Entrepreneurship and Small Business Management

Entrepreneurship
And
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
P1. Identifying different types of entrepreneurial ventures which relates typolology of
entrepreneurship...........................................................................................................................3
P2. Describing similarities and dissimilarities between entrepreneurial ventures.......................6
P3. Interpreting and assessing relevant data and statistics for impact of micro and small
business on economy...................................................................................................................8
P4. Importance of small business and start-up enterprise in growth of social economy.............9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship refers as the process to design, develop and commence a new business
with innovative ideas to achieve success from competitive advantages to remain stable. The
enterprise which is selected for this project is B & M Retail which is growing its business in
varieties of retail sector (Burns, 2016). This project covers different types of entrepreneurial
ventures with describing their similarities and dissimilarities that relates typology of enterprise.
Additionally, it interprets data and statistic describing impact of micro and small business in
market. This further presents the importance of small business and start-up entity in growth of
social economy.
MAIN BODY
P1. Identifying different types of entrepreneurial ventures which relates typolology of
entrepreneurship
Entrepreneurship is described as the process to take strategic action for running business
in competitive market. The managers of B & M Retail involve entrepreneurship to develop
innovative plan through which direction and controlling is possible that monitors entity actions
to achieve desired goals and objectives.
Entrepreneurial Ventures:- This is defined as the ability of entrepreneurs and managers
to develop an innovative idea in strategic decision making procedure for planning. The main
purpose of business owners is to manufacture differentiated products for meeting the needs,
desires and wants of customers. Managers of B&M Retail focus to build their products and
services at least cost which attracts large number of buyer to purchase. It increases sales and
profitability ratios for company by maximizing its market share to sustain in global market.
There are four types of entrepreneurial ventures which are as described below:-
 Small Business:- This is considered as the small scale business which are not governed
by government (Lofstrom, Bates and Parker, 2014). It is privately owned business which
consists of sole proprietorship, partnership, joint ventures, etc. The managers of B & M
can use this to reduce their liabilities by sharing it to other entity to increase its market
share and maximization of profits. The B&M Retail sector is mostly described as small
business for being a privately owned business in its partnership entrepreneurs. The Simon
Arora and Bobby Arora are directors of B&M Retail Company. It is essential for small

enterprise to develop good employee relations and motivate their workers by giving equal
compensation to male and female for similar tasks. This creates opportunity for company
to complete their target within particular duration by active participation of workers for
giving their high level of efforts. Example:- JCB, Iceland, Greenergy, etc.
 Scalable start-up business:- It is termed as the business which has just entered with its
new innovative product to meet the requirements of target market. Managers of B & M
Retail can use this venture to develop strategic idea for competing with its rivalries. The
development of new enterprise with their specialised products, services and quality
majorly depends upon the managed growth of business by developing co-ordination
among each other. It is the process that emphasizes managers and leaders to collaborate
with employees by respecting their belief and attitudes and maintaining discipline nature
among its workers. This leads an organization to achieve success efficiently by increasing
its competitive strategies for competing with rivalries to sustain in global market.
Example:- Tide Business Banking, Revolut, etc.
 Large companies:- This business are termed as large enterprises with maximization of
profits and wealth. Managers of B & M Retail can use this to determine their profitability
ratios with sustainability in competitive market. The large enterprises mainly focus on
motivating their employees to continuously perform their actions for long term goals by
developing good relations. The workforce plays major role in an organization by
manufacturing good and services with the motive to fulfill requirements of its target
market. It enhances the ability of employees to complete their target at particular duration
for achieving individual and organizational goals. Example:- TESCO, Aviva, etc.
 Social entrepreneurship:- This business is an approach that consists of small business of
individuals, groups, society, etc. It becomes as team and performs their task with co-
operation for specific target to achieve success. Managers of B & M Retail can use this to
manage their performance for accomplishment of organization goals efficiently. The
main purpose of social enterprise is to build team morale through encouraging their
workers to perform task effectively as its little efforts means a lot for the organization. It
majorly focuses upon the social welfare through providing various facilities such as
giving food, cloth and shelter to poor people. This aims to build and provide good

