Entrepreneurship and Small Business Management

This presentation discusses different types of entrepreneurial ventures, typology of entrepreneurship, similarities and differences between entrepreneurial ventures, impact of micro and small businesses on the economy, and the importance of small business and business start-ups to the growth of the social economy.

Entrepreneurship and small business
management

TABLE OF CONTENT
• Introduction
• Different type of entrepreneurial ventures
• Typology of entrepreneurship
• Similarities in entrepreneurial ventures
• Differences between entrepreneurial ventures
• Impact of micro and small businesses on the economy
• Importance of small business and business start-ups to growth of social
economy
• Conclusion
• References

INTRODUCTION
Entrepreneurship is related to phenomenon of setting up and managing
new ventures while making assumptions of each and every financial
responsibility related to it. In addition to this, small businesses are backbone
of economy as they provide boost to economic activities and have wide
contribution in GDP. For better understanding of entire concept presentation
will be going to discuss different type of entrepreneurial venture as well as
typology of entrepreneurship. In addition to this, similarities and difference
between entrepreneurial ventures will elaborate. Moreover, there is wide
impact of micro and small business on economy as well as growth of social
economy that will understand in better manner through presentation.

Different type of entrepreneurial ventures
Entrepreneurial is business which developed for providing distinct type of
products and services to customers and can earn profitability. There are
distinct type of entrepreneurial ventures explanation of these are as
follows :-
•Large business entrepreneurship – It is related to large or multinational
organisation which perform activities related to business within wide market
area.
•Scalable start up entrepreneurship – It involves organisation which have
more growth in comparison of other companies in market area.

Cont..
• Social entrepreneurship – This type of organisation provides products and
services for social benefits. Moreover, social entrepreneurs are conducting
business operations for earning profitability but behind this motive of such
organisation is to meet need of society and citizens both. For instance, NHS,
Oxfam and many more.
• Small business entrepreneurship – This kind of entrepreneur are explained
as business which performing organisational activities within small market
and their motive behind this is to provide products and services which result
in earning basic amount for their living. Although, small business involves
hairstylist, consultancy, vegetable sellers and many more.

Typology of entrepreneurship
This team is use for describing as classification of entrepreneur within distinct part
according to the growth, survival and lifestyle of firm. Explanation of
entrepreneurship typologies on the basis of entrepreneur venture are as follows :-
 Growth firm – It is an organisation which perform activities for earning more profit
and gaining success. Although, growth firm involves business that have high
growth rate in comparison of other companies in industry.
 Lifestyle enterprises - Business in this category perform organisational practices as
well as provide distinct opportunities behind this their motive is to increase revenue
of individuals. Lifestyle enterprises mainly focus on living standard of society or
citizen.

Similarities in entrepreneurial ventures
Basis Large Business Scalability enterprise Social Enterprise Small business
Full filling customers’
needs
Large business is providing
distinct kind of products as well as
services to customers
accomplishing need and wants in
better manner.
This type of organisation is
developing and creating
innovative products and
services which is significance
for full filling the requirement
of customers.
The rationale of social venture is to
offer items or directing
administrations that will have huge
effect on requirements and needs of
clients. This kind of association in
performing business exercises for
upgrading expectation for everyday
comforts of client by addressing their
requirements.
This includes small companies
which is located nearby or offering
its products to small market area.
This type of organisation aims at
satisfying customers requirement
by offering high quality products
and fast services to customers.
Developing strong brand
image
Large or multinational
organisation is conducting
different types of activities and
practices in order to develop
strong brand image.
This type of business in
providing different and
innovative products to
customers with the motive of
enhancing brand image in
market area.
Social enterprise are offering services
or products in order to enhance living
style of society and its citizens. For
this, different activities are performed
by social business in order to enhance
its brand image and value in society.
Small business are providing high
quality products and focusing in
enhancing relationship with its
potential customers for improving
the brand image in market area
where it is providing its products.

Differences between entrepreneurial
ventures
Basis Large Business Scalability enterprise Social Enterprise Small business
Purpose The main purpose of large
companies in to develop and
growth its business operation
in large market area. This
type of companies is
focusing on increase
revenues and profits.
Scalability enterprise
purpose is to develop
and create high
quality products and
services which is
different and unique.
This company is not
performing
organisational
activities to earn
profit but its purpose
is to enhance living
style or standards of
individuals.
Small business
purpose is to earn
basic living that is
sufficient for survival
or livelihood of owner
and its family.
Scale This type of organisation has
large scale for operating and
conducting business
activities.
This type of
companies is offering
its innovative and
creative products to
niche market area.
Social companies are
operating in local
market area and
focusing of resolving
issues of society or
citizens.
Small scale business
have less market area
in comparison of
large scale and they
offering product and
services to lower
scale market.

Impact of micro and small businesses on
the economy
It has been evaluated that small and micro business plays important role in
UK economy. Organisation within respective sectors acts like backbone of
nation as they contribute in employment generation and GDP growth of
country. As per the report evaluation of Department of business,
innovation and skills ha been identified that small and micro segment
contributing approx. 15.6 million jobs opportunities which not enhance per
capita income growth but also enhance living standards of people in
effective manner (The Role of Start-ups and Small Businesses in Today’s
Economy. 2018).

Cont..
Alongside this, on the off chance that it is
found regarding SME turnover by area in
United Kingdom business it has been
assessed that development industry is
having most noteworthy proportion of
critical degree of commitment in UK
organizations (17.68%). Moreover, retail
associations in little scope business
workers proximately 18.4% private area
representatives and adequately delivers up
to 33.7% of all United Kingdom ventures
turnover.

Importance of small business and
business start-ups to growth of social
economy
Start-up business both are important element of UK economic growth because they
are generating maximum number of employment opportunities that automatically
results in enhancing living standard of people. Below mentioned are some aspects
in that small and start-ups business play important role explanation are as follows:-
• Job creation - has been determined that there are several type of fundus trees
which are conducting their business operations in small business and start-ups.
• Improve living Standards - true offering effective amount of employment
opportunities by small and start-ups business result in improving living standard of
individual.

CONCLUSION
After going through entire discussion in this presentation it has been
summarised that entrepreneurship is most important for economy of a
nation. This is concerned with set-up of entrepreneurial ventures through
entrepreneurs for the purpose of gains while assuming liabilities. Along
with this, there are several entrepreneurial ventures that are similar as well
as different from one other on the basis of numerous factors. Although,
micro and small business have major impact on economy in its growth and
development.

REFERENCES
Belz, F. M. and Binder, J. K., 2017. Sustainable entrepreneurship: A convergent
process model. Business Strategy and the Environment. 26(1). pp.1-17.
Doern, R., 2016. Entrepreneurship and crisis management: The experiences of small
businesses during the London 2011 riots. International Small Business Journal.
34(3). pp.276-302.
Fayolle, A., Verzat, C. and Wapshott, R., 2016. In quest of legitimacy: The theoretical
and methodological foundations of entrepreneurship education research.
International Small Business Journal. 34(7). pp.895-904.
The Role of Start-ups and Small Businesses in Today’s Economy. 2018. [Online].
Available Through:<https://www.market-inspector.co.uk/blog/2017/05/facts-
about-small-medium-businesses-in-the-uk >.

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