Entrepreneurship and Small Business Management: Exploring Ventures, Impact, and Mindset
Added on 2024-06-04
21 Pages5300 Words482 Views
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Entrepr
eneursh
ip and
Small
Busines
s
Manage
ment
Table of Contents
Introduction...........................................................................................................................................3
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial.........4
2
eneursh
ip and
Small
Busines
s
Manage
ment
Table of Contents
Introduction...........................................................................................................................................3
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial.........4
2
P1. Examine different types of entrepreneurial ventures and explain how they relate to the typology
of entrepreneurship............................................................................................................................4
P2. Explore the similarities and differences between entrepreneurial ventures..................................6
LO2: Assess the impact of the small business on the economy.............................................................8
P3: Interpret and access relevant data and statistics to illustrate how micro and small business
impact on the economy......................................................................................................................8
P4: Explain the importance of small businesses and business start-ups to the growth of the social
economy......................................................................................................................................11
LO3: Determine and assess the key aspects of an entrepreneurial mind-set........................................12
P5. Determine the characteristic traits and skills of successful entrepreneurs that differentiates them
from other business managers..........................................................................................................12
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set...........................................................................................................................................14
LO4: Examine the different environments that foster or hinder entrepreneurship...............................16
P7. Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship..............................................................................................................................16
Conclusion...........................................................................................................................................18
References...........................................................................................................................................19
Introduction
Entrepreneurship and entrepreneurs have become the vital elements for the growth and
success of the economic as well as social development of the country. Entrepreneurship is
3
of entrepreneurship............................................................................................................................4
P2. Explore the similarities and differences between entrepreneurial ventures..................................6
LO2: Assess the impact of the small business on the economy.............................................................8
P3: Interpret and access relevant data and statistics to illustrate how micro and small business
impact on the economy......................................................................................................................8
P4: Explain the importance of small businesses and business start-ups to the growth of the social
economy......................................................................................................................................11
LO3: Determine and assess the key aspects of an entrepreneurial mind-set........................................12
P5. Determine the characteristic traits and skills of successful entrepreneurs that differentiates them
from other business managers..........................................................................................................12
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set...........................................................................................................................................14
LO4: Examine the different environments that foster or hinder entrepreneurship...............................16
P7. Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship..............................................................................................................................16
Conclusion...........................................................................................................................................18
References...........................................................................................................................................19
Introduction
Entrepreneurship and entrepreneurs have become the vital elements for the growth and
success of the economic as well as social development of the country. Entrepreneurship is
3
responsible for the local, regional as well as the national economic development of the
country. The following report will discuss the various aspects of the entrepreneurship and its
various different ventures with respect to the typology. In the following assignment, we will
discuss the various entrepreneurial ventures and the similarities and differences between each
of them. We will also focus light on the importance of the small businesses and business
start-ups for the economy of the country and how they lead to the social development of the
country.
4
country. The following report will discuss the various aspects of the entrepreneurship and its
various different ventures with respect to the typology. In the following assignment, we will
discuss the various entrepreneurial ventures and the similarities and differences between each
of them. We will also focus light on the importance of the small businesses and business
start-ups for the economy of the country and how they lead to the social development of the
country.
4
LO1: Explore and illustrate the range of venture types that might be considered
entrepreneurial.
P1. Examine different types of entrepreneurial ventures and explain how they relate to
the typology of entrepreneurship.
Entrepreneurship may be defined as the concept of willingness to develop and manage a new
business in the world of corporate by taking various different risks with the objective of
making profit. It is the willingness of the entrepreneur to start a new business by taking risks
on his own so as to make contribution in the economic development of the country by
generating revenue out of it (Drucker, 2014). Following is the range of various
entrepreneurial ventures:
M1: Small Business Entrepreneurship: These are the small businesses which are usually
run by the single owners as his/her very own business. Small Businesses might include
painters, hairdressers, carpenters, electricians, plumbers, mechanics, consultants etc. These all
businesses are mostly run by the single individual who is generally their owners. The small
businesses hardly make any profit as their objective is not to make large profits to rule over
other industries but have a simple aim to earn living through business so as to fulfil the
requirements of the family. Most of the small business firms get their funds either from their
friends or their family. Most of the businesses in UK accounts for small business enterprises.
Scalable Start-up Entrepreneurship: The main objective of scalable start-ups businesses is
to bring change in the world with their vision and mission. Therefore, in order to fulfil their
objectives, they hire the best among the available to carry out their business operations. They
get investments from the venture capitalists and in order to expand their business model more
they require more capital which is also provided by the venture capitalists. The amount of the
risk involved in such entrepreneurship is large because of the outsize returns (Kirzner, 2015).
Large Company Entrepreneurship: The main objective of the large business
entrepreneurships is to bring entirely new product for the new customers and that too in an
entirely new market. This is being done by adopting innovation in operations. The reason
behind such a requirement of new products is the advanced and changing technologies,
competition in the market etc. which puts so much pressure on the large enterprises to come
out with something new and innovation. They carry out business operations with the
objective of making money.
5
entrepreneurial.
P1. Examine different types of entrepreneurial ventures and explain how they relate to
the typology of entrepreneurship.
