Entrepreneurship and Small Business Management - Assignment Sample

Entrepreneurship and small business management
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Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
LO1..................................................................................................................................................3
Discuss about the different types of entrepreneurial venture with their scope, growth,
relationship with topology...........................................................................................................3
Describe the similarities and differences between the entrepreneurial venture with example of
both corporate and public sector..................................................................................................6
LO2..................................................................................................................................................9
Critically analyse that Micro, small, medium and large business impact on the social and
international economy.................................................................................................................9
Determine the impact of economy through the statistical data or illustration...........................11
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
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INTRODUCTION
Entrepreneurship is a heart of business that support the entire process of organization in
effective manner. It can be designed to build the strong entrepreneurial skill which help for
increasing the demand of business across the world. It useful for concern about the business
products and services. Entrepreneur must be implementing the business plan which requires to
understand the actual operations and functions.
This assignment will discuss about multiple types of entrepreneurial ventures that can work
together with their development, scope, growth. It also creating a relationship with the other
entrepreneurship topologies. Furthermore, it should be describing the differences and similarities
between the different types of ventures with an appropriate example. Moreover, it will describe
that small business impact on the international and national economy. It will identify the
different types of business that help to make better economy conditions and also illustrate the
relevant information regarding the economy situation and conditions.
MAIN BODY
LO1
Discuss about the different types of entrepreneurial venture with their scope, growth, relationship
with topology.
An entrepreneur is a type of individual person those who will start and run the business with the
planning and resourcing. It is responsible for managing all type of risk and rewards to the
enterprises ventures. It is generally encompassing the ideas of new product and service rather
than the existing enterprise model (Barba-Sánchez and Atienza-Sahuquillo, 2018). As per the
TCG report, it has been developing a documentation and produced the different types of
entrepreneurial venture that can identify their specific scope, growth and development.
Micro Business ventures
A Micro business is easy to use in the program that can introduce the innovative idea and
concept in the organization. It useful for performing the task in efficient ways to handle the
business operations and functions. This type of venture is mainly focused on the innovation that
create a new market and also changing the existing market in terms of technology or proprietary.
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Goal- The goal of business is to build their scale with generating the significant profit rate in the
international marketplace.
Scope- The scope of Micro business venture is to implement innovative idea in the business task
to increase the efficiency and performance.
Kind of Business- An organization is mainly producing the medical devices and other type of
life medicine that help for people (Cole, 2018). On the other hand, IT industries must be
developing the Business to business software that can give many information to the customers.
Growth and development- Micro business venture is categorising the problem and issues
related the business. it is useful for entrepreneurs to understand the issues and apply the action
towards entire processing. In this way, it will increase the productivity and profitability in
marketplace.
Typology- Micro small business is related to the scalable typology that can start their business
with the specific vision as per requirement. They always attracted towards the investment from
the investors for purpose of expansion.
Small / Life style business Ventures
It is based on the independent owned company that will operate for the purpose of profit
enterprise. It cannot dominants in its field and areas of enterprises. This type of business venture
can be combining with the skills and strength of founders. It is the best motivation to other
employees towards the business objectives.
Goal- A basic goal is to earn long term profitability and also possible to sale the employees or
hand over the other family members. It must be engaged with the founders those who will have
passions and expertise.
Scope- Small business venture is to be considered the important that can invest by one individual
with expectation to gain financial growth and development. It is creating the demand of market
and lack supply across the world.
Kind of business- It is based on the small retails stores, construction company and other
restaurants etc.
Growth and development- It depends on the business activities and life styles of people when
the life style of people can be changed according to the new trends. It help to increase the
production and sales in global marketplace.
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Typology- It is also related to the scalable topology that must help the business to put innovative
clusters for increasing their percentage rate.
Medium business ventures
The medium size business venture that employs at least 300-500 staff working in the
organization. It can be divided the business operations according to the capabilities and
efficiency of people.
Goal- A main goal is to generate the substantial revenue and profit rate for the organization and
also its shareholders (Jones and et.al., 2018).
Scope- The scope of medium business to change the lack of clarity in the business task and
acquired all necessary resources for achieving goals.
Kind of business- It is based on the Corporations of general Motors and other type of electric
firm.
Typology- This type of venture is related to the social typology that will help the business to
focus on the profit rate and human welfare. It always provides the efficient product and services
to the customers.
Gazelle Business Ventures
It is based on the independently owned enterprises that can operates the non-profit
business and also potential to dominants the other fields.
