Entrepreneurship and Small Business Management: Types of Ventures, Characteristics of Successful Entrepreneurs, and Importance of Small Businesses in Social Economy

Entrepreneurship and small
business management

Table of Contents
INTRODUCTION ..........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Different types of entrepreneurial ventures and typology of entrepreneurship.....................4
P2 Similarities and differences between entrepreneurial ventures.............................................6
Task 2...............................................................................................................................................7
P3 Interpretation of statistics for showing impact of micro and small business on the economy
.....................................................................................................................................................7
P4 Importance of small businesses and business starts-ups in growth of social economy.........8
Task 3...............................................................................................................................................9
P5. Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business manager.............................................................................................9
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
mind set.....................................................................................................................................11
Task 4.............................................................................................................................................12
P7. Examine by using relevant examples how background and experiences can hinder or
foster entrepreneurship..............................................................................................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurs is referred to as those persons known for applying those ideas which has
helped in creating satisfaction over the demand that has been made by persons living in society.
Also they help in earning profit with more diligence and leads towards revenue generation
possible. Entrepreneurs acts as backbone for the economy which leads over making generation of
revenue possible. They makes main contribution towards making local people improve there way
of living and affects various kinds of social aspects existing within an country. Then it leads
towards making job generation possible with enhancement of business organization. The report
is based upon explaining about importance of small business and start-ups which leads towards
growth of social economy. Also characteristics traits and skills of successful entrepreneurs is
been explained. In the end of the report aspects in relation over entrepreneurial aspect is reflected
with motivation and mind – set is dicussed.
TASK 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship is that idea which makes opportunities identified in more effective
manner. These opportunities is based upon the business idea making growth possible within
particular business(Shirokova, Tsukanova and Morris, 2018). Also it is related over making
those options which leads through understanding critical importance with an unending change
over testing new business idea. As per this entrepreneurs helps in managing business from top to
bottom leading towads growth of business within market. Different kinds of Entrepreneurial
Ventures exists which is dependent over scale that has been explained as follows:
Small Scale Enterprise
Large Scale Enterprise
Scalable Enterprise
Social Enterprise
Small Scale Enterprise: Under such enterprises mainly small level businesses is involved that is
been owned by an sole proprietor. These business entrepreneurs primarily focused over working
with two or more then two workers. In this family member or a staff is included within business