Entrepreneurship and Small Business Management

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1 Types of business entrepreneurial ventures and their relation to typology of
entrepreneurship...........................................................................................................................1
P2 Differences and similarities between entrepreneur ventures. ................................................3
LO2..................................................................................................................................................5
P3 Analysis of data and statistics to show how micro and small business impact on the
economy.......................................................................................................................................5
P4 Small businesses and start-ups importance to the growth of social economy. .....................5
LO3..................................................................................................................................................7
P5 Skills and characteristics of an entrepreneurs.........................................................................7
P6 Personality reflecting entrepreneurial motivation and mindset..............................................8
LO4..................................................................................................................................................9
P7 Experience and background of entrepreneur hindering or fostering entrepreneurship. ........9
CONCLUSION..............................................................................................................................10
REFRENCES.................................................................................................................................11

INTRODUCTION
Entrepreneurship is the practice of designing, starting and continuing and running
a new organisation. Entrepreneurship is defined as the capacity and agreeableness to develop,
organize and manages a bunisses organisation along with many risk and profits. Start-ups and
small business is the practice which is been used by entrepreneurs while running the business.
Small business management requires entrepreneurs to have high variety of knowledge and
understanding related to business operations. The study will highlight the various types of
business ventures and their relations with typologies of entrepreneurship (Burns and Dewhurst,
2016). The report will show statistics and data to show how small and micro business impacts on
the economy. Moreover the study highlight the differences and similarities between types of
ventures. Report will describe why small business and start-ups assist to growth of social
economy. Further, the characteristics and skills of successful entrepreneurs will be highlighted in
study. The study also highlights how personality and nature of entrepreneurs reflects motivation
and mindsets.
LO1
P1 Types of business entrepreneurial ventures and their relation to typology of entrepreneurship.
An administrator is a person who starts an business and continues a business with very
few resources and is responsible for all the rewards and losses in business ventures. Entrepreneur
ventures can be described as an organization which focus on innovative and new offerings
(Welter and Gartner, 2016). There are various types of entrepreneurial venture which are as
follows-
Aggressive growth venture
Aggressive growth ventures focus on providing high quality goods and services to the
customers. The main of aggressive growth venture is earn high margin of profits on their
products and services. The prices charged by this growth venture is high as if focus on quality of
products rather than its prices. The market of this type of venture is not very large as all the
customers are not ready to pay high prices for the products. The typology followed by this type
of venture is lifestyle typology (Burns, 2016).
Survival growth venture
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The aim of survival growth venture is to do business so that they can survive in the
market. The aim is to earn enough profit by which they can survive in the market. Survival mode
means cutting cost, reducing profit margins and saving cash which can be used for different
activities (Hatten, 2015). Survival growth venture focuses on daily earning rather than making
long term objectives or goals as the purpose is to earn minimum amount of profit from which
they can survive in the market.
Public sector
Public entrepreneurial venture are do business activities foe social purpose though their
aim is to earn profit but also to do social services. They offer good quality products at
reasonable prices. The market of public growth venture is large as compare to other business
entrepreneurial ventures. The government innervation is their in public sector enterprises as most
of the activities are controlled by the government and all the working is done by following the
guidelines of the government (Burns, 2016). The typology which is used by public sector is
social typology.
Private sector
Private ventures are run by private individuals. The purpose of this type of venture is to
earn high amount of profits by offering high quality products. Private entrepreneurs focus on
profitability rather than doing social services. In private sector there is no role of government
private entrepreneurs according to their choices without any others interference. The market of
private ventures is good enough as it provides high quality products and services to the
customers.
In the field of entrepreneurship typology is the term used to describes classifications rather than
its basis. There are Different types of typologies which are as follows-
Social typology
This typology focus on providing social benefits to the people rather than making high
profits (Hatten, 2015). The aim is provide social benefits to people and do work for public rather
than focusing on money.
Lifestyle typology
Lifestyle typology aims at providing high quality products to the people with latest
fashion. Thus aims at improving lifestyle of people. The products and services offered are of
high quality so high prices are charged from the customers.
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