Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................3
Define what is meant by entrepreneurial activity and social economy...........................................3
Discuss three differences between serial entrepreneurs, intrapreneurs & owner managers............4
Briefly analyse three characteristics of each of Micro and Small size organisations and economy.
.........................................................................................................................................................5
TASK 2.................................................................................................................................................5
Determine relationship between Life style & Growth firms on one hand and micro and medium
size firm on the other.......................................................................................................................5
Present interpret a current data that depicts effect of Small and Micro business on economy........7
Mention briefly two reasons it is believed that small enteprises and start-ups play significant role
in social economy............................................................................................................................8
CONCLUSION..................................................................................................................................10
REFERENCES...................................................................................................................................11
Books & Journal:...........................................................................................................................11

INTRODUCTION
Market sector is changing with rapid scale and is giving rise to competition in business
sector. The business sector comprises small,medium and large enterprises across the globe. All
these are crucial for growth & development of economy of country. Entrepreneurship refers to
individual who carry out the business activities and bear the risks as well as rewards by itself.
Business management is defined as process of managing every functions of organisation which
planing, organising, controlling analysing. Main aim of this report is to understand the concept of
entrepreneurship and ventures. This report comprises of entrepreneurial activity & social economy,
difference between serial, intrapreneurs and own managers, two characteristics of micro, small and
economy, relationship between life cycle & growth firms with micro & medium size firm, impact
of social & micro business and rationale for importance of social economy d & start ups in social
economy.
TASK 1
Define what is meant by entrepreneurial activity and social economy
Entrepreneurial activity is refers to individual action to start a new business within the
society (Stipanović, 2018). It is systematic process which is needed to be carried out with proper
considerations. These activities are essential to be focused so that goals for higher growth and
development. These activities may further includes identifying or exploitation of new products,
generation of new value etc. It is further necessary carry out these activities in most efficient
manner so that objectives are achieved properly. These activities occur from person to person and
society. Social economy is defined as group of rich diversity which is formed by including mutuals
association or enterprises, cooperatives, foundations, or social enterprises. These are heterogeneous
in size from SMEs to larger based companies (Boutillier, 2019).
Both entrepreneurial activity & social economy are linked with each other as because the
activity of an entrepreneur assist in development of social economy by using of resources, tech -
nology, manpower and many more. So, it is essential for enterprises to carry out both with proper
considerations. By focusing on these it is possible to make decision making in business sector.
Discuss three differences between serial entrepreneurs, intrapreneurs & owner managers.
Owner managers, serial entrepreneurs & intraprenuers all are different from each other. It is

necessary to examine the difference between these which is discussed below-
BASIS Serial entrepreneurs Intrapreneurs owner managers
Meaning
These are those who
consistently brings up
the new ideas. For
example- Elon Musk is
to be known as serial
entrepreneur (Santoro,
2019).
Intraprenuers are those
who act as entrepreneur
by using their skills or
capabilities and
produce new ideas or
thoughts within the
firm.
These are those who
manages and are
owners of an
organisation
simultaneously.
Objective Their purpose is to
produce new change in
society at regular
interval of time.
Their main objective is
to increase the
sustainability of a
organisation for longer
period of time.
Their purpose is to
manage operations and
take decisions in firm
to accomplish goals.
Focus Main focus of serial
entrepreneurs is on
change in entity to help
society & community.
In this, main attention
is on accessing new
opportunities to expand
the business.
Owners managers
focuses on taking
managerial decisions
by managing
organisational activities
to achieve both long &
short term objectives.
Through examining of above table, it is seen that they there is big differences between serial
entrepreneurs, intraprenuers & owners managers. It is crucial to examine the comparison between
them so that further goals are achieved properly. This is because they help in development of
business sector at wider scale. They all perform in different way according to different ways
according to which they are able to carry out their operations in proper manner (Strydom, 2016).
Briefly analyse three characteristics of each of Micro and Small size organisations and economy.
Micro and small enterprise as well as economy is different from each other. It is crucial to
manage everything in correct way. So, characteristics are mentioned below-