Entrepreneurship and Small Business Management

ENTREPRENEUSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Examining different forms of entrepreneurial ventures and their interrelation with typology of
entrepreneurship..........................................................................................................................3
Exploring similarities and differences between entrepreneurial ventures..................................5
TASK 2............................................................................................................................................8
Interpreting relevant data and statistics to illustrate how small and micro ventures impact
economy......................................................................................................................................8
Describe the Importance of small and start-up Businesses for growth of Economy-.................8
TASK3.............................................................................................................................................9
Entrepreneurial Mind- Set...........................................................................................................9
Entrepreneur's Personality and Impact on Entrepreneurial Success-.......................................11
TASK4...........................................................................................................................................12
Explain types of Entrepreneur and how their family background impact business working-. .12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is defined as competence which made person able to establish a new
venture and manage the growth of existing, in effective and appropriate manner, which in return
help to increase the sales and provide varied benefits. The most conspicuous example of this
term is starting a new venture in specific sector. In form of ability, it enables a person to run and
organize everything, which help to gain competitive edges, increase productivity and
profitability as well. The current assignment will explain scope, growth and development of
diverse range of entrepreneurial ventures and will also define how small ventures have an effect
several degrees of economy and in an international context. Furthermore, the study will justify
characteristic traits, skills & motivational drivers of successfully entrepreneurs. Lastly, it will
clarify how experience and background influences a businessman in term of positively and
negatively.
TASK 1
Examining different forms of entrepreneurial ventures and their interrelation with typology of
entrepreneurship
Entrepreneur-
A person who is able to establish a new business and capable to manager is successfully
in term of increasing customer base, etc. is known as entrepreneur (Wach and et.al., 2020).
Entrepreneurship-
It is a kind of procedure by which two or more people exploit a commercial opportunity
in context of business growth.
Entrepreneurial venture-
The owner of a company that attempts to gain profits by selling quality products or
services is called entrepreneurial business.
Enterprise-
An enterprise is defined as a company or venture whether it is small or large, which
conduct varied activities to sustain for long in market.
Types of entrepreneurial ventures-
Established company-

An established organization is one of those companies that has built their strong brand
image in market and have great reputation (Lugnet, Ericson and Larsson, 2021). For example,
TESCO is one of the most successful and well-established supermarket in the world. Tesco is
the best example of private sector company as it also known as public limited firm.
Small size social venture-
A social enterprise is described as a venture whether big or small that prioritize a social
well-fare in term of offering helpful services or products (Cacciolatti and et.al., 2020). For
instance, Funeral care is one of those small size social businesses that provides social services to
local people in term of making all the arrangements of an individual funeral.
Large size social venture-
Just like small size, large social companies also contribute to improve the health of
people in term of offering services related to medical, shelter, etc. For example, British Red
Cross is also recognized as large size social company as it serve quality services to needy people
in varied nations for aim of improving their health.
High growth company-
A high progress organization is one which grows at a degree which is recognized high in
comparative form of majority of other ventures. For example, Facebook is included in list of
high growth companies, which successfully managing its venture activities in the digital
technology world impressively.
Sorts of typologies-
By using the examples of different entrepreneurial ventures, under individual type of
typologies, the relationship between both concepts are defined below-
Survival firms-
Those companies that has faces problems and barrier in context of managing small
venture are included in category of survival organizations, such as Funeral care.
Lifestyle companies-
These sorts of firm are covered in list of those companies which has been managed by
their key founders and other stakeholders with aim of sustaining for longer period in order to
increase profits margin for example, TESCO.
Social enterprise-