Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Examination of various entrepreneurship ventures................................................................1
P2 Examination of similarities and difference between entrepreneurial ventures......................2
TASK 2............................................................................................................................................4
P3 Assessment of influence of small businesses on economical growth....................................4
TASK 3............................................................................................................................................5
P5. Analysing the characteristics, traits and skills of successful entrepreneurs and business
managers.....................................................................................................................................7
P6. Identifying the aspects of entrepreneurial personality which reflects the motivation and
mind-set.......................................................................................................................................8
TASK 4..........................................................................................................................................10
P7. Examine the background and experience to hinder and foster the entrepreneurship..........10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is an activity of satisfying the needs of society with the clear intention
of earning profit. This report include the demonstration of range of entrepreneurial ventures. The
report also cover the impact of small business on the growth of the economy. Further the report
cover the assessment of key factors that determine the entrepreneurial mindset. Lastly the report
comprise the role of environment in boosting and hindering entrepreneurship (Burns, 2016).
TASK 1
P1 Examination of various entrepreneurship ventures
Entrepreneurship is a field where entrepreneur take all risk and enjoys maximum profit.
Entrepreneurship is basically a term used for the activity of solving the problems of society with
an innovative solution. The nature of entrepreneurship is define by its objective and idea
implemented. The traits of entrepreneur is a factor that determine the growth potential of a
particular venture. The detail description of different kinds of entrepreneurship and entrepreneur
are given below:-
Types of entrepreneurship
Small Business Entrepreneurship: This is the most common kind of entrepreneurship.
It originate with a common idea and remain as a part of venture crowd. Maximum
entrepreneurship in the business world comes in this category. It is usually operated by
entrepreneur to earn a normal livelihood. Entrepreneurs are usually not intended to expand their
business in the lure of high income. They just earn sufficient money to feed their money.
Examples of small business are general stores, salon, restaurant, hotel etc.
Scalable Start-up Entrepreneurship: This type of entrepreneurship are practised to
solve the underserved needs of the society with an innovative in nature. Scalable start-up
entrepreneurship can be disruptive in nature as they have tendency to affect the profitability of
existing businesses. It originates with innovative idea or invention. A highly successful start-up
is a blend of innovation and invention that disrupt the market with frequency. Example of
scalable start-up entrepreneurship is Uber and Airbnb (Donckels, and Miettinen, 2019).
Large company entrepreneurship: In large company entrepreneurship, big companies
brings innovation in their products to stand apart from the competition. Giants ventures possess
huge financial and human resources that can build out of the box technology that delight
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customers and helps in acquiring and retaining customers. They continuously enhance the
features of existing products and launch them before customers realise the needs of such
features. Examples of large company entrepreneurship are Apple, Facebook, Microsoft and
Google.
Social Entrepreneurship: It refers to the organisation that work for making the world a
peaceful, safe and happy place to live. Social entrepreneurship aims to eliminate problems and
satisfying needs of the society without expectation of profit. Social entrepreneur accumulate
finance from donation by government, rich people and sometimes pool of common people of the
nation. The nature of social entrepreneurship can profit making or hybrid (Mitra, 2019).
Types of entrepreneurs
Innovators: It refers to those entrepreneurs who start business by blending their
innovative idea and engineer's technology. Innovators are disruptive in nature as they possess the
calibre to capture all the market share. Examples of innovators are Steve Jobs and Larry Page.
Innovators initially adopt scalable start-up entrepreneurship and eventually work as large
company entrepreneurs after their start-up becomes giant.
Hustlers: It refers to those entrepreneur who believes in working hard with common
idea. They start business in small scale with the expectation of becoming a business tycoon in
future. Example of Hustler are Mark Cuba. Personality of Hustlers are suitable for small business
and larger company entrepreneurship (Wang, and Liu, eds., 2016).
Imitators: This type of entrepreneur acts as a follower of innovators. They take effort to
take advantage of idea introduced by innovators. They conduct proper research on the way
innovators implement the idea and assure that mistakes made by innovator would not be repeat.
The type of entrepreneurship imitators perform is scalable start-up entrepreneurship. They
introduces improvised version start-up.
P2 Examination of similarities and difference between entrepreneurial ventures
Basis Small Business
Entrepreneurship
Scalable
entrepreneurial
venture
Large company
entrepreneurial
venture
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