Entrepreneurship and Small Business Management

This assignment explores the concept of entrepreneurship and venture, focusing on entrepreneurial activity and social economy. It discusses the differences between serial entrepreneurs, intrapreneurs, and owner managers, as well as the characteristics of micro and small size organizations and economy. It also examines the relationship between lifestyle and growth firms, and micro and medium size firms. Additionally, it analyzes the impact of small and micro businesses on the economy and highlights the significant role they play in the social economy.

Entrepreneurship and Small Business Management
Table of Contents
INTRODUCTION................................................................................................................................2
TASK 1 ................................................................................................................................................3
Define what is meant by entrepreneurial activity and social economy...........................................3
Identify and explain 3 differences between serial entrepreneurs, intrapreneurs and owner
managers..........................................................................................................................................3
Explain two characteristics features of each of the following: Micro and Small size organisations
and economy....................................................................................................................................4
TASK 2.................................................................................................................................................5
Examine the relationship between Life style and Growth firms on one hand and micro and
medium size firm on the other.........................................................................................................5
Produce and interpret a current data that shows the impact of Small and Micro business on the
economy ..........................................................................................................................................6
Explain two reasons it is believed that small organisations and start-ups play significant role in
social economy................................................................................................................................8
CONCLUSION..................................................................................................................................10
REFERENCES ..................................................................................................................................11
Books & Journal:...........................................................................................................................11

INTRODUCTION
The marketing industry is varying rapidly and competition level is increasing day by day
within business organisation. It signifies small, medium as well as large organisation around the
world that helps in growth or development of economy. Entrepreneur signifies the individual person
who performs their activities of business organisation and management by itself. Business
administration is considered as a procedure of handling different function of business organisation
that includes planning, organising, analysing and controlling in an appropriate manner. The main
purpose of this assignment is the concept related to entrepreneurship and venture. This assignment
signifies the activity of entrepreneurial as well as social economy and there is a difference among
serial entrepreneur and owner manager. In this report, there are two features of micro and small
business that is also discussed during particular phase of time period (Almeida, Daniel and
Figueiredo, 2019).
TASK 1
Define what is meant by entrepreneurial activity and social economy.
Entrepreneur is considered as an individual person who focuses on starting a innovative
business at marketplace. It is considered as a systematic process that is required to be performed
their business with appropriate consideration (Harms and Groen, 2017). This kind of activity is
important to be emphasized in order to achieve the goal in timely manner. This kind of activity
involves analysing or exploitation of innovative goods, creation of innovative value and many
more. It is important to perform these activities and functions in most appropriate manner in order
to achieve objectives in timely manner. These functions arise from individual to individual and
society. In addition to this, social economy is considered as a group of person which is that is
formed by involving mutual association foundation, cooperation and many more (Bernat, Lambardi
and Palacios, 2017). These are determined as heterogeneous in scope and size from smaller to larger
organisation.
Both the activity related to entrepreneurial and social economy which is connected with one
another as because the functions of entrepreneur help in improvement of social economy by
adopting resources, manpower, and technology and so on. Therefore, it is important for organisation
to perform their activities in proper manner. By focusing or emphasized on these activity, it is easy
to take decision in business sector.
Identify and explain 3 differences between serial entrepreneurs, intrapreneurs and owner managers.

Serial entrepreneur and intrapreneur as well as owner manager are considered as differ from
one another. It is important to analyse the difference among these that is going to be mentioned
below:
BASIS Serial entrepreneurs Intrapreneurs owner managers
Meaning
These are considered as
that person who
regularly brings
innovative ideas within
business organisation
for example Elon Musk
is considered as a serial
entrepreneur.
Intraprenuers are
considered as that
person who focuses on
increasing their skill
and competence and
bring innovative ideas
within business
organisation.
These are considered as
that person who handle
or manages the activity
and function of
business organisation
simultaneously.
Objective The main aim is to
manufacture or bring
innovative changes
within Society at
continuous period of
time (Vuorio,
Puumalainen and
Fellnhofer, 2018).
The main or primal
purpose is to enhance
the sustainability of
business organisation
for a longer time
period.
The main aim is to
handle the operation
and take appropriate
decisions in order to
achieve goal in timely
manner.
Focus The main purpose of
serial entrepreneur is to
bring changes within
business organisation
and provide benefit to
the society.
.
The main attention is
to grab innovative
opportunity to expand
or explore organisation
The owner manager
emphasized on taking
administrative
decisions by handling
different activity and
function of
organisation to
accomplish both short-
term as well as long-
term objective in

