(Solved) Entrepreneurship and Small Business Management Sample Assignment

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Entrepreneurial ventures..............................................................................................................1
Similarities and differences between entrepreneurial ventures...................................................3
Impacts of small businesses on economy....................................................................................4
Importance of small businesses to social economy.....................................................................6
TASK 2............................................................................................................................................6
Covered in PPT............................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is a journey which takes the entrepreneurs towards great heights of
success. An individual who has willingness or capability to undertake risk in order to gain
opportunities is known as an entrepreneur (Barringer, 2015). Entrepreneurship helps in
establishing, managing along with operating an enterprise with the aim to create wealth through
optimum resource utilisation and innovative ideas. It helps in supplying goods or services that to
improve living standard of people as well as welfare of society by satisfying their needs in
effective manner. The report is based on various types of entrepreneurial ventures within
different sectors along with their impacts on economy. It also includes detailed information about
successful entrepreneurs and the ways in which their background and experience fosters or
hinders entrepreneurship.
TASK 1
Entrepreneurial ventures.
Entrepreneur is a sole individual who develops idea as well as have capability to
implement the innovative idea to establish and run successful enterprise. They have the aim to
put maximum efforts and execute actions to attain higher revenues.
Entrepreneurial ventures: These are considered as the businesses which are run by
entrepreneurs with the objective to earn revenues by carry out activities in legal manner at large
scale. Some of the entrepreneurial ventures are as classified:
Small business entrepreneurship: This type of entrepreneurship venture is managed and
run at small scale level with the objective to earn livelihood only. The scope of such
entrepreneurship is vast as they include numerous activities and required less technologies. The
examples of such type of ventures are travel agency and grocery stores (Baum, Frese and Baron,
2014).
Scalable start-up entrepreneurship: Such ventures emphasis on new ideas along with
market research in favour of scalable business as to sustain future growth. The entrepreneurs of
this venture have aim to deliver such products that can help in changing world. The
entrepreneurs hire effective employees along with adopting action plans to perform operations.
Examples of such venture are Online shopping and more.
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Large company entrepreneurship: These entrepreneurial ventures performs operations
in finite business cycle and develop themselves through offering innovative as well as
sustainable advancements. Huge proportion of finance and other resources are required to
manage the ventures as they are work in large scale size. The entrepreneurs carefully understand
competitor’s strategies, legislations and changes in technologies to generate more production.
Examples are Microsoft, BBC and Google (Chrisman and et. al., 2012).
Social entrepreneurship: The entrepreneurs of such ventures promotes welfare of
society and produces innovative goods that satisfies needs of society and solving problems
pertaining with society. Their aim is not to make profits rather than focuses on converting the
dynamic universe into improved topographic point. Safe Point Trust and British Council falls
under such category.
Scope, development and growth of entrepreneurial ventures.
The entrepreneurial ventures are attaining growth and developing economic conditions of
any nation. In context to small entrepreneurial ventures, they have vast scope due to the diverse
activities and less technologies requirement. Growth is moderate as such ventures are able to
account 52% of revenues which states that they are developing that enhances growth of small
entrepreneurial ventures (Growth of small enterprises. 2018). In relevance to large size ventures,
growth opportunities are high in UK as they produce goods on bulk lots as well as captures large
market shares that states huge growth. More than 750 million large companies are performing
operations in distant activities in United States. They have scope to expand business operations
in multinational market. In addition, with growth development can also be seen. Social
entrepreneurial ventures are growing by providing employment opportunities to 1.44 million
people to satisfy requirements of society and to improve living standards of society people which
shows it is attaining growth objectives as well as achieving developments at higher levels
(Growth of social entrepreneurial venture. 2019).
Entrepreneurial venture typologies
Typology are the segmentations of different things into diverse types according to
different basis. Above mentioned ventures are linked with certain typologies that are:
Male typology: The typology in which decision making is in the hands on male
entrepreneurs on order to perform business activities. They do not consider ideas or thoughts of
female entrepreneurs while framing decisions. Such typology is related with small business
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entrepreneurship as male entrepreneurs are capable to take decisions that strengthen the working
of small businesses.
Female typology: Such type of typology promotes development, management and
controlling operations of business by female entrepreneurs as they have more patience level.
Such typology is related with Scalable start-up entrepreneurship as females have potentiality to
understand the social needs and they make appropriate decisions under such any issues that are
faced in society.
Managed growth: under such typology, both male as well as female entrepreneurs
together manages operations in order to attain objectives of business. Both shares thought, ideas
and expresses their opinions to reach on a particular decision. Managed growth typology is
related with large company entrepreneurship as both female and male entrepreneurs get equal
opportunities to show case their talent to manage large businesses.
Similarities and differences between entrepreneurial ventures.
Some of the differences among entrepreneurial ventures are as follows:
Basis Small scale
venture
Scalable start up Large company Social
entrepreneurial
venture
Definition Such ventures are
small sized
organisations
which requires
minimum
investments as
they perform
activities at small
scale.
Such ventures
operated activities
to attain vision
with effective
strategy and
suitable planning
(Dees, 2017).
