Entrepreneurship and Small Business Management: A Comprehensive Analysis

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION............................................................................................................................. 1
TASK 1............................................................................................................................................ 2
P1- INTRODUCTION OF THE DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES IN RELATION
WITH THEIR SCOPE AND TYPOLOGY..........................................................................................2
P2- DIFFERENCES AND THE SIMILARITIES BETWEEN THE ENTREPRENEURIAL VENTURES BASED
UPON THEIR ROLES CHARACTERISTICS AND OBJECTIVES..........................................................5
P3- INTERPRETATION AND THE ANALYSIS OF THE DATA AND STATISTICS OF THE IMPACT OF
MICRO AND SMALL BUSINESS ON THE ECONOMY....................................................................7
P4- IMPORTANCE OF THE SMALL BUSINESSES AND THE START-UPS ON THE GROWTH OF THE
SOCIAL ECONOMY..................................................................................................................... 9
M1- UNDERSTANDING OF THE ENTREPRENEURSHIP IN PRIVATE AND PUBLIC SECTORS........11
M2- EVALUATION OF THE DIFFERENCE BETWEEN THE SMALL, MEDIUM AND LARGE
BUSINESSES IN MAKING THE ECONOMY.................................................................................13
TASK 2.......................................................................................................................................... 15
P5- CHARACTERISTICS AND TRAITS OF A SUCCESSFUL ENTREPRENEUR..................................15
P6- REFLECTION OF THE ENTREPRENEURIAL MINDSET AND MOTIVATION UPON THE
PERSONALITY OF THE ENTREPRENEURS..................................................................................17
P7- EXAMINATION OF THE PERSON’S BACKGROUND AND PAST EXPERIENCES IN FOSTERING
OR HINDERING ENTREPRENEURSHIP USING RELEVANT EXAMPLES........................................19
M3- EXAMINATION OF DIFFERENT LINES OF ARGUMENTS IN RELATION WITH THE
ENTREPRENEURIAL CHARACTERISTICS.................................................................................... 21
M4- EVALUATION OF THE LINK BETWEEN THE ENTREPRENEURIAL CHARACTERISTICS AND
INFLUENCE OF PERSONAL BACKGROUND ON THE ENTREPRENEURS......................................22
CONCLUSION............................................................................................................................... 23
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REFERENCES.................................................................................................................................24
INTRODUCTION
Instigation of a new or small business at an initial level is referred as entrepreneurship. One of
the factors on which the growth of the country depends upon is entrepreneurship. Generally,
an individual or group of individuals start small businesses and tries to get the maximum output
from the limited number of resources. Various kinds of risks are involved in a business which is
taken by an entrepreneur for their growth. These businesses have very lower revenue
generation. This report analyses the various entrepreneurial ventures along with the scope of
the entrepreneurship and its typology in details.
Various differences between the different types of ventures like the private, public and the
social enterprises are analysed. The different impacts and importance of the macro and the
micro-businesses on the growth of the economy have been explained being a senior member of
the Federation of Small Businesses (FSB) to promote the entrepreneurship in the local areas.
Characteristics of a successful entrepreneur along with their different personality traits are
defined in this report. The roles of an entrepreneur are different in the private and the public
sectors. The role of the entrepreneurs with the manager is differentiated based on the few
points. Lastly, the entrepreneur’s personality traits like their education, culture, and economic
circumstances reflection on their mind-sets and motivation is reflected.
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TASK 1
P1- INTRODUCTION OF THE DIFFERENT TYPES OF ENTREPRENEURIAL
VENTURES IN RELATION WITH THEIR SCOPE AND TYPOLOGY
DEFINITION
The capabilities and willingness of the individuals to manage and organize a business along with
the involvement of various risks to gain the profits us termed as entrepreneurship.
Entrepreneurs establish and manage the small-scale businesses with the help of various
resources that are available for them (Burns, 2016). A strategic planning and innovative ideas
are required to develop the new products and services while replacing the old ones during the
entrepreneurship.
Figure 1: Entrepreneurial process
[Source: https://businessjargons.com/entrepreneurial-process.html]
CONCEPT OF ENTREPRENEURSHIP
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The word undertakes easily describes the entrepreneurship which means taking all the
responsibilities of the business on your own. An entrepreneurship is the ability to take the
setup a business or business enterprise individually and manage it. The entrepreneurs perform
different activities and actions to establish their business enterprises successfully in the market.
DIFFERENT TYPES OF VENTURES AND TYPOLOGY
Different types of the entrepreneurial ventures that can be connected with the company are as
follows-
SMALLER PROFIT VENTURES
The aim of the smaller profit ventures is not to make higher profits but to earn a decent lifestyle
from their business (Parker, 2108). Several small-scale organizations in the UK are smaller profit
ventures like the mom and the pop.
LIFESTYLE VENTURES
The owners of the business with their independencies, autonomy and control on their
businesses are the lifestyle ventures. Lifestyle ventures often run out of their households while
aligning their personal hobbies and interest to attain greater profits in their business. There is
great flexibility in this kind of ventures that can be expanded any time with the help of debt
financing.
SOCIAL ENTREPRENEURSHIP
The entrepreneurs who work only for the social causes of the people and the society are the
social entrepreneurs. Different forms of the social entrepreneurship exist that involves the
tackling with the social problems, improving the lives of the people, tackling the environmental
problems along with the improvement of the communities (Dees, 2017). The main objective of
the social entrepreneurs is to work for the welfare of the society and people.
HIGH GROWTH VENTURES
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Focusing on the various innovations to earn the maximum profits in the business is the main
objective of the high growth ventures. Indefinite growth in the business by pushing their
envelope is the focus of such ventures. In comparison to the lifestyle company, large numbers
of investors are attracted by such ventures. Industrial development is focused on the
companies by the development of the great products and services which also improves the
companies.
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