Entrepreneurship & Small Business Management

Entrepreneurship & Small Business
Management

Contents
Contents...........................................................................................................................................1
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1: Explanation of different types of entrepreneurial ventures..................................................2
P2: Explanation of the similarities and differences between entrepreneurial ventures...............3
M1: An understanding of entrepreneurship in both the public and corporate sector.................5
D1: Scope, development and growth of entrepreneurial ventures............................................5
TASK 2............................................................................................................................................6
P3: Interpretation of relevant data and statistics to illustrate how micro and small businesses
impact on economy......................................................................................................................6
P4: Explanation of the importance of small businesses and business start-ups to the growth of
the social economy......................................................................................................................6
M2: Differences between small, medium and large businesses make to the economy...........7
D2: Impact of small business on different economy levels.........................................................7
TASK 3............................................................................................................................................8
P5: Explanation of traits of entrepreneur and how they differ from trait of manager.................8
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.........................9
M3: Different lines of argument relating to entrepreneurial characteristics...............................9
D3: Characteristic traits, skills and motivational drivers of successful entrepreneurs,.............10
TASK 4..........................................................................................................................................10
P7: Explanation of how background and experience can hinder or foster entrepreneurship....10
M4: Link between entrepreneurial characteristics and the influence of personal background
and experience to specific successful entrepreneurs.................................................................11
D4: Effect of personal background and experience on business organization..........................11
CONCLUSION..............................................................................................................................11
REFRENCES.................................................................................................................................12
1

INTRODUCTION
Entrepreneurship is a way to start up new innovative business. It is essential for any
economy as it will provides revenue, employment, goodwill, and strong position in world
economy. To understand the concept of entrepreneurship this report has been prepared. In this
report meaning of the term entrepreneurship and different types of venture has been describe
clearly. This report also includes importance and role of small, medium large and social venture
in an economy .Characteristics of successful entrepreneur and how personal background and
experience will help in provide support and overcome conflicts for entrepreneurs has been
identified.
TASK 1
P1: Explanation of different types of entrepreneurial ventures
Entrepreneurship: A systematic procedure of developing, launching and running a new
developed entity with its risk factors is known as entrepreneurship. In other words
willingness of starting new business in market economy for economic growth purpose.
Entrepreneur is a person who take the risk of starting new venture. There will be different
kinds of venture an individual can established, following are mention above:
 Small business venture: These types of ventures have small target market are and
their enterprises start business with sufficient financial resource, they did not have
large number of employees. Entrepreneurs developed small business only to lives
their life easily. Example of small business are, hair saloon, small firms, etc.
 Scalable start-up venture: Theses kind of business enterprise established with the
vision that their new innovative ideas and technology can change mind set of the
world and their products are able for revolutionary change in the world. They does
not have large amount of funds they also run their business in small but wider area
then compare to small ventures (Ferreira, Fernandes, Peris-Ortiz, and Ratten,
2017).
 Large size venture: Entrepreneurs of large scale venture have sufficient fund of
money they provides new products and services according to the demand of their
customers, they have large target market area. Example of these type of venture are,
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