Entrepreneurship and Small Business Management: Types, Impact, and Skills

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
LO 1.................................................................................................................................................1
P1) Different types of entrepreneurial venture and typology.................................................1
P2) Explore the similarities and differences between entrepreneurial ventures.....................3
LO 2.................................................................................................................................................5
P3) Statistical data to illustrate the impact of small business on economy............................5
P4) Importance of small business in growth of social economy............................................7
PART 2............................................................................................................................................7
LO 3.................................................................................................................................................7
P5) Characteristics, traits and skills of successful entrepreneurs ..........................................7
P6) Entrepreneurial motivation and mindset........................................................................10
TASK 4 ........................................................................................................................................11
P7) Impact of background and experience on entrepreneurship..........................................11
CONCLUSION .............................................................................................................................12
REFERENCES .............................................................................................................................13

INTRODUCTION
Entrepreneurship is basically a process which reflects the capacity and willingness of an
individual to develop, design, launch, organize and successfully managing a new a business
venture. Entrepreneur is the person who create a theses business entrepreneurship and bear all
the risk involved in launching and managing a start up and also they are the one who enjoy the
maximum part of profit (Adeyeye, Ikupolati and Ndibe, 2018). The business environment in
which these entrepreneurial venture operates is highly dynamic and full of risk and adverse
conditions thus, to reduce the scope of the risk and to understand a business environment more
effectively entrepreneur starts to like their business operation as a small scale venture. This
assignment is based on a survey conducted on entrepreneurship and small business management
and includes different types of entrepreneurial venture along with various typology. Apart from
this importance of small and medium sized organisations on economy is also included. At
finally, discussion about various skills and traits of entrepreneur along with there background
and experience which hinder or foster a business venture is also provided.
PART 1
LO 1
P1) Different types of entrepreneurial venture and typology
Entrepreneurship is the endeavour of creating, owing and commercializing an idea,
technology, product or any services along with bearing and enjoying all risks and rewards
associated with the enterprise or business venture. In business environment various types of
entrepreneurial venture are there which offer many opportunity for individual (Brush and et. al.,
2019). These organisations are broadly classified into two types of economic sector which are
explained below:
Corporate sector- This sector is commonly known as private sector and organisations in
this sector of economy are developed, launch and control by some private individual with the
main aim of increasing profit and expansion. For e.g.: Tesco and Burberry are two corporate
sector enterprise of UK.
Public sector- This sector are fully or partially controlled by government and legal
authorities and central, state or local government bodies are responsible for developing,
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managing and successful running theses organisation. For eg: BBC And NHS (national health
service) are the two public sector organisation of UK.
Many different types of organisations and entrepreneurial venture are found in private
and public sector of economy which are described below:
Social Entrepreneurship – These are the entrepreneurial venture which consists of
various NGO, trust and other organisations who works for welfare of society and not for earning
profits. There financial needs are meet by donation and charity and there main aim is to provide
basic product and services to vulnerable and other deprived group of society. Save the children
and Vinspired are two social entrepreneurship of UK (Dana, 2018).
Scalable Start-up Entrepreneurship- These entrepreneurship takes an innovative idea
and searches for new scalable and repeatable business model that can be turn into a high growth
and profitable company. The main of these organisation is on bringing change in world through
innovation and creativity. Hassle.com and Cocoon are the examples of Scalable Start-up
Entrepreneurship of UK.
Global and large company Entrepreneurship- These organisations mainly operates
at large scale and require huge amount of assets and resources for their development and
management. Global organisation are the one which are having their business operations in more
than one nations and provide their services and products at intentional level thus, huge workforce
and productivity is required (Dominik and Banerji, 2019). For eg: Aston martin and Compass
group are the example of large and global company headquartered in UK and having their
business operation many countries of world.
Small and local Business Entrepreneurship- These are the enterprises which
provides their product or services within a local or domestic area thus, having a limited
geographical reach. The resources and finance required for creation and management of small
business is quite low and can also be beard by economically weaker section thus, provide better
job opportunity. EG solution and MOMA firm can be taken as examples of small and local
business operating in UK.
Typology of entrepreneurship
A group of individuals which are put together on the basis of some common
catachrestic or feature is known as typology. The various types of typology of entrepreneurship
is provided below:
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