Impact of Micro and Small Businesses on the Economy

Entrepreneurship and Small
Business Management
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Contents
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship..........................................................................................................................4
P2 Differences and similarities between entrepreneurial ventures..............................................6
TASK 2............................................................................................................................................8
P3 Impact of micro and small businesses on the economy.........................................................8
P4 Significance of small businesses and start-up's on growth of social economy....................10
TASK 3..........................................................................................................................................11
P5 Characteristic, traits & skills of successful entrepreneurs....................................................11
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset................................................................................................................................14
TASK 4..........................................................................................................................................15
P7 Different environment that hinder as well as foster entrepreneurship.................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
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Table of Contents
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship...........................................................................................................................4
P2 Differences and similarities between entrepreneurial ventures..............................................6
TASK 2............................................................................................................................................8
P3 Impact of micro and small businesses on the economy. ........................................................8
....................................................................................................................................................11
P4 Significance of small businesses and start-up's on growth of social economy....................12
TASK 3..........................................................................................................................................13
P5 Characteristic, traits & skills of successful entrepreneurs....................................................13
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset................................................................................................................................15
TASK 4..........................................................................................................................................18
P7 Different environment that hinder as well as foster entrepreneurship..................................18
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20
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INTRODUCTION
It is very important to manage and control different activities of entrepreneur and small
business activities. This will help in performing organisational activities in more significant and
effective manner (Burns, 2016). Entrepreneur can be describe as the business which is
performing business activities in creative manner as well as providing innovative product which
is as per the need of customers. This report will include different types of entrepreneur ventures
as well as its relation to typologies of entrepreneur. In this similarities or difference of different
ventures has been analysed. Impact of micro and small business on economy is determined along
with this, importance of start up and small business for social economy. Apart form this,
characteristics, skills and traits of different successful entrepreneur is analysed and along with
this different aspects of entrepreneur personality is evaluated. In this report, background and
experience on hinder or foster of entrepreneurship is analysed.
MAIN BODY
Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Entrepreneurship can be describe as the capability or potential of individual for
performing different business activities as well as taking different financial risk in order to earn
more profits. It is important for entrepreneur to consider different factors and elements that will
lead to support in enhancing performance of organisation and attaining desired goals of business.
There are different types of entrepreneur ventures.
Large company Entrepreneurial venture: It is determine that this companies mainly
offer new product with a motive to satisfy requirements of customer and to make use of
advanced technology in an effective manner (Burns and Dewhurst, 2016). The main objective of
large entrepreneurial ventures is to expand its business operations and gain higher profits in an
effective manner. The examples of large entrepreneurial ventures is Google, Microsoft, Samsung
and so on. It is determine that such ventures make use various methods for expansion such as
Licensing, Franchise, Joint venture and so on.
Small business Entrepreneurial venture: It is analysed that small business contributes
large number of share towards the growth and development of economy. IN today's scenario,
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there are more number of small companies as compare to other entrepreneurial ventures. The
primary objectives of small ventures is to earn profit for fulfilling their basic requirements and to
improve their lining standard as well. The examples of small business ventures are grocery
stores, carpenters, consultants and so on. It is determine that small ventures contributes around
22% part in improving conditions of society and economy as well.
Social Entrepreneurial Venture: The main motive of such entrepreneurial ventures is to
enhance living standard of people prevailing in societies and fulfil their requirements in an
effective manner. Herein, the aim of developing product is to resolve social issues and fulfil
social needs as well (Ratten, 2016). For example, Safepoint Trust is a small venture which
establish non-reusable synergies through redesigning the medical tools in a proper manner. It is
analyse that Safepoint Trust till now develop more than 4 billion synergies and provide it in more
than 42 countries in order to help people and improve societies as well. Another example is
NHS, it is a public enterprise that aid in improving health of people who does not have the ability
to get treatment n a proper manner.
Scalable Entrepreneurial Venture: It is consider as those entrepreneurs who launch
business with an objective to change the world. In addition to this, they hire talented employees
and is funded by the venture capitalist. Scalable entrepreneurial venture main motive is to
analyse a suitable business model that help in gaining success and growth at marketplace.
Facebook, Instagram, online shopping are such an instances of scalable en trepreneurial ventures.
It is analysed that all the above types of entrepreneurial ventures execute operations as
well as activities which plays significant role in developing different typologies. In addition to
this, it is determine that typologies has influence on the manner of decisions taken by
entrepreneurs. The typologies of entrepreneurial ventures is given below:
Typologies of entrepreneurship ventures
It is determine that typologies is basically categorising this as per their form. In addition
to this, segmentation is rely on structure, plan form, style and many more. Below are the
typologies of entrepreneurial ventures:
Lifestyle ventures: It is analysed that such ventures get establish with an objective to
satisfy income level as they are not focus on expansion and growth as well (Laudano, Marzi and
Caputo, 2018). In addition to this, lifestyle ventures consist of limited number of employees and
is mainly situated at a single place only. Moreover, lifestyle ventures does not have any physical
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location to work. Most of this venture provide their offerings online and for this they require
mobiles, computers, laptops. This typology relates with small business entrepreneurship as their
objective is also to satisfy their basic needs and there amount of investment is small.
Survival ventures: The primary objective is to fulfil their basic requirement and enhance
their living standard in an effective manner. In addition to this, survival ventures perform
activities in order to retain in market. It is determine that such venture ensure that they earn
higher profits. This typology is associated with small business entrepreneurs as they also work
for attaining profits and survive in market for longer time period.
Managed growth ventures: It is analysed that managed growth ventures mainly focus
on enhancing their operations at global level so that they can earn higher profits. they recruit
talented and skilled employees and offer unique products as well as services in order to attain
growth and success at marketplace (Julien, 2018). It is analysed that managed growth venture
typology is related with scalable business ventures as their aim is to change the perception of
people and also hire talented staff members.
Aggressive growth ventures: It is determine that such ventures are more innovative &
make use of advanced technology that help in sustaining for longer time in market and attain
competitive advantage as well. Its main objective is to earn profits by expanding operations at
international level. This venture is related with the large business entrepreneurial ventures that
main objective is to expand business and earn higher profits as well. In addition to this, large
entrepreneurial ventures also make use of innovative technology in order to provide unique
product and service to customers.
P2 Differences and similarities between entrepreneurial ventures
Similarities:
 Social enterprises mainly emphasis on satisfying requirements of people living in
societies. Scalable entrepreneurial ventures identify customer needs which directly leads
to customer satisfaction (Welter, Baker and Wirsching, 2019). Large company
entrepreneurial ventures determine that such ventures provide goods and service with an
objective to fulfil requirements of customers so that they can sustain in market for longer
time period and earn higher profits as well.
 Social enterprises increase living standard of people and improve their conditions
prevailing in societies. It is analysed that profits earned by Scalable entrepreneurial
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