Unit 9 - Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Task 1...............................................................................................................................................3
Types of entrepreneurial ventures and how they relate to typology of entrepreneurship............3
Similarities and differences between the entrepreneurial ventures..............................................4
Task 2...............................................................................................................................................6
Impact of micro and small businesses on the economy...............................................................6
Importance of small businesses and business startup in growth of socio economy....................7
Task 3...............................................................................................................................................8
Characteristic, traits and skill of successful entrepreneur............................................................8
Entrepreneurial personality reflects motivation and mind set ..................................................10
Task 4.............................................................................................................................................11
Background and experience influence entrepreneurs ...............................................................11
CONCLUSION .............................................................................................................................12
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship is now become the trend as everyone wants to engage in it. In order to
make contribution in the growth of the economy people are focusing more towards starting their
own businesses. In this report, we will study the different types of entrepreneurial ventures and
topology of entrepreneurship and relation between them. In this report, we will also explore the
various similarities and differences between entrepreneurship ventures. This report will also state
that how micro and small businesses impact on the economy after assessing the relevant data and
statistics. This report will also help us to understand the importance of small business and
businesses start-ups to the growth of the social economy. In this report, we will study the
characteristics, traits and skills of the successful entrepreneur and assess how entrepreneurial
personality reflect entrepreneurial mind-set. We will also study that how the experience of the
successful entrepreneur hinder the entrepreneurship.
MAIN BODY
Task 1
Types of entrepreneurial ventures and how they relate to typology of entrepreneurship
Entrepreneurship ventures is the organisations which offers the existing, new and
innovative product and services to existing and new customer in the new and existing market.
The owner of the entrepreneurship ventures are deals with the known as well as unknown risk on
the basis of the types of ventur(Morris and et.al., 2018)e. The four type of entrepreneurship
ventures are:
1. Small business entrepreneurship: These entrepreneurs runs their own businesses by
arranging the fund via friends, family and small business loans. Their motive is to make a
profit only to live the modest lifestyle not to build a business with high turnover. They
mostly hire the local people and family member in case of need. For example Coffee
shop, Courier, Catering, grocery stores etc.
2. Scalable start-up entrepreneurship: These entrepreneurs start their business with a
vision to change the world. In order to rapid expansion, they attract the different financial
investors in order to get more capital. Their main motive is to find best and scalable
business model and making market share. They also focus towards creating wealth for the
founders. For example Hassle.com , Sendmybag.com etc.

3. Large company entrepreneurship: These entrepreneurs mostly focus towards offering
new and innovative products which are different from the existing product available in
the market. This company mainly focus on selling new products to new customer in new
market. Because of changes in customer taste and preferences, technologies, competitors
and customer loyalty it create pressure for large companies to make its personality. For
example Unilever plc, Aviva plc etc.
4. Social entrepreneurship: These entrepreneurs focus towards creating the product and
services in order to solve the needs and problem of the society. Unlike scalable start-up
the goal of the business is not to create wealth and make market share but to help the
society. Example of social business in order to change the world are Cafedirect,
Company shop etc.
The typology of entrepreneurship is describe as the classification of the types on the basis of
entrepreneurial creativity and opportunities recognition(Hsu, Simmons and Wieland, 2017). The
four type of typology of entrepreneurship are:
1. Creative constructionist: If both the entrepreneurial creativity and opportunity
recognition are high then the business owner become creative constructionist.
2. Creative opportunist: If the entrepreneurial creativity is high but the opportunity
recognition is low then business owner become creative opportunist.
3. Creative designer: If the entrepreneurial creativity is low but the opportunity
recognition is high then business owner become creative designer.
4. Creative producer: If both entrepreneurial creativity and opportunity recognition is low
then business owner become the creative producer.
Entrepreneurs are the person who manages the activities of the whole business by hiring
best and talented staffs. In order to become the creative constructionist they have to focus on
making better career success in terms of creative performance, achievement, increasing social
reputation and customer satisfaction level and the happiness of the staffs by providing them
incentives.
Similarities and differences between the entrepreneurial ventures
Similarities between the four entrepreneurial ventures are:
The similarities between the small business, scalable start-up, large business and the
social business are the hierarchical structure(Basole, Park and Chao, 2018). The authority in all