Entrepreneurship & Small Business: Venture Types, Impact, Mindset

This report delves into the multifaceted world of entrepreneurship and small business management, beginning with an exploration of various venture types, including corporate, innovative, social, and lifestyle ventures, and how they relate to the typology of entrepreneurship. It assesses the similarities and differences between these ventures, highlighting the importance of understanding these distinctions for adapting business strategies. The report further evaluates the impact of micro and small businesses on the economy, interpreting relevant data and statistics to illustrate their contribution, especially in the context of post-Brexit economic growth. It also examines the key aspects of an entrepreneurial mindset, including characteristics, traits, and skills exemplified by successful entrepreneurs, reflecting on entrepreneurial motivation and mindset. Finally, the report considers how different environments foster or hinder entrepreneurship, analyzing the effect of background and experience on entrepreneurial success. This comprehensive analysis aims to provide a thorough understanding of the entrepreneurial landscape and its critical components.

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Entrepreneurship and Small Business Management
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Contents
Task 1:.........................................................................................................................................................3
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial...............3
P1: Carry out a mini research to examine various kinds of entrepreneurial ventures and explain how
they relate to the typology of entrepreneurship........................................................................................3
P2: As part of your research investigation, explore the similarities and differences between
entrepreneurial ventures..........................................................................................................................5
Task 2:.........................................................................................................................................................8
LO 2: Assess the impact of small businesses on the economy.....................................................................8
P3: Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro and
small businesses impact on the economy.................................................................................................8
P4: Explain how important small businesses and business start –ups will contribute to the growth of the
social economy after ‘Brexit.'................................................................................................................10
Task 3........................................................................................................................................................12
LO 3 Determine and assess the key aspects of an entrepreneurial mind-set..........................................12
P5 Characteristics, traits, and skills of two successful entrepreneurs.....................................................12
P6 Aspects of the entrepreneurial personality, reflect entrepreneurial motivation and mindset.............14
Task 4........................................................................................................................................................15
LO4 Different environments that foster or hinders entrepreneurship.....................................................15
P7 Effect of background and experience of entrepreneurship................................................................15
Reference...................................................................................................................................................18

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Task 1:
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial
P1: Carry out a mini research to examine various kinds of entrepreneurial ventures and explain
how they relate to the typology of entrepreneurship
Wander is a making society that starts the need of collaborating among the new business-master
minded newcomers and future business visionaries. It is particularly vital that the need of the
financial change is a climbing point of view that wants to endeavor the movement in the division
of self-declared and making business bodies be it little scale or massive. The entrepreneurial
progress is an essential section of which depends on the target motivation for driving
neighborhood headway, exhibit day change, and time of business. It is to be viewed as that the
specialists as seeds of the movement of the firm and in this manner, alongside growing up
attested capitals, it gives an enormous open portal for the other standard subjects to get into work
that further outcome in the change of the economy of the nation. The per capita pay, the way of
life and pay get-together of the Association increments with the augmentation in the mechanical
progress of the country by the technique for the significant business change.
An Entrepreneur is a person who begins and maintains a business with constrained assets and
arranging, assessing every one of the dangers and prizes of his or her business wander. The
business thought is normally another development, item or administration, as opposed to a
current plan of action.
Entrepreneurial ventures require the ambitious individual to organize capital, crude materials,
fabricating areas and gifted workers important to create a decent or offer an administration.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Advertising, deals and appropriation are other vital perspectives which are controlled by the
business visionary.
An industry visionary is a word that is gotten from the French dialect, a verb "enterprendre,"
signifies 'to embrace.' Enterprises are attempted by business people, and the procedure of
creation is named as the enterprise. The rationale of business visionaries is to discover something
new and imaginative submit to its type of business for serving better and producing higher
benefit potential outcomes alongside going out on limb elements.
Figure 2: The four model of corporate entrepreneurship
(Source: Wolcott and Lippitz, 2007)
Entrepreneurial attempts are revolved around the organization's guiding for the mid-sort out and
early masterminded associations. Meandering expects to reveal out in danger zones and
entrepreneurial ventures like this, relates to the way that businesspeople chance their odds in the
open market and do fundamental needing to make their attempt survive and turn out effortlessly.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
The essential inspiration driving reviewing the particular sorts of efforts help to conform and
recuperate arrangements of activity and change in the business targets. The lifestyle and structure
are the key components on which the company stand and consequently, the change of the general
business managers. The piece of the attempts vacillates with the period of the association and its
money related position.
Private company for the most part manage known and built up items and administrations,
Entrepreneurial Ventures are for new creative offerings
SBs go for constrained development and proceeded with gainfulness while EVs target fast
development and high profitability returns
Private companies manage known dangers; Entrepreneurial Ventures bring profound jump with
heaps of obscure dangers
Position.
EVs by and large effect economies and groups in a huge way, which likewise brings about a
falling impact on different parts like occupation creation. Independent companies are more
constrained in this viewpoint and stay bound to their own area and gathering.
The latest couple of decades have been a growing and dynamic time for the change of the
business endeavor, and thus, in this manner, it is necessary to investigate the field of pertinent
reaches. Total brokenness is the term that venture guaranteed. Creation and headway are the soul
prospect of the business that develops the workplaces for the advancement of the economy and
change of the business segments and current division with the help of new advances and related
social affairs. Entrepreneurial methodology and activities offer climb to new market and level of
sectoral execution of contemplations that rouses the headway of the business meanders in

