Analysis of Entrepreneurship and Small Business Management Tasks

This essay provides a comprehensive overview of entrepreneurship and small business management, covering various aspects such as types of entrepreneurs (owner-manager, serial entrepreneur, intrapreneur, scalable startup entrepreneur), types of entrepreneur ventures (small businesses, large company entrepreneurship, social entrepreneurship), and typology of entrepreneurship (survival firms, lifestyle firms, growth firms, managed growth firms, aggressive growth firms, corporate entrepreneurship, public sector entrepreneurship). It also discusses the characteristics, traits, skills, and motivations required for a successful entrepreneur, highlighting the differences and similarities between entrepreneurs and managers. Furthermore, the essay explores the relationship between entrepreneur ventures, the development of entrepreneurs, and the impact of micro, small, and medium enterprises on the UK economy, along with the scope of local, global, and social entrepreneurship in the UK. Finally, it provides examples of different entrepreneurs, including social, local, and global entrepreneurs, showcasing their contributions and impact.

Entrepreneurship and
Small Business
Management (TASK -1
& Task -2)

Types of
entrepreneurs
Typical or Owner-Manager Entrepreneur- The
entrepreneur who know that what is process to make
customers happy. They calculate overcoming situational
and analyse the ideas after starting a business (Lee-Ross,
2010).

Continued
 Serial Entrepreneur- This are the entrepreneurs who
opposite of typical entrepreneur and come up with ideas
then starts Company. They start the business with ideas.
This type of entrepreneur establishes rules and policies
before the formation of businesses.
 Intrapeneur- This is a type of entrepreneur who holds its
business with inside activities. The person who creates
products and services with innovative ideas. They involve
creative ideas and risk factors.
 Stalable start up entrepreneurship- This is a type of
entrepreneur ventures whose vision and mission is clear to
the world and knowing from day one. Investors plays an
important role for this company.

Types of entrepreneur
ventures
 Small businesses- There are many small businesses have
start in united kingdom. In the US 5.7 million small businesses
working and all are the non governmental organisation. It
includes hairdressers, travel agencies, grocery stores,
consultancy services, carpenters, electrician and plumbers etc
(Schaper, 2014).

Continued
 Large company entrepreneurship- Large kind of
entrepreneurship includes the innovation process for its
life cycles. Large companies uses new technologies and
creates new legislation. It builds disruptive products like
ironically.
 Social entrepreneurship- Social entrepreneur focuses
on the creativity. It involves innovation process to invent
new products and services. The products developed by
social company satisfies the needs of customers and
services solves social problems.

Typology of
entrepreneurship
 Survival Firms- This are the small kind of business
organisation who operates business of survival. Small
and medium size of business is a part of survival firm.
 Lifestyle Firms- Lifestyle firm is a term of providing a
reason of making goods and services for lifetime to
founder. It is a type of modern firm or businesses. Its
annual growth rate usually increases day by
day(Burns, 2010).
 Growth Firms- This is a type of firm who is growing
rapidly. As compared by the competitors. The
company who is earning profits faster than economic
rates.

Continued
 Managed Growth Firms- The
company who needs to grow in
the market and have to
manage the imbalance in the
profitability(Bridge, 2012).
 Aggressive Growth Firms- It
can be described by a mutual
fund to achieve the highest
capital gains. It focuses on
conviction approach.

Continued
 Corporate entrepreneurship- This type of firm can be
described by the activities of corporation. It focuses on
the internal growth of the businesses.
 Public sector entrepreneurship- This type of firm
formed for a particular objective. It focuses on public
needs and their satisfactions.

Characteristics of
entrepreneur
 Entrepreneur is a person who takes financial risks
and sets up a business for earning profits, is known
as entrepreneur.
 It can be described by willingness and capacity to
develop businesses with any risks to make a
profitability that person identified be the name of
entrepreneur.

Behavior and experience of
entrepreneur
 The main skills required to become a successful
entrepreneur are motivation, creativity, risk
tolerance, flexibility, versatility and other superb
business skill.
 Creativity is a innovative feature for the
entrepreneur. It is technique by which a person
can invent many products that are very beneficial
for the organization.
 Entrepreneur should be risk tolerance. A person
who can bear risk that can achieve more
successful than others

Motivation
 Motivation power plays an important role
to become a successful entrepreneur.
 It helps to motivate employees to work
hard.
 From this power employees can develop
more productivity and technologies.

Difference between entrepreneur
and manager
 Entrepreneur can be described as a organizer of a business or
firm who forms it for productivity and achieving goals. It is a
group of persons who deals with uncertainty and bear risk for
maximizing profits and to achieve business. Manager is a
person who motivate employees to work for the organization
objectives(Pretorius, 2009).
 Entrepreneur uses the innovation techniques for solving the
problems of firm. They try to get satisfactions from the
employees of the firm. Development of entrepreneur can be
understand by evolution of entrepreneur. Manager deals with
the internal problems of business. He make sure that
employees are working at right path.