Entrepreneurship and Small Business Management

9 TASK 39 Covered in PPT9 Covered in PPT9 CONCLUSION 9 REFERENCES 10 INTRODUCTION Entrepreneurship involves series of actions performed by an individual who visualize, builds and evangelizes idea into an business venture (Belz and Binder, 2017). In addition, the study will also cover characteristic traits as well as traits within successful entrepreneurs and will assess key aspects of mindsets of entrepreneurs. Entrepreneurial venture: The enterprises that are started and run by entrepreneurs so to deliver valuableandpreciouscommod

Entrepreneurship
and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Entrepreneurial ventures in relation to typologies.................................................................1
P2. Distinction with similarities among ventures of entrepreneurship........................................3
M1. Distinct entrepreneurial venture ranges for understanding entrepreneurship in various
sectors..........................................................................................................................................5
D1. Growth, development addition to scope of ventures of entrepreneurs. ...............................5
TASK 2............................................................................................................................................6
P3. Data interpretation showing impacts of small businesses on economy. ...............................6
P4. Importance of business start ups with small businesses on social economic growth............8
M2. Differences between various businesses..............................................................................8
D2. Small businesses impacts on distinct economic levels.........................................................9
TASK 3............................................................................................................................................9
Covered in PPT............................................................................................................................9
Covered in PPT............................................................................................................................9
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship involves series of actions performed by an individual who visualize,
builds and evangelizes idea into an business venture (Belz and Binder, 2017). These activities are
usually carried out by an entrepreneur who combines passion, innovation addition to drive vision
into working business. These people plays important function in improving living standards of
society addition to creating wealth by initiating activities in competitive world. The report will
illustrate numerous venture types which are considered as entrepreneurial. Further, it includes
significance of small businesses along with start ups in economy. In addition, the study will also
cover characteristic traits as well as traits within successful entrepreneurs and will assess key
aspects of mindsets of entrepreneurs. At last, it will examine the ways through which experience
as well as background will foster addition to hinder entrepreneurship.
TASK 1
P1. Entrepreneurial ventures in relation to typologies.
Entrepreneurs: These are the persons who conceives idea, builds success path, performs
complex tasks to succeed as well as tried to dominate pertaining market. Entrepreneurs views the
entire nation through distinct lens.
Enterprise: It is defined as a new project or start up business where all production
factors are organised together, operations are performed and commercial activities are carried out
to gain huge profits.
Entrepreneurial venture: The enterprises that are started and run by entrepreneurs so to
deliver valuable and precious commodities in competitive market are termed to entrepreneurial
ventures (Various entrepreneurial ventures types. 2019). Some of the key entrepreneurial
ventures in which entrepreneurs gets engaged as elaborated:
Small businesses entrepreneurship: In this entrepreneurship, activities are carry
forwarded with limited resources with the objective to make some revenues so to feed household
members. Herein, local personnels are usually hired to run the business at small level. Some of
the small businesses are plumbers, grocery stores, carpenters and hairdressers.
Scale startup entrepreneurship: These ventures are started by entrepreneurs with the
vision to change the nation. For this, venture capitalists are attracted for crazy investments. Best
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addition to brightest personnels are generally hired who can perform search work for scalable
business model. Online shopping is first example of such entrepreneurship venture.
Large company entrepreneurship: These entrepreneur ventures attains growth via
sustaining innovation together with delivering new offerings which have variants of core
commodities. The size as well as culture of large enterprises results in disruptive innovations that
are difficult to implement (Burns, 2011). For example, in present market various large company
entrepreneurship are Zappos, Yahoo, SquareSpace, Google, Facebook and Adobe.
Social entrepreneurship ventures: Enterprises that have emphasis on manufacturing
products or services which solves problems together with needs of society. Despite of increasing
profit margins, these entrepreneurs have mission to develop innovations that converts
topographic points into better destinations. Bill Drayton, Scott Harrison, Shiza Shahid and
Bunker Roy are some of the entrepreneurs of social entrepreneurship ventures.
Entrepreneurial venture typologies
In simple terms, typologies are described to study of models, symbols addition to logos.
It is also said to grouping of material possession as per structure, style and plan. There are
distinct entrepreneurial typologies having interrelation to entrepreneurs ventures. Some of them
are as discussed:
Serial entrepreneur typology: Herein, entrepreneurs comes with new innovative
thoughts and ideas to start new enterprises. They have passion for creating new business, poses
good time management skills and sets concrete goals. Scale startup entrepreneurship falls
under such typology as the entrepreneurs have new innovations and passion to change the
topographic points with new innovations.
Social entrepreneur typology: In this, entrepreneurs runs and manages enterprises for
solving social issues addition to eliminating elements effecting social changes. Social
entrepreneurship venture is closely related with respective typology as these entrepreneurs
have capabilities to understand pertaining social issues and manufactures those components that
has chances to resolve social problems in limited duration.
Female entrepreneur typology: Under this, decision making is with female
entrepreneurs to control business activities. In context to this, Social entrepreneurship venture
is interrelated to such typology as females have more patience level to understand social
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requirements and pertaining problems. They properly understands all issues and makes decisions
accordingly that benefits in gaining outcomes of problem resolutions.
Male entrepreneur typology: Herein, male entrepreneurs are the one who controls
business activities by restricting involvements of female entrepreneurs. Small business as well as
large company entrepreneurship falls under such typology as male entrepreneurs have more
responsibilities which strengthens their decision making for running all types of businesses
whether small or large.
P2. Distinction with similarities among ventures of entrepreneurship.
Differences among various entrepreneurial ventures:
Basis of
differences
Small businesses
entrepreneurship
Scale startup
entrepreneurship
Large company
entrepreneurship
Social
entrepreneurship
ventures
Meaning In this
entrepreneurship
venture, new
enterprise is set up
with limited
resources addition
to technology
(Galloway,
Kapasi and Sang,
2015).
In scale startup
entrepreneurship,
implementation of
appropriate
strategies, plans
together with
programmes are
done to transform
the world in
improved
topographic point.
Large company
entrepreneurial
ventures have to
deal with frequent
changes in context
to consumer taste
and market
conditions so to
launch innovations
within finite
business intervals.
In social
entrepreneurship
ventures,
operations are
executed to
improve society
situations.
Purpose of
existence
These ventures
exists for earn
livelihood.
The purpose of
existence of scale
start-ups ventures
are to attract
venture capitalist
so to fund
innovations.
Large company
ventures exists
with purpose to
make huge
revenues as well as
increasing
customer
Social
entrepreneurship
ventures survive
with purpose to
resolve all kinds of
social hurdles or
problems
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satisfaction
through supplying
them demanded
commodities via
advanced
technologies.
effectively.
Key
attributes
 Works
with
constricted
resources
 Expand
legs in
small
market
area.
 Attracts
venture
capitalists
 More
emphasis is
on
transformin
g nation
into
improved
universe.
 Executes
workings in
limited
business
pattern.
 Products
are
manufactur
es in bulk
quantity.
 Needs
limited
staff
members in
business
operations.
 Focus is on
settling
social
issues.
Similarities among distinct entrepreneurial ventures:
 There are uncountable problems, for instance, technological changes, funds requirements,
changes in customer preferences as well as uncertain future that are faced by each
business ventures.
 There are motives for existences of all entrepreneurial ventures (Down, 2010). Each entrepreneurial venture makes their best contributions in developing economic
position of nation.
Differences and similarities among lifestyle with serial entrepreneur ventures
Differences:
Lifestyle entrepreneurial ventures exists with objective to alter lifestyles rather than
earning profits where as serial entrepreneurial ventures exists to implement new ideas at the time
starting business activities. Lifestyle entrepreneurial ventures focuses on executing operations as
old standards but serial entrepreneurial ventures works with new concepts or traditions.
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Similarities:
Both the ventures works for upgrading economic position by contributing some
proportion of their revenues. These ventures have objective to attain success through satisfying
market requirements.
Differences addition to similarities between male with female entrepreneur ventures
Differences:
In male entrepreneur venture, all decisions are taken by male personalities but in female
entrepreneur ventures, female personalities takes lead role in making decisions. Female
entrepreneurs have huge patience level but male entrepreneurs have strong control on business
environment.
