Impact of Small and Micro Companies on the Economy

Entrepreneurship and
small business
management

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Explanation of various types of entrepreneurial ventures and their relationship with
different types of entrepreneurship..............................................................................................1
P2. Evaluation of the similarities and differences that entrepreneurial ventures possess............2
M1. Identification of different entrepreneurial ventures to understand entrepreneurship in both
corporate and public sector..........................................................................................................2
D1. Examination of scope, growth, and development of the entrepreneurial ventures...............3
TASK 2............................................................................................................................................3
P3. Analysis of the impact of small and micro companies on the economy of a country in a
larger aspect.................................................................................................................................3
P4. Detailed examination of the role and importance of small firms and start-ups in growth of
the economy that is related with social aspect.............................................................................4
M2. Analysis of small, medium, and large scale firms differences that they put on the
economy of a nation.....................................................................................................................4
D2. Examination of the impact that small business put of various levels of economy that is
local, regional, and national and that too with international reference........................................4
TASK 3............................................................................................................................................5
P5. Detailed analysis and evaluation of the various characteristics traits and skills that
successful entrepreneurs possess which makes them different from other mangers of the
business........................................................................................................................................5
P6. Assessment of the personality of entrepreneurs that reflects their mindset and motivation. 6
M3. Evaluation of appropriate strategies that helps in improvement of market positive and
further taking a competitive edge over others in the market.......................................................6
D3. Analysis of different characteristic traits and skills of entrepreneurs that makes them
successful and also differentiates them from other manages by using suitable examples for it..7
TASK 4............................................................................................................................................7
P7. Evaluation and analysis of background and experience that could hinder or foster
entrepreneurship by using appropriate examples........................................................................7

M4. Identification of the link between various entrepreneurial characteristics and the level of
influence that experience and personal background put on successful entrepreneurs.................8
D4. Detailed evaluation and analysis of the factors that is background and experience and their
impact on entrepreneurs in both positive and negative aspect....................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship and small business management both are closely related with each other
as both are established to earn profit and growth in the long run so that it will help to establish a
market value of the firm in the industry as per the goals and objectives of the company (Botha
and Bignotti, 2016). This report covers various aspects that are related with different types of
entrepreneurship ventures and their relationship with other parts that are closely related with
various types of entrepreneur. Part from this the report also covers different similarities and
differences that entrepreneurial ventures, detailed analysis of micro and small firm’s impact on
the economy of a country, and its importance in growth and development of the society in the
long run. Further various characteristics traits and skills of successful entrepreneurs are discussed
that makes them different from others, their personality is also evaluated that reflects their
motivation and mind-set, and also evaluation and analysis of background and experience is done
to understand that it hinders or fosters entrepreneurship.
TASK 1
P1. Explanation of various types of entrepreneurial ventures and their relationship with different
types of entrepreneurship
Entrepreneur: An individual who makes attempt to establish a company and manage its
operations for generating revenue is termed as an entrepreneur. These are by nature influenced
and motivated to put long hours in setting a venture off to ground along with investing
everything for pursuing dreams.
Entrepreneurial venture: It is a company which puts focus on innovation together with
opportunism at centre for making social or economic value (Laukkanen and Tornikoski, 2018). It
drive changes with pertaining and potential trends to enable success. Certain kinds of
entrepreneurial venture are as defined:
Small business venture: A business that makes revenue to support family along with
modest lifestyle is said to small business venture. It do not seek for venture capital funding or
large scale profit rather looks to meet needs of community. Examples of small business venture
includes Davison Canners, Imaginera, TrustedHousesitters and Marshfield Bakery.
Scale start-up: A category of entreprenurial venture that believes to change the globe is
defined as scale start-up. They look for rapid expansion as well as big profit returns. It hire