Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
Examine different kinds of entrepreneurial ventures and relate it with typology of
entrepreneurship..........................................................................................................................1
Explore similarities and differences between entrepreneurial ventures......................................2
Investigate diverse range of entrepreneurial ventures in public and corporate sector.................4
LO 2.................................................................................................................................................5
Interpret and assess relevant data and statistics to illustrate how micro and small business
impact on economy......................................................................................................................5
Explain importance of small businesses and start-ups in growth of social economy..................7
Evaluate differences small, medium and large businesses that make to the economy with
applying relevant data and statistics............................................................................................8
Critically examine how small businesses have an impact on different levels of economy such
as local, regional and national.....................................................................................................8
LO 3.................................................................................................................................................9
Determine the characteristics traits and skills of successful entrepreneurs which make different
from other managers of business.................................................................................................9
In how aspects of entrepreneurial personality reflect on entrepreneurial motivation and mind-
set.................................................................................................................................................9
Explore and examine different lines of argument that are related with entrepreneurial
characteristics............................................................................................................................10
Analysis characteristics traits, skills and motivational drivers of successful entrepreneurs
supported with example.............................................................................................................10
LO 4...............................................................................................................................................11
Examine with example with background and experience can hinder and foster
entrepreneurship........................................................................................................................11

Analyse the link between entrepreneurship characteristics and influence of personal
background with specific successful entrepreneurs...................................................................11
Critically evaluate how background and experience influence positive and negative way.......12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship can be defined as the capacity and willingness to develop, organize and
manage venture with taking any risk to make more profits. It is important as it considered the
ability to improve living standards and wealth for entrepreneurs and businesses as well
(Bogdanova, Kozel and Litvinova, 2016). They also help to make drive change with more
innovation with new products that are enabled to develop significant advantages. In this regard,
the present study is based on the establishment and run business enterprise in London.
In this regard, the present report includes different kinds of entrepreneurial ventures which
is related to typology of entrepreneurship. Furthermore, there are several similarities and
differences between entrepreneurial ventures. Moreover, it consists of interpretation and assesses
relevant data that include in the micro and small business that impact the economy. In addition to
this, it includes the importance and small businesses that make the growth of the social economy.
Along with this, it demonstrates characteristics and traits that make it different from other
managers.
LO 1
Examine different kinds of entrepreneurial ventures and relate it with typology of
entrepreneurship
Entrepreneurship consists of a successful process in which entrepreneurs run their business
by considering financial risks. With this consideration, entrepreneurs willingly take participation
in the economic development of the organization and run operations in a systematic manner. In
order to expand a small business, it is one of the essential requirements to increase the
effectiveness in the country (Albort-Morant and Ribeiro-Soriano, 2016). Mainly two sectors of
entrepreneurial ventures are prsent which are mentioned below : Public sector entrepreneurial venture : These ventures are generally led by the govern-
ment of the country and the policies and strategies are also formed by the government.
These ventures basically aim at providing welfare services to the society and are not con-
cerned with making huge profits.
 Private sector entrepreneurial venture : These ventures are held by individual or group
of individuals who formulate their policies so that the goods and services provided by
1