Unit 09: Entrepreneurship Small Business Management

Unit 09: Entrepreneurship
Small Business Management
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Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1: Types of entrepreneurial ventures and the typology of entrepreneurship.............................3
M1 Diverse range of entrepreneurial ventures.............................................................................4
D1 Scope, development and growth............................................................................................4
P2: Similarities and differences between entrepreneurial ventures.............................................5
TASK 2............................................................................................................................................6
P3 Small Medium – sized Business Entrepreneurship impact on United Kingdom economy....6
M2 Difference small, medium and large businesses...................................................................6
D2 Impact of small business on the economy.............................................................................7
P4 Importance of small businesses and business start-ups to the growth of the social economy7
TASK 3............................................................................................................................................9
P5 Traits and skills of successful entrepreneurs..........................................................................9
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.........................9
TASK 4...........................................................................................................................................9
P7 Person backgrounds and past experience hinder or foster entrepreneurship..........................9
M4 The link between entrepreneurial characteristics and influence...........................................9
D4 Positive and Negative impact.................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
An entrepreneur is a person who holds small business and run a small business. They
provide their services to earn profit and for the satisfying the needs of consumers.
Entrepreneurship the owners of the business will concentrating on designing or shaping a market
for their own products and services ( Saleem, 2017). It is beneficial for improving the living
standards and for bring change in the market.
In this study will conclude the types of entrepreneurial ventures and the typology. This
study will also include similarities and difference between entrepreneurial ventures (Burns and
Dewhurst, 2016). In this study will also discuss small medium sized business and its impact on
the economy of the UK. Also, in this study will summarised the importance of small and start-
ups business on the social economy. This study will also be explaining about traits and skills of
successful entrepreneurs, which make them different from other business person. Also, this study
will present that how personality of entrepreneurial reflect motivation and mindsets. And also,
discuss the background and experience of entrepreneurship.
TASK 1
P1: Types of entrepreneurial ventures and the typology of entrepreneurship
Micro Venture: Micro venture and business are those venture whose annual sales and assets are
less than $250,000 per year. In this type of business numbers of employees are five or less than
5, also including the owner of the business (Burns and et.al., 2017). Micro venture are small size
businesses and the operating costs of micro business and revenue are higher.
Small Venture: Small venture are those business in which the numbers of employees are 500 or
less than 500 and the assets of small venture are less than $1 million each year. In this type of
business, enterprises are run independently and the main object or target of this of business are
earn profit (Julien, 2018). Small ventures are generally impacted by the recruitment procedure
and the tax structure when it is to small venture payroll system.
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Medium Venture: Medium venture means a type of start- up business. This type of venture
future target is bringing some new change in the society and also have some new vision to
change the world. These types of venture collect money and take financial support from the
investors, venture capitalist etc.
Large Venture: Large venture are those business whose life cycle is for long time duration.
Also, these types of companies offer and serve those types of products and services who are
related with their core products (Ramadani, Ratten and Palalić 2018). These types of venture
bring new changes as per their customer taste, latest technologies, competition etc.
The typology may include
Serial entrepreneur: A serial entrepreneur a person who are start various types of new business
in short time period. Serial entrepreneur is a person who have new and different idea for starts
new business and continuously work on those ideas.
Social entrepreneur: Social entrepreneur is a person who start and run a business on the bases
of their novel knowledge (Volery and Mazzarol, 2015). Social entrepreneur has the ability to
solve issues and problems who are based on the community and society. These types of
entrepreneur have ability to take risk to make positive and profitable change within the society.
Female entrepreneur: Female entrepreneur means, those women who start their own business
and run their organization successfully. In this numbers of women entrepreneurs are included
such as Sofia Vergara, Angela Market, Debbie Fields etc.
M1 Diverse range of entrepreneurial ventures
In the public sectors large and medium-sized venture ratio is high. Because various public
sectors are completely depends upon the pubic so, the size of public sector is big. But in the
corporate sectors many entrepreneurs are base on small and micro size. Because in the small and
micro business public can not that much involve.
D1 Scope, development and growth
The scope of entrepreneurial venture is wide, and they can expand venture in area of the
market. Also, high ratio of scope, the venture developing at every sector of market and achieve
high level of growth.
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