Entrepreneurship and Small Business Management: A Comprehensive Analysis

Entrepreneurship and Small Business Management
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Contents
Introduction.................................................................................................................... 4
Part 1............................................................................................................................... 5
P1 Examining different types of entrepreneurial ventures and explaining how
they relate to the typology of entrepreneurship......................................................5
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both public and private sector..............6
D1 Develop your response to all aspects of task 1 by critically examining the
scope, development, and growth of entrepreneurship ventures........................7
P2 Explore the similarities and differences between each...................................8
LO2................................................................................................................................ 10
P3 Present, interpret and assess relevant data and statistic to illustrate the
impact micro and small business have on the economy......................................10
M2 Develop your reasons to p3 and p4 by evaluating the differences that
small, medium and large business makes to the economy, applying relevant
data and statistics................................................................................................. 12
D2 Develop your response to all aspects of task 1 critically examining how
small businesses have an impact on different levels of the economy in a local,
regional, national and international context.......................................................13
P4 Explain the importance that small businesses and business start-ups on the
growth of the social economy.................................................................................14
Part 2............................................................................................................................. 15
P5: Consider examples of successful entrepreneurs and determine the
character traits and skills they possess. Similarly, you could explore whether
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entrepreneurs are born or made and whether entrepreneurship skills can be
learned over time...................................................................................................... 15
M3: Explore and examine different lines of argument relating to
entrepreneurial characteristics............................................................................16
D3: Develop your response to all aspects of task 2 by analyzing the
characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples................................................17
P6: Consider how personality is shaped by family upbringing, lifestyle, cultural
differences and personal motivation and drivers amongst other factors...........18
M4: To achieve M4 you are required to develop your response to P7 by
analyzing the link between entrepreneurial characteristics and the influences
of personal background and experience to specific successful entrepreneurs.
.................................................................................................................................19
P7: Examine how a person’s background and past experiences can hinder or
foster entrepreneurship. Factors to consider may include level and type of
education, national culture, economic circumstances and character traits. The
risks and rewards of starting a business should also be considered.................20
D4: Evaluating how background and experiences influence entrepreneurs,
both positively and negatively, by comparing and contrasting examples.......21
Conclusion....................................................................................................................22
References................................................................................................................ 23
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Introduction
This unit is about the entrepreneurship and small business management, which
includes the types of entrepreneurs, differentiation between the entrepreneurs
according to their scope. It includes the differences between the types of ventures:
private, public and socio enterprise. Objectives, structure, and size of the public and
private are discussed. Scope, growth, and development of entrepreneurship are
discussed. Effect of macro and micro-businesses on the economy and importance of
small business and business starts up growth is on the social economy. The difference
between small, medium and large business make to the economy. Impact of different
levels of the economy is in a local, regional, national and international on the small
business. Characteristics and skills of the entrepreneur and have to learn time to time
are discussed. Life of the entrepreneur is discussed, characteristics of the
entrepreneurial. Characteristics, skills and motivational drivers of the successful
entrepreneurs are discussed. How the lifestyle and culture of an entrepreneur can take
the business to the top is discussed.
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Part 1
P1 Examining different types of entrepreneurial ventures and explaining how they
relate to the typology of entrepreneurship.
Entrepreneurship is the way to launch and start a new business and run it. An
entrepreneur is a person who has an idea and to create the product which people will
buy.
Various types of entrepreneurship:
Basis Public Private Social
Description These companies are
formed through few
numbers of members or
family business model.
These public
organizations make the
high rate of marketing
strategies so that
number of employees
can be increased and
workflow can be
managed.
They have a certain life
cycle, their product and
services change
according to trend and
environment, as these
businesses are
subjected to
competition. They
innovate new methods
and strategies so that
risk can be managed
and profit margin can be
increased.
The aim of this business is
to develop the best
products and services for
the progress and
betterment of the people.
This business focuses to
produce and implement
products that would lead
effective and efficiency of
the society (Borissenko
and Boschma, 2016).
Topology The topology helps the
public entrepreneurs to
The topology helps the
private organization to
The topology helps in
maintaining a continuous
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hire new employees and
filling the organization at
the right place.
minimize the risk and
earn huge amount of
profit. It also analyses
the rate of interest and
innovating more things.
growth in the organization.
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both public and private sector.
Private sectors are owned by individuals, not by the government, unlike the public
sector. These sectors businesses are the part of the economy and the business to earn
the profit.
Intrapreneur in the public sector, these industries produces the products such as
masking tape, waterproof sandpaper. These corporations sell their shares in the stock
market.
Intrapreneur in the corporate sector, such as Gore-Tex fabric which is the multinational
company which is specialized in producing the fabrics which are copied from
fluoropolymers. Gore gives 10% work day to develop new ideas to their employees.
These companies do not directly deal with the clients of the company. The goal of these
intrapreneurs is to innovate and produce the goods and services which give profit to
both the company and the target market.
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