Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures along with their interrelations of
entrepreneurial typologies...........................................................................................................1
P2 Difference and similarities between entrepreneurial ventures...............................................4
TASK 2............................................................................................................................................5
P3 Applicable data and statistics to exemplify how micro and small-business impinging the
economy......................................................................................................................................5
P4 Business start ups and small business growth of social economy.........................................6
TASK 3............................................................................................................................................7
P5 Skills, traits and characteristics of successful entrepreneurs.................................................7
P6 Key aspects of entrepreneurial personality............................................................................8
TASK 4............................................................................................................................................9
P7 Several ways that foster and hinder experience and background of entrepreneurs...............9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship refers to the process of launching, designing and running a new
business which is considered as an small business in which people who always develop these
assorted businesses are known as entrepreneurs. On the other hand, entrepreneurs commonly
focuses on launching and running their business in a smooth manner. As they have large number
of innovative ideas and thoughts that makes them effective as well as attractive in front of others.
Therefore, an entrepreneur plays significant role within the economy of specific country (Ács,
Autio and Szerb, 2014). This assignment is based on different types of entrepreneurs in which
Bobby and Simon Arora considered as a beast entrepreneur who have been developed B&M
chain that is bargain home wares and known as best retailer in U.K. Along with this firm was
established in 1978. furthermore, report will discussed about several ventures and typologies of
entrepreneurial ventures and their similarities or differences. After this small business impact on
economy and different environmental factors that foster background of entrepreneurs will get
covered.
TASK 1
P1 Different types of entrepreneurial ventures along with their interrelations of entrepreneurial
typologies.
Entrepreneurship considered as most effective procedure as well as process that develops
and manage overall business by applying innovative ideas and strategies. Thus, it is necessary for
an entrepreneur to always make innovative ideas for start a new venture or any kind of start-up to
achieve targeted goals (Bosma and et. al., 2012). Likewise, an entrepreneur formulate a business
at small scale with sufficient resources and than convert in to successful business. Thus, it is
necessary for an entrepreneur to always have effective ideas so that they can easily contributes
within the economy at local or national level. There are different types of entrepreneurial
ventures those are as follows:
Small business entrepreneurship:
Within the UK it has been analysed that they have effective rate of growth in order to
evolution of small business entrepreneurs. So that these type of businesses always operate by few
number of employees as well as owners. Thus, these sorts of ventures generally run by family
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members and friend as well along with business partners. Small scale production houses, internet
cafes consulting firms as well as mobile retailers.
Scalable start-up entrepreneurship:
According to these sorts of entrepreneurial ventures, entrepreneurs are able to focus on
developing innovative and qualitative goods and services. As per these sorts of business ventures
an entrepreneur able to have great confidence towards their business by applying innovative
skills all the time. Thus, main aim of these sorts of firms to invest sufficient fund in order to
achieve targeted business goals and objectives (Blackburn, Hart and Wainwright, 2013).
Large company entrepreneurship:
Within the large organisations an entrepreneurs always plays significant role by focusing
on their all over goods and services in order to attain future goals by satisfying consumers needs
and wants. Therefore, consumers have high expectation from these firms in order to have large
umber of variety products and services. Herein, large firms are needed to fulfil their consumer's
needs and wants through giving them innovative goods and services on time.
Social entrepreneurship:
According to these entrepreneurship, entrepreneur needs to develop innovative goods and
services in order to become more successful in a perfect way. Therefore, entrepreneurs required
to formulate and implement effective goods they will increase firm's progress and improve
environment of society (Choi and Majumdar, 2014).
Various kind of ventures
Small business: According to these sorts of ventures there are large numbers of
employees along with several operations of firm. Small ventures always formed for attaining
profitable goals towards product and services which are provided by firms. Therefore, these
businesses have narrow size and scope, due to these ventures are commonly operates at small
scale and provide its services of goods at niche market. On the other hand, such kind of business
are hold by partnership and sole proprietorship with the aim of earning huge profitable
objectives. Under these ventures less than 50 employees work together to achieve organisational
path. Orion electrotech limited considered as example which is private sector and based on
several firms. This firm runs over last 20 years successfully at small level, where it has employed
over 60 staff in its two branches in UK, where it deliver recruitment and contract based services
to blue chip and clients of SME.
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