Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................2
MAIN BODY...................................................................................................................................2
TASK 1............................................................................................................................................2
P1 Discuss the different types of entrepreneurial ventures and different typology of
entrepreneurship.....................................................................................................................2
P2: Discuss the differences and similarities between the above mentioned entrepreneurial
ventures...................................................................................................................................4
P3. Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.........................................................................................6
P4. Describe the importance of small businesses and business start-ups to the growth of the
social economy.......................................................................................................................8
P5. Determine the characteristic, traits and skills of successful entrepreneurs that differentiate
them from other business managers.......................................................................................9
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset...........................................................................................................................10
P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship...................................................................................................................11
CONCLUSION..............................................................................................................................12
References:.....................................................................................................................................14
1

INTRODUCTION
Entrepreneurship is a term used for the set up of a new business where a person known as
an entrepreneur run out the whole process of business by considering large amount of risk and
opportunities related to finance and management. Basically entrepreneurship is the new business
idea development, designing, and launching along with financial risk (Linton and Solomon,
2017). Entrepreneurship is the most important factor for the development of the country for
which small businesses at the most vital part in starting an entrepreneurship venture. In the
present report on “entrepreneurship and small business management” different entrepreneurial
ventures along with their typology are discussed. Similarities and differences between the
entrepreneur Ventures are explained. Using the statistics of the UK impact of micro and small
business on the economy discussed in the report. The report also describes the importance of
small business and business start-ups in the growth of the social economy of UK. The lower part
of the report is about the two entrepreneurs Elizabeth Gooch and the Tom Mercer. The report
outlines the characteristics skills and traits of these successful entrepreneurs and how they differ
from business managers. The report also personality of these entrepreneurs using the OCEAN
model to reflect entrepreneurial motivation and mindset. At last, further in the report the
background and experience of these two successful entrepreneurs are discussed.
MAIN BODY
TASK 1
P1 Discuss the different types of entrepreneurial ventures and different typology of
entrepreneurship
Entrepreneurial ventures are the business enterprises that are set up with the purpose of achieving
growth and profitability with their innovative and outstanding strategic plans. The
entrepreneurial Ventures are characterized on the basis of their sizes such as small business
entrepreneurship, large business entrepreneurship, start-ups entrepreneurship etc (Herdjiono and
et. al., 2017). The various types of entrepreneurial ventures are described beneath:
2

Small business entrepreneurship: Small business entrepreneurship is a small scale business
enterprise with one owner and few employees. The small entrepreneurship is situated in the
small area and always focusing on generating more customers for their products and services.
The small business entrepreneurship operates under the privately owned corporations
(Soundararajan, Jamali and Spence, 2018). The business has an objective to attain the
profitability and also to maintain the regular business ensuring the longevity and consistent
development. Being a small entrepreneurship the companies have low risk and more flexible
towards uncertainties in their business environment.
Large scale entrepreneurship: Large scale entrepreneurship business enterprise that are started
at the large scale by the already existing large firm with new product or service in order to
increase its brand reputation and profitability in the market (Essers and et. al., 2017). The large
scale entrepreneurship is owned by multiple partners and also consists of large amount of
employees. The research and development team of the larger organisation develop an idea of
large scale entrepreneurship in an organisation.
Scalable start-up entrepreneurship: Scalable start-up entrepreneurship focuses on the
innovative ideas and are tends to provide innovative products to the consumers with the belief
that their innovation can change the world for the betterment (Tavazoeifar, Sheihakitash and
Keshavarz, 2019). In the scalable start-up entrepreneurship they search for the venture capitalist
for their source of funds. The scalable started organisation tends to employee efficient employees
for their vision to change the world with their unique ideas.
Social entrepreneurship: Social entrepreneurship is the business enterprise that came into
existence to solve the problems of the society by serving their products and services. The focus
of these organisations is to make the world a better place to live. This type of organisations are
categorised into three segments profitable, non profitable or hybrid. They are also known as
social service organisations.
Typology of entrepreneurship
Male Female
Male Entrepreneurship is one of the
typology of entrepreneurship where the
business enterprise in large proportion is
Female entrepreneurship is the business
enterprise which is privately owned by the
female and the large proportion of
3