Entrepreneurship and Small Business Management

This report discusses different types of entrepreneurial ventures and their topologies, as well as the similarities and differences between them. It also explores the impact of micro and small enterprises on the economy and the importance of small business and startups in the growth of the social economy. The report provides insights into the characteristics and skills required for successful entrepreneurship.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Contents
Introduction......................................................................................................................................3
Task 1...............................................................................................................................................3
P1 different kinds of entrepreneurial ventures and topologies of entrepreneurship....................3
P2 what are the similarities and difference between entrepreneurial ventures............................5
Task 2...............................................................................................................................................7
P3 interpreted the statics for showing the impacts of micro and small Enterprises on Economy
.....................................................................................................................................................7
P4 what are the importance of small business and business start-ups in the growth of social
economy.......................................................................................................................................8
Conclusion.......................................................................................................................................9
References......................................................................................................................................10

Introduction
Entrepreneurs are such individuals who set up their business while taking the financial
risk in the hope of profit. They are the people who used to invent and implement some of the
inventions into reality in order to satisfy the needs and wants of their targeted customers. They
are working in order to gain profit from it. The business entrepreneurs are used to start a small
medium on large scale business which is providing the support in order to develop the economic
conditions of the country (Albastiki and Hamdan, 2019). The report is being discussed about the
different types of business ventures and the topologies what's the similarities and differences
between such Ventures in the competitive market. The data is also discussed which shows the
impact on micro and small business Enterprises on the economy. The importance of small
business in a startup in order to grow along with the characteristic traits and skills which are
required by the entrepreneur in order to get successful in the competitive market. Lastly the
different aspects of intracranial personality which reflect the motivation and mindset along with
the background and experience which is possessed by them so that they can become a successful
entrepreneur in the Marketplace while delivering their products and services to their targeted
customers.
Task 1
P1 different kinds of entrepreneurial ventures and topologies of
entrepreneurship
Entrepreneurs are those individuals who used to innovate something with respect to their
products and services into reality. They are developing a new business enterprise where they
used to supply their goods and services to their customers in order to increase profitability from
them. They are working to earn their livelihood. There are many types of business ventures
which are differentiated on the basis of their service, scope, size and purpose.
Entrepreneurial activity
These are such activities which help companies to operate their business functions in
order to increase profitability from the market. The organisation used to explore their innovative
idea into the competitive market which helps them to increase the growth and develop their

Ventures (Badri and Hachicha, 2019). They're working to satisfy the needs and wants of the
targeted customers for whom they are working.
Different types of ventures
Small business: these are the Enterprises which have a limited amount of employees.
They are at the small level of businesses in which they have limited capital in order to have a
smooth functioning of the organisation. The main aim behind these organisation is to provide
their goods and services to their targeted customers so that they can earn their livelihood in an
easy manner. These kinds of business Enterprises are generally under the sole proprietorship and
partnership firm. These organisations have invested less capital and less than 50 workforce who
are working to attend the set targets (Barber and et. al., 2020). The net worth income of the
organisation is£2 million. For example barber shop, boutiques, grocery stores, vegetable stores
and others.
Large company: these are some of the organisation who have finite amount of life cycle.
The company used to develop their innovative idea into reality and works in order to sustain their
innovations. They have employed more than 50 work force. These organisations are operate
without any boundaries and can expand their business over the seas. Your organisation used to
develop Different techniques in order to sustain their growth in the competitive market. There
are several big enterprises in in United Kingdom such as Marks and Spencer, big belly, Tesco in
many others.
Social enterprise: these are the organisations which are formulated in order to to uplift
the society. The organisation uses different innovative ideas and techniques in order to developed
there goods and services for the benefits of society. These organisations or not working in order
to gain profitability from the competitive market but they are working to provide better services
in order to develop the standard of people. These kinds of organisation used to focus on child
labour, save water, save children, pollution and many other activities which are harming the
society.
Typologies of entrepreneurship
Entreprenurs of ventures has different kinds of typologies which are used by the
entrepreneurs in order to develop their Organisation in an better manner. These activities are
used to run their business in better ways. Those typologies are mentioned below:

 Lifestyle Enterprise: when the Enterprises are formed in order to develop the basic living
structure of the individuals where the the company is working aur operating their
business. This can be possible because the business enterprise used to provide job
opportunities for the local people.
 Growth Firms: with the help of Different techniques which are used by the organisation
so that they can attain their set targets. Many of forms used to develop innovative ideas
which help them to improve their productivity and attract the new customers towards
their offered products and services.
The above mentioned are the typologies and entrepreneur ventures are interconnected with
one another because they both are providing the maximum efforts which helps the people to
enhance their lifestyle and living standard (Berger and et. al.,2019). The organisation is also
providing the maximum contribution to the society which helps them to develop.
P2 what are the similarities and difference between entrepreneurial ventures
Differences between small business, large enterprise and social enterprise.
Basis Small business Large company Social
entrepreneurship
Scale These are enterprises
which are small level
and have small
amount of capital.
These are the firms
which are operating at
big scale and
providing huge
number of job
opportunities.
These are the
enterprise which
works for satisfying
the needs and wants
of the society.
Purpose The main aim of such
enterprise is to earn
the livelihood.
Their main aim is to
gain money from their
offered goods and
services. These
organisations are
giving huge amount
of contribution to the
government under the
The main aim of these
kinds of firms are to
work for the benefits
of the society. These
kinds of companies
are providing their
goods and services in
a way which helps the

