Unit 9 - Entrepreneurship Small Business Management

Entrepreneurship and
Small-Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1: Types of Entrepreneurial Ventures and their relation with the typology of
Entrepreneurship.........................................................................................................................4
P2.Similarities and Differences between entrepreneurial ventures.............................................4
TASK 2............................................................................................................................................6
P3.Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...............................................................................................................6
P4.Importance of small businesses and business start-ups to the growth of the social economy.
.....................................................................................................................................................6
TASK 3............................................................................................................................................6
P5: Characteristic Traits and Skills of Successful Entrepreneurs that differentiate them from
business managers.......................................................................................................................6
P6: Aspects Of Entrepreneurial Personality Reflect Entrepreneurial Motivation And Mindset.
.....................................................................................................................................................6
TASK 4............................................................................................................................................8
P7: Background and Experience can hinder or foster Entrepreneurship....................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship refers to procedure of creating new business idea and implementing it
effectively for developing business that provides value to all. Entrepreneur is the one who owns
capability of managing work at their own level and also converts it into successful business.
Entrepreneurs often starts work with small scale and later convert it into a good business with the
attainment of goals and objectives (Ahmad, 2015). The current project provides knowledge on
different types of entrepreneurs along with their respective typologies. At next, it provides brief
description about similarities and differences between entrepreneur ventures. Also, impact of
small scale businesses on economy will going to be explored. Assessment of key aspects of
entrepreneurial mindset will also be addressed in project. At last, several environmental factors
which hinders or foster entrepreneurship will going to examined effectively.
TASK 1
P1: Types of Entrepreneurial Ventures and their relation with the typology of Entrepreneurship
Entrepreneurship refers to activity of establishing a company with the acceptance of all
risks and profits associated with it. Entrepreneur basically initiates its business with an effective
idea and willing accepts its risks for gaining monetary benefits. There are different types of
entrepreneurial ventures completely depends upon scale are described as below: Small Scale Enterprise: These businesses are mainly operated by single proprietor who
works for managing their basic expenses. In this type of venture, business is basically
operated by two or more workers. Here, entrepreneur often chooses to their family
member or relatives in order to execute business work. Some main example of these kind
of enterprises are carpenters, grocery stores, street shop owners, brokers etc. Large Scale Enterprise: This type of entrepreneurial venture includes those business
enterprises in which numerous of business activities are operated at single time. These
ventures have developed various kind of job opportunities for people. In this, main aid of
enterprises is to bring more innovations in their products and services for motive of

maintaining customers base (Audretsch and Caiazza, 2016). Example of large scale
enterprises are Samsung, Nokia, Apple etc. Scaleable Enterprise: These types of entrepreneurs brings innovation in the society. They
mainly places efforts to use their innovative and creative ideas for satisfying needs and
requirements of customers can be fulfilled. Once after making their business successful
these entrepreneurs sells their business to large scale company and moves forward to
introduce any other business idea for converting it into successful business. Some core
example of these entrepreneurship ventures are Facebook, Amazon, etc. Social Enterprise: These entrepreneurs mainly emphasises to bring innovation for social
welfare motive so that customers could get solution for their specific issues. Here,
preliminary motive of entrepreneur is to serve society with their hard work and after
fulfilment of this another motive is to generate benefit from it. Some common example of
social entrepreneurs are Hill Holt Wood, Cafédirect, etc.
All of these enterprises work in the society and cooperative work life that places major
role in establishment of various typologies that affects a lot on entrepreneurs and their working
part. Typology of entrepreneur also influences their decision making and establishment of
enterprise (Kassean and et. al., 2015). Some of main typologies are:
Male Entrepreneur: Male entrepreneurs are more risk taker who takes risk as per
situation by analysing all associated factors. There main motive is to earn higher profits. For this,
they take ample number of risk which is associated with the business organisation and as a result
they will be able to covert their business into large scale organisation.
Female Entrepreneur: Females are seen as more stable as compared to male
entrepreneurs. Majorly it has been observed that females are less likely to take risk as they are
having numerous of responsibility which influences them to not take any kind of risk. They also
ensures to work with the small scale enterprises only as it does not require huge investment.
Females are self motivated and concentrated toward their work (Bryson and Daniels, 2015).
These typologies play a varied role in the establishment of entrepreneurial ventures in the
business environment.
P2.Similarities and Differences between entrepreneurial ventures
There are various types of entrepreneurial ventures which is available at the marketplace
help in generating more profitability as well as for the development and welfare of the society. It