Unit 9: Entrepreneurship & Small Business Management

Unit 9:
Entrepreneurship &
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different kinds of entrepreneurial ventures & explain how they relate to typology of
entrepreneurship..........................................................................................................................3
P2 Explore the similarities & differences between entrepreneurial ventures..............................4
TASK 2............................................................................................................................................6
P3 Interpret & assess relevant data & statistics to illustrate how micro & small businesses
impact on the economy................................................................................................................6
P4 Importance of small businesses & business start-ups to the growth of the social economy. 7
TASK 3............................................................................................................................................9
P5 Determine the characteristic traits & skills of successful entrepreneurs................................9
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation &
mindset.......................................................................................................................................10
TASK 4..........................................................................................................................................12
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Every business needs an influential entrepreneur that can help to establish the good
market with their effective and innovative ideas and plans. Entrepreneur is the one who is
responsible to maintain each and every business operation and take valid and appropriate
decision for the development of the organisation. Entrepreneurs considered as the backbone of
the company and there are risk taker and build their business by their own terms and conditions.
Every organisation needs a specific entrepreneurship which can lead the growth of the business.
The main purpose of this report is discussed about the various types of entrepreneurial ventures
& typologies and also determines the differences & similarities. Moreover, this report also
covers that how micro & small business impact on the economy. This report also identify the
importance of starts-ups & small business for the development of the social economy. Lastly,
this report explain about the skills, characteristics and traits of successful entrepreneurs and
discuss their background and experience.
TASK 1
P1 Different kinds of entrepreneurial ventures & explain how they relate to typology of
entrepreneurship.
Entrepreneurs are the backbone of the company and that are responsible to maintain
every operation in an planed and appropriate manner. There are various types of entrepreneurial
ventures consider on the basis of scope & size which are discussed below- Small Enterprises - This type of venture maintain huge capital, employees and
operations. This type of enterprises specially formed to the earn more profit from their
products & services. The size & scope of this type of ventures considered very low
because it mainly provide their services in the niche market. These ventures contain sole
proprietorship and also partnership companies and also consider less than 50 employees
with net worth €2 million. Few examples are considered like Orion Electrotech Ltd., are
private firm & Travelodge is public firm (Boermans and Willebrands, 2017). Large Enterprises – This kind of ventures consider massive level of operations & the
size and scope of the business is very large. These types of ventures cover large market
and expand their business globally. The main motive of these ventures to address the
requirements of the customers so that they can earn more profit. The market size is very

huge and various functions are operating in these types of ventures. Some examples of
large enterprises are Morrisons, Tesco and Sainsbury.
 Social Enterprises- These ventures are running for the welfare of the society. These types
of ventures work for the development of the people and provide their contribution in the
growth of people living so that common people can take their responsibility by own. The
main motive of these enterprises is considering the wealth of the people. Save the
children & Cafédirect, Hill Holt Wood are the main example of this type of ventures.
Entrepreneurship Typologies
Entrepreneurial ventures consider various typologies that mainly associated with
development of the company which lead the smooth functioning of all the operations. The
explanation of some typologies are given below- Growth Enterprises- In this, those firms are involved that main concern to generate more
revenue and the main focus on the creative ideas which can help to earn more profit. The
prime concern of this enterprise is full fill all the requirements of the customers so that
they can improve the growth level (Dana, 2018).
 Lifestyle Enterprises- This main motive of this to improve the living standard of the
people who are belong from the local areas. These firms provide the employment of the
common people so that they can easily improve their living.
It is analysed that both entrepreneurial ventures & typologies are interrelated and help to provide
the more efforts so that local people can improve their living standards. Both entrepreneurial
ventures & typologies provide their active contribution ion the growth of the economy.
P2 Explore the similarities & differences between entrepreneurial ventures
The description of entrepreneurial ventures similarities & differences are given below-
Similarities
Basis Small Enterprises Large Enterprises Social Enterprises
Meeting all
Requirement
This type of
enterprises mainly
formed to satisfy the
need of the common
Large enterprises
basically established to
cover the large market
and address all the
Social enterprises are
formed for the
betterment of the
society.