Entrepreneurship and Small Business Management: Examining Different Forms of Ventures and Their Impact on Economy

This article discusses the different forms of entrepreneurial ventures and their interrelation with typology. It defines the similarities and differences between each venture and information about how micro & small ventures impact on national, local and international level of economy. Furthermore, the report will justify importance of small businesses and venture start-ups to progress of social economy.

ENTREPRENEURSHIP AND
SMALL BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION ..........................................................................................................................................3
PART 1.........................................................................................................................................................3
Examining different forms of entrepreneurial ventures and their relation with types of typology of
entrepreneurship.....................................................................................................................................3
Explaining similarities and differences between entrepreneurial ventures.............................................4
Critically examine scope, growth and development of entrepreneurial businesses................................5
Interpreting and assessing data and statistics to illustrate how small & micro ventures impact on
economy..................................................................................................................................................6
Explaining significance of small business and venture startups to growth of social economy.................6
PART 2.........................................................................................................................................................7
Covered in PPT.........................................................................................................................................7
CONCLUSION ..............................................................................................................................................7
REFERENCES ................................................................................................................................................8

INTRODUCTION
Entrepreneurship is defined as one of those activities for which an individual is
accountable and efforts to set up venture or company through it. The current assignment will
explain types of entrepreneurial ventures and their interrelation with typology. It will define the
similarities and differences between each venture and information about how micro & small
ventures impact on national, local and international level of economy. Furthermore, the report
will justify importance of small businesses and venture start-ups to progress of social economy.
PART 1
Examining different forms of entrepreneurial ventures and their relation with types of typology
of entrepreneurship
Any establish company-
In this category of entrepreneurial venture, TESCO may include that operate its business
functions within retail industry through well-established ventures and outlets.
Small size social venture-
This kind of entrepreneurial companies may contribute to support local people at place
where, an organization may operate such as Funeral care (Günzel-Jensen and et.al., 2020).
Large size social venture-
British red cross is included in list of big social companies that support to improve living
standards of local people in the UK and across the nation.
High growth companies-
Google as high growth company may efforts to earn a lot of profit by offering top quality
services to everyone as customer.
Typology-
Survival companies-
This typology defines the activities of those organizations such as funeral care that effort
a lot to sustain business for longer.

Aggressive growth firms-
These enterprises may focus on making money and increasing productivity just like
Google do so, which is important for its continuous growth.
Managed growth organizations-
TESCO is one of those firms that may manage their progress in retail market and attempt
to enhance customer satisfaction.
Social enterprise-
As social company British red cross may efforts to enhance standard of living of
individual person by providing education and health care services.
Explaining similarities and differences between entrepreneurial ventures
Similarities-
It can be said that each type of entrepreneurial businesses such as small, establish, social
and high growth, on the basis of certain elements may similar. For example, entrepreneurs of
each firm may willing to achieve their set aims and objectives. They efforts to create creative
ideas and brand name to become successfully firm in market.
Differences-
Basis Survival Life style Aggressive
growth
Managed
growth
Annual growth
rate
They are unable
to make much
profit.
The annual
progress rate is
medium of these
companies.
Their progress
rate may reach at
high level, in
term of
increasing
profitability.
The degree of
this company
growth is reach
at satisfactory
level.

