Entrepreneurship and Small Business Management

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 Types of entrepreneurial ventures and typology of entrepreneurship....................................3
P2 Similarities and differences between entrepreneurial ventures..............................................4
LO2..................................................................................................................................................5
P3 small-business and micro business impacts on economy.......................................................5
P4 Importance of small-business and contribution in social economy growth...........................6
L03...................................................................................................................................................6
P5 Determination of skills and characteristic traits of successful entrepreneurs that
differentiate them from managers of other business ...................................................................6
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set.7
LO4..................................................................................................................................................7
P7 Background and experience can hinder or foster entrepreneurship.......................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship refers a person who starts small business own and takes risk of own money to
initiate ventures. It is a capital of all small business because every small businesses runs by
entrepreneur. Thus, both keeps close relation to each other. Management plays important role in
small businesses and entrepreneurship management where management manages all businesses
and aligns and coordinated various activities in companies. Both business aspect's owner to
utilizes skills and expertise to run their organization. Thus, management is important for both
businesses. This report will cover types of entrepreneurial ventures and will discuss types of
typology in entrepreneurship.
LO1
P1 Types of entrepreneurial ventures and typology of entrepreneurship
Process of creating design, managing and running a small business venture along with money
risk is known as entrepreneurship which runs by a person or partners. Entrepreneurship is a
theme of small businesses. There are three differences in entrepreneur i.e. serial entrepreneur,
intrapreneurs and owner mangers.
Types of entrepreneurial ventures:
Entrepreneurial venture refers who initiates and runs a company with sufficient resources and
strategy and answerable for all rewards and risk of their own business venture (Ayandibu and
Houghton, 2017). There are different types of ventures i.e. sole proprietorship, limited liability
company, general partnership, limited liability partnership, limited partnership and corporation.
Survival ventures
who comes with new ideas and initiates new business while intrapreneurs encourages innovative
goods and services development and plays essential roles in marketing (Anumudu, Joseph. and
Chinasa, 2017). Owner manger is that person who initiates small businesses and manages whole
work and activities of organization department. Owner-manager type entrepreneur keeps away
both responsibility as entrepreneur and as manager in their company.
Lifestyle ventures: Lifestyle business venture: Such kind business is basically designed to raise
money and accomplish demands of customer's preferences. Thus, kind business entrepreneur
enhances growth of market and company. For example, Burberry, jaguar and others.
Growth firms: This kind of business who contains number of employees between 100 and 999
and annual revenue of company less than one billion and more than fifty million.
Typology of entrepreneurship:
Typology refers to the process of classification of business venture, on the basis of size, purpose,
sectors and growth rates along with examples (Burns, 2016). On the basis of size, purpose,
sectors and growth rates, there are different types of entrepreneurship. There are four types of
business ventures micro, small and medium, large business ventures.
Small Business Entrepreneurship: It is an entrepreneurship where number of employees is
zero and owner of the company who operates business self as sole trader known as micro
business. For example, grocery stores, dairy goods and groceries are example of small business
ventures.
3