Small Business and Entrepreneurship Impact on Social Economy

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Different types of entrepreneurial ventures and explain typology and relate it with
entrepreneurship..........................................................................................................................1
P2 Similarities and differences between entrepreneurial ventures..............................................2
LO 2.................................................................................................................................................5
P3 Interpret and assess relevant data and statistics to illustrate that how micro and small
business impact on economy.......................................................................................................5
P4 Importance of small businesses and start-ups to growth of the social economy....................7
LO 3.................................................................................................................................................8
P5 Characteristics, traits and skills of successful entrepreneurs that differentiate from other
business managers.......................................................................................................................8
P6 How entrepreneurial personality reflect on entrepreneurial motivation and mindset..........10
LO 4...............................................................................................................................................11
P7 Examine, using relevant example and how background and experience can hinder and
foster entrepreneurship..............................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is important perspective which assists to develop economy
performances. When entrepreneurs consider successful program and innovations, it improves
standard of living and creating wealth with entrepreneurial ventures. Furthermore, it also
increases opportunity of jobs and conditions which is prosperous for society. There are several
people possess capabilities to do their innovative work in successful manner. In this context,
present study based on the successful entrepreneur and innovative small businesses' contribution
towards economy development of the country (McCann and Ortega-Argilés, 2016).
For gaining insight information of the present report, it covers different kinds of
entrepreneurial ventures with similarities and differences in it. Furthermore, it includes
importance of small businesses and start-ups for growth of the social economy. Moreover, it
considers characteristics, traits and skills of successful entrepreneur that are different from other
managers. At last, it discusses background and experience of entrepreneurs that influence to
implement innovative ideas in business.
LO 1
P1 Different types of entrepreneurial ventures and explain typology and relate it with
entrepreneurship
Entrepreneurship defines as the implementation of innovative and creative ideas to do
new businesses with taking risk of own money to start a venture. Furthermore, they are also
concentrates on personal development program that assists to meet with spending certain value
for business development. Following are different types of entrepreneurial ventures and typology
explained:
Types of entrepreneurial ventures Small business entrepreneurship: Small business entrepreneurial venture consider in
different perspective such as travel agent, internet commerce store fronts, carpenters,
plumbers, electricians, etc. They all are considering operations to run own business.
Generally they hire local employees of the country (Gale, Gelfond and Krupkin, 2016). Medium business entrepreneurial venture: Medium business entrepreneurial venture
consider operations and functions to carry different activities and targets. In this regard,
1