Unit 9- Entrepreneurship and Small Business Management

Unit 9-
Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Different types of entrepreneurial ventures and typology of entrepreneurship....................3
P2. Similarities and differences between various entrepreneurial ventures................................5
TASK 2............................................................................................................................................7
P3. Interpretation of statistics for showing impact of micro and small business on the
economy......................................................................................................................................7
P4. Importance of small businesses and business start-up in growth of social economy...........8
TASK 3............................................................................................................................................9
P5. Characteristic, traits and skills of successful entrepreneurs..................................................9
P6. Aspects of the entrepreneurial aspects personality reflects entrepreneurial motivations...10
TASK 4..........................................................................................................................................11
P7. Background and experience can hinder or foster entrepreneurship....................................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurs are those people who works in the direction to put dreams into reality.
They invent or think of a new idea according to the trends and changing preferences and needs of
the society and then implement the same to earn money out of it. Entrepreneurs are the main
people who works to increase the economy of a nation by providing job, generating revenues,
etc. to the people in need which helps in raising their living standards. The entrepreneurs start
working on this by establishing a small or a medium sized business through which they try to
support country's economy (Bischoff, Volkmann and Audretsch, 2018). This report determines
various types of ventures and also the types of typologies of the ventures of entrepreneur along
with the differences and similarities between them. The report will show the interpretation of
relevant statistics to show the impact of micro and small scale business on the country's
economy. This report also explain the importance of the small scale business along with the
growth of social economy due to the start-ups and also traits, characteristics and skills required in
any successful entrepreneur. Lastly, this report will also be focusing on the aspects of the
personality of entrepreneur which reflects the motivation and mindset along with how a
background and experience can be hindered or fostered in an entrepreneurship.
TASK 1
P1. Different types of entrepreneurial ventures and typology of entrepreneurship
Those individuals who are responsible for the formation of a new business in which they
provide products and services to the customers in consideration is called as an entrepreneur. This
is the type of venture which is formed by an entrepreneur is to generate profit and improve the
living standards. These ventures are formed with a particular and pre-set objective and goals.
There are many type of entrepreneurial ventures which are set up by the individuals according to
the types of services they provide, size, scope or purpose.
Entrepreneurial Activity
It is the process of a business by which they create economic activities and generate the
value of their business (Rouchy, Tavassoli and Wernberg, 2021). These activities includes ways
by which new ideas are explored so as to develop the business and its growth. After generating
new ideas, they are implemented into reality to provide products and services to the customers
according to their needs and preferences. The idea so generated and the business so formed is to

generate money by an entrepreneur and to provide with the employment which will lead to
increasing economy.
Various types of Venture Small Business: This is the type of venture which has employees, size, capital and
operations at very small scale. The formation of this type of venture is to earn profit by
providing services and products to the customers. This type of venture can be formed
either by an individual person or in partnership. The main aim of starting this business is
to earn profit and improve living standards. This type of business have not more than 50
employees working and also the net worth of the business is £2 Million. For e.g.
Clarasys, Travelodge, etc. Large companies: These are the types of company that have their operations at a very
large scale (Santini, 2021). They do not have any limit to the business operations, size,
number of employees, scope, etc. this type of business functions and provide its products
and services at a huge platform as it mostly operates globally. This type of venture
requires huge amount of capital as they operate its activities globally and smoothly.
These types of venture easily sustain the market because of their experiences and the
adaptability of the new changes. For e.g. Marks & Spencer, TESCO, NHS, etc. Social Enterprises: This is the type of venture which is formed for the social
development and also for the welfare of the society. These are the organisations that
develop new and innovative ideas that is used for the development and growth of the
society. This type of venture have huge scope as they provide with better opportunities of
employment which helps in increasing the living standards of the people. These are the
type of business which so not aim at earning profits as the main aim is welfare of the
society. They run locally and immensely contribute in the economic development. For
e.g. TOMS shoes, Warby Parker, etc.
Typologies of entrepreneurship
There are various types of typologies that are involved in entrepreneurship ventures and
mainly deals with the development of the business and its effectiveness (Powers and Zhao,
2019). Few of the typologies are discussed below: Lifestyle Enterprise: These are the types of an enterprises which mainly focuses on the
improvements to be made in upgrading the living standards of the people to the place