Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Types of entrepreneurial ventures and its relationship to different typology of
entrepreneurship.....................................................................................................................3
P2 Various similarities as well as difference in between various entrepreneurial ventures...5
TASK 2............................................................................................................................................7
P3 Data and statistics which explains impact of small and micro businesses on economy...7
P4 Determine the significance of small business and start-ups to the growth of the social
economy.................................................................................................................................9
TASK 3..........................................................................................................................................10
P5 Attribute and skills of entrepreneurs...............................................................................10
P6 Analyze how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind set..........................................................................................................................12
TASK 4..........................................................................................................................................13
P7 Analyse effect of background and experience on entrepreneurship...............................13
CONCLUSION:.............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
A person who is responsible for a new business idea and who execute a new plan along with all
risk and circumstances attached with it in order to gain profit out of that business is called an
entrepreneur(Patiño, Arias and Pérez, 2020). Ideas used by entrepreneurs are those which have
never been thought of by anyone before. Entrepreneurship starts when these ideas are turned into
business and brought in market. In an entrepreneurship designing, introducing as well as
launching the new product or service into market. Simon and his brother Bobby Arora launched
an entrepreneurship venture which was named B&M. It is a chain of home wares which has now
spread worldwide. Following report discusses about meaning of entrepreneurship, various kind
of entrepreneurial ventures, how does it effects various types of economy and various skills a
person requires to become an entrepreneur. At last this report also contains detail on how a
person’s family background and culture they are brought up in effect entrepreneurial quality in
them.
TASK 1
P1 Types of entrepreneurial ventures and its relationship to different typology of
entrepreneurship
An entity which has uses opportunities and innovation to run business in an economy are
entrepreneurial idea. Entrepreneurship is a process which entities are developed by taking risks
and uncertainties in order to gain profits and earn. These ventures are generally divided into four
different types:
Large Company Entrepreneurial Venture: These companies usually come up with some
product which are associated to its already existing products in market. These products are
launched in order to fulfil some need of customer and be in competition with others in market as
per latest technologies. Their main aim is expand their businesses. They usually buy out other
companies or usually partner with innovative firms. Various examples of such ventures are
YouTube Google, Microsoft etc

Scalable Entrepreneurial Venture: Scalable entrepreneurs are the ones who bring
innovative ideas in order to being a change in world. Their vision is much larger than other
entrepreneurs in the market. Scalable entrepreneurs are those who bring an idea to change the
world. They have a vision in which they are recruiting various skilled human resources. They
also search for suitable business models usually scalable enough to gain profits. Many examples
of such ventures can be Instagram, Fcaebook, various online shopping applications and many
more.
Small business Entrepreneurial Venture: These days a number of small businesses can
be seen running in marketplaces. In US almost 90% of businesses are small ventures which hire
a number of employees who are non-governmental (Mitra, 2019). Profit earning which they
focus on is only to fulfil their day to day needs. Capitalist are not interests in these small
businesses as they do not require much funds. They usually take help from their friends and
family to start business. Examples of such businesses can be carpenters, plumbers, consultants
etc. who start their business from their home itself.
Social Entrepreneurial Venture: These ventures develop product and services in order to solve
issues in market. They focus on making world a better place to live. They are also non- profit
organisation, profitable organisation or a hybrid of both of them. For example, SafePoint Trust
could be analysed. They are focusing on launching syringes which are reusable. They have tied
up with various small hospitals and clinics who treat patients who can’t afford expensive
treatments. Till now they have produced more than 4 billion such syringes and spread across in
41 countries in world.
All these are different ventures of entrepreneurship which are important in establishing
typologies of business. These typologies have a great effect on ways which business run and
decisions are taken by entrepreneurs. Some of these typologies are mentioned below:
Various typologies of entrepreneurs ventures-
Typology is when things are differentiated on the basis of their types. Basis on which
these styles are differentiated are plan, form, structure, style etc. Some of these typologies are as
followed: