Entrepreneurship and Small Business Management

This report discusses the different types of entrepreneurship and their impact on the economy. It covers the importance of small businesses and startups to socio-economic growth, and provides relevant data and statistics on SMEs and their contribution to the UK economy. The report also explores the skills and characteristics of successful entrepreneurs and business leaders.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAINBODY....................................................................................................................................1
Categories the numerous business and its relationship with the entrepreneurship typology......1
Similarities and differences between entrepreneurial ventures...................................................3
Appropriate fact and statistics to demonstrate in what does Small and micro businesses
influence economy......................................................................................................................4
Importance of small businesses and business start-ups to the growth of social economy..........4
TASK 3............................................................................................................................................6
Covered in PPT...........................................................................................................................6
Task 4...............................................................................................................................................6
Covered in PPT...........................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is the procedure of creating a new company that takes on risk in order to
make a profit in order to increase the company's productivity. Entrepreneurs are people who
achieve success in the business world, who gain access to new opportunities in the market that
can be used to serve our customers (Shahid and Alarifi, 2021). The report include various types
of businesses and companies to assess their participation in the trading process. Of course, the
variety of trading companies will also be analyzed. Accurate data and statistics to show how
small and medium-sized enterprises have an impact on the economy will be considered and
evaluated in the workflow. The importance of the contribution of SME and start-up
entrepreneurs to socio-economic growth will be discussed. report will need to explain the
personality and skills differences of both successful entrepreneurs and business leaders. Aspects
of entrepreneurship are reflected in the business, motivation, and spirit to be explored. Report
will provide relevant examples to predict in what does how education and work experience
contribute to the development of the industry.
MAINBODY
Categories the numerous business and its relationship with the entrepreneurship typology
Entrepreneurship is essential for the proper development of their business, creating more jobs,
creating new ideas, each of which will have a positive impact on the development of local
communities and improving the quality of life and promoting research and development. There
are four main types entrepreneurial typologies where the entrepreneur creates high returns and
productivity. Which are described as follows-
Small Business Entrepreneurship
Small business is a method for entrepreneurs to start a small business. These types of
businesses are managed, owned, and managed by their respective owners. In general, all
companies should build a small initial base. This includes small businesses, tourists, carpenters,
electricians, supermarkets, and grocery stores. Many smaller companies are more profitable, and
some remained in the previous phase, with nothing to grow. Small businesses are concerned
about hiring both family members and the local population (Karlsson and Silander, 2020). Small
businesses are important in that they provide opportunities for traders and create satisfaction
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from working on the traditional site, etc. Small businesses are about promoting the economy and
preserving value close to home, or to support the community.
Scalable Start-up Entrepreneurship
Entrepreneurs in this type of business have a rich set of construction skills and knowledge.
Entrepreneurs in a startup company to learn what their ideas and skills are in implementing a
vision of global economic transformation and are innovative in terms of growth and
development. In this process, entrepreneurs identify and implement business ideas, as well as
constantly develop new start-up business strategies in accordance with them. This is an example
of the industry in which the company operates, from a different perspective. Participates in all
stages of creating a parallel lunch plan for a company or product.
Large size based entrepreneurship venture
The large business organisation has the long term business cycle and establish with the
lots of funds. Entrepreneurs, products and services to customers according to their needs and
dreams (Markopoulos, Bilibashi and Vanharanta, 2021). In addition, they can gain a foothold in
the market by innovating and developing new ideas based on current trends. Entrepreneurs help
promote innovations, support innovations that are being developed and new products, new
markets, and more developed ones are emerging.
Social Entrepreneurship venture
Social entrepreneurs are the founders of a focus on creating products and services that respond to
the needs and challenges of society. Entrepreneurs are in business, instead of working only for
social goals, and ideas that led to the creation of a social structure Social entrepreneurs are on
the edge of global challenges such as unemployment, poverty and gender inequality, education,
politics, health care, poor governance, and much, much more. They form a global channel or
platform for employees who work in a team to solve these problems. Social enterprise, important
for the development of better, new or later work, goods and services, the level of social capital,
private capital, mutual assistance, etc.