timely manner.
By analysing above given table, it has been analysed that there is a huge difference among
serial entrepreneur and intrapreneur as well as owner manager. It is important to analyse the
comparison among them for achieving goals as well as objective in timely manner. It also assists in
improving the business at larger scale. They focus on conducting their organisation by using
different method so that they are capable to perform their business operation in an appropriate
manner.
Explain two characteristics features of each of the following: Micro and Small size organisations
and economy.
According to the data and statistics of UK economy, it has been analysed that Micro, small
organisation and economy are different from one another. It is important to handle every activity
and function in an appropriate manner. There are various characteristic of micro organisation, small
organisation as well as economy that is going to be below:
Characteristics of micro organisations-
Small market the micro organisation emphasized on small market and they need small capital for
investment or performing their activities of business in an appropriate manner.
 Limited employees micro organisation possess limited subordinate among 12-15.
 Survival the primal motive for performing activity of business organisation is to survival at
Marketplace.
 Independent decision-making micro-enterprise focuses on taking independent decisions
that help in performing different practices of organisation in an appropriate manner (Hyder
and Lussier, 2016).
Characteristics of small organisations
 Limited stocks the small business organisation possess limited or restricted stock because
the decision is completely depend upon sale or purchase of these types of stock.
 Less initiating capital this kind of organisation need less fund to make investment in
business organisation that is not above 5 lakhs.
 Aim at profit and resources such kind of organisation emphasized on earning more and
more profit and optimum utilisation of resources at large level.

Characteristics of economy-
 Capita income here in the capital income is considered as a low or high. Therefore, capital
income signifies the whole growth as well as development of country.
 Rate of unemployment as well as employment the country economy reflects the rate of
employment as well as unemployment.
TASK 2
Examine the relationship between Life style and Growth firms on one hand and micro and medium
size firm on the other
BASIS Life style firms Growth firms
Meaning
Lifestyle firms are those which emphasis
on accessing chance to enjoy their
lifestyle ( (Alonso‐Arroyo, 2019).
Growth firms are mainly deals
within anticipated track records
of growth Poole, Fallon and
Sen,2020).
Objectives The main motive of such firms is to
enjoy life with a good lifestyle.
The major objective of growth
firms is to enhance their
profitability level in an
effective manner
Focus Lifestyle firms mainly emphasis in how
a person enjoy as well as live life by
influencing their decision.
These growth firms focus on
raising level of sales as well as
profit on high scale.
BASIS Micro Size Medium Size
Meaning It is defined as that form of enterprise
which involves income of Less than
£10,000 (Sulistyo, 2016).
It is termed as that organisation
in which there is around
£100,000 to £1m during
particular phase of time period.
Market size Such type of enterprise has relatively
small market size and mainly deals
within the state.
Medium size enterprise has
large market size as compare to
micro enterprises.
Employees ratio Micro size consists of around 10 to 49 Herein, the employee size
involves in between (50 to 249)

effective and talented staff members. employees.
From the above discussion, it is stated that there is relationship among growth and lifestyle
forms with medium and micro size enterprise. In addition to this, all such firm and enterprises
contributes towards the growth and development of economy.
Produce and interpret a current data that shows the impact of Small and Micro business on the
economy
Impact of micro and small businesses on economy
 Decrease in unemployment rate- According to the data and statistics of UK economy, it is
analysed that small as well as micro enterprises help in giving more job opportunities in
people that directly leads to improvement in economic conditions of a country in an
effective manner (Trehan, Higgins and Jones, 2018).
 Increases productivity- According to the data and statistics of UK economy, by providing
job opportunities and hiring talent as well as skilful person assist in increasing the
productivity level in a proper manner. It is determined that increase in level of profit leads to
increase in contribution of money to government for the development and growth of
economy (Sulistyo, 2016).
Therefore, it is analysed that both small and micro enterprises has direct contribution towards
development and growth of economy. In addition to this, increasing and expansion of such
market sector will lead to major contribution of tax that is spent by government for the
welfare and improvement of economy.

On the basis of a given graph, it has been analysed that micro, small and medium sized
business organisation offer more efforts or contribution as compared to large business organisation.
The large business organisation was going to be downhill in 2010 and 2009. After these, all
business organisations focus on expanding their company at large scale. Therefore, with deep
assessment of this graph, it has been analysed that there is a risk for small as well as micro business
organisation due to change in particular period of time (Carvalho, 2017).
Explain two reasons it is believed that small organisations and start-ups play significant role in
social economy
Social economy it is considered as a mixed economy that involves private as well as public
sector. Furthermore, it helps in analysing ethics, attitude and behaviour of individual person and
many more. Their main focus is not only to earn profits but welfare or contribution towards society.
The social economy access at local as well as global level that is completely depends upon scope
and size. For example Safe point trust is considered as a best example of social organisation.
Two reasons are -
Improved Market Sector of country According to the data and statistics of UK economy,

