Entrepreneurship & Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................2
PART 1............................................................................................................................................2
TASK 1............................................................................................................................................2
Scoping & Defining entrepreneurship:...................................................................................2
Typology of entrepreneurship................................................................................................3
Social enterprise:....................................................................................................................6
TASK 2............................................................................................................................................6
Entrepreneurial ideas:.............................................................................................................6
International aspects of entrepreneurship:..............................................................................8
Role and importance of small business..................................................................................8
PART 2..........................................................................................................................................10
TASK 3..........................................................................................................................................10
Entrepreneurial mind set & characteristics:.........................................................................10
Skill set of entrepreneurs:.....................................................................................................12
Entrepreneurial aspects personality reflect motivation and mindset of entrepreneurs.........12
TASK 4..........................................................................................................................................14
Factors that influence the decision of starting a business.....................................................14
Risk & rewards of a business start up..................................................................................14
Conclusion.....................................................................................................................................15
REEFRNCE...................................................................................................................................16
1

INTRODUCTION
Entrepreneurship is a process in which a person who has an innovative idea in a market.
There is a main objective to earn higher profits. In every organisation there are many functions
such as gathering of resources till the time final products are reached to customers and revenue is
being earned. In case of entrepreneurship all such functions have to be performed by a
entrepreneur starting from the origination of idea and converting it into a profitable opportunity
of a business (Kuratko, 2016). The present report consists of some topics such as different types
of scale at which ventures are based on, skills & traits of a successful entrepreneur. Further two
successful entrepreneurs Elizabeth and Tom Mercer and the key skills which actually made them
achieve success and high growth.
PART 1
TASK 1
Scoping & Defining entrepreneurship:
Entrepreneurship: Entrepreneurship is a basic activity that is in concern with conversion
of a new or innovative idea and an opportunity in form of a profitable business venture. It is art
of converting a basic idea into a reality (Nambisan, 2017). It is done by the person possessing the
idea and is commonly regarded as the entrepreneur who actually owns the entrepreneurial
venture and posses all responsibilities that have to be performed while executing of the different
work and transactions that are part of entrepreneurial venture.
Entrepreneurial activity: It consists of all those activities that are part of a entrepreneurial
venture and have to be executed by a entrepreneur in course of their business proceedings. From
the initial stages when an entrepreneurship is just in the form of a idea and nothing more till it
has been converted into a profitable business (LightBhachuand Karageorgis, 2017). All the
transaction that is taking place is part of different entrepreneurial activities.
Enterprise: It is a basic undertaking where actually the main motive of the entrepreneur is
to earn maximum profits and at same time bring some innovative changes in the lives of people
whom they are targeting. Sole proprietorship is one of very popular examples of an enterprise
where a sole individual is converting a idea in the form of business and is thus helping in
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achievement of some positive outcomes in course of business. It is one of very effective form of
business opportunities in which full and complete control is exercised by entrepnur only.
Typology of entrepreneurship
Lifestyle and growth firms:
Lifestyle firms: these are those type of business enterprises in which individuals have the
opportunity to do some functions and earn more high profits buy affecting lifestyle of their target
customers. In this, entrepreneurs generally posses an attitude and a zeal of doing something
different and trying to bring some positive changes in the monotonous lifestyle of people of
society. It is a business venture where an entrepreneur is dedicated enough towards achievement
of their business objectives that are usually not in form of the monetary profits (Lipset, ., 2018).
Growth firms: Growth firms are those type of entrepreneurial ventures that posses an
aim to achieve high growth in the coming period of time in terms of high profits, growing market
share and enhancement of revenue (Monitor, 2017). Such type of firms’ posses a major objective
of maximisation of profits as soon as they are starting their functioning. Such firms do not posses
any other aim apart from earning of high profits and maximisation of growth with time.
Entrepreneurship in public and corporate sector:
Roles & Characteristics of micro, small and medium organisations:
Types of
entrepreneurial
ventures
Dimensions Goals Roles &
Responsibilities
Illustration
Social There are some
factors that are
connected with how
social enterprises are
dealing with various
issues prevailing in
the society. Main aim
of social enterprises is
to deal with such type
Improvement in the
exiting lifestyle of
people by
development of more
products or services,
that can help a
organisation to build
up more sustainable
factors so that it can
The basic three
factors are combined
that make together the
roles &
responsibilities that
are the society,
people and the
environment that is
the basic aim of
Examples of suc
social ventu
entrepreneurship
examples are
Project, etc.
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