Entrepreneurship and Small Business: Types, Impact, and Skills

Entrepreneurship and small
business

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO1..................................................................................................................................................3
LO2..................................................................................................................................................5
P3 : Impact of small businesses on the economy with statistical data ........................................5
P4 : Importance of small businesses and start- ups in the growth of social economy ...............6
LO3..................................................................................................................................................7
P5 : Skills and characteristics of successful entrepreneur and difference between manager and
entrepreneur.................................................................................................................................7
P6 : Motivation and mind set of entrepreneur ............................................................................9
LO4................................................................................................................................................10
P7 : Background and experience which hinder and foster the entrepreneurship .....................10
CONCLUSION..............................................................................................................................11
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship is a process of business by taking different type of risk related to managerial
and financial. The entrepreneurship venture may be of different type of structure and it required
certain skills and ability in the entrepreneur to develop the business in the market. The
entrepreneur experience and personal background may affect the business. This report is focused
on the types of entrepreneur ventures and the effects on the economy. Along with this, skills and
vision is needed to set up the business with the involvement of entrepreneur e experiences and
skills. Impact of small business and micro business on the country economy and their importance
to grow the economy by start-ups. Whereas, what entrepreneur skills are required to get
successful in the market and are different from the managers (Bertoni, Martí, and Reverte, 2019).
It also shows Entrepreneur mindset to the work and always being motivated to achieve the target
goal and make the business success and also shows the personal background and skills that effect
the business development.
MAIN BODY
LO1
Types of entrepreneurial ventures are:
Small business entrepreneurship: This type of business are run by the owner or few
numbers of employees are there. The revenue generation is not much high in this business and
are continuously focusing on increasing the sales of the business and developmental of the
product and services. This type of busibne3ss are run by the family or friends as a partner in the
business This business are mostly work as a restaurant, retail stores, producing organics
agriculture. Whereas, some small business are providing very innovative product and service to
the customers which grows rapidly. Their main source of funds from the local banks loan ,
family and friends, or by micro loans. This type of business is within the range of town and can
be measurable and limited,
Scalable start-up entrepreneurship: This business start with some innovative ideas and
focus on giving innovative product and service from their initial level. This type of entrepreneur
believes that their idea can change the world and better prospective to look the business. They
always search for the investment from the investor and venture capitalist. Companies are looking
this type of mind and help them to set up their business in the market to change the country look.
They create the product on the changing technology based product and services. They generate

their capital through IPO or by acquisition by the investors with are risk capital like angle
investor,
Large company entrepreneurship: These corporations always want to develop their
product and service according to the trend in the market to satisfy the customer need and to
sustain and long run of the business in the market. They fulfil the demand which are change
eventually along with the increasing competition in the market and are forced to launch the new
product and services in the market which disrupt the innovation and creativity of the product and
make the innovation difficult. Their employment is more than 500 and their profits are
substantial and the capital provider for these businesses are from government in the form of
subsidiaries, tax credits (Morris, and et.al., 2018).
Social entrepreneurship: This type of entrepreneurs help the society to solve the difficult
problem facing by the society and deliver the goods and services to the society. They want create
the world better for the people and work as a non-profit entrepreneurs whose main motive is to
change the society prospective. They work for a particular thing which is faced by the society
and need to be changed. Their main motive was to serve the society and not the profit for the
product and services. They work on to solve the health issue of women and children to develop
the countries. They raise the funds from various source and donations are also made by some
famous Persons which help to make an initiate on the various issue faced by the society.
Factors Small Business Scalable
Business
Large
Corporations
Social
Entrepreneurshi
p
Target Goal This type of business
may not have fixed
goal and objective
and the profits of the
business is quit low
compare to others.
This business
give the
innovative
product and
services to the
market constantly
and aim to
achieve the high
This main factor
to sustain in the
market by
deploring
innovative
products and
service as a
market strategies.
These
entrepreneurs
main aim is to
serve the society
to solve the social
problems and
make the world
better.