Entrepreneurship and Small Business Management

ENTERPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION.................................................................................................................................3
TASK 1.................................................................................................................................................3
P1. Different types of entrepreneurial ventures and their relation with typology...............................3
P2.Differences and similarities between various entrepreneurial ventures........................................4
P3. interpret and assess relevant data and statistic to illustrate the impact micro and small business
have on the economy.........................................................................................................................5
P4.Role of Small Scale industries......................................................................................................6
TASK 2.................................................................................................................................................7
P5. Traits and characteristics of an entrepreneur...............................................................................7
P6. Aspects of entrepreneurial personality.........................................................................................8
P7.Relevant example.........................................................................................................................8
CONCLUSION.....................................................................................................................................9
REFERENCES....................................................................................................................................10

INTRODUCTION
Entrepreneur is the person who is the soul source of the new innovative concept as he
always tries introducing something creative and better. For this process he sets up
entrepreneurial ventures which have various aims. This report includes the types of
entrepreneurship and the difference between it and intrapreneurship. Also a relevant
statistical information has provided for the impact of small scale industry in the economy
along with the role of small scale ventures for the particular area. It has also been including
about the nature of the characteristic skills and traits of an entrepreneur that are responsible
for differentiating them from others. Also the factors which can influence the mindset of the
entrepreneur from upbringing, lifestyle and the role of the society. Also a relevant example
has been discussed which has proved that every person who sets up the entrepreneurial
ventures for people. It provides a deep discussion of the factors supporting the venture’s
success (Storey, 2016)
TASK 1
P1. Different types of entrepreneurial ventures and their relation with typology
Entrepreneurship is defined as the process of bringing up some innovative ideas in
market in order to reduce the human labour. Entrepreneurship plays a major role in making
the world technological advanced. Behind this concept of entrepreneurship there is a person
who continuously thinks about the creative concept by thinking out of the box which leads to
the generation of entrepreneurial ideas which is very helpful for mankind in the present
scenarios. These entrepreneurs are different intrapreneurs who is an employee responsible for
taking charge of various innovation for different product and services. He is restorative in

approach where as an entrepreneur has an intuitive approach. An entrepreneur works in a
newly established firm whereas an intrapreneur works in already established one. He is
independent while intrapreneur is dependent one.
There are four types of entrepreneurial ventures which are discussed below:
Large Enterprises
These are the enterprise which runs on a large base which means have they had a very
large customer base and has a huge production of products and services. They run on a large
scale and aims for earning profit on a huge amount (Stewart Thornhill,2018). They usually
sustain through adopting various creative idea.
Small Scale Enterprises
Small Scale enterprises are those which operates on a small base and have small
investment in their business which focuses on doing business in a particular region. They
usually provides employment to local people and also have approach to smaller areas
only.They have few employees as compared to large enterprises.
Scalable Unit Enterprises
These are the enterprises which are newly born. The owner of these firms are
entrepreneur who provides unique product and services and uses latest methods for the
production of these offerings. Their aim is to provide different kinds of product which are
totally advanced as compared to existing one in the market (Keith and et.al., 2016).
Social Enterprises
These are those enterprises in which the firms wants to earn a lot of profit but the
amount generated is used for the noble cause to develop the society in various ways. These
firms totally work for the same and provide a good quality service to the surroundings so that
it can develop and get benefitted from them which is completely different from other
entrepreneurial ventures. Social Enterprises provide a different vision to the nation and
balances out the self centred nature of other kind of ventures (Elert, Andersson and
Wennberg, 2015).
P2.Differences and similarities between various entrepreneurial ventures
Differences
These various entrepreneurial ventures have many differences such as all these large,
small and scalable ventures has a aim to provide a unique product in the market whereas
social ventures does not concentred on the features of their product. These private firms has
tge aim of increasing their shares in the market so that they can increase their customer
whereas social firms does not have these kind of concerns. Social organisation has the aim for
earning profit but using it for noble causes and other charity works whereas other companies
tries to build lots of profit so that owner can get many benefits and can sustain more in the
economy of market. These large and small firms faces competition and formulate many
strategies for survival whereas social firms does not have much concern on it because they
neither compete nor want to create a threat for the survivals of others. Small and large
entrepreneurial ventures completely works for the expansion of their business but social