Entrepreneurship and Small Business Management: PDF

Entrepreneurship and Small
Business Management

Executive summary
Entrepreneurship is an important process which involves various processes such as
designing, launching and running a business. The report will highlight how different
entreprenuial ventures and typologies are related with each other. It will also highlight the impact
of micro and small business on the social economy. Later part of the report deals with the
analysis of different skills and traits of entrepreneurial mindsets. Moreover, the report will also
look into the personal and social background of some famous local, international and social
entreprenurs.

Table of Contents
Executive summary..........................................................................................................................2
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Different types of entrepreneurial ventures and manner in which they relate to typology of
entrepreneurship.....................................................................................................................4
P2 Similarities and difference in between entrepreneurial ventures......................................6
P3 Interpret relevant data and statistics to illustrate how micro and small business impact on
the economy............................................................................................................................9
P4 Explain small business and business start ups to growth of the social economy............12
P5 Characteristic traits and skills of successful entrepreneurs.............................................13
P6. Entrepreneurial personality reflects, entrepreneurial mindset and motivation..............15
P7 Different ways by which background and experience can hamper the performance of
entrepreneurship...................................................................................................................16
Mark Zuckerberg:................................................................................................................16
CONCLUSION..............................................................................................................................18
REFERENCES .............................................................................................................................20
UK Small Business Statistics .2018. [Online]. Available through:
<https://www.fsb.org.uk/media-centre/small-business-statistics>................................................20

INTRODUCTION
Entrepreneurship is an complex procedure comprises of various processes such as
designing, launching and running a new venture. The new business is generally a small business
to star a innovative enterprise it is essential for entrepreneur to capture and create new and
unique ideas so that so that these ideas can be converted into new products (Burns and Dewhurst,
2016). This project is going to analyse various kind of entrepreneurial venture along with their
classification. It will also differentiate between them and it will also highlight small and micro
businesses contribute in betterment and growth of economic society. Along with this, report
deals with various skills and traits of some successful entrepreneur and the skills and trait
required by a person in order to become a successful entrepreneurs. Along with it a study will be
taken in order to analyse how background of a entrepreneurs effects their skills (Bennett, 2014).
TASK 1
P1 Different types of entrepreneurial ventures and manner in which they relate to typology of
entrepreneurship.
Entrepreneur is a person who identifies growth opportunities and capture them to set up a new
business. For attaining success, it is very important for them to create innovation ideas and
products to invite more and more customers towards its services.
Entrepreneurship is an complex procedure which is being used by different businessperson in
order to implement their innovative and creative ideas which can assists them in performing at a
better level. In order to start a new enterprise it is an primary for an entrepreneur to adopt
modern or new ideas and approaches in order to provide product that comprises of new and
unique feature in the marketplace. It will help them to carry out the changing needs of the
customer in effective way by producing innovation product that matches the customer needs.
There are several methods that can be used in order to classify an organisation and these
factors can be also be known as topologies (Burns, 2016). Some form of topologies that are used
for classification can be elaborated below:
1. Small business entrepreneurship : Under this type of venture the owner perform the
activities of business along with few employees. Activities of the business can be even
performed by family members only. UK comprises of large number of small business
entrepreneurship which use to earn a high amount of revenue for the economy. For