Entrepreneurship and Small Business Management - 4

Added on - 06 Jan 2020

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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENTUniversityUNDERSTANDING ENTREPRENEURSHIPNameIDUnit TitleCode numberLecturer’s namePage1of17
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENTTable of ContentsIntroduction........................................................................................................................3Part 1:................................................................................................................................3P1. Relating different types of entrepreneurial ventures to typology of entrepreneurship3P2. Similarities and differences between different entrepreneurial ventures....................6P3. Impact of micro and small business on economy.......................................................8P4. Impact of small businesses and start-ups upon socio-economic growth...................9Part 2:..............................................................................................................................10P5. Determinant factors of a successful entrepreneur....................................................10P6. Reflection of aspects of entrepreneurial personality upon entrepreneurial mind-setand motivation.................................................................................................................11P7. Impact of individuals’ experience and background on their entrepreneurship.........12Conclusion and recommendation....................................................................................13Page2of17
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENTIntroductionEntrepreneurship and small business sector have been identified as the backbone ofany economy. It not only reduces the scope for unemployment but also triggerseconomic growth of a country (Burns, 2011). In this particular study, the researcher hasattempted to exhibit this relation between entrepreneurial activities and overalleconomic growth from the perspective of a senior member of Federation of SmallBusiness (FSB). This study aims to identify different types of entrepreneurship; evaluateand compare the; assess contribution of entrepreneurship to national economy of UKand identify environmental and attitudinal influence on the activities and performance ofan entrepreneur, to encourage potential entrepreneurs to design and develop newbusiness.Part 1:P1. Relating different types of entrepreneurial ventures to typology ofentrepreneurshipBased on the scale of entrepreneurship the entrepreneurial venture can of four differenttypes:Page3of17
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENTFigure 1: Types of entrepreneurial ventures and typology of entrepreneurship(Source:Carter and Jones-Evans, 2012)Generally, large corporate houses undertakelarge-scale entrepreneurial venturesforintroducing a new product or for entering a new market. From the typology ofentrepreneurship,corporate entrepreneurshipis the most similar to such kind ofventure. Companies undertake such type of entrepreneurship in order to retain theirposition or sustain in the market (Griffiths and Wall, 2011). Such kind of entrepreneurialventures is applied to retain preferences of customers as for such companiesintroducing new product, service or entering new market is crucial for expansion of itssphere, which significantly influences consumer perception about them.Small entrepreneurial venturesare the ones that are triggered by the intention ofestablishing a small-scale business. Such entrepreneurial venture is not generallytriggered by the intention of taking over the industry as resource allocation in them inconsiderably low and the entrepreneur often engages in such activity to evaluate thepossibility of the venture (Down, 2010).Page4of17Corporate entrepreneurshipPublic SectorentrepreneurshipSocial entrepreneurshipIndependent or privateentrepreneurshipAcademic entrepreneurship
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