Entrepreneurship and Small Business Management

Unit 9 - Entrepreneurship and
Small Business Management

Table of Content
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................3
Examining types of entrepreneurial ventures, their relation with typology of entrepreneurship . .3
Discussing similarities and differences of entrepreneurial ventures...............................................4
TASK 2.................................................................................................................................................5
Discussion on relevant data and statistics analysing micro and small businesses impact on
economy...........................................................................................................................................5
Importance of small businesses and start-ups in social economy....................................................7
TASK 3.................................................................................................................................................8
Discussing characteristic traits and skills of successful entrepreneurs ...........................................8
Aspects of entrepreneurial personality reflect entrepreneurial motivation and mind set ...............9
TASK 4...............................................................................................................................................10
Examining background and experience, which can hinder or foster entrepreneurship ................10
CONCLUSION ..................................................................................................................................11
REFERNCES .....................................................................................................................................11

INTRODUCTION
Entrepreneurship can be understood as one of the most essential aspect evolving in todays
competitive business worldwhere creating change with innovation, high scale resource planning and
new scale growth are essential factors.Role of entrepreneur is to bring on creative change among
businesses with varied innovative operation strategies, expand towards commercial aspects and hold
optimistic approach. ASDA company entrepreneurs have been taken in report to analyse various
factors within their skills, evolving towards new vision oriented goalswith high revenue standards.
ASDA has been competently growing by constant innovation, delivering constant quality products
to customers, making entrepreneurs success highly successful. Report will be discussing various
entrepreneurial ventures, relation with typology of entrepreneurship and their differences,
similarities among each other. Study will analyse impact of start-ups, small businesses tocreate
social impact on economy scenarios imperatively and for strengthening employment rates. The
research will further focus on traits, skills of successful entrepreneurs, which plays crucial role in
productive diversity horizons and varied aspects impacting motivation among employees.Study will
further bring analytical understanding towards background and experience impact on
entrepreneurship, in hindering or fostering entrepreneurship further.
TASK 1
Examining types of entrepreneurial ventures, their relation with typology of entrepreneurship
Entrepreneurship is ability to develop, organise new business enterprise with high passion
vision, for implementing newinnovative ideas and analyse uncertainties in order to create profits in
longer time frame. Entrepreneurial activity can be understood as evolving on enterprising human
action in pursuit of generation towards value, creation or expansion in diverse economic activities
by evolving on new ideas. The types of entrepreneurial ventures can be analysed in terms of size

and growth rates, with unique contributions to economic vitality at economy level (Four Types of
Entrepreneurship, 2021).
 Micro enterprises: This venture type can be understood as small business which sells goods
and services in local market and employs less than 10 people, with limited range of financial
funding. Small Businesses have no employees other than the self-employed owners, which
form micro enterprise business goals.
 Medium sized enterprises: This type of firm generally has more than 10 employees but less
than 50 employees in workforce, which forms varied range of creative working operations.
The medium sized enterprises are growing in structure aspects where creative diversity is
also vividly expanding on new domains furtehr.
 Large sized enterprises. With over 1000 employees employed and annual revenue over 1
billion, these companies are named as large sized firms.
Based on typology entrepreneur ventures can be analysed as follows:
 Serial entrepreneurs: This category of entrepreneurs are someone who starts and leads one
business after another, multiple businesses at same periods. There is constant growth in
development of new ideas, for day to day operations among corporate growth towards
varied business platfroms.
 Social entrepreneurs: They form category of leaders who pursue novel functions , have
new potentialities to bring on widecommunity based services, catering to welfare and social
care facilities. There is effort to create long scale changes in positive working behaviour by
building new creative initiatives, for best wellbeing
 Entrepreneurs: These are entrepreneurs who catch hold of new ideas for products, services
for bringing new rise in framework of company operations. Entrepreneurs with wide scale
innovations perceive competency factor to rise among innovations, to frame technical
strength and also to evolve on new domains.
Discussing similarities and differences of entrepreneurial ventures
Entrepreneur ventures can be analysed based on various scenarios where there are large
scale paradigms involved related with size, functions and many more, to keep up with benchmarks
in performance domains. There are various aspects of differences and similarities between
entrepreneurial ventures which can be analysed based on various factors which are as follows
(SMB, SME, and Large Enterprise: Why Your Business Size Classification Matters, 2021).
 Similarities between entrepreneur and entrepreneur: Both types of ventures demand new