Entrepreneurship and Small Business Management

Unit 9 Entrepreneurship and Small
Business Management
1

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1- Forms of entrepreneurial ventures and their interrelation to typology of entrepreneurship
................................................................................................................................................3
P2- Similarities and differences between entrepreneurial ventures.......................................4
M1...........................................................................................................................................6
D1...........................................................................................................................................6
LO 2.................................................................................................................................................7
P3- Statistics and data related to impact of small and micro businesses on economy...........7
P4- Business start up and small ventures importance to growth of social economy..............8
M2...........................................................................................................................................9
D2...........................................................................................................................................9
LO 3.................................................................................................................................................9
P5- Differentiating skills and characteristic traits of entrepreneurs from other ventures
managers.................................................................................................................................9
M3.........................................................................................................................................10
D3.........................................................................................................................................10
M4 Analysis of link between charcterstics and influence of personal background and
experience to entreprenuers..................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
2

INTRODUCTION
Entrepreneurship is defined as readiness and capability to create, organize and manage a
venture company, along with any of their uncertainties to make a profit rather than before. The
most prominent example of this term is beginning of new companies. It can be consider as
extraction or innovation of value. The term is viewed as opportunity, which may recognize other
values than simply economic ones. In economies, it connected with capital that can generate
profitability. The current assignment will explain different forms of entrepreneurial ventures, and
their link to typology of entrepreneurship. This study will define similarities & differences
between entrepreneurial businesses and also describe impact of small & macro ventures on
different levels of economy in the world. It will explain importance of business start up and
small firms to progress of social economy. Furthermore, this report will justify skills,
characteristics traits and motivational drivers of successful entrepreneurs. It will clarify
experience and background influences on entrepreneurs, both negatively & positively.
LO 1
P1- Forms of entrepreneurial ventures and their interrelation to typology of entrepreneurship
Established company-
An established venture is one that has obtained a reputation for particular goods,
procedures, services and platforms (Freytag, 2019). Well established and famous companies such
as Sainsbury’s are famous across their home town as they have strong customers base and
excellent performance in market where they are operating.
Small size social venture-
These types of ventures such as funeral care are known for providing social care services
to local people who needs their help and support (Bernardino and Santos, 2017). They are unable
to provide services all over the world, but still efforts to contribute nearby people. For example,
funeral care provides funeral plans which permit individual to plan and prepare for his or her
memorial service in advance.
Big size social organization-
Companies that fall under this category are able to cater their health and social care
services in wide area, where needy people need their support. For example, Nuffield health is
one of the best big size social organizations in the United Kingdom and one of the biggest health
care charities.
3

High growth firm-
There are many firms in the world of business who has greater consumers base, high
income sources and excellent quality of products or services, which they especially produced for
their target market or customers. Facebook is one the best examples of this category (Kreiss and
McGregor, 2018).
Typologies-
Managed growth companies-
These organizations are capable to manage their business operations and functions
through which they can progress even better in market or sector where firms operating
(Cucchiara and Su, 2018). Sainsbury’s is considered as managed growth supermarket, who
serves their services and delivery products with the help of skilled workforce.
Aggressive progress organizations-
An organization that efforts to increase profit margins, productivity, sales, revenues and
become global leader is consider in this category. Facebook can be recognize as aggressive
company who want to grow rather than before and invest to achieve their goals.
Social enterprises-
These firms are ventures created to further a social aim in a financially sustainable
manner (Molecke and Pinkse, 2017). Social companies like Nuffield health promote & maintain
healthcare and health of all descriptions and help to prevent life of human beings.
Survival firms-
Those organizations who survive in business world due to lack of financial capability,
limited market growth and lack of human capital face a lot of challenges. Funeral care is a
survival company.
P2- Similarities and differences between entrepreneurial ventures
Similarities-
It can be said that, there are different types of entrepreneurial ventures operating and
managing businesses operations in market (Proksch and et.al., 2017). They all are similar on the
basis of few factors, for example, creative ideas. Either small or large, all companies attempt to
develop an innovative idea or tactic which they can use to earn profit even better. Most of
entrepreneurial organizations have strong will, which makes them able to drive their sales rather
than before and allow to achieve short and long term objectives or goals.
4