Impact of Small and Micro Business on Economy

Entrepreneurship and
Small Business
Management

Table of Contents
Entrepreneurship and Small Business Management............................................................................1
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Types of entrepreneurial ventures and its relationship to different typology of
entrepreneurship...............................................................................................................................3
TASK 2 ................................................................................................................................................4
P2 Similarities& difference between types of entrepreneurial ventures .........................................4
P3 Describe impact of small and micro business on economy by use of statistics data..................6
P4 Determine the significance of small business and start-ups to the growth of the social
economy. .........................................................................................................................................7
TASK 3.................................................................................................................................................8
P5 Examine the traits, characteristics and skills of successful entrepreneur ..................................8

P6 Analyse how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind set............................................................................................................................................9
TASK 4...............................................................................................................................................10
P7 Analyse how experience and background affect the entrepreneurship ....................................10
CONCLUSION:.................................................................................................................................11
REFERENCES...................................................................................................................................12
BOOKS& JOURNAL:..................................................................................................................12

INTRODUCTION
An entrepreneur is an individual who bring the innovative business plan and implement
those plan for earning more and more profit for a longer period of time is considered as
entrepreneur. In addition to this, they bring only that idea which is not used by any other
entrepreneur. They focuses on converting their ideas into reality in order to achieve goal and
objective within stipulated time period. Along with this, they launch innovative products and
services in the market. In context of Tom Mercer, he introduces the new entrepreneurship
venture named as MOMA FOODS. It is one of the well-established company which deal in
food and beverages across the country. This report discusses regarding entrepreneurship,
different type of new ventures as well as discuss about the skill and knowledge is required to
become an successful entrepreneur. Beside from this, it shows through the support of family the
individual can start a new business venture in order to earn profit.
TASK 1
P1 Types of entrepreneurial ventures and its relationship to different typology of entrepreneurship
The entrepreneur bring new idea and plan to operate its business in an effective manner.
They emphasised on translate their business plan into realism. In addition to this, the
individual take high level of risk in order to earn more and more profit. There are four kinds
of entrepreneurial venture which is going to be mentioned below:
Large Company Entrepreneurial Venture: This kind of companies bring the products
which are connected to the already prevailing products within market. This type of products
are introduced to satisfy the need and wants of buyer in order to gain competitive advantage
over rival firm. In addition to this, the primal purpose is to boost their enterprise for gaining
more and more profit. There are different example of such type of entrepreneur venture like
Google, Microsoft and many more (Mohammad, 2019).
Scalable Entrepreneurial Venture: This type of entrepreneur bring the new plan and idea
for achieving their vision within given time period. They emphasised on converting their business
plan into reality. In assistance of this, they recruit talented and capable employees in order to
accomplishing goal and objective in stipulated period of time. There are different example of this
kind of venture such as Facebook, Instagram and so on (Oni, 2019).
Small business Entrepreneurial Venture: There are Large number of small businesses
operate within marketplace. Their main objective is to earn more and more profit buy satisfy the
need and want of consumer in appropriate way. Along with this, the small businesses generally take
help from their family as well friends in order to introduce new business in marketplace. It included
plumber, carpenter an many more. They want to introduce their small business for enhancing the
profit in the market.
Social Entrepreneurial Venture: This kind of enterprise are considered as a both profitable
as well as non- profit business organisation They provide the innovative and quality products to its
customer in order to increase their standard of living. In addition to this, they work with small
clinics and give treatment to the patients because it is not possible for individual to take costly