Entrepreneurship and Small Business Management

UNIT 9
ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION.......................................................................................................................................3
LO1.............................................................................................................................................................3
P1 Different types of entrepreneurial ventures and relate with the typology of entrepreneurship............3
P2 Similarities and differences between entrepreneurial ventures...........................................................5
LO2.............................................................................................................................................................6
P3 Interpret and assess data and statistics to micro and small businesses impact on economy................6
P4 Explain importance of small businesses and businesses start-ups to growth of social economy.........8
LO3...........................................................................................................................................................10
P5 Determine characteristic traits and skills of successful entrepreneurs that differentiate them from
other business manager..........................................................................................................................10
P6 Assess how aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset. 12
LO4...........................................................................................................................................................13
P7 Using relevant example how background and experience can hinder and foster entrepreneurship...13
CONCLUSION.........................................................................................................................................14
REFERENCES..........................................................................................................................................15

INTRODUCTION
Entrepreneurship and small business management is an important source of earning high
amount of profits and revenues and also benefitted the economy of the country. In this a person
having lots of skills and knowledge to start a small business and become a large organisation so
that they can enhance our economy and removing poverty by encouraging prosperity.
Entrepreneurship is called the backbone of an enterprise that provides job opportunity and
satisfies the needs of the customers. this project is related to various range of entrepreneurship
that also includes typology of entrepreneurship. it also inculcates the impact of small businesses
in the economy and how start-up businesses encourage growth and economy of the economy. it
also suggest the various aspects that set the mind of an entrepreneurial to become a successful in
their vision. at last it includes the different environment that can show the foster and hinder the
entrepreneurship(Burns, 2016).
LO1
P1 Different types of entrepreneurial ventures and relate with the typology of entrepreneurship
Entrepreneurship- It defines the essential framework that helps in enhancing the value
of the person and their profitability. It helps in managing and developing the business entity to
gain the profits by taking the risk in the competitive world so that firm may fix their
sustainability for a longer period of time. They cab set their own standards on operating the
business and deals with the large number of obstacles. It includes various types of
entrepreneurship that can be shown below(Burns and Dewhurst, 2016).
Entrepreneurial activity- It defines the term related to individual behavior in which
value can be operated by the business by creating the various economic framework that can
presented with the innovative ideas. In this ideas can be mould into the reality by benefitting the
customers so that company can enhance their profits. it also provides the creatively and
employment opportunity in the country. It can be included different types of entrepreneurial
ventures that can be shown below.
Types of entrepreneurial ventures

 Small entrepreneurship- It defines that business venture that is owned and operated by
an individual person and in this there is mo major competition they face. They sell their
products and services in the local market with a small amount of capital and resources. It
mainly earns a profit of less than € 2 million, where they give the employment
opportunity to the small number of people i.e. less than 50 employees. It includes
Eletotech ltd, as a example of small enterprise(Dana, 2018).
 large entrepreneurship- It refers to that type of organisation that are mainly focus on
satisfying the customers demands by offering them innovative goods and services as per
their taste and values that also helps in beating the competition in the market. They also
provide large amount of employment opportunity to the large area people and they are
working for longer sustainability in the market. Examples are Google, Tesco, M&S etc.
 Social entrepreneurship- It refers to those ventures which are designed to solve the
problem of the society and creating the products and services as per the welfare of the
society people. They are majorly working for making the society a better in t5he world
rather than earning profits and revenues. Examples of social entrepreneurship children
trust(Ratten, 2016).
Typology of entrepreneurship
This term represents the classification of the different entrepreneurship on their particular
basis. It helps the economy of country and society to enhance their growth with the distinct
features of the business operations and in this some of the typologies of entrepreneurship can be
described below.
 Lifestyle enterprise- This aspect of typology of entrepreneurship represents that
entrepreneurs are operated their enterprise for enhancing their living standards and
providing the varieties of opportunities to the local people in the form of their welfare,
employment etc. so that it also affected the economy of the country and enhance the
sustainability of the business. They are basically related to the small and social
enterprise.
 Growth enterprise- This type of entrepreneurial typology can enhance their profits and
growth with their innovative ideas in their product offerings that can satisfy the needs of
the customers. it can involves the large enterprises that can working for gaining the