Similarities:
Both entrepreneur ventures executes operations to earn livelihood. Other than this, both
ventures executes action plans so to build strong brand image in changing market.
M1. Distinct entrepreneurial venture ranges for understanding entrepreneurship in various
sectors.
The term entrepreneurship is further bifurcated into distinct sections according to
business purposes. For all entrepreneur ventures, it is very necessary to launch innovations
together with maintaining profitability. For instance, public sector comprises of public
undertakings that functions to deliver numerous public services. On other hand, corporate or
private sector includes uncountable private enterprises together with business houses. Some of
the business that functions within entrepreneurial ventures are said to large company, small
business and social entrepreneurship (Walsh and Cunningham, 2016). These ventures executes
functionalities within public along with private sector so to develop facilities including
infrastructure and employment that results in overall development of nation.
D1. Growth, development addition to scope of ventures of entrepreneurs.
All the entrepreneurial ventures are executing standard operations as per the set aspects
which benefits them to attaining growth. Due to developing interest of people in making more
investments in businesses as well as grabbing opportunities for launching new business despite
of working for others results in growth and development of scale startups together with small
business ventures. Both the ventures covers endless business activities and requires limited
resources in execution enhancing their scope. In addition, these businesses accounts approximate
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55% revenues which interprets their development in right direction. In contrary, social
entrepreneurship ventures also provides job facilities to around 1.44 million candidates for
solving social requirements which resulted in improving living standards as well as improved
infrastructure facilities that shows the growth of venture with diversified scope so to attain hige
developments (Social entrepreneurial venture growth. 2019).
TASK 2
P3. Data interpretation showing impacts of small businesses on economy.
These both business forms such as micro and small plays a huge role in the development of
economy as they are contributing in the economy by providing various job opportunities,
encouraging innovation and creating financial independence. Other, the contribution of these
both business forms can be understood by following points:
Small business: In this, almost 50 employees are employed and the annual income of
this business is up-to £5 million (Zahra and Wright, 2016). Due to invest little amount of money
and operating the activities at small area they are able to cover a limited market share.
Medium business: The medium size organisations are able to cover a bigger narket share
as compare to small business. The annual turnover of this business form is £22 million and the
total employees who are induging in this business is approx 250.
Large business: This business organisation is operating their activities at multinational
level which enables them to capture a big marketplace and attain higher growth and sucess in the
business.
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Illustration 1: The role of Start-ups and Small Business in today's economy
(Source- The role of Start-ups and Small Business in today's economy. 2019)
According to above graph, it can be concluded that small business is highly contributing
in development of economy as compare to medium and large business. It can be determined by
the above chart as it represent the contribution percentage of small busines which is 48% in
rendering employement opportunities and 99.3% in providing busines to the economy. Other, the
medium and large business is contributing 12% and 40% in job opportunities and 0.6% and 0.1%
in business.
Characteristics of various businesses:
Private: The private organisation is run by individuals or companies with the motive of
earn highe profit without any state controlled. It consist various characteristics like limited
liability, seperate legal entity and many others.
Sole properitorship: In this, an single person is take responsibilty to take operate all the
activities and bear the risk in order to earn profit. The characteristics which is connected withit
are sole management, unlimited liability, freedom etc.
Partnership: This is a business struture in which two or more individuals come together
to operate all the activities and share the loss and profit. This business comprises several
featuires includes existence of an agreement, profit sharing etc.
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P4. Importance of business start ups with small businesses on social economic growth.
Social economy is characterised to aggregation of distinct businesses, for instance,
mutuals as well as associations. Small businesses along with start-ups plays primary function in
growth of social economy. Brexit is known as British Exit which was one of the decision of UK
government to leave European Union. The occurrence of Brexit have provides various
opportunities to small and start up businesses such as to expand their functionalities in
developing countries as well as increasing immigration shares. One of the opportunity that was
reduction of subsidies that helps ventures in achieving more taxation benefits. In contrary,
certain threats were also associated with Brexit such as competition level from international firm
has increased which impacted on domestic business ventures in negative manner as it reduced
investments and shaken budget along with status quo within UK market that shows low growth
of such business ventures.
