Entrepreneurship and Small Business Management

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1.Distinct business projects in contrast to typology of entrepreneurship..................................2
P2. Similarities and differences between entrepreneurial ventures.............................................4
TASK 2............................................................................................................................................6
P3. Interpretation of data for illustrating ways in which micro and small businesses impacts on
economy.......................................................................................................................................6
P4. Prominence of start-ups and small companies for the development of the social economy. 9
TASK 3............................................................................................................................................9
P5. Characteristic traits along with skills of successful entrepreneurs that distinguish them
from others...................................................................................................................................9
P6. Assessing how entrepreneurial personality aspects reflects motivation as well as mindset
of entrepreneurial.......................................................................................................................11
TASK 4..........................................................................................................................................12
P7. Background and experiences hinders or fosters entrepreneurship......................................12
CONCLUSION..............................................................................................................................13
REFERENCES................................................................................................................................1

INTRODUCTION
The corporations that operate primarily to place creativity at their heart for the purpose of
generating values are classified as business projects. Entrepreneurialism is concerned with
developing, forming, operating, controlling and administrating a new business through the
organization of equity and other commodities that translates creativity into sustainable
innovation (Adusei, 2016). To understand about this Morrison has been taken that is supermarket
in London, providing variety of products and services to customers. A venture capitalist is a
person who has the capacity to see a forethought opportunity and to assemble all the capital
needed to take benefit of that opportunity, carrying the risk of failure and wishing for a
recompense for success in the form of increased profits. This study is based on entrepreneurial
spirit and small business management, including various kinds of entrepreneurship and typology
of entrepreneurialism. A portion of this assignment is also the impact of small company on the
economy. In addition, this study also includes the characteristics, attributes and skills of
successful businessmen. At last, the impact of the background and the entrepreneurial
experience.
TASK 1
P1.Distinct business projects in contrast to typology of entrepreneurship.
Buusiness owners are those individuals who take initiatives to start new company and
properly manage it in the competitive environment. Entrepreneurship ventures are characterized
as those undertakings that supply risk capital and influence all activities to be successful.
Morrison is considered as one example of entrepreneurship which had started from small level
and running it continuously. Description of different types of entrepreneurship firm with
typology is as defined:
Social entrepreneurship venture: Companies working to solve the problems and
challenges in the actual world are known as social entrepreneurship. Such projects use business
approaches and strategies in a creative way to tackle the social hurdles. In addition to this, these
organizations also seek to provide jobs and collect funds for economic growth (Adusei, 2016).
Be Caring Ltd is another example of a social entrepreneurship initiative which makes immense
efforts to enhance the well-being of the society's person.

Scalable entrepreneurship venture: Company start-ups that are proceeding with an
ingenious idea to examine business model that helps people with it to make growth. It is
accomplished by entering in addition broad market to take holdings from incumbents as well as
building new economy for rapid growth. This company has a dream from the first day of concept
to turn current environment into better locations (Bradley and Klein, 2016). An example of a
scalable startup company is Deliveroo, which provides affordable restaurant meals at the public's
doorstep and also transforms favourite restaurants into takeaways.
Large company venture: Organizations that have solid lifespan stages are described as
large enterprise projects. Sustainable innovation is primarily involved in providing new product
styles, customizing tastes and coping with competitors (Down, 2010). Production in these
companies is done on a massive scale, and rapid-level where revenues are generated. Such
ventures ' entrepreneurs pursue convoluted organizational framework and hire huge people to
carry out operational endeavours (Burchardt and et.al., 2016). Morrison is considered as an
example of big business entrepreneurship that is providing variety of products and services at
retail prices to customers. This is providing 110,000 employees who are working effectively in
organisation and increasing productivity.
Small business venture: For small business projects, business issues that are developed
to meet local residents ' needs and have less resources are identified. These are private companies
that have restricted access to infrastructure, capital and other features. hey scarcely make and
income, and work solely to support communities and make living. Marshfield Bakery is an
example of a small business entity which is a family owned company selling handmade clothing
products in the Tolldown barn area of the UK.
Entrepreneurship typologies:
Foregoing are some of the entrepreneurship typologies which are linked to new ventures:
Male entrepreneurship
Male entrepreneurship are those which are handled and managed by male entrepreneurs. The
main characteristics of male entrepreneur is that they are mainly high risk taker and makes big
decisions more easily for better expansion and growth of organisations. Male typology is the
form of typology in which the management and command of business is within male
entrepreneurs. There main focus is on maintaining economies of cost for maximisation of profit.