Entrepreneurship and Small Business Management: Impact Analysis

This report provides a comprehensive analysis of entrepreneurship, focusing on small business ventures and their significance in economic and social development. It examines different types of entrepreneurial ventures, including independent, established, growing, and social good businesses, highlighting their similarities and differences across public, private, micro, small, and medium-sized enterprises. The report assesses the impact of micro and small businesses on the economy, emphasizing their role in driving innovation, creating employment opportunities, and fostering financial independence. It further explores the importance of small businesses in promoting social economy growth through innovation, job creation, and societal benefits. Additionally, the report delves into the characteristic traits and skills of successful entrepreneurs, evaluating how their personality reflects entrepreneurial motivation and mindset, while also considering the influence of background and experience on their entrepreneurial journey. The analysis incorporates relevant data and statistics to illustrate the impact of small businesses at local, regional, national, and international levels.

Entrepreneurship and Small Business Management
1

Contents
Introduction..............................................................................................................................................................3
Examine different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship. [P1]..............................................................................................................................................4
Explore the similarities and differences between entrepreneurial ventures. [P2]....................................................5
You should investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both public and corporate sector. [M1]....................................................................................7
You should critically examine the scope, development and growth of entrepreneurial ventures. [D1]..................8
Interpret and assess relevant data and statistics to illustrate how micro and small business impact on the
economy [P3]...........................................................................................................................................................9
Explain the importance of small businesses and business starts-ups to the growth of social economy. [P4].........9
You should evaluate the differences small, medium and large businesses make to the economy, applying
relevant data and statistics. [M2]............................................................................................................................11
You should critically examine how small businesses have an impact on different levels of the economy (local,
regional and national) and an international context. [D2]......................................................................................12
Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other
business managers. [P5].........................................................................................................................................13
Assess how aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation and mindset.
[P6].........................................................................................................................................................................15
You should explore and examine different lines of argument relating to entrepreneurial characteristics. [M3]...16
You should analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs,
supported by specific examples. [D3]....................................................................................................................17
Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship. [P7]
................................................................................................................................................................................18
You should analyse the link between entrepreneurial characteristics and the influence of personal background
and experience to specific successful entrepreneurs. [M4]....................................................................................20
You should critically evaluate how background and experience influences entrepreneurs, both positively and
negatively, by comparing and contrasting examples. [D4]....................................................................................21
Conclusion..............................................................................................................................................................21
References..............................................................................................................................................................22
2

Introduction
Small business enterprise and the entrepreneurship in the different countries must be provided
proper assistance. The report is based on the concept of entrepreneurship, especially in the
small business enterprise. This report aims at proving the understanding to the local people
about the importance of the small business enterprise and enhances their interest in being the
entrepreneurs. The report has a section of explaining the different types of ventures and
businesses which can be started by the local people and bring changes to the economy.
Further, this report provides the information about the personality and characteristics of a
person. The real-life examples are considered in this report for understanding the business
and their entrepreneur. The impact of entrepreneurship on the economy and its importance to
the society are also the concept which is included in this report.
3

Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship. [P1]
There are many different Entrepreneurial ventures. These are the businesses which are started
at a small or big amount. The entrepreneurial ventures are the business which has been started
by a businessman or entrepreneur. This is the investment for earning more profit. Various
entrepreneurial ventures are-
Independent business venture- The independent business refers to the small business
enterprise which may increase its business in near future (Drucker, 2014). The independent
business is owned by an independent entrepreneur. This business may include the ventures
like boutique, salon, restaurants etc.
Existing big business venture- These are the established and existing big brands which have
their brand image in the market. These businesses are the big ventures which are established
and are corporate business.
Growing business venture- The business venture which has a growing concept and are large
scale business operations (Drucker, 2014). These organisations include the IT business which
creates and work on B2B applications or software.
Social good business venture- The business companies which work for social good and
without a motive of profit are the social good business. These businesses have the motive of
social welfare and not a profit maximisation.
4

Explore the similarities and differences between entrepreneurial ventures. [P2]
The entrepreneurial ventures are of various kinds. These ventures have some common and
some different aspects. The ventures could show similarities and differences by the vertical
process of distinguishing factors. The entrepreneurial ventures are in the form of public,
private and social ventures as well as micro, small and medium-sized business ventures
(Kuratko, 2016). The similarities and differences between entrepreneurial ventures are
discussed below-
Types Functions and roles Aims and objectives
Public ventures The ownership of
government or public
is the aspect of this
type of venture.
The functions of the
public ventures are in
the direction to
provide the facilities
to the public and
improve their
benefits (Kuratko,
2016). They share
their profits with
government and
public organisations.
Their aim is to offer
services to the public
at low cost so as to
provide the facilities
and amenities.
Private ventures These ventures are
owned by persona
alone or maybe in a
partnership or sole
proprietorship.
The private ventures
role is to offer
various products and
services to the
customers and to
make money by
earning maximum
profits.
Their motive or
objectives is to earn a
profit and enhance
business and make it
a success in
competition
(Kuratko, 2016).
Social ventures Social ventures are These ventures do The objective or
5

owned by the
government or the
private organisations.
not work for earning
a profit. These
businesses have a
role in providing the
services to the public
or society and to
improve the societal
benefits for its better
future (Kuratko,
2016).
motive of social
ventures is to provide
social welfare to the
people and they do
not work with the
motive of earning
profit or profit
maximisation.
The other business ventures which could be distinguished by their features are micro, small
and medium-sized business.
Microbusiness- The micro business ventures is a little-sized business which covers only the
area of local places. The business which works in the local area of the city is the micro level
business venture. This venture’s invested capital of less than 1 lac.
Small business- The small businesses are the small business ventures. These venture’s capital
which is invested in initial is more than 1 lac but less than 5 lac (Kuratko, 2016). These
businesses have their business operations up to the local city or surrounded location.
Medium sized business- The medium-sized business is more than the small business. They
have the business venture of more than 5 lacs investment but less than 7 lacs investment.
These businesses operate in the local states and a larger area (Kuratko, 2016).
6

