Small Business Entrepreneurship Assignment

ENTREPRENEURSHIP

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and its Typology................................................1
P2 Similarities and Difference between entrepreneur venture....................................................2
TASK 2............................................................................................................................................4
P3 Impact on the economy due to micro and small businesses...................................................4
P4 Importance of small businesses and Start-up to contribute in the social economic Growth.. 5
P5 characteristics, traits and skills of successful Entrepreneur and Differentiation with
Business Manager........................................................................................................................6
P6 Motivation and Mind Set of Entrepreneurial reflects on entrepreneur Personality................8
P7. Background and Experiences for Entrepreneurial which Hindrance or Foster for them......9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship requires the ability of being innovative and taking risks. There are
different types of entrepreneurial venture and have direct impact on the economy of the nation.
The typology defines characteristics of the entrepreneur success (Brandstätter, 2011). It is not
only make successful entrepreneur but it helps in getting social goodwill. Mind set and
motivation can reflect in the entrepreneurial personality and is important for any entrepreneur to
be different from the others. Also, the background and experience may hindrance or foster for
the entrepreneurship which plays the major role for any entrepreneurship become successful. In
this report, how Entrepreneurship is beneficial to the growth and development of the countries
has been discussed. The similarities and difference in the different entrepreneur ventures have
also been analysed. Further, importance of small and micro business in the economy has been
evaluated.
TASK 1
P1 Different types of entrepreneurial ventures and its Typology
1. Small Business Entrepreneurship: This are the entrepreneur who are not for making huge
profit form there business but to stand in a position to feed their family and easily live their
livelihood. For examples, small grocery shops, carpenter, electricians & plumbers etc.
Funding for these types of business is not in a large scale. Mostly the small business
entrepreneur took loan from their friends and family members.
Figure 1Small business entrepreneurship
(Source: Entrepreneurship and business management, 2017)
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2. Scalable Start up Entrepreneurship: These are the entrepreneur having innovative idea
with a different product or services. There is mission and vision behind their business. For
any start up there is risk has taken by entrepreneur (Lepoutre and et.al., 2013). In London
this year total 6,000,00 Start-up has already started it shows that now days everyone wants
to do their own business to have global entrepreneur. For example, Snaptrip., Lyst and
Hostmaker are few of newly opened firms.
3. Large Company Entrepreneurship: Large companies have many opportunities to take
their business in a different level. Existing product they offer to the customers by changing
with some modification. Budget for their Research and development is very high. Risk is
moderate for product acceptance among the customer. Funding for such business came
through by introduce of IPO or borrowing loan from the banks.
4. Social Entrepreneurship The motive of any social entrepreneur is to satisfied the social
needs and not to cover the market share (Hasbollah and et.al., 2015). However this business
are mostly achieving break even.
Typology of Entrepreneur venture
1. The Sceptical Entrepreneur These are the entrepreneurs who raise the questions in each
and everything comes to their eyes and also have full of doubts with others success.
Sceptical never believe in success and they took their decision on basis of past
experience.
2. The copycat entrepreneur these are the smartest entrepreneur who copied each and
every thing from others business. They copied other business ideas, website and business
card but copycat entrepreneur believe in the success of existing entrepreneur.
3. The researcher entrepreneur: These entrepreneurs are habitual of learning and then try
to execute their ideas and experience on business. But sometimes it may be problem to
get outcomes if the research on certain filed is not proper at that time outcomes may be
different (Mandrinos and et.al., 2015). So learning can be a good idea but to execute and
also get outcomes is very important.
4. The determined entrepreneur These are the late successful entrepreneur because in
present they has not made anything but they know there entrepreneur skills and no matter
whatever the situation comes they keep going and trying to achieving their success.
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