Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
Define what is meant by entrepreneurial activity and social economy.......................................1
Identify and explain 3 differences between serial entrepreneurs, intrapreneurs and owner
managers.....................................................................................................................................1
Explain two characteristics features of each of the following: Micro and Small size
organisations and economy.........................................................................................................2
Examine the relationship between Life style and Growth firms on one hand and micro and
medium size firm on the other....................................................................................................3
Produce and interpret a current data that shows the impact of Small and Micro business on the
economy......................................................................................................................................4
Explain two reasons it is believed that small organisations and start-ups play significant role
in social economy........................................................................................................................4
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship is a inclusive of activities related to designing, introducing and running
new venture which is mainly initiated on a small scale with an aim to satisfy individual and
generate profitability while bearing risks (Porfírio, Felício and Carrilho, 2020). In this process
entrepreneurs acts an as individual those who undertake advantage of their entrepreneurial
characteristics and develops new ideas, services, processes, products and business for customers
and country growth. Present report has been conducted on the concept of social economy and
entrepreneurial activity. In addition to this difference among intrapreneurs, serial entrepreneurs
and owner managers are also included in this report. Along with this relationship among growth
and life style firms and micro and medium size firm are also included in present report. Lastly,
impact on small scale organisations, starts-ups and micro business upon economy are also
covered in present project.
Define what is meant by entrepreneurial activity and social economy
Entrepreneurial activity is defined as as enterprising human action in pursuit of
generating value via expansion and creation of economic action and making identification of
new markets, products and products (Hastuti, 2020). In this entrepreneurs successfully take
advantage of their characteristics that are adaptability, persistence and work ethic as to fulfil their
objective with great effectiveness.
While on the other hand social economy is mainly a formation of rich diversity of
organisation as well as enterprises like associations, cooperatives, social enterprises, foundations
and paritarian institutions (Thompson, Verduijn and Gartner, 2020). In simple terms social
economy is a inclusive of those business activities that are mainly undertake in private sphere
with an aim to gain social or general economic interest.
Identify and explain 3 differences between serial entrepreneurs, intrapreneurs and owner
managers
It has been evaluated that Intrapreneurs, serial entrepreneurs and owner managers have
different types of roles and responsibilities and perform their objectives with different set of
activities. Mentioned below difference among them are being underlined:
Serial entrepreneurs Intrapreneurs Owner managers
Primary These entrepreneurs These entrepreneurs are Managers are having
1

Motive mainly comes up with
new businesses as well as
ideas.
mainly aim towards
independence and ability
to advance in corporate
rewards (Farahani and
Alvandi, 2020).
main motive to get
promotion and other form
of rewards for example
power.
Risk These entrepreneurs
basically undertakes risks
as their main motive is to
develop something new
and innovative (Si,
Ahlstrom and Cullen,
2020).
They are are not fully risk
takers and mainly tend
towards hiding risky
projects until there are on
lower risk level.
Managers basically avoid
any from of risks and
mainly conduct business
operations with less risks
in order to generate
higher profitability.
Failure and
mistakes
Serial entrepreneurs
enjoys mistakes and
failure in order to develop
a service, product,
business or process with
great uniqueness.
Intrapreneurs hide project
those who have risks
associated with it.
Managers mainly tries to
avoid any form of risk.
Explain two characteristics features of each of the following: Micro and Small size organisations
and economy
The minimal scope of micro and small enterprises is perceived to be that no more than 50
individuals function together. Micro enterprises are operated by investors whom were able to
complete their business and generate income with strong training and expertise. It influenced the
productivity, as if an individual starts his enterprise at a simple level, because he or she needs to
recruit workers and increase people's interest in selling his or her goods and services. It will hire
people to manage its business, trying to reduce the unemployment rates. The world economy
becomes stable by eliminating such unemployment concerns and continues to healthy
organisational performance.
2