Entrepreneurship and Small Business Sample Assignment

Entrepreneurship and
Small Business

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different entrepreneurial venture and their relation with typologies....................................1
P2. Similarities and differences between venture........................................................................3
TASK 2............................................................................................................................................4
P3. Interpretation of statistics showing small business impacts on economy..............................4
P4.Small businesses importance for social economic growth.....................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is constructive activity involving designing, launching, managing
addition to running new business with innovative ideas with the intention to gain high revenues
with satisfying customer necessities in effective manner (Burns, 2011). The willingness together
with capacity of a person to launch, assemble and manage business venture as well as associated
risks to go ahead for profit making is entrepreneurship. The report covers distinct entrepreneurial
ventures with similarities and differences among them. Further, it discusses impacts of small
business on economy. The report explains significance of small business for social economic
growth.
TASK 1
P1. Different entrepreneurial venture and their relation with typologies.
Entrepreneurs: Business magnates who have capabilities to think and perform activities
in different manner and attain success. They usually think ahead, controls risks, develop
transferable skills, works across disciplines, meets with people and finds new ways to satisfy
needs of society with generating huge revenues.
Entrepreneurial ventures: Organisations putting emphasis on innovation and
opportunism to produce social along with economic values are characterised to entrepreneurial
ventures (Casnocha. 2019). Various extent of entrepreneurial ventures are discussed below:
Small business entrepreneurship: In any country, there are overwhelming
entrepreneurs performing operations at small level with minimum resources are termed to small
business entrepreneurship. They operates to obtain daily livelihood only so to feed their family
members. Notable examples are hairdressers, electricians, grocery stores and carpenters.
Scalable startup entrepreneurship: With the strong vision, entrepreneurs of the
business aims to change the nation. Entrepreneurs that attract venture capitalists and hiring bright
personnels to manufacture innovations so to lead sustainable success are characterised to scalable
startup entrepreneurship. Activities that draws attention of crazy financial investors and
searching scalable business models are the working of this type of entrepreneurship. Best
example is internet business including Online Shopping.
Large company entrepreneurship: Operating business at high level with unlimited
resources to attain growth with offering new variants of core products and sustaining innovations
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are termed to large companies entrepreneurship. These entrepreneurship posses finite business
intervals with huge resources that helps in managing entity at large scale size. Situations of
market including new competitors, legislations, technologies and changes in demand and
perception of customers usually influences manufacturing innovative products. Microsoft and
Yahoo are some examples within large company entrepreneurship.
Social entrepreneurship: Agents or innovators emphasising towards manufacturing
commodities that solves problems related to society are classified as social entrepreneurship.
They limits their workings to concentrate on market share or profits rather works for making a
better place in the world. Notable examples pertaining with social entrepreneurship are Safe
Point Trust and British Council.
Entrepreneurship venture typologies:
Typologies are classifications of substances as per structure, form and style. Typologies
of entrepreneurial are closely interlinked to ventures of entrepreneurial. With the idea, market is
segmented by organisational managers so to target potential audiences which will contribute in
accomplishing higher revenues.
According to Miller and Snow Typology, 2019, Entrepreneurial typologies are the
followings:
Prospector typology: These business have broad product line as well as promoted more
creativity by prioritizing new innovations to meet changing customer needs. Prospector typology
is interrelated with scalable startup entrepreneurship as these companies exploit opportunities
and does not depend on single capitalist or technology.
Defender typology: These functions in stable market situations as well as achieving
success in particular areas by using standardised technical processes. Defender typology is
interrelated with social entrepreneurship as they maintains low costs and product efficiencies to
perform discrete functions to resolve market and society problems (Burrows, 2015).
Analyser typology: These performs activities to maintain market shares as well as
exploiting product opportunities to enter in new market. They seeks technical efficiencies for
maintaining minimum costs along with cultivation collaborations with units. Analyser typology
is interrelated to large company entrepreneurship as large business are primarily concerned with
remaining in competitive edge by launching new products.
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Reactor typology: These do not posses systematic designs, structures and strategy
addition to do not frame long term plans. Reactor typology is interrelated with entrepreneurial
venture of small startup entrepreneurship as small organisations do not follow systems neither
have long term plans.
P2. Similarities and differences between venture.
Various differences among ventures of entrepreneurial:
Basis Small business Scale startup
business
Large company Social
entrepreneurship
Meaning Businesses that
are operated at
little level
involving limited
monetary with
capital resources
are said to small
business
entrepreneurship.
These business
implements
accurate strategies
and policies to lead
the planet towards
better place are
termed to scale
startup
entrepreneurship
(Dimov, 2011).
The enterprises
that have finite
business cycle to
deal with changing
market scenario
and launch
innovations to
attain more
revenues are large
company
entrepreneurship.
Business that
develops
commodities to
implement
solutions for
social problems
and environmental
issues are defines
to social
entrepreneurship.
Key
characteristics
 Possessing
limited
resources.
 Earns
daily
livelihood.
 Draws
venture
capitalists
attention.
 Emphasis
to make the
universe a
much better
topographic
point.
 Manufactur
es
innovations
in bulk
quantity.
 Enhances
customer
satisfaction.
