Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1 .................................................................................................................................................3
P1- entrepreneurial ventures and how they are related to entrepreneurial typology...................3
P2- similarities and differences between entrepreneurial ventures..............................................5
P3- impact of small and micro business on economy .................................................................7
P4- Importance of small business and start up of business to the growth of the social economy
......................................................................................................................................................8
P5- Characteristics traits and skills of a successful entrepreneur and differences in managers
and entrepreneur...........................................................................................................................9
P6- Aspect of entrepreneurial personality reflect entrepreneurial motivation and mindset .....10
P7- Ways Background and experiences can hider or foster to the entrepreneurship.................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneur is the person who create a new business with bearing most of the risk in the
business, and they are only who enjoy most of the rewards from the business. A entrepreneur
always come up with the new idea that must be different from the other business or add some
value in Custer life.
This report will examine types of entrepreneurial ventures and it will also explain the
typology of entrepreneurship. This report will provide the differences and similarities between
the entrepreneurial ventures (Burns, 2016). It will interpret and asses the important data related
to the contribution of micro and small business impact on the UK economy. This report will also
explained the importance small business start-ups to growth the social economy and evaluate the
differences in the small, medium and large business who contribute to the economy. It will also
cover the mindset of the entrepreneurs by using the big five personality model. In the end of this
report will compare two entrepreneurs on the basis of their background and success story.
LO1
P1- entrepreneurial ventures and how they are related to entrepreneurial typology
A entrepreneur is an Person who starts and runs its own business with limited resources
but with the proper planning, and is accountable for all the risks and profits of their business
venture. The business idea usually comprehend from a new product or service rather than an
existing business model. While entrepreneurship is way of doing business where entrepreneur
search for the venture they want to start and find the investors who can invest on their business.
There are different kinds of entrepreneurial ventures that can be choose by entrepreneur
to start their business. Its necessary for the entrepreneur to find the ventures which is suitable for
their business ideas. Here are some entrepreneurial ventures (Scarborough, 2016).
Entrepreneurial Ventures
Any Established company
An established business or company is the one that has obtained reputation for their
particular product, process, service and platform.
Small size social venture
Small size social vestures are firm that work on the small level and helps people around
their local areas and it can be run by single or more than 10 people.

Large size social venture
Large size social firms are the NGOs who are working on the large scale and helping
people in whole country.
High growth
High growth firms are having huge investment and large market within the country or out
of the country.
Typologies of entrepreneurship
Survival ventures
Survival venture is similar to the informal sectors and this kind of business not registered
by the owner and they earn money to just survive. Examples of survival ventures are- small
grocery stores and mini departmental stores.
Managed growth ventures
Managed growth ventures are small business that have limited resources and limited
investment. They take growth in their business slow by their main motivate is to earn profits.
Aggressive ventures
Aggressive growth business large or multinational business who are having huge
reprocesses and sell their product on national or international level (Lambert, 2019)
(Burke and Cowling, 2020) Examples – TESCO, Hotel Marriott.
Lifestyle venture
Lifestyle ventures are sun by single person in which they earn limited money in their
business and they earn by showing their lifestyle through videos and entertaining others.
Examples- you tubers and influencers
Social entrepreneurship
Social entrepreneurship work toward the Society and helping people. They are non- profit
earning firms. Examples- NGO and charity firms etc.
Relation with typology
Different
entrepreneurial
ventures
Examples in those categories Sector