Entrepreneurship & Small Business Management

Entrepreneurship & Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1: Examine different type of entrepreneur venture and explain how they related to typology
of entrepreneurship......................................................................................................................3
P2: Explore the similarities and differences between entrepreneurial ventures..........................4
TASK 2............................................................................................................................................6
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
TASK 3............................................................................................................................................8
P5: Determine the characteristic, traits and skills of successful entrepreneurs that differentiate
them from other business managers............................................................................................8
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset..................................................................................................................................9
TASK 4..........................................................................................................................................11
P7: Examine how background as well as experiences can foster entrepreneurship..................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship refers to the process of taking initiative in terms to create a new
business venture by taking calculative risk and function to enhance overall profitability. On other
side entrepreneurs are basically innovator that explore external opportunity and function based
on creative idea which help to yield out wide amount of profitability (Akehurst, Simarro and
Mas‐Tur, 2012). This report cover topics like different types of entrepreneurial venture that
leads to long term growth and development. Interpret the impact of small businesses as well as
start up with an economy. Explore the essential aspects of an entrepreneurial mindset. Further,
examine different environment which can foster or hinder the operations of entrepreneurship.
TASK 1
P1: Examine different type of entrepreneur venture and explain how they related to typology of
entrepreneurship
Entrepreneurship encompasses the process of creating a new business venture which is
based on innovative idea and helps to scale up profitability. It is concerned in taking the initiative
and transforming the problem or exploit opportunity in form of unique solution.
Typologies: It helps to provide assistant and game comprehensibility on the basis of
different type of venture. Topology can be of different types like female, male, scalable and
social which is determined on the basis of venture.
Survival venture: Most of the start-up is part of Survival venture as they function in
unstable environment with the objective to make strategy and survival their routine operations.
They intent to generate high amount of revenue by executing business operation and successfully
operate in prevailing marketplace (Anggadwita and Mustafid, 2014). For example, NHS of a
diverse Medical Services to the local residents of United Kingdom at reasonable prices which
has enhanced market share of company.
Typology: Company that fall under survival venture has adopted scalable typology as
their scopes to gain competitive edge which help to gain immense profitability.
Lifestyle venture: Based on this type of venture entrepreneur perform task with the
motive to gain stable income that can accommodate the requirement of whole family. Here
entrepreneur less likely take the expansion risk in terms to diversify business operation.

Typology: Lifestyle venture is a part of social typology which helps venture to gain
desirable profitability margin by effectively building the capability as well as competencies.
Managed growth: This type of venture involves extensive growth and development in
order to maintain sustainable performance. Here the entrepreneur takes effort to reinvest their
fund in order to capitalise business.
Typology: Managed growth pertains to be the part of scalable typology whose purposes
to diversify the operation by gaining adequate market insight which helps to attain desirable
growth and development.
Comparison between entrepreneur and business manager
Entrepreneur Owner/manager
Entrepreneur are basically risk taker that have
courage to either analyse problem or
opportunity and convert it in favour of society
which helps to achieve long term profitability.
Manager of company are responsible to take
successive actions or prevailing operation
forward which preferably involve low amount of
risk (Bridge and O'Neill, 2012).
The entrepreneur are visionary due to which the
effectively focus to convert Idea into reality
Manager games salary due to which they
function to perform smooth functioning
P2: Explore the similarities and differences between entrepreneurial ventures
Basis of Differences Survival Lifestyle Managed growth
Annual growth Survival venture
perform nominal
growth on the daily
basis as they take
significant amount of
time to devise viable
strategy and gain
growth.
Growth rate is low
because it does not
involve risk factor
which restrict profit
margin of company.
This venture has
consistently
performed their task
in order to compete
with rivalry and
attain growth which
is comparatively
more than other type
of venture.