PART A: Entrepreneurial of ventures

1 ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT PART A1 Entrepreneurial of ventures 1 Types of entrepreneur of ventures 1 Typology of entrepreneurial 3 Difference and similarities between the entrepreneurial ventures 5 Advantage and disadvantages with examples 7 Impact of business on international, national and social economy 7 Illustration 1: SMS Contribution in UK 8 REFERENCES 10 PART A 1 Entrepreneurial of ventures Entrepreneur is the individual who run and effectively start up business with limited planning as well as resources. 2 Types of entrepreneur of ventures Micro enterprise

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
PART A...........................................................................................................................................1
Entrepreneurial of ventures..........................................................................................................1
Types of entrepreneur of ventures...............................................................................................1
Typology of entrepreneurial........................................................................................................3
Difference and similarities between the entrepreneurial ventures...............................................5
Advantage and disadvantages with examples..............................................................................7
Impact of business on international, national and social economy..............................................7
Illustration 1: SMS Contribution in UK.......................................................................................8
REFERENCES..............................................................................................................................10

PART A
Entrepreneurial of ventures
Entrepreneur is the individual who run and effectively start up business with limited
planning as well as resources. Businessman is accountable for all the rewards, risk and benefits
of their overall business. Entrepreneurial venture always focused on providing the best services
and quality products to mid and early stage of business (Wamba and Carter, 2016). Their role in
organizations varies depend on stage of firms. In simple words, a person who sets up businesses,
responsible for taking financial or other risks related to business in hope of profit is called
entrepreneur. It can be defined as an company that places opportunism and innovation at their
mind as well as heart in order to produce social and economic value. Entrepreneurial is business
owner who attempts to make money for organization, they target high profit with an fair level of
uncertainty, entrepreneur is prepared to risk their career and financial security, investing money
and time on uncertain venture, managing for required capital, skilled workers and raw materials.
Distribution of services & resources, marketing sales, and other essential aspects is controlled by
entrepreneurial of venture effectively. Even when some of these activities is outsourced, the
overall risk is carried by them. Entrepreneurship is the mode to set up venture by considering
various risk consist to managerial and financial. Entrepreneurial venture have several ownership
structures and businessperson need to have certain characteristic or skills to management and
development of entire business.
Types of entrepreneur of ventures
Micro enterprise ventures-
Micro enterprise business employs small number of applicants within venture, they
operate functions which fewer than 10 employees and started with small amount of capital
advanced from investors and banks. Most of the micro enterprises specialized in offering
services or products for its local areas (Love Roper, and Zhou, 2016). They are financed by
microcredit, a form of credit facility provide to person who have no employment or collateral
credit history. The scope of micro enterprise ventures is vast covering the broad range of
functions and activities needed less sophisticated technology. For example, funeral care is one
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of the micro entrepreneur ventures that run small size business with more than 20 workers. In
addition they provide repatriation facilities, crematoria and cemeteries. They operates 1,000
funeral homes and provide range of services to local populations. Furthermore, they also cater
range of funeral plans which permit people to prepare and plan for its funeral in early. The
development of this business is quite limited as they grow not much rather than the other
businesses within marketplace. It purchased from independent funeral directors. They provide
for all faiths, beliefs, culture and their services available at 24 hours a day.
Small venture-
These kind of business only be run by number of workers and owners are very low, along
with this, they can generate revenue better as compare to micro enterprise venture. Small size
businesses continually focused on getting more consumers and also centring on development of
their services and goods. It can be run and managed with the help of friends and family members
as partners because without support they cannot be able to managed overall business effectively.
However, many small business provides creative services or products and progress
exponentially. Scope of their operation is tightly focused and have difficulty progressing into the
even larger operations. Small businesses is privately owned corporations, sole proprietorships
and partnerships that have fewer workers and less annual share rather than regular sized
corporation or business. Real estate business, web design agency, e-commerce business and
professional services companies is considered as small ventures. Many business is invested in
one individual or groups with expectation of business give financial gain for all backers. Small
business is critical essential to performance of economy, travel agency is also consider as small
venture as they run their business at small level with few operation and consumers as well.
Large sized-
This type of entrepreneur venture through sustaining innovation and creation, provide
new products which is quite different around their core goods. They manufacture new goods
which is highly beneficial for overall business as helps to increase profit margin rather than
before. In order match with chaining requirements of consumers and latest technologies large
companies conduct market research and able to fulfil the needs of people as compare to other
entrepreneurial ventures. The large firms have bounded business life cycles and focus on catering
new services & goods to customers for longevity and sustainability of business. In simple words,
the trends and demand of people is consistently changed along with legislation and competition
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that forced large company in disruptive creation as well as create new goods for entirely new
target market (Lee and Brown, 2016). For example, TESCO is a large size entrepreneurial
ventures and is one of the leading supermarket brand and grocery provider in UK, consistently
ranking the high in term of grocery market revenue. They employs over 600,00 applicants world
wide, developed their business in all around the world and operate successfully & systematically
almost 6,000 stores. TESCO spread their business across the world and run effectively at global
level, they highly recognized on the basis of generated revenue and number of consumers base.
