Unit 9 Entrepreneurship and Small Business Management

Entrepreneurship
And Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different Types of entrepreneurs ventures and typology......................................................3
P2 Similarities and Distinguish between entrepreneurial ventures.............................................5
TASK 2............................................................................................................................................6
P3 Evaluating the impact of micro and small business over economy.......................................6
P4 Importance of Small business and start-up over social economy.........................................7
TASK 3............................................................................................................................................9
P5 Characteristics, traits and skills of a successful entrepreneurs that differentiate it from other
business manager .......................................................................................................................9
P6 Impact of personality over entrepreneurial motivation and traits........................................10
TASK 4..........................................................................................................................................12
P7 Background and Experience of entrepreneur can hinder or foster entrepreneurship...........12
CONCLUSION..............................................................................................................................13
REFERENCES.............................................................................................................................14

INTRODUCTION
Entrepreneurship refers to setting up fresh business entity by taking higher risks in order
to earn high profits. It is a process of designing, introducing new start-up as small or medium
business enterprise (Entrepreneurship, 2019). Its describes as an ability to evolve or organize
business venture with purpose of gaining long term revenue and growth. Entrepreneurship means
to discover new ways for combining limited and scarce resource to produce innovative products
and services in order to capture large market share and customer base (Burns and Dewhurst,
2016). This research report exhibits information regarding types of enterpriser and their
interrelation with different kinds of entrepreneurial typology. This explains how a small business
start-up can influence the economic growth of country. Moreover, it describes the importance of
small business sector within an economy. It determine different kinds of traits and skills that
differs an entrepreneur from manager. Further, report provides details about factors of
entrepreneurial personality that motivates other people to explore new ideas of innovation.
TASK 1
P1 Different Types of entrepreneurs ventures and typology.
Entrepreneurship ventures refers to the small business run and own by individuals who
are new in market. An entrepreneur is a person who begins and manages an small enterprise
through few number of resources and planning. An enterpriser is a sole earner and responsible
for all risk and profit revenue of start-up venture. These entrepreneurial ventures aim for great
returns by owing high intensity of uncertain risk (Ratten, 2016).
Classification of Entrepreneurs venture.
1. Small Business Entrepreneurship: In today's era, number of people owing and running
small scale business in streets of UK or any other country. These type of business
involves grocery stores, hairdresser, consultants, travel agents, carpenters, plumbers so
on. These kind of entrepreneurs mostly works for earning high profits in order to provide
better life style their family members. Particularly these small ventures are funded by
friends or small loans.
2. Scalable start-up entrepreneurship: In this type of venture, an enterpriser start new
business firm or company with the belief of that visionary idea can bring change in

world. These type of entrepreneurs raise their capital by acquiring funds from different
venture capitalists who show interest in their business model or project. For operating
business functions they recruit best skilled and talented employees in order to find out
scalable and reproducible business model. They emphasize on attracting more and more
capitalists to invest in such projects which in turn gain high growth and profitability. For
example, online shopping of electronics, groceries and Facebook or Instagram (Ratten,
Dana and Ramadani, 2017).
3. Large company entrepreneurship: these kind of huge enterprises offer innovative and
unique products with different variants in colour, sizes along with core goods. These
enterpriser produce and developed new products for purpose of satisfying different
customers requirements and demand with advanced technology version. Large companies
have long term life cycles through sustaining innovation and its competitive edge. These
organization required to create new featured products timely in order to serve and target
new customer base and market. Example of these enterprises are Google, Amazon, Apple
etc.
4. Social entrepreneurship: these type of venture is owned by those individuals who
manufactures product or service to satisfy social needs and demands of society. These are
non-profit organization who sole aim for creating better place for everyone. Example of
this venture is Safe-point Trust who works for redesigning medical tools and produce
affordable non-reusable syringes for small and less invested clinics across globe.
Different Typology and their interrelation with entrepreneurs Ventures.
 Copycat Typology: this type of entrepreneurs explore and watch out the success and
survival stories of other business persons and follow their paths exactly to be get
successful in market. They known as copycats due to they use same name, idea,
presentation and make replica of business model like leading company of that particular
industry. These kind of individuals also known as Imitators as they copy business ideas
and make some modification into them. This typology is interrelated with small scale and
scalable business entrepreneurship as these enterpriser can easily imitate or reproduce
identical products and services (Ratten and Dana, 2015).
 Research Typology: these kind of individuals regularly research a lot and collect all
significant detailed information about particular subject matter. Entrepreneurs who