Entrepreneurship and Small Business Management

Entrepreneurship and
small business
management

INTRODUCTION...............................................................................................................................2
TASK 1.................................................................................................................................................2
P1 Different type of entrepreneurial ventures and explain how they are related to typology of
entrepreneurship................................................................................................................................2
P2 Explore the similarities and differences between entrepreneurial ventures...................................3
TASK 2.................................................................................................................................................6
P3 Impact of micro and small businesses on the economy................................................................6
P4 Explain the importance of small business and business start-ups to growth of social economy. . .7
CONCLUSION....................................................................................................................................7
REFERENCES....................................................................................................................................8

INTRODUCTION
Entrepreneurship is related to phenomenon of setting up and managing new ventures
while making assumptions of each and every financial responsibility related to it. In addition
to this, small businesses are backbone of economy as they provide boost to economic
activities and have wide contribution in GDP (Belz and Binder, 2017). For better
understanding of entire concept respective report will be going to discuss different type of
entrepreneurial venture as well as typology of entrepreneurship. In addition to this,
similarities and difference between entrepreneurial ventures will elaborate. Moreover, there is
wide impact of micro and small business on economy as well as growth of social economy
that will understand in better manner through presentation.
TASK 1
P1 Different type of entrepreneurial ventures and explain how they are related to typology of
entrepreneurship
Entrepreneurial is business which developed for providing distinct type of products and
services to customers and can earn profitability. There are distinct type of entrepreneurial
ventures explanation of these are as follows :-
 Large business entrepreneurship – It is related to large or multinational organisation
which perform activities related to business within wide market area. Moreover, large
business entrepreneurship have large number of employees whose their full
capabilities for accomplishing desired goals and objectives. They invest more capital
for performing organisational practices in effective manner. Examples, Tesco, Marks
and Spencer and so on.
 Scalable start up entrepreneurship – It involves organisation which have more growth
in comparison of other companies in market area (Sebikari, 2019). Scalable
organisation do business activities for providing new and innovative services to
customers. Moreover, scalable start up entrepreneurship have vision and mission to
change through offering different creative products to customers.
 Social entrepreneurship – This type of organisation provides products and services for
social benefits. Moreover, social entrepreneurs are conducting business operations for
earning profitability but behind this motive of such organisation is to meet need of
society and citizens both. For instance, NHS, Oxfam and many more.