Importance of Small Businesses and Start-ups in Social Economy

UNIT 9
ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
Different types of entrepreneurial ventures and relate with the typology of entrepreneurship ....................................4
Similarities and differences between entrepreneurial ventures ......................................................................................5
Interpret and assess data and statistics to micro and small businesses impact on economy............................................6
Explain importance of small businesses and businesses start-ups to growth of social economy.....................................8
Determine characteristic traits and skills of successful entrepreneurs that differentiate them from other business
manager ...........................................................................................................................................................................9
Assess how aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset...........................10
Using relevant example how background and experience can hinder and foster entrepreneurship.............................11
REFERENCES ....................................................................................................................................................................... 13

Entrepreneurship and small business management is an important source of earning high amount of
profits and revenues and also benefitted the economy of the country. In this a person having lots of skills and
knowledge to start a small business and become a large organisation so that they can enhance our economy and
removing poverty by encouraging prosperity. Entrepreneurship is called the backbone of an enterprise that
provides job opportunity and satisfies the needs of the customers. this project is related to various range of
entrepreneurship that also includes typology of entrepreneurship. it also inculcates the impact of small
businesses in the economy and how start-up businesses encourage growth and economy of the economy. it also
suggest the various aspects that set the mind of an entrepreneurial to become a successful in their vision. at last
it includes the different environment that can show the foster and hinder the entrepreneurship(Burns, 2016).
Different types of entrepreneurial ventures and relate with the typology of entrepreneurship
Entrepreneurship- It defines the essential framework that helps in enhancing the value of the person
and their profitability. It helps in managing and developing the business entity to gain the profits by taking the
risk in the competitive world so that firm may fix their sustainability for a longer period of time. They cab set
their own standards on operating the business and deals with the large number of obstacles. This concept is
related to various aspect that is intrapreneurs, owner-manager and the serial entrepreneur. In this serial
entrepreneurial are always come up with the innovative and creative ideas so that they earns a high amount of
profits. In this entrepreneurs are also acts as an entrepreneurs who can handle all the working aspects in the
organization. In this owners managers are the one who can keep all the description and update in the
departments and also answerable to the same. It includes various types of entrepreneurship that can be shown
below(Burns and Dewhurst, 2016).
Entrepreneurial activity- It defines the term related to individual behavior in which value can be
operated by the business by creating the various economic framework that can presented with the innovative
ideas. In this ideas can be mould into the reality by benefitting the customers so that company can enhance their
profits. it also provides the creatively and employment opportunity in the country. It can be included different
types of entrepreneurial ventures that can be shown below.
Types of entrepreneurial ventures
 Small entrepreneurship- It defines that business venture that is owned and operated by an individual
person and in this there is mo major competition they face. They sell their products and services in the
local market with a small amount of capital and resources. It mainly earns a profit of less than € 2
million, where they give the employment opportunity to the small number of people i.e. less than 50
employees. It includes Eletotech ltd, as a example of small enterprise(Dana, 2018).