Entrepreneurship and Small Scale Business - Doc

Entrepreneurship and Small
scale business

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Task 1..........................................................................................................................................3
1. Scope, Development and Growth of entrepreneur venture within the public and private
sector...........................................................................................................................................3
2. Small businesses impact on economy with relevant data and statics......................................6
....................................................................................................................................................6
Task 2..........................................................................................................................................6
1. Analysing the characteristics traits, skills and motivational drivers of successful
entrepreneurs providing examples of well known British Entrepreneur....................................6
2. Background and experiences of the entrepreneur which affect their carrier...........................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurs are the ones who bring new and unique ideas to the market. It is not necessary that
an entrepreneur will always have large scale business, and entrepreneur always starts with zero,
and take the risk to introduce something new to the market. And this report will contain various
types of entrepreneurs, their topology, growth, scope, differences and similarities between
different entrepreneur ventures. Also the skills, characteristic and traits of the entrepreneur by
taking examples of 2 famous entrepreneurs.
Task 1
1. Scope, Development and Growth of entrepreneur venture within the public and private sector.
Types of venture:-
Micro Scale:- Micro Scale businesses are the firm which has less than 10 employees. And who
deals with the costumer at a very small level. These are the firms which are newcomer to the
market. This businesses can be run within someone's house. The amount of investment is very
low.
Small Scale:- Small Scale businesses are the firm which has less than 50 employees. And their
investment in the business is more than micro businesses, but less than large scale. Investment
capital can taken from friends or family (ulien, 2018). And number of small scale business is
very large in any country.
Large Scale:- Large scale businesses are the firm who deals with a huge number of employees
as well as costumers. These firm also have a large amount of investment which they arrange
from bank loans, personal loans and many more (Storey, 2016). And also gain a lot of profit
from the business.
Social Scale:- Social scale businesses are the firm whose main motive is to provide services or
products to every one it can be humans, or animals or even plants. These business has nothing to
do with the profit.
Typologies of the Entrepreneurship:-
1. Survival Firms:-These are the firms which are new to the market. And wanted to survive
into the market somehow. So they adopt some methods to survive into the market
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(Halkias, 2017). Survival firms main motive is to survive and grow, profit is also a point
but major focus is to survive.
2. Lifestyle Firms:-These are the firm who earn profit just to establish their life style. Their
motive is to manage their personal life (Frese, Hass and Friedrich, 2016). That means
they are not focus to grow in the market or to be famous, but just to survive their life style
that's it.
3. Managed growth firms:-Increasing growth in the market for the firm is not a big deal but
managing that growth for a period is. If the company is being able to grow into the
market, managing that growth is really a tough job for them (Storey, 2016). And those
firm who get success to manage that growth are counted in managed growth firm.
4. Aggressive growth firms:-These are the firm who has earned more than the average
amount of profit and that too for continue periods are counted in aggressive growth firms.
5. Public sector entrepreneurship:- These are the firms who invest their ideas and
innovation for the public welfare (Dugguh, 2017).
6. Social enterprise:- Social enterprises are just like public sector with the only difference of
profit. Public sector enterprise motive is to serve to social well-being but with the profit
(Campos and et.al., 2017). While social enterprise's motive is to serve to the public but
with no profit earning.
Difference between different business venture:-
Basics Micro Small Large Social
Risk Level and
competition faced
Micro scale companies
are having the minute
amount of risk, because
this business investment
is low, no. of employees
are low, their profit is
also low (Maresch and
et.al., 2016). So if any
thing happen which is
not in favour, then also
As compared to
Micro firm, the risk
level is little bit high
in small scale,
because in term of
investment,
employees and loss is
more than micro but
less than large
(Schaltegger,
In Large firm the
amount of risk is very
high. Reason because
the firm is large in
scale, having lots of
employee, amount of
investment is also more.
So if any unexpected
thing happens in
negative way then it
Social firms always
deals with the
social benefits.
Their main focus is
on satisfaction of
the social well
being, they doesn't
work for the profit.
So the risk level of
social firms is
4