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
different structures and with different perspectives. There is the corporate undertaking that leads
the market and has different centrality. Organizing the sorts of agents, we can portray an
extensive variety of types of them like innovative business visionaries, reflecting industry
visionary, Fabian business visionaries, meander business visionaries and social business
visionaries.
P2: As part of your research investigation, explore the similarities and differences between
entrepreneurial ventures
The possibility of the market system and improvement of large businesses have progressed and
changed over the span of late decades and to highlight the refinements of the different
entrepreneurial attempts. The activities of entrepreneurial techniques are to meander activities
and progression for an establishment of the primary things and organizations. The qualifications
and comparable qualities of the entrepreneurial attempts can be communicated and researched
recollecting the assortments of the examinations and perspectives of the differing business
visionaries. The creative, entrepreneurial meander tries to develop new progressions for the
things and markets. These incorporates the outlining and furthermore finding new things to make
assets of creative instinct who creates and evaluates the market openings. Tolerating the perils is
an essential bit of the hands of this original sets out to assess the likely outcomes of the system.
Research of materials matters in any movement and projection works that empower the
researcher, here the business visionaries to aggregate a not too bad learning of the market and
their needs. The social business visionaries are the most creative casing that progressions the
diverse informative, get ready and human resource fields into beneficial yield keeping in right
issues and headings. This structure not simply energizes the advancement of the economy game
plan of the country Moreover in prosperity, rights and condition change of the worker and

