Entrepreneurship & Small Business Management

Entrepreneurship & Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
Task1 ...............................................................................................................................................3
P1 Entrepreneurship in business environment and there different typology..............................3
P2 Comparison between entrepreneurial ventures......................................................................4
M1 Diverse range of entrepreneurship enterprise ......................................................................6
Task2................................................................................................................................................6
P3 Impact of micro and small business on economy with statistical data ................................6
P4 Growth of social economy because of new start-ups and small businesses .........................8
M2 Difference made by micro, small and medium business in economy .................................9
Task3................................................................................................................................................9
P5 Characteristic traits and skills of successful entrepreneurs....................................................9
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.......................11
M3 Entrepreneurial characteristics ..........................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES .............................................................................................................................12

INTRODUCTION
Entrepreneurship is capability of a person to start a new business which is small in size
but with new ideas and motivation . It can be said as process of creating, processing and
implementing new ideas for establishing a new business with high amount of risk. The person
who create these ideas and implement them are known as entrepreneurs. There business is small
size in nature that's why they are called small size businesses. These are the important part of any
country which it in improving economic condition and increasing gross domestic production of
country(Parker, 2018). In this report we will study about the effect of these small entrepreneurs
on the economic, political, and other factors of nation. The mindset of entrepreneurs will be
studied and it will also analysis that how can there enterprise get more befits in economy.
Task1
P1 Entrepreneurship in business environment and there different typology
Entrepreneurship is creative process of establishing a new business with some innovative
ideas by management of risk associated with it in business environment(Kuratko, 2016). For any
enterprise it is important to analysis the trends of global environment. There are various type of
entrepreneurship which are stated below-
Small business entrepreneurship : UK have number of small business entrepreneurship
this is because it have huge profit with small amount of risk. These business has small number of
workers which can be family member of entrepreneurs some common example of these are
small scale production house, auto mobile retailer, cafe consulting.
Scalable start-up entrepreneurship: in these type of entrepreneurship the owner believes
in innovation ideas and there creativity. they operate there firm on innovation basic products
which help them in running their business. These firm main work is to provide new solution to
there clients. There is less than team worker in firm.
Social entrepreneurship : These are those entrepreneurship firms who work as social
organization . They collect funds for solving the issues related to society, culture and
environment. These firms take there social responsibilities as key factor for their survival.
Large company entrepreneurship : these firms are those which have there long existence
in market but have to create new and improved product with the help of innovation in there firm
for matching demand of customers and because of change in technology, taste, preference, and

culture of customers. These firm nave to run there new product along with existing products of
organisation.
Typology of entrepreneurship
These are various type of ventures in entrepreneurship which are classifed on the basis of
size,motive , task style and plan (Burns, 2016). Some of these are mentioned below :
Survival ventures : These venture are generally formed for only survival purpose. They
only need to full fill there purpose and after there will be no future investment in theses
ventures . They have limited resources in which they have to perform all of their activity and
they have no banking relations as there whole work id done through cash.
Lifestyle Ventures : These are those start-ups or small scale business which are formed
to help in fulfilling needs of entrepreneur in generating its income. The number of person
working here will remain constant with no change in operations of business.
Managed Growth Ventures : In this the main aim of organisation is to achieve stable
growth . These ventures are form for the purpose of establishing innovative ideas for establishing
market for new product which include market research and market penetration. These are
medium size organisation.
Aggressive Growth Ventures: These are large scale organisation which generate there
capital with the help of shares and debentures. These main focus is on using improved
technology and strong motivation process with good innovation.
P2 Comparison between entrepreneurial ventures
There are various types of entrepreneurship firms which are stated above in this report.
Now the similarity and dissimilarity between this firms will be identified which is mentioned
below :
Types of enterprises Similarities Differences
Small v/s Large Business
enterprise
 For promoting there
sales and customer
satisfaction bot of large
as well as small scale
enterprise work in
 There is huge
difference between
both they of firm is that
large scale firm have
huge capital in