Entrepreneurship and Small Business Management

This report provides an explanation of entrepreneurship and small business management, including the activity of entrepreneurial and social economy. It discusses the characteristics of micro and small companies and their impact on the economy. The report also explores the relationship between lifestyle and growth organizations and assesses micro and medium-sized firms. Additionally, it highlights the importance of small companies and start-ups in the social economy.

Entrepreneurship and Small Business Management

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................3
Explain activity of entrepreneurial as well as social economy........................................................3
Make comparison between serial entrepreneurs, intrapreneurs or owner managers.......................3
Define various characteristics of Micro as well as small companies and economy........................4
TASK 2.................................................................................................................................................5
Define the relationship between Life style as well as Growth organisation and also assess micro
and medium size firm......................................................................................................................5
Prepare as well as implement current data which displays effect Small and Micro organisation on
economy...........................................................................................................................................6
Define two causes that small company as well as start-ups play important role within social
economy...........................................................................................................................................7
CONCLUSION....................................................................................................................................8
REFERENCES.....................................................................................................................................9

INTRODUCTION
The marketing sector is changes in rapid manner and increasing competition at Marketplace.
There are different types of organisation such a small, medium and large across the globe that
assists in growth and improvement of economy. And, the entrepreneur is considered as people who
conduct activity or function of company in an appropriate manner. The primal aim of this report is
providing discussion in relation to entrepreneurship as well as venture. This report provides the
explanation regarding the entrepreneurial and social economy in an effective manner. In this
assignment, there are two kind of organisation micro as well as small that is explain during the
period of time (Ahmed, Chandran and Klobas, 2017).
TASK 1
Explain activity of entrepreneurial as well as social economy
Entrepreneur is determined as a person that emphasized on performing new activity within
organisation. It is determined as an appropriate procedure which is needed to be executed in
company with proper deliberation. These types of activity or function are significant to focuses for
achieving goals in timely manner. In assistance of this, social economy is determined as a group of
individual person who gather together by mutual association, cooperation and so on. It is considered
as a heterogeneous in their scope & size from smaller to bigger company.
Both the functions is connected to entrepreneurial as well as social economy and their main
focus is to increase social economy by using different resources, technology and so on. Therefore,
it is significant for company to execute various operations in improved way for taking effective
decisions during the time.
Make comparison between serial entrepreneurs, intrapreneurs or owner managers.
Serial entrepreneur: These are determined as an individual person who brings new ideas or
opinions in company. For example Elon Musk is determined as an example of serial entrepreneur
(Ferreira, Fernandes and Ratten, 2017).
Intrpreneur: These are considered as that individual person whose main focus is on enhancing
skill and bring new ideas in company (Yoshida, Yagi and Garrod, 2019)
Owner manager: These are determined as an individual person who handles different activity
simultaneously (Loi, Castriotta and Di Guardo, 2016)
Serial entrepreneur, owner manager and entrepreneurs are determines as distinguished from each

other. It is significant to assess clear difference which is given beneath:
BASIS Serial entrepreneurs Intrapreneurs owner managers
Meaning
These are determined
as an individual person
who brings new ideas
or opinions in
company. For example
Elon Musk is
determined as an
example of serial
entrepreneur.
These are considered as
that individual person
whose main focus is on
enhancing skill and
bring new ideas in
company.
These are determined
as a individual person
who handle different
activity simultaneously.
Objective The primary purpose is
to bring new changes in
society.
The primary aim is to
increase sustainability
of company for longer
period of time.
The primary purpose is
to manage operation
and take better
decisions for
completion of goal in
pre-decided period of
time.
Focus The primal aim of
serial entrepreneur is to
make changes and offer
benefit to society.
It helps in grabbing
opportunity to expand
business.
The owner manager
focuses on taking
effective decision by
managing various
activities in an
appropriate manner.
By assessing above mentioned table, it is assessed that there is a big differentiation between
serial entrepreneur, owner manager and intrapreneurs it is significant to assess their comparison for
achieving goal in timely way.
Define various characteristics of Micro as well as small companies and economy.
As per statistical data of UK, it is assessing that micro and small company are considered as

