Entrepreneurship and Small Business Management

Entrepreneur
And
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1- Different types of Entrepreneurial Ventures and their relations with entrepreneurship
typology.......................................................................................................................................4
P2- Similarities and Differences between entrepreneurial ventures...........................................6
TASK 2............................................................................................................................................8
P3- Interpret and assess relevant data and statistics to illustrate how micro and small business
impact on economy. ...................................................................................................................8
P4- Importance of small business and start business for growth of the social economy............9
TASK 3..........................................................................................................................................10
P5- Characteristics and skills of successful entrepreneurs which make them different from
business managers ...................................................................................................................10
P6- Aspect of Entrepreneurial Personality................................................................................13
TASK 4..........................................................................................................................................14
P7- Background and Experience can hinder or foster Entrepreneurship..................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship is an art of innovative mindset which include designing, launching and
growing a new business in competitive market(Albort-Morant and Ribeiro-Soriano, 2016). It is
defined as the capacity and willingness to invent, organize and manage a business ventures. In
present scenario, the innovative as well as analytical skills are highly required in making
decision for betterment of a business. There are varied range of opportunities that comes in way
of an entrepreneur. Nowadays, most of the successful entrepreneur grows business with joint
ventures at very initial stage. In the present report, it is necessary that there should be critical
analysis of relationship between different typology and inter related entrepreneurship. Also, there
are some importance of small and start-up business, and different traits that are necessarily
required by successful entrepreneur for attaining desired objectives of business.
TASK 1
P1- Different types of Entrepreneurial Ventures and their relations with entrepreneurship
typology
An entrepreneurship is defined as the ongoing process of new innovations in product,
ability of taking huge financial risk and systematically operating the daily business activities.
The main aim of entrepreneurs is to sustain their business in competitive market at any type of
industries. As well as the major responsibilities of entrepreneur is to incur revenues from
business and contribute in the development of nations. Majorly there are four type of
entrepreneurship like social, large company, scalable start-up and small business
entrepreneurship. These entrepreneurship ventures are briefly mentioned under beneath:
 Large Scale Enterprise: These type of business have definite loop which include
sustaining innovations, offering new goods that revolve around the core product
consumed by potential buyers. The firm need to critically analyse the internal as
well as external environment which have impact on business activities. The

entrepreneur have to think uniquely for developing goods and services that
satisfies the customer. Some of the example of large scale business are Infosys,
Google and Microsoft(Ayala and Manzano, 2014).
 Small Business Enterprise: In this type of entrepreneurship, the main focus on
businessman is to grow their business in competitive market. Generally, the
entrepreneur have their business currently running and they do not have much
number of employment in the firm. Also they have more number of competitors
in specific industries. Also the funds are collected through various sources for
growing the business. Some of the small businesses are customised designer
clothes, production of Eco- friendly and stationary products for
consumers(Brustbauer, 2016).
 Scalable Start-up Enterprise: This type of entrepreneurship include
development of new product that attract the potential buyers toward the business.
The scalable business also known as start-up entrepreneurship. In present context,
the government are introducing various schemes that will help entrepreneur to
sustain their business at start-up platforms. As unemployment are increasing day-
by-day in many countries and entrepreneur are key aspect of giving employment
to desired individuals. The focus of entrepreneur is to gradually grow their
venture by fulfilling the demand of consumers. Some of the example of scalable
business are bulb, monsus product and elder technologies in UK.
 Social Enterprise: This type of entrepreneurship involve the goods and services
that satisfy the need of society. The aim of these entrepreneur is to provide an
clean and healthy environment to target market. These type of business focus on
estimating the price of goods in such a manner, that consumer can accordingly
purchase the product. Accordingly, the life style of consumer will raised in
current society. Some of the example of social enterprise are Cafedirect,
Caledonia Cremation, Company Shop and Amey are the top most influential
social enterprise of UK (2018).
The above enterprise play an important role in systematically operating business
activities in competitive market. The typology have huge influence the business ventures. These
essential typology are mentioned below: