Entrepreneurship and Small Business Management: Types, Similarities, Differences, and Impact on Economy

This article discusses the different types of entrepreneurial ventures, their similarities and differences, and their impact on the economy. It also highlights the importance of small businesses in the growth of the social economy.

Entrepreneurship and small business management
Types of entrepreneurial ventures
 It is when the organisation gives more importance to innovation and creates
opportunity to produce economic and social values.
 The different types are, small businesses which can be an organisation with
restaurant, a retail store or any thing launched by its owner.
 Scalable entrepreneurship begins with the different idea which has the power
to bring the change.
 Funding is based the uniqueness of the idea (Bertoni, Martí and Reverte,
2019).
 Another type is large companies which works in a lie cycle and sustain
because of the innovation.
Similarities and differences in entrepreneurial ventures
 Similarities are that public have main focus on taking advantage of social
opportunities and private is to have different features into creating different
values for citizens.
 Large enterprise cover a large place in the market area while also the small
ventures aims their business in making profits. Small and micro businesses
are looking to generate profits in order to survive in the market.
 The differences include that large companies exists as a whole part and
expanding the business at the large level.
Impact of micro and small business on economy
 The individuals working in such firms are used to measure the size of the
businesses.
 In UK, small business are run with less than 250 employees and with an annual
turnover of £40 million.
 They contribute to 51% of the total turnover generate in the private sector. Not
just this, small and micro business are creating many chances in terms of
employment.
 In the current scenario, SMEs are employing about 16.3 million people which
makes up for creating 60% of the jobs present within UK.
Importance of small businesses in growth of social economy
 Small businesses and start ups have a huge impact on the
economic condition of the country.
 The condition of company is directly related to the social
economy and the rate of employment.
 Small business generate lot of scope for the employment along
with increase in the products and services contributing towards
the society (Thies, and et.al., 2019).
 Start ups provides entrepreneurship opportunities to many
individuals contributing to the society with the help of great
innovations ideas and increase in the production rate.
REFERENCES
Bertoni, F., Martí, J. and Reverte, C., 2019. The impact of government-
supported participative loans on the growth of
entrepreneurial ventures. Research Policy. 48(1). pp.371-
384.
Boeker and et.al., 2019. Interpersonal relationships, digital technologies,
and innovation in entrepreneurial ventures. Journal of
Business Research.

NOTES
INTRODUCTION
Entrepreneurship and management of small businesses are designed to build some set of skills in a step wise manner. Every organisation
starts as being a small business which is led by an entrepreneur (Fraccastoro, Gabrielsson and Chetty, 2021).
The economy of the country is more volatile because of the new skills and knowledge in the process of starting a new business. This report
deals with the different entrepreneurial ventures and the different environments to foster the same. The profits made are there to support the
family and live a modest life. This lack in innovation and are started by taking loans from friends and family. Scalable entrepreneurship is
about looking is lacking in the market and then creating the appropriate solutions. They hire special employees in order to achieve rapid
expansion and more return values. It includes creating a business plan in the idea to launch it.
Products from large companies are present in different variants present along the core product. Social entrepreneurship is where the
entrepreneurs recognise the social platform and put in the business operations to create a social value. The motivation behind this is to attain
the social benefits and prioritising the transformative social change. It is suggested large firms to adopt corporate ways to encourage the
emergence of new elements into the already existing ones. It is important for the small and medium firms to involves more innovation into the
business and produce creative concepts.
Working in large companies comes with the benefits of being a part of the large executive team. In social entrepreneurship products are
introduced to solve important issues and bring out a social change in the process. Topology is based on human behaviour and are considered
with regard to the values developed from different methodology and samples. Similarly, in social enterprise looks for ways to generate profits
while expanding. Private and public ventures are both treated as separate legal units while striving to generate profits.
Micro and small businesses are looking to expand with the large firms and not worrying about the ways to survive in the market (Boeker and
et.al., 2019). However, the main aim is to have control over the market share. The social companies are expanding the range of products and
services with the help of social platforms. Small companies are aiming at very limited areas to expand their business. Small businesses are
owned and functioned in some different field of process. These businesses are the backbone of some healthy economy and drives the growth of
business while creating several opportunities such as opening in new markets. The less digits for unemployment will result in better economy
of the country as well as the global scale economy.
Small businesses are very effective in supporting the local economies as they bring in growth, prosperity and innovation in the areas present
outside of the main city areas. Government of UK believes that the main source of increasing the productivity of the country is by encouraging
more small businesses. This helps in facilitating an equal type of distribution in the income and wealth. Small business are having 99%
presence in every sector and industry of the market. Growth of these businesses will result in growth and development of the country. This
growth is measured in terms of the turnover. It helps in enhancing the skills and talent required top improve the graph of individual career.
Development in economy will result from the quality and quantity of the products produced by the small businesses. Moreover, the motive of
start ups companies is to bring in innovation which makes the life of easy and modern. The new technology will help in making the human
work easy and reduced which will have an impact on the economic growth of the society.
CONCLUSION
It can be concluded that entrepreneurship and small business management is made to build to skills with a step by step process. There are many
different types of entrepreneurial ventures which are based on different categories and are also related to the typology of the entrepreneurship.
These different ventures have some similarities as well as many points to mark the differences in between them. Small and medium businesses
and start ups contribute a lot to the economy of the country.
REFERENCES
Fraccastoro, S., Gabrielsson, M. and Chetty, S., 2021. Social media firm specific advantages as enablers of network embeddedness of
international entrepreneurial ventures. Journal of World Business. 56(3). p.101164.
Thies, and et.al., 2019. Following the crowd—does crowdfunding affect venture capitalists’ selection of entrepreneurial ventures?. Journal of
Small Business Management. 57(4). pp.1378-1398.

Completion of this processor entrepreneur manage many phases those affects the business activities are
expenses, risk management, connect with target audience, management of resources and threats. .
Completion of this processor entrepreneur manage many phases those affects the business activities are
expenses, risk management, connect with target audience, management of resources and threats. This
presentation will provide whole information about entrepreneur performance for effective start-up
(Dierberger and et.al., 2020).

Various types of entrepreneur according to their capacity they manage their business are as
follows,
Local entrepreneur:
This nature of entrepreneur believes in their own thought they have great knowledge about
every aspect of their business activities. They are most motivated and enthusiastic in their work and
decision-making process. They focus on creativity in their work. This type of entrepreneurs has effective
features like versatility, flexibility, risk management, enthusiastic and many more. In this case the
availability of resources is limited but their goals, scope and aims are not limited, they always try to
make different and effective products.
Global entrepreneur:
Global entrepreneurs face many challenges in their business performance because of the
large and competitive market. Management of various types of resources is not an easier task. But,
Global entrepreneurs apply different methods and approaches for starting and performing their
business plan. They start new business on international level they study and research many aspects like
availability of resources, culture, marketing options, government rules and policies, language etc. Study
of different factors entrepreneur easily achieve their goals. This type of entrepreneur has quality that
they easily manage risk because of their research (Embiricos, 2020).
Social enterprise:
Social enterprise fist purpose is to make safe and healthy society and environment.
Completion of this mission they focus on their business mission. This type of enterprises provides health
care safety, supply of clean water, education, renewable of waste product etc. They have new ideas,

techniques those are helps to create Eco-friendly environment. They mainly focus on utilization of the
resources without harmful impact on human life.
This type of factors directly affect the entrepreneur thought process. Sometime individual
entrepreneur on the basis of this factor they change their mind-set.

Impact on entrepreneur by differences is also the biggest issue because analysis of
culture and changes in their requirement is directly affects the business performance. Financial and
moral support can helpful to take any risk with their production activities. But it is not an easier task
because very fewer entrepreneurs have this type of support to again stand up again in the market (Mayr
and et.al., 2020).

Features of entrepreneur are as follows,
Innovative and Leader:
Main characteristic of entrepreneur is they have great innovative skills that is the reason
they start something new. Knowing about competition they prepare some innovative idea that is the
reason they have great skills. Entrepreneur believes in looks for new opportunity in the market. Leader
means in entrepreneur that they have power for manage different factors. Proper and effective
management of knowledge, skills, talent is major aspect. That entrepreneur easily manages leadership
skills for better running their business plan (Ng, Bardzell and Bardzell, 2020).
Vision and Mission:
Entrepreneur key feature are they have clear idea that which plan is beneficial for new
start-up. Clarity in the vision and mission gives better understanding that how to implement the
business activity, those are also beneficial for future. Entrepreneur has necessary to focus on their work
for effective result. Proper plans and structure provide better success. They work on their research
activity which gives the best result's with effective manner.
Risk management and persistent:
Entrepreneurs have so many qualities for creates better and effective business.
Management of risk in the business is directly affect the sales. But, they have quality and patients for
manage unconditional and unwanted risk. Effective entrepreneur always has this good quality that they
are persistent by their nature. It means they know about some facts that the success is not only option
to start new business. Some time it also depends on luck (NUGROHO and NUGRAHA, 2020).

But at the other hand those entrepreneurs don't have strong background they face many
challenges in their business start-up as well in their personal life.
Business start-up is not as big deal but management of the various factors is the biggest
challenge. Because business is not only depending on hard work, it is also depending on.

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