Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
management
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Table of Contents
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
Discuss various types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship.....................................................................................................................3
Discuss the differences and similarities of various entrepreneurial ventures.........................5
Analyse and measure related data explaining how small businesses impact the economy...6
Describe the significance of start-ups and small businesses to the growth of social economy.
................................................................................................................................................8
Discuss the skills an entrepreneur has in contrast to other company managers.....................8
Measure how aspects of entrepreneurial personality imitate mindset and motivation...........9
Discuss with suitable examples how background and experience can hinder or foster
entrepreneurship...................................................................................................................10
Conclusion.....................................................................................................................................11
References......................................................................................................................................12
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Introduction
The term Entrepreneurship is defined as the process of innovating of creating a new business
entity bearing all the risk and difficulties with the aim of achieving maximum profit and
productivity. The person who starts the business entity and takes all the risk is defined as the
entrepreneur; he is someone who has the idea, ability and desire to convert the innovative ideas
into the reality into to get profit. For this report Oldham Angels an investment firm is taken into
consideration, in order to offers helps to the start-ups in the community to get loans with the
angel investors, as an line manager of the company it is asked to provide some advice to the local
businesses. This report highlights various types of entrepreneurial ventures and their relation
with the various typology of the entrepreneurship. Also difference and similarities between the
various entrepreneurial ventures is also highlighted. In addition to this the analysis of suitable
data to understand the impact of small business on the economy with the importance of start-ups
and small business to the enhancement of social economy is also highlighted. Furthermore skills
of an entrepreneur in comparison to manager and how his personality influences his mindset and
motivation with how his background and experience can influence entrepreneurship is also
highlighted in this report.
Main Body
Discuss various types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Entrepreneurship is defined as the process of creating new or innovative ideas into
business entity bearing all the risk and challenges and earning the rewards, it is the ability of an
individual to identify the opportunities available in the environment and converting those
opportunity into an reality or effective business entity. The person who coverts the innovative
ideas into the business entity bearing all the risk and challenges are called entrepreneurs. The
entrepreneurship is allows individual to critically analyse the situation and look for the various
options and solutions for critical situation. The entrepreneurship is the ability to already to take
the risk in order to earn the rewards (Abou-Moghli and Al-Abdallah, 2018).
Small Businesses vs. Entrepreneurial Ventures
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The small business mainly deal with the well known products and services in the market
but whereas the entrepreneurial venture usually deals in offering new and innovative products to
their customers continuously. In case of the small business, as the size of the business are small
and usually started with the aim of surviving and earning minimum product so the owner usually
deal with the well know risk in the market, but whereas in case of entrepreneurship ventures the
entrepreneur is always ready to take the risk and earn rewards. The main focus of the small
business is to continue to survive in the market with minimum profit whereas the entrepreneur
aims at gaining rapid growth and earning maximum profit in the market (Anambane and Adom,
2018).
There are various types of entrepreneurial ventures which are discussed below:
Small business Entrepreneurship: This type of business entities are small in size and
mainly started and operated by the owner himself, the main aim of the owner of the small
business entities are to earn at least minimum profit and survive in the marketplace. These types
of small business entrepreneurship are mainly operated by the single person or the family
members. They satisfy the needs and wants of the customers effectively and already aware of the
risk. Examples of the small business entrepreneurship are hairdresser, electrician, plumbers.
Scalable start-up entrepreneurship: this type of entrepreneurial ventures with the aim of
providing innovative and creative product and services to the community effectively, the main
focus of these type of venture is enhancing the innovation and creation effectively. This type of
venture aims brings innovation change in the society with their innovative ideas and thinking.
They think that they can bring changes in the community with their innovation. Example of these
type of innovation are the E-commerce website, Facebook, Twitter.
Large company entrepreneurship: The large company entrepreneurship is the type of
entrepreneurship venture which are described as relatively big in the size, this type of venture are
mostly started with the main focus of surviving for longer period of time, the large company
focus on satisfying the needs and wants of their customers through offering quality services and
products to them. The aim of this type of venture is to earn maximum profit in the market place
and gain competitive advantage in the market (Ayob, 2018). They also aim at enhancing their
profitability and productivity in the marketplace. Some of the example of this type of venture is
Apple, Google.
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