Entrepreneurship and Small Business Management: A Comprehensive Analysis

Entrepreneurship and Small Business
Management
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Contents
Introduction................................................................................................................................3
PART 1:.....................................................................................................................................5
P1: Provide an introduction to the report by examining different types of entrepreneurial
ventures and explaining how they relate to the typology (different types) of
entrepreneurship.....................................................................................................................5
P2: Explore the similarities and differences between each type of entrepreneurship venture.
................................................................................................................................................7
P3: Present, interpret and assess relevant data and statistic to illustrate the impact micro and
small business have on the economy......................................................................................9
P4: Explain the importance that small businesses and business start-ups on the growth of
the social economy...............................................................................................................10
M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both public and private sector...................................11
M2: Evaluate the differences that small, medium and large businesses make to the
economy, applying relevant data and statistics....................................................................12
D1: Critically examine the scope, development and growth of entrepreneurship ventures. 13
D2: Critically examine how small businesses have an impact on different levels of the
economy in a local, regional, national and international context.........................................14
PART 2.....................................................................................................................................15
P5: Determine what makes a successful entrepreneur.........................................................15
M3. Examine different lines of arguments..........................................................................19
M4. Analyze link between features of the entrepreneurs and successful entrepreneurs......20
D3. Analyzing the characteristics traits and skills and motivational drivers of successful
entrepreneurs........................................................................................................................21
D4. Evaluate the entrepreneurs positively and negatively...................................................22
Conclusion................................................................................................................................23
References................................................................................................................................24
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Introduction
In this report on “Entrepreneurship and Small Business Management”, various types of
entrepreneurial ventures are discussed. The relation of these entrepreneurial ventures is
shown with the topologies. The difference and similarity between different types of
entrepreneurial ventures is also explained below in this report. The difference is shown on
factors, such as roles, objective and characteristics. With the help of statically data
considering regional, local, national and international economic impacts. Below in this report,
reasons for making a business successful is being explained in detail. Traits and
characteristics of a successful entrepreneur along with its personality was defined in this
report. This report also carries the relation between risk and reward. Along with this, relation
between past experience and person’s background is also shown in this report. Importance of
small business and business start-ups on the economy of the country and is growth is
measured deeply in the report.
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PART 1:
Introduction
This report will provide a brief introduction to the entrepreneurship and entrepreneurial
ventures and also tells about the typology of entrepreneurship. In addition to this, it also
covers the differences between the types of entrepreneurial ventures. Furthermore, a
discussion on the impact of micro and macro scale businesses on the economy is given. The
report ends with the explanation of the importance of small business start-ups on the growth
of social economy.
P1: Provide an introduction to the report by examining different types of
entrepreneurial ventures and explaining how they relate to the typology (different
types) of entrepreneurship.
Entrepreneurship is all about developing and creating a business in order to gain profits. The
modern definition emphasise the transformation of the world by solving big problems. This
can be related to developing a new product or service, initiating social changes, or presenting
a major life-changing idea. As described by Ducker (2014), “entrepreneurship is the most
innovative approach towards the business operations in order to manage, organise, and lead
the workforce of an organisation. This is done to achieve the organisational goals.
Talking in terms of societal benefits, this can help in lowering the unemployment and poverty
by creating jobs. Since it is all about building one’s life on pre-defined terms, it leads people
in the direction set by them. The scope of the entrepreneurship is different in different
countries. For example, in the developing countries like India, the poverty and unemployment
rate is very high, therefore entrepreneurial activities can be an efficient way to deal with the
situation. In addition to this, in the developed country, entrepreneurship can help in
eradicating the socio-economic imbalance (Anderson, 2017).
Different researchers have given their own entrepreneurship typologies based on different
criteria, such as need for achievement, security, power, recognition, attitude to growth,
decision-making, etc. Various types of entrepreneurship have been defined in here:-
Large Corporations: These type of entrepreneurship aims at acquiring the growth and
sustainability by synthesising new products and services. These have a certain life cycle and
are subjected to large competition in the market. Their success depends on the innovation in
the product.
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Small Scale Business Entrepreneurship: These entrepreneurship usually operate in the
local and regional market. The examples of this typology are supermarket, internet café,
general stores, restaurants, etc. These are developed by a few members only (Storey, 2016).
Social Entrepreneurship: This type of entrepreneurship aims at developing the services and
products that serve the society and benefit the people.
Scalable Business Start-ups: These ventures have the potential to change the entire business
model dynamically. This type of entrepreneurship model emphasises more on quality and
creativity.
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