Entrepreneurship and Small Business Management

Entrepreneurship and small
business management
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Table of Contents
INTRODUCTION...........................................................................................................................3
1. Entrepreneurial ventures and Typology of entrepreneurship...................................................3
2. Impact of small business on the Economy...............................................................................6
3. Contribution of SME's on local regional and state level.........................................................6
4. Key aspect of entrepreneurial Mindset ...................................................................................7
5. Background and Experience that Hinders and Foster's entrepreneurship ...............................9
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................12
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INTRODUCTION
Entrepreneurship is the personality in which person act like an entrepreneur while
working with a Gig multinational companies. Entrepreneurship is known by the practices of the
corporate management style that integrates risk taking and innovation approaches, including the
motivation and reward technique.
SME's have huge revenue support in the UK economy which is around 47 percent, and
they are having the key role to enhancing the productivity (Akpan., 2020). Small, medium- sized
enterprise business support the economy of the UK as their backbone and tax collected from
SME's are used for the country development and economic welfare.
The department is in charge of developing and delivering a comprehensive industrial
strategy and leading government relationships with the business. Along with securing affordable
and clean energy supplies to the country. Purpose of Department for Business, Energy and
Industrial Strategy in this report to identify the contribution of SME's business to the economy
and how they are helping the counties to grow. They are organizing seminars which will be
attended by a Top leader of all the industries and entrepreneurs who grow from nothing to top
leaders in their industry.
1. Entrepreneurial ventures and Typology of entrepreneurship
Entrepreneurial venture types
An entrepreneur is the person who organize, assume and manage the risk in business or
the enterprise. There are wide range of entrepreneurial ventures, new entrepreneurs can start
their business by selecting one of the types in entrepreneurial venture.
Serial entrepreneurs
A serial entrepreneur is that type of venture in which person regularly come up with the
new ideas in order to start own new venture. They can fail over and over again but never give up
on and put more effort every -times (Alsafadi and et.al., 2020). They learn from their failure and
take lesson from their failure. For examples- CEO of Online car platform Cazoo Alexander
Edward Chesterman is also a serial entrepreneur and hackwork of this business make him
successful today.
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Intrapreneurs
Intrapreneurs are employees of any firm who are appoint for any special project or idea.
They get proper times and freedom to develop project as an entrepreneur would. However, they
do not work solo. Intrapreneurs have the resources and the capabilities of a firm at their disposal
Entrepreneurs
An entrepreneur is an individual who create their own new idea, find an investor and start
their own business to get success. In this kind of venture Businessman take huge risk in their life
and give their best to set success in their life there are many entrepreneurs in the UK who are
successful and rich. They start with nothing and now they are top entrepreneurs of a UK.
Richard Branson is the best example of an entrepreneur who start their business alone in young
age.
Owner- manager
The main difference between Entrepreneur and Manager is their role in organization. An
entrepreneur is a visionary that converts an idea into a business. They are a owner of the
business, so they bears all the financial and other risks. A manager, on the other hand, is an
employee, works for a salary (Burch and et.al., 2016).
Typology of entrepreneurs
In the field of the Entrepreneurship typology is the basic term used for classification of
types of the entrepreneurship. There some typology within the entrepreneurship such as -
Survival ventures
The basic of the survival venture is to survive in the life and meet the ventures Financial
obligations. Many setup ventures engage in the survival entrepreneurship and these types of
entrepreneurship have some characteristics like - cutting cost, employee freeze. Examples of the
Survival ventures are Mini stores and mini marts. This typology is related to the entrepreneur but
the main difference is that in a survival venture they only look for the fixed profits not more than
that.
Lifestyle ventures
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