Entrepreneurship & Small Business Management

Entrepreneurship & Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 Types of entrepreneurial ventures and relate to typology of entrepreneurship......................3
P2 Similarities and differences between entrepreneurial ventures..............................................5
LO2..................................................................................................................................................6
P3 Impact of micro and small-business on the economy.............................................................6
P4 Importance of small-businesses and business start up to growth of social economy.............7
LO3..................................................................................................................................................8
P5 Characteristic traits and skills of successful entrepreneurs ...................................................8
P6 Entrepreneurial personality reflect motivation and mindset................................................10
LO4................................................................................................................................................11
P7 Foster or hinder entrepreneurship.........................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is a process that is used to launch and develop new business by an
entrepreneur for earning profit. Management of small-business is necessary as small-business
contribute a lot in growth and success of the business. This report covers various types of
entrepreneurial ventures and the way they are related to typology of entrepreneurship. It also
explains similarities and difference between entrepreneurial ventures. This report describes
impact of micro and small business on the economy growth. It also provides importance of
small-business and business start in growth of social economy. It explains traits and skills of
successful entrepreneur that differentiate them from other business manager. Various aspects of
entrepreneurial personality reflect entrepreneurial motivation and mindset. At last this report
explains about different environments such as background and experience that can hinder or
foster entrepreneurship.
LO1
P1 Types of entrepreneurial ventures and relate to typology of entrepreneurship
Entrepreneurship is a process of launching and developing business venture and the
entrepreneur is ready to undertake all financial risks and enjoy rewards of business. Entrepreneur
performs various activities such as planning for product and services (Bacq, Janssenand Kickul,
2016), launching new business or its expansion, making strategies to take competitive move in
the market and build strong network to increase its sales. Enterprise is business firm that is ready
to take difficult project or by forming venture is planning to launch new business in the market.
Serial entrepreneur is a type of entrepreneur use innovative ideas to start multiple
companies throughout their life as they think product is inappropriate for market. Serial
entrepreneur creates several types of business due to immerse experience thus able to take
advantage of first mover in the market and increases its profitability. Whereas entrepreneur are
ones that comes with new ideas to start new venture or business in order to earn profit and
maximize its share (Nambisan, 2017). On the other hand manager is an employee of company
that influence and manage other employees of company for effectively performance of individual
and achievement of organisational objectives.
Types of entrepreneurial ventures are as follows:
Small business entrepreneurship: It includes such business that operates its business on small
scale with limited capital and human and physical resource to achieve company goals. Due to

less availability of resource to small enterprise they earn less revenue and that is used to meet
needs of family member (Kuratko, 2016). Personal saving, borrowing from friend and family
and banks are some sources of finance for small scale enterprise to run its business.
Start-up entrepreneurship: This type of businesses are established to expand their business
through continuous innovation of its technology and generating new ideas for achievement of
business goals. Due to high cost and limited revenue such companies have to raise fund from
capital venture as they have immersed knowledge and experience of the industry that help in
sustainability and growth of enterprise in the market.
Large company entrepreneurship: Such companies have large number of employees, physical
resource and required lot of capital to expand its business and gain competitive advantage in the
market. Large company focus is to build and maintain customers loyalty by providing qualitative
products and services thus helps in long term sustainability and growth of company. Large
company continuous update its technology and its product and services to provide innovative and
quality products or services to customers. Thus, continuous innovation helps in increasing
market share and profitability of the company.
Social entrepreneurship: Such type of companies are build to provide benefit to society by
offering product and services at reasonable rates. Most of the social enterprise are not established
to earn profit rather they focus to enhance standard of living of people by offering product and
service.
Related Typology of entrepreneurship.
Survival Firms: These firms main objective is to sustain and survive in the market by reducing
its cost of product and tightening its profit margin. In it Small business are includes as there main
objectives is to survive in market by cutting cost and profit margin.
Aggressive Growth Firms: It includes such firms that wants to continuous innovates its
technology and products in order to take first mover advantages and expand its brand image
(Srinivasan and Venkatraman, 2018). Large company entrepreneurship is one such example as it
make use of updated technology to provide quality products and services to its customers.
Social Enterprise: Social enterprise uses strategies to maximize its profit that can be used in
development of society along with providing benefits to co-owners. Social entrepreneurship is
included in social enterprise as its objectives to provide benefit to society and co owner of the
company.