Goal- The Primary goal of Gazelle business venture to plan an effective strategy that help for
expansion and also finding the new markets. It helping to increase the profit rate in global
marketplace.
Scope- Gazelle business must be used the various platform and tools to connect with other
market. It has more chances to grow the business across the world.
Kind of business- It is based on the company which is more than 3-2 years and their revenue in
between $2 -7 million. It can achieve the 20 percent growth every year.
Typology- This type of business is mainly related to the social typology that can focus on
production and also well fare of community. It provides many options when they can use the
products related medicine to improve their health issues. It is beneficial in both ways to increase
production and welfare in society.
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Describe the similarities and differences between the entrepreneurial venture with example of
both corporate and public sector.
Differences
Micro Business
ventures
Small / Life style
business Ventures
Medium business
ventures
Gazelle
Business
Ventures
Annual
Growth Rate
The growth of rate
of Micro business
has smaller than
the large
organization. It has
increased day by
day (Julien, 2018).
The growth rate of
small/ life style
business has been
increase at the rate
of 5% on the basis
of monthly or
weakly operations.
Medium scale
business growth
rate has been
increased at the
rate of 10-15% on
the basis of 1-3
year.
The growth rate
has been
increased at the
rate of 20
percent
according to 2-5
years.
Technology
Investment
Micro business has
invested less
money in the
modern
technology.
It has been
invested the
limited money for
technology
enhancement.
Medium business
has invested
moderate money
on the modern
technology,
This type of
business has
been spending
lot of money in
the technology
advancement.
Management
style
This type of
business is
basically used the
reactive
management style
that help for
managing all
business aspects.
This business will
use the various
type of tactical
action on the
business
operations to
increase efficiency
and performance.
This business has
used the strategic
management style
that can implement
in the organization
(Laukkanen and
Tornikoski, 2018).
Gazelle
business can be
used the
proactive and
strategic
concept for
improving the
business quality
and services in
proper manner.
Source of Small business Medium business The finance
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Finance Micro business
will take finance
by self-investing.
will take funding
through family,
friends and banks
etc.
will take finance
through private
investors, friends,
family and other
banks.
source of
Gazelle
business is
public markets,
investors,
capital firms
and banks.
Structure It is based on the
little to none.
The structure of
Small business is
simpler than other.
The structure of
medium business
is based on the
functional as well
as centralised
ways.
The structure of
Gazelle
enterprises has
followed the
functional
structure
according to the
market and
product based.
Economic
motives
Main motive of
Micro business to
sustain oneself and
one family.
Its main motive to
substitute the
income among
them.
It has been
creating wealth.
It also creating
the wealth.
Liability of
smallness
The liability in the
micro business has
been significant
The small business
has been
significant
The medium
business has been
less significant
The liability of
Gazelle
business is not
significant.
Table: 1
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Similarities
Micro Business
ventures
Small / Life style
business Ventures
Medium business
ventures
Gazelle
Business
Ventures
Creative Idea Micro business
venture always
trying to
implement creative
idea in their
business so that
they can improve
business
productivity in
global world.
Small business and
life style business
venture must be
used few
innovative
concepts that help
for improving their
business
operations and
functions (Marom
and Lussier, 2018).
Medium business
venture always
putting efforts to
change their
business according
to the new idea
because it will
help for improving
the quality of
services in global
marketplace.
Gazelle
enterprise
venture focus
on the creative
idea and
innovation
because they
can expand
their business
on the behalf of
development
and growth.
Creating Brand
name
This type of
business must be
creating the brand
name through
develop an
effective product
and services. They
also create their
own unique
identify in global
marketplace.
Small business
must be promises
to their potential
local client or
provide the better
quality of product
and services
according to their
demand. It keeps
maintain the
consistent position.
Medium business
has follows the
effective planning
and strategy that
help for
identifying the
requirement of
client.
In this way, it will
help to improve
the brand image in
markets.
Gazelle
enterprises has
already creating
an effective
brand name and
image in
marketplace. It
only maintains
the position and
brand values in
proper manner.
Diving forces Creativity Creativity Technical skill Technical skill
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Motivational
Technical skill
Management style
Motivational
Management style
Technical skill
Creativity
Innovation
Management style
Creativity
Innovation
Management
style
Examples An independent
person can start
the small business
related the bakery
shops where they
can sell their
products in global
marketplace.
