Entrepreneurship and Small Business Management

This presentation provides an overview of entrepreneurship and small business management. It covers the definition of entrepreneurship, different types of ventures, typologies of entrepreneurship, and explores the similarities and differences between private, public, and social enterprises. The presentation also includes references for further reading.

Entrepreneurship and small business management

 Introduction
 Definition of entrepreneurship
 Difference between Entrepreneurship and Intrapreneurship
 Different types of Entrepreneurship
 Typologies of entrepreneurship
 Explore the similarities and differences between entrepreneurial ventures
 Conclusion
 References
Table of content

Entrepreneurship is basically associated with executing and implementing a new idea in form a
business enterprises to earn better profits and to create value for customers and overall society. This
presentation includes a description about different types of entrepreneurial venture together with a
description about various typology of entrepreneurship. Beside this, similarities and difference between
entrepreneurial ventures are also included in this presentation.
Introduction

Entrepreneurship is basically associated with executing and implementing a new idea in form a business
enterprises to earn better profits and to create value for customers and overall society. This presentation
includes a description about different types of entrepreneurial venture together with a description about
various typology of entrepreneurship. Beside this, similarities and difference between entrepreneurial
ventures are also included in this presentation.
Definition of entrepreneurship

Basis Entrepreneurship Intrapreneurship
Definition Entrepreneurship is basically associated with a
dynamic process of creating a new and
incremental idea and wealth.
Intrapreneurship is a process of having
entrepreneurship within an existing
organisation.
Risk Bears all possible risk associated with
management and running an organisation. Have moderate risk limited up-to scope
of authority and power.
Objective To innovate something new and better for creation
of socio economic value. To have better competitive strength in
market and lead to sustainability of
organisation.
Difference between Entrepreneurship and Intrapreneurship

Every economy is categorised into various types of Entrepreneurship on
the basis of their common features and objectives which are explained
below:
 Private enterprises- Theses are the organisations which are mainly
hold and controlled by private individual or group individual.
 Public enterprises- These enterprise mainly falls under the control of
central, state and local government and all operations and functions of
these organisation are managed and control by government or legal
authority of a nation.
Different types of Entrepreneurship

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Private enterprises-
The main objective of private enterprises is to make efforts for maximization of profit through providing
quality products to customers. Private enterprises mainly aim at better growth and expansion through
attracting and garbing a larger section of market and customers.
Public enterprises-
The main objective of public enterprises is to provide the most general and basic facilities to citizens of a
nation that includes proper education, health and safety, public transportation, etc.

 Social enterprises- These entities are mainly controlled and managed by its members who are having
the main aim of serving the society. The efforts are made by social enterprises for welfare of society
through supporting and helping the vulnerable and deprived group of people.
Apart from these, entrepreneurship are also categorised into various types on the basis of their size which are as
follows:
Micro- These are the enterprises which are having fewer than 10 number of employees thus, operates at minimum
level and serves a local area only with minimum operations.
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Small- This category includes the organisation which are having 10 to 49 number of employees therefore, the number
of business operations are limited and serves customers only up to domestic level.
Medium- These entrepreneurial ventures have 50 to 249 number of employees and work at a level of metropolitan or
city level with.
Large- These are the big enterprises that are having more than 250 employees in their organisation. They have large
business cycle together with vast functions and also includes the multinational and big global companies.

Typologies basically represent a group of business venture or entrepreneurs who are having some similar
features and traits. The various typologies of entrepreneurship are as follows:
 Male entrepreneurship- These type of entrepreneurship are mainly held and originated by male
entrepreneurs or individual.
 Female entrepreneurship- These are the enterprises which are controlled and managed by female
entrepreneurs who are more conservative in nature.
Typologies of entrepreneurship

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Male entrepreneurship- The main features of male entrepreneurs is that they are high risk taker and
enjoy grabbing and procuring foresighted opportunity. Beside this, male entrepreneurship are mainly
seen in the field of IT, automotive and constructions and manufacturing companies.
Female entrepreneurship- Female entrepreneurs also have the feature of good communication with
adequate amount of calmness and politeness that helps them in maintaining and having long term and
healthy relations with stakeholders and employees. Females entrepreneurship are commonly seen
infield of fashion industry, retail shops and other small level organisation.

The main similarities among private, public and social enterprises are as flows:
 All theses business ventures makes continuous efforts to provide maximum value and satisfaction to
their clients, customers and members.
 All public, private and social enterprises aim at creating and facilitating a better workplace
environment which is well coordinated and efficient to enhance the performance and productivity of its
employees and members.
All enterprises provides motivations and guidance to its employees to ensure timely achievement of goals and objectives.
Explore the similarities and differences between entrepreneurial ventures

Difference between entrepreneurial ventures: The main difference among private, public and social
enterprises are provided below:
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Basis Private enterprises Public enterprises Social enterprises
Ownership These companies are owned by
private individuals or group of
individuals.
The ownership of these organisations
comes under central, state and local
government.
Social enterprises can belong to
both private individuals or
government authority.
Objectives Maximization of profit is and
capturing wider share of market are
the main objectives of a private
enterprise.
Public enterprises are mainly associated
with economic development and aim at
providing social gain or strategic values to
citizen of a nation.
The main purpose of social
enterprises is to work for welfare
of society to facilitates equality
and support for deprived group of
people.

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Structure (Private) : The legal structure of private enterprises includes partnership, sole proprietors and
limited companies.
Structure (Public): The legal structure of public enterprises is associated with its ownership i.e. state,
central or local enterprises.
Structure (Social): Trusts, NGOs and company limited by guarantee are some common legal structure of
social enterprise.

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Size (Private): It can be small or large in depends upon number of workers. Like, Bentley is a large
private company where as ThirdWay group is a small private enterprise.
Size (Public): Examples of public enterprises includes GCHQ and BBC channels which are mainly large
in size.
Size (Social): The size of social enterprises is associated with its members and amount of donation and
charity. For instance, Leonard Cheshire Disability is a medium sized social enterprise while Save the
children is a global social enterprise.

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Richard Branson who is a private entrepreneur and founder of Virgin group is having a objective of
adopting best possible strategies and efficient way to motivate its employees for better performance and
higher productivity on contrary the Leonard Cheshire who is a social entrepreneur and founders of
Leonard Cheshire Disability is having an objective of encouraging and motivating disabed indliduals
toward independent living, with the freedom to live life their way. The structure of Virgin group
adopted by Richard Branson is functional based which facilitates better coordination in activity and the
structure used by Leonard Cheshire is also the same as it provide a better way to coordinate all
activities of his social enterprise. The size of Virgin group is quite large that is operating across the
world where as Leonard Cheshire Disability is having its operations in UK only.

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The scope of Virgin group and a private entrepreneur is always associated with providing better services
to its customers in order to have better expansion and growth in future to earn more profits on contrary
the scope of a social entrepreneur like Leonard Cheshire is more focused towards welfare of society
as like Leonard Cheshire is emphasis more on development and well being of disabled individuals

On the basis of above presentation it can be summarised that there are various types of entrepreneurship
in an economy that includes private, public and social enterprises together with small, medium, micro and
large ventures. Private, public and social enterprise have some similarity like providing maximum level of
satisfaction and values to its stakeholders and also have difference with respect to their objective and legal
structure.
Conclusion

 Brush, C. and et. al., 2019. A gendered look at entrepreneurship ecosystems. Small Business
Economics. 53(2). pp.393-408.
 Dominik, M. T. and Banerji, D., 2019. US community college entrepreneurship educator
practices. Journal of Small Business and Enterprise Development. 26(2). pp.228-242.
Online:
 Trammell. J, 2019. The Best Definition of Entrepreneurship. [Online]. Available through:
<https://www.khorus.com/blog/the-best-definition-of-entrepreneurship-ive-heard-so-far/>
 Ferreira. N. M., 2020. What is Entrepreneurship?. [Online]. Available through:
<https://www.oberlo.in/blog/what-is-entrepreneurship>
References

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