Entrepreneurship and Small Business Management

UNIT – 9 Entrepreneurship and
small business management

Table of Contents
INTRODUCTION ..........................................................................................................................3
PART-1 ...........................................................................................................................................3
Different types of entrepreneurial ventures................................................................................3
Similarities and differences between entrepreneurial ventures...................................................4
Impact of micro and small businesses on the economy ..............................................................4
Importance of small businesses and business start ups ...............................................................6
Part -2 ..............................................................................................................................................6
Characteristic traits and skills of successful entrepreneur...........................................................6
Aspects of entrepreneurial personality reflects entrepreneurial motivation ...............................7
Experience and background can hinder or foster entrepreneurship.............................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship is an important part of every business. The entrepreneurship sequence is
made to build skills that are required to start a new business. Bain and company is a consulting
firm which was founded in 1973 by William W. Bain Jr. Patrick F. Graham.
PART-1
Different types of entrepreneurial ventures
Private - A private entrepreneur can be to as a person who is self employed or manage
or control or manage all the activities alone. Private entrepreneurship is lightest and easy form of
the company. In this no special formality is required and it is the simplest form of the company.
Private entrepreneur is easy and less investment cost is required to set up (Moraes and et.al.,
2018). As a private entrepreneur, a person can enter into business alone or with spouse, children
or grandchildren under the age of 18. The main aim of private entrepreneurs is to generate more
profit by increasing sales of the company. Examples are, tesla, Disney etc.
Public – A public entrepreneur venture can be defined as an organization which is
managed or controlled by the government with the help of different development agencies. This
is the process of making, introducing new product and making innovation, generation and
implementation of new ideas in the public sector. Some characteristics of public entrepreneur
are, working across system, leveraging new resources, focusing on outcomes, adapting and
learning new ideas, collaborating and networking. Examples of public entrepreneurial venture
are, automatic weapons establishment, British council, British army (Nambisan, 2017).
Social – It is a way by individuals or groups, start up new ventures in which they develop
new ideas and implement solutions. This approach is applied to wide range of companies.
Examples of social venture is microfinance institutions.
Local business can be refer to as any company which provides goods or services to a local
population or multiple locations operating in a specific area (Hsieh and et.al., 2019).
Typology
Lifestyle venture: A lifestyle business can be refer to as business that is set up and run by
founders to provide a particular level of income and no more (Drobyazko and et.al., 2019).