Entrepreneurship and Small Business Management

Entrepreneurship
and small business
management

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Part 1................................................................................................................................................3
P1. Types of entrepreneur and topologies..............................................................................3
P2. Similarities and differences in these types of ventures....................................................4
P3. Analyse statistical data analyse the impact of micro and small business.........................6
P4 What is the value of small businesses in the growth of social economy..........................7
CONCLUSION................................................................................................................................8
PART 2............................................................................................................................................9
REFERENCES..............................................................................................................................18
Books and Journals...............................................................................................................18

INTRODUCTION
An entrepreneur's action is viewed as having an idea and turning it into a company strategy.
Entrepreneurship is one of the procedures for establishing new businesses and contributing to the
nation's economy (Ekpo, Etukafia and Udofot, 2017). It is implying that these businesses require
assistance in order to function properly. The report is based on consulting services provided by
McKinsey to this SME. The dispersion relation connected to various types of entrepreneurial
endeavours that are available in the market is discussed in this research. The paper also discusses
the similarities and differences in entrepreneurial endeavours. The development of SMEs is also
discussed in this study using statistical data.
MAIN BODY
Part 1
P1. Types of entrepreneur and topologies
Entrepreneurship is all about adding value to the economy. It is the willingness of a person
to have ability for risk. These entrepreneurial projects are considered noteworthy for a country
since they generate a substantial quantity of money to the GDP.
Small business: Small businesses appear to be capturing a larger share of the market in the
United Kingdom (Ralcheva and Roosenboom, 2019). The goal appears to be to generate money
in general through servicing customers and meeting their needs and preferences.
Scalable business: The goal of this type of business is to make a modest profit while attracting
more and more consumers from all over the world. The goal of a scalable business venture is to
launch a new and appealing company concept and attract an investor.
Large business: Because they are larger, businesses have more access to technology and are
better equipped to meet the requirements and wishes of customers (Ahmad, Bin Mohammad and
Nordin, 2019). The customer's requirement has been defined, and the attention now shifts to
finding a solution to their issue.
Innovative business: The key to success is innovation. It is clear that they are attempting to
introduce innovation and improve people's living standards. They have a novel concept that no
one has ever considered or seen before. They are able to properly meet the requirements and
desires of clients.
Typologies of entrepreneurial venture

Typology is a method of categorising entrepreneurship types based on structure, strategy,
architecture, and other characteristics. The numerous typologies should be recognisable to
anybody interested in starting a small firm or pursuing entrepreneurship. Entrepreneurs are
available in a wide range of forms and sizes.
Aggressive growth ventures: This entrepreneur is focused on using latest and updated
technologies and expanding his firm (Samara, Jamali and Lapeira, 2019). It has been seen that
these entrepreneurs are able to stay in the market for extended periods of time.
Managed growth ventures: This business is mostly concerned with management. With their
efforts and hard work, they accomplish market expansion and profitability by successfully
managing the firm.
Lifestyle ventures: The goal of lifestyle businesses is to improve the consumer’s quality of
life. They are continuously looking for methods to improve client happiness.
Survival ventures: These plans are to stay in the market for long duration of time.
P2. Similarities and differences in these types of ventures
The similarities seen among these ventures are discussed below:
 The goal of all of these initiatives is to create a modest business and generate a decent
amount of money, and they all undertake thorough study before launching a firm (Hahn,
Minola and Cassia, 2020).
 In terms of scalable and innovative businesses, both of them are focused on delivering
innovation to the world and attempting to alter it.
 All of these businesses are concerned with meeting the requirements and desires of their
consumers and being competitive in the long run.
These business enterprises have one thing in common: they are all willing to work for a decent
amount of money to make a livelihood. Furthermore, it is critical for all businesses, whether
large or little, innovative or scalable, to do thorough research in order to understand the needs of
clients in the market. Another aspect to consider is that scalable and creative enterprises are
focused on delivering change and upgrading the product to ensure client happiness.
Differences are discussed below:
Small business
entrepreneurship
Large company
entrepreneurial
Scalable start-up
entrepreneurship
Innovative
entrepreneurship