 Satisfies
society
needs.
 Resolves
social
issues.
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Various similarities between ventures of entrepreneurial:
 Each venture entrepreneurial posses motives for existence.
 All ventures attracts unemployed people at distinct locations.
 All venture entrepreneurial performs operations for meeting maximum customer
satisfaction from organisational products (Kelley, Singer and Herrington, 2012).
TASK 2
P3. Interpretation of statistics showing small business impacts on economy.
Micro together with small businesses fosters economic development by making essential
contributions on raising national income of particular country (Down, 2010). They provides
strength to economic systems through making developments in business activities or tasks in
effective manner. They improves society's lifestyle and resolves problems like unemployment or
poor infrastructure.
Illustration 1: Role of Small medium business. 2017
(Source: Role of Small medium business. 2017)
From the above statistics, it can be interpreted that micro enterprises small business in
UK contributes 48% in employment, 33 % in overall turnover and 99.3% in other businesses.
Where as in context to Medium companies, they contributes 12% on employment generation,
14% on gaining turnovers as well as 0.6% for growth of other business across UK which shows
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positive impacts on development of economy. The impacts have resulted in enhancement of
various employment opportunities, increasing foreign exchanges among distinct countries by
performing business activities, raising living standards addition to improving infrastructural
facilities.
P4.Small businesses importance for social economic growth.
Social economy comprises rich diversities of various business including mutuals,
paritarian institutions, associations and social enterprises. The economy studies relationship
among social behaviour towards economy as it develops solutions for issues as well as satisfies
ignored needs. Start-ups facilitates attractions of venture capitalists for further developments
which also aids in social economic developments (Ghio and et. al., 2015). UK government
provides facilities including income tax exemption, subsidies to establish business in rural areas,
venture capital assistance and technological development programmes that helps to deal with
dominance of large sized companies. Small businesses addition to scale start-ups performs
activities that acts as backbone for social economy. Important aspects for growth of social
economy by small and startup business are:
Employs local people: Local people do not have facilities to move in other localities and
search for work. Small or start ups mainly focuses on catering employment opportunities to local
workers. Such businesses hires skills as well as unskilled personalities to upgrade their
capabilities, way or workings and livings that helps in implementing new techniques to invent
innovate products that helps in satisfying needs with more financial benefits. Proving
employment opportunities decreases situations of unemployment and improving economic or
social conditions of UK in considerable manner.
Increases awareness: At the time, in international economic level various drastic
challenges addition to issues were faced by UK. During the period, small or start-ups businesses
innovated low cost products and provided messages to general public which draws attention of
huge audiences and increases sales that resulted in profits. To increase awareness about any
situations and providing solutions , start- ups together with small business plays important role in
increasing awareness that results in boosting social economic conditions (Griffiths and Wall,
2011).
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CONCLUSION
Above mentioned report concluded that entrepreneurs are prominent for transferring
innovations into reality that solves economic problems as well as improves organisational profit
margins. Business ventures despite of their size or scope contributes great towards growth of
national economy. Entrepreneurial ventures includes social entrepreneurship, small business,
large companies additionally scale start-ups that are interrelated to analyser typology, prospector
typology, reactor typology and defender typology. Due to their size and objectives, all
entrepreneurial ventures have some differences but at same time all aims to promote employment
and attain profits. Small business have huge positive impacts on UK economy as they develops
infrastructure facilities, contributes on economic growth as well as framing employment
opportunities. The importance of scale start up-s with small business are to employ localities as
well as increase awareness regarding international changes among general public which will
boost social economic developments.
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REFERENCES
Books and Journals:
Burns, P., 2011. Entrepreneurship and Small Business. 3rd Ed. Basingstoke: Palgrave Macmillan.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Dimov, D., 2011. Grappling with the unbearable elusiveness of entrepreneurial opportunities.
Entrepreneurship Theory and Practice. 35(1). pp.57-81.
Down, S., 2010. Enterprise, Entrepreneurship and Small Business. London: Sage.
Ghio, N. and et. al., 2015. The emergence of the knowledge spillover theory of
entrepreneurship. Small Business Economics. 44(1). pp.1-18.
Griffiths, A. and Wall, S., 2011. Economics for Business and Management. 3rd Ed. Harlow:
Pearson
Kelley, D. J., Singer, S. and Herrington, M., 2012. Global entrepreneurship monitor 2011 global
report. Global Entrepreneurship Research Association, London Business School.
Wang, Y. L., Ellinger, A. D. and Jim Wu, Y. C., 2013. Entrepreneurial opportunity recognition:
an empirical study of R&D personnel. Management Decision. 51(2). pp.248-266.
Online:
Casnocha B., Four Types of Entrepreneurship. 2019. [Online]. Available through:
<http://casnocha.com/2011/02/the-four-types-of-entrepreneurship.html>
Role of Small medium business. 2017.[online]. Available through:<https://www.market-
inspector.co.uk/blog/2017/05/facts-about-small-medium-businesses-in-the-uk/>
Miller and Snow typologies. 2019. [Online]. Available through:
<https://www.referenceforbusiness.com/management/Mar-No/Miles-and-Snow-
Typology.html>
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