Entrepreneurship and Small Business Management

ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT
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Table of Contents
Introduction......................................................................................................................................3
Task 1...............................................................................................................................................3
Types of Entrepreneurial Ventures and Their relations with Entrepreneurship Typology (P1)......3
With the help of your research distinguish between the entrepreneurial ventures and also find its
similarities (P2)................................................................................................................................5
Task 2...............................................................................................................................................8
Impact of Micro and Small Businesses on Economy (P3)..............................................................8
Contribution of Small Businesses and Business Start-ups in the Growth of Social Economy after
Brexit (P4).....................................................................................................................................10
Task 3.............................................................................................................................................11
Characteristics, Traits and Skills of Successful Entrepreneurs and Other Business Managers (P5)
.......................................................................................................................................................11
Role of Entrepreneurial Personality Aspects in Reflecting Entrepreneurial Motivation and
Mindset (P6)..................................................................................................................................12
Task 4.............................................................................................................................................13
Role of Background and Experience in fostering Entrepreneurship (P7).....................................13
Conclusion.....................................................................................................................................13
Reference List................................................................................................................................15
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Introduction
The entrepreneurship can be regarded as the act of setting up business entities with the objective
of gaining business profits. The small business entities can be transformed into multinational
corporations through utilising effective growth and harvesting strategies. In addition, the small
business management can be successful if emphasis can be laid upon the utilisation of
entrepreneurial skills for improving bottom line. This assignment will be making discourse on
the exploration and illustration on different types of entrepreneurial ventures and their relation to
entrepreneurship typology. In addition, the similarities and differences between entrepreneurial
ventures will be highlighted. It will also be illustrated how micro and small business entities play
important role in putting impact on UK economy. The explanation will be given on what role the
small businesses and business start-ups play for ensuring the growth of social economy. The
comparative analysis will be conducted between the characteristics, traits and skills of successful
entrepreneurs and those of managers. Moreover, the assessment will be conducted on the
influences of different aspects of entrepreneurial personality on motivation and mindset. It will
also be shown how background and experience play prominent role in hindering
entrepreneurship. In this way, this assignment will be discussing different aspects of
entrepreneurship and small business management.
Task 1
Types of Entrepreneurial Ventures and Their relations with
Entrepreneurship Typology (P1)
The entrepreneurial ventures are what plays prominent role in targeting high level of return on
investment. The entrepreneurial ventures also plays prominent role in ensuring the arrangement
for capital and raw materials with the objective of producing goods and offering services to the
customers. The small business can be developed into entrepreneurial ventures with the adoption
of effective strategy for dealing with unknown predictable and unpredictable business risks.
In accordance with the opinion of Linton and Solomon (2017), the entrepreneurs play the role of
both-initiator and driver. The entrepreneurs play prominent role in taking initiative for the
creation of business entity with the objective of creating wealth. On the other hand, the
entrepreneurs are required to utilise their leadership skills with the objective of improving
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bottom line. The entrepreneurs have the capability of customising the business for gaining
competitive as well as strategic advantage over industrial rivals.
Tselepis et al. (2016) have highlighted some of the basic concepts related with entrepreneurship,
such as measurement of business risks, utilisation of creativity, fiscal responsibility, utilisation of
management skills and so on. These things are needed for entrepreneurs in order to develop
small business into entrepreneurial ventures. The utilisation of management skills can be helpful
for entrepreneurs in ensuring business success. In addition, the capability of taking calculated
risks can play prominent role in ensuring the success in terms of business revenue generation and
financial profitability.
There are different kinds of entrepreneurial ventures, such as survival venture, managed growth
venture aggressive growth venture and so on. In these types of ventures, the entrepreneurs
engage in with the objective of creating wealth. As stated by McKeown (2017), the survival
entrepreneurial ventures have to conduct its business activities through limited assets. Sole
proprietorship can be fallen under this category. The basic source of capital is the income of
individuals. The business operations are conducted based upon cash. This of entrepreneurial
venture has to struggle in highly competitive market for ensuring survival. The concept of
business banking relationship is not existent in the context of survival entrepreneurial ventures.
The entrepreneurial orientation is at low level. The entrepreneurs take reactive approach while
dealing with business related issues.
The managed growth entrepreneurial ventures’ business operations are run through effective
business models. The stability in the the business growth can be ensured over a period of time
with the launch of different kinds of product and service portfolio. As stated by Schaper (2016),
the effective expansion of the business can be ensured through growth and harvest strategies.
The staffs, facilities and locations are expanded through the effective business development
strategies. The business can be developed through effective utilisation of organisational
development and change models. The organisations lay emphasis on innovation and R&D
activities for creating value in business activities. The entrepreneurial orientation is at moderate
level. The entrepreneurs take strategic approach while dealing with business related issues.
The aggressive growth entrepreneurial ventures utilise state-of-the-art technology for ensuring
rapid business growth. The utilisation of equity capital plays prominent role in funding the
business thereby resulting in ensuring business growth. The growth of revenue reaches at high
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