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Entrepreneurship & Small Business Management

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Added on  2022-12-28

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This document discusses the different types of entrepreneurial ventures and typology of entrepreneurship, the impact of micro and small businesses on the economy, and the characteristics and skills of successful entrepreneurs. It also explores the similarities and differences between entrepreneurial ventures and the importance of small businesses and business start-ups in the growth of the social economy.

Entrepreneurship & Small Business Management

   Added on 2022-12-28

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Table of Contents
INTRODUCTION...........................................................................................................................3
Task 1...............................................................................................................................................3
P1 Different types of entrepreneurial ventures and typology of entrepreneurship.....................3
P2 Similarities and differences between entrepreneurial ventures.............................................5
Task 2...............................................................................................................................................6
P3 Interpretation of statistics for showing impact of micro and small business on the economy
.....................................................................................................................................................6
P4 Importance of small businesses and business starts-ups in growth of social economy.........7
Task 3...............................................................................................................................................8
P5. Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business manager.............................................................................................8
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
mind set.....................................................................................................................................10
Task 4.............................................................................................................................................11
P7. Examine by using relevant examples how background and experiences can hinder or
foster entrepreneurship..............................................................................................................11
Conclusion.....................................................................................................................................12
REFRENCES.................................................................................................................................14
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INTRODUCTION
Entrepreneurs are the person’s helps in forming of new ideas which makes new business
opportunity developed. Their main focus is upon demands and needs of customer with profit
generating sources. They are known as backbone of economy of an country as there contribution
is towards economy. Also in the report explanation upon importance in small businesses with
start ups growth of social economy is been discussed with skills and traits of an successful
entrepreneurs. In the end of report different aspects in relation to entrepreneurial aspects
personality reflect entrepreneurial motivation and mind-set along with how background and
experience can hinder or foster entrepreneurship has to be explained.
Task 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship considered to be that kind of process which makes establishment through
accepting risk in relation over generating profit(Ratten, 2016). In this main motive is to earn
profit. Different kinds of Entrepreneurial Ventures has been discussed as follows:
Small Scale Entrepreneurship
Large Scale Entrepreneurship
Scalable Entrepreneurship
Social Entrepreneurship
Small Scale Entrepreneurship: In this small scale businesses is been run that is owned by
only one person who is known as Sole proprietor. In this kind of enterprise scales of operations is
smaller in nature. Examples of such businesses are small stores, agents of property dealing and
daily wage labours. Small businesses make innovation through creativity to be formed with the
aim to perform welfare of society.
Large Scale Entrepreneurship: These kinds of businesses have different operations
performed at the same time. There is increase in infrastructure and work in relation to job
creation opportunity. Further large scale organizations perform various kinds of small projects
that grow for making huge profits. Main focus is upon developing of new product or service
3
Entrepreneurship & Small Business Management_3
within market to develop strong customer’s base with growth and evolution on time. Examples
of these businesses are Apple, Samsung, etc.
Scalable Entrepreneurship: This is basically those enterprises which bring in innovation by
idea of entrepreneur. Such organization develops innovative thoughts which bring satisfaction to
be attained in relation to customers demand. Owner of such organization makes business
enterprise over large organization through making new ideas. Example has been given a follows
Amazon and flipkart .(Ramadani and et. al., 2017).
Social Entrepreneurship: This is considered as that enterprise which mainly works upon
needs of customer and earns profit out of it. These businesses earn profit by performing
operations and using it to provide better facilities in need to carry out operations related to
enterprise. Examples of these business are Cafédirect, Hill Holt Wood, etc
All these enterprises work in a business environment which plays major role for
establishing various typologies which may affects the decision making of entrepreneur and work
for the establishment of enterprise. Some of the typologies are:
Typologies of entrepreneurship
Different kinds of typologies are included within entrepreneurship ventures in relation to
developing business in relation to make effectiveness developed. Certain typologies have been
given as follows:
Growth firms: Such kind of business has been formed for earning of maximum profit and
high revenue. Entrepreneurs in such firms makes new ideas formed which makes profit attained
by improving profit within market. Ideas majorly helps in making satisfaction achieved over
needs and requirements of customers in improving results over product and services which is
given to customers. They are covered in the category of small and large enterprises.
Lifestyle Enterprise: Under such enterprise that has been formed in improving of
standards of living at local level within an organization through functions performed. Such
enterprises lead over job opportunities for an individual of particular area. Such businesses are
covered under social venture (Pham, 2018).
Also these topologies helps entrepreneurial venture to analyse market which makes
customers needs and living style understood in more effective manner. Further the topologies
have made entrepreneurial ventures to put maximum effort which makes profit with revenue
4
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