Entrepreneurship and Small Business Management

UNIT 9:
ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
P 1 Different types entrepreneurial venture and relation with typology................................3
P 2 Differences and similarities between entrepreneurial venture.........................................4
P 3 Statistics and data relating to small and micro business..................................................6
P 4 Importance of small business and start- ups in growth of social economy......................7
P 5 Traits and characteristics of successful entrepreneurs.....................................................8
P 6 Entrepreneurial personality reflecting the mindset and motivation of the entrepreneur10
P 7 Background and experience of the entrepreneur hindering and fostering entrepreneurship
..............................................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
The entrepreneurship is defined as the activity of establishing the business on the own
and man aging and maintaining the business by the entrepreneur himself. In the present modern
and competitive world there is increase in the entrepreneurship and more people are becoming
entrepreneur (Burns and Dewhurst, eds., 2016). This is because of the reason that this increases
the level of economy as well as the entrepreneur is the sole person managing the whole business
and enjoying the profits of the business as a whole.
The present study will start by discussing the different types of venture which the
entrepreneur can start and their relation with typologies. Further the differences and similarities
will be outlined of the different entrepreneurial venture. In the next some data and statistics will
be used in order to display that how micro and small business impact the economy. Furthermore,
the discussion will be done on the importance of the start- ups and small business in the growth
of social economy. Next the traits and skills of different entrepreneurs will be discussed. Further
the report will demonstrate the aspect that personality of the entrepreneur depicts the motivation
and mindset of the entrepreneur. In the end, the discussion will be done on that how the
experience or background of the entrepreneur will either hinder or foster the entrepreneurship.
MAIN BODY
P 1 Different types entrepreneurial venture and relation with typology
Entrepreneur: Entrepreneur is a person who used to commence a business and used to
take the financial risk by bringing the innovation in the market with a hope of making profit.
Generally, entrepreneur used to organize and operates a business enterprise.
Entrepreneurship: Entrepreneurship is the process which is followed by the entrepreneur
at the time of designing, launching and running a new business enterprise. Entrepreneurship is
explained as a capacity and willingness to start the business enterprises with any of the risk to
make profit.
Entrepreneurial Venture: Entrepreneurial venture is the type of the business which is
focused on providing something new to the market with the help of the innovating product which
was not there in the market in the past (Burns, 2016).
Enterprise: Enterprise is another word for the profit-making business, but it is most often
associated with the concept of the entrepreneurial venture.
Different type of Entrepreneurial venture is as follow

Public sector Enterprises: Public sector enterprises is a business organization who is
partly owned or wholly owned by the state or the local government of the nation (Weong and
Jung, 2017). Generally, the firm which has more than 50 percent of the public share been
categorised under the public sector organization. There is very limited scope for the Public sector
enterprises as they generally used to work in the own nation only do not transact with at the
global level. The main purpose of this entrepreneur venture is to serve the consumer in the nation
Generally the typology which is found in this venture is large scale typology.
Social sector Enterprises: Social sector enterprises are the sector which are created to
overcome the different social issue which is faced by the consumer in the society. Generally, this
organization used to work on the non-profit basis. They generally used to provide the income
generation opportunity to the people who need the same in the society. This enterprise used to
have both business and social goal to be fulfilled in the nation. Generally, this type of the
enterprises used to be form when more than one NGO or the social entrepreneur used to come
together with the common interest of solving the social issue of the nation. Some of the common
issue which are seen by the social enterprises are maximizing improvements in financial, social
and environmental well-being. Generally, the typology which is found in this venture is social
typology.
Survival Firm: Survival firm are the firm which generally operate in the market with the
sole motive of earning a minimum of such profit that the company is able to survive in the
market for the longer period of the time. This type of the entrepreneur firm generally does not try
to expand their business, as they used to take the low risk decision in the organization. This type
of the venture used to work with the sole motive of making profit. Generally, the typology which
is found in this venture is small scale.
P 2 Differences and similarities between entrepreneurial venture
Similarities: There are many similarities which are seen between the different type of the
entrepreneur venture as some of the factor are the same which used to drive all the enterprises
(Hadjimanolis, 2016).
Strong willed entrepreneur: It is very necessary for all the entrepreneur venture to have a
strong-willed entrepreneur to run the business operation. As entrepreneur are the one who used
to direct the operation of the business in such a way that it helps the company in achieving the
organizational goal.