Entrepreneurship and Small Business Management

Entrepreneurship
and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Categories of entrepreneurial ventures as well as it’s typology........................................3
P2 Similarities and difference between different ventures.....................................................5
P3 Impact of micro-scale and small-scale enterprises on economy.......................................6
P4 Importance of small-scale enterprises in improving the social economy.........................7
TASK 2............................................................................................................................................8
Covered in PPT.......................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship signifies designing of innovative ideas & converting into venture
through method of innovation. It is determined as an organization that is willing to improve,
assess and handle the organization that include higher level of risk in addition with appropriate
contribution that helps in increasing profits. There is different start-up who reduces their profit
because of higher level of risk, lack of money and many more. The individual person generates
small ideas as organization is determined as entrepreneur.
London boroughs is determined as a 32 district authority that makes greater London and
governed through local Council. In addition to this, the company was founded on date of April 1,
1963 and, the population of around 152000- 300000. The Council of London boroughs offer
different kind of service is schools, libraries and many more. This assignment involves different
kind of venture of entrepreneurship, similarly as well as difference & how undersized and micro
organization impose direct effect on economy of venture, significance of small organization as
well as a start-up for success of social economy related to London boroughs. Therefore, there are
different characteristics & skill of entrepreneurs, aspects related to entrepreneurial personality
which reflect entrepreneurship mind-set & how experience hinder & foster entrepreneurship
(Akinyemi and Adejumo, 2018).
TASK 1
P1 Categories of entrepreneurial ventures as well as it’s typology
Entrepreneurial venture is determined as a organization which is started or initiated by
entrepreneur that provide guidance to its owner and offer advisory help in order to flourish
organisation around the world. In order to start entrepreneurial venture that remains tough
proposition in order to gain success by entrepreneur and achieve competitive edge over rivalries
in the market. There are different kinds of entrepreneurial venture which is going to be
mentioned below:
Microenterprise the micro firm is determined as a small company through which
different subordinate perform their work which is not more than 10 and started along with less
capital. It is the small organization who has a profit on initial stage and not created much income.
The base of customer of this kind of enterprise is determined as a lower than small as well as
large organization. The primary purpose of micro organization is increasing quality of goods in
budding & developed nation. For instance, the small groceries possess different type of food item

who are selling & marketing in market. They initial capital in which owner provide contribution
that is used for providing rent related to shop, stock and many more (Farhat, Matusik, Robb and
Robinson, 2018).
Small organization like micro organization, the small company is determined as a one
who possess subordinate more than micro organization and possess regular flow related to
finance. This is specifically start-up who is not executed around the international level and their
focus is on grab opportunity. The primary objective of starting this kind of start-ups is to create
awareness between customers for its goods and expand on international level. For instance,
Founders pledge is determined as a small company within UK and operated by entrepreneurs and
they increase their contribution of around 2% from personal assets while marketing of
organization.
Medium enterprise medium organization is those companies that employs around 250
subordinate and owned by management. Therefore, in relation to financial stability it creates
revenue and possess higher ratio of profitability than small as well as large organization. The aim
of medium organization is to increase growth in reasonable domestic and global level. Therefore,
their main focus is to decrease gap in information and Implement strategy in international level.
For instance, the hotel named as White Line possessing employee of around 212 medium travel
company that deal in managing journey related to travelling involving Hotel, rents ticket of flight
and many more.
Large organization is determined as one in which different type of subordinate who have
exceeded or above 1000 and revenue of above $1 million. Large organization is not restricted to
Core organization but possess supply and also demand chain within wide geographic and also
deal domestically and internationally. The primary purpose of organization is use technology by
which they focus on bringing innovation in every good. For instance, Hays is determined as a
famous recruitment agency along with superior subordinate base of around 10,727 executed in
above 30 countries at international level (Meyer, 2018).
Typology of Entrepreneurial Venture
Survival Firm are determined as a small as well as medium organization rather than
fluctuating trend in market and also enhancing success and growth of competitor and also
flourish within huge crowd.