Entrepreneurship Small Business Management

Entrepreneurship Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Explain the types of entrepreneurial ventures and its typologies......................................1
P2 Explore the similarities and differences between the different ventures..........................3
D1 Critically evaluate the scope, development and growth of entrepreneurial venture:.......4
LO 2.................................................................................................................................................4
P3 Interpret data and statistics to illustrate the impacts on economy.....................................4
P4 Importance of small businesses and start-ups to the growth of social economy...............5
D2 Critically evaluate the impacts on different level of economy and in global context......6
LO 3.................................................................................................................................................7
P5 Determine the characteristics, skills and traits of successful entrepreneur.......................7
P6 Entrepreneurial personality reflects motivation and mindset:.........................................10
D3 Analyse the characteristics, traits, skill and motivational drivers of successful
entrepreneurs........................................................................................................................11
LO4................................................................................................................................................11
P7 Entrepreneurial background and experience...................................................................11
D4 Critically evaluate how background and experience influence entrepreneurs positively and
negatively.............................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES .............................................................................................................................14

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.
Entrepreneurs 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 businesses or thoughts. For
entrepreneurship small business management McKinsey & Company is chosen which is
American worldwide management consulting firm. It was founded in 1926 by James O.
McKinsey in order to apply accounting principles to management and headquarter in New York,
United States. Under this report discussed about the entrepreneurial ventures and its typologies
along with the similarities and differences in the ventures. In addition research is also done and
collect data and statistics which impacts on the country's economy. Also, determine the skill sets
and traits to ensure the success and growth of businesses.
LO 1
P1 Explain the types of entrepreneurial ventures and its typologies.
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 changes as
well as environment within the workplace (Karadag, 2015). 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 (Love and Roper,
2015). 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 (Wright, 2015). For example Clark's shoes and McKinsey & Company.
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Types: There are four kind of entrepreneurial venture which are to be formed in a unique way
and all are differ from each other (What is entrepreneurship – Types, 2019). 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. Scalable start-up's entrepreneurship: These entrepreneurs start their business with a
clear visions of could change the world from day one (Cécora, 2019). They attract
investments from venture capitalist and start-up's in UK are 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 (Mawson and Brown, 2017).
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 base 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 (Khelil,
2016). Female entrepreneurship: This enterprises are initiate and managed by the women and
these are less in numbers because of risk avoider behaviour and they are initiate foe
mainly social ventures (Nambisan, 2018). 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 (Levine and Rubinstein, 2017).
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