Entrepreneurship and Small Business Management

This report explores different types of entrepreneurial ventures, their impact on the economy, and the importance of small businesses and startups in the social economy. It covers topics such as typology of entrepreneurship, similarities and differences between entrepreneurial ventures, the impact of micro and small businesses on the economy, and the importance of small businesses and startups to the growth of the social economy. Find study material, solved assignments, and essays on entrepreneurship and small business management at Desklib.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION.......................................................................................................................................3
LO1.............................................................................................................................................................3
P1Examine different types of entrepreneurial ventures and relate to typology of entrepreneurship........3
P2 Explain similarities and differences between entrepreneurial ventures...............................................5
LO2.............................................................................................................................................................6
P3 Interpret and assess relevant data and statistics to illustrate impact of micro and small business on
economy..................................................................................................................................................6
P4 Explain importance of small businesses and business start-ups to growth of social economy............7
LO3.............................................................................................................................................................9
COVERED IN PPT.................................................................................................................................9
LO4.............................................................................................................................................................9
COVERED IN PPT.................................................................................................................................9
CONCLUSION...........................................................................................................................................9
REFERENCES..........................................................................................................................................10

INTRODUCTION
Entrepreneurship refers to a heart at every business enterprise and in this a businesses can
take the monetary risk for earning the higher growth and higher profits. it is the process of
extraction of value that may influence change with the new innovation. in this small business
management is an approachable activity of an entrepreneurs that helps in running the operations
of the organisations. It includes economic resources, assets and other financial reports that helps
in taking the decisions of the enterprise to enhance the growth in the market. This report includes
the various types of entrepreneurship that shows the growth and development and also impact the
economy of the country. It also includes the importance of start-ups and small business in the
social economy. It also inculcates the characteristic traits skills of a successful entrepreneur and
them different from managers. It also reflects the personality of an entrepreneurial that motivates
and set their mind to become a successful. At last it includes their background and experience
that can foster and block the person mind to become an entrepreneur(Burns, 2016).
LO1
P1Examine different types of entrepreneurial ventures and relate to typology of entrepreneurship
Entrepreneurship- It refers to an interesting term that shows the creation of the value and it is
very effective to adopt the change and viewed the change as the growth of the company and the
country economy. This type of businesses is operating by an individual that are called an
entrepreneur. It involves innovative processes, technology and services so that large people get
attracted(Burns and Dewhurst, 2016).
Types of entrepreneurship
There are various types of entrepreneurship that are explained below in the following
headings.
 Large company entrepreneurship: It represents those businesses that offer unique
products with high definitions technology to the people and they mainly focused on
longer survival with large amount of revenues and profits. This type of businesses is
work for satisfying the customers to maintain their goodwill and earns high growth in

market. For example- Apple is the largest entrepreneurship company of Steve jobs.
Google, Yahoo etc(Järvi, 2015).
 Small entrepreneurship: It refers to that entrepreneurship that involves the various
businesses like grocery stores, hairdressers, carpenters etc. that run their own business
with small amount of resources. They basically work for earning profits to feed their
individual family members.
 Scalable start-ups entrepreneurship: It refers to an effective entrepreneurship that
takes the creative ideas and search for the repeatable model that focus on turn their
business into new growth. In this entrepreneur can develop more profits without spending
more cost. For example- Face book, Instagram etc where mark Zucerberg can develop
more profits without much spending the additional cost.
 Social entrepreneurship- This type of entrepreneur are operates to serve the customers
by satisfying all the needs and demands of the society and helps in positive changes by
examine the problems of the society and solve it by unique way. The best example of
social entrepreneurship is Gravity light that is founded by Martin Riddiford and Jim
Reeves(Ratten and Dana, 2015).
Typology of entrepreneurship
 Male entrepreneur – It shows that entrepreneurs who start their enterprise with more
control and autonomy nature. They work for earning high incomes for their personal
satisfaction and they mainly focus on maximizing the revenues and they not mainly focus
on social contribution. It is related to large entrepreneurs who are working for satisfying
the customer’s needs and longer sustainability(Simatupang, Schwab and Lantu, 2015).
 Social entrepreneur- This type of entrepreneurs are working for social welfare and
develops funds top implements the solutions to the society people and the environmental
issues. Social entrepreneurship is related to this typology where social entrepreneur
operates to well being of society(Hosseininia and Ramezani, 2016).
 Serial entrepreneur- In this entrepreneur are constantly working for the new ideas so
that they can start their enterprise with innovative ideas and generate funds from venture
capitalist, angel capitalist etc. scalable start-ups are presented as a serial entrepreneurs
who can start their enterprise with creative ideas(McKeown, 2017).