Small business are generally owned by independent entrepreneurs for attaining daily
livelihood but start-up business are temporary firms which were established to grab attention of
venture capitalist and researching scalable models for generating huge profits (Down, 2010).
The importance of both ventures are as follows:
Contributes in innovation: Start-ups as well as small businesses have more innovate
ideas and they uses them for attracting customers as well as serving innovative as well as quality
commodities that improves living standards of society. They also provides various innovations to
large company entrepreneurs to complete their production procedures. In addition, contribution
of innovation attracts international businesses for more investments that further depicts social
economic growth.
Employs local residents: Small and start up businesses major focuses on stimulating
economic developments and for this they first prefers to employ local people which were
rejected by large associations. Such entrepreneurs hires skilled talent to launch new solutions
together with inventing innovational productions with all the current ideas that results in
uplifting social economic growth through delivering initiations in community where concerned
entrepreneurial activities are executed.
M2. Differences between various businesses.
As per the above chart, it is analysed that all business like small, medium as well as large
sized ventures makes huge attempt towards social economic growth. Considering the graph, it is
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stated that small business contributes 48% in employment, generates 33% turnover and 99.3% in
other businesses. Where as medium sized enterprises contributes 12% in employment
opportunities, generates 14% turnover and delivers 0.6% in other businesses. In contary, large
businesses contributes 40% in employment and 53% turnover so that the economy achieves
growth and development.
D2. Small businesses impacts on distinct economic levels.
Small business firm have huge contribution at each and every level either it is local,
national or regional. At the local level they are creating a range of job opportunities which is
48% for the people so that they can live a healthy life (George and Bock, 2011). As it is easy to
establish which enables the people to set up it also in rural and backward areas also. Other, By
providing the job opportunities to the people they are contributing in rising the national income
and enhance the lifestyle of the people. At regional level, these businesses improves living
standards by rendering opportunities of jobs which shows positive impacts on growth of social
economy. As these businesses only earns restricted revenues, so they makes minimal or low
contributions on national level development of economy.
TASK 3
Covered in PPT
TASK 4
Covered in PPT
CONCLUSION
The above discussion concludes that entrepreneurship offers wide opportunities in
expansion of enterprises that further develops economic growth. Distinct entrepreneurial
ventures are large company, social entrepreneurship, scale start-ups and small businesses.
Despite of huge differences among ventures, theses all works to achieve more revenues by
satisfying needs of market. Small businesses together with scale startups are more important for
any nation as these offers wide jobs to local residents as well as contributes in innovation.
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REFERENCES
Books and journals:
Belz, F. M. and Binder, J. K., 2017. Sustainable entrepreneurship: A convergent process model.
Business Strategy and the Environment. 26(1). pp.1-17.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Burns, P., 2011. Entrepreneurship and Small Business. 3rd Ed. Basingstoke:
Palgrave.MacMillan.
Down, S., 2010. Enterprise, Entrepreneurship and Small Business. London: Sage.
Galloway, L., Kapasi, I. and Sang, K., 2015. Entrepreneurship, leadership, and the value of
feminist approaches to understanding them. Journal of Small Business Management.
53(3). pp.683-692.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Rauch, A. and Hulsink, W., 2015. Putting entrepreneurship education where the intention to act
lies: An investigation into the impact of entrepreneurship education on entrepreneurial
behavior. Academy of management learning & education. 14(2). pp.187-204.
Walsh, G. S. and Cunningham, J. A., 2016. Business failure and entrepreneurship: Emergence,
evolution and future research. Foundations and Trends® in Entrepreneurship. 12(3).
pp.163-285.
Zahra, S. A. and Wright, M., 2016. Understanding the social role of entrepreneurship. Journal of
Management Studies. 53(4). pp.610-629.
Online:
Various entrepreneurial ventures types. 2019. [Online]. Available through:
<https://www.efe.ph/blog/4-types-of-entrepreneurship/ >
Social entrepreneurial venture growth. 2019. [Online]. Available through:
<https://www.redbull.com/my-en/social-enterprise-stats>
The role of Start-ups and Small Business in today's economy. 2019. [Online]. Available
through:<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-
mediumbusinesses-in-the-uk/>.
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