Entrepreneurship and Small Business Management

ENTERPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION ..........................................................................................................................3
LO1..................................................................................................................................................3
P1)Different types of entrepreneurial ventures...........................................................................3
P2)Similarities and differences between entrepreneurial ventures.............................................4
M1) Diverse range of entrepreneurial ventures..........................................................................6
D1) The scope, development and growth of entrepreneurial ventures......................................7
LO2..................................................................................................................................................7
P3) Micro and small businesses impact on the economy. ..........................................................7
P4)Importance of small businesses to the growth of social economy.......................................8
M2) Differences small, medium and large businesses make to the economy, ...........................8
D2)How small businesses have an impact on different levels of the economy..........................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship refers to a process of starting a new venture. It can be described as a
willingness of entrepreneur to take risk to earn profit in the business. There are various features
of entrepreneurship such as starting a new business involves high degree of risk. Entrepreneur
should be able to take risk in order to earn profit. There must be a new idea for starting the
business such as a new product. Entrepreneur should have a vision and strong leadership quality.
The person who take risk for starting a new venture is called entrepreneur. Small business are
operated by an entrepreneur at small level. There are different types of small business such as
private corporations, sole proprietorship, partnership etc. Example of small business are grocery
stores, small scale manufacturing etc.
MAIN BODY
L O 1
P1)Different types of entrepreneurial ventures.
There are various types of entrepreneurial ventures they are as follows-
An entrepreneur is a person who establish a new business. Entrepreneur is responsible for all the
gains and losses of the entrepreneurial venture.
Small Enterprise-
A small enterprise is operated at a small level. They have less number of employees and
does not generate large volume of sales. Small businesses are generally owned by private
individuals, corporations or by sole proprietor. There are various types of small business such as
grocery stores, carpenters etc. One of the common example of small business in UK is Cafe Pod
Coffee Co. that manufactures coffee.
Micro Enterprise-
Micro enterprise is the business that employs few number of employees. It employs less
than 10 workers and requires less amount of funds. Example- bakery etc. One of the common
example of Micro business in UK is Boss Brewing Company that deals in craft brewery.
Medium Enterprise-
These enterprises are operated at scale more than micro enterprise but less than large
scale enterprise. It employs more than 100 but less than 1000 employees. One of the common
example of Micro business in UK is Verdant Leisure which is a type of holiday park company.