Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1 .................................................................................................................................................3
P1 Different types of entrepreneurial ventures and its relation to typology of entrepreneurship
.....................................................................................................................................................3
P2 Difference and similarities between entrepreneurial ventures ..............................................5
Similarities .................................................................................................................................6
LO2..................................................................................................................................................6
P3 Impact on the economy due to micro and small businesses enterprises ..............................6
P4 Importance of small business and business start-ups to the growth of the social economy 7
LO3..................................................................................................................................................8
P5 Characteristic traits and skills of successful entrepreneurs differentiating them from other
business managers ......................................................................................................................8
P6 Entrepreneurial personality reflects motivation and mindset..............................................10
LO4 ...............................................................................................................................................10
P7 Background and experience can foster entrepreneurship....................................................10
CONCLUSION..............................................................................................................................11
REFERENCES .............................................................................................................................13

INTRODUCTION
Entrepreneurship is the capacity and willingness to develop, organize and manage
business with all the risks included in order to earn profits. Small business management is the
concept of aligning and coordinating of multiple activities in the organization. The SME is
having the representation of major part in economy of country over as the 99% in UK firms and
remaining to 60% in over all private sector employment (Burns, and Dewhurst, 2016). The report
will include scope, development and growth of entrepreneur ventures with have the major impact
of Brexit. Furthermore, it will highlight impact of small or micro business on social economy.
Study will explain skills of different entrepreneur, background and experience of these
entrepreneurs will be explained in this report.
LO1
P1 Different types of entrepreneurial ventures and its relation to typology of entrepreneurship
There are various types of entrepreneurial undertakings which includes large ventures,
survival ventures, middle enterprises, public and private undertakings. These are discussed
below:-
Small ventures:
this are such firms that have limited funds to run business and have limited resources as
well. Small companies hire less than 50 employees those who work in the firm and support in
generating limited amount to run operations. Purpose of these firms is to sustain in market by
generating small amount of revenues or get daily income so that cost of operations can be
managed. Small retail shops, travel agents, plumbers are the example of such kinds of
companies. They earn certain amount of profit to fulfil family needs (Venkataraman, 2019)..
Large ventures
This is another kind of venture that have the fine business cycle, such companies always
implement innovative ideas and offer range of products so that customers can become loyal.
Such ventures create competition in market and acquire new small firms to enhance their profit.
Purpose of large ventures is to expand business and gain competitive advantage in market.
Unilever is working as large venture in United Kingdom. It is referred as the ventures that are
based on technology with strong creative and innovative skills in order to have exponential
growth of the business. These business are generally funded through equity capital and it
concentrates on generally national as well as on international markets. It is defined as the

ventures with advanced and creative ability seeking to develop new markets in national and
global level for the growth of the business.(Runyan and Covin, 2019).
Purpose:- Its purpose is to create new markets with innovative and creative technology to
achieve exponential growth and scalability of the business. Example- Williams Tenders (SME) is
operating as the leading aggressive growth enterprise in United Kingdom
Social ventures
This venture is also known as innovators those who always work to create new products
that can satisfy needs of consumers. The main agenda of such companies are to improve
condition of world rather than earning profit. NHS is working as social venture across the world
and improving health condition of society members (Julien, 2018). The objective of this
undertaking is to provide quality services to the customers in order to improve their living
standards. Example:- Goodwill industries are working as social ventures.
Public ventures- These are referred as those undertakings which is governed by the
public authority and the services of these enterprises are rendered for the general public. Their
ownership is apportioned to the public and shares are traded freely (Laukkanen and Tornikoski,
2018). These are such firm which is governed by government.
Purpose:- its objective is to provide the services to the general pubic
Example- BBC is working as leading public undertakings in UK
Private ventures- These are the undertakings which is owned by the private individuals
for maximizing the profit or income for the business not for the society's welfare. These ventures
are defined as the commercial undertakings with private ownership that issues shares in order to
maximize profit. The shares of these enterprises are not offered to the general public to sell and
operates under certain legal requirements. It is not issued under IPO (Initial Public Offerings).
Purpose- Its objective is to render the services for earning maximum profit
Example- Southern business technologies is the small medium enterprise which is working as a
private venture
Typology of entrepreneurship
Lifestyle Typology
It refers to the entrepreneurship which provides the feasible framework for working in
order to stabilise the income as well as growth of the business. In this reinvestments are made to
keep competitiveness in the market for the meaning expansion (Carland, and et.al., 2017)