Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurship and their relation to the typology of entrepreneurship:. 3
P2 Similarities and differences between entrepreneurship ventures............................................5
TASK 2 ...........................................................................................................................................7
P3 Impact of micro and small businesses on the economy in UK...............................................7
P4 Importance of small businesses and Start-ups for growth of the social economy..................7
TASK 3 ...........................................................................................................................................8
P5 Characteristics traits and skills of successful entrepreneurs..................................................8
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.........................9
TASK 4..........................................................................................................................................10
P7 Examples of entrepreneurship..............................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurial surrounding determines level of business organisation which considers big,
medium and undersized organisation that execute its business in specific environment. The
primary aim of assignment is to increase understanding regarding tackling atmosphere of small
business organisation. Virgin group is determined as international venture capital conglomerate
given by Richard Branson as well Nik Powell in year of 1970. The primal aim of business
organisation is to assist or help start-up & SME’s to satisfy its requirement. This report provides
explanation regarding different kind of entrepreneurial venture and typology. They also focus on
providing description in respect of similarity as well as its differences. It also illustrates micro
and undersize organisation that generate direct effect on economy and significance of undersized
organisation and start-up. There are diverse characteristic & skill to successful entrepreneur. At
last, it also assess entrepreneurial mind set as well as how they focus on motivating their
workforce and provide specific example in order to provide explanation regarding foster
entrepreneurship. In this report, there is a discussion regarding how entrepreneur motivate its
employees in order to perform work in proper manner (Aldrich, 2017).
MAIN BODY
TASK 1
P1 Different types of entrepreneurship and their relation to the typology of entrepreneurship:
Entrepreneurial:
In this kind of entrepreneurial ventures, entrepreneur is determined as a person who start
organisation along with restricted resources. This kind of entrepreneurship is determined as
innovative as well as not connected to existing model of organisation. In this process, the
entrepreneur focuses on taking high level of risk in order to operate organisation in long run. It is
classified with innovative product improvement and new model of organisation. In this process,
the entrepreneurial venture emphasized on bringing innovative idea and focuses on executing it
in appropriately manner. It is assess that the entrepreneurial venture is determined in which
uncertainty is determined as high and it imposes direct effect on overall organisation and its
improvement if there are some kind of risk occurred.
Intrapreneur-ship:
In this kind of entrepreneur, the focus is on loss as well as failure that do not impose
direct effect on personal cost. In addition to this, the Intrapreneur-ship is determined as a large

company of entrepreneurship through which they emphasize on self-motivation as well as ready
to perform anything for ideas. They also focus on taking initiative to execute idea along with
limitation of company. They emphasised on specific issue, as they possess capability to find
specific solution for organisation through offering innovative services. In Intrapreneur-ship, the
entrepreneur performs its work along with freedom and their characteristic is to foster
independence as well as behaviour for work within business organisation (Alvarez and Barney,
2020).
Managerial
This venture is determined as a managerial company that handle subordinate for its work as
well as performance. In organisation, the subordinate possess power to perform work of
subordinate and provide position as per its performance. In addition to this, the subordinate
focuses on performing their work in higher position within company & they also provide
guidance to subordinate to perform their work and make sure that they enhance their
performance of work in an appropriate manner. Within managerial entrepreneurship, the
subordinate possess own responsibility to tackle work activity on daily basis.
Scalable start-up
This kind of venture focuses on understanding vision and they possess believe on vision so
that they focus on altering world. They attract large number of investor through its ideas and
through its confidence. By its idea, the organisation generates diverse relationship within market.
This is emphasized on improving goods as well as services quality.
Large company entrepreneurship
This kind of venture emphasized on accomplishing goal as well as objective in timely
manner. In this kind of company, there are ample of subordinate perform their work and its target
is to increase sales and profitability along with productivity. There is different kind of
entrepreneurial venture connected to diverse entrepreneurial typology like small profit venture,
high-growth venture as well as lifestyle venture. This kind of venture aids assistance to company
to grow its business' and increased its profitability level.
Small profit venture
This kind of ventures not only emphasis on extra-ordinary development, It is determined as
a best example is determined as a small shops within city run their business for profit and they