Entrepreneurship and Small Business Management

Entrepreneurship and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.......................................................................................................1
P2 Explore the similarities and differences between entrepreneurial ventures...........................2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy................................................................................................................3
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................4
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers............................................................................................5
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset..................................................................................................................................6
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship..........................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship can be describe as the activity of starting or forming new business as well
as taking all risk and profit from organisation. In this entrepreneur is responsible for considering
all lose and risk form business in the hope of earning more profits (Hoogendoorn, 2016). Small
scale organisation is performing business activities in smaller market area and providing its
products and services to local customers. This report will include details about different type of
entrepreneurial ventures and its related typology. In this similarity and difference between
entrepreneurial ventures are analyse. Impact of small business on economy is determined along
with the importance of small business of growth of social economy is evaluated. This report will
include different skills and traits of successful entrepreneur and analysed its reflection on
motivation and mindset. Apart from this example that hinder or foster entrepreneurship
determined.
MAIN BODY
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Entrepreneur is a person who have idea of innovative and creative business as well as
responsible for performing different organizational activities. There are different types of
entrepreneurial ventures that are providing high quality products and services to customers. In
this entrepreneur is responsible for taking major decision that will lead to growth of business as
well as bearing loss also (Galloway Kapasi, and Sang, 2015). Entrepreneurial business is
classified into two parts which is public sector and corporate sector. Public sector organization is
controlled and managed by government and it is offering basic services to meet with requirement
of society. Corporate sector is owned by individual or group of people and motive of these
business is to earn more profits. There are different types of entrepreneurial ventures which is
mention below –
 Small business entrepreneur – This refer as micro and small size company that is
providing its provide and services in limited market area. Reach of small size business in
narrow and its is offering is available to local customers.
1