Unit 9 - Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1 ...........................................................................................................................................4
P1 Different types of entrepreneurial ventures and their relation with typologies of
entrepreneurship..........................................................................................................................4
P2 Differences & similarities among entrepreneurial ventures..................................................6
TASK 2............................................................................................................................................7
P4 Importance of small businesses & start-up's on growth of social economy..........................9
TASK 3..........................................................................................................................................11
P5 Characteristic, traits & skills of successful entrepreneurs...................................................11
P6 Impact of entrepreneurial personality on mind set and motivation ....................................13
TASK 4..........................................................................................................................................13
P7 Different environment that hinder or foster entrepreneurship.............................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneur is a person who launch a new business & is able to bear loss and risk so that
they can generate money in an effective manner. They bring innovative things in order to attain
higher profits and gain success at marketplace (Boodraj and Boodraj, 2017). They convert idea
into products as well as services which assist them to fulfil their needs and requirements.
Entrepreneurship is defined as a procedure of designing, introducing & launching a innovative
product and service at marketplace. The people who implement and execute activities related to
new business is known as entrepreneurs. B&M company is taken into consideration for the
present report. The company was founded by simon & Bobby Arora who is a renowned
entrepreneurs. B&M is famous as homewares chain in the worldwide. The report discusses
different types of entrepreneurial ventures along with the typologies of entrepreneurship. In
addition to this, differences as well as similarities among entrepreneurial ventures is cover in the
present report. Furthermore, there is a discussion regarding the impact of small, micro & large
businesses on national as well as local economy. The key attributes, skills & traits of
entrepreneurs is discuss in the report. Later, the report discusses how background & experience
can foster or hinder entrepreneurship.
TASK 1
P1 Different types of entrepreneurial ventures and their relation with typologies of
entrepreneurship
Entrepreneurial ventures is termed as an entity which places innovation & opportunism at
their heart so that they can develop economic as well as social value. Entrepreneurship is defined
as a procedure where companies are formulated by taking higher risk in order to generate profits.
Entrepreneurial ventures is mainly emphasise on giving advisory service to small and early stage
companies so that they can run business in a smooth manner (Brush and et. al., 2019). There are
mainly four types of entrepreneurial ventures which is mentioned below:
Social Entrepreneurial Venture: Herein, entrepreneurs develop product & services in
order to solve social problems & needs. Their main motive is not to earn profits but to build a
world better place. Social entrepreneurial ventures can be hybrid, profit as well as non-profit. For
instance, safepoint Trust is a social entrepreneurship organisation that launches non-reusable

syringes by redesign the medical tools. They work mainly for underfunded clinics which is
present in all over the world. The organisation till now provide more than 4 billion syringes in
around 41 countries with a motive to help people and develop world. In addition to this, social
entrepreneur ventures contribute towards in improving economic conditions of economy. For
instance, NHS which is a public funded organisation help in improving health of people who
belongs from the poor segment and cannot afford treatment of their disease.
Scalable Entrepreneurial Venture: These are those entrepreneurs who launch their
company with a vision that they can change world. They recruit effective staff members and are
funded by venture capitalist (Dana, 2018). There main motive is to find a suitable & scalable
business model which assist them to attain success at marketplace. Some of the examples of
scalable entrepreneurship are online shopping of gadgets, Instagram, Facebook and many more.
Moreover, scalable entrepreneurs contributes around 19% towards the development of economic
conditions of a country.
Large company Entrepreneurial venture: These companies basically offers new
product which is associated with their main product. They develop new products so that they can
fulfil customer requirements & meet with advanced technology. Large companies mainly partner
with innovative organisation or buy innovative companies. There main motive is to earn higher
profits and enhance their business all over the world. Samsung, Microsoft, Google are such an
example of large company entrepreneurial ventures. Along with this, there are many large
ventures who adopt different methods such as Franchise, Joint venture, Licensing in order to
expand their business activities in other cities and countries.
Small business Entrepreneurial venture: In today, there are major number of small
businesses in all over the world. It is determined that in United States, 99% companies is small
businesses & they recruit staff members who are non-governmental people. They earn profit in
order to fulfil their basic needs and to support families. Small businesses are mainly funded by
family or friends as they lack to attain venture capital (Eijdenberg, Paas and Masurel, 2017).
The example of such entrepreneurship involves plumbers, grocery stores, consultants, carpenters
and many more. Small business ventures contributes a major part towards economy which is
around 22%. This ventures not only helps in fulfilling needs of person but also improve society
conditions.