Entrepreneurship and Small Business Management - Types, Similarities, Differences, and Impact on Economy and Social Economy Growth

Entrepreneurship and small business management
Social entrepreneurship: This category of entrepreneurial venture strives for making
large effect of social changes and human wellbeing. One of social entrepreneurship venture is
Ashoka: Innovators of the Public which emphasises on providing solutions to issues in community
and furthering certain social changes.
Entrepreneurial typologies:
There are various entrepreneurial typologies linked with ventures. Description of some are as
follows:
Lifestyle typology: Entrepreneurial typology that works with purpose to alter personal lifestyle and
choices are not for making more money is lifestyle typology. Small business and social
entrepreneurship are linked to lifestyle typology as actions of such ventures are to become reliable
income source addition to bringing changes in living of society.
Growth typology: Entrepreneurial typology that recognises market opportunity as well as makes
decision for creating and achieve profits is growth typology. Large company and scale start-up
venture are linked to growth typology as the ventures have attitude towards scaling growth and have
competence to attain sustainability in market.
P2: Similarities and differences between entrepreneurial ventures
Mentioned below are similarities among entrepreneurial ventures:
Innovation: Small businesses offer innovative products to meet requirements of local
residents. At same time, scale start-ups work to launch innovative items for changing the world.
Likewise, social enterprise works to provide innovative solutions to solve social and environmental
issues. Moreover, large company invest in innovations to grow market share of current products
while promoting new commodities.
Employment opportunities: Small businesses provides employment to local people.
Moreover, large company generates employment to reduce unemployment rates in the country. At
same time, scale start-ups employs talents having advance skills. Likewise, social company
generates quality of employment opportunities to hire hard to employ addition to offer training for
transition of volunteers into conventional employment.
Entrepreneurship is extraction of values. In business management, it is viewed as
change that entails risk beyond than what is encountered in establishing a venture and often
comprises more than values. There are various entrepreneurial ventures that impacts on growth of
economy and social economy within UK.
TASK 1
P1: Types of entrepreneurial ventures
Different types of entrepreneurial ventures and typologies
Enterprise is said to undertaking which is complicated, risky as well as difficulty to
establish and manage. It refers to bringing factors of production collectively and assigning proper
tasks to each together with paying remuneration to them for done. Entrepreneurship is an act for
initiating and running a business to make money. It is an attempt to create a new enterprise by
bearing major risks along with enjoying most of benefits or rewards. Vision of entrepreneurship
is to discover something new, take risk and contribute in nation’s capacity to succeed within
more competitive international marketplace.
Entrepreneurial activity is described to enterprising human action to pursuit
generating values with the help of creating or expanding economic practice, via recognition and
exploitation of new markets, processes and commodities.
Entrepreneurial venture is said to a company or organisation that puts more
focus on innovation and opportunities at centre for producing economic and social values. Some
entrepreneurial venture types are explained below:
Small business entrepreneurship: Majority of ventures are small businesses as
they are independently owned and carry out operations in limited size and restricted revenue.
TALA, SHREDDY as well as B_ND are small business entrepreneurship as they do not aim for
large scale profits rather works for satisfying local residents.
Scalable start-up venture: There are ventures which work with the vision to
make changes in the world. Facebook and Online shopping store are scalable start-up venture
who attracts people and motivates to think out of box.
Large company entrepreneurship: Ventures having defined cycle of life are
known as large company entrepreneurship. They address requirements and opportunities of
current business through innovation and looks for branching into new customer segments. Virgin
Group is large company entrepreneurship that grow and sustain through offering innovative
commodities and cope up with changing technologies.