Entrepreneurship and Small Business Management

ENTREPRENEURSH
IP AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1 Different types of entrepreneurial ventures and their typology of entrepreneurship ............1
P2 Similarities and differences between entrepreneurial ventures ............................................2
LO2..................................................................................................................................................4
P3 Interpret and assess relevant data and statistics to illustrate micro and small businesses
impact on economy ....................................................................................................................4
P4 Importance of small businesses and business start-ups to growth of social economy ..........5
LO3..................................................................................................................................................6
P5 Characteristics traits and skills of successful entrepreneurs that differentiate from other
business manager........................................................................................................................6
P6 How entrepreneurial personality reflect entrepreneurial motivation and mindset ................9
LO4................................................................................................................................................10
P7 Using relevant examples how background and experience can hinder and foster
entrepreneurship .......................................................................................................................10
CONCLUSION .............................................................................................................................11
REFERENCES .............................................................................................................................13

INTRODUCTION
Entrepreneurship and small business management is a volatile term that aid in raise the
economic system of the nation and reducing the poverty by cater employment to the people who
are unemployed. It refers to the creation and fragmentation of the value within the society and all
it done by a person who called entrepreneurs that is the major aspect of entrepreneurship and
adopting the change within the industry (Burns, 2016). Their main motive is to provide innovate
products and services to the people and gain a more profits by adopting the major risk so that
they can sustain within the marketplace for a longer period of time. This report is based on
various types of entrepreneurship and their typologies and also elaborate the similarities and
differences between them. It also show the impact of small and micro business on economy and
importance of start-ups in social economy. It inculcates the entrepreneurial personality by
examine their features, skills and analyse by using OCEAN model. At last it involves the
background and experience that can impede and foster in their entrepreneurial path (Ramadani
and et. al., 2015).
LO1
P1 Different types of entrepreneurial ventures and their typology of entrepreneurship
Entrepreneurship: It mention to the framework of designing, moving and operating the new
business that is work for generating for many profits and revenues by taking major risk to
develop and enhance their sustainability within the marketplace.
Intrapreneurship: It refers to that aspect in which a manger of a company can working as an
entrepreneur and they are self motivated towards their work. They take major initiative to persue
the creative goods and services so that firm may earn higher profits.
Types of entrepreneurs ventures
 Large entrepreneurship: It defines those types of entrepreneurship that have a finite
capital and resources to run and operate their business. This types of organisation are
working for providing innovative products and services to their customers so that they
can earn more profits and revenues (Burns and Dewhurst, 2016). They majorly focus on
gaining the competitive advantage for their longer survival so that they can attracts the
customers. For example- google, Microsoft etc.
1

 Social business ventures: It mention to that entrepreneurial ventures that is created for
welfare of society by solving their problems and providing goods and services to
accomplished their goals for benefiting the society and their people. It is based on profits,
not for profits or hybrid organisation. Example- National trust that is prominent UK
based social enterprise.
 Small business enterprise- It defines those ventures that is operating for running a small
business with limited amount of resources and capital. In this an individual person can
run their business and feed their immediate family. It includes carpenters, hair dressers,
plumbers etc.
Typologies of entrepreneurial ventures
 lifestyle entrepreneurs: This type of entrepreneurial ventures are related to living their
life on online mode. In this a person is not having a particular physical location to earns a
profits. In this large entrepreneurial ventures are included who do their business globally
and in this entrepreneurs are travelling through many countries for earning profits and
growth.
 Growth entrepreneurs: It refers to that entrepreneurs that is majorly focus on
expanding and growing their business outlet by attracting large base of customers. It may
involve the small business enterprise who are worki8ng for enhancing their outlet so that
they can sustain in the market by maximising their living standards and satisfying the
demands of customers (Ratten, 2016).
 Social entrepreneurs- It bring up to that type of typology of entrepreneurs in which a
person is working with the aim of solving the critical problems of society in an
innovative way and earns a high amount of profits. It involves social entrepreneurial
ventures that will measure their success by contributing towards the benefits of society
P2 Similarities and differences between entrepreneurial ventures
Difference between entrepreneurial ventures
Large company
This term defines as a concepts of offering innovative products and services to their
customers by longer sustainability within marketplace and also develops and modify their
offerings to gain competitive advantage.
2