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
diverse individuals. This sort of large businesses managers the dejection alleviations really and
extend their objective to do change with the energy of business practices to beat the routine
drawbacks.
The upgraded culture of the human culture has any impact and conflicts in the thriving and
change of the societal managers. Regardless, the entrepreneurial section tries to keep with or
without these matters and focus on the modification of the business and hopes to convey each
one of the particles of society and progress. The advancement organization has extended the
obstacles of the gathered variety of requests that fuse structure of science, humanism, geography
and cerebrum research of the obliged joining of the field and its learning. The progression of the
commercialization and advancement does not have any impact on the collection of the attempts.
However, the closeness passes on a mutual goal for all and that makes an absolute assurance of
the force of this matter. The corporate activities of business fuse distinct periods of the decision
of essential organizing and presentation of the imaginativeness that uses frames, organizations,
things, and headway. There are four models of business as described by Wolcott and Lippitz
(2007). The undertaking is isolated by two estimations that are resource expert and different
leveled ownership.
Lifestyle ventures or businesses similarities Serial entrepreneurs ventures similarities
Needs human resource management team to
recruit skilled employees
Needs human resource management team to
recruit skilled employees
Have innovative features for future development
of the business
Have innovative features for future
development of the business
Have risk capacities Have risk capacities
Differences Differences
Lifestyle entrepreneur’s focus more in the life
rewards provided to people that enjoy and have
the passion for what they are doing.
Serial entrepreneurs focus on the ideas and
strategy to start a new company and then see
it through and play an important role in the
regular functioning of the new company.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Female entrepreneur businesses similarities Male entrepreneur businesses similarities
Females looks forward to expand their business
in the international market.
Females looks forward to expand their business
in the international market.
Turnover is less than hundred million but more
than fifty million
Turnover is less than hundred million but more
than fifty million
Differences Differences
The entrepreneurs are females The entrepreneurs are male
Encompass approximately 1/3rd of all
entrepreneurs internationally.
Male entrepreneurs are more than females
internationally.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Task 2:
LO 2: Assess the impact of small businesses on the economy
P3: Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro
and small businesses impact on the economy
Free organizations have a higher plausibility of dissatisfaction than the large business. People get
perplexed given this failure. Nevertheless, some independent organizations survive and grow as
well. That is the reason the little ventures are known as the improvement driver of an economy of
a country. In the making countries, independent organization managers are referred to as the
most flourishing business (The E-myth Revisited, 2014). It does work, rouses people in new
groups, and makes pay. Autonomous organization attempts have affected the small-scale
economy of many producing countries by offering reassurance to social and political quality.
Privately owned business managers are one of the core strategies for money related advancement
of a nation. Autonomous wander managers have a higher plausibility of duty towards a GDP,
diminishment in dejection, etc.
Planning: The central part of the system is planning the set of tasks that are to be performed by
the employees including the time scheduling for executing their performance to achieve the
goals.
Organizing: The step post to the planning comes organizing by the leaders and the managers to
assign the jobs to the employees. This action is considered to be the second most important part
of management. A good sense of organizing and proper allocation of tasks help the company to
achieve their goals.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Influence: Influencing is the essential part of management that is associated with creating
mental support and balance for the employees and motivates them to work. A good leader
motivates their employees to bring yield in the ultimate productivity of the company that is
increased.
Control: The managers and leaders monitor the performance of the employees and tally them
with their previous working styles to bring out their performance graph and influence them to
work more.
Privately owned business is known as the self-ruling, self-worked managers. It is not
overpowering as the large ones (Tsuruta, 2016). Autonomous managers meet special gages of
size as for yearly receipts and laborers. Private wander is managed by proprietors or part-
proprietors personalized. According to some present surveys, there is a nonattendance of formed
verification as for quantifiable duties gave by free wander managers. Autonomous managers are
incorporated into all kind of business zones (Impact of understanding bundling on private
wander concerns, 2009). The accomplishment of an independent wander depends on upon the
earth in which they work. Some outside and internal factors impact the achievement of a free
organization and its impact on the economy. Inside components are those which are controlled
and thought to be picked inside the affiliation. For instance, Lack of talented work, inefficient
organization angles, particular issues, et cetera. Despite the fact that the outside factors are those
which are related to the small scale economy, for instance, political, social, budgetary, natural,
precise and legal (Murthy and Paul, 2016). These are the outer parts as they can't be controlled.
These factors choose the execution of a privately owned business tries (Murthy and Paul, 2016).
In the earlier years, in the region of 1980's and 1990's, there was two or three free wander tries in
Tanzania which was making due to nonattendance of capital, present day advancement and

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
skilled work (Sihler, Crawford and Davis, 2014). Nowadays, the execution of the privately
owned business has extended on account of better credit workplaces, get ready and distinctive
open entryways. These managers now drive the advancement of the economy of Tanzania. On
the other hand, 87% of the associations in Nigeria fills in as little attempts. These uses around
half of the working force contributing up to half to its present day yield. The economy in the
non-oil some portion of Nigeria has created by 9% from 2003 to 2009 close by tip top in
gathering, agribusiness, media transmission and solid minerals regions (Bruening et al., 2015).
P4: Explain how important small businesses and business start –ups will contribute to the growth
of the social economy after ‘Brexit.'
At the beginning of 2016, it was to be assumed that "Brexit" would impact UK's medium-term
fiscal prospects. Regardless, more than 8% trusted Britain's economy would be benefitted after
"Brexit" (Asoba and Tengeh, 2016). According to a couple of pros, private managers ought to be
more gainful. Most of the greatest relationship of the world started their experience as
autonomous managers with a few yearnings. They made due with the help of a stable economy,
access to the capital and right people. Regardless, as demonstrated by the diagrams, it is a little
rate of firms who survived and experienced this kind of advancement. The national monetary
interest helped those new organizations to vanquish the troubles. The consequences of poor cash
related and business direction can explain for privately owned businesses. Cash is the best
approach to advancement for autonomous. It is extremely vital for their flourishing (Sihler,
Crawford and Davis, 2014).
The business venture is on the extension by starting late. Regardless, there are a couple of
burdens moreover. Free wander managers require a particular level of market data. At present,

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
various countries on the planet are experiencing headway. This process is possible due to the
duties made by nearly nothing and medium managers. Autonomous organizations can make
money related and social advancement. Free ventures are thought to be the most necessary area
of the governing body together with microfinance foundations. In the globalized period, privately
owned businesses have a higher shot of advancement, as it will incorporate neighborhood
suppliers and wholesalers. It backings and lifts new interests (Asoba and Tengeh, 2016). The
constraints ought to be restricted. Managing a free wander is not the same as managing the
greater ones. Organization of an autonomous wander managers depends on the open resource.
Privately owned business managers are far to go if they are in the right condition.