Enterprise and Small Business Management

Enterprise and small
business management
Table of Contents

INTRODUCTION.......................................................................................................................................2
TASK 1.......................................................................................................................................................3
Concept of small and medium-sized enterprise and evaluation of the growth of economy......................3
Role of SMEs and how they contribute to national economy..................................................................6
TASK 2.......................................................................................................................................................7
SECTION 2.................................................................................................................................................7
Concept of an entrepreneur with examples..............................................................................................7
Types of entrepreneurial ventures and similarities between them............................................................7
Difference between entrepreneur and manager......................................................................................10
Using big 5 models and determine entrepreneurial personality.............................................................10
Using Maslow pyramid and determine entrepreneurial characteristic and success................................11
Critically evaluate entrepreneurial success can hinder or foster their entrepreneurship.........................12
CONCLUSION.........................................................................................................................................13
REFERENCES..........................................................................................................................................14
INTRODUCTION
The term enterprise and small businesses are the forms of new business setup in which a
person considers a large amount of risk that is related to management and finance (Brigham and

Houston, 2021). It is all developed by designing and launching a new product in the marketplace.
Small business is a significant factor that develops and increases the economic growth of a
country where small businesses are a vital part of starting a new venture. This report covers
ventures and attributes of a successful entrepreneur, the importance of small businesses in the
growth of the social economy, the impact of two regions and two countries.
TASK 1
Concept of small and medium-sized enterprise and evaluation of the growth of the economy
Small and medium-sized enterprises define businesses that can maintain their incomes
and assets. There are short numbers of employees fewer than of 250 employees are there and has
a turnover of less than 50 million. They can provide a particular size of small and medium-sized
enterprises that can be dependent upon a nation which is based on several features and describe
several workers, annual sales, market capitalization, and a combination of those characteristics.
Significantly, small business startups within that country and that startups have a great authority
for that person who is living in a nation which brings their economic growth and social wealth in
UK nation (Effiom and Edet, 2020). Small businesses are privately owned firms with fewer
employees are there and low budget market share. Moreover, it becomes easy for those persons
who start a small firms project in terms to produce their market and it is true firm with a small
hazard so that they can innovate their new ideas for goods and services which brings their
motivation and also new innovative ideas can be made as compared to larger organizations. It
also gives growth of the social economy of the country and small businesses. Sometimes small
businesses are startups to grab their market share with more clients which tends to produce
higher income proceeds in a very small time. They give economic growth of social wealth and
provide service to many individuals in the country that provides increased expansion and
enlargement of the economy in the UK. They are not able to give a higher amount of salaries to
workers but due to new innovative ideas their new goods and services are covered most of the
culture to make the world better and these firms provide employment of skilled workers with
small working salaries which that will be supportive for nations like the UK that reducing their
redundancy information and give the expansion of social economy.

This type of firm covers many maximum portions of the firm's sector in the UK (Gupta and
Mirchandani, 2018). Some of data and statistics related to small and medium-sized enterprises
that are impacted in the UK economy which is based on current years are as follows:
This type of statistic shows the value added by small and medium-sized enterprises to the
UK economy in 2018 which is billion Euros. Micro size enterprises which are added to 64.1
billion in UK economy during this year and this will be generated at a total value of 64 3.2
billion Euros.