both small and micro organisation are important for social economy because their focus is on
expanding their market sector in an appropriate manner. It imposes direct impact on profit of social
economy at broader level (Sauka and Schneider, 2016).
Enhance the overall growth structure the other reason is to enhance or increase the
structure or growth of whole economy. It imposes direct impact on operation administration of
business that is advantageous in improving economy. By analysing this kind of reason, it has been
assessed that it is significant for nation to have a proper stability. For this purpose, they focus on
resource, market activities, manpower that is used in appropriate manner.
Importance of small businesses towards growth of social economy:
It has been analysed that social economic help in enhancing growth as well as development
of country. Therefore, they focus on offerings employment opportunity to individual person at
broader scale. It has been analysed at 88.8 % of organisation operate their organisation at UK from
newly started company or small enterprises.
Development in technology a new organisation focuses on brings innovative ideas within
business organisation for increasing profit margin in future period of time. Moreover, it also helps
in delivering superior quality of services to its customer in order to satisfy them (Entrialgo and
Iglesias, 2016).
Introduce new system/ research the enhancement of newly started firm helps in
improvement of research by using different tools as well as technique. It results in up gradation of
technology at broader level. Through this kind of innovation, it is simple to improve existing market
to wider level.
More new job opportunity the main advantages of this organisation is to create a job
opportunity at market place. This leads to reduce the rate of unemployment in nation.
From the above-mentioned analysis, it has been assessed that the small enterprise imposes
direct impact on the economy. It also has been analysed that micro as well as a small enterprise give
more revenue in comparison to other firms. And it is important to emphasize on rapid growth of
organisation (Sauka and Schneider, 2016).
CONCLUSION
On the basis of above given assignment, it has been assessed that the marketing industry is
varying rapidly and competition level is increasing day by day within business organisation. It
signifies small, medium as well as large organisation around the world that helps in growth or
development of economy. The main purpose of this assignment is the concept related to

entrepreneurship and venture. This assignment signifies the activity of entrepreneurial as well as
social economy and there is a difference among serial entrepreneur and owner manager. In this
report, there are two features of micro and small business that is also discussed during particular
phase of time period.

REFERENCES
Books and Journals
Trehan, K., Higgins, D. and Jones, O., 2018. Engaged scholarship: Questioning relevance and
impact in contemporary entrepreneurship/small and medium-sized enterprise research. International
Small Business Journal, 36(4), pp.363-367.
Sulistyo, H., 2016. Innovation capability of SMEs through entrepreneurship, marketing capability,
relational capital and empowerment. Asia Pacific Management Review, 21(4), pp.196-203.
Almeida, J., Daniel, A.D. and Figueiredo, C., 2019. The future of management education: The role
of entrepreneurship education and junior enterprises. The International Journal of Management
Education, p.100318.
Hyder, S. and Lussier, R.N., 2016. Why businesses succeed or fail: a study on small businesses in
Pakistan. Journal of Entrepreneurship in Emerging Economies.
Carvalho, L.M.C., 2017. Entrepreneurship in small-scale farms: From production to
commercialization. In Entrepreneurship: Concepts, Methodologies, Tools, and Applications (pp.
1081-1093). IGI Global.
Entrialgo, M. and Iglesias, V., 2016. The moderating role of entrepreneurship education on the
antecedents of entrepreneurial intention. International entrepreneurship and management
journal, 12(4), pp.1209-1232.
Sauka, A. and Schneider, F. eds., 2016. Entrepreneurship and the shadow economy. Edward Elgar
Publishing.
Vuorio, A.M., Puumalainen, K. and Fellnhofer, K., 2018. Drivers of entrepreneurial intentions in
sustainable entrepreneurship. International Journal of Entrepreneurial Behavior & Research.
Quarter, J., Mook, L. and Armstrong, A., 2017. Understanding the social economy: A Canadian
perspective. University of Toronto Press.
Chaves-Avila, R. and Savall-Morera, T., 2019. The social economy in a context of austerity
policies: The tension between political discourse and implemented policies in Spain. VOLUNTAS:
International Journal of Voluntary and Nonprofit Organizations, 30(3), pp.487-498.
Bernat, L. F., Lambardi, G. and Palacios, P., 2017. Determinants of the entrepreneurial gender gap
in Latin America. Small Business Economics, 48(3), pp.727-752.
Harms, R. and Groen, A., 2017. Loosen up? Cultural tightness and national entrepreneurial
activity. Technological forecasting and social change, 121, pp.196-204.

Poole, W., Fallon, G. and Sen, V., 2020. Privatised sources of funding and the spatiality of inequities
in public education. Journal of Educational Administration and History, 52(1), pp.124-140.
Alonso‐Arroyo and et. al., 2019. The funding sources of implantology research in the period 2008‐
2017: A bibliometric analysis. Clinical Implant Dentistry and Related Research, 21(4), pp.708-714.