Entrepreneurship and Small Business Management

Unit 9: Entrepreneurship and
Small Business Management
(ESBM)

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Various types of entrepreneurial ventures related to entrepreneurship typology..............3
P2 Discussing similarity and differences between interpersonal venture..............................4
TASK 2............................................................................................................................................5
P3 Economy Impact due to small & micro businesses...........................................................5
P4 significance of a small businesses and startups on social economy growth.....................6
TASK 3............................................................................................................................................7
P5 Characteristics, skills and traits of successful entrepreneurs............................................7
P6 Concept of entrepreneurs personality that reflect on interpersonal entrepreneurial and
mindset...................................................................................................................................8
TASK 4............................................................................................................................................9
P7 With relevant example, background determination and experience in force hinder or foster
the entrepreneurship...............................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
An entrepreneur refers to a person who operates and organized a business or businesses
taking financial risk and use their skills along with entrepreneurial tendency to make it success.
Entrepreneur are having ability to innovate new ideas and convert them into reality. They wear
risk and enjoy the success rewards. Entrepreneurs are backbone of the countries economy which
help to generate large number of employment opportunity. They are innovative and having
creative idea for business. They work constantly to convert their startup into micro, small and
large businesses and contribute in country growth and economy. In this report, there is discussion
about different type of entrepreneurial venture related with topology and similarity and
difference between entrepreneurial venture. There is also discussion about impact of a small
businesses on economy with relevant data and statics. There is also discussion about
determination and access key aspect for entrepreneurial mindset. This report also consists of
different environments that hinders or foster entrepreneurship (Ilonen, 2021).
MAIN BODY
TASK 1
P1 Various types of entrepreneurial ventures related to entrepreneurship typology
Entrepreneur are always ready to take risk and use their creative mindset for a business
idea. There are different kind of entrepreneurial venture which are going to be discussed
further.
Small Enterprises- This is a kind of venture which consider operations, capital and
employees. This type of venture is having target to earn money from their goods and services.
This type of venture have very low level of scope and size and deliver their services and goods to
specific market area. These ventures generally includes sole proprietorship and partnership firm.
This venture contain less than 50 workers. Example of small Enterprises are Travelodge,
Electrotech Ltd etc.
Large businesses- This entrepreneurial venture are having high level of business
operation along with size and scope. They can cover large area of market along with tendency to
target huge audience. This type of business can operate internationally and having massive
capital and funds. They can fulfill the requirements of their customer. Example of large
enterprises are Morrisons, M&S, Asda, Tesco etc (Preller, 2020).

Social Enterprises- Such Ventures are established to deliver services to the society. They
are having main idea for development and welfare of the society. Such enterprises work
individually for growth of local people. Motive of these Ventures is wealth maximization rather
than making profit. Example of social enterprises are Cafedirect, save the children, hil holt wood
etc.
Entrepreneurship typology
Such type of venture contain various typology which inter-corporate with the growth of
businesses for smooth functioning.
Lifestyle Enterprise- This enterprise is to enhance the standard of living by businesses
into today operation. Such business help to generate employment to the people of local area for
enhancing their lifestyle. Lifestyle enterprise comes under social venture (Nicotra, 2018).
Growth Enterprise- Such enterprises have concerned with earning profit and revenue.
They focus on innovative ideas for higher profitability and productivity. Main motive is to
satisfy customers expectations by covering large market.
It can observe that entrepreneurial venture and typology help to provide a enhancing life
standard and development of country economy.
P2 Discussing similarity and differences between interpersonal venture
Similarity
Basis Small Enterprises Large Enterprises Social Enterprises
Meeting
requirement
Those enterprises
satisfy need of local
area people.
These enterprises address
large area of the market
needs.
These enterprises
supports local people
and society by
contributing in
development.
Society
enhancement
These enterprises
employ local people
(Hussain, 2018).
These enterprises
generates employment on
large number and having
focus on innovative
product to generate more
revenue.
These enterprises
dedicated towards
growth and
development of
society.