Entrepreneurship and Small Business Management

ENTREPRENURSHIP AND
SMALL BUSINESS
MANAGEMENT

INTRODUCTION
Entrepreneur are the persons who execute the course of work for the creative set of the idea
that will transfer them into authenticity through which they can meet the request of the
population in respect to produce high set of productivity (Alsos and et. al., 2020). They are the
backbone of an economy who is functioning the several sectors of the businesses in respect to
produce high term of the revenue and job chances. Hence, the individuals who have the
standards. Entrepreneur can start small and medium size business of management in respect to
help the global field of the economic growth of the nation. The following report will evaluate the
different types of venture and their topologies along with the similarities and differences in
entrepreneur venture. In respect to know the impact of internal and small business on the
economy, the report will the clarification of delimited statics. Hence, it is also explaining the
implication of small business and startup to the development of social economy and will also
discuss the aspects and the traits and several set of the abilities of an effective entrepreneurs.
Lastly, this report will analyses the different aspect of entrepreneur which reflect their influence
& mindset and also evaluate how background and working experience can affect the
entrepreneurship.
Task 1
P1
Entrepreneurs are the individual who established the new business venture for or providing
their product and services to the customers in exchange of money. Entrepreneurship Ventures are
the business which is certified the individual so that they can get high profitability to live their
life comfortably. Such ventures has their own purpose this being set by their entrepreneurs.
Entrepreneurial activity
It refers to the process of business in which the venture standard their value by doing
economic tasks and these are related to the unique idea which can help in growth and
development of the firm. Such unique ideas can converted into reality so that they can offer
better product and services to their customers and also help in developing various employment
opportunities for the local people of the country where the businesses are currently operating.
Different type of ventures
1

Small business: These are the type of venture which is having limited capital employees
and having small operations. Such ventures formed by generating profit by selling their product
and services offered by the venture. The purpose of the business is to earn profit and livelihood.
Less than 50 employees who are working in such organisation with the net worth of €2 Million.
Such organisation operating their business on small platform and some examples includes Orion
electrotech limited, Clarasys etc.
Large company: these are the business which is operating their business on larger
platform and do not have limits and their various operations number of employees and
their size. Search organisation also expand their business into international market and
they require huge investment for operating their various department in an appropriate
manner. The firm can sustain in the competitive market due to having user experience
and the ability to accept the change. Some of the examples are Morrisons and Tesco.
Social enterprises: these are type of business which established for the welfare in the
society. The form develops new idea by which they can used for the growth and
development of the society and the businesses having huge scope in order to provide
better employment opportunities to the local individual so that they can enhance their
living standards. Some examples are save the children etc.
Typologies of entrepreneurship
Lifestyle enterprise: the association which are formed with the consideration of in
ancient the living standards of the local people and this form provide various job
opportunities as well as quality product and services to the people of that region which
comes under social venture.
Growth firms: the organisation which is based on generating higher profitability and
revenue comes under these firms. The entrepreneur try to innovate new ideas by which
we can enhance their profitability and productivity in the target market. Unique idea can
help in satisfying the needs and wants of their potential customers by which they can
improve the results from their product and services which comes under small and large
associations.
P2
Differences
Basis Small business Large company Social
2