differ from each other (Landström and Harirchi, 2018). It is significant to manage different
operations in improved way. There are different features of these organisations that is given
beneath:
Micro organisation: the business organisation focuses on small markets as well as they
required small amount of capital for investing and executing activity and function of organisation in
better way (Gelaidan and Abdullateef, 2017).
Small organisation: small company are those organisations which have limited stock and
their decision is based on buying and selling of stock (Baker and Powell, 2019).
Characteristics of micro organisations-
Small market the business organisation focuses on small markets as well as they required
small amount of capital for investing and executing activity and function of organisation in better
way.
Limited employee’s micro organisation has employees between 12- 15.
Survival their main motive is to execute functions of company for its survival and
maintenance.
Independent decision-making micro organisation emphasised taking effective decision
that assist in executing various practices related to organisation in better way.
Characteristics of small organisations
Limited stock small company have limited stock and their decision is based on buying and
selling of stock.
Less initiating capital these types of company require less amount of finance for investing
in company that is around 5 lakhs.
Objective of achieving profit and resources this kind of company emphasis on earning
profit margin and optimum use of resources at wider level
Characteristics of economy-
Capital income is determined as a high as well as low. Hence, the capital income helps in
overall growth and improvement of nation.
Rate of unemployment and employment the economy of country signifies the rate of
unemployment and employment.

TASK 2
Define the relationship between Life style as well as Growth organisation and also assess micro and
medium size firm.
Lifestyle organisation: Lifestyle organisation focuses on grabbing opportunity for enjoying
life style (Bruton, Zahra and Cai, 2018).
Growth organisation: Growth organisation mainly focuses on maintaining record that is
related to growth (Abdullah, 2020)
Micro organisation: It is considered as a type of organisation who invests in business above
25 lakhs (Pasillas, Brundin and Markowska, 2017).
Medium size organisation: It is defined as those organisations who invest not more than
50 million (Yoshida, Yagi and Garrod 2019).
BASIS Life style firms Growth organisations
Meaning
Lifestyle organisation focuses on
grabbing opportunity for enjoying life
style.
Growth organisation mainly
focuses on maintaining record
that is related to growth.
Objectives The primary purpose of such kind of
organisation is to enjoy life along with
superior lifestyle.
The primal purpose of growth
firm is to increase profit in
future period of time.
Focus Lifestyle organisation focuses on
lifestyle of individual person that help in
taking decisions.
This organisation emphasizes
on increasing sales on larger
level
BASIS Micro Size Medium Size
Meaning It is considered as a type of organisation
who invests in business above 25 lakhs.
It is defined as those
organisations who invest not
more than 50 million.
Market size Such kind of organisation operates
activities and functions within state.
Medium size organisation is
larger in size in comparison to

micro company.
Employees ratio Micro size organisation signifies approx
30-50 competent subordinate
The size of employee is among
5o-250 subordinates.
On the basis of above analysis, it has been assess that there is a superior relationship
between growth as well as lifestyle firms along with medium and micro business organisation that
help in growth and improvement of economy.
Prepare as well as implement current data which displays effect Small and Micro organisation on
economy
Effect of micro as well as small companies on economy
Reduce rate of unemployment As per statistical data of UK, it has been assess that small and
micro organisation focuses on grabbing more and more opportunities related to employment that
help in enhancing economic situation of country Ratten and Ferreira, 2017).
Increase productivity As per statistical data of UK, by offering employment opportunity
and recruiting competent individual person help in enhancing productivity in future period of
time. Therefore, it has been assess that both small as well as micro organisation provide equal
contribution for growth as well as development of economy.

