Entrepreneurship and Small Business : Assignment

Entrepreneurship and
Small Business

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1 Different types of entrepreneurial ventures ?How relate to the typology of
Entrepreneurship.........................................................................................................................1
P2 Explore the similarities and differences between Entrepreneurial ventures..........................3
TASK 2 ...........................................................................................................................................4
P3 Relevant data and statistics to illustrate micro and small businesses impact on the
Economy.....................................................................................................................................4
P4 Importance of small businesses and business start-ups to the Growth of the social
economy .....................................................................................................................................7
TASK 3 .......................................................................................................................................9
P5 Determine the Characteristic traits and skills of successful entrepreneurs ...........................9
P6 Aspects of the entrepreneurial personality of Richard Branson reflect his motivation and
mindset .....................................................................................................................................11
P7 Using relevant examples, how background and experience can hinder entrepreneurship..12
CONCLUSION ..........................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship refers to designing, launching and innovating new idea of running
business. Entrepreneurship is having different meaning from different people. They have unique
knowledge of management. They create new way to solve the problems. The person who is
engaged in all these activities is known as Entrepreneur is a person who starts new business. He
creates new idea of doing business which is not there earlier. They set their own limitation and
rules (Ackermann, 2012). From every step of life they learnt a lesson to create something new
and improved.
Small Business are the enterprise which are owned by private corporation, partnerships
and sole traders. These business have less revenues and size of business is also small. The are
limited number of employees working in these organisations. Entrepreneurship and small
business are the very popular area these days. There is potential growth in these sector. These
two is having common traits.
In this report types of ventures and their difference and similarities are discuss in this
report. The impact of micro and business impact on economy and their importance bring growth
in social economy is mention in this assignment. The different traits and quality of entrepreneur
and relevant examples are describe in this project.
TASK 1
P1 Different types of entrepreneurial ventures ?How relate to the typology of Entrepreneurship
There are different types entrepreneurial. Following are the types of entrepreneurial.
 Small business entrepreneurship: there are many small business in UK. These business
are started by entrepreneurs. They generating 50% of employees of non government
workers (Blackburn, Hart and Wainwright, 2013). They are into different fields such as
grocery stores, hairdressers, consultants, travel agents, plumber, electricians and others.
They are running their own business. They prefer to hire local people and from their
family members. Their main motivate to feed their families successfully. The main
funding comes from friends, family and small loans.
 Scalable start-up entrepreneurship: This entrepreneurs start their company and from the
starting of business they know that their vision can bring big change in the world. They
get funds by attracting financial investors. The employees which they hire are best and
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brightest. When find growth in business they start expansion their business worldwide.
They are high innovators.
 Large company entrepreneurship: life cycle of these companies are finite. They offer
new product, technology according to change in time (Bridge and O'Neill, 2012). These
companies try to understand change in customer taste, new technology in market, new
competitors, and legislations. This companies try to bring new product earlier than its
competitor to gain competitive advantage. The size of operation is large.
 Social entrepreneurship: This are the entrepreneur who create new product and bring
new innovation to met social needs. By this they can solve problems of social needs
effectively. The main goals of these entrepreneurship is to make world better place
instead of gaining market share and earning profits. These enterprises are called non
profits, for- profits and hybrids.
The typology of ventures
Some of the ventures turn survival to lifestyle or some transition lifestyle to managed
growth. These ventures are discrete type of entities. Some of they start from lifestyle and always
remain same. They never change into other ventures. Entrepreneurial ventures depends on
different stages of company. In earlier stage it help to develop strategy, implementation of plans
and increase networking. The person who create entrepreneurial ventures are called entrepreneur
(Carland and Carland, 2015). In this they innovate new products and achieve growth according
to their main goals. While small business are independent business. These business are not
necessary to be engaged in new innovation and have little impact on industry.
Different types of typologies
 Lifestyle: This kind of ventures provide stable income comparative to survival ventures.
In this entrepreneur reinvestments to maintain competitiveness in local market. They
have good premises and employees but have less scope of expansion and growth.
 Growth: Managed growth typology, achieve growth with duration of time. They
innovate, bring new products and provide facility to expand its local brand. They regular
do reinvestments (Burns, 2010). There is moderate regional growth. Aggressive growth
typology, are typically technology based ventures. Strong innovation took place in this
kind of entrepreneurship. The funds raised in this kind of ventures is from equity capital.
The main aim of these ventures is expand their business nationally and internationally.
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