This type of
business is related
the family oriented
when individual
will give their
business to the
other member of
families and
friends.
This type of
business is mainly
focused on the
managerial
operations to
handle the
complexity
through
management style.
An innovative
concept plays
important role
in the Gazelle
business which
help for
increasing the
production rate
in market.
Table: 2
LO2
Critically analyse that Micro, small, medium and large business impact on the social and
international economy.
It has been shown the report on the seminary by TCG consulting group that can provide
the information about the micro, small, medium and large business. It also representing the
statistical data and example that shows the impacts of enterprise on the economy of international.
Micro Business
It is a critical source of employment as well as innovation that has embedded with the
social communities. It plays the significant role in the social economy for increasing the growth
development of countries (Sing and Gaur, 2018). Many type of micro business does not have
significant growth that has decided to remain constant small and their specific plans must be
depended on the developments events. This business was strongly influenced by other owner
motivation which help for improving the quality of services. It useful for measuring the
performance in both non-financial and financial ways. It is also beneficial for recognising the
important vehicle of micro business. For Example- TESCO provide the opportunities for the
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female candidates related job opportunities. It is represented the groups that can participate in the
activities of economic.
Small and Medium business-
These are important enterprise that can play important role in the development of
economic and also contribution for creating the new job opportunities. These are significantly
impact on the global and social economy. It should be given the investment opportunities which
help for developing the economic capital because it has maintained the sustainable growth and
development of economy. Small business is supporting the financial conditions, consulting and
related the property. SME always focused on the innovation to make an effective policies and
procedures for targeting the fostering growth. Sometimes, it also belongs to the international
level.
Financial supports always helping the subsidies, investment of budget in both national or
internal level. It must be guarantees for the obligation of medium and small business. It always
trying to shape the development policies and procedures in the UK which directly influence the
economic condition (Soundararajan, Jamali and Spence, 2018). As per analysis, there are large
number of workplace already occupied by the individual and sole trade or freelancers. In this
way, it has been increased the issues related the economy where it needs to create new classes or
changing the social schemes. For Example- SME must be accounts for 70 to 60 percent job
encounter the other countries while Japan and Italy were holding the special places that can
permanently share the small or micro business in the UK economy. Furthermore, Small business
always provide the large number of jobs to the candidates those who have positive experience in
related fields. In this way, it is directly impact on the economy.
Despite the positive aspects, it has increased the legal regulation that remain maintain the
serious obstacles in business operations. Sometimes, SME and MSE business are not ready to
easily confront the issues of rules and regulations. The government supports the medium and
SME enterprise which account for adopting all type of legislation documentation.
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Large Business
Large enterprises can be represented as the group of economy that influence the social
economic development. it also supports the other organizations for exploring and maintain the
brand image in global markets. This type of corporation is increasing the production and also
successfully maintain the position in international markets. In this way, the economy of UK
efficiency or performance linked with the large business which carried out under the super
vision. The large businesses are used the innovative concept in the organization to increase the
productivity and profitability (Venkataraman, 2019). For Example- TESCO must be used the
research and development concept to identify the barriers in trades. Somewhere the countries
faced the problem of higher costs of trade which fewer in the business opportunities. Research
and development is also putting some efforts to break down growth of business. In large
business, Trade and innovation are two different things which are not independent but it also
interacts with each other in significant ways.
SME impact on the national, international and social economy
Social enterprises impact on the economy of national, international when it has created the
job opportunities, innovation in product and services, create opportunities for promoting
sustainable economy. For Example- NGO,
It is based on the social enterprise for improve the society and communities for providing
the human welfare. This type of social enterprises always supported the nation and international
economy that help for increasing the growth rate.
Job Creation-
It is one of the common aspects of social enterprise that can support for increasing the
rate of employment in the nation.
Innovation-
The small enterprises always putting efforts towards innovation to launch the better
quality of products that help for increasing the demand in global marketplace.
Competition-
It also increases the competition level in global market because there are various types of
new enterprise enter in the global market and trying to establish international market.
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Innovation services-
This type of enterprises must be providing the innovative services to the customer so that
they are attracted towards the product and its services.
Determine the impact of economy through the statistical data or illustration.
It has been shown the statistical data and example of Micro or SME, Medium and large
business that impact on the economy of UK. Micro and Small sector is main core element in
terms of employment, economic growth. It has been found that there are large contribution of
Micro and small business towards the development. it helps for increasing the growth of country.
