Entrepreneurship and Small Business Management: A Comprehensive Analysis

Entrepreneurship and Small Business Management
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Contents
Introduction..............................................................................................................................................................3
Examine different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship. [P1]..............................................................................................................................................4
Explore the similarities and differences between entrepreneurial ventures. [P2]....................................................5
You should investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both public and corporate sector. [M1]....................................................................................7
You should critically examine the scope, development and growth of entrepreneurial ventures. [D1]..................8
Interpret and assess relevant data and statistics to illustrate how micro and small business impact on the
economy [P3]...........................................................................................................................................................9
Explain the importance of small businesses and business starts-ups to the growth of social economy. [P4].........9
You should evaluate the differences small, medium and large businesses make to the economy, applying
relevant data and statistics. [M2]............................................................................................................................11
You should critically examine how small businesses have an impact on different levels of the economy (local,
regional and national) and an international context. [D2]......................................................................................12
Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other
business managers. [P5].........................................................................................................................................13
Assess how aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation and mindset.
[P6].........................................................................................................................................................................15
You should explore and examine different lines of argument relating to entrepreneurial characteristics. [M3]...16
You should analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs,
supported by specific examples. [D3]....................................................................................................................17
Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship. [P7]
................................................................................................................................................................................18
You should analyse the link between entrepreneurial characteristics and the influence of personal background
and experience to specific successful entrepreneurs. [M4]....................................................................................20
You should critically evaluate how background and experience influences entrepreneurs, both positively and
negatively, by comparing and contrasting examples. [D4]....................................................................................21
Conclusion..............................................................................................................................................................21
References..............................................................................................................................................................22
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Introduction
Small business enterprise and the entrepreneurship in the different countries must be provided
proper assistance. The report is based on the concept of entrepreneurship, especially in the
small business enterprise. This report aims at proving the understanding to the local people
about the importance of the small business enterprise and enhances their interest in being the
entrepreneurs. The report has a section of explaining the different types of ventures and
businesses which can be started by the local people and bring changes to the economy.
Further, this report provides the information about the personality and characteristics of a
person. The real-life examples are considered in this report for understanding the business
and their entrepreneur. The impact of entrepreneurship on the economy and its importance to
the society are also the concept which is included in this report.
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Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship. [P1]
There are many different Entrepreneurial ventures. These are the businesses which are started
at a small or big amount. The entrepreneurial ventures are the business which has been started
by a businessman or entrepreneur. This is the investment for earning more profit. Various
entrepreneurial ventures are-
Independent business venture- The independent business refers to the small business
enterprise which may increase its business in near future (Drucker, 2014). The independent
business is owned by an independent entrepreneur. This business may include the ventures
like boutique, salon, restaurants etc.
Existing big business venture- These are the established and existing big brands which have
their brand image in the market. These businesses are the big ventures which are established
and are corporate business.
Growing business venture- The business venture which has a growing concept and are large
scale business operations (Drucker, 2014). These organisations include the IT business which
creates and work on B2B applications or software.
Social good business venture- The business companies which work for social good and
without a motive of profit are the social good business. These businesses have the motive of
social welfare and not a profit maximisation.
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Explore the similarities and differences between entrepreneurial ventures. [P2]
The entrepreneurial ventures are of various kinds. These ventures have some common and
some different aspects. The ventures could show similarities and differences by the vertical
process of distinguishing factors. The entrepreneurial ventures are in the form of public,
private and social ventures as well as micro, small and medium-sized business ventures
(Kuratko, 2016). The similarities and differences between entrepreneurial ventures are
discussed below-
Types Functions and roles Aims and objectives
Public ventures The ownership of
government or public
is the aspect of this
type of venture.
The functions of the
public ventures are in
the direction to
provide the facilities
to the public and
improve their
benefits (Kuratko,
2016). They share
their profits with
government and
public organisations.
Their aim is to offer
services to the public
at low cost so as to
provide the facilities
and amenities.
Private ventures These ventures are
owned by persona
alone or maybe in a
partnership or sole
proprietorship.
The private ventures
role is to offer
various products and
services to the
customers and to
make money by
earning maximum
profits.
Their motive or
objectives is to earn a
profit and enhance
business and make it
a success in
competition
(Kuratko, 2016).
Social ventures Social ventures are These ventures do The objective or
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owned by the
government or the
private organisations.
not work for earning
a profit. These
businesses have a
role in providing the
services to the public
or society and to
improve the societal
benefits for its better
future (Kuratko,
2016).
motive of social
ventures is to provide
social welfare to the
people and they do
not work with the
motive of earning
profit or profit
maximisation.
The other business ventures which could be distinguished by their features are micro, small
and medium-sized business.
Microbusiness- The micro business ventures is a little-sized business which covers only the
area of local places. The business which works in the local area of the city is the micro level
business venture. This venture’s invested capital of less than 1 lac.
Small business- The small businesses are the small business ventures. These venture’s capital
which is invested in initial is more than 1 lac but less than 5 lac (Kuratko, 2016). These
businesses have their business operations up to the local city or surrounded location.
Medium sized business- The medium-sized business is more than the small business. They
have the business venture of more than 5 lacs investment but less than 7 lacs investment.
These businesses operate in the local states and a larger area (Kuratko, 2016).
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