Entrepreneurship and Small Business Management

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1.......................................................................................................................................3
P1 Different types of entrepreneurial ventures...........................................................................3
P2 Differences and similarities between the entrepreneurs........................................................4
TASK 2............................................................................................................................................5
P3 Impact of small and micro business on the social economy..................................................5
P4 Significance of small business and start-up for the growth of social economy.....................6
TASK 3............................................................................................................................................7
P5 Characteristics traits and skills of successful entrepreneurs..................................................7
P6 Explaining how the entrepreneurial personality reflects the entrepreneurial motivation and
mindset........................................................................................................................................9
TASK 4............................................................................................................................................9
P7 How background and experience can hinder or foster entrepreneurship...............................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship refers to the social process for realizing the innovation by using new
venture. The Entrepreneurial venture includes the new business which are having the innovation
or say it as the start-up business where the business is related with the new innovation in the
existing market or in new market where the innovation is for real and can change the whole
market perception in new manner. This is the process where process of discover, develop and
deliver to the customer or market. In this there is discussion which are related with the different
ventures of entrepreneurial, impact of SME in today's economy, aspect of entrepreneurial
mindset and different environment for the entrepreneurship (Terán-Yépez and et. al., 2020).
TASK 1
P1 Different types of entrepreneurial ventures
In context to the entrepreneurial venture there are many types which is going to discussed
further.
Small business entrepreneurship- The majority of the business in the UK are small
businesses. People are very interested in the small business which are most likely to support their
family and better lifestyle.
Large company entrepreneurship- In this company is having the finite amount of life
cycles where they are having the professional who know how to sustain the innovation for longer
period of time.
Social entrepreneurship- These are the one who like to solve the social problems with
their innovative product or services. There main is to make the world a better place instead of
making more profit (Ratten 2017).
Innovative entrepreneurship- Some of the entrepreneurs are coming up with some new
ideas which turn them these ideas in the business. They are very motivated and passionate who
work for making their product and services in such a way that it stand in market in different way.
Hustler entrepreneurship- these are the people who work hard and always making
effort. They often starts with small and work for growing the bigger business by using their hard
work rather than the big capital.

Buyer entrepreneurship- They are the one who uses their wealth to fuel up their
business ventures. They generally buy other business which about they think that is going to be
successful. This is less risky due to purchasing well established business.
Scalable Start-up entrepreneurship- These are the one who thinks that their company
can change the world. They majorly looks for the missing things which are missing in the market
(Hjorth and et. al., 2016).
P2 Differences and similarities between the entrepreneurs
Similarities Scalable start-up
Entrepreneurial
venture
Large company
Entrepreneurial
venture
Small businesses
Satisfaction is
included on the basis
of several instance on
the basis of customer
personal needs.
Target customer in the
large company provide
effective services and
gives a good amount
of satisfaction level.
They provide the
customer satisfaction
with their product and
services.
Improving the assets
with high turnover
ratio for profit
maximisation
(Entrialgo and et. al.,
2016).
In this company makes
more profit with
improving their
product specification.
Improvement in assets
and increasing
turnover.
Differences These firms are the
one which includes
creation and
development fo the
items for systemically
risen the profit. Best
example is the
Facebook which aims
for improving the
There main aim is to
be sustain in the
market and focuses on
the new product
creation. One of the
major example here is
google which aims on
organising the
information for the
They are the one who
aims for improving the
life cycle of the family
and which can be able
to feed their family
member. They
generally offers on a
ranges of their