Impact of Micro and Small Businesses on the Economy

Entrepreneurship & Small Business
Management

Contents
INTRODUCTION...........................................................................................................................3
P1 Types of Entrepreneurial Ventures and their Relation to the Typology of Entrepreneurship3
P2 Similarities and Differences Between Entrepreneurial Ventures...........................................5
P3: Impact on Micro and Small Businesses on the Economy of country...................................8
P4: Importance of Small Businesses and Business Start-Ups to the Growth of the Social
Economy....................................................................................................................................10
Difference Made by Small, Medium and Large Organization on the Economy of country.....10
P5: Characteristic Traits and Skills of Successful Entrepreneurs that Differentiate them from
Other Business Managers..........................................................................................................11
P6: Aspects of the Entrepreneurial Personality Reflect Entrepreneurial Motivation and Mind
Set..............................................................................................................................................12
P7: How Background and Experience can Hinder or Foster Entrepreneurship........................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is considered as a process of running, launching and designing a new
business which is initially at small level. The people who creates these businesses are known as
entrepreneurs. Entrepreneurship is important in current business scenario. It can help to improve
th living standard of people and also can create wealth. There are different changes and
innovation are driven by these entrepreneurship. This report is based on various type of
entrepreneurship venture that can help the country to grow and develop economically in
international business environment. Various type of entrepreneurship ventures and their
relationship with typologies of entrepreneurship (Monitor, 2016). Similarities between different
entrepreneurship venture will be presented in report. Impact of micro and small business
organization on economy of country will be explained in study. Important of small businesses
and business start ups will be discussed for the growth of social economy. Characteristics traits
and skills of successful entrepreneur will be analysed in study along with the differences of
entrepreneurship with business managers. Aspects of entrepreneurial personality is used to
reflect the mind set and motivation of entrepreneur in organization. This also will be explained
that how the personal and professional background of individual person can hinder or foster the
entrepreneurship.
P1 Types of Entrepreneurial Ventures and their Relation to the Typology of Entrepreneurship
Types of Entrepreneurship Ventures
There are some main type of entrepreneurship venture in business scenario. Some of the
main type of entrepreneurship venture are- small business entrepreneurship, scalable start up
entrepreneurship, large size entrepreneurship and social entrepreneurship.
Small Business Entrepreneurship
Small business is a business that is private opened organization and operated by an
individual person. There are small number of employee are there in these type of organization
because these organizations works at small level. The volume of sales is also limited I this type
of organization. These type of businesses are mainly owned by private owned corporations,
partnership and sole proprietorships (Parker, S.C., 2018). Revenue generation is not that much
for these type of business organization. The main focus of these type of organization is on

growing number of customers currently have. This type of business is run by individual person
or partnership between the family members. Mainly this organizations are based on innovative
and creative business ideas.
Scalable Start Up Entrepreneurship
These type of organization or entrepreneurship ventures can be defined as business
designs or models where an organization is started with small business idea which is more
creative and unique in market place. There are this organization includes all the processes of
starting a new business with creative business idea (Monitor, 2017). The entrepreneur of these
organization think that their products can provide better services to the customer and lead change
in the market place. Main business capitalists are selected for the investment for the business
organization. This type of entrepreneurship always looking for better and high skilled employees
to improve their performance in market place.
Large Size Entrepreneurship
The large size entrepreneurship is considered as an enterprise that is consists of at least
5000 employee and have annual turnover greater than 1.5 billion Euros and have balance sheet
with turnover more than 2 Billion Euros. These type of organization are known as large size
business entrepreneurship. These organizations are always looking to full fill the needs of the
customer in different ways (Kuratko, 2016). Sustainability and long lastingness is major
objective for organization. These organization always looks to improve their customer based by
implementing disruptive innovation and innovation to draw the attention of people to earn larger
profit in market place.
Social Entrepreneurship
Social enterprise is considered as approach by individuals, start up companies, groups
and entrepreneurs. In this process these people develops and provide solutions to social, culture,
environmental issues. This concepts are applied in many types of organization which have
different size, aim and beliefs related to the business process. This organization are different
from other entrepreneurships. The main reason behind these organization is related to the
implementing practice which are more effective to improve the lifestyle of people in
international market.