Entrepreneurship and Small Business Management

This report discusses the different forms of entrepreneurial ventures and their interrelation with typology. It explains 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 justifies the importance of small businesses and venture start-ups to progress of social economy.

ENTREPRENEURSHIP AND
SMALL BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION.....................................................................................................................................2
PART 1.......................................................................................................................................................2
Examining different forms of entrepreneurial ventures and their relation with types of typology of
entrepreneurship......................................................................................................................................2
Explaining similarities and differences between entrepreneurial ventures...............................................3
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..................................................................................................................................................5
Explaining significance of small business and venture startups to growth of social economy.................6
PART 2.......................................................................................................................................................6
Covered in PPT.......................................................................................................................................6
CONCLUSION..........................................................................................................................................6
REFERENCES..........................................................................................................................................7

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
It may focus on
enhancing
customer
satisfaction and
This type of
entrepreneurial
venture
concentrate on
Management
within managed
growth
companies may

managing
current business
activities.
increasing
productivity.
maintaining
brand image and
retaining
potential
consumers.
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
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>