Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 Different type of entrepreneurial ventures and interlink with different typology..................3
P2 Similarities and differences between ventures.......................................................................5
LO2..................................................................................................................................................7
P3 Impact of micro and small businesses....................................................................................7
P4 Importance of small businesses and business start-ups..........................................................9
LO3................................................................................................................................................11
P5 Characteristics traits and skills of successful entrepreneurs.................................................11
P6 Aspects of entrepreneurial personality.................................................................................13
LO4................................................................................................................................................13
P7 Background and experience hinder and foster entrepreneurship.........................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is generally a feature of entrepreneurs who motivates them for
innovating new things for running an enterprise. A person should have developed different skills
and traits for becoming a successful entrepreneur, because become a very successful
entrepreneur is not a small task to a person. There are various entrepreneurial ventures exists
within the market which has formulated by different types of entrepreneurs. On the other side,
the United Kingdom’s economic conditions are highly developed with the support of existing
SMEs. These small and medium-sized businesses or ventures are giving great contribution in the
all over growth of the UK’s social economy as well (Ramadani and et.al., 2020). This report
discusses different types of entrepreneurial ventures with typology of entrepreneurship. The
impact of small businesses on the economic and social economic development of the UK also
has been discussed in this report. There are main skills and characteristic traits of successful
entrepreneurs also has been mentioned in this report with proper example. Some relevant data of
small and medium-sized businesses of UK also has been described in this report.
LO1
P1 Different type of entrepreneurial ventures and interlink with different typology
Entrepreneurship is the process of planning, organizing, introducing and conducting a
new small business. In other word, ability of individuals to design and launch new business idea
without concerning about risk but keep hope that high profitability will be achieved (Morris and
et.al., 2018). Such people who launch their business while taking risk are known as entrepreneur.
Types of enterprises
 Public enterprises: Such organizations are operated by owners or in collaboration to earn
high revenue. These type corporation are overcontrolled by shareholders. However,
shareholders are selected by common public so that they can be met users or customers’
needs precisely. Marks and Spencer is a public enterprise that always focus on customer’s
needs and preferences and offers them to lead satisfaction in them for product and
services.

 Private enterprises: Such corporations run by individuals or more than two people and
retails wide variety products to the customer so that in exchange can be earned more
profit from them. The main goal of such enterprises is to earn large profit. Next Plc is a
private enterprise which operates it’s business into multiple sectors like accessories
industry, clothing industry, food industry and others. The main goal of the company to
earn high profit by offering best quality products to the customer.
 Voluntary enterprises: The main goal of such enterprises is to give high quality social
services to the public. In this sector comprises all charitable organization and NGO’s.
The great example of voluntary enterprises is the Oxfam. It is headquartered in UK and
offers wide variety social services such as financial supports, medical support and others
to such people who are suffered from social evils like poverty, unemployment and
discrimination.
Difference between entrepreneur and intrapreneur
Attributes Entrepreneur Intrapreneur
Definition
A person who design innovative
type idea and set up own
business at small level with this
innovative business concept is
known as entrepreneur.
While intrapreneur is the
employee of the company who is
responsible for taking innovation
in product, services as well as
procedures.
Resources
Entrepreneurs uses own
resources
On the other hand, intrapreneur
practices such resources which are
provided by company.
Capital
Financial resources are raised by
entrepreneurs.
While company provides funds to
the intrapreneur for the business
activity.
Risk Risk is obtained by entrepreneur Risk is taken by the company not
by the intrapreneurs.
These are the major difference between entrepreneur and intrapreneur which differentiate
them from each other.