Entrepreneurship & Small Business Management

Entrepreneurship
and
Small Business
management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Types of entrepreneurial ventures and its relation to various typology of entrepreneurship.1
P2 Differences and similarities between entrepreneurial ventures :......................................2
Difference between serial entrepreneurs, entrepreneur and owner manager...................................4
TASK 2............................................................................................................................................6
P3 Impact of small and micro businesses on economy based on relevant data and statistics 6
P4 Importance of small business and start ups social economy of a country.........................8
TASK 3............................................................................................................................................9
P5 Characteristics, traits and skills of successful entrepreneurs that differentiate them from
other business managers ........................................................................................................9
P6 Entrepreneurial motivation and mindset.........................................................................12
TASK 4..........................................................................................................................................14
P7 Background and experience of entrepreneurs.................................................................14
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
Books and Journals........................................................................................................................17

INTRODUCTION
Entrepreneurship is a process in which a person starts a business with a unique and
innovative idea. Entrepreneur is a individual who makes initial investment in form of capital and
undertakes all types of risks associated with business (Marom and Lussier, 2018). There is
generally a problem recognized and in finding solution of that problem a business ventures is
started. This is a continuous process in which objective is set and attempts are done to achieve
them. This report deals with different types of ventures started by entrepreneurs and there
relation with typology of entrepreneurship. Overall importance of small business and their
impact on economy. Entrepreneurship is a concept which has a great impact both positive and
negative on a country's economy. There are also some differences & similarities between these
ventures based on their scale of operations which is explained. Skills and competence of
entrepreneurs are also discussed and its importance in efficient running of business is explained.
TASK 1
P1 Types of entrepreneurial ventures and its relation to various typology of entrepreneurship
Entrepreneurial venture is defined as any organisation which is based on any new idea, or
may be existing opportunity presented in a innovative way(Brush and et. al., 2019). Which helps
to generate social value and helps in economic growth of country. Entrepreneurship defines to
the procedure of creating the new enterprise or bearing business related any risk, with the view
of generating profit (WHAT IS ENTREPRENEURSHIP? ENTREPRENEUR DEFINITION AND
MEANING, 2021). In this the person who make new enterprise and embraces challenge for
business operation and development. It is essential because it has ability to develop and improve
existing living standards and wealth create, not only for entrepreneurs but also for business
related. Entrepreneurs are also assists in drive modification with innovation, where improved and
new goods enables new markets to be developed. They have high risks but at same time these
risks are responsible for generation of higher profits. Below mentioned are some of
entrepreneurial ventures:
 Scalable Entrepreneurial venture: These are those type of entrepreneurs who come up
with an innovative idea and convert it into a venture(Shimba, 2018). They mostly look
for such employees who are very enthusiastic and want to do something creative.
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 Small business Entrepreneurial ventures: These entrepreneurs are who having limited
capital and are not willing to assume much risks. Their main motive is only survival and
not to earn higher profits. Their family members and known ones are mostly involved in
their business operations, as it is not possible for them to increase their overall cost.
 Large scale Entrepreneurial Ventures: Such ventures are on a large scale and they
have lot of competitors in market. They are at such a scale that entrepreneurs are ready to
bear high amount of risks to maximize their profitability.
 Social entrepreneurial ventures: These enterprises whose have social objectives such as
to improve living standards of people. They don't want to achieve higher profits but
instead bring a change in lives of people.
Typology of Entrepreneurship:
There are different types of typologies of entrepreneurship as mentioned below:
 Male Typology: These are those ventures which are dominated by males(Anderson,
Warren and Bensemann, 2019) . It is believed that these type of entrepreneurship are able
to assume high risks main reason behind rtgi sis that they also want to maximize their
profits. Generally scalable enterprises are based on an innovative idea and business
operations are on a large scale.
 Female typology: This typology is when business is owned by a female entrepreneur, it is
a belief that females are more risk avoider and they wish to minimize risks of business.
Scale of such enterprises are generally small as compared to male typology.
 Lifestyle Typology: These entrepreneurs have main aim of affecting lifestyle of people in
society in a positive way. These entrepreneurs have a passion for their work which they
want to achieve, their main motive is not to earn higher profits.
 Survival Typology: As name suggests in this typology Entrepreneurs mainly have sole
purpose of survival. They so not aim for earning higher profits, but they aim to fulfil their
basic needs.
P2 Differences and similarities between entrepreneurial ventures :
Difference between large and small entrepreneurial ventures
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Basis Large scale ventures Small scale ventures
Meaning These ventures are large scale
and are highly competitive in
market. They continuously
bring innovations and survive
for long run.
These are small business who
do not expand much and aim to
earn limited profit only, as they
are not willing to take much
risks.
objective They have main objective to
continuously expand their
operations.
Their motive is to earn that
much profit which could help
them in surviving and
fulfilment of their basic
requirements.
Roles They bring innovation for
people of society in terms of
new developments in their
products and services.
Such initiatives of small
business help in economic
growth of country.
characteristics They continuously make
investments in research and
development department as
they focus on continuous
innovation.
They have limited investments
and limited workforce. They
do not focus on making
innovations.
Difference between social and scalable start-up ventures
Basis Social ventures Scalable enterprises
Meaning These ventures do not aim to
earn high profits but basic
objective to serve people of
society.
These entrepreneurs want to do
something innovative through
their business ventures.
objective Such enterprises have main
objective of social welfare
They want to bring a change in
society but at same time they
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