Typology of business venture
Corporate entrepreneurship X Large venture
Companies are becoming more and more difficult for a large business, and so it should
use corporate companies to promote new business opportunities in their existing business and
help it grow and develop new processes and products.
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Large Business X SME -
Small and medium-sized business issues, financial issues that can be directed based on
modern technologies that significantly exceed costs, based on innovation (Hosseininia and
Aliabadi, 2021). And since the development of large enterprises has developed, this is a very
important structure that will help them create products and services for the small and medium-
sized business market.
Small Entrepreneurship X Social enterprise
Social entrepreneurship and social entrepreneurs focus on the same goals that must be
implemented to meet the needs of society and consumers for social reasons and in connection
with services. Both organizations are working on social projects aimed at ensuring economic
efficiency and success in the near future.
Similarities and differences between entrepreneurial ventures
Similarity
 All activities that are connected in the same way to maximize their profit and
productivity.
 New entrepreneurs and access to start-ups to focus on growing the interest of other
companies, by adding new policies and strategies relevant to current practices (Nicoara
and Kadile, 2018) Participation in activities and refers to the idea that the profit that can
be made, and the production, quantity and quality of services and products for consumers
in the market.
 This program is based on the most popular ones to provide the very best in terms of what
they got from customers, based on their needs and what they want to be right, as well as
being in the best distribution system.
Differences between firms,
 Start-up and large corporations are very different in terms of efficiency and strategy.
Large companies work just like other businesses, and in the beginning comes up with a
lot of different and great ideas that have not yet been used to be followed by
organizations or companies.
 A business goal and vision that doesn't reflect the other. Achieving goals is different from
achieving business goals and objectives (Dickinson, 2020).
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 The products and services that are presented by large companies and a public company
vary from client to client.
Appropriate fact and statistics to demonstrate in what does Small and micro businesses influence
economy
Relevant data on how small and medium-sized enterprises have an impact on the UK economy,
which is defined as: -
There are about 91% of all SME enterprises in the UK, as per the Department for
Business. SMEs is corporation with less than 250 staff capacity that account for 60% of all
private sector employment in the UK, accounting for 16.6 million Low-level employment
provided by small and medium-sized businesses, this will result in about 12.71 million new jobs
in 2020 and 12.87 million new jobs by 2021 in the UK, more than 50% of the total. SMEs make
a significant contribution to the UK economy, as well as to the annual rate of growth and
development (Smallbone. and Welter. eds., 2020).
By the 2020, there were 6.82 million SME businesses, which account for 98.3% of the
total number of entrepreneurs. More than 76% of all individual companies in the UK enter the
small business market, which has a population of 4.458 million people. And adding some of that
to 1.155 million) for a company that showed that about 95% of businesses have lesser than 10
staff in the UK (Green, 2020).
Data and statistics on the construction of SME enterprises in the UK, in the following -
 Up to 91% of companies in the UK are considered small businesses with 249 employees.
 Less than 4% of small businesses (10 to 49) for their employees.
 More than 95% of employees of small enterprises (0 - 9).
Importance of small businesses and business start-ups to the growth of social economy
The importance of small business in economic and social development is as follows
Small business is important for the economy, it paves the way for expansion. They also
promote economy, competition from other companies, and focus. Contribute in the form of
expansion and growth to be more efficient for the business. A look out from this company, and
there is a tendency to get slow, but eventually if they grow and develop on a large scale. A small
company is happy to offer highly efficient employees to balance productivity and quality of the
workforce.
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Small businesses are developing in the local market and offer extensive employment
opportunities for local residents. This feature is especially important for small businesses, as they
do not require to search for people who are far away from where the business centre is located.