Managerial
concentration
Within survival
companies,
management
may focus on
managing
current business
activities.
It may focus on
enhancing
customer
satisfaction and
increasing
productivity.
This type of
entrepreneurial
venture
concentrate on
maintaining
brand image and
retaining
potential
consumers.
Management
within managed
growth
companies may
concentrate on
maximizing
performance
level and profits
margin.
Technology
investment
They are unable
to invest money
related to
technology
usage at
workplace.
On the other
hand, this type
of business are
able to make
investment for
using advance
technology but
not too much.
As compare to
other brands or
organizations,
aggressive
growth
companies are
able to invest in
technologies
highly.
Managed growth
companies are
capable to make
a lot of
investment in the
context of
technologies.
Organizational
structure
The structure of
survival
companies is
small in size.
It may utilize
flat
organizational
structure.
They may use
hierarchical
structure.
Managed growth
firms may use
divisional
structure of
business.
Number of
employees
The number of
workers in
companies may
be 5 to 8.
They may work
with 15
employees.
They may have
1500-2000
candidates.
These firms may
have 1000-1200
employees.
Critically examine scope, growth and development of entrepreneurial businesses
It can be critically evaluated that scope, progress and development of each
entrepreneurial venture such as survival, managed, aggressive and lifestyle may differ. They
each grow according to efforts and use of resources at workplace, which made them capable to
achieve target aims and objectives. As compare to other businesses survival growth is not too
much as they are unable to invest money on those things that are essential according to trend but
costly as well.

Interpreting and assessing data and statistics to illustrate how small & micro ventures impact on
economy
SMEs may put positive impact on economy, from national to global level in term of
offering excellent employment opportunities to local people (Xu and et.al., 2020).
Figure 1: Key Small Business Statistics
(Source: UK Small Business Statistics, 2020)
More than large companies, small and mediums size ventures recruit people to perform
within their companies as they are capable to do so by using key strengths in term of skills and
abilities to achieve greater success of businesses. They hire more than 69.7% candidates at work
area to be competitive and productive. In term of turnover, SMEs may contribute to generate
GDP by selling quality items and enhancing customer’s satisfaction.
Small businesses have an impact on national, location, regional and international levels of
economy-
At regional and local levels, small ventures may put positive impact in term of improving
living standards of local level. Furthermore, from national to global extent small businesses may
contribute in term of increasing profitability and generating excellent GDP.
Explaining significance of small business and venture startups to growth of social economy
Small ventures play vital role in regard to social economy growth in term of creating
employment chances for those who are unable to live a normal life and fulfill the needs of their
family members, because of poverty. Furthermore, startup ventures by creating innovative ideas

and implementing each into practical manner in term of services or products may allow
individual person to fulfil their expectations and purchase quality items with great feature in low
cost (Chikweche and Bressan, 2020). They may have made several attempts to grow social
economy in effective manner such as effort to create diversity at workplace where people may
work together and improve and develop their skills.
In term of importance, they play crucial role in improving social economy level in term
of investing money on social development and education of those people are unable to do.
PART 2
Covered in PPT

Notes
Social entrepreneur-
Just like other, these types of entrepreneurs may also take initiative to do something
effective and beneficial for other and themselves as well. They contribute to grow individual
person and enhance their standard of living continually by offering supportive services to them.
For example, Martin Riddifod and Jim Reeves is the best and suitable example of social
entrepreneur who are the creator or innovator of Gravity Light and run their business and offer
their services to local people. As product Gravity Light is produced in London by the
consultancy company Deciwatt.
Global entrepreneur-
It is someone that tend to keep their position at top and conducts new practices in term of
innovation to be competitive from other players in the market where they may operate their
venture. Exporting, opening a new sales office, licensing, franchising and acquiring another
business are those activities that an international business man may conduct. For example,
Mohisan and Zuber are the two brother that achieved greater success and grow their business
across national boundaries. Both brother’s efforts to increase profitability by selling quality items
in the market.

Local entrepreneur-
These types of people may have great potential in term of contributing towards economic
development and growth. They may able to form effective tactics and plans for rural
communities’ progress. Local entrepreneurs are independent to take decision regarding their
business and other activities related to it. For instance, Jon is the best example of local
entrepreneur who is the director of Spinning Hall that established in London as toy and gift shop.
He takes decisions without any interference to make money and manage his venture success as
well as progress.
Notes-
Similarities-
There are certain components accessible in the world of business that define the
similarities between each entrepreneur. For example, they all efforts to innovate something
different according to their own level. They may have innovative thinking and always learn
something new which they use to gain more success and be productive. The efforts a lot to
achieve desire outcomes and set aims. Just like manager, social, global and local businessman
may also take decision regarding business for which they accountable. It can be said that

