Entrepreneurship and Small Business Management

This presentation provides an overview of entrepreneurship and small business management. It covers various types of entrepreneurial ventures, typology of entrepreneurship, and the growth of entrepreneurial ventures in the UK. The presentation also discusses the similarities and differences between different types of entrepreneurial ventures and explores the concept of entrepreneurship in the public sector.

ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
 INTRODUCTION
MAIN BODY
CONCLUSION
REFERENCES

INTRODUCTION
Entrepreneurship refers to the activity of establishing a new business by taking financial risk and the major
objective behind taking such risk is to maximize the profits. Entrepreneur is the person that take risk of staring a new
venture for maximizing the revenue and responsible for launching the new product or service.
The presentation will outline various types of entrepreneurial ventures and typology of entrepreneurship. It will
also describe the similarities and differences between various types of entrepreneurial ventures.
It will also outline entrepreneurship in public sector, growth of entrepreneurial ventures in UK.

Various types of entrepreneurial ventures.
Entrepreneurial venture -
 It refers to the new start up that is established by an entrepreneur with the objective of earning maximum
profits. Most of the entrepreneurial ventures are started on the basis of demand of the product or service in the
market.
 Firstly, entrepreneur identifies the demand of customers on the basis of they develop the idea for offering a
unique product or service. There are different types of entrepreneurial ventures such as -
Social business -
 Social business is a type of entrepreneurial venture It refers to the new start-ups that are started by the
entrepreneurs for offering the solution to resolve social problems and to promote the development of the society
as a whole. Also helps to resolve problems related with culture or environment etc.
 Social enterprises may be profit making firms or non-profit-making firms or a combination of both. For
example – Hertfordshire Independent Living is a type of social enterprise in UK.
 Small scale voluntary firms are also one of the best example of social enterprise that are having aim of
alleviating the poverty.

CONTINUE
Scalable -
 It is another major type of entrepreneurial venture. Under this, the entrepreneur establishes a new business on a
small scale, and then they make efforts for improving the performance of the organization to take it on a large
scale.
 These entrepreneurs raise funds from other institutions such as venture capitalist firms and employ skilled and
talented human resource for increasing the scale of enterprise. For example – Medium size enterprises can be
described as scalable enterprise because there is potential of increasing the scale of the business by the
entrepreneur.
Large -
 It is another major form of entrepreneurial venture. Under this, entrepreneur focus on developing new products
to offer in new markets. Existing business can do this by acquiring other firms. So that, they can earn
maximum profits. Large scale business requires huge amount of funds and more number of employees.

Similarities and differences between entrepreneurial
ventures.
Entrepreneurial venture -
 It refers to a new business that is started by an individual or a group for the aim of earning maximum profits.
Entrepreneur is the person that conceives an idea of starting that venture. Generally, entrepreneur starts a new
venture when there is demand of a particular service or product.
Similarities -
 There are various things that are common in all the types of business ventures whether it is scalable, small
business or a large size enterprise. These are as follows -
 All the different types of entrepreneurial ventures involves the risk factor whether the degree of risk is low or
high. This risk is to be bear by the entrepreneur who conceives the idea of starting the new business.
 Whether the enterprise is operated at a small scale or at a large scale, it requires a unique idea. For example –
Entrepreneur will conduct the market research to determine the demand of product or service on the basis of idea
of developing the unique product or service will be generated.

Difference between different entrepreneurial ventures -
Small -
Under small enterprises, the owner of the business can provide employment to maximum 250 employees for smooth
functioning of the venture.
For Example – Brightstar Financial Limited is a type of small business in UK that is engaged in offering solutions to
the customers regarding finance.
Scalable -
Scalable entrepreneurship is different from other types of ventures because in this the objective of entrepreneur is to
increase the scale of business. Entrepreneur increase the scale of business by reducing the cost.
Example- A coffee shop. Such as Collona and Small's in UK.

ENTREPRENEURSHIP TYPOLOGIES
On the basis of gender -
Men entrepreneurship-
 When a new venture is started and managed by men it is called men entrepreneurship and entrepreneur is called
men entrepreneur
Women entrepreneurship-
 When an enterprise is started and controlled by women it is called women entrepreneurship. Entrepreneur is called
women entrepreneur.
Copycat entrepreneur -
 These types of entrepreneurs monitor the success of other people and they try to copy their business. Either their
business are same or their way of presenting is similar to others.

Can entrepreneurship exist in a public sector
 Public companies refers to organizations that are majorly controlled by the government. Entrepreneurship that
exists in public sector is known as public entrepreneurship. The challenges regarding public services is
increasing day by day. Therefore, government is trying to develop spirit of entrepreneurship in people. Role of
public entrepreneur may be different but skills they require are similar as other entrepreneurs.
 Collaboration is essential for public entrepreneurs. They are also a part of the system not just the part of their
company.
 Their one of the most important role is to find new methods of providing finance for public service. They are
also important for developing the economy like under developed country etc.
Example -
 British Petroleum is a public sector organization. It is founded by William Knox D'Arcy in year1909. It is a oil
and gas company which is headquarter in UK. The entrepreneur has faced various difficulties at early stage like
bankruptcy of father etc. Even then Willian has achieve its dream of starting oil and gas company.

Development and growth of entrepreneurial ventures
in the UK
 Due to improvement in ability and skills of people, the ranking of UK in terms of entrepreneurship has
improved. In year 2013, UK ranks at 14th place. The performance of UK is world class in terms of
entrepreneurial ventures.
 More and more people are recognizing the emerging opportunities that leads to improvement in the performance
of the country in terms of business activities. The ranking of the country has improved from year 2012.
 Private and public sector entrepreneurs are contributing in creation of jobs for unemployed persons in different
sectors. And also contributing to growth of the economy in terms of gross domestic product.
 In 2017 there were approximately 11,000 firms in UK, that accounts for approximately 6 per cent of the
population of SMEs

CONCLUSION
The presentation has outlined that there are various types of entrepreneurial ventures like micro, small and large
enterprise. These ventures have various similarities and differences. Further it has described that there are various
public entrepreneurs in public sector of UK. It has explained that ranking of UK has improved from past years.

REFERENCES
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incubators. Journal of Business Research. 69(5). pp.1775-1779.
Ateljevic, J. and Page, S.J. eds., 2017. Tourism and entrepreneurship. Routledge.
Bradley, S.W. and Klein, P., 2016. Institutions, economic freedom, and entrepreneurship: The contribution of
management scholarship. Academy of Management Perspectives. 30(3). pp.211-221.
Doern, R., 2016. Entrepreneurship and crisis management: The experiences of small businesses during the London
2011 riots. International Small Business Journal.34(3).pp.276-302.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial attitudes and intention:
Hysteresis and persistence. Journal of small business management.53(1). pp.75-93.

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