Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
PART 1............................................................................................................................................3
Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship..................................................................................................3
Explore the similarities and differences between entrepreneurial ventures...........................5
With the help of statistical data analyse the impact of micro and small business in an
economy.................................................................................................................................7
Explain the value of small businesses and business start-ups in growth of social economy.8
CONCLUSION................................................................................................................................9
PART 2............................................................................................................................................9
REFERENCES..............................................................................................................................17
Books and Journals...............................................................................................................17

INTRODUCTION
Entrepreneurship is the process of starting a business by a person that has ability to take risk.
It is seen that entrepreneur is person that is risk taker and has an idea that is converted into real
business. They provide employment to various people and contribute to the economy of the
nation (Galindo-Martín, Castaño-Martínez and Méndez-Picazo, 2019). The person is always
aware and attentive of what is going on in the world and that helps to become successful. To
complete this report Deloitte is taken into consideration which is a consultancy from that
provides direction to the business organisations that are in need of. In the present report there is
discussion related to various types of entrepreneurs. It is important to know about the differences
as well as similarities among these ventures. Similarities and differences of these small
businesses in the growth of economy is also part of this report. Moreover the traits and skills
required by a person to become successful entrepreneur are mentioned in the report. There are
always some motivational factors that influence the personality of entrepreneur so that are also
mentioned in this report. In the end there is discussion related to the background and experience
of a person that help him to become entrepreneur.
MAIN BODY
PART 1
Examine different types of entrepreneurial ventures and explain how they relate to the typology
of entrepreneurship.
Entrepreneurship is the activity of creating value. It is the ability of a person to take risk to
start business. It is seen that these Entrepreneurship venture are important for a nation as they
contribute good amount of money to the GDP (Aparicio, Iturralde and Maseda, 2019). Deloitte is
putting on a show that focuses on spreading awareness of small businesses and entrepreneurship.
There are several forms of entrepreneurial ventures that have been listed, as follows:
Small business of entrepreneurial ventures: This is the 1st category of entrepreneurial
ventures. These are small in size but gather a good figure in United Kingdom. These businesses
identify the business opportunity and then change it in business idea. They generally hire less
number of people and aim is also not too high. The main goal of this business is to on the profit
from the investment. Small grocery stores come in the category of small business ventures in
UK.

Scalable business of entrepreneurial ventures: In relation to scalable entrepreneurial
ventures there focus is on attracting the investors from United Kingdom as well as around the
world (Ferreira, Fernandes and Kraus, 2019). They want to focus on earning a small amount of
profit they are in need of providing employment to smart employees. Their focus is to make the
business idea different an attractive for that the investors invest in their business.
Large business of entrepreneurial ventures: These are large scale business ventures.
There focus is to enhance the experience of customers by using latest technology and new
modifications in the product and services. They identify a problem that the customers are facing
and then solved the problem by generating new goods and services. Their focus is also to earn
good amount of profits.
Innovative business of entrepreneurial ventures: It is another type of inter penal venture
that focus only on creative as well as innovative ideas. These people have different thinking and
they want to change the present life of people by thinking out of the box (Boermans and
Willebrands, 2017). They also earn good profits by innovating the product and services in the
market and serving the customers in an effective manner.
These are the different types of entrepreneurial ventures that are present in the market. It is
important to know about these types ventures so as to start a business. It becomes easier select
the business.
Typologies of entrepreneurial venture
Typology is a term that refers to the classification of entrepreneurship types based on
structure, strategy, design, and other factors. Individuals who want to start a small business or
venture into entrepreneurship should be aware of the various typologies. There are a few
different types of entrepreneurs.
Aggressive growth ventures: It is a typology in which a company or an entrepreneur focuses
on new technologies. Its aim is to expand and succeed in the market. They also plan to remain in
the business for a longer period of time. Small businesses and entrepreneurs will use this
typology to grow their businesses globally.
Managed growth ventures: It refers to the various topologies in which an organisation must
carry out activities in order to boost efficiency and profitability. This form of business requires
efforts and hard work so as to keep the growth rate high.