Report:Entrepreneurship And Small Business|Elizabeth Gooch& Tom Mercer

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1 Different types of entrepreneurial ventures and typology.....................................................1
P2 Similarities and differences between Social and Lifestyle Entrepreneurship........................3
M1 Diverse range of entrepreneurial ventures............................................................................4
D1 Scope, development and growth of entrepreneurial ventures...............................................4
TASK 2............................................................................................................................................5
Covered in PPT...........................................................................................................................5
TASK 3..........................................................................................................................................11
P5 Characteristic traits and skills of Elizabeth Gooch and Tom Mercer..................................11
P6 Aspects of the entrepreneurial personality of Elizabeth Gooch and Tom Mercer...............12
M3 Different lines of argument relating to entrepreneurial characteristics..............................13
D3 Characteristic traits, skills and motivational drivers...........................................................13
TASK 4..........................................................................................................................................14
P7 Personal background and experience can hinder or foster entrepreneurship.......................14
M4 Link between entrepreneurial characteristics and influence of personal background and
experience.................................................................................................................................14
D4 Personal background and experience influences entrepreneurs..........................................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneur and small business management both offers learning to an individual or
student who want to start their own business. It provides growth to the economy and also helps to
increase knowledge, skills and abilities. Small business leads to large business. Person who starts
small business can also have the skills of entrepreneur. Every type of business want to survive
and growth in the marketplace for that they also need some entrepreneurial skills. In the business
world there may be different types of entrepreneurial ventures also. The purpose of this report is
to differentiate between Social and lifestyle entrepreneurship. Entrepreneur and small businesses
are totally different from each other (Dennis Jr, 2011). Entrepreneur focus on innovation and
growth of the organisation while small businesses focus on sales and profit of the organisation.
The purpose of this report is also discuss about the personality of Elizabeth Gooch and Tom
Mercer. They also reflect the motivation and mindset of the entrepreneurial.
Task 1
P1 Different types of entrepreneurial ventures and typology
Entrepreneur is a person or an individual who starts and plans the business. Entrepreneur
is the person who takes risk and develop new idea or product with more innovation and
creativity. Entrepreneur ventures means an individual who arrange capital, material, employees
etc. according to their own and product the goods and services for public or customers. Every
activity which is related to their business is controlled by them only (Neck and Greene, 2011).
There are various types of entrepreneurial venture which are describes as follow:
Small business entrepreneurship: In modern days, there are many individuals who start
their business in small range. In UK there is approx 5 million small businesses which grows
continuously. It also helps to increase employment and helps to increase the growth of the
economy. Small businesses include grocery, travel agents, electricians, plumbers etc. most of the
small businesses are very profitable. They also provide jobs to the people who is not employed
by the large businesses because they do not fulfil the requirement of them. There are many
examples in this context, such as Old world inn, Riverside foods, Good greens and so on.
Scalable start up entrepreneurship: This type of entrepreneurship means the people or
individual who start scalable start up, start doing their business or company when they get to
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know about their vision that can help to change the world. These type of entrepreneurship attract
more investors for their business. The people who are working with these type of
entrepreneurship are best and brightest (Gorgievski, Ascalon and Stephan, 2011). They specially
focus on the venture capitals and want fastly expansion also. They are generally more innovative
and more risky compare to all type of entrepreneurship. Several examples are related to this
Facebook, YouTube, Skype and so forth.
Large company entrepreneurship: These type of entrepreneurship needs more
innovation and creativity in their products and also they offer many types of products and
services to their customers and clients. If they want to compete in the marketplace then they have
to develop new products or services and they can also alter their existing products. Also in large
companies there is different type of people and they have their own culture. For example:
Zappos, Southwest Airlines, Twitter, Google etc.
These all types of entrepreneurship are related to the entrepreneurship typology. So it is
necessary to understand typologies in brief because they all cover the details and description of
entrepreneurship venture types (Carraher and Paridon, 2015).
Types of Typologies:
 Serial entrepreneurship: It is most well known model with progression of time. These
sorts of business administrators think of new inventive thoughts and systems with goal
that they can begin their worry in new country. These are inverse of normal examiner
who concocted new considerations and thoughts. They assume an imperative part in
everyday working of firm, in the event of serial magnate they are extraordinary, after
begin operations in business substance offer duty to others and proceed onward to new
pursuits. These sort of individual has a ton of new outline and plans for various
organizations. These businesspersons are not focus on any one specific vocation, indeed,
they appreciate procedure of beginning new pursuit consistently. There are many serial
entrepreneurs are their in country, like Anthony Mongeluzo, Ellen Thompson, James
Currier, Janet Kraus and so on.
 Social entrepreneurship: Just as a tycoon they can change face of substance same as
social promoters reshape condition of society. They go out on a limb and deed rebuild the
general public bringing open doors for the nation. These examiners open up the thoughts
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