Impact of Micro and Small Businesses on the Economy | Desklib

Entrepreneurship & Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1) Examine the entrepreneurial ventures and its relationship with different typology of
entrepreneurship..........................................................................................................................4
P2) Explain the similarities & differences between the entrepreneurial ventures......................6
TASK 2............................................................................................................................................8
P3) Discuss and assess the various data and statistics in order to how micro and small
businesses are impact on the economy.......................................................................................8
P4) Describe and importance of small business and start-up for growth of the social economy.
..................................................................................................................................................10
TASK 3..........................................................................................................................................12
P5) Explain the traits, characteristic and skills of successful entrepreneur..............................12
P6) Critically analysis aspects of the entrepreneurial personality and motivational mind set..14
TASK 4..........................................................................................................................................14
P7) Examine how experience and background which are impact the entrepreneurship...........14
CONCLUSION.............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship and small business is important concept which refers to entrepreneur
generating new ideas in order to developing innovative products and services due to achieving
organisation goal and objectives as well as earning more profit. It includes focusing on various
plan and strategies in order to successful operating business and activities. In addition to this, it
includes launch innovative product and services due to attracting large numbers of customers.
The report is about Mark Pearson and Roberts Walker in order to introducing new innovative
products and services which refers to entrepreneurship venture named as Markco Media and
Xcite digital and both are the youngest entrepreneur in UK (Burns, 2016). It is process which
refers to well established organisation in order to serves the many other countries. The paper
consist is different types of entrepreneurial ventures and typology, similarities & difference
between entrepreneur ventures and analysis the statics data of micro and small business. It
includes importance of small business in order to developing growth of economy as well as
background information regarding entrepreneur.
TASK 1
P1) Examine the entrepreneurial ventures and its relationship with different typology of
entrepreneurship.
It includes entrepreneur generating innovative ideas in order to developing plan and
effectively operating business which result as achievement of profit and take high level of risk. It
includes they are more focusing towards the business plan and conversion into reality. Further, it
involves individual taking higher level risk in business in order to effectively earning more
profit. There are majorly four kinds of entrepreneurial venture which are discussed below.
Large company entrepreneurial venture-: It includes organisation innovate the new
product and services for customers which are already exist in the marketplace. This kind of
product & services provided to customers because satisfy the need and requirement (Cole, 2018).
It is essential to entrepreneur to know the demand and need of customers and accordingly serves
the products and services. It is process which refers to used various tool and techniques in order
to gaining competitive advantages. There are various kind of entrepreneur venture like
Facebook, Google, Microsoft and many others.

Scalable Entrepreneurial Venture-: It is another kind of venture which refers to brings
the new product and idea in order to achieving organisation goal and objectives. It includes each
and every business model conducting effective planning due to convert in reality. It considered
as focusing on recruiting and talented candidate in order to effectively performing business
functions and activity. It includes ample numbers of example such as Amazon, Instagram and
many more.
Small business Entrepreneurial Venture-: It includes various small businesses are
conducting in the market in order to successfully operating business which refers to fulfil the
need and demands of customers in proper way (Dana, 2018). It is process which refers to most of
organisation analysed external environment in order to in order to introduce business in the
market. It includes various business operation such as plumber, carpenter and many others. It
includes organisation brings the new idea and product due to enhancing profitability and
productivity.
Social Entrepreneurial Venture-: It considered as most of business work for the society
so they are establishing for both profit and non-profit organisation. It includes organisation
developing creative product and services which refers to providing quality product and services.
Moreover, it is process which refers to various small business are set up such as doctors
providing treatment for patient so trust concept are involved.
It includes most of entrepreneurship are run effectively in the market as well as using
various kind of organisation typologies. It includes such typologies used various measures such
as effectively establishing business in the market. There are various kind of business typologies
which are mentioned below.
Aggressive growth ventures-: This kind of typology which are introducing new and
latest technology in order to developing new products and services for customers. It considered
as main purpose which refers to developing healthy relationship with customers as well as they
are loyal towards the organisation. It includes enterprises attracting large numbers of customers
and retain for the longer period of time (Davidsson, 2016). It is essential to focusing on business
profit so accordingly attained success and growth in the market.
Lifestyle Venture-: It is another kind of venture which are effectively satisfy need and
demands of customers as well as focusing on new market trend, customer taste and preferences.
It includes focusing on various tool and activities which result as expanding their business