Entrepreneurship and Small Business Management

Entrepreneurship and Small Business
Management

Contents
INTRODUCTION........................................................................................................................................................................................................3
P1 Explain the types of entrepreneurial ventures and its typologies........................................................................................................................4
P2 Explore the similarities and differences between the different ventures.....................................................................................................5
LO 3..............................................................................................................................................................................................................................6
P3 & P4 Assess the impact of small businesses on the economy............................................................................................................................6
P5 Determine the key aspects of entrepreneurial mindset.......................................................................................................................................7
P6 Entrepreneurial personality reflects motivation and mindset:..........................................................................................................................10
LO4.............................................................................................................................................................................................................................11
P7 Entrepreneurial background and experience.....................................................................................................................................................11
CONCLUSION..........................................................................................................................................................................................................12
REFERENCES...........................................................................................................................................................................................................13

INTRODUCTION
Management is defined as the planning, managing and coordinating of all the activities in an organization. Entrepreneurs
and small business owners are liable for managing the multiple aspects of the firms. Whereas, entrepreneurship is related to
the thinking, designing and managing the new businesses with a view to earn maximum profitability at a low risk. En -
trepreneurs as well as owners divert their ideas and opinions into a business after viewing the market opportunities. They
needs to understand about the managing resources, capabilities, employees as well as finance while running their own busi-
nesses or thoughts. For entrepreneurship small business management McKinsey & Company is taken which is American
worldwide management consulting firm. It was founded in 1926 by James O. McKinsey in order to apply accounting princi-
ples to management and headquarter in New York, United States. Under this report discussed about the entrepreneurial ven-
tures and its typologies along with the similarities and differences in the ventures. In addition research is also done and col-
lect data's and statistics which impacts on the country's economy. Also, determine the skill sets and traits to ensure the suc-
cess and growth of businesses.

 Scalable start-up's entrepreneurship: These entrepreneurs start their business
with a clear vision of could change the world from day one. They attract
investments from venture capitalist and start-up's in UK which includes
Freeagent, Vinaya etc.
 Large company entrepreneurship: These helps in offerings new products in
new market and customer segments with a view to sustainable innovation which
takes place due to the pressure of change in taste, technologies and legislations.
This includes Peter Jones enterprise academy.
 Social entrepreneurship: These innovators focused on the developing goods and
services that helps in solving the social problems and fulfil their needs with a
motive of making world a better place. For example, Gravity Light, Speakset
etc.
Typologies: These are based on the growth, gender and motives etc. that can be
described below:
 Male entrepreneurship: This kind of enterprises are owned and controlled by
the young, competent and risk taker men and they are more into start-ups and
large ventures.
 Female entrepreneurship: This enterprise initiated and managed by the women
and these are less in numbers because of risk avoider behaviour and they are
initiate foe mainly social ventures.
 Lifestyle entrepreneurship: These kind of entrepreneurs believes in small scale
and social ventures because they enjoy their life quality and less focus on the
development strategy.
 Growth entrepreneurship: These enterprises deals in long time survival of
business by making practices related to cost cutting as well as future goal
commitments. They exist in all kind of ventures.
Entrepreneurial venture is defined as combination of two words such as
entrepreneurial and ventures. Entrepreneurial refers to the capacity and willingness
of a person to initiate, design and manages a new business whereas, ventures
provide services to develop a positive change as well as environment within the
workplace. This can be categorised in mainly two sectors that can be considered
below:
Public sector entrepreneurial venture: This refers to the initiation of creative
public policies and activities as well as technological development while a country
faces uncertainty issues that helps in generating high economic prosperity. For
example, BBC and Automatic weapons establishment (AWE).
Private sector entrepreneurial venture: Organizations which are usually free from the
government ownerships and control are considered as a private venture. This involves the
sole proprietors, small and medium sized business as well as large multinational
companies. For an example: McKinsey & Company.
Types: There are four kind of entrepreneurial venture which are to be formed in a unique
way and all are differ from each other. It can be described as:
 Small business entrepreneurship: The success point of view of that businesses
is to feed their family and earn profits. Entrepreneurs of small businesses are
those who runs their own firm and theses are related to catering and courier
services, business consulting as well as website design. For example, Café Pod
Coffee Co.