Impact of Micro & Small Businesses on Economy

Unit 9:
Entrepreneurship &
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Various Kinds of Entrepreneurial Ventures & its relation with the Typology of
Entrepreneurship..........................................................................................................................3
P2 Discuss the Similarities & Differences between Entrepreneurial Ventures...........................5
TASK 2............................................................................................................................................7
P3 Impact of Micro & Small Businesses on Economy................................................................7
P4 Importance of Small Businesses & Starts-ups on the growth of Social Economy.................9
TASK 3..........................................................................................................................................10
P5 Characteristic , Traits & Skills of successful Entrepreneurs................................................10
P6 Concept of Entrepreneurial Personality reflect on Entrepreneurial Motivation & Mindset 11
TASK 4..........................................................................................................................................13
P7 With use of relevant examples , determine the background & experience can hinder or
foster the entrepreneurship........................................................................................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneur is an individual who have ability to create and implement new business
with innovative idea so that he or she can convert that idea into reality. Entrepreneur is the one
who can bear high risk and also enjoy the success and rewards. Entrepreneur is like a backbone
of the country economy that can help to generate more many employment opportunities which
will make more profit and money by their own risk. Entrepreneurs are very innovative and with
their creative ideas, they can start their starts-ups and then work constantly to convert their starts-
ups into micro and small businesses so that they can develop gives their contribution in the
country economy growth. The main motive of this report is to cover the different kinds of
ventures and typologies related to the entrepreneurial ventures and also discuss the differences
and similarities of the entrepreneur ventures. This report also determines the statistics of micro &
small businesses and starts-ups that give their contribution in the growth of economy. Moreover,
this report will explain the characteristic, traits & skills of the famous personalities and also
discuss the background and experience of the personalities which can be foster or hinder
entrepreneurship.
TASK 1
P1 Various Kinds of Entrepreneurial Ventures & its relation with the Typology of
Entrepreneurship
Entrepreneurs are those people who are always work in uncertain situation and ready to
take risk. Entrepreneurs are mainly responsible for their decisions related to their business
operations. Entrepreneurial ventures consider as those businesses that are mainly set up with the
help of entrepreneurs to make money so that they can live their lives with full of comforts
(Venkataraman, 2019). All the ventures contain their own motive which is mainly formed by the
entrepreneurs. There are various kinds of entrepreneurial ventures which are discussed on the
basis of their size, scope, services are given below -
Entrepreneurial Activity
It is consider as a systematic procedure of the firms in which businesses can create their
value by their own so that they can generate economic activities. All these activities are mainly
incorporated with the creation of unique ideas which will help in development of entrepreneurial
ventures. Entrepreneurs are responsible to convert the unique idea into reality so that they can

give their goods and services to the potential customers. Entrepreneurs can ensure that their ideas
can develop more job opportunities for the local public so that they can help to evolve the
country economy. (Brush, Edelman and Welter, 2019).
Various Kinds of Entrepreneurial Ventures
The explanation of the different kinds of entrepreneurial ventures is as follows - Small Enterprises - This kind of venture consider massive capital, operations, and
employees. This is specifically formed to generate more money from their goods and
services that are manufactured and delivered by the business (Niosi, 2018). The scope
and size of this type of venture is very low level because it operate their businesses at
small scale and provide their goods to the niche market areas. This type of ventures
mainly uses sole proprietorship & partnership firms. This type of venture contains less
than 50 workers and the net worth considered €2 million. Examples of these enterprises
are Orion Electrotech Ltd. , Clarasys are the private enterprises and Travelodge is the
public enterprise. Large Enterprises - This type of entrepreneurial ventures contain huge level of business
operations and the scope and size of this ventures is very wide. These ventures can cover
the large market area and target huge audience. This venture can operate their business
internationally so that they need massive capital and funds so that they can perform their
business operations smoothly. These types of enterprises cam adopt the change frequently
so that they can address all the requirements of their customers. Examples of large
enterprises are Tesco, ASDA, M&S and Morrisons are the largest private enterprises and
NHS is largest public enterprises.
 Social Enterprises - This kind of ventures are established for the betterment of the
society. These enterprises used their ideas for the welfare and development of society.
This kind of venture can work individually and with a group of people and perform their
duty to the growth of local people so they local people can take their responsibility by
own and live their life in a better way (Muyassarhon, 2018). The main motive of these
enterprises is to wealth maximisation instead of profit maximisation. These ventures can
provide their participation of the overall development of the society and population. Save
the Children and Cafédirect, Hill Holt Wood etc.