A Survey on Small and Micro Business Enterprises in Economic Development

ENTREPRENERUSHIP

EXECUTIVE SUMMARY
Entrepreneurship is an important term in which consist of various processes that are
designing, launching and developing a new business project. This report highlights about kinds
of new ventures and typologies that are connected to each other. It also elaborates about role and
importance of small and micro business enterprise in economic development and enhancement.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1............................................................................................................................................4
M1. Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding
of entrepreneurship in both the public and corporate sector..................................................7
D1. Critically examine the scope, development and growth of entrepreneurial ventures......7
P2 ...........................................................................................................................................7
P3 ..................................................................................................................................................11
M2 Evaluate the differences small, medium and large businesses make to the economy,
applying relevant data and statistics.....................................................................................16
D2 Critically examine how small businesses have an impact on different levels of the
economy...............................................................................................................................17
P4 .........................................................................................................................................17
P5..........................................................................................................................................18
P6 .........................................................................................................................................21
M3 Explore and examine different lines of argument relating to entrepreneurial
characteristics.......................................................................................................................23
D3 Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples....................................................................23
P7..........................................................................................................................................23
M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs........................................25

D4 Critically evaluate how background and experience influences entrepreneurs, both
positively and negatively......................................................................................................26
CONCLUSION..............................................................................................................................26

INTRODUCTION
Entrepreneurship a best trait or behaviour to create or build a business from the new idea
or concept with motive of generating profit. On other hand main concern of entrepreneurship is
to identify key areas of hidden needs and wants of masses and give in a new way by bringing
social change, by innovative products and services and creating products and services by giving
new life changing solution. With to become an successful entrepreneur an individualistic have to
start a new business with some profit potential. This report is based on different kinds of
entrepreneurial venture by relating with various kinds of entrepreneurial typologies, it also
includes difference between various kinds of entrepreneurial ventures. In addition to it access
relevant data and statistics about role and importance of small business in economy with small
businesses in social economy. It also includes characteristics and traits of entrepreneurs that
differ from them managers and impact of entrepreneurial personality and traits and factors that
helps in hinder or foster entrepreneurship. Hence it focused on growing and improvement of
entrepreneurs and economic development to remain always competitive in market place.
TASK 1
P1
Entrepreneurship is referred to the procedure of launching, designing and running a small
business to earn revenues and profits. Entrepreneurship is one of main attribute that helps in
creating entrepreneurial opportunities by finding out the major spheres in which development are
very much potential. There are different aspects which are concerned with entrepreneurship,
these aspects are stated below:
Entrepreneur: An entrepreneur is an individual who is an initiator, challenger and driver
of change and it creates something new business, project or an activity (Bennett, 2014. ). An
entrepreneur always find out major areas in which changes are very much potential to reach at
goals and objectives.
Entrepreneurship: Entrepreneurship is an individual who have the capacity and
willingness to develop, organize and coordinate a venture by taking appropriate risk with
motivation of income (Bloom, Sadun and Van Reenen, 2015. ). The most important instance of
entrepreneurship is to start a fresh enterprise.

Entrepreneurial venture: Entrepreneurial venture focus on giving consultative work for
primal and mid stage organisation,it varies on stage or tier of an organisation. An entrepreneurial
venture who owner of an organisation and deals to bring profit. It is one of important aspect or
term in growth of business economy.
Enterprise: Enterprise is a profit business or an organisation and often connected with
entrepreneurial venture. There are various kinds of legal enterprise that are sole proprietorship,
partnership, corporation, limited liability company and professional company.
In order to get desirable outcomes organisation have to comply with entrepreneurial
ventures with typologies that can be possible by sharing common goals and objectives with each
other with do their best in gaining large market share positively. Such as enterprise that
connected with small size social ventures that are possible type of it to gain right kind of value to
reach at desirable goals and objectives. Large scale entrepreneurship should be also a part of
entrepreneurship in which everyone can contribute towards achieving their goals and objectives
in proper way.
Typology of entrepreneurship:
 Small size social venture: In these organisations needs and requirements of people at
local level are fulfilled. Majority of ventures in UK are small businesses and they are not
profit motive in nature. These businesses operates so that poor and needy people can live
a little better life.
 Established organisations: These are usually large organisations which operates at large
scale. These companies enjoys a strong position within marketplace due to which they are
big threat to small companies and their rival organisations. For example, M&S is an
established organisation which is one of the leading retailer of UK.
 Public sector entrepreneurship: Public entrepreneurship consist of those organisations
which works under national or regional government. They work for welfare of society
and they are non-profitable in nature. The major example of public enterprise is NHS that
provide health services to customers or their patients mostly in UK.
Types of entrepreneurial ventures:There are various kinds of entrepreneurial ventures that are
as follows:
 Scalable start-up entrepreneurship: That kind of entrepreneurs believe on that their
ideas and views can change the world and their funding come from venture capitalists