Entrepreneurship and Small Business Management

Unit 9
Entrepreneurship and
Small Business
Management

Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and typology of entrepreneurship......................3
P2 Explore the similarities and differences between entrepreneurial ventures...........................4
TASK 2............................................................................................................................................5
P3 Interpret and assess relevant data and statics to illustrate how micro and small businesses
impact on the economy of nation.................................................................................................5
P4 Explain the importance of small businesses and business starts-ups to the growth of social
economy.......................................................................................................................................6
TASK 3............................................................................................................................................7
P5 What are the characteristic, traits and skills of successful entrepreneur:...............................7
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind set.................................................................................................................................9
TASK4...........................................................................................................................................11
P7 Examine the background and experience of two entrepreneurs which hinder and foster their
entrepreneurship.........................................................................................................................11
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneur is an individual who innovates the new ideas of business into reality while
bearing high risk and enjoys the high rewards on the success of new ideas. They are those
individuals which full fill the demands of the public in a different way which helps them in
raising the standards of the individuals. Entrepreneurship is the activity of setting the business
with a hope of profits. They start their small or large businesses to help in the growth of
economy (Kurilova and et. al., 2019). This report determines the various types of
entrepreneurship and different types of typologies along with the similarities and differences
between them. Further, it has been discussed about the impact of micro and small business on
economy with their static data. This report also talked about the characteristic, traits and skills
required by the successful entrepreneurs and different between the business manager. At the end
of the report, it talks about the aspects of entrepreneurial personality which reflects on their
motivation and mind-set along with, what is the background and experience of Zuber and
Mohsin Issa.
TASK 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship.
Entrepreneurs are those individual who founds a new idea to make a business. They
launch their own idea in the market with the aim to earn profits. Entrepreneurship is the process
of developing, launching and running an overall business. The ventures have their own purpose
to stand in marketplace formed by entrepreneurs (Akpan and et. al., 2020). They are under
different categorise which are as follows:
 Small Business entrepreneurship: A majority of businesses are small. Their motive is to
generate profits to fulfils the needs of their family. The size and scope of these ventures
are narrow because they work at a small scale and access to near down places only. These
ventures has less than 50 workforce in their organisation. Example: Davison Canners,
Fourex etc. Large Company Entrepreneurship: These companies have the finite amount of life
cycle. These companies have an advance professional techniques and know how to
sustain their status in the marketplace. They have huge amount of capital. They create
new products and techniques to satisfy the customers satisfaction. When the small

company succeeded in their business plan then they can have converted into Large
Businesses entrepreneurs. Example: Amcor Plc, ASOS Plc etc.
 Scalable Starts-ups Entrepreneurship: these are the ventures which has an idea to
change the world with their new invention. These company's look into the things which
are absent in market. Example: Revolut, Bulb, Trova etc.
Typologies of entrepreneurship
Business ventures engaged in various types of typologies which are helps the business in
their development and works more efficiently (Omoush and et. al., 2018). They are of different
types which are as follows: Lifestyle Enterprise: In this ventures are working for increasing the life style of their
customers by operating their business. This typology seems under social business
entrepreneurs.
 Growth of the organisation: This type of business ventures working only for maximize
the amount of profit. These firms tries to develop their products and services for making
the changes in the existing products which helps the firm in increasing their efficiency
also to improve the share in market. This falls under the small and large business
entrepreneurs.
P2 Explore the similarities and differences between entrepreneurial ventures.
There are different types of entrepreneurial ventures with some similarities and
differences and these are as follows:
Similarities between Small business, large business and Social Enterprise:
 They all work for satisfying the needs of the customers. They work for the upliftment of the society as a whole by proving the job opportunities to
the local level which helps them in satisfying their personal needs also.
Differences
Basis Small Businesses Large company Social
Entrepreneurship
Scale These business are
operated at small level
with small amount of
These business
company which are
done at high scale with
These are those
entrepreneurs which
works to satisfy the