Entrepreneurship and Small Business Management

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Contents
INTRODUCTION.................................................................................................................................3
LO 1......................................................................................................................................................3
P 1 different types of entrepreneurial ventures and explain their relationship with typology of
entrepreneurship................................................................................................................................3
P 2 similarities and differences between these ventures....................................................................4
LO 2......................................................................................................................................................6
P 3 Impact of micro and small businesses that has impact on the economy.......................................6
P 4 Importance of small business and start ups for the growth of social economy............................7
LO 3......................................................................................................................................................8
P 5 Characteristics and skills of entrepreneurs and difference between them and business managers
...........................................................................................................................................................8
P 6 aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset..........9
LO 4....................................................................................................................................................10
P 7 Background and experience of entrepreneurship.......................................................................10
CONCLUSION...................................................................................................................................11
REFERENCES....................................................................................................................................12

INTRODUCTION
Entrepreneurship and Small Business Management focus on the study of companies
operating on large scale who initiated their operations with very less resources. Due to the
changes in environment way of operating and evolving is totally changed and if it is not done
in right manner then they will have to choose the ways that helps them survive in a successful
manner. This report contains a brief over topics such as Different entrepreneurial ventures
and typologies that are different. Comparison of Similarities and differences between these
ventures. Impact of micro and small business in the economy. Importance of small business
to social economy. Traits and skills of entrepreneur. Aspects of the entrepreneurial
personality that reflects the mind set and motivation and Experience and background of
entrepreneur.
LO 1
P 1 different types of entrepreneurial ventures and explain their relationship with typology of
entrepreneurship
Small business Entrepreneurship-
Businesses that are managing their operations on the scale of start up are believed to
be one of most viable as they are generating more revenue because of their quality of work
and services provided to their customers. Around 80 per cent of the businesses in UK are
dealing on this level of scale. In terms of employment they provide around 50 per cent in area
of private sector. In order to raise funds this scale of business seeks help from friends,
families or banks (Runyan and Covin, 2019).
Scalable start up entrepreneurship-
This model of business operates on the vision they have set, will of the entrepreneur
and though process put into taking decisions by entrepreneurs. This helps them to make them
explain that with their thought process They can bring change. This model is known as
scalable form of business. This form of business opts and find another options in order to
raise funds such as venture capitalist. With the help of strategies such as these they are able to
find employees with the right amount of skills. Companies such as Facebook, Instagram and
whatsapp are the ones which is a part of this model. They face difficulty in allocating their
funds. Typology of this model is scalable as they want business that is repeated (Radović-
Marković and Tomaš, 2019).

Social Entrepreneurship-
This form of entrepreneurship is done with motive of doing social deeds which is
beneficial to society. Other than working for the environment there is no ulterior motive
behind it. Typology of this model states and involves that entrepreneurs will work in a
discipline manner which is stable and they must have qualities of leadership so that they can
lead their business with innovative mind set.
Large company entrepreneurship-
Companies serving on large scales and who have been successful in establishing their
base of operations in different countries such as Google, Microsoft etc. These companies
have one aim and that is to launch an innovative idea or product and sell it at profit. This is
their main purpose to serve in market. Typology if this aspect states that in order to satisfy the
needs and wants of these products they have to come up with new and strong foundation in
market.
Typologies
There are different typologies and business implements it as per their suitability and
nature.
Lifestyle typology is selected by those businesses that operates and maintain low key
operations on small scale and owner is the one who makes decisions and work on the basis of
it individually. It is the hard work and efforts put down by entrepreneur to ensure and attain
success in market. This is because they know that if thy let their guard down then they won’t
be able to survive the tough competition around market (Loarne-Lemaire, Maalaoui and
Dana, 2017).
Another typology which is available is referred as scalable typology which is
preferred and used by businesses operating on large scale. Other than earning money it aims
on bringing innovation and creative measures in market.
P 2 similarities and differences between these ventures
Attributes Small Scalable Social Large
Objective Due to their
operations
being
Objective and
motive of these
businesses is
Target set by
firms operating
in this sector is
Main objective
of companies
operating on