Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
P1 Different types of Entrepreneurial Ventures..........................................................................3
P2 Differences and similarities between the Entrepreneurial Ventures......................................4
M1 Understanding of Entrepreneurship in Public and Corporate Sector....................................5
D1 Critically examination of growth, development and scope of ventures................................5
P3 Impact of Small and Micro Enterprises on Economy............................................................6
P4 Description of the significance and company start ups to the augmentation of the social
economy.......................................................................................................................................7
M2 analysis of the differences make by SME’s to the UK economy..........................................8
D2 Ways in which small businesses impact different level of economy in global, regional,
national and international level....................................................................................................8
P5 Determination of the attribute character and aptitude of successful entrepreneurs that
differentiates from other trade administrators.............................................................................9
P6 Assessment of the ways through which the entrepreneurial character reflect industrial
inspiration and state of mind......................................................................................................10
M3 Different lines of argument related to entrepreneurial characteristics................................11
D3 Skills, traits and motivational drivers of two successful entrepreneurs...............................11
P7 Expression with the help of illustrations about the conduct through which private
surroundings and knowledge can promote entrepreneurship....................................................11
M4 Link between entrepreneurial characteristic along with influence of personal background
and experience of specific successful entrepreneurs.................................................................12
D4 Critical evaluation of the ways background and experience influences entrepreneur
according to example.................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship is a process which involves the planning, organizing, designing and
launching the ideas for the development of the new business. This report will discuss the impact
and contribution of the small and medium business of UK over the development of the economy.
The report will also cover the different types of the entrepreneurial venture and their relation
with the typology of entrepreneur. Further, the report will also discuss the differences and
similarities between the three entrepreneurial ventures.
MAIN BODY
P1 Different types of Entrepreneurial Ventures
Entrepreneurial Ventures
This is a venture which is start and run by the individual with the help of limited
resources but with high risk. But all the ventures are not same and include new business ideas
related to the products and services (Marquis and Qiao, 2020).
Three types of Entrepreneurial Ventures
 Small-scale Entrepreneurship: This is a type of business which are too small and
privately held by the family members. The funds raised by this venture is from family,
relatives, small business loans etc. Their main objective is to earn large amount of profit
by selling products and services. For example: UK Grocery stores.
 Large Company Entrepreneurship: This is a type of venture that main objectives are to
increase the customer base by providing them products and services as per their taste and
preferences. They also put their focus on the competitors’ steps and government
legislation and regulations in order to maintain their core products and to take
competitive advantage and earn profit.
 Social Entrepreneurship: This is not for profit and hybrid type of companies that’s main
focus is social welfare rather than profit maximization. They provide the product and
services to the customers as per the social needs and problems and the funds they
generate from the market via donations and charity (Marquis and Qiao, 2020).
Relation of the Ventures with Typology of Entrepreneurship

Typology of entrepreneurship means the different types of the entrepreneurs. The
interrelation between the small-scale venture and the craftsman typology is that their less capital
requires, no investment is necessary, no communication skills is required but professional skill is
must. The interrelation between the large company & social venture and risk-oriented &
managerial typology is that there is uncertainty exist related to the new products and services, a
lot of investment is required as well as high in risk rates (Gümüsay, 2018).
P2 Differences and similarities between the Entrepreneurial Ventures
Differences between these Ventures
Basis Private Enterprise Public Enterprise Social Enterprise
Roles Providing customers
with different
products and services
as per their basic
needs.
Providing high-
quality products and
services and reinvest
their profit to earn
high returns.
This makes the
society aware with the
issues such as poverty
and provide them
goods to fulfil their
basic needs.
Objectives This is owned by
individually and joint
family members.
Put focus on CSR and
funded by government
bodies.
This are established to
provide safety to the
society.
Characteristics Profit maximization. Serve customers with
high-quality products
even at recession.
Making the UK a
better place for people
to live.
Similarities between these ventures
All the entrepreneurial ventures main and important objective is that they always provide
the product and services which meets the needs and preferences of the customers. For these types
of ventures their customers are always their first priority and their trust over the companies’
products and services. It is because customers are the one to whom this all venture sells their
products and services. Maintaining the prices of the products is also same for the all ventures
because the high prices products are not affordable and purchasable by the society (Marquis and
Qiao, 2020).