Entrepreneurship and Small Business Management: Types of Ventures and Impact on Economy

Entrepreneurship and small business
Management

Contents
INTRODUCTION.......................................................................................................................................................................................3
PART 1........................................................................................................................................................................................................3
(Covered in brochure)..............................................................................................................................................................................3
PART 2........................................................................................................................................................................................................8
(Covered in PPT).....................................................................................................................................................................................8
CONCLUSION..........................................................................................................................................................................................13
REFERENCES..........................................................................................................................................................................................14

INTRODUCTION
Entrepreneurship is defined as the process of finding new opportunities and creating new and innovative enterprises to gain
profitability through bearing all the risk. It is basically a mindset that allows an individual to find opportunity in each and every
situation, there creativity leads them either to build a business idea or find capabilities in others that can benefits entrepreneur in
enhancing that business. The person who starts a business entity is known as entrepreneur. For this report Bill Gates is chosen as an
entrepreneur. Bill gates is one of the most successful entrepreneur of microcomputer revolution. He was born in Washington and in
the year 1975 he founded Microsoft. This report highlights the various kinds of entrepreneurial ventures and how they are connected
to the typology of entrepreneurship. Differences and similarities of various entrepreneurial ventures and the relevant data to
understand the impact of small businesses on economy is also mentioned in this report (Amoroso and Link, 2018). In addition to this
benefit of small business in enhancing social economy and the skills of an entrepreneur in comparison to the manager is also
highlighted.
PART 1
(Covered in brochure)

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT (Part 1)Discuss various kinds of entrepreneurial ventures and explain how
they are connected to typology of entrepreneurship
The entrepreneurship is the process of creating new and innovative
business enterprises in order to gain profit and satisfy the needs and wants
of the customers. The entrepreneurial ventures are started by the
entrepreneur, he is someone who finds creative ideas and opportunities
from any of situation and contiguously work towards converting those
opportunities into profitable entrepreneurial ventures. In order to start the
business ventures he bears all the risk (Baumol, 2021). Entrepreneurs are
considered to be someone who has different mindset which leads them to
achieve their desired goals and objectives and successful implement their
vision also.
Small business vs. Entrepreneurial ventures: The small business are
relatively small in size started with very less amount of capital. Also the
small business mainly deals with well know products and services and
avoids taking any kind of risk as they are small in size. Whereas the
entrepreneurial ventures are the kind of ventures started by the entrepreneur
with some innovative and creative ideas. Entrepreneur are always ready to
take risk and because of this they always deal with unknown risk in the
market (Ben Arfi and Hikkesrova, 2021).
There are different types of entrepreneurial mainly depending on the size,
scope and purpose. The various types of entrepreneurial ventures are
highlighted below:
 Small business entrepreneurship: The first type of entrepreneurship venture is
the small business entrepreneurship, these types of ventures are generally small
in size and started by a single entrepreneur with very less number of employees.
All the business activities are owned and managed by the entrepreneur himself.
The main focus of these types of ventures is not maximising the profit but
satisfy the needs of their customers. Most of the small business are started by
the family members or friends to provide quality services.
 Scalable start-up entrepreneurship: Another type of entrepreneurial ventures
is the scalable start-up entrepreneurship, this kind of ventures are started with
some creative and innovative ideas. Entrepreneurs believe in brining the change
in the world with their innovation and creative ideas. These kind of ventures are
also started with some innovative ideas only.
 Large company entrepreneurship: In case of large company
entrepreneurship, these kind of entrepreneurial ventures are large in size started
with large amount of capital. Large company ventures focus on offering quality
services to their customers and satisfying their needs. The main aim of these
ventures is maximising their profitability and retaining their customers for long
period of time. They also focus on changing customers needs and preferences
and accordingly offers quality products to them (Coulibaly and et. al., 2018).