Entrepreneurship and Small Business Management: Exploring Types of Ventures and Their Impact on Economy

UNIT 9- ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................4
PART 1............................................................................................................................................4
Explaining different types of entrepreneurial ventures...............................................................4
Exploring and comparing different environments for each form of entrepreneurial businesses 6
Interpreting data & statistics about how micro and small ventures impact on economy at
different level..............................................................................................................................8
Value of types of ventures to progress of social economy..........................................................9
PART 2..........................................................................................................................................10
Covered in PPT.........................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is defined as procedure of developing and managing ventures whether it
is mall or large. This process enables individual person to bear any sort of risk with view of
earning profits. With the help of this activity, an entrepreneur set up a profitable business
through which they obtain benefits in term of generating revenue. The current assignment will
justify varied forms of entrepreneurial businesses and their relation to typology of
entrepreneurship. It explains the similarities and differences between entrepreneurial ventures
and interpret appropriate data & statistics to exemplify how small and micro business impact on
economy in different extents. Furthermore, the study will define importance of small-business &
venture start-up to growth of social economy.
PART 1
Explaining different types of entrepreneurial ventures
In the business world, there are several forms of companies or businesses conducted their
activities for different purposes by selling quality products and offering services according to the
expectations, needs and demand of their target market. Here, few examples of entrepreneurial
ventures mention below that put impact on economy in varied terms.
Established organizations-
It is one of those ventures that appropriately manage their businesses functions within
particular industries and organize everything related to it in effective manner (Pérez-Mesa, and
et.al., 2021). For example, ASDA as well establish company in the UK, may develop plan and
strategic tactics to be competitive forever and profitable by offering range of quality items to
customers. It may impact in term of enhancing satisfaction level of individual shopper and
improving standard of living by hiring local people.
Small size social ventures-
Just like above, this type of small businesses may also effect economy in term of
providing cost effective services on time (Kim, Lee and Lee, 2021). For instance, Funeral care is
one of those social organizations that cater its social services by taking less charge from people
who need their help in term of making arrangement of friends or family member funeral as well
as other who may have no one as family. As small size social company, it may support to those