Entrepreneurship and Small Business Management

This document discusses various kinds of entrepreneurial ventures and their similarities and differences. It also explores the impact of micro and small businesses on the economy and elaborates on the significance of small businesses and startups in the growth of the social economy.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT
(TESCO)
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Entrepreneurship and Small Business Management
Various kinds of entrepreneurial ventures relation with typology of entrepreneurship:
Entrepreneurship is a capacity and willingness to build, organize and manage a business venture by
taking risk to earn profit. The best example of entrepreneurship is to start a new business or venture.
They focus on developing products and services, strategies and capital and many more attributes.
Kinds of entrepreneurial ventures:
Large enterprises:
Large enterprises whose stability less affected by changes that are short term in nature and
these changes forced to examine practices and options to manage organizational activities. They
majorly look inward, focus on their core business, and sometimes deals in non-core activities by
outside partners. In large enterprise organization is Tesco is an British multinational grocery
merchandise retailer and their main products are all food and grocery items that helps in enlarge
business opportunities by identifying hidden needs and wants in proper way. They are the third
largest retailer in whole world in context of gross revenue. In comparison to Athenian grocery,
which is a local grocery store and has less than 10 employees and less income or revenue from
Tesco.
Small enterprise:
A small enterprise is and enterprise in which investment in plant and machinery more than
25 lakh but not more than five crore. These kinds of entrepreneurs majorly focus on producing
manufacture products and services in an innovative way. On other hand, the small enterprise is
Athenian grocery that operates in London and provides foods and beverages and general grocery
items. It has less than ten employees and it emphasize on satisfying local needs of people. Social
enterprise: Social enterprise is a kind of organization that execute commercial strategies to bring
changes in financial, social and for environmental wellbeing that maximize social influence for
profit maximizing. These enterprises bring products and services after analyzing needs and wants of
people in proper way.
Various kinds of entrepreneurial ventures: There are various kinds of entrepreneurial ventures that
are as follows:
Serial entrepreneur: A serial entrepreneur is one individual that continuous improvement by
bringing new ideas and concepts to start a new business. In against typical entrepreneur who come
in idea with a single idea to start a business. They are very much demanding into marketplace to
give best experience to consumer base.
Male entrepreneur: Male entrepreneur build products and services as per the requirement of
consumers and bring new ideas to gain profitability and market share also. These kinds of
entrepreneurs are very much important to lead in market.
Life style entrepreneur: A life style entrepreneur is an individual that creates their business with
motive of modify personal lifestyle and not for only making profit. That entrepreneur emphasize on
rewards of life that provided by people that give satisfaction to enjoy passion of life of what they are
doing.
Female entrepreneur: Female entrepreneur those individuals who work for apply feminist values
and various approaches with help of entrepreneurship and main motive behind it that enhance
quality of life by wellbeing of females. They are very much important for social welfare of females
in positive way.
Similarities and differences in various entrepreneurial ventures: All kinds of entrepreneurs are very
much important for organizational growth and enhancement and have some major similarities and
differences that are as follows: Large and small-scale entrepreneurial ventures:
Basis Large Entrepreneurial Ventures Small Entrepreneurial Ventures
Meaning Large entrepreneurship ventures are
those individuals that operates their
business on large scale with motive to
earn profit and by evaluating
emerging needs and wants in proper
way. For example in large
entrepreneurial venture are Tesco
which is a large retailer.
On other hand, small entrepreneurship
ventures that needed less amount to
begin a new business venture
comparatively from the other
entrepreneurs. Small entrepreneurial
venture as Athenian grocery that deals
in food and beverages of local people.
Decision making Decision-making process of these
large entrepreneurial ventures take
time because they follow hierarchical
chain of activities while taking
decisions and it happens in Tesco
because it also a large business
enterprise.
On other hand in case of small
entrepreneurial ventures, they need
less time while taking important
decisions because majorly few people
take decisions. In case of Athenian
grocery, they can be able to deal in
effective manner by frequent
communication system.
Process Due to large organisations, their
working style and procedures should
in formal way.
On other hand in small entrepreneurial
venture, they follow informal way of
decision-making.
Difference in social and scalable entrepreneurial ventures:
Basis Social Entrepreneurial
Venture
Scalable Entrepreneurial Venture
Definition Social entrepreneurial
ventures majorly focus on
finding out emerging needs
and wants of consumers
and work in behalf of their
wellbeing. The example of
social entrepreneurial
venture that is “Big issue”
it deals in containing
information about legal
structures and ownership
models.
On other hand, they focus on existing in marketplace for
marketplace. The example of scalable entrepreneurial ven
company to manage waste in best way
Aim The major reason behind
their existence is to serve
people and find out
emerging needs of them.
