Entrepreneurship and Small Business Management

Unit 9 Entrepreneurship and
Small Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
Task 1...............................................................................................................................................3
Different types of entrepreneurial ventures and their relation with typology of
entrepreneurship..........................................................................................................................3
Similarities and differences between entrepreneurial ventures...................................................5
Task 2...............................................................................................................................................6
Impact of micro and small businesses on economy.....................................................................6
Importance of small businesses and business start-ups in growth of social economy................9
Task 3.............................................................................................................................................10
Characteristic traits and skills of successful entrepreneurs that differentiate them from other
business managers.....................................................................................................................10
Entrepreneurial personality reflecting entrepreneurial motivation and mind-set......................12
Task 4.............................................................................................................................................13
How background and experience can hinder or foster entrepreneurship..................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship can be defined as act of developing, organising and running a business
enterprise by taking all the risk and benefits from the business. Entrepreneurship mainly involves
creativity and innovation in business that offers differentiated value that customers can get from
existing products and businesses. This report aims at discussing entrepreneurship and different
types of entrepreneurial ventures. Report is based on case of entrepreneurship of Zuber and
Mohsin Issa, these are two brothers who have been successful in buying UK supermarket
company Asda owned by Walmart. Other than this, Issa brothers are also CEO of EG group, a
British retailer which operates petrol stations and fast food outlets in Europe, US and Australia.
Further report will discuss about micro and small businesses and their contribution in economy
and in growth of social economy. Micro and small businesses are those that are often run by
individuals and maximum number of people in micro and small businesses is 10 and 50
respectively. Report will also discuss about characteristic traits of entrepreneurs and their
personality that reflect their entrepreneurial mindset and motivation.
Task 1
Different types of entrepreneurial ventures and their relation with typology of entrepreneurship
Entrepreneurial ventures are those business organisations that are created by
entrepreneurs and there are different types of entrepreneurial ventures.
Small Business Entrepreneurship
This is an entrepreneurship that is often run by owners and entrepreneurs and these businesses
require less investment and resources and number of employees in this type of business is low
(Julien, 2018). Revenue generated by such organisations is low and organisations are mainly
focusing on increasing clients and sale of their products and services. Such businesses are also
run by family and friends.
These entrepreneurs are created by lifestyle, family and necessity entrepreneurs. Lifestyle
entrepreneurs are those who starts new venture for their passion rather than solely for profit.

Scalable Entrepreneurship
Scalable entrepreneurship ventures are those that start with innovative ideas and focus on
providing something different and innovative to customers. These ventures also operate to
identify gap between customers’ requirements and available products and services.
Entrepreneurs consider that their innovative idea can change the world and accept and generate
funding from venture capitalists. These entrepreneurships are also known as aggressive growth
ventures and aim and objective of such entrepreneurships is to increase scale of operations.
Employees are hired with best quality and competency and number depends on the size and
operations of the company.
These businesses are created by serial entrepreneurs, lifestyle entrepreneurs and more
specifically by nascent entrepreneurs (Susilo, 2020). Nascent entrepreneurs are those who take
entrepreneurship as career option. Serial entrepreneurs are those who starts new venture and sell
off these ventures later.
Large Company Entrepreneurship
Large company entrepreneurial ventures are those that are in form of company and
company has a fixed life cycle. This type of entrepreneurship is for those who have knowledge
of how to sustain innovation and these ventures work on creating new products and services to
meet demand of customers and target market. Such business operates at big level and
manufacturing and production in such organisation takes place in large amount.
These ventures are created by corporate entrepreneurs and other than this, nascent and
lifestyle entrepreneurs can also create this entrepreneurship. This requires that small
entrepreneurial ventures become successful and their growth make them large company. Such
entrepreneurs later become large company entrepreneurial ventures.
Social Entrepreneurship
These entrepreneurial ventures are those that are aimed at solving social problems. Main
aim of such ventures is to make world better place and does not involve generating large profit
from their entrepreneurial ventures (Rawhouser, Cummings and Newbert, 2019). Non-profit