You should investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both public and corporate sector. [M1]
There are different entrepreneurial ventures. These operate in different nature and
background of the company. The entrepreneurial ventures are independent business ventures,
social good ventures, existing and established ventures and growing companies or ventures.
These ventures operate in a different manner and they have a different impact on the
economy (Morris, et. al., 2017). There are also some entrepreneurial ventures which are
distinguished as per the private, public and non-profit ventures. The micro, small and
medium-sized businesses are also understood above as different entrepreneurial ventures.
These ventures have the difference between these ventures (Morris, et. al., 2017).
7

You should critically examine the scope, development, and growth of entrepreneurial
ventures. [D1]
The business and entrepreneurial ventures have a lot of scope of increasing the business and
earning maximum profit making. The business is based on the different factors which are
innovation, creativeness, and effectiveness (Blundel, et. al., 2017). With the use of such
business factors, a company can increase the business and expand the venture to a lot. The
development of the companies is based on the growth of the company. With the new ideas,
innovative concepts and expansion of business, it can ensure business growth and
development of the company. The business ventures could ensure growth and effective scope
by providing effective and innovative concepts to the business products and services
(Blundel, et. al., 2017).
8

Interpret and assess relevant data and statistics to illustrate how micro and small
business impact on the economy [P3].
The micro and small business have their impact on the economy and help in increasing the
growth of the economy. The small businesses and micro business ventures have the most
capability of increasing and being promoted all over the world (Fairweather, et. al., 2017).
This increases the sales and promotion of these businesses and makes the business strong.
There are various businesses which impact the economy. The business growth attracts the
stronger economy to the country. The different business has a different impact on the
economy which is discussed below-
The contribution of the economy- This micro and small business contribute to the economy.
These businesses increase the growth of the economy as they provide the various
employment opportunities and expansion of business opportunities. This makes the economy
strong.
Push innovation- The innovation and the concept of creativeness are increased by this small
and micro business (Fairweather, et. al., 2017). These business ventures have various
opportunities in increasing the innovative and creative ideas. The economy gets the
opportunities of getting the innovative ideas with the help of these businesses.
Increases the job opportunity- The employment opportunities are basically provided by the
small and micro businesses. The job opportunities make the economy strong and this impact
on the economy of the country. Small and micro businesses help to provide employment to
the unemployed people and affect the economy in a positive manner (Fairweather, et. al.,
2017).
Financially independency- The small and micro business ventures provide the independence
to the financial independence to the people. The financial independence of the sole
proprietors is provided to the economy. This enhances the financial stability of the economy.
9

Explain the importance of small businesses and business start-ups to the growth of the
social economy. [P4].
Small businesses are very important to the growth of the social economy. Various social
aspects which increase the growth of the economy are provided by the small businesses. The
business impact the society in an impactful manner. The small business impacts the social
economy and ensures its growth in different ways-
Encourage innovation- The innovation in a company or business is basically encouraged by
the small businesses as they have a scope of growing the business to the world (Vergauwen,
et. al., 2016). To promote the strategies and products and services of the company is
something which can be improved with the help of small business. This increases the social
economic growth of the company as it provides benefit to the society.
Enhance employment opportunities- The enhancement of employment opportunities could
be done by the small business. For the expansion, the small businesses have more scope of
providing vacancies and increase employment opportunities for the people. This increases the
social benefit to the economy as people get the employment (Vergauwen, et. al., 2016). The
social economy growth could be ensured in this manner.
Society benefits commitments- The society benefits commitment which is provided by the
companies could be ensured by the small business. This impacts on the social economy of the
country because it helps in getting the society benefits (Vergauwen, et. al., 2016).
10

You should evaluate the differences small, medium and large businesses make to the
economy, applying relevant data and statistics. [M2]
Small business, medium business, and large businesses have the same impact on the
economy. The business ventures help in making the economy strong by contributing the
value to the economy. The small, medium and large business helps in getting the economy
more efficient. The small and micro businesses help in providing benefits to the economy
socially (Peterman, 2016). Various social improvements which are raised by the small
business are the employment opportunities, growth, innovation and creative aspects of the
business and economy. The large business contributes the economy in a strong manner. The
strong economy could be ensured with the help of effective promotion of the company
(Peterman, 2016).
11

You should critically examine how small businesses have an impact on different levels of
the economy (local, regional and national) and an international context. [D2]
Small business impacts the economy on the local, regional and national level. The small
business may operate in the local economy but impact or influence the economy in a different
manner. The small business promotes the growth of the economy by enhancing and offering
the employment opportunities, creative concept, and innovation. The small business promotes
the social benefits and commitments to the society. The local impact on the economy is based
on the societal impact. The regional business impacts on the economy by inducing the
employment opportunities (Storey, 2016). The small business with the innovation technique
promotes the competition. This impacts the international business and economy in
international context.
12