Unit 9: Entrepreneurship & Small Business Management

Entrepreneurship & Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1: Distinct types of entrepreneurial ventures and the way they relate to entrepreneurship
typology..................................................................................................................................3
P2: Similarities and differences between different entrepreneurial ventures.........................5
TASK 2............................................................................................................................................7
P3: Interpretation and assessment of relevant statistics and data to exemplify the way micro
and small organisations impact on the economy....................................................................7
P4: Significance of small businesses as well as business start-ups to social economy's growth 8
TASK 3............................................................................................................................................9
P5: Different skills and characteristic traits of successful entrepreneurs which differentiate
them from other business managers.......................................................................................9
P6: The way aspects of entrepreneurial personality show entrepreneurial mindset and
motivation.............................................................................................................................10
TASK 4..........................................................................................................................................12
P7: The way experience and background of entrepreneur can hinder or foster entrepreneurship
among them..........................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is defined as a process of creating a business venture by taking risk with
the hope of earning high profits. In this, entrepreneurs focuses on developing a new venture with
innovative idea in order to yield large amount of profits and revenues. An entrepreneur always
search for developing something new and explores the opportunity which are available in market
by taking risk and investing money (Ács, Autio and Szerb, 2014). This report covers different
entrepreneur ventures along with their link to typologies. it also explores differences and
similarities between different entrepreneurial ventures along with the impact that micro and
small firms have upon economy. In addition to this, importance of startups and small businesses
in growth of social economy and different characteristics and traits posses by entrepreneurs
which makes them distinct from other business managers are discussed. At last, the way different
aspects of entrepreneurial personality reflects their motivation and mind set and the way
background and experience Foster entrepreneurship among entrepreneurs are discussed in this
report.
TASK 1
P1: Distinct types of entrepreneurial ventures and the way they relate to entrepreneurship
typology
An entrepreneur can be referred to as a person who is engaged in setup of a business, its
running and management so as to ensure that it attains growth and high profits in rapid course of
time. Besides this, entrepreneurship is stated as an activity which encompasses execution of
operations tasks within an entrepreneurial venture with the intent of attaining growth and
sustainability in due course of time. In addition to this, enterprise is identified to be a
comprehensive unit which is engaged in execution of business procedures through the integration
and application of a number of resources like tools, machineries, equipments, human resources,
funds, technologies and many more (Blackburn, Hart and Wainwright, 2013).
Typologies of ventures provide assistance in gaining comprehensibility of the relation
prevailing between a type of venture and their object. In this regard, it is identified that there are
primarily 4 typologies of ventures, namely, Male, Female, Social and Scalable. in this relation,
the different types of entrepreneurial ventures are discussed in a detailed manner as follows:-
Survival ventures:

These are the type of ventures which carry out business practices and activities with the
intent of earning high revenues as well as profitability. These ventures undergo the formal
process of registration and thus do not have a particular space to execute business operation.
These ventures exist within the confines of an economy with the sole motive of provision of
basic financial need. These ventures do not strive to reinvest the funds within the venture. This is
a type of venture which is driven by a need. Hereby, entrepreneurs are usually focussed upon
sustaining extensive rivalry prevailing at market place (Bridge and O'Neill, 2012).
Typology- Scalable typology belongs to the category of Survival ventures as they are
acknowledged to be having scalable scope. In this regard, it is identified that NHS is one of the
most renowned examples as the firm intends to ensure social welfare of society instead of
attaining high profit from market.
Lifestyle venture
This is a type of entrepreneurial venture which is acknowledged to be producing stable
income for its owner. It is supposed to be based upon an effective management approach
consisting of systematic business model. Further, it is identified that hereby entrepreneur
reinvests the sum of money earned into the venture so as to enhance the incomes with rapid
course of time. This is a venture that runs its business operations at single location and does not
look upon instant growth or expansion.
Typology- Lifestyle venture pertain to the category of Social typology. This enables a venture to
attain high amount of profits in future course of time by building upon its resources,
competencies and capabilities.
Managed Growth Venture
This is a type of venture which usually seeks to attain stable growth. It is acknowledged
to be following workable business model. These ventures regularly gain access into the market
place by introducing new products at due intervals of time (Ball, 2019). This provides assistance
in attainment of extensive growth and sustainability within market for a longer period of time.
By regularly reinvesting the funds into business, these ventures aim to gain high profits and
facilitate expansion in future course of time.
Typology- Managed growth venture go along with Scalable typology. Hereby, due emphasis is
paid upon the attainment of growth. One of the best examples of this type of venture is IDG.
Aggressive