Moreover, it has been represented 45% of employment and 33% GDP.
Figure 1SME and Micro impact on economies
(Source: SME Contribution in economic. 2018.)
As per survey, it has developing the small business sector in UK and other countries which
comprised by micro enterprise. There are some significant contributions which provide 60%-
70% of employment growth while 56 % of GDP. According to figure, it can easily analyse the
facts about the Small and micro business that could made consistent information share related the
poverty and other quality aspects of different levels (Barba-Sánchez and Atienza-Sahuquillo,
2018).
Apart from that the large organizations always increasing the economic condition because it
helps to increase revenue, profit and also tracking all the relations with the economic data. As per
survey, it has found that GDP has increased by the factors in between 1983 to 2005. It also
increases the revenue of largest corporations. In this way, it can impact on the international and
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social economy of country. It is to be considered the business variable that suggest to the power
of economies in the global world.
Figure 2Large corporation impact on economy
(Source: Small, medium and large business impact on economic. 2018)
On the other hand, Recession can negatively impact on the Large, small and medium
business performance. In this way, Large and small firm must be introduced the economic
diversity which help to identify the cost saving measurements to maintain the resilience. As per
analysis, it has been suggested that understand the response to the challenges through recession
in UK. It also involves the human resource practices to reduce the cost of labour and also
decreasing the working hours (Barba-Sánchez and Atienza-Sahuquillo, 2018). There are large
staff members in medium and SME firm or large enterprise were likely lay off by cold
recruitment process. For Example- Prudential plc is based on the insurance company that provide
services related the financial. During recession, it has embedded with the other firm to
understand their strength, they also encouraging the small form to establish the well structure
format and policies which help for managing challenges in proper manner. It also appreciated the
working style of employees and also promoting the simple strategies in their business activities.
CONCLUSION
As per discussion, it concluded that Entrepreneurship is core component of enterprises that
can develop the business operations and functions. It can be designed to build the strong
entrepreneurial skill which help for increasing the demand of business across the world. It useful
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for concern about the business products and services. Entrepreneur must be implementing the
business plan which requires to understand the actual operations and functions.
It summarised that there are various types of entrepreneurial ventures that can work together
with their development, scope, growth. It also useful for creating relationship with the other
entrepreneurship topologies. it is describing the differences and similarities between the different
types of ventures with an appropriate example. The small business impact on the international
and national economy. It can determine the multiple types of business that help to make better
economy conditions and also illustrate the relevant information regarding the economy situation
and conditions.
14

REFERENCES
Book and Journals
Barba-Sánchez, V. and Atienza-Sahuquillo, C., 2018. Entrepreneurial intention among
engineering students: The role of entrepreneurship education. European Research on
Management and Business Economics. 24(1). pp.53-61.
Cole, R.A., 2018. Bank credit, trade credit or no credit: Evidence from the Surveys of Small
Business Finances. Trade Credit or No Credit: Evidence from the Surveys of Small
Business Finances (July 31, 2018).
Jones, P. and et.al., 2018. Entrepreneurship in Africa, part 2: entrepreneurial education and eco-
systems. Journal of Small Business and Enterprise Development. 25(4). pp.550-553.
Julien, P.A., 2018. The state of the art in small business and entrepreneurship. Routledge.
Laukkanen, M. and Tornikoski, E.T., 2018. Causal mapping small business advisors’ belief
systems: a case of entrepreneurship policy research. International Journal of
Entrepreneurial Behavior & Research. 24(2). pp.499-520.
Marom, S. and Lussier, R.N., 2018. Developing a small business management concentration
within a business degree. Small Business Institute Journal. 13(2). pp.15-30.
Singh, S.K. and Gaur, S.S., 2018. Entrepreneurship and innovation management in emerging
economies. Management Decision. 56(1). pp.2-5.
Soundararajan, V., Jamali, D. and Spence, L.J., 2018. Small business social responsibility: A
critical multilevel review, synthesis and research agenda. International Journal of
Management Reviews. 20(4). pp.934-956.
Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal Ideas
for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.
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Online:
SME Contribution in economic. 2018. [online] Available through:<
http://www.businessenvironment.org/dyn/be/docs/272/The%20Impact%20of
%20Business%20Environment%20on%20Small%20and%20.pdf>
Small, medium and large business impact on economic. 2018. [online] Available through:<
https://blogs.lse.ac.uk/businessreview/files/2016/01/Saridakis-Figure-1.jpg>
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