Entrepreneurial Ventures: Micro, Small Businesses & Economic Impact

This report provides an overview of entrepreneurial ventures and small business management, focusing on different types of ventures and their relation to entrepreneurship typology. It identifies the similarities and differences between various entrepreneurial ventures and assesses the impact of micro and small businesses on the economy. Furthermore, the report highlights the importance of startups and small businesses in the growth of the social economy. It also discusses the traits, characteristics, and skills of notable entrepreneurial personalities like Elizabeth Gooch, Bruce Kendrick, and Mark Zuckerberg, sharing insights into their backgrounds and experiences, including their approaches to innovation, leadership, and problem-solving.

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Different types of entrepreneurial ventures and its relation with typology of entrepreneurship..........3
P2 Similarities& differences between entrepreneurial ventures...............................................................5
TASK 2.......................................................................................................................................................6
P3 Interpret & assess relevant data & statistics to illustrate how micro & small businesses impact on the
economy..................................................................................................................................................6
P4 Importance of small businesses & business start-ups to the growth of the social economy................8
TASK 3.......................................................................................................................................................8
TASK 4.....................................................................................................................................................13
REFERENCES..........................................................................................................................................15

In UK, there are various kinds of entrepreneurial ventures are operating by the
entrepreneurs which are helpful to improve the economical situation of the country. The
involvement of entrepreneurial ventures is more in the growth of the local people & society. The
prime concern of this assessment is to discuss about the entrepreneurial ventures & typologies.
This project identifies the similarity & differences of entrepreneurial ventures. Furthermore, the
impact of micro & small businesses on country economy also explain. This project generalizes
the significance of startups & small businesses in the growth of the social economy & discusses
about the traits, characteristics & skills of famous entrepreneurial personalities & also shares
their background & experiences.

Local Entrepreneur : Elizabeth Gooch
Characteristic
 More determination - This is contain as the crucial characteristics that considered by
the Elizabeth Gooch which is helpful take appropriate decisions with strong
determination.
 Self motivation - This crucial characteristic is essential because it can help full to to
improve the self belief so that Elizabeth Gooch motivate herself in order to improve
herself in an adverse situation.
Skills
 Innovativeness- This skills is important because it can helpful to enhance creativity &
use it to improve their business operations that mainly considered by the Elizabeth
Gooch.
 Leadership Quality - It is mandatory to have leadership quality in every entrepreneur
which can help full to lead the team and provide them right direction just like Elizabeth
Gooch.
Traits

 More Confident - There is a requirement to contain more confident about their decisions
and appropriate action in every entrepreneur. Elizabeth Gooch maintained more confident
to maintain her course of action.
 Self Disciplined - This trait is helpful to maintain all the operations systematically.
Elizabeth Gooch contained this trait to live a disciplined life.
Social Entrepreneur : Bruce Kendrick
Characteristics
 Smart working - To maintain all the appropriate activities it is necessary for the
entrepreneur to have this characteristic. Bruce Kendrick was the famous social activate
who work properly and take smart move to improve the living of the people.
 Decision Making - This characteristic is helpful to analyze the facts & take specific
decisions & Bruce Kendrick contained this characteristic so that they can appropriately
provide their contribution for the special decision making.
Skills
 Analytical power - This skill is most required skills which can help full to analysed the
whole scenario as per the current situation. Bruce Kendrick had this skills which utilized
in there writing & became a famous writer. .
 Problem solving skills - Bruce Kendrick was a social worker he effectively knew that
how to solve the problem of the people and provide them appropriate solution to resolve
their particular problem.
Traits
 Confidence - This trait is beneficial for the entrepreneur and helpful to set the specific
target in a structural form. Bruce Kendrick had a great confidence which can help full to
maintain their get today operations effectively.
 Team building - This trade is essential and useful to create an effective team &
considered by Bruce Kendrick which can help him to work properly and provide
directions to the team member in order to obtain a specific task.
Global Entrepreneur : Mark Zuckerberg
Characteristics

 Innovative Thinker - This characteristic is useful for the entrepreneur which can
demonstrate from the others. Mark Zuckerberg is very innovative person and utilizes
their innovativeness for his technological invention.
 Decision Maker - Mark Zuckerberg is containing this characteristic and use their
decision-making power to form better outcomes so that can maintain properly their
business operations.
Skills
 Technological advancement - This skill is essential which can help full to improve the
creativity level so that entrepreneur can use this to produce something effective. Mark
Zuckerberg have the skills which utilize in their innovative operations.
 Critical problems solving skills - With the help of this skill, Mark Zuckerberg can
effectively solve their own problem and also their team mate’s problem and provide
appropriate solutions.
Traits
 Competitive spirit - This trait is maintained why most of the entrepreneur so that they can
effectively take more competitive advantages as compared to the competitors. Mark
Zuckerberg consider this straight so that they can continuously work on their operations
and improve their working in order to take more competitive advantages.
 Self managed - To become a successful entrepreneur, it is necessary to have this trait
which can help full to improve the personality of the entrepreneurs. Mark Zuckerberg self
managed their own problems & keep motivate themselves.

Extroversion – This trait is useful to evaluate the sociability so that entrepreneurs can maintain
some specific traits like talkativeness & fast working which can help full to improve the staff
members and maintain effective relationships with them.
Agreeableness – This personality trade show the supportive and cooperative behavior of the
entrepreneur so that they can appropriately provide their contribution to maintain proper
coordination with their team members so that all the team members can trust them and follow
their interaction.
Neuroticism - This trait is all about concentrate on the unstable emotions & feelings of the
entrepreneur. This trait depicts the feeling of fear, irritation and frustration which provide
adverse impact on the working of the entrepreneurs.