(PDF) Entrepreneurship and Small Business Management Assignment

Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1. Types entrepreneurial ventures and their relationship to entrepreneurial typology...........1
2. Similarities and differences between different entrepreneurial ventures...........................3
3. Micro and small business impact on economy through statistical data..............................5
4. Importance of small businesses in growth of social economy after Brexit........................7
5. Determination of successful entrepreneurs’ characteristics, skills and traits and their
differences from other business managers.............................................................................8
6. Examples of how background and experience hinders entrepreneurship........................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
An individual that has the potential and willingness to organise and manage a business
organisation through constant development is said to be entrepreneurship. They study and create
a new business and operate functions for the purpose of earning profits while bearing in mind all
risks associated with it (Parker, 2018). It has a key role in economy as people are running
business with skill and competence by bringing new ideas and innovations. This assignment will
cover different types of ventures that are entrepreneurial, analyse their similarities and
differences as well as assessment of small business' impact on the economy will be done. It will
determine key aspects of entrepreneurial mind-sets as well as assess two successful entrepreneurs
and their differences at various levels of economy. Finally, examination of different
environments that can foster or hinder entrepreneurship will be done by researching backgrounds
and experiences.
MAIN BODY
1. Types entrepreneurial ventures and their relationship to entrepreneurial typology
There are various types of entrepreneurial ventures that can be developed by
entrepreneurs, who are ready to face risks and earn profits. These include:
Small or Local Business Entrepreneurship:
Small business entrepreneurial venture is for individuals those who want to run their own
business by recruiting family members or friends to work with them. This helps them to earn
profits that for covering their expenses. Funding is generally done by personal savings or loans
from families or small business banks (Schwens and et.al., 2018). Examples of this this
entrepreneurship includes grocery stores, electricians, consultants or agents. They are set up only
at local areas in respective towns or cities. These organisations do not have managers that create
different strategies and generally aim at short term goals for achievement of their targets. For
example, Black Penny is a small restaurant situated in UK.
Micro Entrepreneurship:
Micro entrepreneurship consists of independent persons that work with full autonomy.
They prefer managing their business by themselves or with few workers. There is no intention of
hiring employees and operations can commence quickly. They do not need any business plans or
1

skills and measurement of their growth through tools and techniques is not required. For
example, Le Salon in UK is a micro entrepreneurial venture.
Medium Entrepreneurship:
Medium entrepreneurial ventures are developed by individuals that aim at earning
mediums profits for themselves. They are usually funded through personal savings or bank loans
and operate at state or national level. These organisations have low risk present and goals are
generally short term. There are managers in this entrepreneurship that create and handle various
business activities of organisation. Employees are hired from the local towns in which business
operates. For example, Qbic is a medium entrepreneurial venture in UK.
Typology of entrepreneurship
Social Entrepreneurship:
Social entrepreneurial venture is developed by people that have innovations and ideas for
creating solutions for society's needs and problems. This organisation develops products and
services so that they can make the world a better place for citizens to live in. These include non-
profit, for profit companies and hybrid organisations. They collect funds through investments,
charities or donations from public. Entrepreneurs generally start up in a particular city and
expand with time. They have goals that do not benefit themselves but rather the people who are
underprivileged.
Scalable start-up Entrepreneurship:
Scalable start up entrepreneurial venture are organisations that are created and developed
by entrepreneurs those who have a vision for changing the world. Funds are received through
financial investors or venture capitalists those are interested in their ideas (Acs and et.al., 2018).
Employees are generally bright and highly competent. Risk is very high in this entrepreneurship
but can prove to be very profitable if successfully operated and can expand diversely for future
growth and development.
Large Entrepreneurship:
Large entrepreneurial ventures are developed by entrepreneurs that aim at growing
through sustainable strategies and innovation by creating products and services that fulfil needs
of customers as well as attract new ones. Funding is done through investments, loans from banks
or government grants (Laukkanen and Tornikoski, 2018). These are big companies that operate
2