Small Business and Micro Entrepreneurship

Entrepreneurship
and
Small Business Management

Table of Contents
INTRODUCTION ..........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Different types of entrepreneurial ventures and relation to the typology of entrepreneurship
.....................................................................................................................................................4
P2 Determine the similarities and difference between entrepreneurial ventures .......................5
TASK 2............................................................................................................................................7
P3 Assess the relevant data to examine the impacts of micro and small businesses on the
economy......................................................................................................................................7
P4 Describe the importance of small and starts-ups business on the growth of the social
economy......................................................................................................................................8
TASK 3............................................................................................................................................9
P5 Evaluate the characteristic, traits and skills of successful entrepreneurs...............................9
P6 Assess how entrepreneurial personality reflect entrepreneurial motivation and mindset ...10
TASK 4..........................................................................................................................................11
P7 Examine how background and experience can hinder entrepreneurship.............................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

Illustration Index
Illustration 1: Economic growth....................................................................................................10

INTRODUCTION
In order to define entrepreneurship and small business management, this report defines
different entrepreneurial ventures and relation with various typology of entrepreneurship. In
order to this, there is explained ventures of Small business, Scalable start-ups, Large company
and Social entrepreneurship. In addition to this, Here is also present the similarities and
differences between different ventures as private and public sectors or small and large
companies. Furthermore, micro and small businesses plays an important role in the growth of the
society and economy (Burns, 2016). They contribute their highest level compare to the large
firms. Apart from this, Which factors makes a person successful are also defined in this report.
As they required various skills, characteristics and traits to become successful. To reflect the
entrepreneurial motivation and mindset, this presentation consider the aspects related to
dimensions of OCEAN acronym as Openness, Consolidation, Extroversion, Accommodation and
Neuroticism. Moreover, it helps in to assess the relevant data to provide information regarding to
the contribution in economic growth and also helps to find out the factors respecting to
background and education which can hinder the entrepreneurship (Dennis Jr, 2017).
TASK 1
P1 Different types of entrepreneurial ventures and relation to the typology of entrepreneurship
Entrepreneurship is the capacity to develop a business along with bearing risk respective
to earn profit. To start a new business is known as an entrepreneurship (Henrekson and
Sanandaji, 2014). There are different types of entrepreneurial ventures as:
 Small business: These are the unique and innovative businesses which influence
individuals towards their organisation. Most of the examples of theses enterprises are
grocery and stores. The main objective of these firms is to fulfil the requirements and
needs of their family members then earn profit. They do not have willingness to take over
the other business because they do not have the attractive funding system or investment
policy (Chell and et.al., 2016).
 Scalable start-ups: These firms are concerned to innovations. The level of risk and
return is unreasonable in these enterprises. Therefore, it furnishes chances to
entrepreneurs to raise brand image and make high finance as well. Beside this, thought
need uniqueness so that it assists to acquire more figure of pitches for launching (Goffee