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Entrepreneurship and Small Business Management: A Comprehensive Analysis

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Added on 2024/06/28

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This paper delves into the multifaceted world of entrepreneurship and small business management. It explores the concept of an entrepreneur, identifies different types of entrepreneurial ventures, and examines the typology of entrepreneurship. The paper further investigates the scope of entrepreneurial activities in the public sector and the role of new ventures in driving product innovation. Finally, it analyzes the development and growth of entrepreneurial ventures in the UK, providing real-life examples and factual data to support its findings.

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Entrepreneurship and Small Business Management
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Introduction
 Every organisation begins their journey with a small organisation that is been
led by an entrepreneur is been referred as the entrepreneurship and small
business management. Entrepreneurship is been stated as the heart of every
business enterprise. This paper will discuss about the different types of the
entrepreneurial ventures and the explanation of interrelation of the ventures
with the typology of the entrepreneurship. This paper will explore the
similarities and dissimilarities between the entrepreneurial ventures.

Task 1:Define what the concept of an entrepreneur is, and provide some examples of different entrepreneurs in
business.
 An entrepreneur refers to an individual who creates or starts a new business and
bears the risk of the business enterprises as well as enjoys the rewards while doing
the business. An entrepreneur is usually seen as the source of new and latest
services, goods and ideas as well as the innovator of the business and its
procedures. Entrepreneur has a fundamental role in the economy of a country as
they have the capabilities that they have inculcated through their knowledge,
skills, information and experience to start a new business (Oecd.org. 2019). They
hold proper and necessary initiative and skills in order to anticipate the future as
well as the current needs of the business enterprise and to bring innovations to the
market. The entrepreneurs who become successful taking the risk to start the
business reward themselves with profits but those who fail have to suffer from the
losses (emeraldinsight.com. 2019).

Define what the concept of an entrepreneur is, and provide some
examples of different entrepreneurs in business.
 Bill Gates: Founder of Microsoft - There are only few peoples in the world,
which are not in touch with any of his products such as the Microsoft Office,
Microsoft Windows and the Internet Explorer.
 Caterina Fake, co-founder of Flikr
 Steve Jobs: Co founder of the Apple Computers- The Company use to
produce iPods, iPhones, Macs and Apple TV as well as the laptops
 Arianna Huffington, founder of the Huffington Post
 Mark Zuckerberg: Founder of Facebook
 Pierre Omidyar: Founder of eBay

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Identify the types of entrepreneurial ventures and investigate the similarities and
differences between entrepreneurial ventures.
 Four types of the entrepreneurial ventures are there that are been stated
below:
 Small business ventures:
 In today’s world, there are numerous start-ups and entrepreneurs all over
the world. It plays a very important role in contributing in the economy of
a country (usually the developing country). Small business refers to the
consultants, hairdressers, travel agents, grocery stores, carpenters,
electricians, plumbers and many more that run their own business by
hiring their family members or the local people. Scalable Start-up
Entrepreneurship:
 These start-up entrepreneurships are not like the small business however,
it refers to those business that start ups that have the vision to change the
world. These companies use to attract the crazy financial investors and the
venture capitalists.

Identify the types of entrepreneurial ventures and investigate the
similarities and differences between entrepreneurial ventures.
 Large Companies:
 Large companies or entrepreneurial ventures have long life cycle. They grow
through the offering of the new products that are variant from its core products
and sustaining the innovations.
 Social Entrepreneurships:
 The social entrepreneurial venture refers to that organisation that focuses upon
producing and creating those services as well as the products that leads to
fulfilling the needs and solving the problems of the society.

Explain the concept of entrepreneurship typology, and correlate the
different types of entrepreneurs to different types of entrepreneurial
ventures. Illustrate your answer with examples.
 In entrepreneurship typology refers to a term that is been used to define or classify
the different types of entrepreneurs based on their abilities, skills, knowledge,
experiences and information.
 Skeptical Entrepreneurs:
 The skeptikal entrepreneurs refer to those entrepreneurs who look forwards to
question others success and make excuses because of their skeptical mindset.
 For Example: according to the TIME Magazine McDonald’s and the 15-dollar per
hour, starting rate of wages is an example of skpetical entrepreneurships.
 Copycat Entrepreneur:
 This type of entrepreneur refers to those entrepreneurs who focuses upon the
others successes and copy them as they have done it.
 For Example: Xiaomi and Apple are the example of the copycat entrepreneurs
where the company Xiaomi copies the design and technology of Apple (CNBC.
2017).

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Explain the concept of entrepreneurship typology, and correlate the
different types of entrepreneurs to different types of entrepreneurial
ventures. Illustrate your answer with examples.
 Research Entrepreneurs:
 These entreprenures love to enhance, explore and learn.
 For Example: Global diagnostics founded by the Dr Johnny Walker is one of the
examples of the research entrepreneurs
 Determined Entrepreneurs:
 The entrepreneurs are those entrepreneurs who want to take opportunities and the
possible success in order to achieve there organisational goals without copying
anyone.
 For Example: Walt Disney the founder of Disney who started up with drawing the
cartoon pictures and leaded to creating the huge empire
 Accomplished Entrepreneurs:
 The Accomplished entrepreneurs have gone through different stages of
entrepreneurship in order to achieve their entrepreneurial goals and objectives.
 For Example: George Soros is an example of accomplished entrepreneur who
started with nothing but now is a investment managers of the numerous major
firms.

