Entrepreneurship and Small Business Management

Entrepreneurship and small business management 1
Entrepreneurship and small business management
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Entrepreneurship and small business management 2
Entrepreneurship and small business management
The term paper presented is based on the entrepreneurship and management of the small
business that do exist within the economy. Small business has positively impacted the growth of
the economy since they contribute a lot to the growth of economy In terms of employment and
the creation of goods and services to the residents of the country.
Task 1: You will need to start with introduction to the concept and phenomenon
(entrepreneurship) with practical examples in relations to SME’s. You are required to write
this report, by using supportive materials like books, Journals and other secondary sources of
information on the findings for LO 1.
Entrepreneurship as art in business management involves creating and developing new
business ideas that will help business persons to start up their own business hence creates
employment opportunities to the unemployed members of the society and also avails goods and
services to the market at affordable prices.
Scope, development and growth of entrepreneurial ventures
Entrepreneurial ventures are believed to create wealth in the society hence positively impact
the growth of the economy of the country. Development of new business ventures in the society
by entrepreneurs is determined by the business gap or opportunity that exist in the modern
market and need for the missing product or service by the consumers and also to some cases
government policies that govern such type of identified business gap. (Burns and Dewhurst,
2016).
Entrepreneurial ventures by the small business entrepreneurs in most of the markets for
provision of goods and services to their customers differ from one entrepreneur to another

Entrepreneurship and small business management 3
following their geographical locations, identified business gap and also the interest of the
entrepreneur. Entrepreneurial ventures are based on the annual growth rate, time horizon,
management focus and sources of the business finance.
The similarities of the entrepreneurial ventures in the modern market are that they are started
with the aim of filling the business gap identified in the market so as to provide the missing
goods and services to the consumer. They are aimed at profit maximization since every
entrepreneur has centered profit maximization as their main entrepreneurial objective.
Entrepreneurial ventures differ from one another in terms of management criteria, type of
services they provide and also organization structures of the ventures. (Julien, 2018).
Task 2: You will continue using the above scenario as an Intern and using supportive
materials like books, Journals and other secondary sources of information on the findings for
LO 2. You are to report on ‘Impact of small businesses on the economy’.
Impacts of small business to the economy
Small business has positively impacted the economy of the country they operate that is from
their services provision, employment, availing cheap and affordable products to the members of
the society, the involvement of the community development programs to payment of operational
duties to the government.
Creation of employment
Development of small business in the society will increase or create more employment
opportunities to the residents of that particular society. With employment creation, the economy