Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTERODUCTION.........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Types of entrepreneurial venture and its relation with typology of entrepreneurship...........3
P2 Describing the similarities and differences of entrepreneurial venture.................................4
TASK 2............................................................................................................................................6
P3 Understanding the Impact of small, medium and large businesses on the economy.............6
P4 Importance of Small business and Start-up's in relation with the growth of economy..........8
TASK 3............................................................................................................................................9
P5 Characteristic, traits and skills of entrepreneurs....................................................................9
P6 Reflection of different personalities on entrepreneurial motivation and mindset................10
TASK 4..........................................................................................................................................11
P7 Using examples, background and experience can foster or block success for
entrepreneurship........................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTERODUCTION
Entrepreneurship is an ability, capacity and willingness of a person to create, organize
and manage a business venture. All the risk associated with the entity will be borne by the person
doing business. The special characteristic of an entrepreneurship is that the person starts the
business has an innovative ideas and develop it into a business opportunity. Small businesses
management is a process of managing which is used by entrepreneurs to pull off and run the
entity properly, generating effective results(Cole, 2018). Owners of entities use their skills of
management in running their business, take all risks and perform activities to mitigate those risks
and earn profits. In first part of this report, various aspects of entrepreneurs are discussed,
differences and similarities of different entrepreneurs are seen. Then a light is drawn on the
concept of innovation and how it is used by small businesses enterprises for performing their
duties for their firm. In second section, a through discussion is made on the mindset of
entrepreneurs, their growth opportunities and their plan of actions which proves to be helpful for
their business in present and for future. Every entrepreneur varies from each other, holds unique
personalities and traits of doing business along with surviving in market.
TASK 1
P1 Types of entrepreneurial venture and its relation with typology of entrepreneurship
Entrepreneurship refers to the process of developing an entirely new business unit,
initially aiming towards earning enough profits to survive in market. Entrepreneurship is a
business activity which is a one man show, a person works on the ideas and make an effective
business plan and bear all risk associated. In other words, a firm is called an entrepreneurship
when it is run by an individual and all operations are performed single handedly(Collins and et.
al., 2017).
Types of entrepreneurial venture
1. Small business entrepreneurship are those business ventures who's sole aim to survive
and earn that much profits which are enough for supporting their living and families.
These types of firms are mostly funded by the owner and their families or friends.
2. Large business entrepreneurship are the exact opposite of small entrepreneurship,
these organisations enter into the market with the motive of surviving and earning huge

profits. Large companies require huge amount of money to develop their operations and
therefore, they are funded by either taking loans from bank or raise funds from public.
3. Social entrepreneurship's are those business entity which are established and producing
goods for resolving the problems and satisfying social needs. Their aim is to make the
world a better place to live.
4. Scalable start-up entrepreneurship are different from small businesses, they enter the
market with assumption that their idea is unique and will bring change in society and
thinking of people. They get funds from venture capitalists according to their business
plans(Julien, 2018).
Typology of entrepreneurship
1. Lifestyle Entrepreneur is an individual that develops a business with the main aim of
altering and improving the lifestyle of public or their customers along with secondary
objective of earning profits. For example, consultancy or advisory services provided by
professionals for better functioning of other businesses. These advisory firms can be
considered as social entrepreneurship as their aim is to provide services by which
operations of business can be made better and then earn profits in terms of fee.
2. Male Entrepreneur are those business entities which are managed, controlled and
owned by men. Their objective is to earn profits and survive in market like the other
entrepreneurs and business owners. For instance, male entrepreneurs can be linked with
any entrepreneurial style either large or small, social or scalable.
3. Female Entrepreneur refers to those enterprises which are owned, managed and
controlled by women. In women enterprises at least 51 percent share of capital is brought
in by the female owner and more then 51 percent of their staff is of females. For example,
this type of entrepreneurial style can be seen initially in small businesses and then move
forward gradually towards larger perspective. Success of business and its survival with
utmost expertise will lead the entrepreneur to larger world and huge business
opportunities(Ateljevic and Page, 2017).
P2 Describing the similarities and differences of entrepreneurial venture
Various differences and similarities exist in unique entrepreneurial ventures which are
discussed and elaborated below:
Difference between Small and Large scale entrepreneurship: