Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1. Define what is meant by entrepreneurial activity and social economy..............................1
2. Identify and explain 3 differences between serial entrepreneurs, intrapreneurs and owner
managers.................................................................................................................................2
3. Explain two characteristics features of each of the following: Micro and Small size
organisations and economy....................................................................................................3
4. Examine the relationship between Life style and Growth firms on one hand and micro and
medium size firm on the other................................................................................................3
5. Produce and interpret a current data that shows the impact of Small and Micro business on
the economy............................................................................................................................5
6. Explain two reasons it is believed that small organisations and start-ups play significant
role in social economy............................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is defined as the ability to develop, organize and operate business. It is the
process of starting a venture with new and innovative idea, by taking financial and other risks in
the hope of earning huge amount of profits (Ács, Autio and Szerb, 2014). This report covers the
meaning of entrepreneurial activity and social economy along with the differences between serial
entrepreneurs, owner managers and intrapreneurs. Apart from this, it discusses characteristic
features of micro and small size organisations and economy and the relationship between growth
firms and lifestyle firms along with micro and medium size firms. It also includes impact of
small and micro businesses on economy and the role that start-ups play in social economy.
MAIN BODY
1. Define what is meant by entrepreneurial activity and social economy
Entrepreneur activity is referred as business activities which aims for or outcomes in
acquisition of assets, or earning income, not involving designated activities that generate huge
revenues and contribution rendered for activities related to public welfare. It involves production,
processing, selling, renting, leasing, dispensing, delivering, distributing or promoting products
and services to gain profits. There are several factors that influence the entrepreneur activities of
the organisation including capital, raw materials, market, infrastructure and labour. These factors
influence the growth of entrepreneurial activities in both positive and negative ways. Positive
impacts constitute conductive and facilitative conditions for entrepreneurship emergence while
advance influences develop inhibiting milieu to entrepreneurship emergence (Blackburn, Hart
and Wainwright, 2013).
Social economy is referred as the set of economic and business activities which are
performed within private sphere through the organisations or institutions which seek general
social or economic interest according to the principles like fostering social and internal
solidarity, equal opportunities for women and men, promoting commitment with local
development, generating stable employment, social cohesion, sustainability and work life
balance (Bryson and Daniels, 2015). Social economy comprises of diverse set of institutions
including cooperatives, social integration enterprises, associations, mutual societies, employee
owned companies, special employment centres and foundations. The social economy
1