innovative thinking is the key element of entrepreneurs who may aim to make their ventures
ahead of current position within existing market. It is quite important and beneficial for each of
them.
Differences-
Furthermore, in term of differences entrepreneurs may do varied efforts to make benefits.
But they are different from each other. For example, manager is the one who accountable to take
decision but unable to implement it without taking approval from seniors. They are not being
capable to take risk, which is quite challenging for everyone. Risk taking is one of the biggest
tasks that each of them is unable to handle or deal with it. Social entrepreneurs and local
businessman both are different because they perform and conduct activities related to different
fields in which they are interested and expert. Social business man may take initiative to support
poor and needy people, on the other hand local one may contribute to offer quality item to
customer in exchange of money.

Notes-
Traits-
Each trait defines the personality of individual entrepreneurs and relate to certain lines of
statements in the context of entrepreneur characteristics. By using OCEAN model, it is easy to
define key traits of successful businessman.
Openness-
It is the most common trait of successfully entrepreneur which made them capable to
accept current and further situations and drive their attention towards innovating something new.
They efforts to learn something new and ready to experience new thing, which is quite different
from their background.
Conscientiousness-
Individual with feature may take initiative to concentrate on long term success and
achievements, which is quite essential to do so. In term of passive method, conscientiousness
may enable person to provide stability. They are aggressive in nature just like Zuber and
Mohisan and efforts to earn profits.
Extraversion-
In this category of successfully entrepreneur’s traits, individual may have ability to
understand emotions, feeling and behavior of other and may have talkative in behavior. They are
highly encouraged and inspired by other people. They may feel energetic around creative people.
Agreeableness-
In term of personality, this trait drives the attention to entrepreneur towards enjoying the
movements that give them happiness and also allow other do so in effective and memorable
things.
Neuroticism-
People with this trait may unable to keep their mood in one situation, they are good
entrepreneurs because they are able to experience too much stress and quickly take decision.
Characteristics-

Passionate-
This is the best characteristic of entrepreneur that made them capable to get success and
gain competitive edge. It is quite different from feature of manager because they passionate
about their work but not that much level which entrepreneurs have.
Confidence-
They are much confidence about their work and business success, which manager may do
not have.
Decision making-
Businessman is able to take tough decision but manager is not as they take approval first
and then take action.
Notes-
Furthermore, in the business world there are several examples may exist that define who a
background and life experience of individual may hinder or foster them. By getting education
from good institute and organization an entrepreneur may drive their efforts towards taking risk

and innovating something new. From good family background, they take action to support other
and fulfill their expectations by offering services and products according to their needs. It helps
to increase their profitability and productivity of business, which is important and beneficial too.
They may get experience which they may use to make everyone happy just like social
entrepreneur may do.

CONCLUSION
On the basis of above analysis, it has been concluded that small and medium size
ventures have contributed in growth of national, global and local level of economy by offering
excellent services and taking initiatives in varied manners.

REFERENCES
Book and Journals
Chikweche, T. and Bressan, A., 2020. An investigation on the need for business advisors who
can respond to the changing needs of small business enterprises faced with a dynamic
operating environment. Journal of Small Business & Entrepreneurship. pp.1-25.
Günzel-Jensen, F. and et.al., 2020. Do the United Nations’ Sustainable Development Goals
matter for social entrepreneurial ventures? A bottom-up perspective. Journal of Business
Venturing Insights. 13. p.e00162.
Xu, B. and et.al., 2020. Financial support for micro and small enterprises: Economic benefit or
social responsibility?. Journal of Business Research. 115. pp.266-271.
Online
UK Small Business Statistics. 2020. [Online]. Available Through: < https://www.fsb.org.uk/uk-
small-business-statistics.html>