Entrepreneurship & Small Business Management Sample

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
P1 Different types of venture and typology of entrepreneurship...........................................1
P2 Similarities and differences among entrepreneurial ventures...........................................4
P3 Impact of small and medium enterprise on economy.......................................................6
P4 Importance of small business and start-ups in social economic growth...........................7
TASK2.............................................................................................................................................8
P5 Characteristic and traits of entrepreneur...........................................................................8
P6 Aspects of entrepreneurial personality development in individuals motivation..............9
P7 Individual past experience foster and hinder business......................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is an important aspects for growth of new start-up which involves group
of activities that are carried out by person who is highly motivated to bring his new ideas in a
market to earn profit or achieve mission of its implementation in practice. The person is
passionate to attract more customers by making effective analysis of growth opportunities and
risk bearing capabilities (Blackburn, Hart and Wainwright, 2013). Entrepreneurial venture can be
necessity driven or it may be opportunity driven leading to establishment of an successful
business enterprise. This contributes largely in growth of country and social economy.
This report carries out an intense study about different entrepreneurial ventures and
various typology of entrepreneurship. This assignment also make an study of factors and
characteristics that affects motivation level of an entrepreneur while developing an successful
business entity.
TASK1
P1 Different types of venture and typology of entrepreneurship.
The entrepreneurship is the process of carrying out various activities in order to manage a
new business in market. This involves implementing various strategies in order to implement his
idea as a new innovation in market while establishing new enterprise with applying new
technology in current market scenario. This involves effective utilisation of available resources
along with efficient utilisation of human resource capabilities available to owner in order to
establish a new profitable market.
Entrepreneur is the person who is having ability to undertake. The meaning of
entrepreneur itself is to undertake. This can be defined as the person who is ready to take and
consider new ideas and ready to access this idea in market to develop new business by analysing
risk and opportunities that are available to individual (Bridge and O'Neill, 2012). The person is
having capability to take risk and utilise growth opportunities This leads to development of new
business confidently by working motivationally and passionately with the new ideas that are to
be implemented by person in practice.
Entrepreneurial venture can be defined as business establishment that is developed by an
entrepreneur. This venture may be necessity driven or opportunity driven depending upon the
motivation of owner behind the establishment of institution. Traditional definition of an
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enterprise or venture is starting a new business in new market. But today scenario is changing
continuously it is not necessary that every new start up is small businesses. The various types of
entrepreneurial ventures are defined below:
Survival Venture: This is the venture that is establishes by the owner of business in order
to survive in this competitive world. These types of entrepreneurial venture are mostly necessity
driven to live a good life to fulfil all basic needs owner and its family both. These are mostly
local small business that are only running their firms in small areas (Burns, 2010). This business
are achieving their sales target by world of mouth strategies of marketing and by building good
relationship in community.
Lifestyle Venture: These are the venture that are developed by an entrepreneur in order to
increase sales of business so that the person can spend leisure time thorough higher earning and
provide a better life to his family and education to their children. This is also necessity driven
ventures but they are ready to grab growth opportunities that are available to them by analysing
changing of customers.
Managed Growth Venture: This is opportunity driven entrepreneurial venture
established by a person by grabbing various growth possibilities. The individual ready to take
chances and risk that are available to him in changing season and customers needs. The person
run its businesses in transient states. Entrepreneur continuously moves to new opportunity by
establishing small start-ups in different localities due to seasonal and festive changes.
Aggressive Growth Venture: These businesses shows exponential growth in market
scenario. These business are earning higher amount of profitability through expanding its
entrepreneurial venture exponentially. These are self managed and regulated ventures by the
owner through various technological implementation and strategic development by entrepreneur.
Serial entrepreneurial venture: This type of entrepreneurial venture are full of new
ideas. This entrepreneur do not stick to a single idea (Carraher and Paridon, 2015). Person
develop various series of innovative ideas in processes and establish various successful
businesses. For example Niklas Zennstrom and Janus fris are owner of serial entrepreneurial
venture that are developed through constantly by various innovative ideas like Vdio, Rdio, Skype
in market.
Women entrepreneurial venture: This venture are established an run by women or group
of women. These types of ventures are multitasking firms and involved in managing various task
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