Entrepreneurship & Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Entrepreneurial ventures with relation to typologies...................................................................1
Scope, growth and development of entrepreneurial ventures......................................................2
Similarities along with differences between ventures of entrepreneurship.................................3
Interpretation of relevant data illustrating the ways micro or small businesses impacts on
economy.......................................................................................................................................5
Importance of start-ups with small businesses towards social economic growth........................6
TASK 2............................................................................................................................................7
Characteristic traits and skills of successful entrepreneurs..........................................................7
Personality aspects that reflects entrepreneurial mindset and motivation...................................8
Background and experience of entrepreneurs..............................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship involves dynamic procedures to build incremental wealth together with
innovative valuable things which results in welfare of society (Allen and Truman, 2016).
Entrepreneurship term is a process that includes developing, starting, executing as well as
managing tasks or operations through coordination with distinct departments of business. The
presentation covers characteristic traits, motivational drivers together with skills of well known
entrepreneurs.
It results in building of entity through assembling addition to coordinating with all
resources to lead towards objectives achievements by managers skills. It is a journey that starts
with generation idea for small business and continues with effective business management. It is
also known as capacity for innovation, investments addition to expansion with unique product,
new technique and in new market. Present reports illustrates different venture types as well as
their relation with entrepreneurship typologies. Moreover, in this report various similarities with
differentiates are also explored among entrepreneurial ventures. The report also constitutes
impacts of small businesses on economic as well as importance of small business and start-ups
for social economic growth.
TASK 1
Entrepreneurial ventures with relation to typologies.
Entrepreneur: People who explores new product possibilities with new methods or
inventions in order to make innovations available in market are entrepreneurs.
Entrepreneurship: Incubator of innovation is defined to entrepreneurship. In other
words, the term is described to advent of new undertaking specially small venture so to
materialize innovative ideas or thoughts of entrepreneurs. It is among the field in which an
individual start venture idea that ends up as a giant enterprise (Baum, Frese and Baron, 2014).
There are various entrepreneurial ventures that are listed below:
Small business entrepreneurship: The ventures that are independently owned with
limited capital and resources are said to small business entrepreneurship. These ventures operates
at small scale in order to serve local residents as well as earning revenues for family members.
Tuition teachers, electricians, photographers, carpenters and grocery stores are part of small scale
businesses.
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