Small and micro business entrepreneurship in social economy

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Types of entrepreneurial ventures and their relation with typology of entrepreneurship......1
P2 Similarities and difference in different entrepreneurial ventures..........................................3
TASK 2............................................................................................................................................5
P3 Interpret and Access relevant data to acknowledge impact of small and micro business on
economy......................................................................................................................................5
P4 Importance of small businesses and business starts-ups in growth of social economy.........7
TASK 3 ...........................................................................................................................................9
P5 Determine characteristics, skills and traits of entrepreneur which differentiate them from
business managers.......................................................................................................................9
TASK 4..........................................................................................................................................11
P6 Assess how entrepreneurial aspects reflects personality, mindset and motivation of
entrepreneurs.............................................................................................................................11
P7 Examine how background and experience of entrepreneurs can foster or hinder
entrepreneurship........................................................................................................................12
CONCLUSION..............................................................................................................................13
REFRENCES ................................................................................................................................14

INTRODUCTION
Entrepreneurship is referred to the study of starting and managing new businesses so that
revenues and profits can be generated to live life in a standardised manner. An entrepreneur is an
individual with an idea which perform different activities to create a specific service or product.
This assignment is based on entrepreneurship and managing of small and micro level businesses
so that revenues and profits can be earned (Akehurst, Simarro and Mas‐Tur, 2012). This report
will cover different kind of entrepreneurial ventures and their relation with different typologies.
Similarities and differences between entrepreneurial ventures is given. Relevant data and
statistics to acknowledged impact of small and micro business on economy is discussed.
Importance of small business and starts-ups in social economy is mentioned. Different skills and
characteristic of entrepreneurs and how these aspects reflect their mindset and motivation are
mentioned. At last, role of background and experience in fostering or hindering entrepreneurship
is discussed.
TASK 1
P1 Types of entrepreneurial ventures and their relation with typology of entrepreneurship
Entrepreneur is a person which runs and manage a business and associated activities with
planning and limited resources. All the rewards and risks associated with business venture are
beard by that person only. Entrepreneurial venture is referred to those organisations which
consider innovation and opportunities as their values so that high returns can be achieved. There
are different entrepreneurial ventures which can be differentiated on the basis of their size, type
and scope their uniqueness lies in their different characteristics. In order to understand
entrepreneurial venture, it is important to acknowledge about entrepreneurial activity which is
mentioned beneath:
Entrepreneurial activity
It is a process where companies perform different activities and operations so that value
of services or product can be enhanced considerably. This activity allow entrepreneur to
implement their ideas and concepts so that high business growth can be attained (Siegel and
Wright, 2015). Also, with the help of these activities, needs and desires of customers are satisfied
in a considerable manner.
1

Various kinds of business ventures
Small business
These kind of business have less man power, operations, capital and small size. Due to
their high operational strength, these businesses are able to earn high profitability and revenues
by providing standardised services or products to their customers. In terms of size and scope,
these businesses are narrow and operates at small level only. Business owner of these
organisations prefer to work under partnership or proprietorship. The main aim behind these
businesses to acquire high returns and profit so that a healthy and standardised life can be lived
without facing any difficulty. These kind of company employees less than 50 workers and their
earn profit margins to live a comfortable life. For example, Rowlinson Knitwear, Clarasys are
some example.
Large business
These business ventures operates at high level and provide numerous products or services
to their customers. In terms of business operations, size, scope or activities, these firm face no
limitations which means they have wide size, scope and activities. As they perform business
operations at large scale, customers are provided with different products and services having
good quality (Barringer, 2015). In order to operate these businesses, high investment and capital
is needed. Due to high investment and wide business activities, these organisations sustains a
strong brand image in market. Some organisations in this regard are TESCO, M&S, ALDI etc.
Social enterprises
These business ventures are managed and run in order to provide welfare & development
to the people at regional and national level. These organisations aims to formulate those ideas
and concepts into reality which will help needy people in satisfying their needs and desires.
These business firms have high scope and operates with the help of government. Main objective
of these firms is not to generate high profits but they want to contribute in social economy and
infrastructural development of the region where they are operating. For example, save the
children, Oxfam etc.
Typologies of entrepreneurship
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