Entrepreneurship and Small Business Management

ENTREPRENURSHIP AND
SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENT
INTRODUCTION.................................................................................................................................3
LO1.......................................................................................................................................................3
P1 Different types of entrepreneurial venture....................................................................................3
P2 Similarities and differences between entrepreneurial ventures.....................................................4
LO2.......................................................................................................................................................5
P3 Impact of micro and small businesses on economy......................................................................5
P4 Importance of small businesses and start-ups for growth of social economy................................6
LO3.......................................................................................................................................................7
P5 Characteristic traits and skills of successful entrepreneurs and how are they different from
business managers.............................................................................................................................7
P6 Aspects of entrepreneurial personality reflecting their motivation and mindset...........................9
LO4.....................................................................................................................................................10
P7 Background and experience can hinder or foster entrepreneurship.............................................10
CONCLUSION...................................................................................................................................11
REFRENCES......................................................................................................................................12

INTRODUCTION
Entrepreneurship and small business management can be understood as one of the
most widely developing parameter within global business scenario where there are large
number of entrepreneurs coming up with innovative business ideas, goals formulation and
keen synergy for bringing on new profitability metrics. This report explains various types
of ventures which come under entrepreneurship and wide similarities and differences which
define them in broader context and how micro, small business is impacting the economy
onto bigger level for occupying firm place among wide competitors. The report also explains
various traits, skills of successful entrepreneurs which are different from various business
managers and how the various aspects of their personality are widely different from each
other onto bigger levels. Report further also discusses impact of background and experience
among their vision, mindset for fostering or hindering within their business concepts which
are highly correlated with their working scenario (Kraus, Palmer and Spitzer,2019).
LO1
P1 Different types of entrepreneurial venture
Entrepreneurship venture can be understood as organisations focused on providing
various innovative services and work with various business models for producing new
defined parameters of working hemispheres which further enhances development within
business world. The types of entrepreneurship ventures are small business, scalable start-ups
and large companies where they can be further divided among their operations new goals and
functional paradigms through which business functions are divided among various scope
based growth factors. The ventures can be further classified on basis on scope, sixe and
development which are private ventures, public companies and voluntary companies.

 Private companies are formed with high innovation within technology into production
and marketing segments where business goals are focused to bring on rational
synergy, keen development and new services for enhancing goodwill among
consumers. Private companies are owned by the capital brought up by share holders,
who have wide focus and large role to play within the decisions for investment and
capital structure (Rippa and Secundo,2019).
 Public companies are formed on basis of shares traded within the open stock market
where people take shares for investment purposes where there are large people who
can use their money for investing based on goodwill of brand. But public companies
do not give any right for people to interfere within decisions where it can be analyzed
that control of any shareholder is negligible which also widely stops working of
efficiency among operations.
 Voluntary companies are formed for bringing change within society levels in global
business scenario with their services and productive development which further adds
onto keen synergy of innovation and creatively bringing in new rational advancement.
The voluntary companies working ethics and fundamental goals are focused onto
bringing in new potentialities where companies plan in to develop new working
paradigms and leverage best skill advancement without any profitability goals.
Typology related to different entrepreneurs ventures
 Survival firms: The survival firms are focused to bring on services and products
based on only survival factor through which they can bring on new levels of
functional efficiency and profound relative goals which builds on new levels of
progression within functional paradigms. The survival firms are working on
operations with limited capital structure and have high risk from the external
forces from wider competitive levels within dynamic business world (Azoulay.,
Jones and Miranda, 2020).
 High tech firms: Theses high tech firms are based on the vivid innovation and
use of latest technology they bring on production, marketing roles where business
avenues work onto new profitability goals for strong goodwill development
among consumers market share.