P2 Explain similarities and differences between entrepreneurial ventures
Small and large entrepreneurship
Basis Small entrepreneurship large entrepreneurship
Similarities In this type of business
entrepreneurs can run their
business to earn growth and
proficiency in market and they
can attract the people to buy
the goods at reasonable
rates(Wang, Jessup and Clay,
2015).
The main objective of
business is to operate their
business to generate revenues
and goodwill by providing the
quality products as per the
customer’s satisfaction so that
they can enhance their market
growth.
Differences This type of enterprise can run
with limited amount of
resources and small number of
workforce.
In this entrepreneur an
individual person can handle
all their risk and profits with
maintains the discipline in
business.
This type of entrepreneurship
are operates their business on
a large amount of profits and
funds. And there are also large
number of employees are
working to achieves the
targets.
In this a group of person can
handle the risk by effective
motivational leadership style.
Scalable and social entrepreneurship
Basis Scalable entrepreneurship Social entrepreneurship
Similarities In this entrepreneurship,
people can operate their
business for earning high
profits. they set their business
units by using innovation
applications and technologies
This type of entrepreneurship
is also work for satisfying the
needs of the society people by
solving their problems and
issues in a unique way. They
use face book, Instagram for

such as Face book etc. promoting their business so
that they can create awareness
by covering wide area.
Differences The major purpose of this type
of entrepreneurship is to
satisfy the needs of the people
on the basis on environment
demands and they can work as
an innovative
team(Piperopoulos and
Dimov, 2015).
The main objective of this
type of business is to solve the
problems of people by
applying changes in the
society and raise money from
donations and trustee so that
large number of people are
involved in it.
LO2
P3 Interpret and assess relevant data and statistics to illustrate impact of micro and small
business on economy
Micro and small business are the major part of every country and they majorly impact the
economy of the nation by providing the employment and more other opportunities to the local
peoples who are not highly skilled. They both are highly beneficial for enhancing the growth of
the company and the living standard of the people who are living on the local areas and who are
not having the employment.
 Micro business- It refers to that type of business which is smaller ion size and provides
employment to the fewer peoples with a turnover of less than £2 million. In this type of
enterprise people are self-employed and working with the motive of earning small
amount of profits by selling the products on small scale. this are also known as home-
based enterprise(Mamabolo, Kerrin and Kele, 2017).
 Small business- This type of entrepreneurial venture are smaller in size but larger than
micro enterprise where only few dozens of employees are working that are working with
a approximately 28 million revenues. in this people are working for satisfying the needs
of the customers and provide employments to the local people. In UK this type of

entrepreneurship are very trending and contribute more in the economy of the
nations(Baldacchino, 2015).
Small and micro enterprises can provided various type of benefits such as-
 Enhancing the standard of living- Small and micro enterprises helps in improving the
living standards of the people and also helps in growing the economy of the country.
because in this they people can start their business on small level and provided the
employment to the unemployed people on the local level. This helps in spending power
of the people and also enhances the living standards(Antoncic and et. al., 2015).
 Generating employment- these types of business in the UK can generating the huge
importance’s to the economy of the country. It helps in generating the opportunities of
the employment because it provides the job opportunities to many peoples so that they
can helps in enhancing their skills and abilities.
By using this graph it is to be notify that small business are create more opportunities in the
market of UK as compare to large business because of Brexit large organisation may suffer
more as they will restricting and increasing the cost in dealing with other European countries
and at this time small and micro business contribute more on the economy of the country
(Office for National Statistics. 2020).
P4 Explain importance of small businesses and business start-ups to growth of social economy
Small business is the business that is owned by privately with a small turnover and all the
decisions are taken by self and responsible for all the liabilities and profits but play and

