Impact of Micro and Small Business on Economy

Entrepreneurship and
Small Business
Management

INTRODUCTION
Entrepreneurship refers to an individual which takes benefits form best opportunity and
starts new business and bearing risks for profit making. The micro and small businesses
organization maneuver an very important function in improvement of economic system (Ahmad,
2015). In current report, different entrepreneurial business venture with their similarities and
differences are discussed in brief. Thus, every entrepreneur focuses on introducing some
innovation with help of their product and services. Along with this, some importance of micro-
mall business enterprises and start-ups which helps in maturation of societal economic system
are listed below. This report also considers some different entrepreneurial attribute and ability
given by flourishing businessperson. In addition to this, for examining the entrepreneur
personality OCEAN model is adopted. At last some factors by which background as well as
experience is enhanced the performance and productivity of an entrepreneurship is described in
effective manner.
TASK 1
P1. Types of entrepreneurial venture and its relationship with topology of entrepreneurship.
Entrepreneurship is defined as procedure of introducing new progressive business content
that assist business concern man to operate their business organization operations effectively by
facing financial risk in order to generate profit. However, there are different entrepreneurship
investment that assists an businessperson to endeavor his innovative idea. Such venture are
scalable start-up, small business organization, large organization, societal entrepreneurship.
Different types of Entrepreneurial Venture:
There are various form of entrepreneurial venture that will help entrepreneur to execute
their new innovative business idea for offering their products and services in profitable market.
Here, some different business ventures are discussed under below:
Small Business
Entrepreneurship: Departmental stores, grocery stores, cyber cafe, consultancy, travel agencies,
carpenters business, etc. are some examples of small business entrepreneurship (Audretsch and
Caiazza,2016). Such business are family business, where they hire local people in their business
organization for making profit. Thus, they commenced they business to full-fill needs of their
family. These kind of business ventures have not wide scope that they can operate their business

at large level. But they have medium scope of development. their business. These kind of
organisations can have scope of making important in their business at national level and develop
them nationally by providing employment to national extent people. These kind of organisation
has good opportunity and vast scope in selling services rather than manufacturing a product. This
is the reason that small organisations have higher productivity, greater efficiency and low labour
turnover.
Scalable Start-up Entrepreneurship: These businessperson sets their goals in advance for
business expansion and making country healthier as well as beautiful place. Although, they
work for building brand name, image and goodwill in market which influences abundance and
mental image of founder. These Entrepreneurship ventures can be non earnings, for-profit, or
interbred enterprises. Some examples of ascendable start-up entrepreneurship is Facebook,
Instagram, twitter, Amazon, flip-cart, snap-deal and many more (Belz and Binder, 2017). These
kind of business also have a huge scope to grow by bring the business at a stage where there is
repeatable business with the same idea. The base of start up business are innovation so when a
company make creation in the business, they have the various option for the growth of the
business.
Social Entrepreneurship: These are effective conceiver which focuses on creating
impressive products and services that can resolve problem and issues of social and customer's
needs. These kind of business companies has large scope of development like rural and urban
development, making heath care affordable, to minimise social problems in the society and
nutrition and health care for poor etc. They have the options in the child welfar4e, community
development, counselling and others. These kind of companies work for the social benefits and
improving the living standards of the people.
Large Company Entrepreneurship: These organisations concentration on sustaining in
competitive market with some innovative offerings. As they develop new innovative goods form
their core product. Thus, innovative product is developed for fulfilling customer needs by using
advance technology, as it leads to increase net income increment. Some examples of astronomic
entrepreneurship are Apple, Google,Microsoft, Samsung and many more (Bryson and Daniels,
2015). These business organisations has large scope because they operate their business globally
and have more opportunities to make expansion in their business, product innovation and others
which can be beneficial fro the development of the company.