head of taxes. society to uplift its
standsards.
Characteristics The kinds of firms are
getting resources from
the local area. The
firms use to hire local
people in order to
complete their tasks in
the specified manner
(Celuch, Bourdeau
and Winkel, 2017).
The kinds of
organisations are
required huge amount
of capital as they are
very big firms which
are situated at
domestic and
international level
both.
These are the
organisations which
are working for the
benefits of the society.
The company use to
charge only the cost
of production cost as
they are not working
to earn money from
their offered goods
and services.
Similarities between small business, large enterprise and social enterprise.
Basis Small business Large business Social enterprise
Meeting the needs These companies are
satisfying the desires
of their customers at
local level.
These are the big
organisations who are
working to attain their
targets while
satisfying their
customer’s desires.
These kinds of
companies are
working to uplift the
standards of the
people. They are not
working to earn gain.
Society upliftment These companies are
helping in order to
provide job
opportunism to the
job seekers at the
local level.
These kinds of firms
are working to gain
profitability from the
market (de Castro
Krakauer and et.
al.,2017). They are
also providing
opportunities for the
people to work in
These organisation are
providing their
services for the
upliftment of the poor
section of the society.
So that their standard
of living can be
uplifted.

such companies in
order to full fill their
desires in an effective
manner.
Task 2
P3 interpreted the statics for showing the impacts of micro and small
Enterprises on Economy
The business enterprise plays an important role in order to develop the condition of an
economy. This includes infrastructure, schools, buildings and many others. These are the three
types of business Enterprises which are discussed below:
 Small business: the small business and Enterprises employed less than 50 work force.
Their main aim is to on their livelihood but the net income which is kinds of
organisations used to earn less than £5 million. These organisation have a lower rate of
impact on the economy. The organisation used to fulfill the basic desires of themselves
and also work in order to support their families (Ferreira and et. al., 2017). The small
business enterprise providing small supports at lower scale.
 Medium business: these types of business organisation have employed more than 50
peoples but less than 250 work force within the organisation. This organisation used to
provide better opportunities of workforce. These kinds of organisation used to own more
than £5 million but less than £22 million. The main aim of such kind of organisation is to
provide their goods and services to the targeted customers in order to earn profits from
the competitive market. This company is used to provide employment opportunities to
their job seekers so that they can satisfy their personal desires.
 Large business: these kinds of organisation used to employ more than 250 candidates
which are working to attend the common goal of the organisation. They used to earn
more than £22 million. These organisation have middle in fact on the economy because
they used to provide huge number of opportunities for the job seekers (Galvão and et.
al.,2017). These organisation of working and national and international.

Impact of SME on economy
 Local Impact: micro business organisation have a direct and indirect impact on the
economy because they are distributing their products at the local level only because there
is a is to satisfy the needs and wants of the local people. These organisation used to
provide in job opportunities to the local people who reside in local area where the
company is operating their business.
 Regional impact: at the national economy the small and medium enterprises helps in
eliminating the unemployment. They help people in order to get opportunities which
helps them to satisfy the basic needs. These organisations can be expanded in order to
attain the common goal of the company.
 National impact: the small and medium business organisation is not playing any direct
role towards the development of an economy (Guerrero and Peña-Legazkue, 2019). As
these organisations are not expanded at the international level or National level. Because
of which they are not playing any major role at the the national economic development.
P4 what are the importance of small business and business start-ups in the
growth of social economy
Small business and startups Laser significant role while developing the economy
conditions in the nation. These kinds of startups used to provide huge number of revenue and the
employment opportunities at the local level. This resulted in satisfying the desires of the job
seekers and enhancing the basic standard of living. These are increasing in UK rapidly. The
Enterprises use different innovative ideas in order to satisfy the designers of the targeted
customers as well as expectation of organisation. The sense the company to develop the
economic conditions. There are several reasons which motivates the organisation to develop their
economic condition and some of them are discussed below:
 Job creation: the small and medium size of business organisation used to provide and
opportunities to the talented and skillful candidates which helps them to achieve the
targets of the organisation. They used to provide the job opportunities to the candidates
which helps them in smoothening the function of the Enterprise. It is resulted in
decreasing the unemployment people and helps them to satisfy their personal needs.

 Improving standard of living: the job opportunity helps the people in order to earn their
livelihood. This helps the employees to provide height quality of products to their
employers. This helps them to to increase the buying power of their customers and
resulted in the growth of an economy.
 Growth of economy: Both small and startup business organisation plays an important
role in order to develop the economic condition of the nation. These organisation used to
provide the job opportunities which helps the individuals to satisfy their desires in an
effective manner (Hashimoto, 2020). Is organisation used to provide a good quality of
products and services which helps them to satisfy the needs and wants of their targeted
audience which resulted in attaining the long term sustainability of the organisation and
to the competitive market.
The above mentioned points helps with respect to the economic condition as these used to
provide an innovative ideas while improving the quality of life. It is also useful in order to
enhance the lifestyle.
Task 3 and 4 are covered PPT
Conclusion
It can be concluded from the above report that entrepreneurs plays a important role in the
growth of an economy as they help the organisation to develop their ideas into the reality in
order to satisfy and attract their customers towards the products and services. It is discussed in
the report different types of ventures and topologies and the skills traits and characteristics which
must be possessed by the entrepreneur in order to get successful in the competitive market.

References
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