Entrepreneurship and Small Business Management

Unit 9 - Entrepreneurship and
Small Business Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
LO 1.................................................................................................................................................3
P1. Different types of entrepreneurial ventures and its relation with the typology of
entrepreneurship.....................................................................................................................3
P2. Similarities as well as differences in between entrepreneurial ventures..........................5
LO 2.................................................................................................................................................7
P3. Statistics for illustrating micro and small business impact on the economy....................7
P4. Importance of small businesses and starts-ups for social economy growth.....................9
LO 3...............................................................................................................................................10
P5. Determining characteristic traits and skills of successful entrepreneur.........................10
P6. Assessing entrepreneurial aspects of personality reflecting entrepreneurial motivation and
mindset.................................................................................................................................11
LO 4...............................................................................................................................................12
P7. Examining how background and experience hinder entrepreneurship with examples. .12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
The term entrepreneurship is related with the business process which is having its main
focus on designing, launching as well as monitoring of a new business venture. The business of
entrepreneur at the initial level is very small and needs to have full attention as well. With the
help of different thoughts, concepts as well as ideas of innovative and creative nature
entrepreneur can capture large market share along with increase in customer base. In this report
emphasis will be made on defining small business management along with entrepreneurship
knowledge base.
The present report will define about different types of entrepreneurial ventures along with
its relationship with the typology of entrepreneurship concept. Furthermore, discussion related to
the similarities as well as differences in between entrepreneurial ventures will be made. With the
help of statistical as well as relevant data impact and importance of micro as well as small
business on economy and its growth will be defined. Also, characteristic and skills for becoming
successful entrepreneur will be described. By making assessment of entrepreneurial aspects
related to the personality, factors creating entrepreneurial motivation and affecting mindset will
be disclosed. At last, the report will streamline about measures which creates hindrances in the
thought process of entrepreneurship along with examples.
MAIN BODY
LO 1
P1. Different types of entrepreneurial ventures and its relation with the typology of
entrepreneurship
Entrepreneurial venture refers to the business organisation who primarily aims in
increasing the profit and growth of business operations with new and improved methodologies.
Different types of entrepreneurial ventures are :
Small to medium sized ventures- It is defined as an independent firm that employs fewer
number of the employees. It is the number that varies around the statistical systems reflected as
250 as per the European union.

Social orientation business ventures- It is an undertaking that is been established by the
social entrepreneur which seeks for providing a systematic solutions in achieving sustainable
social goals.
Start-ups- It means when an entrepreneur typically starts its business and the company is
in early stages of development. Such entrepreneurial ventures is been typically started by mainly
3 founders who emphasize on the capitalizing a market demand with development of the viable
service, platform and the product.
Large scale business- It is the enterprise that must be having at-least 5000 number of the
employees and has an annual turnover higher than 1.5 billion.
Private sector ventures- These ventures are free from any of government interruptions
but sometimes it has to choose for the partners that are government body for jointly delivering
the service or acting as the business venture to the community.
Public sector ventures- It has been defined as promulgation of the initiatives regarding
innovative public policy which generates a greater level of economic prosperity through
transforming the status-quo in terms of an economic environment. Such firms are not free from
the government encumbrances as government is having stake in such companies.
Similarity:
 Customer satisfaction: The similarity between the public, private and social sectors is that
all the three sectors are the customer oriented. As their focus is to fulfil the customer
interest and also provide quality services to retain their interest towards the business for
longer way.
 Culture: The other similarity lies in respect of maintaining the organization culture at
work place by undertaking social and economic factors to maintain the integrity and
dignity in market for longer time period.
Difference:
Factors Private sectors Public sectors Social sectors
Maintained These sectors are This is maintained by It is managed through