Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Entrepreneurial Ventures.......................................................................................................1
P2: Similarities and Differences between entrepreneurial ventures............................................2
TASK 2............................................................................................................................................4
P3: Interpretation and assessment of the impact of micro and small businesses on the economy
.....................................................................................................................................................4
P4: Importance of small businesses and business start-ups.........................................................6
Brochure..........................................................................................................................................8
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................18

INTRODUCTION
Entrepreneurship refers to an activity in which a lot of risk is taken with a hope of
earning higher level of profits in the future time period (Brush and et.al., 2019). Small Business
Management is a process of managing small businesses which are started with an initial low
investment. Thus if an entrepreneur is able to set up the business with the right investment with a
good idea it can be extremely beneficial in earning more revenues. Therefore right spirit,
confidence, commitment and dedication is required in an entrepreneur. Further, high-level of
passion and energy is a must for an entrepreneur to achieve success in the efforts made. A
business may be started initially with less resources but slowly it can enhance its earnings if right
approach is adopted. In this report, different venture types will be discussed which are
considered as entrepreneurial, assessment of small businesses on the economy will be done.
Determination and assessment of key aspects of entrepreneurial mindset will be done in the
brochure. Additionally, examination of environments which can foster or hinder
entrepreneurship will be made in it.
TASK 1
P1: Entrepreneurial Ventures
Entrepreneurial Ventures are the ones which are started using an initial capital investment
and by taking risk. The different types of ventures are as follows-
 Small business entrepreneurship- In these ventures, an initial low investment is made
by the entrepreneur in a business (Brustbauer, 2016). As the size of these businesses is
small the risk here is quite low. The aim here is to bring a creative or innovative product
or service in the market and to earn suitable profits to sustain in the market. For example-
A small departmental store.
 Scalable startup entrepreneurship- These ventures are started with a highly creative or
innovative idea in mind. The entrepreneurs here aim to change the world with the product
or service which they will bring in the market. The aim is to make sure that the
entrepreneur is able to create an image of the enterprise in the market among the
customers and clients by providing them the products or services which they require
which are also unique in nature. For example- Facebook.
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 Large company entrepreneurship- These are large-scale ventures. In them, an
entrepreneur makes a large investment in the business so that products or services can be
provided at a large-scale. These enterprises make use of the technique of economies of
scale. Using it they can make sure that they are able to reap its benefits by reducing the
overall costs effectively and efficiently. For example- A large-scale textile firm.
 Social Entrepreneurship- In these ventures, the ultimate focus which the entrepreneurs
put is on the social causes (Degravel, Wilkin and Zhou, 2016). They put their focus on
the fulfilment of social responsibility. Thus the aim here is not to earn profits but to
create value for the society. For example- Oxfam.
Typologies of entrepreneurship-
 Lifestyle entrepreneur- Lifestyle entrepreneur try to influence a major change in the
existing lifestyles of the people through the highly creative and innovative idea which
they have. In this way they will be able to make their ventures successful in the market.
 Female entrepreneur- Female entrepreneurs are women who have have taken the risk of
starting a new business with a particular idea. Thus in this way they make sure that they
are able to set an example for other women to follow and facilitate women
empowerment.
 Innovation-driven entrepreneur- These entrepreneurs focus on innovating of new
products and services which can be highly useful for the customers. They take a huge
amount of risk in bringing an innovative idea in the market.
 Intrapreneurs- An intrapreneur is actually an employee of the company who is tasked
with working on an innovative idea (The Intrapreneur, 2019). However there is no risk
for an intrapreneur and there are also no rewards.
P2: Similarities and Differences between entrepreneurial ventures
There are various similarities and differences between entrepreneurial ventures. These are
explained as follows-
Similarities-
 Risk- In all entrepreneurial ventures there is a lot of risk which is taken by the
entrepreneurs for starting them.
 Financial Investment- In the entrepreneurial ventures there is a lot of financial
investment which is involved (Eijdenberg, Paas and Masurel, 2017).
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