Entrepreneurship and Impact of Small Business on Economy : Report

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Entrepreneurship and different types of typologies..........................................................1
P2 The difference between serial interpreters and intrapreneur:............................................2
LO 2.................................................................................................................................................3
The main source for generating Business and entrepreneur idea...........................................3
P3 Interpret and assess relevant data and statistic to illustrate the impact micro and small
business have on the economy..............................................................................................3
P4 The role and importance of small firms in economic development..................................5
LO 3.................................................................................................................................................5
P5 Successful entrepreneur factors and elements associated with traits and skills................5
P6 The entrepreneurial personality reflect entrepreneurial motivation and
mindset..................................................................................................................................7
LO 4.................................................................................................................................................8
P7 Different environment can hinder or foster entrepreneurship...........................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship and small-business management is necessary for the local government
in order to develop and improve domestic market which lead towards economical growth and
development. The report will cover entrepreneurship and different types of typologies with the
main sources of generating business and entrepreneur idea. In addition to this, impact of small-
business business on economy and international aspect of entrepreneurship will be discussed in
this report. Finally, the report will demonstrate key aspects of an entrepreneurial mindset and
different environments that foster or hinder entrepreneurship.
LO 1
P1 Entrepreneurship and different types of typologies
Entrepreneurship: This is a process by which an individual have responsibility to
working with effectiveness in order to showing the capacity to develop, organise and manage
business venture along with taking risk in the business in order to getting profitability. This is a
first step of starting a new business in industry (Abebe, 2014). In case of UK, in today's world,
there are numbers of entrepreneur are arising in the nation which is running in the industry in
sufficient form.
Entrepreneurship ventures
Lifestyle business: It is a business set-up run by primarily founders with the aim of
managing a particular level of income to deliver foundation to enjoy a lifestyle effectively. These
are accessible and also effective.
Small business entrepreneur: Small business entrepreneur is those who make efforts in
order to serving different kinds of small types of products and services to getting sustainable
income.
Large business entrepreneur: Large business entrepreneur furnishing large amount of
products and services in industry to generating wide range of profitability form marketplace.
Large companies come up into market by introducing large volume of different types of
products.
Scalable business entrepreneur: Scalable entrepreneur is one of the essential business
start-ups which comes into marketplace by introducing unique and innovative products as per
customer's needs and demands.
1

Typology of entrepreneurship:
Entrepreneurship can be defined as a start up, in public and private sector which has
potential to taking initiatives to introducing various kinds of new business services in industry.
Several types of enterprises are working in industry, such as micro, small and medium size of
entrepreneurs are working in industry in order to completion of various tasks of the businesses.
Define entrepreneurship: Entrepreneurship is an effective terms in which, an individual take
risk and implement innovative idea in case of execution of business functionality in industry in
order to start up a new venture. It has been seen that, there are numbers of entrepreneurs are
working in the UK, which is providing innovative products and services as per modern demands
of customers. Entrepreneurship spirit is characterised by completion of various task in the
business in order to completion of various business activities in industry in relevant form.
Entrepreneurial activities: In order to execution of various business activities, an entrepreneur
must need to make sure that, all business activities is being done at workplace in respective
manner in order to completion of various tasks in firm.
 An enterprise need to make planning of formation of new products and services which
has potential to satisfy each customers needs in proper way. They have to planning for
new products which can raise sales of the company (Entrialgo and Iglesias, 2016).
 An enterprise also must have potential knowledge about brainstorming to the next
business, multiple numbers of business opportunities is being arising in the industry, and
the have to figure out the best idea by brainstorming to execution of new businesses.
 An entrepreneur also should make efforts to formation of effective strategies for new
movement of attractive marketing moves, by which they can promote their various
business activities and products in appropriate form.
P2 The difference between serial interpreters and intrapreneur:
Entrepreneur of a company has responsibility to taking risk of all activities which is being
done in their venture.
The central difference between entrepreneurs and intrapreneurs is the setting in which
they work. “An intrapreneur is an inside entrepreneur, or an entrepreneur within a large firm,
who uses entrepreneurial skills without incurring the risks associated with those activities,”
Investo-pedia explains. Enterprise takes high level of risk for functioning business activities.
Intrapenure of a company takes minor level of risk for completion of various business activities.
2