Entrepreneurship & Small Business Management

ENTREPRENEURSHIP &
SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO 1.................................................................................................................................................3
P1 Various types of entrepreneurial ventures and their relation to typology..............................3
P2 Difference and similarities between entrepreneurial ventures...............................................4
LO 2.................................................................................................................................................6
P3 Impact of micro and small business on UK economy............................................................6
P4 Importance of small business and start-ups in social economy..............................................7
LO 3.................................................................................................................................................8
P5 Characteristics, skills and traits of entrepreneurs...................................................................8
P6 Entrepreneurial personality and entrepreneurial motivation.................................................9
P7 Impact of background and experience on entrepreneurs......................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
An entrepreneur is the individual who starts their own business and thus bears all the loss
and rewards. Entrepreneurship is the process of creating own business and making it a successful
business by raising profit.
This report addresses various types of entrepreneurial ventures and their relation to
typology, Difference and similarities between entrepreneurial ventures, impact of micro and
small business on UK economy, importance of small business and start-ups in social economy,
characteristics, skills and traits of entrepreneurs, Entrepreneurial personality and entrepreneurial
motivation and impact of background and experience on entrepreneurs.
MAIN BODY
LO 1
P1 Various types of entrepreneurial ventures and their relation to typology
Entrepreneurship is basically the art of building their own business and thus driving it up
to the immense profit. Entrepreneurial ventures are their different enterprises being established
by the entrepreneurs for making product and thus expanding the business. It basically offers
various types of innovative offering to the customers (Kirzner, 2015). There are different types
entrepreneurial ventures which are as follows.
Small business venture
This type of venture is generally independently owned as well as operated and thus is not
involved in innovative of the marketing practices. These generally have less number of people
and has less profit margin. These business are normally involved ins selling the existing products
and does nit innovate on great basis due to which their revenue remains low along with the low
customer base.
Large company venture
These are the ventures which are highly involved in the innovative practices and thus
have great profitability margin. In terms of the employees, this types of venture generally
contains large number of staff and a great number of departments like marketing, finance, R & D
etc. These ventures have high revenue generating capability and thus have large customer base
due to its presence in different location.

Scalable Start-up ventures
The scalable start-up are the ones which are being established by the entrepreneurs for its
development and the generation of profit (Venkataraman, 2019). These are known by the
scalable because these type of ventures have the full potential to make revenue and thus grow
across the entire world. The entrepreneur hires different employees for the business and hence
brings our innovative ideas for taking the company to the milestone.
Typology of entrepreneurship
Entrepreneurship typology is basically the term that is being used for classification of the
different types of entrepreneur and ventures. These are basically various types of entrepreneur
which comes under this typology.
Innovators
These type of entrepreneur in the typology relates to the large ventures which are highly
engaged in building innovation in each and every aspect of their business. These entrepreneurs
bring forth the innovative ideas and suggestion and thus lead to the growth of the firm. Within
the typology of entrepreneurship they are the first who forms the base and thus relates to the
large firms and organizations (Venkataraman, 2019).
Lifestyle entrepreneurship
This type of entrepreneurship includes the individual that establishes the business with
the aim of modifying their personal lifestyle and thus ins not directly involved in making the
profits. This includes the small sized firms which mostly provides the method for development
of the certain entrepreneurial culture like lifestyle entrepreneur (Schaper, 2016).
Survival entrepreneurship
The main objective of this type of entrepreneurship is to meet the various financial
obligation and thus survive the ups and downs. This includes start up ventures where their main
aim as well as the long term goal is to survive in the business.
P2 Difference and similarities between entrepreneurial ventures
Small business Start-up business Large companies
Small business are the
ventures whose profit margin
are less are hence generate less
revenue.
Start-up are the ones which are
newly introduced by the
entrepreneurs and hence has
the potential to grow (Parker,
Large ventures are recognized
by great customer base and
high profitability ratio.