Small business contribution to the growth of social economy

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Type of entrepreneurial venture and related to typologies of entrepreneurs.....................3
P2 Differences and similarity in the different type of business .............................................4
TASK 2............................................................................................................................................6
P3 Impact of small and micro businesses on the economy....................................................6
P4 Small business contribution to the growth of social economy after “Brexit”...................8
TASK 3............................................................................................................................................9
P5 Characteristic, trait and skill of entrepreneurial and different from other manager .........9
P6 Background and experience can hinder or foster entrepreneurship conclusion reference 10
TASK 4..........................................................................................................................................11
P6 Background and experience can hinder or foster entrepreneurship conclusion reference 11
TASK 4..........................................................................................................................................12
P7 Background and experience can hinder or foster entrepreneurship ...............................12
CONCLUSION..............................................................................................................................12
REFERENCE.................................................................................................................................14

INTRODUCTION
Entrepreneurship is a process of developing new business with the limited resources. It
includes designing, monitoring and creating a business. At initial level functions of such
businesses are very small. The people who functions such types of business are called
entrepreneurs. Entrepreneurship is a process of running and developing a business in order to
make profits. This report is based on the impact of small businesses on economy and
contribution of small business on the growth of the economy.
TASK 1
P1 Type of entrepreneurial venture and related to typologies of entrepreneurs
Entrepreneurship is a process of starting a business. To grow the new ideas leading to
profitability the growth and small developments are needed. It capacity given to the organization
for developing and managing a business with taking risk in order to make profit. The types of
ventures that are detailed in this report as follows: Survival venture: In survival ventures there is absence of street shops as the name itself
indicates about it. They never maintain relationship with the banks as they don't have
many assets. The purpose of starting this type of business is to maintain the customs and
traditions with increment in business which contains its own competition that are based
on price. The entrepreneurs in survival ventures gets motivated from families to carry
forward the businesses (Drucker 2014). Life style venture – This type of entrepreneur is stable on their income and does business
of different types in different seasons like in winters, they sell woollens and during
summers, the firm offers cotton clothes. The entrepreneurs starts reinvesting the profit
earned as they concentrate on the increments in profit for the future in terms of shifting in
providing services. Managed growth venture- It with the help of business modals stable growth is taken into
consideration and the set up of business is made from time to time by pursuing the same
business. N order to earn more profits the growth is managed by launching new products
and services that are to be given to the consumers. The development of the regional
brands are taken into consideration with a motive of profit earning in the business with a
maintenance of stable growth that are to be made with in the business.

 Aggressive growth venture: The another type of venture is aggressive growth venture
which describes about the technologies that are used and scope of innovation making on
the organisation is taken into consideration. With the help of high technological
innovations the growth and profit earning capacity is noticed. This aggressive growth
venture helps in creating new value for the product by carrying national and international
kinds of consumers to make public acquisition. (Kirzner,2015).
Differences in typology of venture :To explain about the stages of development of
entrepreneurship ventures, with the help of four ventures they have mentioned in the above
report and the processing and focuses on facts have been detailed. Though the ventures are
different and working environment also differs they start concentrate on dimensions of
experience that are taken from individuals business. For the purpose of reinvestment life style
venture is much effective and has wider scope for elaboration with carrying growth of the
business. With the help of managed growth venture, the businesses that have failed earlier, are
reopened with providing the needs in financing to generate the basic cash flow for survival, as
soon as the flow of cash starts the promotion and launching of new product are well executed.
The identity of the business is suggested by management growth venture as they play role for
increasing external shareholder. To define about the aggressive growth venture helps in
enhancement of making identities to the specific and particularly they are stick to the core
character by sharing certain elements.
P2 Differences and similarity in the different type of business
To focus on the set of businesses that are taken into concern for the welfare of the
society, and these activities are undertaken by entrepreneur venture. and value in the market like
aggressive venture innovation in the business and society. These ventures are also work for the
society and expand their business. They do work for the society but having different ways. These
type of venture motivated by the society and they make goal and objective for the society they
also having one more similarity these 4 type venture use innovation in their business and try to
increasing their profit and expend business. They lo us lots of technology like computer, survey
for collecting feedback. Attraction of consumer can be grabbed by launching of new product.
This launched product carries its own value in the market place. This commencement tries and
put effort towards consumers by providing best and satisfying their wants and needs(Kuratko
2016). In this report, the four types of business entrepreneur has been detailed with mentioning