Entrepreneurship and Small Business Management: A Comprehensive Guide

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION..............................................................................................................1
LO1.................................................................................................................................. 2
P1, M1 CARRY OUT A MINI RESEARCH TO EXAMINE DIFFERENT TYPES OF
ENTREPRENEURIAL VENTURES AND EXPLAIN HOW THEY RELATE TO THE
TYPOLOGY OF ENTREPRENEURSHIP.....................................................................2
P2 AS PART OF YOUR RESEARCH INVESTIGATION, EXPLORE THE
SIMILARITIES AND DIFFERENCES BETWEEN ENTREPRENEURIAL VENTURES 4
LO2.................................................................................................................................. 8
P3 ASSESS AND INTERPRET RELEVANT DATA AND STATISTICS IN YOUR MINI-
RESEARCH, TO ILLUSTRATE HOW MICRO AND SMALL BUSINESSES IMPACT
ON THE ECONOMY.................................................................................................... 8
M2 EVALUATE THE DIFFERENCES SMALL, MEDIUM AND LARGE BUSINESSES
MAKE TO THE ECONOMY, APPLYING RELEVANT DATA AND STATISTICS.......10
P4 EXPLAIN HOW IMPORTANT SMALL BUSINESSES AND BUSINESS
STARTUPS WILL CONTRIBUTE TO THE GROWTH OF THE SOCIAL ECONOMY
AFTER BREXIT..........................................................................................................12
LO3................................................................................................................................ 13
P5 DETERMINING SKILLS, TRAITS AND CHARACTERISTICS OF 2 SUCCESSFUL
ENTREPRENEURS THAT DIFFERENTIATE THEM FROM THE OTHER BUSINESS
MANAGERS............................................................................................................... 13
M3 EXAMINING AND EXPLORING DIFFERENT LINES OF ARGUMENT
ASSOCIATED WITH ENTREPRENEURIAL CHARACTERISTICS...........................15
P6 ASSESSMENT OF IN WHAT MANNER ENTREPRENEURIAL PERSONALITY
ASPECTS REFLECT THE ENTREPRENEURIAL MINDSET AND MOTIVATION....16
LO4................................................................................................................................ 17
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P7 EXAMINATION OF HOW EXPERIENCE AND BACKGROUND CAN FOSTER OR
HAMPER ENTREPRENEURSHIP WITH EXAMPLES...............................................17
M4 ANALYSIS OF THE RELATIONSHIP BETWEEN THE ENTREPRENEURIAL
CHARACTERISTICS AND THE IMPACT OF PERSONAL EXPERIENCE AND
BACKGROUND TO THE SUCCESSFUL ENTREPRENEURS..................................18
CONCLUSION............................................................................................................... 19
REFERENCES...............................................................................................................20
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INTRODUCTION
Entrepreneurship is an act of setting up a business or taking the financial risk in order to
gain profit from the market and the people who build their business are called as
entrepreneurs. This is generally known as the ability and willingness to take the risk in
order to gain profit. Mainly the small business organizations are created and managed
by the entrepreneurs (Mariotti and Glackin, 2014). The main aim of the small business
organization is to provide better products and services to the customers and gain
sufficient profit from them.
This assignment will be discussing the different types of entrepreneurial ventures and
typologies of entrepreneurship. Apart from this, the assignment demonstrates the
impact of small business organizations on the economy of the country. Apart from this,
the report will be conducting a successful marketing research to create a booklet which
includes the elements of small business organizations. This booklet is mainly focused
on an entrepreneur's guide to starting new ventures. This assignment is based on the
Joe Woods who have a setup of a successful business organization (Dees, 2017).
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LO1
P1, M1 CARRY OUT A MINI RESEARCH TO EXAMINE DIFFERENT TYPES OF
ENTREPRENEURIAL VENTURES AND EXPLAIN HOW THEY RELATE TO THE
TYPOLOGY OF ENTREPRENEURSHIP
Entrepreneurship is a process of managing and taking the risk to develop and maintain
a business organization successfully (Kuratko, 2016). The small business organizations
are developed and managed by the entrepreneurs. It has been observed that the
entrepreneurs use innovation in the organization in order to gain success and profit in
the organization. An entrepreneur should be motivated, intelligent, independent, and
confident to handle different types of situations.
TYPES OF ENTREPRENEURIAL VENTURES
There are different types of entrepreneurial ventures can be categorized on the basis of
scope, size and position. The different ventures are described as under:
LIFESTYLE VENTURE
These are one of the most important types of the entrepreneurial venture which run with
the limited amount of capital. The success and growth of this type of venture are
depending on the skills, knowledge, standards and interest of the entrepreneur (Cooper
and Folta, 2017). The main aim of these types of the venture is to gain profit and
conduct the business for a long time.
SMALLER PROFIT VENTURE
These types of ventures are generally created for gaining profit from the customers. The
small profit ventures are small in size and area and they have limited finance to set the
business. Apart from this, there is the limited number of employees in the small profit
organization which works in lesser annual revenue. These types of ventures
concentrate on the decent living and making the profit (Mason and Brown, 2014).
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HIGH GROWTH VENTURE
High growth business ventures mainly concentrate on the growth of the business. The
main aim of these types of the venture is to gain profit from the organization. The
entrepreneur adopts different techniques and strategies to enhance the productivity and
profit of the organization. These types of ventures are created for long time duration and
they want to gain more revenue from the business as compared to small profit
organization (Giaoutzi, et al. 2016). They use different promotional campaign and
advertisement activities in order to promote their business at different levels. Apart from
this these ventures deals with the high market shares in order to increase the market
growth.
SOCIAL ENTREPRENEURSHIP
The social entrepreneurs work for the social welfare of the peoples. They provide
different benefits to the customers. The main aim of these types of entrepreneur venture
is to improve the condition of society. They want to provide the best products and
services to the customers to improve their standards of living (Lechner and
Gudmundsson, 2014).
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