Importance of Small Businesses and Business Start Up Growth to the Social Economy

Entrepreneurship and
Small Business
Management

Contents
INTRODUCTION...........................................................................................................................................4
Task 1..........................................................................................................................................................4
P1 Entrepreneurial ventures....................................................................................................................4
P2 Similarities and difference between entrepreneurial ventures..........................................................6
Task 2..........................................................................................................................................................7
P3 Interpret and assess relevant data and statistics to illustrate how micro and small business impacts
on economy.............................................................................................................................................7
P4 Importance of small businesses and business start up growth to the social economy.......................9
Task 3........................................................................................................................................................10
CONCLUSION.............................................................................................................................................14
REFERENCES..............................................................................................................................................15

INTRODUCTION
Entrepreneurship refers to the company established by an individual to run a small company
by inventing original approaches. In the industry, products and services must be available which
attract consumers’ attention and concentrate on profit margins. Entrepreneur’s main objective is
to develop products and services and boost efficiency and performance (Abbas, 2018). Key
elements have included the desire to accept sensible precautions in terms of time, money,
professional life; the capacity to form an efficient investment squad; the imaginative ability to
handle the necessary resources; the strategic opportunity to produce a sound marketing strategy;
and eventually, the intuition of seeing opportunities in which others see uncertainty,
inconsistency and ambiguity. This current report depends on various entrepreneurial projects in
specific technologies that can have effects on the market, detailed discussion of tech
businessmen and how their background and knowledge impact or promote entrepreneurship.
Task 1
P1 Entrepreneurial ventures
Entrepreneurship: Entrepreneurship is the act of creating, initiating and managing a business
venture that is known as investment by taking on investment burden. It's really about danger,
inability, uncertainty and achievement that enable you come across new experiences. An
individual who can create fresh concepts and execute them well enough to achieve a massive
company.
Intrapreneurship: Intrapreneurs are 'optimists, who are doing;' many who accept responsibility
for generating creativity of some sort within a company; they may well be the designers or
innovators even though they're the idealists who find out where to transform a concept into a
viable practice.
Enterprise: It can be used for profit organizations and is connected with company operations. It
is typically concerned with putting together economic sectors, allocating each variable its exact
work and activities frequent payment from customers of completion of the project. Enterprise is
applied to companies with successful entrepreneurship.
Different types of entrepreneurial venture
Small entrepreneurial venture: This form of company takes a small share of the capital and
minimal resources to start business activities. Full enterprise projects start operating as smaller
firms. Living rooms, small shops, pizzerias, budget hotels, supermarkets, tradesmen and artists
are appointed after even a small business company. The aim of these undertakings is limited
inside a limited number of locations (Davari and et.al, 2018).
Scalable startup: This activity is primarily attributed to the growing and advancement of a
company through the use of market research to generate new ideas. In this form of company,