Report on Entrepreneurship & Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and the way they relate to typologies................1
P2 Similarities and difference between different types of entrepreneurial ventures...................3
TASK 2............................................................................................................................................5
P3 Impact of micro and small business in economy...................................................................5
P4 Importance of small businesses and business start-ups in the growth of social economy.....6
TASK 3............................................................................................................................................7
P5 Characteristic traits and skills of successful entrepreneurs....................................................7
P6 Aspects of entrepreneurial personality that reflect entrepreneurial mind set and motivation
.....................................................................................................................................................9
TASK 4............................................................................................................................................9
P7 Way in which person's background and experiences can hinder or foster entrepreneurship.9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurs are the person who start and design new business ideas in order to gain
profits. It also plays an important role in economic growth. An individual who starts a new
business taking high risks to get high profits, is as known as entrepreneur. They define new and
innovative ideas and take risk in order to achieve higher profitability at marketplace, They run
their business in new and innovative way which assist in achieving higher success. An
entrepreneur take risk in their business to make profitability in appropriate manner. They can be
leader, decision maker and innovators. Basically, they are important process of lunching and
designing business with new and innovative ideas (Blackburn, Hart and Wainwright, 2013).
Enterprise play important role in economic growth and government also provide support service
for these types of enterprises in order to undertake operation in different sectors. They produce
and make innovative products for the customers in order to satisfy their needs and wants and at
the same they also provide job opportunities to local people in order to increase their standard of
living. Small business management define effective support in the economy of the country.
Present report defines various type of enterprises and different typologies. Impact of small
business on economy has also been mentioned in this report. Important factors that affect the
entrepreneurship process and their quality and traits of successful entrepreneurs is also defined in
this report. Along with this background of person and past experience affect the process of
entrepreneurship. Importance of small business enterprise is also mentioned in this present
report.
TASK 1
P1 Different types of entrepreneurial ventures and the way they relate to typologies
Entrepreneurs are the person who perform their business activities in order to attain
financial gain (Bridge and O'Neill, 2012). They take higher risk which helps them to achieve
higher profitability. An entrepreneur defines new and innovative ideas to run their business to get
higher success at marketplace. There are four types of entrepreneurs elaborated below: Small business entrepreneurs: These types of enterprise start their business at small
level. They invest low amount of funds to run business. They fail to attract investors in
their operation so that they take helps from their friends and family members. The main
aim of these types of enterprise is to make profits for fulfilling their basic needs on daily
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basis. They manage all the business activities in effective manner. This type of business,
it includes electricians, plumber, grocery store and travel agent. Large business entrepreneurs: These types of entrepreneurs undertake their business at
large level. They provide and offer innovative products to its customers to get satisfaction
by them (Burns, 2010). In today's business environment, taste and preference of
customers are continue change in fast speed so that they provide featured products to
them and satisfy their needs. They undertake their business at large level to generate
higher amount of profits every year. They also introduce their business operation at
international level which assist in earning foreign exchange to increase growth of
economy of country. Innovative ideas in these type of enterprise attract large number of
customers and investors. Scalable business enterprises: These types of enterprise start their business with new
and innovative ideas. Their specific and unique ideas attract large number of investors.
Scalable entrepreneurship hires best and experienced employees for their business
operations. They define attractive process for completing the task in effective manner. It
takes high risk in order to make higher printability. Main aim of such enterprises is to
capture higher market share in less time period (Carland, Carland and Stewart, 2015).
They also offer and provide innovative products to the customers in order to satisfy their
demands.
 Social entrepreneurs: These type of enterprises focus one social needs and wants. They
undertake production process to produce and make products to sole the social needs of
the person. These can be non-profit as well as profit making enterprise. They provide
feature products to person in order to satisfy their needs and demand in appropriate
manner and make higher profitability. The main aim of this enterprise is to make better
world place and also get free from any problems.
There are different type of entrepreneurial typologies: Accomplished entrepreneur: These types of entrepreneurs does all activities which assist
them to attain higher success. They focus on leaving the legacy in business activities
(Carraher and Paridon, 2015).
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