Entrepreneurship and Small Business Management

9: Entrepreneurship
and Small Business
Management

Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
TASK 2.......................................................................................................................................................3
P3 Interpretation of statistics for showing impact of micro and small business on the economy.............3
P4. Importance of small businesses and business starts-ups in growth of social economy......................5
TASK 3.......................................................................................................................................................6
P5 Characteristics, skills and traits of successful entrepreneurs...............................................................6
P6 Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation........................7
TASK 4.......................................................................................................................................................8
P7 Background and experience can hinder or foster entrepreneurship.....................................................8
CONCLUSION...........................................................................................................................................9
REFERENCES..........................................................................................................................................10

INTRODUCTION
The Entrepreneurs are the one that are involved in the new idea and innovation that is
shaped by him/her. The ideas are turned into reality so that the demand of the market is satisfied.
They are considered as the back bone of the economy as they are involved in the generation of
maximum revenues and job opportunities for all so that their standard of living is raised. They
are initially involved setting the small or medium sized enterprise and then through their hard
work makes the business grow and survive in the high competition (Singh and Gaur, 2018). This
report shall cover the kinds of ventures and its link with entrepreneurial typology, the similarity
and difference between the two, impact of small and micro business on the economy using
statistic and importance of growth of this business on social economy. Further it will cover the
traits, skills and characteristics of entrepreneurs, how their personality reflects motivation and
background and experience of entrepreneurs.
TASK 1
Covered in PPT
TASK 2
P3 Interpretation of statistics for showing impact of micro and small business on the economy
The businesses plays an essential role in developing the country as they contribute to the
economy by selling their offering to customers and generating job opportunities and revenues so
that the country can develop its schools, infrastructure, etc. there is a huge impact on economy of
country wherein the business operates. The different types of businesses are-
 Small- These are such organizations that employee less than 50 employees and have a
annual turnover of £5 million. They generate revenues and job opportunities in the
economy but at low level.
 Medium- These types of businesses are engaged in employing more than 50 employees
but less than 250 employees and are engaged in generating revenues of £5 million but