Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management
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Table of contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
PART 1............................................................................................................................................3
Different types of ventures..........................................................................................................3
Similarities and differences between entrepreneurial ventures...................................................4
Impact of micro and small sized business on economy...............................................................5
Importance of small businesses and business start-ups to the growth of the social economy.....7
Examples of entrepreneurs covering one local entrepreneur, one global entrepreneur and one
social enterprise...........................................................................................................................7
Exploration of situational factors, similarities and differences...................................................8
Entrepreneurial traits and characteristics.....................................................................................8
Experiences whether hinder or foster entrepreneurship..............................................................9
Conclusion by comparing different entrepreneurs, their backgrounds and experiences.............9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Entrepreneur is a person who set up and run their own business by taking various kinds of
risk in order to generate profit, revenue and for expansion of business. They are the one who run
business ventures by developing and selling innovative products and services to customers in
order to attract more number of customers and expand their business (Frederick, O'Connor and
Kuratko, 2018). Entrepreneurship can be defined as an activity of setting up business by taking
financial risk in hope of making profit. Entrepreneurship focuses upon developing and managing
business ventures in order to gain profit. There are various kinds of business ventures.
Entrepreneur is those people who run business ventures for the sake of making profit.
This project will lay emphasis upon explanation of different types of business ventures,
impact of those ventures on economy, impact of economy at different levels, examples of
entrepreneurs their situational factors, similarities and differences, entrepreneurial traits and
characteristics, ways in which background and experiences can either hinder or foster
entrepreneurship, and comparing and contrasting the different entrepreneurs, their backgrounds
and experience.
MAIN BODY
PART 1
Different types of ventures
Business ventures are run by entrepreneurs by using their skills, characteristics, resources
and taking risk in order to run a business successfully (Kuratko, 2016). Every entrepreneur starts
their business from micro sized business and slowly as the business brows and expands this type
of venture also changes. Different types of entrepreneurial ventures have been explained below:
Micro entrepreneurial venture
Business ventures that have 50 or less than 50 employees are known as micro ventures.
Such kind of ventures makes very less profit and face difficulty in sustaining within the market
in which they operate. These types of ventures are mostly private. It can be linked to lifestyle
topology. It can also be linked to female topology as such type of business is mostly run by
females.
Small venture
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Business ventures that have more than 50 but less than 100 employees are known as
small ventures (Tur-Porcar, Roig-Tierno and Llorca Mestre, 2018). Such kind of ventures focus
upon innovation, providing high quality products and services to their customers in order to grow
and sustain within the market in which they operate. Such kind of ventures runs their business
with a vision to change the world. Example of small ventures is Horizon 2020. These types of
ventures are mostly private. It can be linked to serial topology as these types of organizations
require developing and selling innovative products and services in order to generate revenue,
enhance profitability and grow.
Large venture
Business ventures that has more than 250 employees and make large revenue and
profitability comes under this type of venture (Read and et. al., 2016). In order to sustain within
the market in which they operate they focus upon bring continuous improvement and innovation
within their existing products and services or launch new product and service for their customers
in order to expand their business and enhance customer base. Some of the most common
examples of large ventures are Google, Microsoft etc. These types of ventures can be private,
public and social. It can be linked to serial topology as these organization require to continuously
introduce new innovative products and services into market in order to sustain within market and
gain competitive advantage
Social Venture
Business ventures that main aim is to fulfill needs and requirement of people without focusing
upon making profit. They focus upon solving social problems and fulfilling social needs of
people (Ughetto and et. al., 2019). Safe point Trust is one of the examples of social venture. It
can be linked to social topology as such type of organizations run for social causes and for
solving social problems
Similarities and differences between entrepreneurial ventures
Similarities: Organizational structure of small and large organization can be same. Main focus
of both large and small organizations is to make profit. Both social and large organization be
public as well as private.
Differences
Micro Small Large Social
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