High growth companies-
A organization expected to perform better or performing better than the other
entrepreneurial ventures within market is known as high growth firms. They are able to gain
profitability and generate high market share. Succeed companies earn a lot of money as they are
capable to invest within new project that helps to grow business and increased profit margin. A
progress firm is any organization whose ventures generates importance positive cash flows &
earnings, that maximized at importantly faster rates than overall economy. The growth
organization seeks to have very profitable reinvestment benefits for their own retained earnings.
For example, Gazelle organization is high growth company, they increased their revenue by at
least more than 20% annually, starting from $ 1 million revenue base. Rapid profess means that
they has more than doubled revenue over the four year, as gazelle firms is characterized by rapid
sales growth, more than its absolute size, company range in size from medium to small
businesses to very large enterprises, even majority of them is on smaller end of scale. It is often
found in technology sector, but also found in retail as well as F&B industry.
Typology of entrepreneurial
In filed of entrepreneurship, Typology term usually used to describe classification of
kinds regardless of its basis.
Survival companies-
Micro enterprise companies is included in survival organization as they face many
difficulties to run business effectively in market with limited resources and workers. The provide
general help for entrepreneurial of ventures and their family. Survival means facing difficulty to
manage and maintain the position as well as overall business within marketplace. Most of the
companies in UK, survive to grow and developed which is essential to sustain for longer time in
market just like the other companies. But to financial circumstance they cannot be able to
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achieve business goals and objectives. Funeral care is survival organization because they earn
not much profit, they face many issues which affect on their business and operations. They cater
funeral facility in cheaper cost to people for funeral of their family and friends. It may not be
formally registered in nation and also have few assets that help them to earn money which they
can use for purchasing the required products in daily routine. Furthermore, they arrange facilities
according with wishes of surviving family and friends, whether immediate next of kin. They also
take acre of necessary permits, paper work and other information such as making all
arrangements with cemetery.
Lifestyle firms-
Lifestyle companies is a organizations run and set up by founders primarily with
objective and aim of sustaining special level of income and to cater foundation from which to
enjoy particular lifestyle. They offer the best services and products to consumers and then earn a
lot of money which is beneficial for business. For example, TESCO is lifestyle firm because
they operate business effectively consist with the new trends within marketplace. They provide
its consumer the latest collection of clothes and accessories which make people happy.
Furthermore, they launched new scheme for their loyal consumers, in order to retain them for
longer period of time. They expand their business across the world and earn profit rather than
before, company cater grocery products to people by online selling that helps to save time and
money. They conduct market research for gathering data about new trends in market and for
collecting information about people preferences which support them to offer the goods or
services accordantly. Lifestyles firms is able to retain clients with them and make changes in
current production procedure effectively. It has stores in seven nations across Ireland, Europe
and Asia.
Managed growth organizations-
Those organizations who progressing faster than its business competitors and wide
economy is known as managed growth firms. Most of the companies within UK, managed their
business effectively without taking any support by family and friends, they operate each and
every function smoothly, but on some point due to some circumstances in business they can take
help from other if it required. Small business venture is included in managed growth companies
because they well managed its entire business, and provide the better services to residential
people live around the area (Witt, 2019). Tour and travel agency in UK are small ventures, they
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earn profit by selling the holiday packages to travellers who wish to travel some specific place
out of their nation or state. They has smaller team of workers than organization that operate on
large level, they run entire by small group of people and single individual. Rather than the high
growth companies, small ventures serve in small area. They can be found only in limited field,
these firms is not likely to have sales framework in multiple nations, for example. Small business
cannot be able to operate their function at large scale.
Aggressive growth companies-
This type of entrepreneurial seeks to gain potential amount of profit and growth stocks
which is beneficial and effective for whole company. Aggressive growth organizations try hard
to achieve their business objectives and implement new plan to achieve its objectives. For
example, Facebook is include in aggressive growth firms because they keeping moving towards
global market and earn a lot of profitability rather than before. They compete with Google and
other companies who also try hard to gain competitive advantages. Organization connect people
with each other and make easy for business to share essential information faster. They make
most of their revenue from promotional activities and advertisements that appear on mobile or
computer screens. Facebook helps to prevent spread of fake news and information and also used
by many person for generating awareness among people.
Difference and similarities between the entrepreneurial ventures
Bases of
similarities
Micro enterprise
business
Small business Large growth
companies
Aggressive
growth business
Strong willed
entrepreneur
This types of
organizations
entrepreneur has
strong willed,
they have few
people in business
but operate
operations at
lower level
without losing
hope as similar to
On the other
hand, small
business also
have similar
purpose of
business that is to
earn money, they
also wants to earn
profit juts like the
others and retain
people with them
Large
organizations
such as TESCO,
their entrepreneur
strongly focused
on achieving
business
objectives, they
have strong
willed to run each
and every
By defined name,
aggressive growth
companies
entrepreneur
working more
harder and
performing better
consistently.
