Entrepreneurship and Small Business Management: A Comprehensive Guide

Entrepreneurship and Small Business Management
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Table of Contents
Introduction......................................................................................................................................3
Examination of different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship...........................................................................................................4
2. Explaining and explore the similarities and differences between entrepreneurial ventures........6
3. Collecting and presenting statistical Data as an evidence on how micro and small businesses
impact on economy. This statistical data can be sourced from internet and focused on UK small
and medium size enterprises............................................................................................................8
4. Give New Graduates and insight and Explanation on how important small businesses and
business start –ups will contribute to the growth of the social economy after ‘Brexit’................10
5. The mini-research also need to determine the characteristics, traits and skills of two successful
entrepreneurs, which differentiate them from other business managers. Also this booklet will
assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set.........................................................................................................................................12
6. In the final part there need to be few practical examples obtained through mini-research and
examine how background and experience can hinder or foster entrepreneurship.........................13
Conclusion.....................................................................................................................................14
Reference List................................................................................................................................16
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Introduction
Entrepreneurship is the skill or ability to give shape to an idea and to make business out of it.
Entrepreneurship is the eagerness of an individual to run a business and to make profit out of the
actions that are made by their business. While designing a business, an entrepreneur must keep in
mind the risks t are related to the business process and the motive of the entrepreneur must be
such that all the risks are mitigated and profits are made. Small and medium sized businesses are
increasing at a faster pace and this is creating a huge impact in the economy of UK. In this
assignment, various venture types are discussed. Various impacts of entrepreneur’s mindset and
personality over the business and its decision-making are even documented in this assignment.
The information booklet to be prepared on behalf of Joe Woods would contain information
regarding the growth of entrepreneurial ventures and the factors contributing towards it.
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Examination of different types of entrepreneurial ventures and explain how they relate to
the typology of entrepreneurship
Entrepreneurship is the ability to take risks against the designed business process by an
individual. An entrepreneur is that person who is able to understand the need of the market and
develop the business in a unique manner with the aim of gaining high amounts of profits. An
entrepreneur has the responsibility to understand the future scope of the business and plan the
business accordingly.
Types of Entrepreneurship
Private Entrepreneurship: These are the venture types where the businesses are independent and
have autonomous operations in the market. These are the most common business ventures
present in the market (Hayter, 2015). These ventures are focused mainly on making a profit and
finding future opportunities, which will aid these businesses to grow more in their future. The
businesses that are of this venture type involves the small and medium-sized businesses, which
aims to process their business activities only with the motive to earn profit from their business
actions.
Public Entrepreneurship: These are the ventures, which are managed and operated by the
governmental bodies. The ventures t aims to generate high levels of profit so that they can
plough back the profits in the society aid the process of societal up-liftment (Dees, 2017). The
government of the nation monitors every action that is performed by these ventures and the
policies that the businesses need to follow are even developed by the government.
Corporate Entrepreneurship: These entrepreneurial types are the most increasing venture trends
in the present scenario. Corporate ventures are funded by the investment of larger firms into
small creative businesses and many businesses together under one roof (Kuratko et al., 2015).
Small ventures that are under the one roof are directed and controlled by the larger firms that
have invested in them These venture types are increasing with the new demands and preferences
of the customers. The main motives of these ventures are to increase their business actions and to
make the profit.
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