Small Business and Entrepreneurship INTRODUCTION

Entrepreneurship and
Small Business

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the......1
typology of entrepreneurship......................................................................................................1
P2 Explore the similarities and differences between entrepreneurial ventures...........................2
TASK 2............................................................................................................................................5
P3 Interpret and assess relevant data and statistics to illustrate how micro and small business
impact on the economy...............................................................................................................5
P4 Explain the importance of small businesses and business starts-ups to the growth of social
economy......................................................................................................................................6
TASK 3............................................................................................................................................7
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers............................................................................................7
P6 Assess how aspects of the entrepreneurial aspects personality reflect entrepreneurial
motivation and mindset...............................................................................................................9
TASK 4..........................................................................................................................................10
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................10
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship refers to starting an managing an business venture in order to gain
profit by selling product and services. Entrepreneurs takes risk and develop business for gaining
success and profit form business venture. Entrepreneurs manges small business in most effective
way want their business to grow in lager organisation. In this report Capitfy company is selected,
organisation is located in London, UK(Belitski, Caiazza, and Lehmann, 2019.). The company
is developer of digital marketing platform designs and offers data drives advertising and
analytical services. In this report various topics are covered such as different types of
entrepreneurs venture and hoe they are related to the typologies of entrepreneurship. It also
included similarities and differences between entrepreneur venture. Further, it includes
evaluation of how small and micro business impact the business venture, various importance of
small business and business starts-ups in growth of economy. Furthermore, it includes
characteristic, traits and skills of successful entrepreneurs, how the personality of entrepreneur
reflect entrepreneurial motivation. In the last it includes how background and experience can
hinder and foster entrepreneurship.
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Entrepreneur ventures are the individual that operates and manges an business and
influence other people in their organisation. The main objective of these individuals is make an
change and start an innovative business. This individuals make them self as an inspiration and
motivate other people in their business and out side the business. There are various business
entrepreneurial venture are explains below: Small business entrepreneurship: This businesses usually deals with the already known
and established product and services, while the entrepreneur venture focus on make new
idea and innovation in the market with their products and services. This business
entrepreneur start new business with small number of employees and low investment.
These firms have less then 50 employees and their annual turnover can be $2 million.
This business enterprise provide product and services to the customers.
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Scalable start up entrepreneurship:This starts-ups business start with new idea and innovation
that make change in the market. It refers to the everything that make changes with creative idea
and innovation and start business. This businesses face many uncertainties and risk in their
business and also have chance to have failure in the business. Scalable entrepreneurs needs
(Donckels, and Miettinen, 2019) proper planning and management of their businesses in order to
gain success in the industry. Proper business plan help them to gain high growth in the market
and also help them to get attention of target market.
Large scale entrepreneurship: In this businesses entrepreneurs have high number of employees
and also they have huge investment in their businesses. This entrepreneur handles numbers of
operations on daily basis. They chose and develop product and services on the large scale that
needs high level of investment. Large scale entrepreneur frequently changes their business idea
and take initiative to make change in current product and services they are offing to the
customers.
Typologies of entrepreneurship: Survival entrepreneur: This entrepreneur start the business venture to meet their
financial needs and survive in the market. The long term goal of survival entrepreneurs is
to stay in business and make grow accordingly. They always focus on cutting the cost of
production so that they can gain more profit and survive in the market. They work with
less employees and their revenues are also low. These entrepreneurs are take less risk
because in order to take risk it required huge amount to invest in the business.
1. Lifestyle entrepreneur: This kind of entrepreneur make their business on online
platforms, their main motive is to start business that fulfil the needs that can improve
their lifestyle. They work for growth and profit maximisation and they make business
according to the requirements of their own lifestyle. This entrepreneur can start business
according to the small, medium, and large business entities.
 Serial entrepreneur: This entrepreneurs continuously comes with new idea and
innovation in order to make change in the current situations and market needs. Serial
entrepreneur always think about new ideas and innovativeness to grow their business and
attract more customers. They have skills and capabilities to think out of the box and make
huge profit. But there are always huge risk in this type of entrepreneurship.
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