Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship:......................................................................................................1
P2 Explore the similarities and differences between entrepreneurial ventures..........................3
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector............................................................5
D1.Critically examine the scope, development and growth of entrepreneurial ventures............5
TASK 2............................................................................................................................................6
P3. Evaluate and interpret reliable data and statistics to illustrate how micro and small
businesses influence on the economy..........................................................................................6
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................6
M2. Assess the differences among small, medium and large businesses make to the economy.8
D2. Evaluate how small businesses have an influence on diverse levels of the economy (local,
regional and national)..................................................................................................................9
TASK 3..........................................................................................................................................11
P5. Analyse the characteristic traits and skills of successful entrepreneurs that differentiate
them form business administrators............................................................................................11
P6. Evaluate how aspects of the entrepreneurial personality reproduce entrepreneurial
motivation and mind-set............................................................................................................12
M3 Different lines of arguments relating to entrepreneurial characteristics.............................14

D3 Determine the characteristic traits, abilities and motivational drivers of successful
entrepreneurs..............................................................................................................................14
TASK 4..........................................................................................................................................14
P7. Examine, utilising reliable examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................14
M4. Determine the link among entrepreneurial characteristics and the impact of personal
background and experience to particular successful entrepreneurs...........................................15
D4 Analyse how background and experience impacts entrepreneurs, both positively and
negatively...................................................................................................................................16
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship is signified as the launching or running a new entity. Furthermore, it is the
formative process in which individual commenced risk for improving as well as running business
appropriately when ensuring more earnings and progress. In addition to this, this method is being
included by them for providing nation and community exclusive as well as innovative products
and facilities which may develop their living standards. Moreover, the people who set up these
entities are acknowledged as the businesspersons (Laudano, Marzi and Caputo, 2018). Along
with it, this is considered as the capability or interest to improve and administrate new
organisations through assuming diverse type of threat for generating high revenue. The
information which this written document will consider more than a few topics that consider the
assessment sort that are entrepreneurial in nature, diverse kinds of entrepreneurial firms and its
relation with typologies, comparison and similarities between them, interpretation of data in
context of micro and small business have influence upon economy. Furthermore, the influence of
entrepreneurship on economy, the entrepreneurial mind set and the environments that foster or
hinder entrepreneurships are also defined within the assessment.
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship:
Entrepreneurship is supposed as the process of making new relation in business at
marketplace with the aim of increasing value of profit and sales. This is also called as Business.
And the peoples who setup such type of business are called as the Entrepreneurs. It is supposed
as the capability or curiosity to produce or handle new initiative by undertaking different type of
chance for producing large amount of benefits (Alsafadi and et. al., 2020). Inside it, industrialist
handles various enterprise as well as services offerings to its consumers. Regarding this, there are
four types of enterprise which are explained below:
· Small business entrepreneurship: This type of enterprises are handled by the people by
their won chance. Inspite of this, these unprofessional tour workers, plumbers, hairstylists
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and others. The main aim of it is to produce fixed profitability as well as effort to achieve
their basic results. With this, there are approx. 5.7 million of micro which are doing their
business in the United Kingdom.
· Scalable start-ups entrepreneurship: This contains organizations which relative large
rate of growth to another association in the market place. Other than this, these execute
activities of enterprises in order to helps innovative and special presents to peoples
(Rezaei-Moghaddam and Izadi, 2019). In addition, those have focused aim as well as
perception to improve all world or achieve the impulse of clients by giving them various
types of special items. i.e., Microsoft, Google and others.
· Large company entrepreneurship: This type of firms is those which is doing their
operations on large level. Moreover, this type of firm has vast employees who are giving
their full support and endurance to achieve its enterprises targets. Apart from this, this
requires more investment for supervising activities in effective way i.e., H&M and others.
· Social entrepreneurship: This type of enterprises is prepared in such a way to help
presents for the protection of the public. Moreover, the public profession expert is
handling their professional actions for not receiving benefit but objective to achieve the
community preference (Jones and et. al., 2018). Inspite of this, community enterprises are
handling their activities in such a way to improve the living standard of peoples
i.e.,Oxfam,NHS and so on.
Typologies of entrepreneurship:
Individual expectation are applicable in such a way to explain some factors rely on the
improvement , existence and others. So, some type of entrepreneurship depend upon the
entrepreneurial enterprise are explain below:
· Lifestyle enterprises: The enterprises into this particular sense is sowing its activities and
providing few chances of job with focus on improving earnings. Moreover, These are
focused on the improving public and private livings. Also, it is related to pubic
entrepreneurship as they are doing some work for the improvement of public lifestyle.
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· Growth firms: This type of firms are scheduled their activities of the industry in such a
manner to get more benefit and positive result (Ismoilov and et. al., 2020). Moreover, It
includes enterprises which have best improvement rate in regards with other enterprises
in same field. Also, this type of enterprises are focused for the presenting which become
enough to fulfill the customers need for improving market place as well as increasing
support of consumers by pleasing focused customers’ needs.
Due to that reason, it is concluded that there are various enterprises that include into
particular item depending on their opinions or purpose. Entrepreneurial enterprises as well as
their types are critical in separating few types of enterprises as well as differentiating its
objective of continuing its activities (Belitski, Caiazza and Lehmann, 2019). Moreover, the large
varieties take out its activities for corporate ventures to enhance and collect good earnings. And
few industries are a good contract focused for its privacy or existence in the market area.
Moreover, the measured objects or public enterprises are running its physical activities for
persons or society and need of residence.
P2 Explore the similarities and differences between entrepreneurial ventures.
There are differences as well as similarities among all above mentioned entrepreneurial
ventures:
Basis Small size Large size Social Scalable
Meaning These are the
enterprises which
feature at a small
scale.
These are those
enterprises which
work on a large
scale level with the
help of highlight on
the field.
The enterprise which
works for the
complete protection
of public at a
medium level.
These are the
enterprises which
work at fixed
degree.
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