The Impact of Micro and Small Business on the Social Economy

Unit 9

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Explanation of different types of entrepreneurial ventures and how they relate to the typology
of entrepreneurship..........................................................................................................................3
P2 Present differences and similarities between entrepreneurial ventures ....................................5
TASK 2.................................................................................................................................................6
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy....................................................................................................................6
P4. Explain significance of small businesses & start-ups to the growth of the social economy.....9
TASK 3.................................................................................................................................................9
The Mindset of entrepreneur ...........................................................................................................9
P5 Analyse characteristics, skills, & traits of entrepreneurs that are different from managers.....9
P6 Explain different entrepreneurs personality which reflect entrepreneur mindset and motivation
........................................................................................................................................................11
TASK 4...............................................................................................................................................13
P7 Discuss effect of background and Experiences of an Entrepreneurs .......................................13
CONCLUSION..................................................................................................................................15
RERERENCES...................................................................................................................................16
Books & Journal:...........................................................................................................................16

INTRODUCTION
In market, business is wider & widening activities at wider scale. In this competitive era, it
is essential to focus on type of entrepreneur, entrepreneurship & business so that resources are used
accordingly (Abdulaali, 2018). Main aim of this report is to understand the type of business &
entrepreneur in market. Asda, a supermarket chain retailer headquartered in U.K. The firm has been
acquired by EG group owners. Asda operated at global level& Walmart is its parent enterprise. This
report comprises of different types of entrepreneurial ventures & typology, similarities & difference
between entrepreneurial ventures, interpretation of relevant data on how small & micro business
impacts in economy, importance of small business & star-ups, characteristics traits & skills of
successful entrepreneurs, aspects of entrepreneurial personality and background & experience
impacting entrepreneurship.
TASK 1
P1 Explanation of different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship.
Entrepreneurial ventures is a risky and daring journey related to the different type of
entrepreneurship. There are the multiple type of entrepreneurial ventures on the basis of types of
business. Entrepreneurship is the development of new businesses by individual how takes a
complete risk of profit and loss. Entrepreneurial venture involves the compete journey of newly
developing business, such as management, control, operations, functions, success, Profit, loss etc.
the different type of venture is explained below-
Small business entrepreneurship- Is the small scale business, if some one wants to start
their business but do not have large amount of money to start business. Then that person can go
with the small business entrepreneurship, where they can start the small innovative business. Such
as food track, online shops, bakery, Tiffin canter, event management, event decoration, etc. here the
one person owner can use the all profit and face the all over the challenge of loss. Recruitment of
staff is not that much required in the small business, it depends on entrepreneur that he or she want
to recruit or not (Analia, 2020).
Scalable start up- This is a medium size business, for establishment of this type of
business venture an entrepreneur should have target the medium-sized marketplace. It is type of
business which can be run by innovative person who can plane project and idea in very effective
way so they can scale up their business and growth. By the achievement of higher shares and profit.
This business plan involve the steps of targeting new market and shares in order to increasing the
organization position. They can also scale up their business at international level.

Large entrepreneurship- It is a type of entrepreneur and business journey which focus on
largest market area. The aim of project of this level is to make a biggest change in the competitive
market with new innovations. But for the management of that level of business entrepreneur needs
the support and guidelines from shareholders and manager, business partner if have. As it is a large
scale business so for the promotion and marketing of product and services entrepreneur need large
amount of investment.
Social entrepreneurship- This involves the development of type of organisation which
work for society, this can be done by the individual who's objectives is to help others, in terms of
food, shelter and education. By the establishment of this kind of organisation company, focus on the
fulfilment of poor peoples need, not in the profit of company. Their aim is to provide social
goodness (Doshmanli, 2018).
Serial entrepreneurs- This is involves the development of multiple kind of business idea
by single company in order to change the present market. The entrepreneur who can develop this
type of business ventures, should be innovative, creative, problem solving and should posses
management properties. It involves the changes in the present business system with new
alternatives. This type of business need highest investment of money and time for once. Examples
of serial entrepreneurs is Richmond group.
Lifestyle venture- This involves the type of entrepreneur who want to establish the
business for the achievement of defined amount of profit. In this case entrepreneur just focus to get
the profit for the enjoyment of their life from particular business. They don't want to compete with
others, just want to enjoy their life whit target amount of income. Target the large size market of life
style than the focus on the development of trendy product by targeting the different customers. The
largest life style venture is ZARA (Erfani, 2017).
Social economy- Social economy venture is type of business which is done for the
management of economy of society. This can be stablish by the network of entrepreneurs, investors,
capacity builder. Who can helps the different organisation to mange their economical condition,
helps to make progress strategies, helps in the analysis of economical growth. This involves the
organisation which are develop to provide ideas and guidelines with the democratic association. Its
differentiation is related to the social enterprise who helps the different company's for their growth
by providing multiple services. For example National health organisation provide medical advice
for health care association and individuals for the awareness of health maintenances.
Survival venture- This can be a very small kind of business done by the entrepreneurs for
the fulfilment of their personal needs of survival. Examples are small circle business which can be
done by the collection of funding. Furthermore, they seek resources and customers by connecting to
other small organisation.