Entrepreneurship and Small Business Management

ENTREPRENURSHIP
AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1.Different types of entrepreneurial ventures in relation to the typology of entrepreneurship
................................................................................................................................................3
P2.Differences & similarities between entrepreneurial ventures...........................................5
TASK 2............................................................................................................................................6
P3 Interpretation and assessment of relevant statistics to understands impact on economy. 6
P4 importance of start-ups & small business to the growth and improvement of the social
economy.................................................................................................................................7
TASK 3............................................................................................................................................9
P5 Traits & skills, characteristics of a successful entrepreneur which can distinguish them
from other business managers. ..............................................................................................9
P6Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.................................................................................................................................11
TASK 4..........................................................................................................................................12
P7 Background and experience which can act as hindrance in Entrepreneurship...............12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is a process of launching new business which is of small scale. It is basically
development and implementation of the idea in order to generate profit. A person who performs
this task and operations is an entrepreneur. Entrepreneur starts their business at small level in
order to minimize the risk and attain the goals. They take risk such as time, financial an do on
with a hope of generating profit(Akinboade, 2015). In this present report, types of
entrepreneurial ventures and their relation with types of entrepreneurship typology is discuss.
The affect of small and macro business on the economy is covered in this report. In addition to
this, it covers the importance of start-ups on growth of social economy and the qualities of a
successful entrepreneur which help them to attain their objectives and make successful at
marketplace.
TASK 1
P1.Different types of entrepreneurial ventures in relation to the typology of entrepreneurship
Entrepreneurship refers to the willingness and ability of a person to develop and manage
a new business with an aim to minimize the risk and earn profit. Entrepreneur is a person who
analyse the need and demand from the market and perform operations according to it. There are
various kinds of entrepreneurial ventures that is described below in detail:
Social Enterprises: An entrepreneur who launch and produces goods and service in order to
solve the issues and needs of society(Al Saiqal, 2015) . The primary objective is to improve the
conditions of society and make a good environment in the society rather then earning profits.
The Create Foundation CIC in UK , a community company established in year 2007 provide
training sessions & job opportunities for the people who are jobless, homeless and marginalised
and help them to rebuild and improve their lives.
Scalable Entrepreneurship: The entrepreneurs who start their business with an objective to
change and alter the world. They recruit the talented staff so that company can work with full
efficiency and productivity. Scalable entrepreneurship is funded by the venture capitalists. They
work on small proportions so that risk is reduced. Trouva, an online company in UK deals in
bricks & mortar boutique and established in year 2013. The company first start its business
offline on a small scale proportion and then starts operating online. Now it is one of the leading
entrepreneurship in UK in terms of revenue and profitability.

Large company enterprises: These type of entrepreneur has develop and sustain by offering
innovative and new product in the market. Change in laws, technologies, customer preferences
affect large companies and push them to offer something new in the market. These companies
either acquire new companies or change their product line in order to provide innovative things
in the market(Al-Ansari, Xu and Pervan, 2014) . For instance, Peter Jones a famous personality
and entrepreneur of UK who is popular for BBC2 television series . This person deals in large
scale and interested in industries like phone, travel, mobile, real state and so on.
These enterprises perform action in business environment which plays a crucial role in
the development of different typologies. It affect the behaviour and manner of taking decision of
an entrepreneur. Different typologies are described below:
Typologies
It means the classification of something based on its categories & types. Below are some of the
typologies of entrepreneurial ventures discuss in detail which are as follows:
Typologies Meaning
Lifestyle ventures Those ventures whose main aim is to satisfy
the income level of a person rather than
expansion & growth. They have limited
number of employees and operates on a small
space. Small business entrepreneur is the
example of lifestyle ventures.
Aggressive growth ventures They are based on the innovative technologies.
The main objective is to expand its operations
globally. Instance for such ventures is large
business enterprises.