Entrepreneurship and Small Business Management

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.