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Impact of Small and Micro Businesses on the Economy 6 P4. The Case of Entrepreneurship TABLE OF CONTENTS

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Examine different types of entrepreneurial ventures and its relation to the typology of entrepreneurship 3 P2. Description on background and experience influences entrepreneurs, both positively and negatively 11 CONCLUSION 11 REFERENCES 13 INTRODUCTION Entrepreneurship is defined as activity which carries out to start new business or businesses with the willingness and capacity to earn more profit. Examine different types of entrepreneurial ventures and its relation to the typology of entrepreneurship There are many types of entrepreneurial ventures on the basis of which they classified and benefits to customers

Impact of Small and Micro Businesses on the Economy 6 P4. The Case of Entrepreneurship TABLE OF CONTENTS

   Added on 2020-10-22

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UNIT 9Entrepreneurship1
Impact of Small and Micro Businesses on the Economy 6 P4. The Case of Entrepreneurship TABLE OF CONTENTS_1
TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3MAIN BODY ..................................................................................................................................3P1. Examine different types of entrepreneurial ventures and its relation to the typology ofentrepreneurship ....................................................................................................................3P2. Similarities and differences between entrepreneurial ventures........................................4M1. Understanding of both the public and corporate industry..............................................6D1. Description on scope, development and growth of entrepreneurial venture ..................6P3. Impact of small and micro businesses on the economy...................................................6P4. Importance of small businesses and start-ups will contribute to the growth of socialeconomy after Brexit..............................................................................................................7M2. Differences that small, medium and large businesses make to the economy ................8D2. Impact of small businesses on different levels of the economy in a local, regional, nationand international.....................................................................................................................8P5. Determine the characteristics, traits and skills of two successful entrepreneurs, whichdifferentiate them from other business managers...................................................................8P6.Description on entrepreneurial personality reflect entrepreneurial motivation and mind-set..............................................................................................................................................10M3. Argument relating to entrepreneurial characteristics ...................................................10D3. Characteristic, traits, skills and motivational drivers of successful entrepreneurs .......10P7. Define background and experience can hinder or foster entrepreneurship ...................11M4. Entrepreneurial characteristics and influence of personal background and experience tosuccessful entrepreneurs.......................................................................................................11D4. Description on background and experience influences entrepreneurs, both positively andnegatively.............................................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................132
Impact of Small and Micro Businesses on the Economy 6 P4. The Case of Entrepreneurship TABLE OF CONTENTS_2
INTRODUCTION Entrepreneurship is defined as activity which carries out to start new business orbusinesses with the willingness and capacity to earn more profit. They take financial risk in thehope of growing at faster rate (Smallbone, Welter and Ateljevic, 2014). Entrepreneur is a personwho runs the business with innovative ideas as individual or in partnership with more than twomembers. Businessperson acts as manager and looks at all the activities of organisation. Also,oversees launch and growth of enterprise. There, is an involvement of entrepreneur in everyfunctions of the business operations. In this report, mini research is conducted on different types of entrepreneurial venturesand related typology of it will be discussed. Also, similarities and difference betweenbusinessperson will be studied over here. According to relevant date here it will be shown thathow entrepreneurship impact the economy (Snow, 2016). Also, here it will be discussingimportance of small businesses and start-ups how they contribute to growth in the society.Characteristics, traits and skills of two successful entrepreneurs will be studied in it. In thisreport, the following activities will cover as Background of entrepreneurship and its impact onbusiness will be discussed.MAIN BODY P1. Examine different types of entrepreneurial ventures and its relation to the typology ofentrepreneurship There are many types ofentrepreneurial ventures on the basis of which they classified andbenefits to customers of it (Schaper, 2016). The investment in business depends upon their sizeof business. The different types of entrepreneurial venture are as following: Small business entrepreneurship: They are mainly started on small scale with lessinvestment and their definition of success is to earn profit for family member. Therefore,it aims at fulfilling needs of their family members and are not able to gain high earnings.Entrepreneur hire local employees or from family because they are not able to pay muchto employees (Fayolle and et.al., 2015). Small business like travel agent, grocery store,plumbers, electricians and carpenters are some examples. 3
Impact of Small and Micro Businesses on the Economy 6 P4. The Case of Entrepreneurship TABLE OF CONTENTS_3
4Scalable start-up entrepreneurship: This entrepreneur work differently from smallbusiness. They increase its revenues without high incremental costs. They bring hugeinvestments from the investors who trusts their products and are ready to give capital.They believe in providing goods and services of the best quality to their customers.Therefore, hire employees who are skilled and brightest at their work. The entrepreneur isready to pay high salary to the employee's as well. This type to businessperson attractsvarious capital risks in the business. Scalable start-ups make innovative and uniqueproducts (Kitching, Hart and Wilson, 2015). Their typology is that they create loyaltyamong customers and are ready to pay any price for the quality.Large company entrepreneurship: This organisation has a finite product life cycle andearn more profits in the business. They invest huge capital in their business and have highlevel of risk in it. Therefore, it has grown through sustaining innovation and by bringingnew product in the market. The organisation has to face large competition in industry andneeds to bring better products than their competitors. Typology of large scaleentrepreneurship is that they cover large area in the market, which helps them to generatemore revenues. Also, these organisations are mainly customer oriented and focuses onquality of goods and services (The Four Types of Entrepreneurship. 2011). Social company entrepreneurship: They work for the society and development ofsocial group. Therefore, innovation and new product are required by the society. Thisbusiness also provides employment opportunity to those who needs the job. They aim atearning profits and providing growth in economy of the country. Social entrepreneurshipis a start-up to collect funds for development of the society. Also, they are non-profitmaking organisations working for welfare of people and country. They aim at providingbetter services to the society and promotes their businesses at every level. P2. Similarities and differences between entrepreneurial venturesAs per the research it has been seen that there are many similarities and differences inentrepreneurship sector (Saleem, 2017). This all depends upon size and structure of theorganisation and helps to achieve their goal. It also works as to bring profitability in thebusinesses and improve efficiency of firms. Similarities and differences in the business are asfollowing: 4
Impact of Small and Micro Businesses on the Economy 6 P4. The Case of Entrepreneurship TABLE OF CONTENTS_4

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