Entrepreneurship and Small Business Management

Entrepreneurship &
Small Business
Management
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1. Different types of entrepreneurial ventures and explains how they relate to typology of
entrepreneurship .........................................................................................................................3
P2 Explore the similarities and differences between entrepreneurial ventures ..........................1
Economic importance of entrepreneurship.................................................................................1
TASK 2............................................................................................................................................3
P3. Interpret and access data and statistics to illustrate how micro and small business impact
on economy. ...............................................................................................................................3
P4. Importance of small businesses and business start-ups to the growth of social economy. ..4
TASK 3............................................................................................................................................6
P5. Characteristics traits and skills of successful entrepreneurs that differentiate them from
other business managers. ............................................................................................................6
P6. How aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset.
.....................................................................................................................................................7
TASK 4............................................................................................................................................8
P7. How background and experience can hinder or foster entrepreneurship. ............................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
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INTRODUCTION
Entrepreneurship and small business management provides learning experience ton
students who are starting new businesses and obtain employment in growth oriented small
businesses. Entrepreneurship is a heart of every business. Large company are started from small
businesses by an entrepreneur. Entrepreneurship and Small business management are designed to
build various entrepreneurial skills step by steps. Every business is needed entrepreneurial just to
survive. Whether it is a small or large businesses. Entrepreneurship skills are demand in
established companies. Entrepreneurs are the one in a market who takes risk and expand their
own assets into the business concern and individual ventures (Akpo and et.al., 2020). This report
covers two parts in which different types of entrepreneurial ventures are mention and how they
are relate to typology of entrepreneurship. Then it covers similarities and differences between
entrepreneurial ventures. Discussion of micro and small business impact on economy. Then it
explains importance of small business. Also this report covers case studies of two cases. These
are Elizabeth Gooch and EG Solutions PLC and Tom Mercer and MOMA Foods (“MOMA”). It
determines the characteristics of successful entrepreneurs. And this is about entrepreneurial
mindset.
MAIN BODY
TASK 1
P1. Different types of entrepreneurial ventures and explains how they relate to typology of
entrepreneurship
An entrepreneur is an individual or person who starts and runs a business with restricted
resources and takers all risk and rewards of his business venture. The businesses plan is complex
new innovation, product and service. Entrepreneur ventures target high rate of returns ad high
level of uncertainty. Entrepreneurship is similar like entrepreneur in business organisation. They
are generally highly self motivated and proactive and action oriented. They are one who easily
take all decisions regarding business activities and product innovation (Atkinson and Lind,
2018). Entrepreneurship refers to the development and management of business ventures in order
to gain profits by taking various risks in this corporate world. There are various types of
entrepreneurial ventures. These are discuss below:
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 Entrepreneurs: Entrepreneur means to undertake. He is the one who operates new
enterprise or venture and assume some risks associated with that. He is a dealer who
purchases means of production to combine them with marketable products.
 Serial entrepreneurs: Serial entrepreneur is the one who starts one business after
another or multiple businesses at a same time. It is associated with that person who starts
a single business and runs all day to day activities of business operations until he gets
retires (Borchardt and et.al ., 2020).
 Intrapreneur: Intrapreneur is the corporate entrepreneur who has come into the force in
large organisations. They brings new innovative ideas and products and services that are
to be used in business operations. Intraprenuers are denoted as a dedicated efforts that can
bring valuable assets by an organisation by inspiring others.
 Owner manager: They are the one who manges and establishes principles for the
organisations to achieve their personal goals. The business is considered as a primary
source of income and also it consumes time and resources of owner managers. They have
significant control over the day to day operation or activities of a business.
A small scale industry is the essential sector for economic growth because it provides
most fascinating progressive methods. There are other various types of organisation in an
economy these are related with entrepreneurship:
 Micro organisation: It is concerned with small scale organisation as these are supported
by micro approval. They are generally managed by small entrepreneur who takes his all
risks and rewards. It may become a large source of earning.
 Medium- size organisation: These organisations are the one who consist of staff office
and other staff members. Medium size enterprise are the one who are less then larger
organisation. They have managers and other staff. And they focus on all business
activities and there achievement of personal and organisation goals (Bruton, Zahra and
Cai, 2018).
 Large- size organisation: Larger size organisation have a fixed life cycle and they have
various stakeholders of the company. They produces and sells those products and
services which are demanded by customers and peoples in the market. They also focus on
CSR activities and they have large research ad development team.
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