Small businesses support diversity and flexibility in terms of functionality, environmental
protection, and the impact of large businesses (Moirangthem and Nag, 2021). As a small
company, it produces a wide range of products to help the economy to be able to withstand the
conditions and grow exponentially. Small companies also contribute to the country's GDP and
inflation rate. The role of small businesses has always been an important economic role, and it
will be the first to address it in the client's personal account or in relation to large businesses. It is
because of this that small business is very important not only for the individual, but also for the
development of the economic, social and business development of the country.
The importance of Start-ups that will contribute to social and economic development is the
following
At the very beginning, Start-ups are an integral part of the business environment for their
growth, based on the possibility of expanding the range of products and services the business
offers to them. There are many companies in the market-companies that profit and improve their
products and services in the market.
Start-up has grown to the point that people are more likely to have new business ideas
and strategies that will work quickly and will hold position as they grow and develop
significantly in terms of economic conditions on the site.
Start-up are crucial as they are boosting and growing with technology, as well as with new
technologies that are ultimately needed to make the company more successful in terms of
advances in technology and an ever-growing business environment. Startups, as well as create
new opportunities in the market, to transform the old ones. Starting a small business can play a
significant role in economic growth (Pidduck and Clark 2021). They can offer more job
opportunities, which means more jobs, which means a developed economy. They will help to
increase their share of the labour market by creating jobs for young and experienced
professionals.
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TASK 3
Covered in PPT
Task 4
Covered in PPT
CONCLUSION
Thus, from the above carried out report it has been found that organizations in the SME sector
are vital to the development of the global economy. There are many various kind of
entrepreneurship businesses other than small businesses, including large enterprises,
entrepreneurship, social, scalable start-ups, entrepreneurship and innovation, and
entrepreneurship. Small business is a place that plays an important role in the development of the
economy and is important for the state to ensure the environment, companies in your region and
will contribute to the construction and development of small businesses. Entrepreneurs have
characteristics and skills that will set them apart from ordinary managers, including perseverance
and commercial acumen. Economic activity, personality and aims to stimulate and condition the
mind of entrepreneurs.
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REFERENCES
Books and Journals
Dickinson, M., 2020. The contextual determinants of urban entrepreneurship: institutions,
infrastructure and networks in the city? (Doctoral dissertation, Cardiff University).
Green, K.R., 2020. Dis/Ability Arts and Systemic Innovation in the UK and Sweden. Journal of
Social Entrepreneurship, pp.1-24.
Hosseininia, G.H. and Aliabadi, V., 2021. The Model Design for Tourism Entrepreneurship
Entrepreneurial Ecosystem Growth in the Rural Environment of Iran from the
Perspective of Experts. Iranian Agricultural Extension and Education
Journal, 17(Special Issue), pp.195-213.
Karlsson, C. and Silander, D. eds., 2020. Implementing sustainable development goals in
Europe: The role of political entrepreneurship. Edward Elgar Publishing.
Markopoulos, E., Bilibashi, A. and Vanharanta, H., 2021, July. Democratic Organizational
Culture for SMEs Innovation Transformation and Corporate Entrepreneurship.
In International Conference on Applied Human Factors and Ergonomics (pp. 73-82).
Springer, Cham.
Moirangthem, N.S. and Nag, B., 2021. Measuring regional competitiveness on the basis of
entrepreneurship, technological readiness and quality of institutions. Competitiveness
Review: An International Business Journal.
Nicoara, C.A. and Kadile, V., 2018, July. THE DETERMINANTS OF CSR ENGAGEMENT
PRACTICES IN RESPONSIBLE ENTREPRENEURSHIP. In 2018 Global Marketing
Conference at Tokyo (pp. 13-13).
Pidduck, R.J. and Clark, D.R., 2021. Transitional entrepreneurship: Elevating research into
marginalized entrepreneurs. Journal of Small Business Management, pp.1-16.
Shahid, S.M. and Alarifi, G., 2021. Social entrepreneurship education: A conceptual framework
and review. The International Journal of Management Education, 19(3), p.100533.
Smallbone, D. and Welter, F. eds., 2020. A Research Agenda for Entrepreneurship Policy.
Edward Elgar Publishing.
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