Entrepreneurship and Small Business Management

1. Literature review
LO1
Explore and illustrate…………………………considered entrepreneurial.

Entrepreneurship
Entrepreneurship is an innovative and risk-taking process that involves a person who acts
upon his skills and expertise to initiate and develop a business while accepting all risks
concerned to be successful. One of the simplest examples of entrepreneurship is a new or
startup business initiated to meet the unfulfilled needs of customers (Languages, 2021).

Entrepreneurial Ventures
Entrepreneurial ventures involve those companies which focus on innovation and creativity
by availing any opportunity within the market to contribute to the social or economic cause
(Bums, 2011).

Innovation
Innovation is a process of implementing new ideas to create value for the customers, different
businesses, and the overall society. Innovation involves doing something in a better and
smarter way to generate great value from it. Innovation might include coming up with new
technology, new products, new services, new segments, new production methods, and
improvements with products. Innovation is directly linked with creativity as it involves
coming up with new ideas which helps in enhancing the previous items or services in a better
way. The new business ideas or entrepreneurs generate their ideas using their diverse sources
which include the interests and hobbies of people, ideas generate from consumer surveys,
through brainstorming, and personal experiences or talents (Drucker, 2014).

Typology of Entrepreneurship
Typology of entrepreneurship is concerned with the behavior of people while considering the
values and morals which are developed from various methods. Entrepreneurs have various
diverse roles and for all of those roles, they have certainly developed skills and abilities
which help them in understanding the present and future needs and demands of customers.
Entrepreneurs are the ones who are more successful in their businesses as they take risks and
face all the challenges to gain immense success (Hayes, 2020).
Typology of entrepreneurship includes:

Based on the type Based on the use of Based on ownership Based on gender
of business technology

1. Trading 1. Technical 1. Private 1. Men

entrepreneur. entrepreneur. entrepreneur. entrepreneur.
2. Manufacturing 2. Non- 2. State 2. Women
entrepreneur. technical entrepreneur. entrepreneur
3. Agricultural entrepreneur. 3. Joint
entrepreneur. entrepreneur.
Table 1 Typology of Entrepreneurship