Entrepreneurship & Small Business Management

Unit title: Entrepreneurship & Small Business
Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
LO1..................................................................................................................................................4
P1 Different types of entrepreneurial ventures and the way they are related to Typology.........4
LO2..................................................................................................................................................7
P3 Impact of micro and small-business on the economy.............................................................7
P4 Importance of small business and Business start-up to growth of social economy................8
LO3..................................................................................................................................................9
P5 Characteristic, traits and skills of successful entrepreneurs...................................................9
P6 Entrepreneurial personality represent mindset and motivation of entrepreneur.....................9
LO4................................................................................................................................................10
P7 Covered in PPT.........................................................................................................................10
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Every large company start from small business that is run operated and owned by an
entrepreneur so management of entrepreneurship and small business is necessary for growth and
success of business in the industry. This report explains about different types of entrepreneurial
ventures and the way they are related to typology of entrepreneurship. Similarities and difference
between entrepreneurial venture to understand entrepreneurship in both public and corporate
sector. It also importance and impacts of small-business and business start up to growth of social
economy. The report also explains characteristic, traits and skills of successful entrepreneur that
differentiate it from manager of business. It also describes about various aspects of
entrepreneurial personality that reflect entrepreneurial motivation and mindset. At last, it
presents background and experience of entrepreneur that can hinder or foster entrepreneurship.
LO1
P1 Different types of entrepreneurial ventures and the way they are related to Typology
Enterprise is institution that start its operations for earning profit by offering products
and services to people living in the society. Entrepreneur is the person or individual who planed
to start and run business with some capital and resource to bear all risk and rewards associated
with company (M'zungu, Merrilees, and Miller,2019). Entrepreneur is the person mindset that
bring innovation and creative ideas for launching new products and services and
entrepreneurship is mindset of individual to take estimated risk with confidence to achieve
predetermine objectives. There are different types of entrepreneur venture or entrepreneurship
such as social, growth and lifestyle entrepreneurship that are explained below:
Social entrepreneurship: Such companies are developed and run to provide solution of social,
cultural and environment issues thus business is run for social cause. It improves living standard
of people by providing services and product at reasonable rates to people living in the society
(Christensen and et.al., 2020). Thus, it raised its fund through member of company and operates
it business on small scale to provide benefits to people thus its motive is not to earn profit. For
example: Action for business limited company provide support to community by providing help
in finance related information company and is established to promote economic development and
social upliftment.
Private company: These are such enterprise that objectives is to grow and expand its
profitability and market share by providing qualitative products and services to customer. They

use innovative technology and bring creative ideas to gain competitive advantages in the
industry. High tech, high growth and lifestyles entrepreneurship come under private companies
as they main purpose is to maximize profit by continuous innovation and expansion of business.
For examples: ASDA is a private company that operates its business in UK and is established to
maximise its profit and market share by offering products and services at reasonable rates.
Public Entrepreneurship: These companies raise its from public by trading its share in open
market or through stock exchange thus owned by public and operates its function to provide
benefits to society. It is not similar to social enterprise as it is not intended to earn profit for
owners or members of company. It provides ranges of government services such as public
transport, education, healthcare and military for protection and safety of people. It has limited
market share and profit margin in the market. For example: Marks and Spencer is a public
company that is specialized in clothing, food and home products operates it business across
nation.
Typology of Entrepreneurship
Serial entrepreneur: Person that bring continuous new ideas and innovation to start business
thus it does not use same idea to start a business (Belenzon, Chatterji and Daley, 2017). High
tech and lifestyles firms are started by such entrepreneur as they need to be innovative and
creative in order to gain competitive advantages in the market.
Social entrepreneur: The owner established company for addressing social and environmental
issue thus it runs enterprise with an aim to provide various benefits to society (Croce and
Ughetto, 2019). Social enterprise are run by such people to provide benefits to society and
member of company for the profit earned.
Female entrepreneur: Such company are owned, operated and managed by women to earn
profit by offering products and services to customers. Female entrepreneurship has steady
increased in United kingdom during 20 and 21 centuries. Small-business and private firms are
run and operated by such women in order to earn living or to increase their wealth from profit
earned.
Male entrepreneur: It includes that firms that is operated and owned by male entrepreneur as
they have ability to take more financial risk as compared to females. Peter Jones is one of the
well know business Tycoon that provides various products and services to customers and have its
business in industry such as television, travel and real estate.