Entrepreneurship may be defined as the concept of willingness to develop and manage a new
business in the world of corporate by taking various different risks with the objective of
making profit. It is the willingness of the entrepreneur to start a new business by taking risks
on his own so as to make contribution in the economic development of the country by
generating revenue out of it (Drucker, 2014). Following is the range of various
entrepreneurial ventures:
M1: Small Business Entrepreneurship: These are the small businesses which are usually
run by the single owners as his/her very own business. Small Businesses might include
painters, hairdressers, carpenters, electricians, plumbers, mechanics, consultants etc. These all
businesses are mostly run by the single individual who is generally their owners. The small
businesses hardly make any profit as their objective is not to make large profits to rule over
other industries but have a simple aim to earn living through business so as to fulfil the
requirements of the family. Most of the small business firms get their funds either from their
friends or their family. Most of the businesses in UK accounts for small business enterprises.
Scalable Start-up Entrepreneurship: The main objective of scalable start-ups businesses is
to bring change in the world with their vision and mission. Therefore, in order to fulfil their
objectives, they hire the best among the available to carry out their business operations. They
get investments from the venture capitalists and in order to expand their business model more
they require more capital which is also provided by the venture capitalists. The amount of the
risk involved in such entrepreneurship is large because of the outsize returns (Kirzner, 2015).
Large Company Entrepreneurship: The main objective of the large business
entrepreneurships is to bring entirely new product for the new customers and that too in an
entirely new market. This is being done by adopting innovation in operations. The reason
behind such a requirement of new products is the advanced and changing technologies,
competition in the market etc. which puts so much pressure on the large enterprises to come
out with something new and innovation. They carry out business operations with the
objective of making money.
5
Social Entrepreneurship: The social entrepreneurship firms are those who fulfil the needs
and requirements of the society by focusing on the creation and development of those
products that meets the needs of the society. The main motive of the social entrepreneurships
is to work for the betterment of the society and not for making profits for the business.
Intrapreneurship or Managerial Entrepreneurship: This is a kind of entrepreneurship
where the managers of the large company brings in innovation and come out with something
new and exciting. The main focus of the managers of these companies is to create something
new with the help of the innovation (Baum, et. al., 2014).
Lifestyle Entrepreneurship: The lifestyle entrepreneurship is those which are in accordance
with the lifestyle of the owner of the firm. These firms are mostly run with the objective of
making lifetime income with the business which is run by the passion and desire of the
owners. Example is Steve Jobs.
Growth Firms: The growth firms are those entrepreneurial firms which have the main
objective of making huge profits and their speed of growth in the market is very fast. They
operate to bring new products in the market so as to expand rapidly in the market and earn
more profits. Example is Google.
D1: The importance of entrepreneurial ventures is equal for each level company and for the
economic development of the country. Recession in UK is decreasing day by day and hence
the scope and development of the entrepreneurial ventures is increasing in UK. The scope of
the entrepreneurial ventures and new business start -ups is increasing as the young generation
of UK is more interested in own business set-up and starting something of their own rather
than taking up any regular morning to evening job. Therefore, as scope is increasing, people
are investing in new businesses and entrepreneurship firms more and more.
Also, with the changing requirements and changing technologies, innovation has become the
essence of the business. Therefore, the existence of the entrepreneurial ventures has become
strong in the market as they bring about innovative and new products and services in the
market. But out of the total, almost 99% of the entrepreneurial ventures that are favoured and
are invested in more are small and medium scale businesses.
6
and requirements of the society by focusing on the creation and development of those
products that meets the needs of the society. The main motive of the social entrepreneurships
is to work for the betterment of the society and not for making profits for the business.
Intrapreneurship or Managerial Entrepreneurship: This is a kind of entrepreneurship
where the managers of the large company brings in innovation and come out with something
new and exciting. The main focus of the managers of these companies is to create something
new with the help of the innovation (Baum, et. al., 2014).
Lifestyle Entrepreneurship: The lifestyle entrepreneurship is those which are in accordance
with the lifestyle of the owner of the firm. These firms are mostly run with the objective of
making lifetime income with the business which is run by the passion and desire of the
owners. Example is Steve Jobs.
Growth Firms: The growth firms are those entrepreneurial firms which have the main
objective of making huge profits and their speed of growth in the market is very fast. They
operate to bring new products in the market so as to expand rapidly in the market and earn
more profits. Example is Google.
D1: The importance of entrepreneurial ventures is equal for each level company and for the
economic development of the country. Recession in UK is decreasing day by day and hence
the scope and development of the entrepreneurial ventures is increasing in UK. The scope of
the entrepreneurial ventures and new business start -ups is increasing as the young generation
of UK is more interested in own business set-up and starting something of their own rather
than taking up any regular morning to evening job. Therefore, as scope is increasing, people
are investing in new businesses and entrepreneurship firms more and more.
Also, with the changing requirements and changing technologies, innovation has become the
essence of the business. Therefore, the existence of the entrepreneurial ventures has become
strong in the market as they bring about innovative and new products and services in the
market. But out of the total, almost 99% of the entrepreneurial ventures that are favoured and
are invested in more are small and medium scale businesses.
6
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