Entrepreneurship and Small Business

Entrepreneurship and Small
Business

Table of Contents
INTRODUCTION ..........................................................................................................................3
1. Different Types of Entrepreneurial Ventures..........................................................................3
2. Similarities and Differences of Entrepreneurial Ventures.......................................................5
3. Impact of small businesses and entrepreneurship on the economy of UK..............................7
4. Importance of small business and start-ups in the growth of social economy.........................8
5. Characteristics and skills of a successful entrepreneur and difference between manager and
entrepreneur.................................................................................................................................9
6.Aspects of the entrepreneurial personality that reflect the motivation and mindset...............11
7.The entrepreneurship hinder or foster by background or experience using examples...........12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
‘Entrepreneurship’ refers to a method or process which managed or launched by individuals to
manage their business and industrial firms. In entrepreneurship entrepreneurs take risk and invest
their capitals for make profits. This report will present different types of entrepreneurial schemes
and show how they related with topology of entrepreneurship. It will also show the similarities
and difference between entrepreneurial ventures. It will critically examine the scope,
development and growth of entrepreneurship. This report also focuses on impact of
entrepreneurship on economy for that they also show relevant data and statistics and it also
explain the importance of small business and starts-ups for the growth of economy. This study is
evaluating different business like small, medium and large how their impact on economy. This
report also differentiates manger and entrepreneur on the basis of skills and characteristics and
also explain the successful skills and characteristics of entrepreneurs (Burns, 2016). It also
analysis the link between entrepreneurial characteristics and the influence of personal
background and skills and it critically evaluate how background and experience influence and
motivate entrepreneurs positively or negatively by comparing and contrasting. It also analysis the
characteristics, qualities, skills and motivational factors of successful entrepreneurs. It also
assesses the entrepreneurship aspects which reflect personality, motivation and mind-set and in
the end of the report it explains different environments that foster or hider entrepreneurship.
1. Different Types of Entrepreneurial Ventures
Entrepreneurship is most important term in the purpose of development, it is depending on
individual entrepreneurs. It is beneficial for country’s economy, the social and political
environment provide stability to entrepreneurs. It is not much easy it is complex concept which is
based on different entrepreneurial ventures. There are various types of entrepreneurial venture
which relate with topology of entrepreneurship such as small business, scalable start-up, large
company, social, business, trading, corporate, agricultural, entrepreneurial, intrapreneurship, and
managerial entrepreneurship (McKeown, 2017).
The following types of entrepreneurship are involved in the typology of entrepreneurial ventures:

Small Business Entrepreneurship: This type of business not make big profit. This business run by
individuals for personal fulfilment they don’t want to create big company in industry they just want a
small profit for earnings or feed for family. In small business entrepreneurship investment amount is
not that much high they are funded by personal saving, small loans or family and friends. This
business is run by independently without any restriction on anyone. There is no legal structure
required (Kuratko, 2018). For example, small business entrepreneurships are grocery store,
hairdressers, travel agents, plumbers, carpenters, tailor, tutor, electricians and mobile repair etc.
Scalable Start-up Entrepreneurship: In this type of business entrepreneurs knows from the
starting that their idea can change the world. In this category all innovative and new ideas are
take part and start new business. Their vison is high and they want to change in a world. They
attract investors by their vision and ideas. They hire best and skilful employees for their
company. Their most important task is research to marketing for effectively promoting and
delivering their idea so the investors and consumers will attract towards their business and
product or services. These organizations hire brightest mind and they are try to set scalable
model business in industry. For example, Scalable Start-up entrepreneurships are UBER,
TESCO, Amazon, and Peter Jones etc.
Large Entrepreneurship: This business already established their market and customers. They have
large organizations and also supportive investors and stakeholders. They also have couple of years’
experience so they try to compete with new start-ups and innovative businesses. For that they
develop new products and services to attract new customers and market. Customers or consumers
taste is change by time to time according to market product or services. Large business tries to fulfil
customer requirements by providing them a products or services that related to their expectation
(Aadland, and Aaboen, 2018). They are make difficulties for new and start-ups businesses. They
also try to buy new and innovative companies. For example, Large entrepreneurs in UK are Lauren
Graff, Alan Sugar, James Dyson etc.
Social Entrepreneurships: This type of business focus on social problems and its solutions. They
try to provide product or services that can solve consumer’s social problems. These organizations
focus on providing best services for consumers so they can create better world for everyone.
They can be done this for-profit, non-profit and hybrid. For example, some Social
entrepreneurships are The growth company, Amey, Baby lifeline training, and Point and
Sandwick Trust etc.
The other typologies in entrepreneurships are as follows: