Entrepreneurship and Small Business Management

This report provides an understanding of different types of entrepreneurial ventures and their relation with typology of entrepreneurship. It also assesses the impacts of small and macro business over the economy using data and statistics. Furthermore, it highlights the importance of small business and start-ups on the social growth of the economy.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examination of different types of entrepreneurial venture and their relation with typology
of entrepreneurship.................................................................................................................3
P2 Difference and similarities between entrepreneurial ventures..........................................4
TASK 2............................................................................................................................................7
P3 Assessing the impacts of small and macro business over the economy using data and
statistics..................................................................................................................................7
P4 Importance small business and start-up's possesses on the social growth of economy....9
TASK 3 & TASK 4..........................................................................................................................9
Covered in PPT.......................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is defined as a business practice which is undertaken by an individual where he
or she set up a business by handling all the related operations and risk associated along with
enjoying all the benefits and earnings of it. An entrepreneurship is operated by an entrepreneur
who is a person develops their business on their own by handling all the risks and responsibilities
along with enjoying all the perks (Barba-Sánchez and Atienza-Sahuquillo, 2018). The current
report provide an appropriate understanding of different entrepreneurial ventures along with
highlighting the dependency on separate typologies of entrepreneurship. Over impact of different
business start-up’s and organisations on the economy is also evaluated with the help of data and
statistics. The PowerPoint of the report includes two entrepreneurs defining their unique skills,
traits and characteristics. Moving forward OCEAN model of entrepreneurial personality
evaluated for understanding its influence over motivation and mind-sets of entrepreneurs. And at
the end the impact of background and experience of an entrepreneur is highlighted which can be
hindering for fostering their business activities and ideas.
TASK 1
P1 Examination of different types of entrepreneurial venture and their relation with typology of
entrepreneurship
Entrepreneurial ventures business entities which are initiated and developed by individual
person known when you are in business world. entrepreneur adventures are developed by
individuals with unique idea and serves people with the best quality of goods and services which
do not exist in the market before. Entrepreneur develops their entrepreneurship with unique
offerings bye taking innovative and inventive approaches. Entrepreneurial Ventures AIMS at
providing value to customers by aligning their production services with the specific needs and
requirements of people and with the motive of earning profits and moving towards growth and
success. There are different types of entrepreneurship entrepreneurial Ventures that are
mentioned and elaborated underneath:
 Small business entrepreneurships our business start-up’s that are created by
entrepreneurs with very limited resources and financial capital and which is managed
solely by them. Small business entrepreneurship is developed with original idea that is is

acknowledged by the individual with their knowledge and past experiences also by
conducting a thorough research of marketplace.
 Large business entrepreneurship are those business Ventures that do not face any e
problems in cultivating resources as they have appropriate amount of investments and
their operational standards are very high in comparison with other entrepreneurial
Ventures. The name of large business entrepreneurship is initially to be stable in the
market place and survive for longer period and then on huge profits by exploring better
opportunities.
 Scalable entrepreneurship business Enterprises that are based on particular assumption
of changing the world and making it a better place to live by implementing and
developing their unique idea. According to a scalable entrepreneur their business idea can
change the mind set and conditions prevailing in the world and developing better
environment for the society to live (Bosma, Sanders and Stam, 2018).
 Social entrepreneurship is a business enterprise which are established by the people
with the single and soul objective of social welfare and of helping others in the society
who are not capable enough to help themselves due to several reasons.
Entrepreneurial venture typologies
 Female entrepreneur typology define that females adopt more calm and cool approach
in their general lives for dealing with problems and with other situations which makes
them efficient and better in strategic decision making. Therefore this typology is related
with scalable entrepreneurship as the assumption and decision making power is required
also it is a time taking process calm approaches of work .
 Male entrepreneur typology defines that males have better skills for monitoring and
controlling a business activity in efficient way and on a larger level. Therefore this
typology is interlinked with large entrepreneurial Ventures as there are numerous
authorities and power which is needed an appropriate guidance and monitoring
individuals.
P2 Difference and similarities between entrepreneurial ventures
Difference between large and small entrepreneurship
Basis Small entrepreneurship Large entrepreneurship
Finances Small business On the other hand large

