Entrepreneurship and Small Business Management

Entrepreneurship and small
business management

Table of Contents
INTRODUCTION.......................................................................................................................................3
LO1.............................................................................................................................................................3
P1 Different types of entrepreneurial ventures and how they relate with typology of entrepreneurship. .3
P2 Similarities and differences between entrepreneurial ventures...........................................................4
LO2.............................................................................................................................................................5
P3 Relevant data and statistics to illustrate micro and small businesses impact on economy..................5
P4 Importance of small businesses and business start-ups to growth of social economy.........................6
LO3.............................................................................................................................................................7
P5 Characteristic, traits and skills of successful entrepreneurs that differentiate from business manager7
P6 How entrepreneurial personality reflect entrepreneurial motivation and mindset...............................8
CONCLUSION...........................................................................................................................................8
REFERENCES............................................................................................................................................9

INTRODUCTION
Entrepreneurship and small business management refers to a heart of every enterprise. It
provides the steps to move forward for the success of the firm in the long run. It is an activity of
learning new and unique skills that were execute by a person by starting their new venture and
obtain the employment in a growth oriented companies. This report includes range of ventures
and types with their typologies and present similarities and differences form them. After this
report, present the relevant data and statistics that show the impact of small and micro business
on the business. Further it includes the importance of small business and start ups that would
help in grow the economy. Considered skills, traits, characteristics of successful entrepreneurs
that is different from business manager (Burns, 2016).
LO1
P1 Different types of entrepreneurial ventures and how they relate with typology of
entrepreneurship
Entrepreneurship
It refers to a setting up a business enterprise with the hope of earning profits and taking
the risk related to the funds. It is an opportunity to raise the standard of living and its country by
controlled the resources wastage(Ramadani and et. al., 2015).
Entrepreneurial activity
It is an activity to enter into a new market with the innovation in a product and services as
well as it is related to the organic as well as acquisitive decisions. The result of this type of
activity is unpredictable and very risky but at the same time very profitable also for the person.
Enterprise
It defines as a for- profit company which is related to the entrepreneurial ventures. It is a
willingness to take projects or a business to start a new start-up. It means when a person take
initiative to take risk.
Entrepreneurial ventures
It refers to that organization who place innovation, creation, opportunities and risk in
their hearts to produce the value for the economic and social context. It includes various types of
ventures that can be discussed below (Ratten, 2016).
 Small business entrepreneurship - It refers to that types of start-up business that is run
by an individual for earning small profits with no risk. Their main aim to sustain in the
market for long run and feed their individual family for life long. They generally offers
innovative goods offerings for their growth. They collect funds from family, friends and
via bank loan. Example- grocery stores, plumber etc.