important role in the economy of the UK. It helps the person to survive with respect and small
businesses are also helpful in the internet marketing(Anggadwita and Dhewanto, 2016).
Start-up business is that entrepreneurial venture that is based on the innovative ideas and
processes which are generated by the today’s people who are full knowledge about the market
and business environment. They work for adapting the change as per their vision and encourage
other people to do so with the helps of advanced technology.
Importance of small and start-ups business to growth and development on social economy
 Innovation- The major importance of small and start-up businesses is the innovation in
the goods and services, process and technology as per the requirement of the current
market. As UK is one of the famous country in adopting the innovation at high level and
this helps the majorly to small venture by giving the idea related to operating the venture
for earning higher growth and sustaining in the marketplace by satisfying the customers
needs. This also helps in internationalization of business because innovation attracts the
other countries also this wills develops the image and economy of the nation(Ayandibu
and Houghton, 2017).
 Provide employment- Small and start-up business are providing the employment to the
unemployed session of the society this is majorly developed the economy as their people
are getting jobs and earn some money due to this they can spend their money in
purchasing the goods and contributes in the growth of the economy.
 more competition- Due to large amount of small and scalable business present in the
market with the new innovation create more competition in the market with the large
firms and this will benefits the nations due to high completion present in the market there
is no need to open an international business outlet as local business helps the UK to
enhance the GDP and capital resources of the nations(Yan and Yan, 2016).

LO3
COVERED IN PPT
LO4
COVERED IN PPT
CONCLUSION
From the above report it is to be concluded that entrepreneurship is an essential term to
enhance the growth of the economy and living standard of the individual person by providing
different types of opportunities. This is based on different types of entrepreneurship that helps in
showing how they contribute in the country economy and fulfills the demands of the society. it
also inculcates the importance of small and start-ups businesses that will helps in giving
employment, encourage motivation etc. to enhance the social economy. Further it suggests the
various characteristic skills and traits of different entrepreneur that helps in becoming the
successful in the market. Using ocean model helps in analyzing the personality that can
motivates and set the mind of an entrepreneur. At last it inculcates background and experiences
that can hinder and encourage entrepreneurship.

REFERENCES
Books & Journal
Anggadwita, G. and Dhewanto, W., 2016. The influence of personal attitude and social
perception on women entrepreneurial intentions in micro and small enterprises in
Indonesia. International Journal of Entrepreneurship and Small Business. 27(2-3).
pp.131-148.
Antoncic, B. and et. al., 2015. The big five personality–entrepreneurship relationship: evidence
from S lovenia. Journal of Small Business Management. 53(3). pp.819-841.
Ayandibu, A.O. and Houghton, J., 2017. The role of Small and Medium Scale Enterprise in local
economic development (LED). Journal of Business and Retail Management
Research. 11(2).
Baldacchino, G. ed., 2015. Entrepreneurship in small island states and territories. Routledge.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Hosseininia, G. and Ramezani, A., 2016. Factors influencing sustainable entrepreneurship in
small and medium-sized enterprises in Iran: A case study of food
industry. Sustainability. 8(10). p.1010.
Järvi, T., 2015. Production of entrepreneurship in small business activities of students. Journal of
Small Business and Enterprise Development.
Mamabolo, M.A., Kerrin, M. and Kele, T., 2017. Entrepreneurship management skills
requirements in an emerging economy: A South African outlook. The Southern African
Journal of Entrepreneurship and Small Business Management. 9(1). pp.1-10.
McKeown, T., 2017. From entrepreneurship to small-to-medium enterprises: Exploring the
challenge and the opportunities. Journal of Management & Organization. 23(2). pp.165-
166.
Piperopoulos, P. and Dimov, D., 2015. Burst bubbles or build steam? Entrepreneurship
education, entrepreneurial self‐efficacy, and entrepreneurial intentions. Journal of Small
Business Management. 53(4). pp.970-985.
Ratten, V. and Dana, L.P., 2015. Indigenous food entrepreneurship in australia: mark
olive'Australia's Jamie Oliver'and Indigiearth. International Journal of Entrepreneurship
and Small Business. 26(3). pp.265-279.
Simatupang, T.M., Schwab, A. and Lantu, D., 2015. Introduction: building sustainable
entrepreneurship ecosystems. Int. J. Entrepreneurship and Small Business. 26(4). pp.389-
398.

Wang, X., Jessup, L.M. and Clay, P.F., 2015. Measurement model in entrepreneurship and small
business research: a ten year review. International Entrepreneurship and Management
Journal. 11(1). pp.183-212.
Yan, J. and Yan, L., 2016. Individual entrepreneurship, collective entrepreneurship and
innovation in small business: an empirical study. International Entrepreneurship and
Management Journal. 12(4). pp.1053-1077.
ONLINE
Office for National Statistics. 2020.[Online]. Available through:
<https://www.gov.uk/government/organisations/office-for-national-statistics>