Unit 9 - Entrepreneurship & Small Business Management

ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT

Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1 types of entrepreneurial ventures and their typology........................................................2
P2 Similarities and differences between entrepreneurial ventures.........................................4
TASK 2............................................................................................................................................5
P3 Interpretation of statistics for showing impact of micro and small business on the economy
................................................................................................................................................5
P4 Importance of small business and start-up for the growth of social economy..................6
Task 3...............................................................................................................................................7
P5 Characteristic, traits and skills of successful entrepreneurs..............................................7
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation.................9
Task 4.............................................................................................................................................10
P7 Background and experience of the entrepreneurs...........................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurs are those individuals who develop, find and innovate, new ideas into practical
and feasible world. The main motive of innovation is to satisfy the demand of customers with
increasing the value in the products or services. In the present scenario, entrepreneurs works as
the backbone of a country through generating more revenue and offering more employment
opportunities to the local people of a country. Majority of the entrepreneurs start their business at
small or medium level which boost the economy of country due to which more development will
be seen in the nation. This reports highlights on different types of ventures and with their
typologies. Along with this similarities and differences between entrepreneurial ventures and
their interpretation with in the statistics and its impact on the micro and macro business are also
covered in this report. In the last, importance of small business and start-up for the social
economy and traits, characteristic, background of successful entrepreneurs will also be mention
in this report (Ramadani, 2013).
TASK 1
P1 types of entrepreneurial ventures and their typology
Entrepreneurs can be defined as those individual who operates a new business and offer as
well as deliver new products in order to earn more amount of money. On other side, entrepreneur
ventures refer to those business actions which are established by entrepreneurs in order to live
their comfortable with business profits. Moreover, entrepreneurial ventures are formed with their
own purpose. Some types of ventures are developed that is segmented on their service, size and
scope are mention as below:
Entrepreneurial activity
Entrepreneurial activity can be defined as those actions by which small business increase
their revenue through generating and implementing economic activities. Moreover, this activities
are related with the formulation of new and unique ideas that enhances the growth and
development of business. With the convert of new and unique ideas into reality it is easy for
management to provide better goods and services to the customers.
Types of ventures
Small business- The small business operates their business by investing huge amount of
money, capital, size and operations. So it is easy for the entrepreneur to operate regular business

operations and functions effectively. In the context of size and scope of small business is small
as the entrepreneurs are performing their work at small level. Moreover, small start-up are
established by sole proprietor or the partners with the purpose of earning profits and livelihood.
In small business maximum number of employee’s is 50 with the net worth of €2 million. Like
Orion Electrotech Ltd and Clarasys are example of small business firm.
Large business- This business ventures operates their business at a large level due to
which business are operations will be done in effective manner. Along with this the size and
number of employee’s are engaged in organisational operations at huge level in order to achieve
organisational goal in short intervals. Further, large organisation also perform their business at
multi-national level (Kelley, Singer and Herrington, 2012). So the entrepreneurs invest huge
amount of money to operate the business in smooth manner. Marks & Spencer, Asda and Tesco
are the example of large business which are operating their business at global level from several
years. In the context of employee’s there are more than 100 employees performs their work.
Social business- This business house are formed with the motive of providing benefits to
the society rather than the entrepreneur. Moreover, this firm start their business with the motive
of implementing new changes in the society. The scope of social business is too low because
business houses must need to bring changes at a small level. Focus of this business houses are
not to earn more profits but to adopt changes in the society to improve the living standard of
individuals.
Typologies of entrepreneurship
Entrepreneurs undertake various types of typologies that are associated with development
of business. Some typologies which help business to perform their work more effectively are
mention as follow:
Lifestyle typology- This types of enterprise are performing their work to improve the
living standard of local people in which the organisation is operating their business. These firms
provide opportunities to individuals due to which better results are gained by management
(Islam and et. al., 2011).
Growth firms- These companies are developed with the motive of earning huge amount
of profits as well as revenue. The entrepreneurs of such firm adopt changes as per the market
needs due to which it is easy for them to retain in the market for longer period. This ideas are