The main objectives of scalable entrepreneurial ventures ar
to draw attention of
Entrepreneurship and Small
case, objectives of that organisation is to access needs of
products to consumers.

Entrepreneurship and Small Business Management
Similarities:
Large and small business Social and scalable business
The major similarity in large and small businesses
is to lead in market by earning profit with to remain
always competitive into marketplace.
These kinds of entrepreneurs majorly focus on
bring products and services in an innovative way by
bringing harmony in works and activities.
With the help of relevant data and statistics, illustrate about micro and small businesses
impact on an economy:
Entrepreneurship is an important aspect that helps in economic advancement and by bringing
harmony in works and activities to achieve desirable goals and objectives. A micro is generally
defined as that employing people nine or less than and operate balance sheet or have less turnover
of them. Small enterprises are privately owned corporations, partnership firms and sole
proprietors that possess few employees and less turnover or revenue in comparison to regular
sized business. It contributes a lot in various spheres of economy that are as follows:
Provides employment opportunities: Small and medium sized businesses proved beneficial for
organization as well as an individual to reap out potential opportunities for career advancement
and better groom overall skills of an individual and encourage towards entrepreneurial drive. It
gives opportunities to work with them and learn a lot by giving platform to show talent in progress
of an organization. It not only helps to an individual but also economic advancement. Therefore, it
proved fruitful in enhance employment opportunities by reaching at major spheres in which
improvements are needed.
Enhance per capital income: The one of major impact on economy of micro and small business
that it helps in raising standard of people by find out their hidden or emerging needs and wants in
proper way. SMEs by find out solution of consumer’s problems in better way that helps in raising
their living standard with helps in provide employment opportunities that enhance per capita
income of people in better way. Athenian grocery accessing local needs and wants of people they
give best products to them to raise standard of people by enhance their living standard and by
giving employment raise their per capita income. SMEs defined as business that possess up to 250
employees and responsible for 60% of private jobs in UK and sum up of 16.3 million. They are
very much crucial for whole economy year by year.
All organizations whether they deal at large or small scale contributes in organizational as well as
individual development. Both these organization in which Tesco and Athenian contributes in
growth and enhancement of economy by giving opportunities of employment with raising living
standard of people by identifying hidden needs and wants of consumers in better way.
References
Brush, C., 2013. International entrepreneurship (RLE International Business): the effect of firm age
on motives for internationalization. Routledge.
Cerrato, D. and Piva, M., 2012. The internationalization of small and medium-sized enterprises: the
effect of family management, human capital and foreign ownership. Journal of
Management & Governance. 16(4). pp.617-644.
From the above graph it has been summarized that Small and micro business enterprise contributes a lot in
organizational and economic development but Brexit works as an obstacle. In micro enterprise the ratio of
SMEs 18.9% and for small that is 23.4% with for medium enterprise that is, 29.2% that shows greater impact
on organizational development and enhancement to get desirable goals and objectives.
Elaborate significance of Small businesses and business start-ups in context of growth of social
economy:
Micro and small business enterprise are very much important for organizational growth and enhancement
because in the whole world competition is so much fierce, in that case role of small and medium enterprises
increases. To bring improvement in economy and lives of masses entrepreneur majorly emphasize on various
kinds of systems that brings effectiveness in works and procedures in proper way. Many factors bring growth
in many factors that are as follows:
Choosing local people: For achieve growth and enhancement, micro and small businesses coordinate and
manage operations by choosing or hiring local people of the economy. It helps to enhance business and living
standard of local people and maximize growth opportunities at workplace in an innovative way. Hence, it
proved beneficial for both an individual and organizational growth to gain competitive advantage in positive
way.
Turnover: This is another major best effective work and practice for both small and startups that helps in
gain advantages to build plans and policies for future development to gain competitive advantage in positive
way. For an organization, it proved beneficial to evaluate in their funds and resources so that proper steps
should be taken at time of requirement. It should be evaluated that businesses totally rely on the economy that
brings various aspects of a business in front of people. In addition to importance of entrepreneurs also
enhances because they also focus on build products and services as per needs of consumers that helps in
improving their living standard.
Diversity: Diversity is an important factor that helps in growth and enhancement of an economy by giving
major attributes in positive way. Micro and small businesses have lot of flexibility in their works and
activities so that they can bring modifications in their products and services in positive way. There are various
factors such as diversified culture, corporate works and procedures to bring growth and harmony in works
and activities in positive way. Therefore, it is very much important for an organisation to deliver right kind of
value so that everyone can contributes in economic advancement in positive way.