Sample Entrepreneurship and Small Business Management Assignment

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK1.............................................................................................................................................3
P1. Various kind of entrepreneurial ventures and the manner it relates to the typology. ..........3
P2. Evaluating the similarities and difference between entrepreneurial ventures.......................5
TASK2.............................................................................................................................................7
P3. Evaluation and review of respective data and statistics in order to illustrate the impact of
small and micro businesses on economy....................................................................................7
P4. Significance of business start ups and small businesses.......................................................8
TASK3 ............................................................................................................................................9
P5. Description of the characteristics, traits and skill of an entrepreneur which distinguishes
them with other business managers.............................................................................................9
P6. Personality of an entrepreneur reflects the mind set and motivation..................................12
TASK4...........................................................................................................................................12
P7. Experience and background can hinder and foster the entrepreneurship............................12
CONCLUSION..............................................................................................................................13
REFERENCE.................................................................................................................................14

INTRODUCTION
Entrepreneurship is the human action which creates the business for the purpose of
earning profits. This is generally the type of start up business where in the entrepreneur initiates
the actions of bringing new ideas to the business enterprise. Thus, this means that the process of
entrepreneurship is concerned with the innovative and creative response in relation to the
business environment (Zahra and George, 2017). The concept of entrepreneurship is not easy
because for the successful implementation of organisational policies, it is important for the
business to have proper and thorough knowledge of business and various factors that are
necessary to take into account for conducting proper business. In this report, the illustrations of
the range of venture types will be considered for setting up entrepreneurial ventures. It will
evaluate and measure the impact of small businesses on economy. The later part of the report
will determine and assess the important aspects of the mind set of the entrepreneur. Furthermore,
it will examine the different environment which has fostered and hindered the entrepreneur.
TASK1
P1. Various kind of entrepreneurial ventures and the manner it relates to the typology.
The concept of entrepreneurship is concerned with identifying different opportunities and
implementing the same in order to create the business enterprise. This is the approach of self
employment where the individual is the owner and employee of the business. The profits and
loss is borne solely by the owner of the business. The entrepreneurship is the active and primary
act of earning money for majority of the people.
An entrepreneur is the person who is involved in starting or commencing the business. It
is the individual person who develops the business, manages the risk and liability and solely
enjoy the profitability (Venkataraman, 2019). These persons play a vital role in enhancement of
the economy. Apart from this, an entrepreneur has various qualities and attributes which makes
them successful in their work and actions like leadership skills, passion, confidence, risk bearing
ability, innovative and creative, etc.
An entrepreneurial venture is one where where the individual puts focus on innovation
and opportunities at the core in order to generate the economic and social importance. The
business or entrepreneurial ventures can be big, small or medium in size. The ventures of

entrepreneur varies by different size, structure, culture, etc. Therefore, some of the
entrepreneurial ventures are discussed below:
 Social entrepreneurship: Social entrepreneurs are the individuals who are innovative
and creative and develops the business venture which emphasis on making the products
and offerings which will meet the social requirements of the society. These ventures may
work for the purpose of earning profits, non profits or hybrid in nature. They father funds
from the donations, charity. For instance, NHS is the social entrepreneurial venture
which serves the society.
 Large company entrepreneurial venture: The large company entrepreneurship venture
is the one where the organisations are highly focussed towards the innovation and
grabbing opportunities (Terjesen, Hessels and Li, 2016). These ventures provides
numerous products and services to its customers and have strong brand name in the
market. For instance, TESCO, Sony, etc. are large entrepreneurial ventures.
 Small business entrepreneurial ventures: They are the ventures which are small in size
and is solely owned and operated by individuals who rarely earn any profit. The main
motive behind these ventures is so earn a sufficient amount of money which will help
them in sustaining and living. They are established so that the individuals can fulfil the
basic need of food, shelter, etc. and are funded through friends and family. The examples
of such venture are electricians, carpenters, consultants, etc.
 Scalable start up: This is the another type of entrepreneurial venture where the
entrepreneur commences the operations by taking into account the thought and action that
with their vision, they will be able to transform the world. The venture capitalist shows
interest in enhancing their business and supports them in funding. The examples of such
ventures are Apple, Instagram, etc.
The entrepreneurial typology is referred to the classification of the entrepreneurs on the
basis of different categories (Storey, 2016). It makes them varied and different from one another
and some of the typologies are explained below which relates to the entrepreneurial ventures:
 Opportunist typology: Opportunist are the individual entrepreneurs who looks after the
possibility of gaining some benefit from the respective business situation. Thus, these
individuals are very sharp minded and always stay attentive in order to work best for the
business organisation. Like in large business organisations, say Sony, it will always