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the large and
small companies.
for longer. operations as well
as functions
related to it.
Creative idea They create ideas
just to manage
their small
business consist
with limited risk.
Innovative ideas
and thoughts
make them able
to managed
current business
position
effectively and
efficiently at low
scale.
Small business
also create new
ideas to run its
ventures, they are
able to invest
more than micro
enterprises.
Large business
create innovative
and creative ideas
to expand their
business at global
level, they also
create plan for
future business
growth and
success.
Aggressive
growth
companies such
as Facebook, are
running
consistently their
current venture by
implementing
creative ideas that
helps to grow
more and more.
Funding from
some investor
and venture
capitalist
Micro enterprises
take funds from
friends for
commercial
purpose, like
small and large
companies do.
As similar to
other
entrepreneurial
ventures, small
business collect
funds but through
other sources for
example, friends
and family.
Large companies
like TESCO
funding from
banks for new
project within
business.
Aggressive
growth
organizations get
funding from
business investors
which is
beneficial for
them.
Bases of
differences
Micro enterprise
business
Small business Large growth
companies
Aggressive
growth business
Annual growth The annual Small business Large growth As compare to
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growth of micro
enterprise
business cannot
be measure
because it depend
on their daily
earning which is
not fixed as
compare to other
businesses.
earn profit rather
than micro and
operate
operations better.
companies earn
rather than small,
the annual income
rate is more than
2,206 million.
large, small and
micro they earn
more than 19,906
million.
Technology
investment
They cannot be
able to invest in
implementation
of technology.
They can
implement new
technology if it is
in their budget.
Large companies
invest in
technology
implementation
because it is
essential to
increase
operational
efficiencies.
They invest
within new
technology and
also implement
the new ones that
helps to increase
their profit
margin and
financial
performance.
Advantage and disadvantages with examples
When TESCO operate their business effectively within market place they can generate
more GDP which is beneficial for economy, moreover with the help of business development
plan they can provide employment opportunities to local people that contribute in its professional
as well as personal career growth.
On the other hand, it increase competitive environment which is not appropriate for
overall business within private and public sector.
Impact of business on international, national and social economy
Micro business impact on social economy, for example funeral care cater services to
social economy as they work within limited business assets.
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Small business impact on national level as they provide employment benefits to people.
5.7 Million private sector companies in UK provide residential people the best job opportunities.
They contribute highly in economic of nation, the number of SMS business is increased over
decade that generate high market revenue by offering through services and products to consumer.
In nation small size business grow at 99% which is beneficial for economic growth and
development.
Illustration 1: SMS Contribution in UK
(Source: UK Small Business Statistics
, 2018)
On the other hand large size business such as TESCO, impact at international level where
they hire people belong to different culture and spread diversity in workplace.
UK business impact on, its national economy they provide employment opportunity to
those people who do not have any job and face issues to survive. It help to boost up the
productivity which is beneficial for social economy. furthermore, UK businesses were also
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impact on international economy as they increased the competitive environment at global level
that helps to grow business rather than before.
Micro business impact positively on economy, as they provide all the facility to people
which they cannot be able to get. Medium size business are accountable for contributing to value
added, they provide the best services to local people. On the other hand large businesses also
impact positively, they offering the great employment opportunities to applicants.
But due to some change it impact negatively on economy, change in policies and plans
workers need to contribute within it which is not possible for them.
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REFERENCES
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Innovations by Social Entrepreneurs. Journal of Social Entrepreneurship. 9(1). pp.52-
78.
Muegge, S. and Reid, E., 2019. Elon Musk and SpaceX: A Case Study of Entrepreneuring as
Emancipation. Technology Innovation Management Review. 9(8).
Obschonka, M., Moeller, J. and Goethner, M., 2018. Entrepreneurial passion and personality: the
case of academic entrepreneurship. Frontiers in psychology, 9, p.2697.
Read, S and et.al., 2016. Effectual entrepreneurship. Routledge.
Truong, H., 2015. Business plan for a startup: Yen Viet Company.
Wamba, S. F. and Carter, L., 2016. Social media tools adoption and use by SMEs: An empirical
study. In Social media and Networking: Concepts, methodologies, tools, and
applications (pp. 791-806). IGI Global.
Witt, D., 2019. Entrepreneur-Venture Fit and Burnout: Moderating Effects of Entrepreneurial
Passion.
Wright, M. and Westhead, P., 2016. The Habitual Entrepreneur.
ONLINE
Q and A with NOM Food Founder Steph-Croft Simon [ONLINE]. Available through
<http://www.lady-first.me/article/q-and-a-with-nom-foods-founder-steph-croft-
simon,17828.html>
UK Small Business Statistics. 2018. [Online]. Available through:<https://www.fsb.org.uk/media-
centre/small-business-statistics>
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