Unit 9 - Entrepreneurship & Small Business Management

Entrepreneurship & Small
Business Management

Contents
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
P1: Explain distinct entrepreneurial venture types with relate of typologies of
entrepreneurship..........................................................................................................................1
P2: Discuss differences and similarities between different entrepreneurial ventures.................3
TASK2.............................................................................................................................................5
P3: Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.............................................................................................5
P4: Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................6
TASK3.............................................................................................................................................7
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers............................................................................................7
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset.................................................................................................................................9
TASK4...........................................................................................................................................10
P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is refers as the business activity and discipline where entrepreneur take
the risk and responsibility to manage and control risk effectively comes in business or effectually
implementation of business idea developed by entrepreneur that is new & innovating.
Entrepreneur is considered as the person who set up business / starts up or taking financial risk in
hope of earn profit. Entrepreneurs have the ability to develop and apply new & innovative
business ideas in real world that has prominent impact over society (Bruce, Gurley-Calvez and
Norwood, 2020). It is the responsibility of a person who holds risk and responsibilities regarding
analysing and satisfying needs of society in order to make their life and living better that helps
the productivity as well as profits of firm which is the end goal of any business enterprise.
This report is based on entrepreneurship and small business where different types of
entrepreneurial ventures are explained with their relationship with entrepreneurial typologies.
Furthermore differences and similarities between entrepreneurial ventures and impact of micro &
small business over social economy are discussed within the report. Importance of business start
ups in economic growth, distinct characteristic and skills of successful entrepreneurs from
business managers are also consist within the report. In addition influence of entrepreneurial
personality on motivation, effectual examples of successful entrepreneurs are also considered
with relevant experience and backgrounds.
TASK1
P1: Explain distinct entrepreneurial venture types with relate of typologies of entrepreneurship.
Entrepreneurial venture all about risk, success, failure and embracing it and learning form
it. These are refereed as corporate or individual entrepreneurship that serves different functions
of economy and potential of growth and innovations that has prominent impact over society in
terms of rising living standards of people, giving contribution to economic growth (Dana, 2018).
Difference between serial entrepreneurs, entrepreneurs and owner-managers
Serial entrepreneurs: It is based on working on better ideas and running business
through these ideas. This type of entrepreneurs are considered as the entrepreneurs that faces
many obstacles and challenges in order to manage their operations with effectiveness and
perfection that has prominent impact over accomplishment and achievement of successful
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business results. These types of entrepreneurs are assist to create new markets and attain higher
profits in order to overcome challenges comes in unwanted way.
Entrepreneurs: On contrary this type of entrepreneurs are referred as individuals who are
responsible for accomplishments of tasks and work in unique and creative manner. These are the
people that are responsible to manage resource utilisation in effective and efficient ways that
leads management tasks with more capabilities. These types of entrepreneurs are reflects
significant impact in achievement of sustainable business objectives.
Owner-managers: While these are the individuals that manage change business
organisation at smaller scale and introduce change that has prominent impact in successful
business outcomes as well as satisfying and fulfilling needs, demands and expectation of
customers. As compared to above entrepreneurs these are the individuals holds the
responsibilities of successful management of small businesses in order to obtain profit through
customer’s satisfaction.
Types of entrepreneurial ventures
Small business: It is defined as the business entity that is operates at smaller level with
250 limited employees with turnover under $50000. It is most significant type of venture that has
immense support on national economy important for overall economic growth of nation. It is the
type of entrepreneurial venture where owner of firm holds all authorities towards business
functions direction and management (Donckels and Miettinen, 2019).
Enormous firms: Another important type of entrepreneurial venture works on larger
scale with aim as to expand business for future growth and sustainability with larger number of
employees and requires effective control and management. The number of employees and
business turnover lies in millions as per enormous type of entrepreneurial venture.
Social enterprise: It refers as the another important type of entrepreneurial venture that
holds the responsibility of societal wale fare based on solving social problems and helps
customers to make their lining better and easy though find solutions of daily lives.
The typology of entrepreneurship
Lifestyle: This is an important type of entrepreneurship worked to enhance lifestyle of
social people through satisfying needs and demands of customers in order to make their living
better. Thus it leads to satisfy customers needs that helps in making their living standard better. It
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