From given graphical presentation, it is assess that small, micro as well as medium size
company provide contribution to large business organisation. The large company was down hill in
the year of 2010 and 2009. Therefore, it has been assess that there is an occurrence of risk for small
and micro company due to alteration in specific time period.
Define two causes that small company as well as start-ups play important role within social
economy
Social economy is determined as a mixed economy which includes private and public
industry. Moreover, it is used in assessing attitude or behaviour of person. The main purpose is
providing contributions towards welfare of society not on achieving profit (Aloulou, 2017). For
instance, Safe point trust is determined as superior example of social business organisation.
Two causes are –
Improve market industry of country As per statistical data, small as well as micro
company are significant because their main purpose is to boosting their market industry in an
appropriate manner.
Enhance overall growth structure the reason is to increase growth of overall economy.
With this process, they emphasize on resources, manpower activities within market that is adopted
in good way.
Significance of small organisation in respect of improvement of social economy:
It is assessed that social economy assists in increasing growth and improvement of country.
In addition to this, it has been examined that 88.8% of company operate their business at UK from

newly organisation or small companies.
Development in technology a new company emphasized on bringing innovative ideas
within company for enhancing profit in upcoming time period. Furthermore, it also assists in
providing superior facility to its user for satisfying them.
Introduce a new system/ research the increment of newly started organisation assists in
increasing research by adopting various tools and techniques. It leads to up gradation in technology
at larger level (Gangadhar, 2018).
More new job opportunity the main benefits of company is to generate employment
opportunities within business organisation and reduce unemployment rate within country.
On the basis of a given analysis, it has been identifies that small company enforces direct
influence on economy in comparison to other organisation. And, it is significant to focus on rapid
growth or improvement of organisation.
CONCLUSION
From given report, it is analysed that the marketing sector is changes in rapid manner and
increasing competition at Marketplace. There are different types of organisation such a small,
medium and large across the globe that assists in growth and improvement of economy. This report
provides the explanation regarding the entrepreneurial and social economy and also provides
discussion regarding difference between serial entrepreneur as well as owner manager. In this
assignment, there are different kinds of organisations micro that is explained during the time period.

REFERENCES
Books and Journals
Ahmed, T., Chandran, V.G.R. and Klobas, J., 2017. Specialized entrepreneurship education: does it
really matter? Fresh evidence from Pakistan. International Journal of Entrepreneurial Behavior &
Research.
Aloulou, W.J., 2017. Understanding entrepreneurship through chaos and complexity perspectives.
In Entrepreneurship: Concepts, Methodologies, Tools, and Applications (pp. 171-188). IGI Global.
Gangadhar, N., 2018. Understanding transnational entrepreneurship. International Journal of
Advances in Agriculture Sciences.
Landström, H. and Harirchi, G., 2018. The social structure of entrepreneurship as a scientific
field. Research Policy, 47(3), pp.650-662.
Pasillas, M.R., Brundin, E. and Markowska, M. eds., 2017. Contextualizing entrepreneurship in
emerging economies and developing countries. Edward Elgar Publishing.
Ratten, V. and Ferreira, J.J., 2017. Future research directions for cultural entrepreneurship and
regional development. International Journal of Entrepreneurship and Innovation
Management, 21(3), pp.163-169.
Ferreira, J.J., Fernandes, C.I. and Ratten, V., 2017. International entrepreneurship research: mapping
and cognitive structures. International Journal of Entrepreneurship and Small Business, 30(4),
pp.545-566.
Yoshida, S., Yagi, H. and Garrod, G., 2019. Determinants of farm diversification: entrepreneurship,
marketing capability and family management. Journal of Small Business & Entrepreneurship, pp.1-
27.
Abdullah, N.M., 2020. Family entrepreneurship and banking support in Kuwait: conventional vs
Islamic banks. Journal of Family Business Management.
Loi, M., Castriotta, M. and Di Guardo, M.C., 2016. The theoretical foundations of entrepreneurship
education: How co-citations are shaping the field. International Small Business Journal, 34(7),
pp.948-971.
Gelaidan, H.M. and Abdullateef, A.O., 2017. Entrepreneurial intentions of business students in
Malaysia. Journal of Small Business and Enterprise Development.
Baker, T. and Powell, E.E., 2019. Entrepreneurship as a new liberal art. Small Business
Economics, 52(2), pp.405-418.
Bruton, G.D., Zahra, S.A. and Cai, L., 2018. Examining entrepreneurship through indigenous
lenses.

(Abdullah, 2020)