Entrepreneurship & Small Business Management

Entrepreneurship &
Small Business
Management

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Analyse different types of entrepreneurial ventures and examine how they relate to typology
of entrepreneurship...........................................................................................................................3
P2 Analyse the similarities and differences between entrepreneurial ventures...............................4
TASK 2.................................................................................................................................................6
P3 Interpret significant data & how micro & small organisation impose effect on economy.........6
P4 Critically analyse the small firm and start up in success of social economy..............................7
TASK 3.................................................................................................................................................9
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.................................................................................................9
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set..........................................................................................................................................10
TASK 4...............................................................................................................................................13
P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.............................................................................................................................13
CONCLUSION..................................................................................................................................16
REFERENCES...................................................................................................................................17
Books & Journal:............................................................................................................................17

INTRODUCTION
An entrepreneurship is to be defined as person who is responsible for generating new ideas
of thinking to business. Main aim of this report is to understand and manage the importance of
small business management (Crow, 2020). This report is based on two entrepreneurs who are
Elizabeth and Tom Mercer. Elizabeth who is a CEO of EG solutions. Tom Mercer, who is the
owner of MOMA and MOMA Foods. This report consists of different type of entrepreneurial
ventures, similarities between ventures, accessing and interpreting data of SME's, importance of
small businesses and start-ups, characteristics traits and skills of entrepreneurs, entrepreneurial
personality reflecting motivation & mind set, background and experience affecting
entrepreneurship.
TASK 1
P1 Analyse different types of entrepreneurial ventures and examine how they relate to typology of
entrepreneurship
Entrepreneurship refers to abgility to develop and organise and run a business firm with
accessing to uncertainities. It is crucial to focus on these different kinds of ventures so that
decisions are undertaken in proper manner. In this contemporary business environment, it is crucial
to focus on ventures so that goals are accomplished in appropriate manner. There are several types
of entrepreneurial activities like retailing, warehousing, manufacturing, service business and more.
These ventures generate higher profit and economic growth at higher scale (Buchko, 2018). This
has been further examined that it is necessary to have relevant information about these businesses
so that it is easy to implement strategies in effective manner. So, several types of ventures are
mentioned as follows-
Small enterprise-
These are those type of ventures that which is regulated and operated by single individual
person. Such type of entities focuses on development of their survival. For example- saloons, cafes
are to be considered as small entity. Also, this small entrepreneur too focuses on accessing to
handling of all the decisions and is responsible for managing all risk and expenditures.
Size - The size of such firm is relatively small and they aim at surviving in market.
Employees
The subordinate size is 10 or less than 10.
Medium enterprise

It is kind of firm which aims at producing or delivering of a new products or innovations
within market. Medium firms have major contribution to development and growth. For example-
Captify is to be considered as successful medium entity. These kind of firms focuses towards the
development as well as growth. Also, they aim at searching for investor who can invest in their
business (Ramsgaard, 2018).
Emoployees- In this subordinate have 50 or fewer employees.
Size- The size of medium firm is limited up to national level.
Large organisation
Large firms are those who focuses on execution of business activities at larger level and also
they aims at expansion of business at wider level. For example- Tesco, ASDA, are considered as
large firms. These type of businesses main motive is to access to resources and customers in most
effective manner.
Employees- In this, large firms have more than 250 employees.
Size- Size of large entity is extended up to international level.
Social entity
Social enterprise refers to firms that carry out business functions and operations with
aiming of welfare of society. With focusing of this purpose, they are able to access and increase the
effectiveness of resources. Their main objective is to increase the standard living of people. For
example- NHS, Cancer Research UK is social firms.
Employees- These kinds of firms have volunteers around 200.
Size- Such kind of organisations execute their business activities at both local and national
level.
Corporate sector-
These are those types of sectors that focus on contribution towards economy and are
known as subset linked with domestic economy. Main focus is on accessing to competitive
advantage at any cost (Johansen, 2018).
Subordinates- They have subordinate size of 250 or less than 250.
Size- Size of such firms is limited accoridng to their work.
Survival firm
Survival firms are those which focus on carrying out of entities with aim of survival in
market rather than increasing profit or revenue. It has been also analysed that revenue or income of