Entrepreneurship & Small Business Management Typologies

Entrepreneurship
and
Small Business
Management

INTRODUCTION
Entrepreneurs are the individuals who formulate and apply their innovative and fresh idea
to fulfil all the needs and demand of the people present in the marketplace. They are very
essential for the economic development because they provide employment opportunities and
generate revenue in the marketplace which helps in overall development of the country and
increase their standard of living. This project briefly explained the different types of typologies
of entrepreneurship and ventures with their similarities (Amir, Auzair and Amiruddin, 2016).
In this assessment proper interpretation is done to identify that how small and micro scale
businesses affect the economy of the country. Also, this project report explaining different
importance of business starts-ups and small scale business in growth of the economy. In this also
describe the various skills and traits which are present in the successful entrepreneur. This report
file also covers the motivation of entrepreneur to become successful by learning their past
experiences and backgrounds.
Task 1
P1
Entrepreneurs are the person who taking all the financial risk to starts their own business
in return of earn revenue. The businesses which are start by these entrepreneurs to earn money
are called entrepreneurial ventures. Segmentation of different entrepreneurial ventures are on
basis of its purpose, size, services and scope.
Entrepreneurial activity:
Entrepreneurial activity is an individual action which is done to generate their values by
creating economical activities. These type of activities are related with the identification of fresh
and new ideas which leads the growth of the venture. Such ideas are converted in to reality when
products and services are served to the customers. Also these ideas helps to increase employment
opportunities of the nation(Antoncic and et. al., 2015).
Different type of ventures
Small business:
There are huge amount of capital, employees and operational activities are included in
these type of ventures. The main purpose of these type of ventures are to earn profit by offering
different product and services to the customer's. Such type of ventures are narrow in scope and

they only focuses on the niche marketplace while providing its products to the different
customer's. These type of business are basically sole proprietorship and partnership whose main
purpose is to earn profit. The employees are in these firms are almost less than 50 and €2 million
net worth such as Travelodge, clarasys etc.
Large company:
This kind of firm operates its different functions at a large scale so there is no limits in its
size, number of employees and operations etc. such enterprises also cover vast area for offering
its items and services to their targeted customers. These organisations survive in the marketplace
because of their long period existence so they required huge financial resources. Some examples
are M&S, Tesco etc.
Social enterprises:
These form of organisation are operated for the overall development of the society
without focusing on the profit margin. There is vast scope for the social enterprise in the
marketplace because they offer various opportunities to the local population which improve their
overall living standard. Some examples are like Save the children etc.
Typologies of entrepreneurship
There are various typologies are included in the entrepreneurship ventures which related
to the improvement of business organization more effectively. Typologies are as follows:
Lifestyle Enterprise: These types of organisation are operated to improve local
population standard of living in which region business is operated. Such type of organisation also
provide employment opportunities to the local population (Davidsson, 2016).
Growth firms: The main purpose of such kind of enterprise is to generate profit. The
entrepreneurs of such organisation brings out new and competitive ideas to fulfil the
requirements of people which is implemented to earn higher revenue (Belitski and Heron, 2017).
The entrepreneurial ventures and typologies are interrelated with each other as they are
focusing on the improvement of existing standard of living of people. And both contributes in the
development and improvement of the nation in which enterprise is running.
P2:
The difference and similarities between the entrepreneurial ventures are given as follows:
Differences:-
Basis Small business Large company Social enterprise