Type of Entrepreneur Venture and Relation With Typology

ENTRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different type of entrepreneur venture and relation with typology of entrepreneurship. .3
P2 Difference and similarities between different ventures.....................................................5
TASK 2............................................................................................................................................7
P3 Impact of micro and small business on the economy........................................................7
P4 Contribution of small businesses and business start ups to the growth of social economy
after 'Brexit':..........................................................................................................................8
TASK 3..........................................................................................................................................10
P5 Traits, characteristics and skills of Bill Gates and Steve jobs which differentiate them from
other business manger..........................................................................................................10
P6 Reflection of entrepreneurial motivation and mindset....................................................11
TASK 4..........................................................................................................................................13
P7 Background and experience that foster or hinder entrepreneurship................................13
CONCLUSION ...........................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is an important task for the growth and development of the economy.
Entrepreneurship is the capacity to develop and organise business to earn profit in future for
example starting of new business. Land, labour and resources are required to start up a business
and to grow and earn more profit in future. Factors of risk is also essential part of the
entrepreneurship because business can not be started without taking the risk. Risk is essential
part of the business (Alsos, Carter, and Ljunggren, 2011). An organisation can earn more profit
by taking risk because business is not possible without risk.
Small businesses are small in size as comparison to large business scale and does have
small number of employees and worker and also have low volume of sale. Small businesses are
generally operated by privately as sole proprietorship, partnership etc. Small business
management requires to compile education, knowledge and experience to run their business to
the growth.
TASK 1
P1 Different type of entrepreneur venture and relation with typology of entrepreneurship
Entrepreneur is the one who has innovative idea to develop a business plan and make it
possible to reality. Entrepreneur is an individual who invest his money to the company and take
risk that is associated with the business. Entrepreneur runs a small business and take all the risk
and reward of the business and has the leadership on the business. Entrepreneurial venture covers
many aspect to run the business as idea generation, feasibility analysis, starting of new company,
raising of capital, sales and marketing strategy for the product that they develop, attracting a
capable team, creation of new culture, growth for the business (Awogbenle, and Iwuamadi,
2010).
Entrepreneur venture-
1. Survival venture:
 Survival ventures provide basic help to the entrepreneur and his family.
 Such kind of the businesses are generally not registered and have few assets.
 It operates on barter basis and do not have premises to run their business. It operates in
high competitive market.

2. Lifestyle ventures:
 Lifestyle ventures provide income to the owner.
 Reinvestment are made in business to create more competitive environment in the
market.
 Such ventures have premises to operate their business but does not have future growth to
the business (Barringer, 2012).
 These ventures have employees but they are constant. It is incapable to achieve
economies in operation of business.
3. Managed growth ventures:
 Managed growth ventures achieve growth in future as to reflect in occasional product
launch, entry into new market.
 It develops its local and regional brand to achieve the growth to the business over the
time.
4. Aggressive growth ventures:
 These venture are based on the technology with innovational technological development
and innovation capabilities that target to the growth of the business.
 These ventures are generally funded through equity capital. They have focus on national
and international market (Bosma and Levie, 2010).
Relation of ventures to the different typology as-
1. Serial entrepreneur-
Serial entrepreneur is the one who start his business with new idea and after the staring up of the
business, assign roles and responsibility to other and then take move toward the new venture.
Such entrepreneur innovate new ideas to the business. It is good thing to consider new ideas to
the business but it has negative impact on the business when such idea do not succeed. Different
venture opted the new idea but it is required to move with idea so that it can give growth to the
business. One of the leading serial entrepreneur is Oprah Winfrey.
2. Social entrepreneur-
Social entrepreneur is the one who has innovative solution to the problem that are faced by the
society by changing the system. It is important for the venture to consider society while doing
their business because business is for the society and by the society, social entrepreneurs are