Entrepreneurship and Small Business Management

This document provides an overview of entrepreneurship and small business management. It covers different types of entrepreneurial ventures, their similarities and differences, and the impact of micro and small businesses on the economy and social economy. The document also discusses the scope, development, and growth of entrepreneurial ventures. It is a valuable resource for anyone interested in understanding the world of entrepreneurship and small business management.

ENTERPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION ..........................................................................................................................3
LO1..................................................................................................................................................3
P1)Different types of entrepreneurial ventures...........................................................................3
P2)Similarities and differences between entrepreneurial ventures.............................................4
M1) Diverse range of entrepreneurial ventures..........................................................................6
D1) The scope, development and growth of entrepreneurial ventures......................................7
LO2..................................................................................................................................................7
P3) Micro and small businesses impact on the economy. ..........................................................7
P4)Importance of small businesses to the growth of social economy.......................................8
M2) Differences small, medium and large businesses make to the economy, ...........................8
D2)How small businesses have an impact on different levels of the economy..........................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship refers to a process of starting a new venture. It can be described as a
willingness of entrepreneur to take risk to earn profit in the business. There are various features
of entrepreneurship such as starting a new business involves high degree of risk. Entrepreneur
should be able to take risk in order to earn profit. There must be a new idea for starting the
business such as a new product. Entrepreneur should have a vision and strong leadership quality.
The person who take risk for starting a new venture is called entrepreneur. Small business are
operated by an entrepreneur at small level. There are different types of small business such as
private corporations, sole proprietorship, partnership etc. Example of small business are grocery
stores, small scale manufacturing etc.
MAIN BODY
L O 1
P1)Different types of entrepreneurial ventures.
There are various types of entrepreneurial ventures they are as follows-
An entrepreneur is a person who establish a new business. Entrepreneur is responsible for all the
gains and losses of the entrepreneurial venture.
Small Enterprise-
A small enterprise is operated at a small level. They have less number of employees and
does not generate large volume of sales. Small businesses are generally owned by private
individuals, corporations or by sole proprietor. There are various types of small business such as
grocery stores, carpenters etc. One of the common example of small business in UK is Cafe Pod
Coffee Co. that manufactures coffee.
Micro Enterprise-
Micro enterprise is the business that employs few number of employees. It employs less
than 10 workers and requires less amount of funds. Example- bakery etc. One of the common
example of Micro business in UK is Boss Brewing Company that deals in craft brewery.
Medium Enterprise-
These enterprises are operated at scale more than micro enterprise but less than large
scale enterprise. It employs more than 100 but less than 1000 employees. One of the common
example of Micro business in UK is Verdant Leisure which is a type of holiday park company.

Large Enterprise-
These enterprise requires large amount of capital, more employees etc. Example of large
scale enterprises are auto mobile industry, iron industry etc. One of the common example of
large business in UK is Arcadia Group that deals in clothing etc.
Typology-
Social-
Social enterprise refers to a business that implements various strategies for providing
solutions for the problems related with environment, society and culture.
Scalable-
Scalable enterprise refers to starting a new venture and entrepreneur make efforts for
taking the business at higher level.
Serial-
Serial enterprise refers to an enterprise in which entrepreneur continuously generate new
ideas and plays an important role in success of enterprise.
P2)Similarities and differences between entrepreneurial ventures.
Similarities between micro small medium enterprises are as follows-
 All the types of entrepreneurial ventures requires a new idea to start a venture.
 Micro small medium and large enterprises requires funds for operating the business
whether less amount or large amount.
 All types of entrepreneurial ventures requires workers for performing various functions.
HEADING MICRO SMALL MEDIUM LARGE
Company Name Boss Brewing
Company-
It was founded by
Sarah John.
It is a company
that is lead by a
women that deals
in craft brewery. It
is situated in South
Cafe Pod Coffee
Co.-
The company has
operations in
South London. It
is a manufacture
of coffee.
Verdant Leisure-
The founder of
Verdant Leisure
is Graham
Hodgson. The
enterprise is a
type of holiday
park company
that is operating
Arcadia Group-
The company
belongs to retail
industry. It is
headquartered in
London, U.K. It
deals in clothing,
shoes etc.

Wales. in Scotland.
Number of
workers
Micro enterprises
requires less than
10 employees
Small enterprises
employs up to 50
employees
Medium
enterprise
requires less than
250 employees
It requires more
than 250
employees
Amount of
capital
In case of
manufacturing
industry funds
require up to
£27,687. In service
sector up to
£11,075.
In case of
manufacturing
industry funds
require more than
£27,692 and less
than £ 5,53,756.
In service
industry funds
require more than
£11,073 and less
than £2,21,538
In case of
manufacturing
industry
investment more
than £5,53,859
and less than
£11,07,719. In
service sector
more than
£2,21,626 and
less than
£5,54,128
_
Example Cafe, ice-cream
parlour
Law firms Food processing
industry
Auto mobile
industry
HEADING SERIAL
ENTREPRENEURSHIP
INTRAPRENEURSHIP MANAGER
Meaning An entrepreneur who
continuously come up with
new ideas and play an
important role in functioning of
the business.
An intrapreneur helps the
business through
promoting new products.
And helps in product
development.
The person who
is responsible
for conducting
all the
managerial
functions.
Risk Takes all the risks related with Takes moderate risk All the risk is

