Entrepreneurial Ventures and Small Business Impact on Economy

Entrepreneurship and
small business
management

Table of Contents
Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1) Examine different type of entrepreneurial ventures and relationship with to the typology
of entrepreneurship.....................................................................................................................1
P2) Explore the difference and similarities between entrepreneurial ventures...........................3
Task 2...............................................................................................................................................5
P3) Interpret the statistics of micro and small business impact on the economy........................5
P4) Explain the importance of small businesses and start-up's...................................................8
Task 3.............................................................................................................................................10
P5)Analyse the characteristics traits and skills of successful entrepreneur that differentiate
from business managers............................................................................................................10
P6) Assess the aspect of entrepreneurial personality reflect motivation and mindset..............11
Task 4.............................................................................................................................................12
P7) Examine how background and experience can hinder and foster entrepreneurship...........12
CONCLUSION .............................................................................................................................12
References......................................................................................................................................13

INTRODUCTION
Entrepreneurship is the start-up of small business that is started by an entrepreneur who
has some creative ideas and plan to launch the new business in the market. Whereas, small
business management is the procedure that has been follows by entrepreneur to manager there
business. It is needed for the entrepreneurs to manage the new start-up in terms of decision-
making, managing of employee, financial funds, manage the assets etc. This reports includes the
different type of entrepreneurial ventures and the relationship with the typology of
entrepreneurship. Furthermore, report consist of different statistics that show the impact of
entrepreneurship and small business on the economy of the country (Ahn, 2019). With that
defines the similarities and difference between the entrepreneurial venture also illustrate the
impact of small and micro business in terms of economy. Also includes the personality of
entrepreneurial in terms of motivation and mind set. At the last of the report it covers and
introduces how the background and experience can hinder and foster the entrepreneurship.
Task 1
P1) Examine different type of entrepreneurial ventures and relationship with to the typology of
entrepreneurship.
Entrepreneurial venture is the new business that is started by an entrepreneur with the
high financial risk and innovation in terms of increment of economic and social values. This
business is basically started to generate the entrepreneurs as entrepreneur have there own small
business while it is not mandatory that every small business has the entrepreneur. For example
ventures of mobile phone games, television, real estate etc. Where typology of entrepreneurship
are the different forms by which business will developed more and performed in an effective
manner that enhance the productivity of the business. As it emphasis the living standard and
lifestyle of the people that enhance the growth and development of the economy.
There are different types of entrepreneurial ventures that have diverse growth, scope and
development these are as defined as:
 Social entrepreneurial venture: It is an venture that is developed to enhance the society
in terms of growth and development. This business attains the opportunities of the market
by which the living standard of the public will increased. Social venture works to
enhance the economy of the country in terms of public awareness, skills advancement. It
1

is an approach with that funds will be collected to resolve different issues that is
generated in the surrounds by environmental, social, cultural (Atnafu, 2018). This is
formed for a wider prospects as in size, scope, belief for example providing educational
and qualification, provides banking facilities to low reserved areas, provides the funds to
resolve the health issues etc. It relates to the typology of lifestyle enterprise as it provide
the job opportunities to the people and works for the welfare of society with that society
also appreciates the work of business. There are some examples of this venture as like
Nesta, student hubs, The platforms and many others as well. These ventures works as the
social entrepreneur as they enhance the development of the society. These organisation
also works to spread more awareness in the society about the different ongoing changes
in the environment.
 Scalable entrepreneurial venture: It is a venture that is generated for the huge prospects
and it is a model of business in which business measure the growth in terms of repetitive
innovations. Firstly the business will be introduced and expand in horizontal format
where business try to stabilise in the market after that it expand in vertical format by
repetitive changes according to the requirements. It is a model of venture in which
business work to maximise the profit from the angle investors and the capitalists of the
venture and with that economy will be enhanced. They attains all the risk for to get the
profit and they know that there vision and aim could present something different and
unique in the worlds. For example Facebook, google, Instagram, whatsapp, flip-cart, and
many of the online medium of transportation. It work with the typology of structuralist as
maintains the proper structure and then work to improvise the structure with further
advancement. There are some examples as like hussle, sendmybag, cocoon and mant
other as well and they always imparts changes and continuous development in their
business by imparting innovation in their business.
 Large company entrepreneurial venture: It is a venture that has the largest size, scope,
values, aim and doesn't have any limits. It is a business that is expanded globally and
supply there products and services on bigger level and have a huge fund and capital that
helps to operate the business in effective manner. These are the ventures that changes
there product and services according to the need and demand of the market. Also attracts
the large customers base in terms of new and creative innovation by applying
2