Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
P1 Determine different types of entrepreneurial ventures and the relationship with
entrepreneurial typology..............................................................................................................4
P2 Discuss the similarities and differences between entrepreneurial ventures...........................5
M1 Diverse range of entrepreneurial ventures in context with both public and corporate sector.
8
D1 Examine the scope, development and growth of entrepreneurial ventures...........................8
TASK 2............................................................................................................................................9
P3 Interpret and assessment of relevant data in relation with how micro and small business
impact the economy.....................................................................................................................9
P4 Determine the importance of small businesses and business starts-ups for growth of social
economy 10
M2 Evaluate the differences small, medium and large businesses make to the economy in
terms of data and statistics.........................................................................................................11
D2 How small businesses have an impact on different levels of the economy and in an
international context..................................................................................................................11
TASK 3..........................................................................................................................................12
P5 Discuss the characteristic traits and skills of successful entrepreneurs................................12
P6 Determine how different entrepreneurial aspects personality reflect entrepreneurial
motivation and mindset..............................................................................................................13
Different lines of argument in context with entrepreneurial characterstics...............................13
Traits, skills and certain motivational drivers of successful entrepreneurs...............................14
P7 Determine using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................14

M1 Analysis of link between entrepreneurial features as well as influence of personal
background and experience to successful entrepreneurs...........................................................15
D4 Critical evaluation of how background as well as experience influencers entrepreneurs
both positively as well as negatively.........................................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship businesses are simply determined by the starts up which are initially
developed as small business due to lack of funds. Small business needs to focus on different
aspects which involves delivering innovative market offerings, allocation of the sources on
funds, marketing activities, setting out the targeted customers, evaluating the budgets involves,
estimating the risk incurred in different business functions and so on. Small business needs to
cope with the growing market trend wherein the business needs to continually find out different
sources of funds and delivers innovative and unique products in the market place in order to
attracts customers base. Similarly, entrepreneurs must shoulder different responsibility which
starts right from idea generation to final output. In the context of Freshways which is small
business company based out of London, UK found in the year 1990 (Baldacchino, 2015). The
company is known for delivering pure milk and quality dairy products since ages. This report
covers different types of entrepreneurial ventures, similarities and differences between the both,
impact of micro and small business on the economy, importance of small business and business
start-ups, different entrepreneurial aspects that reflects entrepreneurial motivation and mindset,
how experience and background hinders or foster entrepreneurship.
MAIN BODY
P1 Determine different types of entrepreneurial ventures and the relationship with
entrepreneurial typology
Entrepreneurial ventures are defined by the new opportunities or any business expansion
projects of the business, innovation in order to meet the profitability goals and business success.
Entrepreneurial ventures can be categorized into two parts which involves small & medium
business and big companies. They are different types of entrepreneurial ventures depending upon
the nature of the business which involves market offerings, the purpose of business, the financial
ability of the business and others. Typologies of entrepreneurship can be defined as the
entrepreneur behavior that helps to frames different methodologies of conducting the business.
Wherein entrepreneurs possess have different skills and roles that defines the way conducting
business by taking risk and dealing with uncertainties in order to develop business positioning in
the marketplace. Different types of entrepreneurial ventures include small scale entrepreneurship,
scalar entrepreneurship, social entrepreneurship and large scale entrepreneurship.
Small scale entrepreneurship: Small business includes all the grocery stores, travel agency or
carpenters, plumbers, local shops these people and business does not have a stable economic
condition that they move to different places in search of job and meet the financial needs
(Ismoilov and et.al.,2020). There are large number of small business is UK, wherein these