Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Various kinds of business venture along with their topology.............................................................3
M1 Public and Private sector...................................................................................................................5
P2 Differentiate and similar features among different business types......................................................5
TASK 3.......................................................................................................................................................7
P3 Influence of SME’s over nation’s economy.......................................................................................7
P4 small Business contributing to the growth of economy......................................................................8
M2 Analysis of differences among small, medium and large businesses into the economy....................9
TASK 3.......................................................................................................................................................9
P5 features and skills of successful business men....................................................................................9
P6 factors that influence a person in becoming a entrepreneur..............................................................11
M3 Explore different lines of argument relating to entrepreneurial characteristics...............................12
TASK 4.....................................................................................................................................................12
P7 background or features of a person that damages or fosters the success of entrepreneurs................12
M4 link between business person background and its characteristics....................................................13
CONCLUSION.........................................................................................................................................13
REFERNCES............................................................................................................................................14

INTRODUCTION
Business person are the people who converts their innovative and creative idea into an
extraordinary plan by putting up into a form of business into the market. These people start their
business by providing the new and innovative product which gets mesmerizing the customers
and customers purchase it. The idea which is brought by the business person is new and so
different that it creates a niche market for a time being until no other business or organization
copies them. The innovative idea satisfies the needs and wants of customers and makes their
lives quite easy. For reference B&W organization is taken. The company was set up by 2 persons
name as Simon and Bobby Arora. The numbers of employees which are hired by the company
are around 28,000. The company is specializing in producing the home products and serves
around the whole world.
The report discusses about the various typology which entrepreneurship has. The report also
talks about the benefits which are acquired from this small and medium scale business to the
local and national level. Furthermore, the report also includes the skills and characteristics which
a business person has. Apart from this the background and the education influences upon the
entrepreneur has also discussed into this report.
TASK 1
P1 Various kinds of business venture along with their topology
An entrepreneur is an individual who thinks of a plan to begin a business with his
accessible assets, and is prepared to take all the dangers related with it. For the most part, the
business thought incorporates another item or administration rather a current business thought.
These entrepreneur looks for circumstances accessible and go about as a 1st person to take the
opportunity & investigating the chance. The business endeavors focuses on exceptional yield
through applying similarly significant stage of hazard & vulnerability (Acs and et. al., 2012). The
business man is happy to face challenge for the funds contributed, investment & crude material,
laborers utilized and so forth. Airbnb can be a great example for this.
Different kinds of entrepreneurial business
Small ventures: It is an entrepreneurial business which is run by an individual and he is the one
who fully acquires all the gains and profits. The small scale organization needs a small amount if
capital and investment. The money which is been put into the business is not more than the
amount which is put into medium scale businesses. The employees who are hired by small scale
organization is in between 1 to 49. The business owner or the idea creator can take the capital
from various sources which may includes his personal savings, bank loans, loans from family or
friends and the like. Some of the examples of small scale business venture includes salons, hair
dressers, dry cleaners, and the like. Likewise these models don't play or hold predominant spot
into their separate enterprises. For instance, salons, beauticians, training classes, etc are a few

instances of little scope organizations. In such the utilized are exceptionally short of what others
and furthermore the extension of the business is little (Audretsch, 2012). B&W which is goods
store is a little scope business which focuses on the neighborhood greatest a city.
Scalable Business venture: They refer as the advancement centered organization. The business
person in these endeavors attempts in make another place through accumulating inventive items
or administrations as they absolutely vogue to open. This inventive thought claims the clients.
Scalable undertaking drastically change a current market with their inventive, innovation based
items or administrations. Such undertakings can get their capital through holy messenger
speculations, investments, quickening agents, companions, family and individual assets. The
objective of these endeavors is to create a critical riches for financial specialists and originators.
Instances of scalable organizations incorporates. Some of the example of scalable businesses is
Instagram, Indeed, twitter and the like. In twitter application the members can post their views
and opinions about a topic or of anything which is up in their mind. The app has many verified
account of people who are known and famous among people. Another app, Instagram, in which
the people can post their pictures and their followers can like and comment on it. In another
business venture, Indeed, where the people who are looking for the job can make an account
their and can upload the resumes. At indeed the employers or the company keep on posting the
vacant position which they have in their department and the candidates apply for the job. This
application is very much useful for the people.
Social business venture: In these organizations point reason for existing is to improve the world
a spot to live. They construct inventive answers for take care of natural and social issues. The
principle point of these businesses adventures are to augment manageability improvement. This
measure for investment enjoy relies on the sort and scale of the entire capital putted. The
undertakings has a gauge to make a critical change and effect on the lives. A few instances of
such businesses adventures incorporate an organization attempting to illuminate winning medical
problems, taking care of explicit social issue winning in a nation, natural concern, etc. For
instance Gravity light, the association principle purpose is for supplant the lamps with power.
The association causes the underdeveloped territories to get the accessibility to power. This
organization has work for the society by claiming them as a social business as they performs the
work for the betterment of the society only.
Large business venture: they are the type of organization at which any rate 500 representatives
work. These are by and large co-activities which significant objective are to creating
considerable benefits and incomes for the organization and its investors. They rise the amount
through their incomes, credits got from assessment, and auxiliaries. Enormous entrepreneur
adventures are significant business in the network (Chugh, 2016). They representative
individuals at a mass number which is useful for economy moreover. They will in general build
up a decent notoriety and are conspicuous by dominant part of populace. Models for enormous
entrepreneur adventure incorporates E&Y, deloitte, tata, ITC and so on. Every one of these
organizations have create an essence through out the world and they are called as practically