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Small and micro businesses impact on economy

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Added on  2021-02-20

Small and micro businesses impact on economy

   Added on 2021-02-20

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Entrepreneurship andSmall BusinessManagement1
Small and micro businesses impact on economy_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Different types of entrepreneurial ventures and it relates to typology of entrepreneurship .......3Differences and similarities between various types of entrepreneurial ventures.........................5Small and micro businesses impact on economy.........................................................................7Importance of business start-ups and small businesses to growth of social economy.................8TASK 2............................................................................................................................................9Skills and characteristics traits of successful entrepreneurs that different from other businessmanagers......................................................................................................................................9Aspects of entrepreneurial personality reflect entrepreneurial mindset and motivation ............9Experience and background foster or hinder entrepreneurship ................................................10CONCLUSION .............................................................................................................................10REFERENCES .............................................................................................................................112
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INTRODUCTIONEntrepreneurship is the activity held by businessman for setting up businesses, and takingon productivity and financial risks in hope of profit. In other words' entrepreneurship is theability to organize the new or existing business venture along with many risks in order to makemoney. It is one of fundamental elements for social and economic growth. It brings forth forregional as well as national development as well as local. A successful businessman helps tomanaged their business and contribute to developed it more than before. This report is based onvarious types of entrepreneurial ventures, types of typologies and also explains similarities anddifferences between entrepreneurial ventures. Small and micro business impact on economy andalso defines the importance of start-up business as well as small to growth of social economy.Furthermore, it justifies characteristics and skills of successful entrepreneurs, businessmanpersonality reflects their mind set and motivation. At the last, it clarifies background andexperiences of entrepreneur foster or hinder them.TASK 1Different types of entrepreneurial ventures and it relate to typology of entrepreneurship Entrepreneur- Entrepreneur is the person who sets up the businesses and responsible forall potential risks and taking on financial risk in hope of profitability (Bennett, 2014).Entrepreneur set up their business with innovative and great ideas that recognises need forcreation of the venture. Imagination, creativity and thirst for work is the characteristics ofbusinessman as called entrepreneur. Entrepreneurship- Entrepreneurship is the activity held by entrepreneur for setting up thenew businesses and invest money in hope of increasing profit. In short it is the procedure ofrunning, launching and designing new business which is often initially the small or medium sizebusiness. Entrepreneurial venture- Entrepreneur is the individual who runs and starts the businesswith limited planning and resources, he or she is responsible for all rewards, profit and risks ofbusiness venture. Enterprise- It is a business specially the organization that will earn money for runningtheir business and daily operations successfully. Types of entrepreneurial ventures Established organization- 3
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A company that is established and well manged their business successfully within nationis known as established organization (Bogdanova and et.al., 2016). For example, TESCO is oneof the well-established firms in UK, they provide groceries and other services to people acrossthe borders. Small size social venture- Small size social venture is the undertaking by organization or firm established by thesocial businessman that seeks to provide manageable solutions to achieve the suitable socialobjective. For example, Funeral care centre is one of the social ventures that provide betterservices to local to residential people in UK. Large size social venture- Large size social venture also serves their services across the border, as they are able toprovide health care facilities to peoples and helps to make them healthy or fit. For example, Redcross is considered as large size social venture. They spread their business almost all over theworld. High growth firms-High growth firm is the organization growing faster than the others or broader economy,for example Facebook (Ratten, 2014).It is one of the leading and most popular firm in all overthe world, they serve their services globally and many peoples love to stay connected withFacebook application. Typology of entrepreneurshipSurvival firms:Survival companies face many issues due to lack of resources and money which impacton their business. Funeral care is considered as survival firm because they cannot be able togenerate profit as compare to other companies and survive in business. Lifestyle firms:Lifestyle organization is those businesses that provide reasonable living for their creatorsthan incurring risks that bring with prospects of high progress. TESCO is one of the lifestylecompanies that managed their business according to people needs and provide products as perpeople requirement based on current market trend. Managed growth companies:4
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