Entrepreneurship and Small Business Management

Unit 9 - Entrepreneurship
and Small Business
Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Explaining different types of entrepreneurial.............................................................................3
Analysing entrepreneurial ventures similarities and their difference..........................................4
What are the impact of small and medium business on the economy .......................................6
Examining small business and their start-ups to growth of the social economy .......................7
Analysing the characteristic traits, skills and motivational drivers of successful entrepreneurs
that differentiate them from other business managers................................................................8
Difference between successful Entrepreneurs and Managers on the basis of traits, skills and
motivational drivers ..................................................................................................................9
Examine the entrepreneurial personality that reflect entrepreneurial motivation and mind-set.
...................................................................................................................................................10
Explaining background and experience can hinder or foster entrepreneurship.......................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is defined as ability that varied peoples have and used to establish, manage
and sustain a venture, along with sort of uncertainties to make money. It can also describe as
procedure by which an individual or teams of individuals formed a business whether it is small
or large, within specific sector. While small business management, refers to procedure of
supporting & coordinating each aspect of a small venture, whether it’s organizing workers,
suppliers and other stakeholders. The current assignment will explain development, scope and
growth of varied range of entrepreneurial ventures. It will define how small businesses have an
effect on different degrees of economic and in a global context. Furthermore, the study will
justify characteristic traits, competences and motivational drivers of successful entrepreneurs,
supported by particular examples. Lastly, it will clarify experience and background influences'
businessman, both positively and negatively, by contrasting & comparing examples.
MAIN BODY
Explaining different types of entrepreneurial
Entrepreneurship: It is the process of creating a business to bear the risk with the aim of
making profits. It is also known as transforming world by solving all the problems.
Entrepreneurial venture: It refers to the organization that places opportunism and
innovation in the heart to create social and economic value.
Establish company- It defines those companies that are already established their ventures
within marketplace or sector by using key strengths and capabilities (Morris and et.al., 2018).
For example, TESCO is considered as establish firm because it has formed in effective manner.
It gains competitive edge by using good financial background and key resources that are valuable
for the brand in term of increasing its sales, productivity and profitability, which is quite
essential to do.
Public sector: it is the type of sectors that are owned by the government and that includes
public goods and government services that are related to law enforcement and health care.
Corporate sector: They are the part of economy that is invented by the companies. They
are the part of domestic company that doesn't include government, private households and non-
profit organisations.
Typology of Entrepreneurship-

Small size social venture: These are the business that gives the importance to social
good in their local specific key wording along with the aim of business success. Like Oak Cash
& Curry
Large size social venture: It is the type of social venture that serves their social goods
globally to increase the growth and success of the business. Company like British Red cross
(Ahmad and et.al., 2018)
High growth firms: They are the mainly 10% of the companies that contributes the half
percent of jobs in these sectors this are manufacturing and service industry. Example of high
growth firm is Monza that is suited in UK
Types of typologies of entrepreneurship-
Public sector entrepreneurship: It refers to the new area of enquiry that means the
formation of innovative idea. For instance British business bank is the public sector enterprise
(What is Public Sector Entrepreneurship, 2021).
Social enterprise: It is the type of enterprise that is also known as business that have
specific objective that have its own primary purpose. Example NATIONAL HEALTH SERVICE
(Yu and et.al., 2019). Social enterprise is also covers under entrepreneurial typology, which
define activities of those companies that have taken initiatives to improve living standards of
people and their health as well like above one.
Survival firms: These are the business that has started their company in n years are still
running and have reached to their nth anniversary. It is one of the most common form of
typology in which those companies who suffer a lot while operating their venture has been
included. Survival organizations face varied challenges to obtain benefits and to survive in
market.
Managed growth firms: This is the type of company which have managed its business as
compared to competitors. Such instance Monza is the managed growth firm of UK. In this
category of typology of entrepreneurship, that firm that has managed their venture activities by
taking several actions has been recognized.
Analysing entrepreneurial ventures similarities and their difference Creative idea: both public sector and social entrepreneurship bring new ideas to reduce
the social needs of the people.