Entrepreneurship and Small Business Management

Unit 9 -
Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1 Elaborate various types of entrepreneurship ventures and how they are co-related with
topology of entrepreneurship .....................................................................................................2
P2 Determine differences and similarities between entrepreneurial ventures............................3
TASK 2............................................................................................................................................4
P3 Micro and small businesses impact on the economy.............................................................4
P4 Importance of small business and business start-ups which lead to the growth in the social
economy......................................................................................................................................6
TASK 3............................................................................................................................................7
P5 Analyse the attributes, traits and skills of entrepreneur that differentiate from managers...7
P6 Analyse different entrepreneurs personality which reflect entrepreneur mindset and
motivation.................................................................................................................................10
TASK 4..........................................................................................................................................11
P7 Background and Experiences of an Entrepreneurs .............................................................11
CONCLUSION .............................................................................................................................12
REFERENCES................................................................................................................................1
Books and Journals.....................................................................................................................1

INTRODUCTION
Entrepreneurship and small business management are two areas that revolves around
risks and conflicts. Every business needs these areas for expansion of the firm. Entrepreneurship
refers to a process of consolidating activities to form a business. A person who is entitled and
willing to take risks is eligible for this term. Small business management refers to process which
is carried out by entrepreneurs for their commercial activities. German motor company (GMC)
headquartered in UK, is a leading manufacturers corporation . So, in this report topics that have
been considered are types of entrepreneurship ventures, topologies, development and growth,
impact of micro and small business in economy, importance of small business and start-ups.
(Burns and Dewhurst eds., 2016)
TASK 1
P1 Elaborate various types of entrepreneurship ventures and how they are co-related with
topology of entrepreneurship
Entrepreneurship refers to launching or starting of new business venture. It is a process
of organising, managing , controlling and determining the risk in business. German Motor
Company is expanding its business and its operational activities are managed and controlled by
highly skilled employees and workers. Further, it also meet the requirements as the customer is
needed.
There are different types of entrepreneurship ventures which being focused and carried out by
entrepreneurs which are discussed below-
Small business entrepreneurship- This is a kind of entrepreneurship which runs on the
small scale just to live and support themselves in the market. Small business entrepreneurship
such as small traders, retailers, bakery shops, cafe etc. This kind of business is less risky with
limited profitability. In context to GMC, they have started workshops of their services and their
modified products to enhance their business growth in different segments of area. Small
business entrepreneurship always require finance for their business to develop their operation
and functions at wider level. They uses different sources of funds such as money lenders, bank
loan etc. An entrepreneur is a person that owns a small business and members of team which is
required to fulfil customer needs and wants.

Scalable Start-up Entrepreneurship- This refers to when entrepreneur has scalable
business with manageable risk as well as profit. Thus, these type of entrepreneurs take help of
ventures capitalists(firms or cluster of people who are ready to invest in business or start-ups)
with motive of growth of the company. In these, entrepreneur manages to join business with
other organisation. They are always ready to take advantage of opportunity available in market.
So, German Motor Company is expanding their business and giving jobs to people. In assistance
to this, this creates an innovative idea and also searches for a scalable and repeatable business
model that lead to high growth and profitability of a company. Further, it also build a sharp team
to achieve a cavilling path.
Large Company Entrepreneurship- In this, entrepreneurs start their business at large
scale with motive of innovation, advanced technology and sustainable environment. Risks and
barriers in this entrepreneurship are at higher level. Such types of entrepreneurs usually have
adequate amount of to carry out their business activities in market. They are flexible and goal
oriented in nature. These large company entrepreneurship always achieve their task with
motivation and innovative approach. Company is using digital platforms to sponsored their
products with Desk jock, Facebook etc. to enter into foreign market and to provide more reliable
output to its customers (Ratten 2016). A large company entrepreneurship is further defined as a
company through which it survive in providing new products. It further involves customized in
tastes and preferences of of a customer that is tackled by new competitors.
Social Entrepreneurship- Business is not all about profit and sales rather it is a broader
term . In this, entrepreneurs run their business aiming social welfare and health; work as non-
profit organisation. These types of entrepreneurship perform their business operation and
function with ethics as well as principles. So, social needs and services are two focused in this
kind of venture. It is a formulation through an individuals, groups, start-up companies or
entrepreneurs that evolve the funds and then evaluate the results to social, cultural or
environmental problems. Further, it has a large scope of organisation that varies in norms,
beliefs and so on.
Typology of entrepreneurship- Typology refers to study of classification and types
such as on basis of religion, culture, people etc. It is mainly describe as the classification of types
according to its basis. It is first published by Arthur H.Cole in the year 1934. In assistance to this,

it implies on regarding the norms, beliefs and so on. Considering GMC, their department is
divided into different types of typologies which are mentioned below-
Serial entrepreneurs- A serial entrepreneur are those who comes with new ideas and
thoughts of doing business. They are flexible in nature and are active in the market such as
German Motor Company( BMW, ASTON MARTIN) etc. These kind of entrepreneurs are
always ready to take risks (Mugler 2017). Further, it also involves new innovations and specific
ideas that lead to running the business in effective and efficient way. It comes to start new
business enterprise that plays an essebtial role in regular intervals of a company.
Lifestyle Venture- These are the entrepreneurs who comes with motive of acquiring
large share of market and with maximum resource. The main objective of this typology is to
explore personal lifestyle rather than making profit. In assistance to this, it also involves to
maintain large market area for with a individual idea that lead to grow in the future and increases
profitability and productivity of a company.
Social economy: It is form by a enterprise of an organisation such as mutuals,
associations, foundations, social enterprises that could share their ideas and thoughts in a
community. It involves democratic governance, combination of interests and members that
privide responsibility to a particular individuals. In assistance to this, it has various sizes that
include large companies and groups in their markets.
Characteristics of successful entrepreneur
 Motivation for doing work.
 Creativity and innovation of new ideas and thoughts.
 Vision and mission of a company for future growth.
 Decision making is in hand of individual entrepreneur.
 Risk factor increases in a business.
Typology of entrepreneurs have a great impact on business. Because attributes, attitude
and behaviour are different in each individual.
P2 Determine differences and similarities between entrepreneurial ventures
SIMILARITIES Small Business Scalable Business Large Business
Owners These are owned as
well as managed by
owners
These are owned and
managed with help of
professionals.
These run as
professional
management and

owned by more than
one individual.
Motive
Their main motive is
to survive in market
with minimum profit.
Their main motive is
to acquire large
market share with
more profit.
In this, main aim is to
be gain profit at
national &
international aspects.
Meaning
Lifestyle ventures and
similarities with business
 These are the ventures
which are dynamic in
nature and explore their
personal lifestyle as
well as passion.
Serial entrepreneur and
their similarities with
business entities
 They focus on
innovation and
goodwill of the firm. In
relation with GMC it is
giving a huge rise in
employment business
at large scale.
Similarities
Requirement  To increase the growth
and production of
organisation they
require skilled workers
and efficient resources
which will assist them
in overall development.
 Lifestyle ventures
mainly focuses on
 In this also, these
entrepreneurs need
expertise as well as
highly professional
people who can give
boost in growth of their
company (Kuratko and
Morris 2018).
 Serial entrepreneurs
main aim is to give