unit nine

Entrepreneurship
and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1.................................................................................................................................................3
P2.................................................................................................................................................4
TASK 2............................................................................................................................................6
P3.................................................................................................................................................6
P4.................................................................................................................................................7
TASK 3............................................................................................................................................8
P5.................................................................................................................................................8
P6.................................................................................................................................................9
TASK 4..........................................................................................................................................11
P7...............................................................................................................................................11
CONCLUSION..............................................................................................................................11
REFRENCES.................................................................................................................................13

INTRODUCTION
Entrepreneurship is considered as a procedure of designing, introducing and running a
new company at a potential marketplace. It can be small at the initial stage but if it can be expand
or grow through effective strategies and plans. The entrepreneurship is developing or run by
entrepreneur who is a person who establishes a business through their capabilities as well as
willingness (Brush and et. al., 2019). Along with this small business management is consider as
process at which manager need to conduct management of business operations as well as
functions in successful ways. For an entrepreneur it is necessary to manage their business unit in
effective manner because through it they can attain their goal as well as target in appropriately.
The main aim of developing this report is to create understanding of diverse kinds of
entrepreneurial ventures and their relationship with typology as well as it will also include
difference and similarities with these ventures. Along with this it will also include impact of
small business on the economy of country as well as it will include key aspects related to an
entrepreneurial mindset. At last it will include different environments factors which foster or
hinder an entrepreneurship.
TASK 1
P1
Entrepreneurial venture is consider as business unit that is launched by a person in order
to serve the society by fulfil their requirement and demand. They generally conduct analysis of
market and then develop venture accordingly. There are several types of entrepreneurial venture
from which some are mentioned below:-
 Small business entrepreneurial venture: These are those business units that are run by
owners and very limited number of employees. They have approx 5 to 10 staffs. Profit
generated by respective company is not high as well as they also focus on attracting more
and more customers (Cole, 2018). These business ventures are generally launched or
established by family or along with friends on the basis of partnership. They also conduct
market analysis on regular basis so that they can understand customer need, demand and
expectation.
 Large business entrepreneurial venture: it refers to those enterprise units who have
limited life cycle and they mainly focus on serving new products and development to

their customers so that they can retain at market for long time duration. They have huge
number of employees as compare to other entrepreneurial ventures.
 Societal entrepreneurial venture: It is consider as those entrepreneurial units who
conduct their work in order to serve society. They mainly focus on the resolving issues
and problems of peoples by providing them products and services according to the
requirement of customers (Donckels and Miettinen, 2019). It can be profitable, non
profitable or hybrid organization. They generally have more number of employees from
small business and less then the large business unit.
Typology of Entrepreneurship
 Lifestyle Firms- It is consider as that type of topology which provide products and
services for improving life of the peoples. They conduct work in order to gain
competitive advancement at the local marketplace.
 Growth Firms- The main objective of the firm is to grow business by adopting new as
well as innovative ideas so that they can sustain at market for long time with high
profitability.
Relationship among the entrepreneurial venture and typology:
Entrepreneurial Venture Relationship Reason
Small Entrepreneurial Ventures Growth For sustaining at the market
for long time.
Large Entrepreneurial Ventures Lifestyle For enhancing market shares
by fulfilling consumers need
and demand.
Social Entrepreneurial Ventures Lifestyle For fulfilling need and
requirement of society.
P2
There are different type of entrepreneurial venture who conduct work by providing
products and services according to their desire aim (He, Lu and Qian, 2019). There are some
differences as well as similarities among this entrepreneurial venture, whose explanation are
given below:-
Differences between entrepreneurial ventures are as follows: