Entrepreneurship & Small Business Management

Entrepreneurship & Small
Business Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK...............................................................................................................................................3
P1: Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship......................................................................................................3
P2: Explore the similarities and differences between entrepreneurial ventures..........................4
P3: Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.............................................................................................6
P4: Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................7
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers............................................................................................7
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
The report is concerned with entrepreneurship and small business administration that is
an essential feature of economy. Every business whether it is large or small depends on
entrepreneurial just to survive in the market. Innovative creativity and idea of thought has
planned to build entrepreneurial ability as step by step. Entrepreneurs are the one in the market
who risk and expend their own assets into the business concern and other individual venture. In
this report there are two parts, part one consist the different range of ventures that considered as
the entrepreneurial and the impact of small business on the economy( Burns, 2016) . Hence, the
other part consist the key aspects of an entrepreneurial mind set and the different environment
that foster or hinder entrepreneurship. It also consist the entrepreneurs that is Elizabeth Gooch
and EG solution plc and Tom mercer and MOMA foods (“MOMA”). As it mentioned as
anything about the related opportunities or resources that are allocated to achieve the target
orientated goals.
TASK
P1: Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship
Entrepreneurship is the concept or activity of values that is viewed as the procedure of
designing, unveiling and running a fresh enterprise that is frequently at first to a small business.
There are opportunities and situations to recombines the points that is to generate profit that
requires the deviation between people as such preferential way as approach to definite respective
individual or the skills to credit and enhance the information related to possibilities. It may also a
content of taking a action of risk that is necessary for the individual. As the entrepreneurial
procedure requires the social control of people, assets and services.
There are management that relates to the various sections that ensures the safe and
sufficient knowledge to run the business at adequately(Burns, Dewhurst, 2016). There are
followings quora that relates to the business and its potentiality:
 Serial entrepreneurs: Serial entrepreneur is an individual who is particular skilful and
creative in follows the new business thoughts and work hard on the set up of ideas of

thought as per new venture. It is not about the numbers that relates to companies as it
created but it is up to mentality and values.
 Entrepreneurs: Entrepreneurship is the skill and state to grow that is set up and run a
fresh business with any of its quality in respect to sort a profit. It may also ensures the
market with appropriate example of entrepreneur that are frequently relates to starting of
a new business venture.
 Owner-managers: The owner is an individual who has control of belongings as real or
private. Almost of every small businesses the owner manager is the impulsive unit as it
control the enterprise and its issues that cause for occurrence in the business that fall out
through it (Chowdhury, 2018) . As in some businesses the positions of owner and manger
are separated as few of their reasons.
The Small scale industry sector plays an essential part in contemporary economical growth as it
provides the most fascinating and enormous progressive methods. In these conditions the small
and medium- sized enterprises management is influenced by utmost factors in the competitive
marketplace. It also regulates the condition of Tom Mercer and MOMA Foods (“MOMA”)
in the entrepreneurship.
 Micro organisation: A micro organisation is broadly refers as a small scale management
where legal business concern that is not supported by micro approval and here is what
micro businesses frequently termed. They only grows their enterprise when something in
their lives has varied and it may bring forth a larger source of earning,
 Small organisation: It is defined as a privately owned business firm, business
organization or exclusive ownership that has numbers of individuals and less annual
receipts than a business firm or lawful sized commercial enterprise. The another upper
management commits and availability has the valid point in a small business or intrinsic
subject that can be more consecutive progressive to it(Dana, 2018) .
 Medium- size organisation: Small and medium sized enterprises or small and medium
scale management are businesses that involves a staff office and numbers of fall below
certain limitation.
P2: Explore the similarities and differences between entrepreneurial ventures
Small and large industries are as frequent essential to the performance of the economical term. It
is beneficial to draw a distinction between entrepreneurial venture that an individual and