Entrepreneurship & Small Business Management

Unit 9:
Entrepreneurship &
Small Business
Management

Table of Contents
INTRODUCTION.......................................................................................................................................3
P1) Discuss different types of ventures initiated by entrepreneurs and explain how they are related with
typology of entrepreneurship...................................................................................................................3
P2) Discuss similarities and differences between different types of entrepreneurial ventures.................5
M2) Discuss range of entrepreneurial ventures with an aim to depict understanding of entrepreneurship
in respect of public as well as corporate sector........................................................................................6
TASK 2.......................................................................................................................................................6
P3) Demonstrate data and statistics to show the impact of small as well as micro business on economy 6
P4) Discuss how small business and startups are helpful in development of social economy.................8
M2) Evaluate how large, medium as well as small enterprises differ from each other with the help of
necessary data and statistics.....................................................................................................................9
TASK 3.....................................................................................................................................................10
P5) Discuss, characteristics, skills as well as traits of successful entrepreneurs....................................10
P6) Discuss how entrepreneurial personality reflect entrepreneurial mind set and motivation..............12
M3) Present different arguments in terms of entrepreneurial characteristics.........................................13
TASK 4.....................................................................................................................................................13
P7) Examine how background and experience can foster and hinder entrepreneurship.........................13
M4) Discuss link between entrepreneurial characteristics and influence of background as well as
personal experience with the help of relevant examples of successful entrepreneurs............................14
CONCLUSION.....................................................................................................................................15
REFRENCES............................................................................................................................................16

INTRODUCTION
Entrepreneurship is a crucial activity under which new business ideas and innovations are
undertaken by individuals in order to bring unique products & services in market place.
Entrepreneurs are those individuals who bear risk with an aim to develop new as well as
innovative products (Welter, Baker and Wirsching, 2019). Innovation plays a vital role in
entrepreneurship as it is essential to survive in market place for longer run. For this,
entrepreneurs develop technical products and services for earning higher profits to accomplish
predefined objectives. The current report is based on two entrepreneurs such as Elizabeth Gooch,
a female entrepreneur who is founder of EG solutions. In this, the other entrepreneur is Tom
Mercer who has started a food venture named as Moma Foods. Different types of entrepreneurial
ventures have been discussed in the present report. It also includes skills, attributes, as well as
traits of the successful entrepreneur. At the end, impact of personal experiences as well as
background has been also included in the following report.
P1) Discuss different types of ventures initiated by entrepreneurs and explain how they are
related with typology of entrepreneurship
Entrepreneurship is an activity under which an individual undertakes new and innovative
business ideas to start a venture and to bring unique product and service in market place. For this
purpose, different types of entrepreneurial ventures are mentioned below:
Large company entrepreneurial venture: It is sated that these kind of business ventures
work at large level and offer variety of goods and services to customers. These companies
generally function at global level with huge investment and ample of resources. Large companies
have started with an aim to earn substantial profit by acquiring large share in market place. It is
analyzed that there is nearly 250 employees work in a large corporation. In addition, there is a
huge scope to earn substantial profit by expanding business at large level. There are some
examples of large companies are Google, Apple, Microsoft, Amazon and more.
Scalable entrepreneurial venture: Here, entrepreneurs undertake innovative ideas and
thoughts with an aim to bring unique products & services in market place. In addition, they also
perform different activities so that the idea can be converted in real context. These kind of
entrepreneurs also take assistance of other competent as well as qualified person to bring more

efficiency and effectiveness in business. There are some examples of scalable entrepreneurship is
Face book, Twitter, and more (Akpan, 2020).
Small business entrepreneurial ventures: As the name suggests, these ventures are
undertaken by sole proprietor with less amount of finance and other resources. These venture
generally operated within a region to meet with requirements of local people. There is a lot of
competition prevailing within this market as several individuals are undertaking small business
ventures. So, it is vital to have some distinctive capabilities to differentiate venture with other
competitors. By this way, small business personals will be able to survive in market for longer
duration. In case of a small company, there is nearly 10 to 49 individuals work together to attain
common goals. There is huge scope to earn substantial profit margin for further enlargement and
sustainability of business. Now, government also takes initiatives to support and promote small
business ventures. In addition, there are angle investors, venture capitalist to support new
business.
Social entrepreneurial venture: These ventures are also known as non profitable
ventures which are generally started with an aim to promote social well being. Main aim of
social entrepreneurs is to enhance the level of society by providing different products and
services to people. Here, social entrepreneurs always think to bring something new and
innovative within society to improve the overall living standard of people. Social enterprises
generally started at small level and have a scope to serve the society in an efficient manner. For
instance, safepoint, Red cross trust and more which are started with an aim to maximize social
benefits (Donckels and Miettinen, 2019)
Typologies of entrepreneurship:
Aggressive growth ventures: Main aim of a lot of business ventures is to bring innovative
thoughts and ideas in front of people and earn substantial profit margin to ensure long term
growth and sustainability.
Lifestyle venture: These ventures are initiated with an aim to offer higher quality of
goods and services to customers with an aim to enhance their living standard. It is stated that
these units are generally started as well as operated with lower amount of investment.