Entrepreneurship and Small Business Management

TASK 1

P1 Types of entrepreneurial ventures and their interrelation to typology of entrepreneurship

Entrepreneurship: Entrepreneurship is the approach which focuses in starting new business and this is effective for making new business established in market. In initial days of entrepreneurship, there are possibilities of loss, so individual must ready to face financial crises and this helps to get good and effective image (Storey, 2016).

There are various types of business enterprises and this helps to get good image in market, with the help of use of factors through which changes are possible in roles and responsibilities. There are many reasons for which business is running. There is use of policies through which changes are taking pace in their working style and level of working. There is some reason for which association is set up, if that target is not achieved then this affects business goals. Manager has to make policies through which they can deliver changes to workers and they can work as per policies. Some of the ventures are discussed below-

Scaleable start up entrepreneurship- This is the company which works to get profits and this affects position of company. To earn good profits, entrepreneur is ready to take risk and it affects business goals and targets. Main aim of such enterprises is to get use of various policies through which society can change demand of customers with their product and services (Baum, Frese and Baron, 2014).

Small business entrepreneurship- In such association, there is need of policies which are effective for making changes in society, thee businesses runs at small level, which works for making changes in their roles and responsibilities. To set up small business, there is need of 50 people and 5 Crore capital. Sales of association does not raise more than 6 million. Plumber, electrician, etc. are covered under this category (Bosma and Levie, 2010).

Social entrepreneurship- There are many issues which are faced by people living in society, hence social entrepreneurship works for making changes in roles and responsibilities through which social life of people can be improved. There is requirement to analyse what has to be done through which issues can be removed and social satisfaction can be possible. Trust, NGO, etc. are example of so0cial entrepreneurship.

Large entrepreneurship- This is the largest type of organisation, so this is effective to make changes in their roles and responsibilities. There are thousands of workers working to achieve targets. They promote their product and services through which profits can be achieve. There is requirement of changes in actual actions so current trends can be followed (Santos, 2012).

Typologies of entrepreneurship

There is use of policies through which business can be bifurcated on the basis of various business. This is effective for making changes in activities of company. There are some typologies which has to be considered through which actions can be differentiated.

Social Entrepreneur: There are some social reasons which affects growth of economy. This entrepreneur is the person which has to make changes in business actions and with the help of use of policies, they can modify image of country. This helps to get touch with use of functions which are efficient for achieving targets.

Serial entrepreneur: This type of entrepreneur are effective as they have to make changes in business activities (Bruton, Ahlstrom and Li, 2010). They have new and innovative thoughts which they can apply to daily work. This helps to know what has to be done with effect to change in social need. The ideas are not necessary be achieved.

Female entrepreneur: These entrepreneur are very demanding these days . As there is use of factors through which they can apply changes and this is effective for improving image of female in society.

Male entrepreneur: Male when involves in business and this will effective for making changes in roles and responsibilities. This is effective for making changes in business activities. They try to get use of competition to get use of policies which are efficient for growth of society.

Lifestyle venture: There is change in trends of company so it s essential to work as per society need. They change their product and services as per demand of customer. There is requirement of more cost and market analysis is essential (Dacin, Dacin and Matear, 2010).

P2 Similarities and differences between entrepreneurial ventures

There is difference in roles and regulations for which association is working. As per difference in targets activities of organisation, so this affects business operations. There is discussion about some activities which are differ and similar to other associations. This has to be performed to make good and effective image.

TASK 2

P3 Relevant data to illustrate how micro and small business impact on the economy

There are many organisations which are working to get profits and it helps to improve economy of association. There are factors which has to be considered and this helps to make changes in roles and responsibilities of business (Defourny and Nyssens, 2010). In general there are small, medium and large sized enterprises. This is effective for knowing what has to be done through which changes can be possible and this makes changes in roles and responsibilities of company. There is difference in their functions and activities and they have different aims to work. Achievements is possible because of use of policies through which changes are accepting effectively. Activities which are performed by following are as under-

Small- This business is run at small level at family level. There are possibilities of lack of financial resources. This business runs at small level to get livelihood. There are family members which run business operations ion efficient way.

Medium-This is higher level business than small enterprise. Entrepreneur helps to make changes in roles and responsibilities through which they are achieving targets. There are around 250 employees which helps to make policies for changing business activities.

Large- This is the largest form of business and they work as per need of society. When they have good sales and profit of company (Delgado, Porter and Stern, 2010). There is use of policies through which association has to make changes in roles and regulations. There are numerous workers working in large enterprises which helps to provide satisfaction to society. Large enterprises has to make strategies so there image does not get hampered.

Impact of economy on SMEs:

Local impact: There is use of techniques which are making changes in local services of country. Thee is use of factors through which changes are caused because of such business cause. This is effective to make alteration in local activities.

Regional effect: Business runs in society, so there are bright possibilities of having impact on regional level. There is use of changes which can be done and effective for approaching changes in actions and operations (Welter, 2011).

National effect: Larger scale business has various approaches which are important for knowing what has to be done through which changes are effective for every nation. As there is difference in working style, so it is essential to work as per requirement.

P4 Importance of small businesses and start-ups to the growth of social economy

BREXIT is one of the effective technique through which many countries come in line to survive and compete with each other. There is requirement of policies which are competent with each other. This concept was came into existence in 2016 which works to leave European Union. There is specific ways through which votes are polled and this is effective for making changes in business activities. Through this economies of various countries gets attached with each other (George and Bock, 2011).

Difference between small business and start up business

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