entrepreneurship and
entrepreneurs do not have
access to large financial
resources and also do not
need your finances for
starting their operations.
Therefore they have limited
amount of finances which are
mostly gathered by
themselves from their past
savings and from their family
members (Finney, 2019).
business organisations and
entrepreneurship established
by entrepreneurs on very
large level. this implies that
such business organisation
requires huge amount of
investment and financial
resources for or fulfilling
their regular requirements of
their business and their
operations.
Size As discussed and highlighted
that small business
entrepreneurship and their
sizes is tiny in nature and also
operations of success
Enterprises are covering very
small area and target market.
Large business Enterprises
have future operational areas
and units holding operations
in several regions and
locations and operating on a
very large scale therefore the
sizes are large depending
upon their organisational
structure.
Aim In of small business
Enterprises is to sustain in
market by earning enough
profits for pain of the current
expenses and that’s along
with running the business
smoothly.
On the other hand the
objective of large business
Enterprises and
entrepreneurship is to sustain
in marketplace if not even
they are earning any profits
and moving towards losses
but their sole initial objective
is to sustain in the market for
longer period of time.

Similarities in large and small entrepreneurship
 the small and large Business entrepreneurship and entrepreneurs develop their business
with their respective aims and objective where one leads to earn profits for sustaining on
the other hand another needs to sustain even if they on losses. The similarity between
both small and large business entrepreneurial ventures is the entrepreneurs establish their
business Enterprises with unique set of ideas and for providing value to customers by
aligning their innovative ideas and offerings. Both business entrepreneurs adopts
innovative and inventive approaches to serve offerings to the targeted audience
(Frederick and et. al., 2018).
Difference in social and scalable entrepreneurship
Basis Social entrepreneurship Scalable entrepreneurship
Objective Social entrepreneurship are
developed for bringing
awareness and welfare in
society. The objective and aim
of Social entrepreneurship are
similar with their name focusing
over social well being and
improving the living standards
of the people in the society who
are incapable of doing so.
The scalable entrepreneurship
are established and operated by
entrepreneurs with a unique
Idea and assumption of
changing the situation of society
and making it a better place.
Therefore objective of a
scalable entrepreneurship is to
bring and establish a unique
product that changes the mind
set of people in the world and
making it a better place for
living.
Employees The employees who are
associated with Social
entrepreneurship are basically
those individuals who
voluntarily self employee
themselves for performing job
The influence of a scalable
entrepreneurship is on the world
for making it a better place and
there for employees of such
business entrepreneurship are
mostly expert and skilled

roles in the benefit of the
society and for social welfare
(Jones and Sakong, 2020).
labours who holds appropriate
knowledge and skills to perform
and develop a particular product
according to the unique idea.
Similarities between social and scalable entrepreneurship
 Both social and scalable entrepreneurship and entrepreneurs are different from each other
where is working for the society other one is working and establishing operations for
developing something new which can change the mind-set of people and bring revolution
in the industry and the world. The similarity between both The entrepreneurial Ventures
is is there objective is same at the initial level as they are working for the people and for
welfare for making the world a better place and enhancing the standards of people living.
TASK 2
P3 Assessing the impacts of small and macro business over the economy using data and statistics
In every economics macro and small business Enterprises are considered as the backbone of the
economy and its pillars as well. Economy is dependable on these entrepreneurships as their per
capita income and GDP growth is maximum impacted by such entrepreneurial Ventures.
According to current scenarios and situation of marketplace it is not a tall predictable because of
dynamic frequent changes taking place in the economy.
 Micro Businesses are business entities which time and involves a very little amount of
investment. Also, not more than 10 employees are involved in it.
 Small Businesses are business Enterprises small in nature involving resources and very
less capital investment. The workforce is of 10 to 50 employees and turnover of £5
million (Kickul and Lyons, 2020).
 Medium Businesses are Enterprises holding workforce of 50 to 250 people and turnover
of £22 million.
 Large Businesses Enterprises operates on very large level and moves internationally
enjoying utilising resources from several regions.

