(DOCS) Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND
SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Examine different types of entrepreneurial ventures and the typology of entrepreneurship
................................................................................................................................................1
Typologies..............................................................................................................................2
P2. Similarities and differences between entrepreneurial ventures........................................2
M1. Investigation of diverse range of entrepreneurial ventures.............................................3
D1 Scope, development and growth.......................................................................................4
TASK 2............................................................................................................................................4
P3. Assess and interpretation of relevant data and statistics to illustrate the impact of micro
and small business on economy.............................................................................................4
P4. Explanation on the importance of small business and business start-ups contribution to the
growth of social economy after Brexit...................................................................................6
M2 Evaluation of the differences that small, medium and large business make to economy
applying relevant data and statistics.......................................................................................7
D2 Critical examination of small business impact on different levels of economy in local,
regional, national and international context...........................................................................7
TASK 3............................................................................................................................................8
P5. Determination of characteristics, traits and skills of two successful entrepreneurs that
differentiate them with other business managers...................................................................8
P6. Aspects of entrepreneurial personality reflect entrepreneurial motivation and mind-set 9
M3. Examination of different line of argument relating to entrepreneurial characteristics. 10
D3. Analysis of characteristics traits and skills....................................................................10
TASK 4..........................................................................................................................................10
P7. Examination of the background and experience can hinder or foster entrepreneurship with
examples obtained................................................................................................................10
M4 Analysis the link between entrepreneurial characteristics and influence of personal
background and experience to specific successful entrepreneurs with positive and negative
aspects...................................................................................................................................11

D4 Critically evaluate personal background and experiences influencing entrepreneurs
positively and negatively......................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is a process of designing, running and setting a new business with the
focus to generate profit by taking financial risk, while the aim of small business is to stimulate
economic growth (Burns, 2016).
Thus, in following report it has been discussed on various types of entrepreneurial
ventures and typologies along with similarities and differences. In addition to this, report also
presents statistical data as an evidence on micro business affecting economy of country.
Furthermore, it also highlights on contribution of small business and start-ups towards economic
growth after Brexit. Assignment also signifies about traits and skills of successful entrepreneurs.
TASK 1
P1. Examine different types of entrepreneurial ventures and the typology of entrepreneurship
Entrepreneurship can be defined as the study of creation of new businesses and actual
process by which a new business can be started (Schaper and et.al., 2014). It involves decision
making, innovation, in dependency, implementation and forecasting the future. It is an outcome
of social, technological, legal, economic, psychological and other factors (The Definition of
Small Business Management 2018). Following are different types of entrepreneurial ventures: -
 Social Entrepreneurial Ventures: Social entrepreneurship includes techniques from which
companies start and entrepreneurs develop (Burns and Dewhurst, 2016). They have an
exit strategy and are located in limited locations. Hence, their main motive is to solve
social problems rather than maximizing profits. These types of businesses are built to
control wealth that helps in stabilizing the economies in community. They provide
valuable training opportunities as well as supportive jobs to those people who have been
eliminated from the traditional labour market. For example: NHS is working as social
organization. Their fundamental aim is to develop products and services for betterment
and progress of people and various society systems. The entrepreneur of this firm focus
on production that leads to effective efficiency of environment and society which results
in betterment of population of country.
 Large Entrepreneurial Ventures: Large business organization are those enterprises that
aims for increasing profitability and operates internationally across the world (Schaper,
2016). Most of these enterprises begins as small businesses. These large organizations are
being organized for maximizing their success. They give continuous attention to the
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