business borne by the
company
Objective Main objective is to develop
something new such as new
product.
To improve the strengths
and sustainability of the
company.
To support
smooth
functioning of
the firm.
Similarities between manager, serial entrepreneurship, Intrapreneurship are as follows-
 One of the major similarity between them is that, all are having some authority of
decision-making whether more or less.
 They have ability to manage the business.
M1) Diverse range of entrepreneurial ventures.
There are different categories of entrepreneurial ventures they are as follows-
Serial entrepreneurship- Entrepreneur is the person who has an innovative idea and invest in
various types of resources such as human resource, fixed assets etc. Entrepreneur bears all the
risk related with new venture and receives all the rewards. Serial entrepreneur helps the business
in product innovation, developing new business model etc. Entrepreneur starts business with an
objective of earning huge amount of profits.
Intrapreneurship-
An intrapreneur focuses on solving particular problems that are happening in the company and
not focuses on whole business. Specific issues can be like increasing the productivity of the
enterprise, they have ability to visualize the level of competition and make efforts for success of
the business.
Manager-
Managers are responsible for managing human resource of the enterprise. They are responsible
for performing managerial functions. Managers have authority to make organizational changes.
Entrepreneurs in public sector of U.K. are of different types such as executive entrepreneurs,
bureaucratic entrepreneurs etc. They helps to create value for society, they likes taking moderate
risk. Private sector entrepreneurs in U.K. focuses on external factors to make changes in the
business. They takes big risk related with enterprise.

D1) The scope, development and growth of entrepreneurial ventures.
Entrepreneur always assumes full responsibility of taking risk for earning profits. Despite
the economic crisis in year 2009 in U.K. entrepreneurs have managed to contribute their efforts
for the success of business during recession. The government of U.K. has provided full support
for the growth of enterprises. Government helps the entrepreneurs to start their business in
London, provide funds for international trade, provide necessary help for facing economic as
well as financial challenges.
Government has implemented various measures for development of entrepreneurship in
U.K. such as providing loans to small business, providing guarantee to lenders, grant funds for
development of business etc. Entrepreneurs have faced many difficulties during the recession,
government has develop various schemes to support small and medium enterprises.
L O 2
P3) Micro and small businesses impact on the economy.
Small business refers to the enterprises that are owned and controlled privately. It
employees few number of employees.
The impact of small and micro enterprise on the economy of U.K. are as follows-
Turnover- Micro and small business in U.K. Plays an important role in increasing the level of
gross domestic product of the country. These has make a significant contribution in the economic
development of U.K. Small and medium size enterprises has contributed more than £2.0 trillion
in the year 2018.
Employment- Small and micro enterprises has contributed a lot in providing job opportunities to
the peoples of U.K. In U.K. majority of the entrepreneurs are not employers mainly they are sole
proprietors. In the year 2018, small business has provided jobs to more than 16.3 million
peoples. It accounts for approximately 52% to the overall turnover of the country.
Industry- Micro and small business has contributed in development of society, economy of U.K.
The enterprises accounts for approx. 99% of every sector of U.K. such as financial services etc.
Small business helps in promoting economic health of U.K.
P4)Importance of small businesses to the growth of social economy.
Social economy-

Social economy consists of wide range of enterprises such as mutuals, foundations, social
enterprises, small medium size enterprises etc. All these enterprises share similar values. Social
economy describes the relationship between behaviour of customers in society and economy.
The small business plays an important role in the growth and development of social economy of
U.K. Social enterprises like small and medium size enterprises are responsible for creating job
opportunities in the country. Small business contributes more than 5.6% to the employment in
U.K. Social enterprises are performing well and helps in development of social economy. Small
business are working with other organizations for providing jobs to the peoples. In year 2017,
small business has generated revenue more than £450 million.
Social economy of U.K. is showing continuous growth because small business are
performing their activities to achieve objectives related with society and environment.
Enterprises helps in meeting the demands of society. The social enterprises helps in
strengthening the skills of employees working in these enterprises and they help in developing
local economy and also contribute for the economic development of U.K. In last four years,
M2) Differences small, medium and large businesses make to the economy,
Small and medium size business in U.K. Have less than 250 employees . Government of
U.K. Is providing funds to more than 60% of the total small and medium size business in the
country.
The role of small medium and large business in the development of U.K. economy cannot be
underestimated. In U.K. Small business has accounted for 99% of the total business in private
sector. They are providing employment to more than 15.7 million peoples of the country. That
accounts for 60% of the total employment in U.K. Small and medium size business has
contributed a lot to the innovation and develops new ways of doing business in U.K. Through
extensive research and development activity. These enterprises helps in improving the
productivity of business due to which it has resulted in economic development of country at
different levels.
Example of small business- One of the common example of small business in UK is Cafe Pod
Coffee Co. that deals in a wide range of coffee such as Ground Coffee etc.
Example of large business- One of the common example of large business in UK Arcadia
Group that deals in Apparels, shoes etc.
Interview for small business-

 What motivates you to start this business?
 Which is the most important driving force that influence you to become a successful
entrepreneur?
 What was the most difficult situation you have faced during the venture?
D2)How small businesses have an impact on different levels of the economy.
There are different ways in which entrepreneurs are contributing to the economic growth
of U.K. Entrepreneurs enters in the market with innovative product or service that helps in
improving the standard of living of the peoples. Entrepreneurship helps in removing the conflicts
at regional level that leads to improvement in less developed areas of the country such as public.
transportation, education etc. Entrepreneurs helps in reducing the impact of economic power of
few peoples in U.K. Entrepreneurs in U.K. helps in proper distribution of wealth in the country.
Entrepreneurship provides various opportunities to the employees of U.K. They contributes to
the gross domestic product of U.K. At interactional level, entrepreneurs contributes in the
exports of U.K. Entrepreneur helps to promote the quality of communities of U.K. and improves
the deficit in balance of payment of the country.
CONCLUSION
The above Report has described different types of entrepreneurial ventures, similarities
and differences between them and scope, development of entrepreneurial ventures. The Report
further explained the impact of micro and small business on the economy of U.K., importance of
small business on growth of social economy, impact of small business in growth of social
economy of U.K.

REFERENCES
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