Entrepreneurship and Small Business Management

Entrepreneurship and small
business management

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Different types of entrepreneurial ventures and how they relate to typology of
entrepreneurship..........................................................................................................................3
P2 Similarities and differences between entrepreneurial ventures..............................................4
Differences between entrepreneurial ventures.......................................................................5
LO 2.................................................................................................................................................5
P 3 Impact on economic factors...................................................................................................5
P4. Role of small business and start-ups to impact on social economy......................................7
LO3..................................................................................................................................................8
P5. Characteristic traits and skills of successful entrepreneurs...................................................8
P6 Aspects of the entrepreneurial personality and entrepreneurial motivation and mind-set...10
LO4................................................................................................................................................11
P7. Founder’s Background and experience can hinder or foster entrepreneurship...................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship and Small Business Management gives such learning experience which are
unique to the students who want to start new business or see the scope of employment in the
growth-oriented like small businesses. This program will be helpful for the students who are
searching career options in the small business, want to gain knowledge of entrepreneurship and
develop skills related to venture management. This report will discuss different types of
entrepreneurial ventures and how they relate to typology of entrepreneurship and give
similarities and differences between them and also assess data to show how micro and small
businesses impact the economy. Further it will explain the importance of small business and
start-up and determine the characteristic traits and skills of successful entrepreneurs which
differentiate them from other managers. This study will also assess the aspects of entrepreneurial
personality reflect entrepreneurial motivation and mindset and also using examples how
experience can hinder foster entrepreneurship.
P1 Different types of entrepreneurial ventures and how they relate to typology of
entrepreneurship
Types of entrepreneurial ventures
Small business entrepreneurship: in the world there are many small businesses they do not
generate much revenue but make some profits for their living and to support families. These
businesses are provided funds by friends/family, or they take small business loans or personal
funds. These businesses do not attract venture capital. There examples include grocery stores,
consultant, hairdressers, electricians, plumbers, restaurants etc. mostly they are independently
owned (Shaw and Sørensen, 2019). They aim to run the business for long term which are
sustainable and profitable.
Scalable start-up entrepreneurship: in this a company is started by entrepreneurs which
believes that they can change the world by their vision. Venture capitalists give funding to such
businesses, and they hire quality workforce. Venture capitalists normally fund to grow the
business. It includes high risk but their returns are amazing. Examples are Facebook, whatsapp,
online shopping application, Instagram etc. They bring innovation and are also known as
innovative companies. These companies mostly are related to technology and serve products and
services related to technology (Robert and at.al., 2017).

Large company entrepreneurship: large companies sustain through innovation. They offer
new products in the market and attract customers. They have efficient research and development
team who observe market trends and launch new products which can meet the customer needs.
This is done by the companies through partnership with other companies or buying companies.
Examples are google, Samsung, amazon etc.
Social entrepreneurship: to serve the society or to solve the social needs, entrepreneur make
products or services (Dijkhuizen, Veldhoven and Schalk, 2016). Their objective is to serve the
world and not making profits. It includes profit, non-profit and hybrid. They make business on
innovative solutions. Examples are company work on solving global health issues, non-profit-
making companies, company solving issues of developing companies etc. these types of
companies also receives donation. They improve life and create social impact.
Types typology of entrepreneurship
There are many types of typology of entrepreneurship while doing business which are as follows:
Lifestyle firms: in this the entrepreneur implement various ideas so that employees lifestyle can
be designed in a good manner (Morris and Kuratko, 2020). This encourage and motivate the
employees when they attend the meeting with other organization. This is beneficial for the
employees as well.
Entrepreneurial firms: this is the company which work under big operational unit which
include few skilled members of the organization. Entrepreneurs have the idea to transform their
operational unit into big operational unit.
Salary-substitute entrepreneurs: these firms try to make better salary structure by
implementing various ideas which employees get at the month ending for working in the
organization.
P2 Similarities and differences between entrepreneurial ventures
Similarities between entrepreneurial ventures:
In small business and scalable business fund providers are the same like family, friends, small
loans, personal funds etc. they both want to make profit. They both want to be in the long term
business. Large company fulfil the needs of the society whereas social entrepreneur also want to
serve the society. Large and small business both want to earn profit. They both create jobs in the
society and reduce the level of unemployment. Scalable and large business both bring change in