Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1 Types of Entrepreneurial ventures and ways how they relate to topology of
Entrepreneurship.........................................................................................................................1
P2 Similarities and differences between entrepreneurial ventures:............................................2
LO2..................................................................................................................................................4
P3 Interpretation and assessment of data to illustrate how micro and small business impact on
economy:.....................................................................................................................................4
P4 Small business importance to social economy of country.....................................................5
P5. Defining characteristic traits and skills of successful entrepreneur......................................7
LO3..................................................................................................................................................9
P6 Entrepreneurial aspect reflects entrepreneurial motivation and mind-set:............................9
P7 Experience hindering entrepreneurship...............................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship can be described as method of opening a new business sand running
that business to gain success. Many new entrepreneurs are in market those who have started their
new firm and have gained success in country, It is essential have good focus and skills so that
right decision can be taken by entrepreneur for the growth of company. Current assignment will
describe ventures and their typologies. It will show similarity and differences in these ventures.
Furthermore, contribution of small companies to growth of economy will be presented in this
report. The characteristics traits reflect the characteristics of the entrepreneurs which help in the
growth. Various entrepreneur is discussed whose reflection are provided in the discussion below
which reflects the personality aspects and motivation mind-set of the entrepreneurs and explains
how the background hinders the entrepreneurship.
LO1
P1 Types of Entrepreneurial ventures and ways how they relate to topology of Entrepreneurship
Small business Entrepreneurship-
Small business entrepreneurship refers to the small business which carries a small
turnover within the organization which can be used to generate a small capital within the market.
They have a fixed market range. Almost 90% of the business are small ventures across the globe
which has small business capitals. Small business employees 50% of non-governmental workers.
Almost all of them do not earn profits but are able to manage the capital to earn for their
livelihood and lifestyle. This kind of business lack to attract venture capitalist and are able to take
funds via bank loans, family investments and from family which work with the aim to achieve
high. People who befall under this category are small businessmen like carpenter, entrepreneurs,
consultants etc. these lie on the private sector which can be used to evaluate the key result which
are dependent on private sector. No information is shared with the ventures and capital finances
(Burns and Dewhurst, 2016).
Large company Entrepreneurship-
Large company refers to the organizations which develops various strategies through
innovation and development of new products. They emerge market through innovations,
developing and new offerings which can be the backbone of the development of their core
products. Innovations are practised with the aim of the offering something new to the market to
1

minimise the rate of change of the competition, this features to stand out of the competition from
the market. Other way to make company elaborate is through the partnering up with the small
ventures and making the business effective and improving the personal growth. They usually take
over the small business to develop their own powers and expands hands in the market. Some of
the examples are Google, Facebook etc. these are public sector ventures which aims for the
development of the large organizations which shares the information relevant to the public sector.
they are owned by group of people where one has the highest shares runs the organization.
Social Entrepreneurship-
Social Entrepreneurship refers to the ventures where the entrepreneurs creates products
and services for the social needs of the society. Their aim is for the welfare of the society and the
ability to develop the world a better place. Their ultimate aim is to serve the society and does not
make profits. These firms work for the welfare of the society and the people irrespective of cast,
creed, religion and sex. They can be profitable, non-profitable or hybrid organizations. These can
be various NGOs which can be used to develop the quality and affinity to serve for humanity
(Burns, 2016). Their main aim is to generate the developed culture of awareness and for create
humanitarianism. This is a public owned organization where people do actively take part in the
planning and development of the country.
Scalable Start-up Entrepreneurship-
This type of entrepreneurship refers to the start-ups which can grow up to change the
world. They are funded by the venture capitalists who are interested in the idea to change the
world. They hire the best employees to bring up the idea of the innovations and development. As
the aim to develop and the increment of the business starts further funds are provided by venture
capitalists and the growth and awareness in the firm are provided. Scalable start-ups are in the
small proportion due to risk capitals and outside returns. These starts-ups are a risk for
entrepreneur as the amount invested are of investors which gives them power and position to take
over small business (Hatten, 2015). This is a privately owned organizations where decision lie
with the one person and are stricken to one entity.
P2 Similarities and differences between entrepreneurial ventures:
Similarities:
2