Unit 9 Entrepreneurship and small business management

Unit 9 Entrepreneurship
and small business
management

Table of Contents
INTRODUCTION.......................................................................................................................................3
P1 Various Entrepreneurial Ventures & its relation with Typology of Entrepreneurship.......................3
P2 Similarities & Differences between Entrepreneurial Ventures..........................................................5
P3 Impact of Micro & Small Businesses on Economy............................................................................7
P4 Importance of Small Businesses & Starts-ups on the growth of Social Economy..............................8
P5 Characteristic , Traits & Skills of the successful Entrepreneurs........................................................9
P6 Concept of Entrepreneurial Personality reflect on Entrepreneurial Motivation & Mindset..............11
P7 With use of relevant examples , determine the background & experience of entrepreneurs.............12
CONCLUSION.........................................................................................................................................14
REFERENCES..........................................................................................................................................15

INTRODUCTION
As for the current scenario, entrepreneurship is taking a wider place in the society.
Entrepreneurs are the one who can form enterprises with their creative ideas that differentiate
them from the others. Entrepreneurs are effective risk taker and decision maker who are
responsible for or their own success and failure. The main purpose of this report is to discuss
about entrepreneurship and small business management. This report will determine the different
type off entrepreneurial Ventures and typology of entrepreneurship (Abdullah, Hadi and Dana,
2018). This report also identifies the similarities & difference between various entrepreneurial
ventures. This report also determines the impact of small businesses on the economy and
discusses the significance of small businesses and new startups on the social economy.
Moreover, this report identifies various skills of successful entrepreneur and compares them.
This report also evaluate aspects of entrepreneurial personality reflect mindset and motivation. In
last, discuss the background & experience about the entrepreneurs.
P1 Various Entrepreneurial Ventures & its relation with Typology of Entrepreneurship
Entrepreneurs are responsible for each and every working operations of their business and
they are formed various type of entrepreneur real Ventures. The description of different kind of
internal Ventures in context of its size, scope & services as follows-
Entrepreneurship
Entrepreneurship is determining the new mindset which can provide the opportunities to
establish new business with full of innovativeness. Entrepreneurs are the one who analyse the
current requirement of the market and take appropriate steps for the growth of the business.
Entrepreneurs can consider various options and take decision as per the situation and accept all
the challenges positively.– Preeti Sriratana, co-founder and COO of Sweeten
Types of Entrepreneurial Ventures
The explanation of various type of Entrepreneurial ventures are given below -
 Small Firms - This type of ventures required more funds, manpower & operations. Small
firms mainly established to gain more profit and it is also analysed that size & scope of
these ventures is small because it deal with business at small scale & target the niche &

local market areas (Amato and et. al., 2017). The ownership structure is used by these
ventures are solo proprietorship and partnership. Small firm’s required less than 50
employees & the net worth contain €2 million. For instance, Orion Electrotech Ltd and
Clarasys both are private firms & Travelodge is public firm. Large Firms - This kind of entrepreneurial ventures required more capital to conduct the
business operations and the size & scope of large firms is wider. Large firms cover the
whole market place and target large number of people. These firms can expand their
business globally & frequently adopt the changes for business development. Large
businesses required more than 250 employees with net worth of more than €50 million.
For instance, Tesco, ASDA, Marks and Spencer & Morrison’s are the largest firms of
UK.
 Social Firms - These ventures mainly formed for the welfare of the common people of
society. Social firms can be operating with some group of people and they all are
dedicated to what the development of the society. These firms mainly target local people
and those who are not able to survive in the society (Boermans and Willebrands, 2017).
 The main motive of social firms is wealth maximization rather than profit maximization.
The size and scope is more because these firms are running for the betterment of social
people. For instance, Save the Children & Cafédirect, Hill Holt Wood etc.are social firms
in UK.
Entrepreneurship Typologies
Basically entrepreneurial Ventures consist various typologies which are associated with the development
of businesses and anticipate the smooth running of business operations. Some typologies are discussed
below - -
 Lifestyle Enterprises - These businesses are useful to improve the living standard of the
local people who are living in the niche area. These enterprises provided various
employment opportunities to the common people so that they can improve their lifestyle
effectively.
 Growth Enterprises – The prime concern of these enterprises is to earn more profit which
can help to improve the growth of the business. With their innovative and creative
thoughts and ideas they can formed a business and earn more revenue. These enterprises