These ventures
have finite
business series as
well as focuses on
innovative
productions as per
the needs or
demand of
general public.
These ventures
perform activities
to upgrade social
level by fulfilling
society demands
and solving
problems
patiently.
Key features Such ventures
require limited
resources to
establish a new
These ventures
are more
concerned to
expand the
Such ventures
offers innovative
products made by
updated
Such kind of
ventures satisfies
society demands
through
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company. business in short
time period.
technology and
have finite cycle
of business.
innovative
offerings and
puzzle out social
problems.
Objectives To earn daily
livelihood
To attract
investors to gain
financial
assistance as well
as help for new
ideas.
To meet essential
requirements of
customers
through advanced
business ideas.
To improve living
standards of
society and solve
social issues
(Dennis Jr, 2011).
Apart from the differences, some of the similarities among entrepreneurial ventures are
as follows:
 All ventures carefully emphasis on attaining satisfaction of customers by offering
demanded products on right time.
 Such entrepreneurial ventures cater employment opportunities to various people.
 These ventures perform functions to attract and retain large customer base along with
increasing market share.
Impacts of small businesses on economy.
Small businesses are privately or public owned enterprises that have fewer employees
along with less annual revenue. Such businesses contribute to government by paying taxation
amounts that are used by government authorities to develop infrastructure facilities which
enhances economic position on any country. The entrepreneurs of small businesses assist in
overcoming from issues related with fluctuations in inflation or deflation, taxation rates,
decreasing national income and many more. Sudden economic changes impact in negative
manner on operations of business (Kirzner, 2015). At a time, when numerous problems are faced
by any nation, such time small businesses find innovative solutions in context to the problems.
Such businesses need small proportion of resources but still helps in development of economy
with faster speed.
Impacts of small business on economy can be understood with following chart:
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Illustration 1: Impact of businesses on UK economy, 2018
(Source: Impact of businesses on UK economy, 2018)
From the chart, it can be interpreted that small businesses plays prominent function in
increasing employment for the nation which benefits economic growth along with developing the
economy in faster speed. Such businesses contribute 40% towards enhancing employments that
shows it impacts in positive manner. Major impacts that are analysed from the above chart or
statistical data are the followings:
Infrastructure improvements: Small businesses makes contribution through paying
taxations that are further used by public authorities to improve infrastructure facilities for
example, bridges, schools and many more. All such improvements attract more tourists which
enhances exchange of foreign reserves and hence impacts in economic developments.
Cash flows: Small businesses offers quality of products at lower rates in domestic
boundaries and charges high prices in international market that results in more cash flows
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towards economy. Along with this, new business establishment helps in bringing more resources
from foreign countries and impacts on strengthening economic positions.
Importance of small businesses to social economy.
Social economy is an aggregation of diverse associations, paritarian institutions, mutuals
and social enterprises that share common characteristics (Naudé, 2014). Government provides
numerous facilities such as assistance and subsidies to small businesses in order to deal with
frequent challenges and dominance of large scale organisations. Following are the importance of
such businesses for social economy:
Provides job opportunities: Small businesses provides numerous job opportunities to
local residents in order to solve social issues related with unemployment. These businesses focus
on attaining productivity by generating more employment opportunities and thus plays important
role in social economy development.
Fosters domestic culture: In the competitive world, numerous problems are faced by
society. Small businesses formulate provisions to increase culture pertaining with domestic level
on nation along with helps different entrepreneurs to expand operations by attracting garbing
attention of targeted audiences. Hence, small businesses are important to foster domestic
business culture for development and growth of social economy (Kuratko, 2016).
TASK 2
Covered in PPT
CONCLUSION
From the above report it has been concluded that small business management is
important to manage employees and preparing financial statements as well as acquiring
economic resources in order to frame business decisions. Some of the entrepreneurial ventures
are social entrepreneurship, scalable start-ups, small size entrepreneurship as well as large
business entrepreneurship. Typologies includes female, males along with hybrid typology.
Infrastructure improvements, cash flows impacts on development as well as strengthening social
economy.
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REFERENCES
Books and Journals:
Barringer, B. R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
Baum, J. R., Frese, M. and Baron, R. A. Eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Chrisman, J. J. and et. al., 2012. Family involvement, family influence, and family‐centered non‐
economic goals in small firms. Entrepreneurship theory and practice. 36(2). pp.267-
293.
Dees, J. G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Naudé, W., 2014. Entrepreneurship and economic development. International Development.
Ideas, Experiences and Prospects.
Schaper, M. T. and et.al., 2014. Entrepreneurship and small business.
Wheelen, T. L. and Hunger, J. D., 2011. Concepts in strategic management and business policy.
Pearson Education India.
Online:
Growth of small enterprises. 2018. [Online]. Available through:
<https://www.fsb.org.uk/media-centre/small-business-statistics>
Growth of social entrepreneurial venture. 2019. [Online]. Available through:
<https://www.redbull.com/my-en/social-enterprise-stats>
Impact of micro and small business on economy. 2018. [Online]. Available through:
<https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/articles/
economicreview/apr2017
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