative and quality products to improve the
standard living of people. In addition, they work for overall development for society by
providing them effective products and services. There are ample of social entities such as
Safepoint trust that works to provide better health treatments to individuals within country.
It is monitored that these kinds of entities use different types of typologies in order to
operate business successfully. Decision making of companies is influenced with these
typologies that are given as under:
Aggressive growth ventures-Most of the ventures use effective and unique
approaches to provide innovative goods to buyers. Here, aim of different business ventures is
to earn sufficient profit by attracting more number of customers. Further, they are also
looking forward to get higher success and growth in minimum possible time.
Lifestyle venture-Here, organizations concentrate to provide satisfaction to end users
rather expands business at large level (Kuratko and Morris, 2018). In addition, they do not
own higher resources and more number of qualified employees to undertake business
functions. These entitues are operated at small space with limited number of financial, human
and other resources.
Managed growth ventures-Main aim of entities is to explore functions at global level.
For this, they expand business in different countries in order to target domestic as well as
international audience. Here, the purpose of enterprise is to earn higher profit margin to
sustain at market place for a longer period of time .Further, they hire competent employees to
carry out various business task in an appropriate way to ensure future growth and success.
Apart from this, owners focus to introduce innovative products and services at market place.
Scalable businesses are the most suitable example of managed growth ventures.