lifestyle for unemployed and help them to survive their livelihood with two times meal a
day. Example:- Goodwill Industries, Greyston Bakery and Nisolo.
Differentiate between serial, entrepreneurs and owner-managers is as follows:-
Basis of Difference Serial
Entrepreneurs
Entrepreneurs Owner-managers
Definition The serial
entrepreneurs are
described as business
owners who
consecutively
achieve success for
being stable in
prefect competition
market.
The entrepreneurs
refer as business
person who take
innovative idea for
manufacturing
product with
differentiation to
attract large number
of customers
(Mengel and
Wouters, 2015).
The owner-managers
are described as
supervisor who takes
decisions for
performing their task
in monitoring and
controlling the
actions of its workers
for restricting the
possibility of
workforce.
Purpose The main purpose of
serial entrepreneur is
to achieve goals and
objectives efficiently
for being stable at
their position.
The objective of
entrepreneur is to
develop innovative
idea for providing
high level of
satisfaction to its
customers.
The main purpose of
owner-manager is to
evaluate the actions
taken by workers for
restricting the
possibility of errors.
Relate to typology The serial
entrepreneur focus on
creating opportunity
for its expansion and
stability in perfect
competition market
by managing growth
with its male and
female employees
through motivating
them with equal
compensation and
benefits.
The entrepreneurs are
related towards
typology of lifestyle
as to build good
relation among their
managers, leaders
and workforce. It
results in
understanding
emotions and feeling
of workers by
sharing their views
and information.
The owner-manager
co-ordinate with their
workers as to
complete their task
with proper quality
and time
management for
identifying errors and
solving it with
corrective measures.
Example The examples of
serial entrepreneurs
are Steve Jobs, Elon
Musk, etc.
The examples of
entrepreneurs are
Richard Branson,
Henry Ford, Jeff
Bezos, Oprah
Winfrey, etc.
The examples of
owner-manager are
Bolton, Simon and
Bobby Arora, etc.

Entrepreneurial ventures refer as developing new ideas with internal strength and
external opportunities to overcome weakness and threats in order to accomplish
organization goals and targets. The typology of enterprise refers as the process through
which company focus on its lifestyle of people and understands the managing
environment of business. Some of the typologies for entrepreneurial ventures are
categorized as under:-
 Male:- It is considered as men are capable of performing their task efficiently in ancient
organization. Males are more familiar about the work and have information to deal with
errors as they are more experienced than women. Managers of B & M Retail can use this
typology as they are more experienced and aware about circumstances which reduce time
wastage.
 Female:- It is referred as females are more stronger than men in modern times. These
stats that females have the capacity to treat with mastery and to increase effectiveness
through proper quality management which attracts consumers to purchase more.
Managers of B & M Retail can use this as it enlarge consumers which satisfy their level
of satisfaction,. It is essential for company to equally treat both genders within
organization by providing them equal compensation for performing similar task as to
survive their livelihood.
 Managed Growth:- This is described as organization consists of both male and female
that manage quality and reduce time wastage that leads to achieve success. Managers of
B & M Retail can use this to manage growth through expansion of business by consumer
support and satisfaction (Ratten, 2014).
P2. Describing similarities and dissimilarities between entrepreneurial ventures
Entrepreneurial ventures are defined as the organization determine new strategies to
compete with rivalries to sustain in market. Managers of B & M Retail implement this to analyse
their stability in global market for achieving success through building consumer relationships.
The similarities and dissimilarities of enterprise are described below:_
Dissimilarities between entrepreneurial ventures are as follows:-

Basis of
difference
Small
Business
Start-up
business
Large
companies
Social
entrepreneurship
Definition The small
business which is
privately owned
business that
includes sole
proprietorship,
partnership, joint
ventures, etc
The start-up
business which
commence and
wants to run
business with its
new innovative
product to meet
consumer
satisfaction.
The large
enterprises are
the companies
with
maximization of
wealth through
increasing
revenues by
enlarging
consumers.
The social
entrepreneurship
consists of
individuals, groups,
society, etc., which
perform their task
with co-operation
for specific target to
achieve
success(Sahut and
Peris-Ortiz,
2014).
Function The function is
to share
liabilities and
assets to increase
market share.
Its function is to
develop new
ideas that build
competitive
advantage to
enter in perfect
competition
market.
The function of
large company is
to create profit
for its
shareholders to
provide them
dividend.
It’s function is to
perform work
collaboratively to
attain success and
to establish good
image in front of
customers which
increase their
loyalty.
Example Examples are Examples are Examples are Examples are

