Unit 9 - Entrepreneurship and Small Business Management

Entrepreneurial and
small business
management

INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1 Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and differences between entrepreneurial ventures..............................................3
LO2..................................................................................................................................................5
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on economy......................................................................................................................5
P4 Importance of small businesses and business start-ups to the growth of social economy.....7
LO3..................................................................................................................................................7
P5 Determine characteristic, traits and skills of successful entrepreneurs that differentiate them
from other business manager.......................................................................................................7
P6 Aspects of entrepreneurial personality reflect entrepreneurial motivation and mind-set.....10
LO4................................................................................................................................................11
P7 How background and experiences can hinder and foster entrepreneurship.........................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship and small business management refers to a sequence of learning new things
and is the heart of every business. It includes large company to small business and social
enterprise to scalable ventures. It is designed to build entrepreneurial skills and knowledge step
by step in an individual person mind. This report is based on entrepreneurs who can start their
business for earning more money and increase the economy of a country. It includes range of
different types of ventures with their typology and it also differentiate and similarities in
entrepreneurial ventures. Further it shows the impact of small business on the economy with the
importance of business start-ups and growth of the social economy. It also includes the
characteristic, traits and skills of successful entrepreneurs that differentiate it from business
manager which helps in earning more and more profits. And at last it explains the background
and their personal experience that hinders or fosters to become a successful in their business and
in the country(Burns, 2016)
.
LO1
P1 Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Entrepreneurship
It refers to that business venture which is related to the finding the opportunities beyond
the resources controlled. It is the process of designing, running and recognising a new business
that is often a small business. The people who created and invented the businesses are called
entrepreneurs. It simply defines as a setting up a activity of business and businesses while taking
up a financial risk in the hope of profits (Hatten, 2015).
Entrepreneurial ventures
It refers to that ventures that is focused on the giving the advisory services to early and
mid-stage companies. They prominently focus on the new and innovative services and product
offerings to those businesses that need them. Their motive is to make innovative and make
opportunities in the heart of businesses to produce economic and social values.
Types of entrepreneurial ventures
1

There are various types of entrepreneurial ventures present in the country who contributes
in the national economy and social welfare. Some of these are as follows.
 Large company entrepreneurial venture- This type of enterprises refers to that where
growth and innovation is most important to attract more customers and for longer
sustainability of the business in the market place. They focus on the customer’s needs and
wants, adapting new technologies and gaining the competitive advantage. They sale their
product offering in the new markets to earn more and more profits and increasing the
market share. It includes Samsung, Apple.
 Social entrepreneurship- This refers to those enterprises that produce innovative goods
and services to solve the problems related to the society and country economy. Their
main aim to make a better world by providing healthy resources and valuable resources.
Hence, these organisations are related to non-profit, hybrid and for profit. Example –
safepoint trust. Scalable start-ups business ventures – It refers to those organisation or business venture
that believe in changing the world with their vision and mission. Their funds are raise
from venture capitalist. Their main motive is to find the scalable and repeatable enterprise
model. After getting the funds and financial helps from the venture capitalist they focus
on growing their business enterprises. They make a small proportion of the company
because of high risk and outsize returns. Example – face book, Instagram, Google
(Antoncic, B. and et. al., 2015). Small business enterprises- It refers to those business ventures that make profits from
selling the innovative goods and services to their customers in a local area. The size of
the venture is relatively small. These enterprisers do business for their individual family
and make their life comfort. Examples – hairdressers, travel agents, internet commerce
storefronts, carpenter, plumber and electricians and many more. They are the sole
responsible of their profits and losses.
Typology of entrepreneurial ventures
 Female typology – This refers to those entrepreneurs typology in which businesses are
regulated, operated, organises, manages and imitate by a women entrepreneur. It is
included in the social entrepreneurs because they think towards the welfare of society.
These enterprisers are take difficult decisions in a very calm nature. They work for
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