Entrepreneurship and Small Business Management

Unit 9 — Entrepreneurship
and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurship and their relation to the typology of entrepreneurship:. 3
P2 Similarities and differences between entrepreneurship ventures............................................5
TASK 2 ...........................................................................................................................................7
P3 Impact of micro and small businesses on the economy in UK...............................................7
P4 Importance of small businesses and Start-ups for growth of the social economy..................7
TASK 3 ...........................................................................................................................................8
P5 Characteristics traits and skills of successful entrepreneurs..................................................8
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.........................9
TASK 4..........................................................................................................................................10
P7 Examples of entrepreneurship..............................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship is defined as purposeful activity of an entrepreneur. In this they try to
innovate something and wants to change the world with their idea. There are different
characteristics followed by entrepreneur such as hard work, self-reliance and independence,
highly optimistic and planning and organizing ability etc. These characteristics help
entrepreneur to successfully run their entrepreneurship and small business. This report helps
ASDA company to understand their competitive advantages of their entrepreneurship business
(Takwi, and et.al., 2020). ASDA is retail company which provides grocery and clothing
products. It is based on UK. This report will examine different types of entrepreneurship
ventures and also explore their similarities and differences. It will also illustrate that how micro
and small business create impact on economy and also explain importance of small business and
start-ups. This will also determine the characteristics traits and skills of successfully
entrepreneurs. In the end of the report it will evaluate entrepreneur’s mind-set that how they are
motivated for their work and give relevant example to explain their foster entrepreneurship.
MAIN BODY
TASK 1
P1 Different types of entrepreneurship and their relation to the typology of entrepreneurship:
Entrepreneurial:
In this type of venture entrepreneur is an individual who start their business with limited
resources. This type of entrepreneurship is completely innovative and not related to any existing
business model. In this, entrepreneur take high risk to run the business. It is mainly classified in
new product development and innovation business model. In this, person has highly focused on
their idea and try to implement it and properly lead the business. Although in entrepreneurial
venture uncertainty is high and at will affects whole business and its development if some risk is
occurred.
Intrapreneur-ship:
In this type entrepreneurs are believed that lost and failure will not affect any personal
cost. Intrapreneur-ship is basically a large organization of entrepreneurs. In which they are self-
motivated and ready to do anything for their ideas. They also take initiatives to implement their
ideas with the limitation of organization. They always focus on particular issues, and they have
ability to find better solution for firm by provide innovative ideas and services. In Intrapreneur-

ship entrepreneurs are work with freedom and their main characteristic is foster behaviours and
independence for their work in an organization.
Managerial:
This venture considered the managerial organization which Manage employees and staff
members for their work and performance (Morris, and et.al., 2018). In this firm, some
employees have power to change employees work and position according to their performance.
These employees are on higher position in the organization. They guide employees for work and
ensure that they are increasing their work performance effectively. In managerial
entrepreneurship employees have responsibility for day to day work activities.
Scalable start-up:
These types of ventures know their vision, and they also have believed on their vision
that they can change the world. They attract investor by their ideas and by their confidence. By
their idea these firms create different relationship in market. This type is mainly focused on
improvement of the product and service quality.
Large company entrepreneurship:
This type of ventures focuses on achieving goals and objectives. In this type of
organization, large numbers of employees are working. Their main target is to increase their
sales and rise their profitability with productivity.
These different types of entrepreneurial ventures are related to different entrepreneurship
typology such as small profit ventures, lifestyle ventures and high growth ventures. These
ventures help organization to grow their business and increase their profitability.
Small profit ventures:
These ventures are not focusing on their extraordinary growth. Its best example is small
shops in cities which are run for small profits, and they have 2 or 3 employees (Sallos, Yoruk,
and García-Pérez, 2017). They are an independent entrepreneur and it helps them to take their
own decision for their small business.
Lifestyle ventures:
In these entrepreneurs’ focus is to gain high profit. They need to achieve their objective
and goals to rise their position in market. They run the business and maintain by their own
decisions based on their own lifestyle. Lifestyle ventures generally start their business from their
passion and with new idea to make profit.