Microsoft,
Genentech, etc.
Cocoon, Hassle.,
Bizzby, etc
Royal Dutch
Shell, Prudential,
HSBC, etc
Acumen,
Benetech, etc
Similarities between entrepreneurial ventures are:- Every enterprise consists to develop their
competitive advantages from internal strength and external opportunities. These similarities are
explained below:-
 Utilisation of scarce resources:- The business focus on full utilisation of scarce
resources by making effective use of funds to increase capital generation that results in
maximisation of revenue and market share. Managers of B & M Retail implement this to
sustain inn competitive market to compete with rivalries.
 Maximisation of revenue and profits:- The entrepreneurs concentrates on maximization
of revenue and profits as it creates an opportunity to increase market share for achieving
success (Sandberg, Immonen and Kok, 2019). Managers of B & M Retail implement
this by increasing consumer satisfaction through proper quality and time management.
This enlarge consumers for their minimum cost which attracts them to purchase more.
P3. Interpreting and assessing relevant data and statistics for impact of micro and small
business on economy
Micro business is element of small business as it sales and assets value less than
$250,000 which includes less than 5 members in an organisation. The small business are
privately owned entity that don’t involve government entity.

From the above prescribed data it is mentioned that small business consists of large
number of employees which is high than medium and large companies. This increase efficiency
in achievement of organisation goals and objectives. The turnover of small business is also high
as it easily meets the requirements of consumers with comparison to medium and large
companies.
P4. Importance of small business and start-up enterprise in growth of social economy
Small business is referred as the process of developing its new ideas and strategies to
increase consumer satisfaction and accomplish success to attain stability. Start-up business
commence business with strategic decision making to compete with its rivalries through internal
strength and external opportunities. The importance of small and start-up business are described
below:-
 Innovative ideas:- The business generate innovative ideas to develop their strategic
decision making which increase their competitive advantages to attain success and

increase market revenue with profitability ratios. Managers of B & M Retail use
innovative ideas to increase their strength and opportunities to overcome weakness and
threats.
 Meet consumer requirements:- The organisation focus on meeting the requirements of
consumers by increasing their satisfaction level as they are the king of company. This
increase consumer loyalty and support to sustain in competitive market. Managers of B &
M Retail satisfy their consumers through providing qualitative products with minimising
cost that attracts target market to purchase more of their products.
 Large number of employment:- Small business consists of large number of
employment as they believe in performing task with specialisation through division of
work. Managers of B & M Retail consists of large number of employees as this is
partnership firm which ios privately owned. This increase their efficiency and time
management through direction, control and monitoring the actions by reducing errors
with corrective measures.
CONCLUSION
From the above discussion it have been concluded that entrepreneurship plays an major
role in developing innovative idea for developing strategic decision-making to compete with
rivalries. The organisation determines different types of entrepreneurial ventures that are small
business, scalable start-up, large company and social entrepreneurship with its male, female and
managed growth entrepreneurial typology. This project analyse the similarities and
dissimilarities between ventures. Aparlty, it assess relevant data and statistics which impacts
micro and small business with the importance of small and start-up business in growth of social
economy.

REFERENCES
Books and journal
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Lofstrom, M., Bates, T. and Parker, S. C., 2014. Why are some people more likely to become
small-businesses owners than others: Entrepreneurship entry and industry-specific
barriers. Journal of Business Venturing. 29(2). pp.232-251.
Mengel, S. and Wouters, M., 2015. Financial planning and control in very small start-up
companies: antecedents and effects on company performance. International Journal of
Entrepreneurship and Small Business. 26(2). pp.191-216.
Ratten, V., 2014. Future research directions for collective entrepreneurship in developing
countries: a small and medium-sized enterprise perspective. International Journal of
Entrepreneurship and Small Business, 22(2). pp. 266-274.
Sahut, J. M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics. 42(4). pp. 663-668.
Sandberg, S., Immonen, R. and Kok, S., 2019. Refugee entrepreneurship: taking a social network
view on immigrants with refugee backgrounds starting transnational businesses in
Sweden. International Journal of Entrepreneurship and Small Business. 36(1-2). pp.216-241.