Small Business Management and Entrepreneurship

Entrepreneurship
and
Small Business
Management

EXECUTIVE SUMMARY
The assignment has been drawn upon the term entrepreneurship and how small
businesses are managed. It explains types of entrepreneurship and typology of entrepreneurial
ventures. In addition to this, the possible similarities and differences have been defined which is
necessary before deciding a particular venture type. This continues to elaborate the impact that
small businesses can create on the economy of a country which is followed by contribution of
small and start ups to the growth of social economy. Furthermore, every entrepreneur should take
inspiration from existing renowned entrepreneurs which makes them different from managers,
hence, characteristic traits and skills along with aspects of entrepreneurial personality reflection
of motivation and mindset have been covered. Together with this, all relevant examples have
been given which may foster or posses problems in entrepreneurship on the basis of background
and experience.

INTRODUCTION
Entrepreneurship refers to study or process in which a person called entrepreneur creates
a business enterprise on innovative ideas and bearing the related issues with the aim of earning
profit. In comprises many functions from gathering resources to utilising them in producing
desired products or services. Such entity often starts as a small scale business however, there
should be effective management (Blackburn, Hart and Wainwright, 2013). This report exhibits
different types of entrepreneurial venture and typology of entrepreneurship, similarities and
differences between these ventures and interpretation of relevant data along with impact of micro
and small business in economy. In addition to this, importance of small businesses and start-ups
to growth of social economy, determination of characteristic traits and skills of successful
entrepreneurs and assessment of entrepreneurial motivation and mindset. Lastly, relevant
examples how background and experience can hinder or foster entrepreneurship.
MAIN BODY
P1. Analyse different types of entrepreneurial ventures and explain their relation to the typology
of entrepreneurship
Entrepreneur is an individual having ideas and sources to establish a business in which
innovation will be used to make unique goods or services that will fulfil customers' demands.
These people should have risk taking skills to make profit. There are different kinds of
entrepreneurs which are as follows:
 Serial entrepreneur: This type of entrepreneurs focus on developing new ideas by using
which new businesses are established. The entrepreneur manages daily activities himself.
This involves an important role and keep experimenting with innovative ideas.
 Intraprenuer: These are the employees working in an organization who have assigned
the tasks of developing innovative ideas. They have access to resources of the company
for which the ideas are being formed.
Entrepreneurship is the act of creating products, production methods, markets and form
of organizations which are completely new and fresh. In other words, conversion of a whole new
idea into a business venture by considering risks associated with the enterprise (Burns, 2016).
Enterprise is also called as undertaking which has profit motive. Entrepreneur raise
funds to invest in activities of an enterprise so that all the functions can be carried without any