Impact of SME on Economy : Report

Entrepreneurship
and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their relation to typology.......................1
P2 Similarities and difference between various kind of entrepreneurial ventures.................2
M1 Difference and similarities between various entrepreneur ventures in various terms.....4
D1 Critically examine entrepreneur ventures scope , development and growth....................5
P3 Present, interpret and assess related data with impacts micro and small business............5
P4 Importance that small businesses and business start-ups on the growth of social economy. 6
M2 Contribution of SME in economy development..............................................................8
D2 Impact of SME on economy.............................................................................................9
TASK 2............................................................................................................................................9
P5 Characteristic traits and skills to make successful entrepreneur.......................................9
P6 Aspects of entrepreneurial personality reflective motivation and mindset.....................10
M3 Entrepreneur skills and characteristic............................................................................11
D3 Motivational drivers of successful entrepreneur............................................................12
P7 How person's background and past experiences can hinder or foster entrepreneurship. 12
M4 Influence of background and experience.......................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
The term entrepreneurship may described as capability and skill to create, coordinate and
carry off a concern project along with any of its endangerment in order to make profits. The
entrepreneurial spirits means that invention and danger winning and is an necessary part of
country's power to attain success in always modification and improving competitor y worldwide
market place. An entrepreneur may refer to a person who generates unique ideas to work on
them and create innovative product or service which people can purchase to fulfil their needs
and wants with more satisfaction (Alsos, Carter and Ljunggren, 2011). It will facilitate to
increase sales and improve image of brand in changing trends of market. This report will explain
about different entrepreneurial venture along with their role and characteristic. It will also
include traits and skill which make an entrepreneur more successful and motivational mind-set.
Moreover, examples relevant to profession of family and previous learning which may posterior
or adoptive entrepreneurship will be elaborated in the given assignment.
TASK 1
P1 Different types of entrepreneurial ventures and their relation to typology
It is not defined about entrepreneurship as that it is a single type of prospect. There are
various kinds of entrepreneurial ventures which are explained below:
Small business entrepreneurship: - In today' scenario, it is observed that there are many
little concern still makes a vast clump of entrepreneurship and start ups in the global. It includes
foodstuff stores, travelling broker, salons and thoroughfares food vendors are generally
considered into small ones. Such people can be someone who cam carrying out their own
enterprise and almost people are hardly gainful. They generally prefer to hire their own house
members to local fellows for carrying out their business activities or tasks (Audretsch, Falck and
Heblich, 2011). Such people calculate their profits in a manner to become fit to give bills and
indulge in small luxuries like travel.
 Scalable Start-up Entrepreneurship: - This kind of entrepreneurship consider
land breakage and package based concern through social media such as Facebook,
Twitter, Instagram, Amazon.in and eBay. These are all scalable start ups and used
as an innovative person hot spot such as Silicon Valley, Shanghai, New York and
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Bangalore will conduct. This may improve its jurisdiction without extra
compensation cost which is quite large.
Large Company Entrepreneurship: - It may involve that corporate entrepreneurship is
a procedure which help to develop fresh thoughts and concern possibility within an constituted
company. It may lead to fresh enterprise project and change of state of organisational
profitableness and raise competitor y point of existent organisation (Awogbenle and Iwuamadi,
2010).
Each and every entrepreneur has their own ideas, thoughts and creativity and on behalf of
their unique qualities, they work to generate better outcomes. There are different kinds of
typologies which are as follows:
Sceptical entrepreneur: - It is a type of entrepreneur who observes someone's success
and then starts questioning on it. These people analyse that individual's commercial enterprise
along with expression for lucky breaks or acquisition they think hat flourishing acceptable.
Copycat entrepreneur: - This types of entrepreneur observes other and try to copy it in
exact manner. It seems to be important to do modelling instead of copying which is very smart
work. In this case, they need to be honest and switch from copying to modelling (Bruton,
Ahlstrom and Li, 2010).
Research entrepreneurship: - They are fond of learning and try to do research on all
accomplish able condition and resultant for scheme to beginning to develop business. It is
important to to attain success is that they have to implement policies made by them after doing
research.
Determined entrepreneur: - They people are not preparing that all but it does not matter
that whatever it is. Moreover, these consider numerical quantity of entrepreneurship and
occurrence possibility and did not go for considering other's aspects to copy. But such innovative
people begin their own business through unique and different strategies.
P2 Similarities and difference between various kind of entrepreneurial ventures
There are various entrepreneurial ventures having several similarities and differences
between them. Some of them are described below:
Basis of difference Small business
entrepreneurship
Large Company
Entrepreneurship
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