Entrepreneurship and Small Business Management

This report evaluates the typology of different entrepreneurial ventures and outlines the impact of small and medium-sized businesses on the economy.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
Entrepreneurial ventures.............................................................................................................1
Impact of small business on economy........................................................................................1
PART B............................................................................................................................................2
Enclosed in Power point Presentation.........................................................................................2
CONCLUSION................................................................................................................................2
REFERENCES................................................................................................................................4

INTRODUCTION
Small business management and entrepreneurship are the key source of economic growth
and stability in society. There are various small and medium size medium enterprises strangling
for growth because of increasing competition and innovation in market. Therefore, the report
will evaluate the typology of different entrepreneurial ventures. Further, it will outline the impact
of small and medium size of economy.
PART A
Entrepreneurial ventures
 Small scale organisation: Small enterprises are the initial business start-ups which
started by person with the motive of serving society with basic needs. The firm have
limited employees and are operated by partnership or sole proprietorship (Amato, Baron
and Pierro, 2017).
 Large scale organisation: Large enterprises are the organisation who shares strong
existence in global market. The functioning of these firm are base on innovation,
increasing market share, serving consumer satisfaction and attaining competitive
advantage. The focus if management is to protect interest of stakeholders that is
suppliers, creditors, shareholders, customers etc.
 Social organisation: Social enterprises are the entrepreneurial ventures whose services
are limited to societal benefits and are known as non profit organisation. The operation
of social firm depends on charity, donation, sponsors etc. (Saleem, 2017)
 Scalable start-up: These are the venture which establishing their functions with the
ultimate motive of increasing competition for existing firm and to attain competitive
advantage in industry. The aims of the companies to plan start-up with consumer centric
approach (Nabi, Liñán and Walmsley, 2017). The entrepreneurs enter specific market
with complete market research and analysis which helps the entity in managing
successful business operations.
Impact of small business on economy
Small entrepreneurial ventures holds big time risk of resisting market situation and
fluctuation. However, the growth of small business is supported by government as increasing
SME'S are enabling big time contribution to economic development (Schaper and et.al., 2014).
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As per the research, it has been derived the government is enabling various growth opportunities
of small and medium enterprises due to which in 2014, the growth remarked at 5.2 million small
organisation across the boundaries of UK (Taylor, 2015). Apparently, according to forum of
private businesses it has been demonstrated that small business organisation has created
employment for 15.2 million people which remarks the success of society and entrepreneurial
ventures. In addition, it has been evaluated the developing SME's are promoting equality and
diversity in society which is helps in economy in accepting cultural diversity and competence.
Further, it has been analysed that tin total there are 1.5 million small organisation which are self
employed and there are 3.3 million organisation who are running under sole proprietorship. As
per (BUSINESS POPULATION ESTIMATES FOR THE UK AND REGIONS 2014, 2014) the
growth of small business organisation has created 3.1 million employment opportunities and the
one stagnation comprise only 9 to 210 employees. This relation between requirement and
employment opportunity demonstrate the growth and impact of SME on economy.
In accordance, it has been denoted that 5.2 million organization created 48 percent job
possibility which makes it figures of 12.1 million people. As per support from small scale firm,
the government has enables various benefits of start-ups to develop their existence. The support
form government has promoted entrepreneurs on starting up their plans and developing
successful business (Burns, 2016). As per growth and support from economy it has been derived
that small scale organisation are increasing competition for existing leading firms because of
innovation is product strategy and strong knowledge over changing market condition. The
emergence of Brexit as disrupted the market leading firm which has also been a support to
organisation like, mid house summer, Black penny and many high street shops.
PART B
Enclosed in Power point Presentation.
CONCLUSION
The report summarized about small business management and enterprises which present
support to economic and societal development. It evaluates different types of ventures and their
operation like social, large scale, small scale and scalable start-up. Thus, it concluded with
analysing key points of market research which has determined impact of small business
enterprise on economy. Hence, as per evaluation it has been found out that growth of SME'S is
enabling big time support of economy by creating employment opportunities.
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REFERENCES
Books and Journals
Amato, C., Baron, R.A. and Pierro, A., 2017. Regulatory modes and entrepreneurship: the
mediational role of alertness in small business success. Journal of Small Business
Management. 55(S1). pp.27-42.
Nabi, G., Liñán, F. and Walmsley, A., 2017. The impact of entrepreneurship education in higher
education: A systematic review and research agenda. Academy of Management
Learning & Education. 16(2). pp.277-299.
Saleem, M.A., 2017. The impact of socio-economic factors on small business success.
Geografia-Malaysian Journal of Society and Space. 8(1).
Schaper, M.T. And et.al., 2014. Entrepreneurship and small business.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Online
BUSINESS POPULATION ESTIMATES FOR THE UK AND REGIONS 2014. 2014. [ONLINE].
Available through:
<https://assets.publishing.service.gov.uk/government/uploads/system/uploads/
attachment_data/file/377934/bpe_2014_statistical_release.pdf>.
Taylor D., 2015. SME’s XL contribution to the UK economy. [ONLINE]. Available through:
<https://www.clearbooks.co.uk/blog/smes-xl-contribution-to-the-uk-economy/>.
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