The above graph is showing the data and statistics about the number of Enterprises, employment
level and turnover of small medium and large organisations. This data and statistics are showing
the appropriate bifurcation of the marketplace. The above graph and statistics headlights that
99.3% Enterprises that are present in United Kingdom small size, 0.6% are medium enterprises
and 0.1% are large Enterprises. It Specifically highlights that only one percent of organisations
belongs to medium and large sizes others are of micro and small size (Kraus and et. al., 2019).
The small business provides employment to around 49% of population, medium businesses
provide employment to 11.5% of population and 40.6% of population is employed by the large
organisations. These statistics also highlights that small and micro businesses holds appropriate
impact over the economy and plays a part of pillar to the economy. The turnover of small
business Enterprises ranges over 36.5% contribution to the economy, medium businesses have
13.6% of turnover and large organisation provides 50% contribution in relation with turnover to
the economy. The turnover of large organisation is high due to the nature and size of their
businesses because these Enterprises are available in international markets as well drinking
International currency towards the home economy (Kyrö, 2018) (Mitra, 2019).

P4 Importance small business and start-up's possesses on the social growth of economy
Start-up's are those entrepreneurship and Enterprises which are young and recently been
established by one or more entrepreneurs holding similar objectives of developing and offering a
unique product or service and introducing it to the targeted audience market. The motive of start-
up’s initially survive in the marketplace and earn enough money to run the day to day operations
of business. Few Importance of start-up’s business which they enjoy over economic growth are
as follows:
 Increase employment opportunities is one of the biggest importance of start-ups
businesses which have a significant impact over the economy and over its social growth.
According to the graph also it shows that small businesses acquire almost 99% of the
market and therefore employment opportunities available in subsections are maximum so
both skilled and unskilled labour. It directly shows that small start-up’s increase
employment opportunities for people and improve the economic structure as well .
 Improves living standards is another primal importance that start-up businesses hold
over the economy. once people are employed and earning regular income according to
their skill sets and abilities it automatically increases their needs which improve their
living standards.
TASK 3 & TASK 4
Covered in PPT
CONCLUSION
The above report is a constructed on entrepreneurship and small business management
concluding that there are numerous types of entrepreneurial Ventures available in the market and
differentiated according to their sizes and objectives. These entrepreneurial ventures are
interrelated with appropriate typologies of entrepreneurship which allows them to fulfil their job
roles and accomplish all the respective objectives along with taking them towards growth.
Moreover data and statistics shows that micro, small, medium and large businesses holds
appropriate impact on the economy but micro and small businesses are considered as the
backbone of each economy.

REFERENCES
Books and Journals
Barba-Sánchez, V. and Atienza-Sahuquillo, C., 2018. Entrepreneurial intention among
engineering students: The role of entrepreneurship education. European Research on
Management and Business Economics. 24(1). pp.53-61.
Bosma, N., Sanders, M. and Stam, E., 2018. Institutions, entrepreneurship, and economic growth
in Europe. Small Business Economics. 51(2). pp.483-499.
Finney, B.R., 2019. Big-men and business: entrepreneurship and economic growth in the New
Guinea highlands. University of Hawaii Press.
Frederick, H and et. al., 2018. Entrepreneurship. Cengage AU.
Jones, L.P. and Sakong, I., 2020. Government, business, and entrepreneurship in economic
development: The Korean case. Brill.
Kickul, J. and Lyons, T.S., 2020. Understanding social entrepreneurship: The relentless pursuit
of mission in an ever changing world. Routledge.
Kraus, S., and et. al., 2019. Digital entrepreneurship. International Journal of Entrepreneurial
Behavior & Research.
Kuratko, D.F. and Morris, M.H., 2018. Examining the future trajectory of entrepreneurship.
Journal of Small Business Management. 56(1). pp.11-23.
Kyrö, P., 2018. The conceptual contribution of education to research on entrepreneurship
education. In A Research Agenda for Entrepreneurship Education. Edward Elgar
Publishing.
Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
Routledge.