Entrepreneurship and Small Business Management

Entrepreneurshi
p & Small
Business
Management

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
P1.................................................................................................................................................3
P2: Explore the similarities and differences between entrepreneurial ventures..........................6
P3. Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy..............................................................................................8
P4. Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................9
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers..........................................................................................10
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset................................................................................................................................11
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................12
CONCLUSION..............................................................................................................................13

INTRODUCTION
Entrepreneurship refers to the set of activities which are undertaken by an individual or group of
individuals for setting up a business with the motive to earn profit from it (Barbosa, Castañeda-
Ayarza and Ferreira, 2020). The individual for Proprietor who is responsible to take care of the
activities in the organization is known as entrepreneur. The entrepreneur is responsible for
earning and losses earned or incurred in the business as it is the contribution of business towards
the capital invested by the entrepreneurs. There are several kinds of Ventures which can be
classified into several categories these Ventures are collectively known as entrepreneurial
Ventures. This report contains various classification of venture with the difference and similarity
among various entrepreneurial Ventures. Entrepreneurship mainly focused on maintenance of
small business by setting efforts and capabilities towards the development of business. In order
to complete this report it also explains regarding the activity and function undertaken by small
level business searches easy solution PLC and MOMA Foods Company. It also contains effects
of small and micro companies on the economy of the country and its important in entrepreneur
traits and skills that are needed to direct business in effective and efficient manner. These skills
and traits can be done by identifying the attribute and personality of businessman. They are
affected by background of the entrepreneur and concentrate on several factors which influence
economy and Society through various kinds of activities and operational functions.
MAIN BODY
P1
Entrepreneurship: It is a group of activities which are required to direct business operations
and stars in order to achieve opportunities of market. Entrepreneur develops and creates efficient
opportunities and possibilities in a business in order to earn more and more profit from the
business organization. The capabilities of entrepreneurship enhance improve and direct a
business in a very effective manner. As they introduce new type of Technology and innovation in
their products they offer those technologies and innovation to the society and community they
are operating in. Entrepreneurs are responsible for several operational Strategies and functions
such as controlling planning arranging funds for operations improvement for enhancement of

strategies and many more full stop a good entrepreneurship is a backbone for the growth and
success of an organization (Botha and Steyn, 2020).
Several kinds of entrepreneurship
Serial entrepreneurs: Serial entrepreneurs are those entrepreneurs which are always ready to
establish new and innovative ideas in an organization. They have a capability to boost new and
creative ideas and opinions in order to convert them in practical life. These innovative ideas give
the entrepreneurs and opportunity to start or develop new business or venture in order to expand
their business full stop it is because of their capabilities and thought process that they are able to
become a great entrepreneur. Their innovative mind set and thought process help the venture to
settle effectively and get maximum positive outcomes from the established Ventures
(Demircioglu and Chowdhury, 2020).
Intrapreneurs: These are the entrepreneurs who act or behave like entrepreneur bye by giving
their innovative and creative opinion in an enterprise. They are responsible to define position of a
person in a company and have so much of qualities and abilities to work in uncertain or Complex
situation in the dynamic business environment. They use different kind of techniques and styles
in order to develop and motivate employees of the organization.
Owner-Managers: Owner and managers of a company or the person who are responsible to
manage Complex situations which are connected with planning legal activities different kind of
policies to maintain or tackle problems which are connected to operations and many more.
Directors of the company are the one who manage and organize resources in order to complete a
project in a predetermined time.
Various entrepreneurial ventures
There are various Types of entrepreneurship which can be categorized on the basis of their
operations and functions. Some of them are mentioned below:
Survival venture: Survival venture is mainly focused on ownership in the operations. Survival
venture should meet the business requirements which will lead to the financial satisfaction of the
company (Huang, Liu and Li, 2020) These type of venture regularly change their functionality to
grow in the market and to stay in the market they minimize the value of their products.