Entrepreneurship and Small Business Management

Unit 9 –
Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1 ...............................................................................................................................................3
P1 Discuss several types of entrepreneurial ventures & analyse how they relate to typology of
entrepreneurship ..............................................................................................................................3
P2 Present differences and similarities between entrepreneurial ventures......................................4
TASK 2.................................................................................................................................................5
P3. Assess relevant data & statistics to illustrate how micro as well as small businesses have
effect on the economy......................................................................................................................5
P4. Explain significance of small businesses & start-ups to the growth of the social economy.....7
TASK 3.................................................................................................................................................8
P5 Analyse characteristics, skills, & traits of entrepreneurs that are different from managers.....8
P6 Explain different entrepreneurs personality which reflect entrepreneur mindset and motivation
.........................................................................................................................................................9
TASK 4...............................................................................................................................................10
P7 Discuss effect of background and Experiences of an Entrepreneurs .......................................10
CONCLUSION..................................................................................................................................12
REFERENCES...................................................................................................................................13
Books & Journal:...........................................................................................................................13

INTRODUCTION
In business sector, it is important to examine and analyse the type of entrepreneurship
which is needed to be adopted. It is essential to chose the suitable so that decision making is done
properly (Hamisi, 2017). Main of this report is to clearly understand the scope of entrepreneurship
& an understanding of enablers & barriers to business start-up. This report includes types of
ventures, similarities and difference between entrepreneurial ventures, impact of micro & small
business on economy, importance of small businesses, traits & skills of entrepreneurs, aspects of
entrepreneurial personality reflection, effect of background & experience on entrepreneurship.
PART A
TASK 1
P1 Discuss several types of entrepreneurial ventures & analyse how they relate to typology of
entrepreneurship
There are various types of ventures according to which they are able to run business.
Entrepreneurship refers initiating of new business and venture with new ideas. It includes
controlling, organising, managing functions and operations of business and activities. In context
with Deliotte, they they have a large business across the globe. Basically there are different types of
ventures which are described below-
Small business entrepreneurship- This refers to business which dis run by small limited
capital and market. It includes, shops, bakery, cafe, restaurant etc. Owner enjoys the profit as sole
person. It depends upon owner to decide whether to hire staff or not & accordingly decision making
is carried out (Ajibade, 2017).
Scalable start-up- These are defined as business with medium size of market that establish
their functions as well as operations with motive of survival in market. They take financial assist
from angel investors, financial institutions etc. Also, to expand their business firm they go for
choosing of joint ventures, partnership etc. through which they are also able to access international
market.
Large entrepreneurship- This is defined as ventures with larger market and they establish
them selves with aim of introducing change or something innovative. Entrepreneur cannot take
decision-making on their own as they need to consult with shareholders, management etc. They
invest large amount of capital in promotion and advertising of their products as well as services.
Social entrepreneurship- These are those who establish business with aim of helping
citizen of society, individuals etc. Thus, their purpose is not to ear profit but provide social welfare.

Moreover, they size as as scope is limited to particular region or country.
Serial entrepreneurs- They are those who run business with motive of developing new ideas or
changes. Such kind of entrepreneurs are able to deal with risk and challenges at every aspect. Their
main aim is to change the market nature by creating a development within the existing system or
sector. In order to bring changes which is necessary for improvement of business organisation, the
organisation focuses on investing large amount of fund for growth and success of organisation.
Herein, the example can be taken of largest organisation such as TESCO.
Lifestyle venture- They are one who run venture with purpose of enjoying their passion
lifestyle. Main objective is to access larger size of market with by targeting different customers.
Herein, the organisation focuses on bring changes according to marketing trends, taste as well as
preferences of its user. The example can be taken of largest organisation named as ZARA.
Social economy- This involves foundations, associations etc. which are formed to share
common ideas, thoughts and decisions with democratic governance. They also give importance to
every individual thoughts which is considered by everyone. This typology is related to social
enterprise whose main motive is to provide products and services not for achieving profit but for
welfare of company. For example National health organisation(NHS) provide services for the
purpose of increasing standard of living of individual person in society.
Survival venture- These type businesses are being run with purpose of their personal
survival. Furthermore, they are strives for resources and customers (Brown, 2018). It is connected
with small organisation who focuses on survival and maintenance of organisation. For example
funding circle who operate their business at smaller scale.
Characteristics of successful entrepreneurs
 They are motivated at every aspect.
 These are always ready to access the risk and challenges.
 Furthermore, a successful entrepreneur is flexible in nature.
Hence, it has been analysed that types of entrepreneurship and ventures are needed to be
examined appropriately so that decision making is done in positive way. Typology &
entrepreneurship are related with each other as they both assist in development of business at larger
scale & through them it is possible for them to access in proper decision making. Moreover, by
focusing on them, entrepreneurs chooses current form of ventures and which is helpful for their
business.