Impact of micro and small business on socio-economy

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and different types of entrepreneurship
typologies....................................................................................................................................1
P2 Similarities and difference between entrepreneurial ventures...............................................3
M1 Evaluation of range of entrepreneurial venture....................................................................4
D1 Examination of scope, development and growth of entrepreneurial venture........................5
TASK 2............................................................................................................................................5
P3 Impact of micro and small business on economy.................................................................5
P4 Importance of small businesses and starts-ups in growth of social economy.......................6
M2 Evaluation of small, medium and large businesses..............................................................7
D2 Critical evaluation of impact on different level of economy................................................7
CONCLUSION................................................................................................................................7

INTRODUCTION
Entrepreneurship is new concept in industry, which works to come with some fresh
concept in market. It is impressive for growth of economy and it helps to make alterations in
business operations. This is effective for making positive changes in society. Entrepreneur is the
person who runs business on this own and act according to need of society. This helps in provide
satisfaction to customers. As in this business, there is single person who is liable for loss as well
as profits. Entrepreneurship business can be run by person who is ready to take initiatives and
ready to learn new techniques (Ács, Autio and Szerb, 2014).
TASK 1
P1 Different types of entrepreneurial ventures and different types of entrepreneurship typologies
Entrepreneurship is the business which is run by single person with some new ideas. This
can be effective when entrepreneur is working as per requirement of society. There is use of
policies which are effective for growth of business and improving condition of society. In this
business there is need of labour, finance, resources, etc. so this is performed and arranged by
single person i.e. entrepreneur. These days’ concept of entrepreneurship is famous so
government also provides some knowledge and rebates through which they get help.
Some entrepreneurial ventures are as under-
Scalable start-up entrepreneurship- This is the business which is run by person who
have some dream. This dream is different and creative as compared to others. These business are
run by crazy investors so there is huge risk associated with it. They work to deliver their idea to
society.
Small business entrepreneurship- These business is running at small scale. There main
aim is to earn livelihood. In this venture there are 20- 30 people which are working for same
objectives. This business can be run by family business, which is carried forward for years
(Baum, Frese and Baron, 2014).
Social entrepreneurship: There are some social cause for which association is working.
It is essential to make policies which are specific and significant for growth of business. These
business work for some social cause and it helps to improve living of standard of people residing
in society. So these entrepreneurship gets benefits from.
1

Large entrepreneurship- This is the largest form of business which works for providing
changes and this is effective for improving condition of association. It is essential to work
according to need so this helps to make good image in industry.
Private entrepreneurship- In this venture there is involvement of private parties which
are working for some specific reason. There is proper planning which is effective for futuristic
actions.
Public entrepreneurship- There is involvement of government which is significant for
making changes in society (Brenkert, 2017). There is involvement of government for performing
actions.
Corporate entrepreneurship- In this there is proper determination of actions which is
effective for analysing changes and there are proper actions which are required to be taken for
business growth.
There are various types of typologies which works for the betterment of society. Through
this concept there is use of policies which is effective for growth of business. It is essential to
work according to need and demand of society. There are various factors which as to be
considered by entrepreneurs before starting business.
Serial entrepreneur: These are the people which has various through which they can
earn profits. They execute ideas in synchronization manner, so they are aware of results which
are getting. In case of positive result, they start working on other ideas.
Female entrepreneur: As name suggests there is main role of female. There is use of
techniques which are significant for growth of latest trends (Bruton and et. al., 2015).
Lifestyle entrepreneur: There is use of various sources through which association can
work according to market trend. These business are mainly managed and run by youngsters.
Male entrepreneur: In this there is involvement of male members more. These business
are run on the basis of sources which are effective and significant for business growth. Male has
characteristic of aggressiveness, impulsive and overconfidence, so this makes objectives
achievable.
Inter- relation between entrepreneurial ventures and typologies-
As discussed above there is use of some approaches which make connection between
entrepreneurial venture and typologies. They are discussed in detail as under-