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Entrepreneurship and Small Business Management: Concepts, Types, and Growth

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Added on 2024/06/28

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This document explores the fundamental concepts of entrepreneurship, encompassing the process of starting and running a new business, the characteristics of entrepreneurs, and the various types of entrepreneurial ventures. It delves into the similarities and differences between small and large businesses, lifestyle firms, and growth firms. The document also examines the role of entrepreneurship in the public sector and its impact on innovation and economic growth. Finally, it highlights the growth and development of entrepreneurial ventures in the United Kingdom, emphasizing its significance in the economy and job creation.

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ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

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CONCEPT OF ENTREPRENEUR
 The process of planning, designing as well as actually running a new business by
taking all the risks involved on the small scale initially is said to be entrepreneurship.
 The person who undertakes the responsibility of undergoing various risks in order
to run the new business is referred to as the entrepreneur. In short, entrepreneur is
the one who actually starts the new business (Burns, 2013).
Entrepreneurs are the persons capable of using their innovative ideas and skills in
order to bring a change in the world.

EXAMPLES OF BUSINESS
ENTREPRENEURS:
 Walt Disney , the creator of Mickey Mouse character and founder of Walt Disney
Company.
Mark Zuckerberg, founder of the famous social website Facebook.
 Bill Gates who created Microsoft.
Steve Jobs, co-founder of the Apple computers.

TYPES OF ENTREPRENEURIAL
VENTURES
Small Business Entrepreneurship
Scalable Start-up Entrepreneurship
Large Business Entrepreneurship
Lifestyle Business Entrepreneurship
Growth Firms
Social Business Entrepreneurship

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SIMILARITIES AND DIFFERENCES
BETWEEN ENTREPRENEURIAL
VENTURES:
 Small Business- Large Business Entrepreneurship
Similarities Differences
Main objective is to make profits Small business makes profit for earning
bread for family while large business make
profit for achieving growth and success.
Both aim to provide new and improved
services
Small business: operate on small scale
Large Business: Large scale business and
more market share

CONTINUED….
Lifestyle and Growth Firms:
Similarities Differences
Both firms aim to achieve success by
expanding business
Lifestyle firms look for personal
growth and success while growth
firms aim to achieve quick growth in
market.
Both carry out business functions to
make huge profits.
Lifestyle firms runs as per the lifestyle
of owner while growth firms look after
the needs of market.

ENTREPRENEURSHIP TYPOLOGY
 Corporate Entrepreneurship
Independent or Private Entrepreneurship
Public Sector Entrepreneurship
 Intrapreneurship

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EXAMPLES:
 Steve Jobs, the founder of Apple- Corporate Entrepreneur
 Richard Branson, owner of Virgin Group – Private Entrepreneur
NHS is the perfect example of the Public Sector Entrepreneurship
Google is the great example of intrapreneurship.

ENTREPRENEURSHIP IN PUBLIC
SECTOR
With the more issues and complexities coming in the way of public services as well as
society, the time has begun for the entrepreneurship to take place within the public
sector. Public sector entrepreneurship are the entrepreneurial activities that take place
within the public sector or the government linked organisations in order to ease their
services by providing innovation and creativity (Kirzner, 2015).
Example: GCC i.e. Grand Challenges Canada
ASPA i.e. American Society for Public Association

ENTREPRENEURIAL VENTURES AND
SUCCESSFUL PRODUCT
INNOVATION
 Innovation gives birth to economic growth as well as economic prosperity.
 The entrepreneurial activities taking place within private sector organisations gives birth to innovative
products.
 Innovation takes place when an entrepreneur combines his/her creativity with the knowledge and thus
converts ideas into useful and innovative products.
 The desire to bring something new, motivation as well as the risk taking ability within an entrepreneur
gives birth to Innovation.
 Examples: Steve Jobs- iPhones, iTunes etc.

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GROWTH AND DEVELOPMENT OF
ENTREPRENEURIAL VENTURES
IN UK
 In UK, growth as well as development of entrepreneurial ventures is considered
much important (FSB, 2019).
As per the reports, UK is among the most entrepreneurial economy of Europe and
stands 4th on the global level among the most entrepreneurial nations.
 The government of UK encourages the growth of new business start-ups and
hence 99.8% of the UK’s total business accounts for small business
entrepreneurships.
In the year 2018, almost 5.8 million new business entrepreneurships were reported
in UK (Kola, 2014).
 Entrepreneurial Ventures provides employment opportunities to the local people.

REFERENCES:
Branson, R., 2013. Richard Branson on Taking Risks. [Online] Entrepreneur Mag. Available at:
https://www.entrepreneurmag.co.za/advice/business-leadership/leading/richard-branson-on-takin
g-risks/
[Accessed 3 June 2019]
Burns, P., 2013. Entrepreneurship and Small business. Palgrave MacMillan.
Baum, J.R., Frese, M. & Baron, R.A., 2014. The Psychology of Entrepreneurship, Psychology
Press
Carter, S., & Evans, J.D., 2012. Enterprise and Small Business: Principles, Practice and Policy.
Pearson, London.
FSB, 2019, UK Small Business Statistics, [Online], Available at:
https://www.fsb.org.uk/media-centre/small-business-statistics [Accessed 3 June 2019]

REFERENCES CONTINUED…
 Hardoon, A., 2015. The importance of small businesses in the UK economy. [Online] Small Business UK. Available
at: http://smallbusiness.co.uk/the-importance-of-small-businesses-in-the-uk-economy-2492626/ [Accessed 3 June
2019]
 Kimm, L., 2015. 18 Most Famous Entrepreneurs of All Time (and What Made Them Wildly Rich. [Online] Inc.
Available at:
https://www.inc.com/larry-kim/18-most-famous-entrepreneurs-of-all-time-and-what-made-them-wildly-rich.html
[Accessed 3 June 2019]
 Kola, V., 2014, Impact of Startups and the importance of their socio-economic contributions, [Online], Available at:
https://yourstory.com/2014/18/impact-of-startups/ [Accessed 3 June 2019]
 Kirzner, I.M., 2015. Competition and Entrepreneurship. University of Chicago Press.
 Myers, M., 2014. UK rises to fourth most entrepreneurial economy in the world. [Online] Imperial. Available at:
https://www.imperial.ac.uk/news/162146/uk-rises-fourth-most-entrepreneurial-economy/ [Accessed 3 June 2019]

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Entrepreneurship and Small Business Management: Concepts, Types, and Growth

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