Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................4
LO 1............................................................................................................................................................4
P1 Types of Entrepreneurial ventures and their relationship with typology of entrepreneurship.............4
P2 Similarities and differences between entrepreneurial ventures...........................................................5
LO 2............................................................................................................................................................7
P3 Relevant data illustrating impact of micro and small business on economy.......................................7
P4 Importance of small business and startups for growth of social economy........................................10
LO 3..........................................................................................................................................................11
P5 Characteristics traits and skills of successful Entrepreneurs differentiating them from other business
managers................................................................................................................................................11
P6 The way Entrepreneurial aspects personality reflect their motivation and mindset..........................13
LO 4..........................................................................................................................................................14
P7 The way background and experience can hinder or foster entrepreneurship.....................................14
CONCLUSION.........................................................................................................................................15
REFERENCES..........................................................................................................................................16

INTRODUCTION
The Entrepreneurship and small business management refers to management of small
business with the help of key skills that can help the business to develop new ideas for running a
successful business(Burns and Dewhurst, 2016). Present study is based on the small business
Cyberdog that is a trance music and cyber clothing retail chain having it’s headquarter in
London, UK. Report will include different types of entrepreneurial ventures and their
relationship with typology of entrepreneurship. Report will further include the similarities and
differences that different entrepreneurial ventures are having. Further report will illustrate the
impact of micro and small business on economy of UK. Report will also analyze the importance
of small business and startups for growth of social economy. Further report will identify the
respective characteristics traits and skills in order to become successful Entrepreneurs and the
way entrepreneurial aspects personality reflect their motivation and mindset. Finally, report will
evaluate the way background and experience can hinder or foster entrepreneurship.
MAIN BODY
LO 1
P1 Types of Entrepreneurial ventures and their relationship with typology of entrepreneurship
Entrepreneur:- The person who takes financial risks and sets up a new business in order to
make profit out of it is referred to as an Entrepreneur(Cantner, Goethner and Silbereisen, 2017).
Entrepreneurship:- It is the process where a new business venture is been launched and
developed on a financial risk and this helps in economic development of global market.
There are different types of Entrepreneurial ventures and are having different typologies
that are as following:-
 SMALL BUSINESS ENTREPRENEURSHIP:- It is an organization that is having
fewer resources and annual revenue as compared with larger businesses is referred to as a
Small business Entrepreneurship. The major goal of the small business entrepreneurship
is to launch such an effective products and services to the customers that help the

business to maximize its profitability and to support their own families. Globally, the
majority of the business is occupied by the small businesses as they have 50% of the non-
government workers over there. Small businesses generally have Independent
entrepreneur’s typology that prefers to work by themselves and on their own directions.
They are free to decide their own priorities and decide their own focus points.
 SCALABLE STARTUP ENTREPRENEURSHIP:- Here, the business search for an
innovative idea and an effective business model with the help of which they can have
high business growth and leads to huge profitability for the business. They enter a large
market with new product offerings in order to rapid growth of their business(Ismail,
Kamel and Wahba, 2019). Scalable startups generally have growth oriented
entrepreneurs typology who describes their investments in such a manner that it increase
in value and bring high Divident for the business. They seek to create and scale up
businesses that drive huge productivity growth with innovation and create new
employment. On the other side they may also be opportunistic entrepreneur who are also
prepared for a new opportunity and work hard to achieve the set goals.
 LARGE COMPANY ENTREPRENEURSHIP:- It is the organization that is having
solid set of life cycles and with an effective innovation within the business it is able to
launch new products and services that match with the taste of the customers in order to
compete in market. The large companies Entrepreneurs generally have craftsmen
entrepreneurs’ typology that are having technical skills and are extremely committed
towards their business goals. With their innovative skills they contribute for specific
product development in order to compete in market. They may also have Administrative
Entrepreneur typology that can handle future situations in more effective manner in
order to gain competitive edge. SOCIAL ENTREPRENEURSHIP:- This approach is used by the individual, startups or
entrepreneurs in order to develop such solutions that contributes to the society, culture
and also overcomes environmental related issues. Such individuals are social
entrepreneurs who are having their aim to solve different social issues and bring change
in the society(Chell and et.al., 2016).