Entrepreneurship and Small Business Management: A Comprehensive Analysis

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
Introduction................................................................................................................................1
LO1............................................................................................................................................2
P1 examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.................................................................................................2
P2 Explore the similarities and differences between entrepreneurial ventures......................3
M1, D1 Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and corporate sector..........................4
LO2............................................................................................................................................6
P3 Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy........................................................................................6
P4 Explain the importance of small businesses and business starts-ups to the growth of
social economy.......................................................................................................................6
M2, D2 Evaluate the differences small, medium and large businesses make to the
economy, applying relevant data and statistics......................................................................7
LO3............................................................................................................................................9
P5 Determine the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers..................................................................9
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset..........................................................................................................................11
M3, D3 Explore and examine different lines of argument relating to entrepreneurial
characteristics.......................................................................................................................12
LO4..........................................................................................................................................14
P7 Examine, using relevant examples, how background and experience can hinder or foster
growth process.....................................................................................................................14
M4, D4 Analyse the link between entrepreneurial characteristics and the influence of
personal background and experience to specific successful entrepreneurs.........................15
Conclusion................................................................................................................................17

References................................................................................................................................18
LIST OF FIGURES
Figure 1: Types of entrepreneur.................................................................................................3
Figure 2: Steve Jobs...................................................................................................................9
Figure 3: J.K. Rowling.............................................................................................................10
Figure 4: Self motivation theory..............................................................................................12
Figure 5: Bill Gates..................................................................................................................15

LIST OF TABLES
Table 1: Comparison of similarities and differences.................................................................3
Table 2: differences and similarities..........................................................................................4

Introduction
This report will discuss about the entrepreneurship development in small and medium
business enterprises. The various topics such as the different types of entrepreneurial venture
and size of organization will be covered. The scope, development and growth of
entrepreneurial venture will be discussed. Further, impact of small and micro enterprises on
the economy will be discussed. The small business poses a major impact which is different
for different regions of the economy. The next section will discuss about the traits and
characteristics of entrepreneur and difference from other organizations. The last section will
throw light on how background and experience will hinder or foster growth process. The
importance of entrepreneurship in small business for the development of UK economy will
be discussed. The personal background and experience of entrepreneur influences the
development of organization.

LO1
P1 examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship
Entrepreneurship is an innovative approach where a person organizes, manages and sets up
an entire business also considering the various other aspects of organization for growth and
diversification. Entrepreneurial is a person who gets the idea of starting a new venture and
is ready to take all the efforts and bear loss if any. Enterprise refers to a business or firm that
is responsible for handling a project or activity (Coviello, 2018).
Different types of entrepreneurial ventures
Small business entrepreneurial:
The small business with limited requirement and low profits are who try to cover day to day
costs and requires less investment. For example, SEIS is a financial company at small level.
Others include small grocery stores and retail shops.
Scalable startup entrepreneurial:
These are entrepreneurs who have a vision of enhancing the growth of organization by
continuously modifying and scaling performance. For example, Go lance is a freelancer
organization in UK that aims at providing freelancing jobs to customers.
Large company entrepreneurial:
These are large entrepreneurs that offer innovation in product and services to attract large
customer group. They try to adopt technological advanced methods so that work can be done
faster and easier. For example, Peter Jones with a net worth of 36 million dollar in UK they
try to offer new products so as to attract more customers (Vogel, 2017).
Social entrepreneurial:
These are entrepreneurs who work for providing social benefits to the customers and not
merely earning profits. These activities are concerned with the satisfaction of social needs of
customers. For example, Health and social care finalist established in 2004 that aims at
providing support to disabled and old aged people (Dees, 2017).