Entrepreneurship and Small Business Management Project Report

ENTREPRENEURSHIP
AND
SMALL-BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P. 1. Different kinds of entrepreneurship venture and their typology.........................................1
P.2. Similarities and differences between entrepreneur venture:................................................2
P.3. Micro and small business impact on economy....................................................................4
P.4. Explain how important small business and business start-ups will contribute to the growth
of the social economy..................................................................................................................5
P.5. Characteristic and traits required for successful entrepreneur.............................................6
P.6. Aspect for entrepreneurial motivation and mind set ...........................................................7
P.7. Examine, using relevant examples obtained through your mini-research, how background
and experience cam hinder and foster entrepreneur....................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
In this documentation, we will review of different kinds of entrepreneur that have
responsibilities to do their job properly in order to fulfil needs of each customers by providing
innovative and existing product and services. There are some similarities and differences among
different kinds of entrepreneurial venture like social venture, scalable entrepreneur and small
business venture etc. Furthermore, micro and small business effect the economy of the UK
effectively. We will also discuss about small business and micro business that will make great
contribution on the growth of the social economy of the country efficiently. Ultimately. We take
a look at there are several kinds of traits and characteristics of an entrepreneur that can be useful
to become a successful entrepreneur and several aspects by which an entrepreneur can motivate
themselves towards fulfilment of their business needs efficiently.
TASK 1
P. 1. Different kinds of entrepreneurship venture and their typology
Entrepreneurship is a business exercises which come up with innovative ideas on an
individual mind and which exploit in the market by providing unique product and services to
targeted customers (Hatten, 2012). There are several uncertainties and problems faced by an
entrepreneur at the initial stage of their business. All the face challenges become an entrepreneur
big business man in the life and they would be able to expand their business more effectively in
various kind of markets. They are highly motivated towards new thoughts and ideas which come
up on the entrepreneur mind through market research and needs of the customers as well. They
are also highly motivated towards their role and responsibilities towards their business and
succession of implementation of their new ideas in the market. There are multiple kinds of
entrepreneur venture presented and they are working in different-different sectors which are as
following: Small business Entrepreneurship: There is big amount of small-business running in the
country and they are making great impact on the country economy as well. They work
individual and with group also in order to run their small firm effectively and gain profit.
These kinds of small entrepreneurship is grocery, saloon, plumber, electrician. They are
hired from local peoples and family. Scalable start-up Entrepreneurship: According to scalable start-up entrepreneurship,
they are highly motivated towards their vision and mission of the business in context of
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one day they will change the world by their innovative ideas in the market. Moreover,
they hire highly talented and skilled persons in order to enough support for
accomplishment of their set goals and objectives within the business. Large Entrepreneurship: Large entrepreneurship are those who come in the market with
large amount of investment. They prepare plan, project and necessary exercises in the
business in order to open up their new venture at big level in the market. Multiple kinds
of strategies are implemented by large entrepreneur venture in order to satisfy customers
needs efficiently and gain profitability more. Social Entrepreneurship: Social Entrepreneur is those who work for social welfare
majorly and their main aim not earning profit from the society (Kraemer-Eis, Lang and
Gvetadze, 2013). They work for mainly satisfy the needs of society people effectively in
order to make their life well-being. They also earn profit but their aim not to create more
competition in the market, they work for improvement in those products and services
which is efficient to satisfy the each needs of society in effectively manner.
 Determiner Entrepreneurship: In this type of entrepreneur, they do their work
peacefully and with more determination as well. They focus on to do business with not
producing copy product which is invented by other companies. They formulate their own
product in order to raise market share and profitability as well.
These are various kinds of entrepreneurship typology which is functioning in the market
effectively. Major goal of small business is that earn more profit by satisfying existing product
and services providing to their targeted customers effectively.
P.2. Similarities and differences between entrepreneur venture:
We have discussed above different kinds of entrepreneurship typology and these helps in
country economy to effective grow and make big impact. All these kinds of entrepreneurship
venture have some similarities and differences effectively (Cole, 2011). One of the major
similarities betweens all of them is, they work for satisfy customer needs effectively and come
up with innovative ideas in the business. Small venture do their business to development of
themselves and large scale of entrepreneurship come up in the market to make a big impact on
the country economy and generating wide range of revenue from the market as well. Moreover,
social entrepreneur work for social well-beingness and their aim to generating profit and
competition in the market. Furthermore, small entrepreneur work for generating profit from the
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