Entrepreneurship and Small Business Management

Unit-9- Entrepreneurship and
Small Business Management

Table of Contents
Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Examine the different types of entrepreneurial venture and its relation with typology of
entrepreneurship ....................................................................................................................3
Explore the similarities and differences between entrepreneurial ventures ..........................5
TASK 2............................................................................................................................................7
Interpret and assess of relevant statistics and data to demonstrate the impact of small and
micro business on local economy ..........................................................................................7
Explain the importance of small business and business start-up for growth of social economy 9
TASK 3 .........................................................................................................................................11
Determine the characteristic, trait and skill of entrepreneurs that differentiate them from
manager................................................................................................................................11
Asses how aspect of the entrepreneurial personality reflect motivation and mindset .........14
TASK 4..........................................................................................................................................15
Examine how background and experience can foster and hinder entrepreneurship............15
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
The entrepreneurship is the term that get define the business or an activity that get
manage and control by an entrepreneur while taking the appropriate risk so as to gain the
moderate profit. It is broadly includes the creation and innovation such that better value will get
extracted and make the effective positive change within the society and its economy growth as
well. The entrepreneur area those that are the individual who has that much ability to get
implement the different ideas into the reality with more perfection. In this the different need and
demand of the customer will get fulfilled with more perfection that brings the better satisfaction
as well. In addition to this the small business are the start up that are started with the minimum
amount of funds and assist with the family and friends goals (Brush, 2019). These business and
entrepreneur are the back bone of the country economy as not only generate the revenue but also
provide the job opportunity to large number of people. This report is consist of the type of
entrepreneurial venture in relation with the typology of entrepreneurship, similarities and
difference in between the entrepreneurial venture, statistics and interpretation of impact of small
business on economy, characteristic, skills and trait of successful entrepreneur, with relevant
example about background that hinder and foster the performance.
TASK 1
Examine the different types of entrepreneurial venture and its relation with typology of
entrepreneurship
The entrepreneurial venture is the one that get managed by an entrepreneur and with that
they have achieve their dreams and imagination into the reality. They have create the business
entity and with that generate more profit with better sales and profit by making the liable
changes as per the requirement and demand of the marketplace. Entrepreneurship is the one that
create or extract some new values that aid and makes the positive change within the working
society. It defines the ability to organize and development of enterprise in addition to the
different uncertainties and with this make more profit (Cole, 2018).
Concept of entrepreneurship
An entrepreneur is a person that has some imaginative thinking and as per that makes the
certain changes and modification by generate more opportunity in the market as well in terms of
employment etc. Whereas, the entrepreneurial activity is a process through which the
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imagination get put into the reality and helps to attain the market share and profit in effective
manner.
Concepts of entrepreneur
 Serial entrepreneur- It is an entrepreneur that get worked on the better ideas and start
their business as per the detailing of ideas. In this they have face a challenge on
continuous basis with that have manage the different business operation with more
perfection by which the better success and development get achieved (Dana, 2018). It
aid to get start the business at completely new market and have gain the effective profit
by overcoming the challenges.
 Intrapreneur- It is the one that get recognise as an individual who has worked on the
different project by applying the creativeness and uniqueness. They have managed the
effective utilisation of resources with that manage the task with more capabilities so that
suitable changes get attained that is in favour of business.
 Owner-manager- It is the one that manage the small business and induce all the
changes to drive more success and have worked to satisfy the demand of local
customers.
Types of entrepreneurial ventures and its typologies
 Small business- It is the business that get work with the adequate amount of sources
and have limited capital and workers that is less than 50 have generate the revenue
about €2 million while operating the business in terms of proprietorship or partnership.
It is the business that gets work with the limited size and scope and tries to gain more
profit by selling their goods and services to customer (Dana, 2018). There are some
examples as like electotech limited, Clarasys etc. These businesses has been followed
some different issues as like limited amount of resources, lack of accessibility in terms
of finance, minimum amount of database, less amount to expand in expenditures and
many others as well.
 Enormous organization: It is the businesses that get work with the large size and
scope with that have work with more number of employees. These are the business that
get worked with a large number of scales and have provided the diverse range of
product and services. There are some examples as like Tesco, Tesla, Marks and
Spencer, etc. Enormous organisation has been gone through with different issues and
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