Entrepreneurship & Small Business

Entrepreneurship & Small
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
P1: Describe different types of entrepreneurial ventures and their relation with typologies of
entrepreneurship..........................................................................................................................1
P2: Determine entrepreneur ventures similarities and differences.............................................3
TASK2.............................................................................................................................................5
P3: Define impact of micro and small business on economy.....................................................5
P4: Explain the importance of small business in social economic growth.................................7
P5: Determine the characteristic, trait and skill of entrepreneurs that differentiate them from
manager.......................................................................................................................................8
P6: Assess how aspects of the entrepreneurial aspects personality reflect entrepreneurial
motivation and mindset.............................................................................................................11
TASK4...........................................................................................................................................12
P7: State suitable examples for successful entrepreneurs with background and experience....12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is refers as process of building a business enterprise with new and
innovative ideas in order to solve the problems of society for making their life better and easy.
Entrepreneur is the person who responsible for bearing the risk arise in operation of business
enterprise. All the responsibilities related to planning & development, ensuring arrangements of
supplies, labour, resources and equipments etc. required for accomplishment of business purpose
(Dana, 2018).
Small-scale business is defined as the organisation can be established at niche & small
sector with limited capital investment and number of human resources are also limited with less
control over operation and management of business that has powerful impact on developing the
economy of nation (Small-Scale Enterprise, 2018).
This report is based on different types of entrepreneurial ventures and how they distinct
from entrepreneurship typologies. Further, differences and similarities between entrepreneurial
ventures and how they affect economy of a nation are discussed. Moreover, skills and
characteristics of entrepreneurs and how their personality impacts their mindset and moral are
explained within the report. In addition relevant examples for successful entrepreneurs are
defined in this report.
TASK1
P1: Describe different types of entrepreneurial ventures and their relation with typologies of
entrepreneurship.
Entrepreneurship venture are refers as the enterprises who engaged in innovative and
specific ideas and business that focuses on new and innovative offerings to society in order to
solve social problems & deals with known risks (Burke and Cowling, 2020). There are some
types of entrepreneurial ventures explained as follows:
Entrepreneurial Ventures
1. Small-scale ventures: It is defined as the business that is operated and manage by
single person with holding all authority regarding directing and managing of
functions and operations of business and limited employees of 250 with turnover
under $50,000. this is most important type of entrepreneur ventures that has
immense support in development of nation's economy. These provides
1

2. Large-scale ventures: Another important type of entrepreneur venture is large-
scale enterprises whose main motive is to growth an expansion of business with
high investment and employees that requires more control and direction from
owners of business. Their employees and turn over are varies into millions.
3. Social ventures: This type of venture includes business organisations whose main
purpose is to serve the society with solving their problems and make their regular
lives easy and effective. Theses are worked at broad place without expecting any
profit and called as non-profit firms. It contributes huge amount towards
development of social economy (Julien, 2018).
4. Scalable start up ventures: This type of enterprises includes firms whose main
purpose is to build effective and higher brand reputation into industry and trained
their employees in such a way that they can able to take effective position within
market. For accomplishment of business objectives and aims scalable start ups
depend on venture capital and experts guidance.
Entrepreneurship Typology
1. Survival Entrepreneurship: It is defined as the type of entrepreneurship whose
main focus is on survive within industry rather than thinking about growth and
expansion of business due to involvement of high risk. Small-scale ventures are
suitable type of survival entrepreneurship that has immense contribution in
generating employment for society.
2. Lifestyle Entrepreneurship: This is another type of entrepreneurship whose main
concentrate is on matching with life standards of society with offering them
products & services as per their requirements or expectations. In this category of
entrepreneurship large-scale entrepreneurial ventures comes with their object to
meet specific and divers needs of people (Donckels and Miettinen, 2019). This
plays significant role in rising living standards of society that contributes to
economic development of nation.
3. Growth Entrepreneurship: It is another significant form of entrepreneurship that
work on the purpose of reaching highest growth of business and attaining higher
profits with offering better quality of goods and products to society. Scalable
entrepreneur ventures are comes under this type of entrepreneurship who spend
2