Entrepreneurship and Small Business Management

ENTREPRENERUSHIP AND
SMALL BUSINESS
MANAGEMENT
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Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................3
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.......................................................................................................3
P2 Explore the similarities and differences between entrepreneurial ventures...........................5
TASK 2............................................................................................................................................6
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy................................................................................................................6
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
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INTRODUCTION
Entrepreneurship is defined as the procedures of looking for business opportunities under condition of
risk. Moreover, it is just more than the mere development of business. Although it is an essential facet but
it is not accomplished picture. In simple way, it is the way for establishing an enterprise through
undertaking various risk associated to this like managerial or financial (Thompson, Verduijn and Gartner,
2020). The topics which are going to be discussed in this report are numerous entrepreneurial ventures,
typologies, impact of micro and small upon social economy. In addition to this, the start up and small
scale firm significance and contribution towards country’s economy is mentioned. Apart from this, traits,
characteristics and skills as well as the experiences and background that hinder or foster entrepreneurs are
also explained in this report.
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship.
Entrepreneurship definition with quotation
Entrepreneurship is considered as the act of developing business while scaling as well as building
it to gain profitability. Moreover, this is whole about transforming the world through huge issues such as
forming an innovative product or representing a new life changing solution.
“Do not worry about being successful but perform towards being effective as well as success will
naturally follow”. – Oprah Winfrey
Serial entrepreneur: It is regarded as an entrepreneur who regularly comes up with new thoughts
as well as initiates new businesses (Burton and et. al., 2019). This type of entrepreneurs has some traits
such as unwavering optimism, effective time management and many more.
Intrapreneur: They are referred as an emergent behavioural intensions as well as attitudes which
are associated to disappearance from customary ways of performing enterprises into existing firm.
Owner manager: It is the one who formed as well as maintains an entrepreneur in fundamental
way for personal goals. Also, they are accountable for overall risk as well as mainly focused towards
sustainability not growth.
Several entrepreneurial ventures
Some types of entrepreneurial venture are discussed below:
Small business entrepreneurship: This is regarded as a ventures that required less capital
investment for performing its enterprises activities. The main intent of this is to provide acceptable
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