Entrepreneurship and Small Business Management

Entrepreneurship and small
business management

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
LO 1) Explore and illustrate the range of ventures types that might be considered
entrepreneurial........................................................................................................................1
LO 2) Asses the impact of small businesses on the economy................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurs are those who have their own business and work with their own ideas and
perform their business to gain the higher advantage from this competitive market. Entrepreneurs
are the most important part of every country as they are the economic generators of the countries.
The business of entrepreneur develops the living standard of the society by introducing more
jobs; generate revenues, new and creative products and services etc. The entrepreneur’s will
develop and operate the small and medium sized business that improvises the working standard
of the country (Akehurst, 2012). This report includes the different types of ventures and its
typologies relate to entrepreneurship, similarities and difference between the entrepreneurial
ventures. Furthermore, includes the importance of small business and business start-ups to
growth of the social economy.
MAIN BODY
LO 1) Explore and illustrate the range of ventures types that might be considered entrepreneurial.
Entrepreneurs are those who operate, control and manage the different functions of their
business by themselves. They induce different strategies within the business to gain the profit
and more sales in return of their goods and services. Whereas, the entrepreneurial ventures are
the various businesses that are managed by an entrepreneur to generate their own market growth
and share (Barringer, 2015). These ventures imparts the newness in the market and up-grades the
business environment by transmitting several opportunities. There are different types of
entrepreneurial ventures that are divided on the basis of size, scope, products and service etc and
that all are defined below as:
Small business: It is the business that works with the adequate amount of employees,
capital, volume, operation etc. These kinds of ventures works to gain the profit while selling their
products and services to the customers. It is a venture that operates on small level and covers the
niche market by targeting the specified amount of people. It might have been formulate their
business while in collaborating with the sole proprietorship or by performing the partnership.
This business has not more than 50 employee and have the net profit or around €2 million. There
is some examples public sector as like Travelodge and of private sector business like Clarasys,
Orion electrotech limited etc.
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