Impact of Micro and Small Business on Economy

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
LO1..................................................................................................................................................3
P 1................................................................................................................................................3
P2. Similarities and Differences between Entrepreneurial Venture............................................5
LO2..................................................................................................................................................7
P3. Impact of Micro and Small Business over economy.............................................................7
P4. Importance of small businesses and business start up in growth of social economy............9
LO3 ...............................................................................................................................................11
P5 Characteristic traits and skills of successful entrepreneurs. ................................................11
P6. Aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset.....14
LO4................................................................................................................................................16
P7. Background and experience hinder entrepreneurship .........................................................16
CONCLUSION..............................................................................................................................16
REFRENCES.................................................................................................................................18

INTRODUCTION
Entrepreneur is a person who focuses on manging, organizes and assumes different kinds of risk
in order to run a business or enterprise. An entrepreneur plays a vital role in the process of
entrepreneurship by creating, designing as well as launching a new business with limited number
of resources in order to gain profit (Margiono, Zolin and Chang, 2018). Entrepreneurial ventures
can be defined as type of organizations that focuses on opportunities and innovation
simultaneously in order to create or enhance social and economic values. These ventures focus
on resolving high number of uncertainties in order to gain high returns. Entrepreneurs are the one
who create these entrepreneurial ventures. There are various kinds of entrepreneurial ventures
that further consist of various kinds of organizations that operates in different sectors. This
assignment will lay emphasis on various kinds of entrepreneurial ventures, different types of
topologies and ways in which these topologies of entrepreneurship relate to entrepreneurial
ventures, development scope and growth of entrepreneurial ventures, differences and similarities
between entrepreneurial ventures, impact of small and micro business on economy and growth of
social economy, characteristics traits and skills of successful entrepreneurs and ways in which
they differ from business managers, ways in which entrepreneurial mind-set and motivation is
directly or indirectly reflected by their personality and lastly it will also lay emphasis on ways in
which experience and background of entrepreneurs foster or hinder entrepreneurship.
TASK 1
LO1
P 1
Entrepreneurship
It can be defined as a process through which launching, designing and running of a new business
is done (Najafian and et.al., 2018). It can also be defined as an activity in which entrepreneurs
take financial risk in order to make profit or run a successful business. a person who creates
business is known as an entrepreneur.
Different types of Entrepreneurial ventures
Small Business Entrepreneurship: Small business entrepreneurial ventures focuses on innovative
and new ideas and offering. These kind of ventures faces various kinds of risks in order to
increase profitability, customer base by bringing various kinds of changes within their business.

High Tech Firms: These are kind of ventures that focuses on securing revenue and growth in the
sector they operate in by adapting new, advance and rapidly changing technology. There are
various kinds of technologies that are being used by various organizations in such a manner that
such organizations regard it as their unique industrial feature.
High Growth Firms: These are kind of ventures that uses a contrast method as compared to
traditional concept. Organizations that have growth rate larger than 20 percent per annum over a
three-year period comes under High growth firms.
Social Entrepreneurship: these kinds of ventures mainly focuses on social problems or issues
that are required to be resolved with the help of services or products that they provide to the
customers (Margiono, Zolin and Chang, 2018). These kinds of firms can come be both profitable
and non-profitable.
Start-up Entrepreneurship: these are kind of ventures that are founded by entrepreneurs in order
to develop and bring unique and new services and products into the market. Such entrepreneurs
continuously think of new and innovative ideas in order to run their own business successfully.
Large Company Entrepreneurship: Entrepreneurs running this kind of business continuously
focuses on bringing sustainability within their business in order to increase their profitability and
customer base.
Topologies of Different types of Entrepreneurial ventures
Survival Firms: In last few years firm survival has come into picture and is focused a lot. It is
mostly focusing on saving cost, employee laying off I order to remain in growth mode.
Lifestyle Firms: These are kind of firms that provides their owners with opportunities to focus on
a particular kind of lifestyle with a single aim of sustaining a particular income level.
Aggressive growth firms: These are a kind of firms that focuses on returning highest capital gains
for rapid growth of the company.
Public sector entrepreneurship: These are innovative public policy initiatives that generates high
economy prosperity (Neumeyer and Santos, 2018). These are kind of organizations that that
operates traditionally on public domains.
Social enterprise: This topology focuses on exploring ways in which social values and goals are
mixed with business practises.