Can entrepreneurship exist in a public sector? Discuss the range of
entrepreneurial activities, utilising real-life examples, of successful
entrepreneurship in the public sector.
 The range of entrepreneurial activities is been stated below:
 Operating business activities that includes the business should always look
forward to its operations from the income statements and knowing the current
position through balance sheets.
 Investing business Activities: Investing the activities of the business is the second
stage where the entrepreneurs can control the ash flow activities of business.
 Financing Business activities: Financing the business actions and activities helps
the organisation to achieve the goals and objectives of the business enterprise
effectively and efficiently.
 For example: Anders Hoffmann is the Deputy Director General of the Danish
Business Authority who is a successful entrepreneur and now advises the
government relating to the growth of investments on the innovative capacities in
UK (Inc.com. 2015).

Examine, with reference to real life examples, what is the
scope of new entrepreneurial ventures in delivering
successful product innovation to the market.
 The new entrepreneurial ventures are offering innovations in the
markets as they are becoming successful to exploit the new ideas into
their business, which plays a crucial role to improve the process,
methods, practices and procedures of the business. The new
entrepreneurial ventures brings improves as well as the new services
and products in the market. They also lead to increase the efficiency of
the entrepreneurship ventures and increase their profitability. For
example, Lewis Howes an author of “the school of Greatness” have
created the multimillion dollar by focusing upon the sport activities with
the use of social media. Lewis Howes is an American author, former
professional league footballer and an entrepreneur who have started
providing guide of real world to distribute and explore the network of
sports. They have continued providing innovation and new ideas and
ideologies to the sports networker and the executive association of
sports.

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Critically examine, with reference to factual data, the development and
growth of entrepreneurial ventures in the UK.
 It is been reportedly noticed that
there are rise in the numerous Britain
entrepreneurs in Britain. The share
of micro business was around 96
percent and small business in UK as
per the year 2018 was around 4
percent as well as the share of
medium size entrepreneurship
ventures were around 1 percent that
makes a combination of SME
(micro, small and Medium
enterprises) contributes towards the
economy of UK. There in the
statistics provided by the UK it is
been shown that the entrepreneurial
ventures are developing are in
growth (Ft.com. 2019).

Conclusion
 The entrepreneurial ventures and entrepreneurs are growing their business
everyday and are focusing upon exploring their business worldwide. This paper
have discussed about the concept of the entrepreneurs. Identification of the
different entrepreneurial ventures have been done and the typologies of the
entrepreneurship have explained with different types of examples. The paper also
analyse upon the process that how the entrepreneurship exists in the
entrepreneurial ventures with examples. The paper evaluated upon the scope of the
new entrepreneurial ventures that helps in delivering the innovations to the
markets. The development and growth of the entrepreneurial ventures in UK is
been examined with the factual data issued by the parliament of UK. With all the
analysis it is been considered that the small business start-ups are the key to
become the successful entrepreneurs. A successful entrepreneur bears the risk and
profit of the business and come up with different situation with the help of his
skills, abilities, knowledge and information.

Reference List
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 Constable, K. (2015). The 5 Types of Entrepreneurs. [online] Entrepreneur. Available at: https://www.entrepreneur.com/article/244210
[Accessed 4 Jun. 2019].
 A typology of technology‐based entrepreneurs | A model based on previous occupational background | International Journal of
Entrepreneurial Behavior & Research | Vol 1, No 1. (2019). International Journal of Entrepreneurial Behavior & Research, [online] p.
Available at: https://www.emeraldinsight.com/doi/abs/10.1108/13552559510079751?journalCode=ijebr [Accessed 4 Jun. 2019].
 Small Business. (2017). UK small businesses and entrepreneurs on the rise, says LinkedIn. [online] Available at:
https://smallbusiness.co.uk/businesses-entrepreneurs-rise-linkedin-2539673/ [Accessed 4 Jun. 2019].
 Expertise.hec.ca. (2019). [online] Available at: http://expertise.hec.ca/chaire_entrepreneuriat/wp-content/uploads/2000-15-
typtypologies_useful.pdf [Accessed 4 Jun. 2019].
 Ft.com. (2019). Number of UK start-ups rises to new record | Financial Times. [online] Available at:
https://www.ft.com/content/cb56d86c-88d6-11e7-afd2-74b8ecd34d3b [Accessed 4 Jun. 2019].
 Rhodes, C. (2019). Business statistics. [online] Researchbriefings.parliament.uk. Available at:
https://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN06152 [Accessed 4 Jun. 2019].
 CNBC. (2017). 7 businesses that cloned others and made millions. [online] Available at: https://www.cnbc.com/2017/10/03/7-
businesses-that-cloned-others-and-made-millions.html [Accessed 4 Jun. 2019].
 Inc.com. (2015). 11 Most Famous Entrepreneurs of All Time (and What Made Them Wildly Rich). [online] Available at:
https://www.inc.com/larry-kim/11-most-famous-entrepreneurs-of-all-time-and-what-made-them-wildly-rich.html [Accessed 4 Jun.
2019].
 DeMers, J. (2017). 5 Entrepreneurs Who Started With Nothing - and 3 Lessons to Learn. [online] Entrepreneur. Available at:
https://www.entrepreneur.com/article/305990 [Accessed 4 Jun. 2019].
 Oecd.org. (2019). [online] Available at: https://www.oecd.org/sdd/business-stats/39651330.pdf [Accessed 4 Jun. 2019].
 Infoentrepreneurs.org. (2019). Use innovation to grow your business. [online] Available at:
https://www.infoentrepreneurs.org/en/guides/use-innovation-to-grow-your-business/ [Accessed 4 Jun. 2019].

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