Entrepreneurship and Small Business Management

This report discusses the different types of entrepreneurial ventures and typologies of entrepreneurship, as well as the impact of micro and small businesses on the economy. It also highlights the importance of small businesses and business start-ups in the growth of social economy.

ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION ..........................................................................................................................3
MIAN BODY...................................................................................................................................3
PART 1............................................................................................................................................3
Different types of entrepreneurial ventures and typology of entrepreneurship......................3
Similarities and differences between entrepreneurial ventures..............................................5
Interpretation of statistics for showing impact of micro and small business on the economy5
Importance of small businesses and business starts-ups in growth of social economy..........6
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurs means those persons known for bringing innovation and implying ideas
making satisfaction created of customers by studying needs of present market. These
entrepreneur also makes revenue and profit generation possible through there business. They are
known as backbone of existing economy since they helps in creating job opportunities for
particular country. Entrepreneurs mainly deals with small and medium size business helping in
providing economic stability within an organization. Scope of entrepreneurship is wider as
impact of created over economy directly. The present report different kinds of ventures and
typologies of entrepreneurial ventures is explained. Also in this relevant data and statistics is
related over economic development with importance of small business, Then in the end growth
of social economy is also told.
MIAN BODY
PART 1
Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship means the process which is use for making establishment done of
business through accepting risk related upon profit generation(Barnard, Pittz and Vanevenhoven,
2019). An entrepreneur is the person responsible for managing business in order to make growth
of business possible within market. All risk and various responsibilities of business are handled
with motive to earn profit. As per this different parts of Entrepreneurial Venture is based over
business and its nature. It has been explained as follows:
Small Scale Enterprise
Large Scale Enterprise
Scalable Enterprise
Social Enterprise
Small Scale Enterprise: These are those small scale businesses which are run by sole trader
for meeting basic expenses. The entrepreneur engages within two or more then two workers and
includes all members within it. Examples of these businesses are grocery stores, carpenters,
brokers, etc.

Large Scale Enterprise: These are large organizations having various operations going
on at same time(Boohene and Agyapong, 2017). The organization possess wider infrastructure
making job opportunities created through utilizing innovation over small projects making larger
profit earned out of it. They work over developing new products and services in order to
maintain customers base . Example of these organizations are Apple and Samsung.
Scalable Enterprise: These are basic enterprises making innovation brought by entrepreneur.
The organizations are focused over fulfilling needs of customers. The enterprises owned by
enterprises having lrge organizations. Example of these organizations are Amazon and
Facebook, etc.
Social Enterprise: These enterprises are mainly related to customer needs and profit making.
The business earning profit over operations has been used over providing better facilities to
people by performing social welfare activities. Examples of social enterprises can be Cafédirect,
Hill Holt Wood, etc.
All the above mentioned enterprises has important role to play in order to establish
typologies effecting decision making of entrepreneurs. Further, certain typologies has been
explained as follows:
Typologies of entrepreneurship
There are different typologies that is involved within entrepreneurship ventures related to
developing business making enterprise more effective some typologies has been explained as
follows:
Growth firms: These types of business has been formed in order to earn maximum profit
which makes high revenue generated. Such entrepreneurs are those enterprises working upon
innovation done over new ideas making profitability improved within market(Brush and et. al. ,
2019). The idea has been has been making customers provided with product and services which
is provided to customers. The organizations are based over large enterprises.
Lifestyle Enterprise: These are those enterprises which helps in forming standards of
persons living locally. Also it provides job opportunities local people of that place through its
product and services. Such ventures fall under this category.
Similarities and differences between entrepreneurial ventures
Basis Small business Large company Social

entrepreneurship
Scale They are those business
that operates over small
scale through operating
small scale by using less
amount of money. It
makes low investment
capacity formed(Collins
and et. al., 2017).
These businesses makes
operations conducted at
high scale due to high
investment capacity
helping in smooth running
of business.
These organization
operates at local
level making needs
of local people
satisfied within
society.
Purpose Main objective of these
businesses makes earning
of livelihood possible for
living comfortable life.
Such organization has
been formed only to earn
huge amount of money
through its innovative
ideas and product
innovation.
These are formed for
uplifting local people
helping in making
living standards of
local people
improved.
Characteristics Such business is required
over limited resources to
run a business and
interference of
government is also low.
In such businesses higher
amount of money is
required. Interference of
government is more due to
various and large
operations that is being
performed by them
These firms requires
money which is
provided by the
government as they
are operating for the
welfare of people
Interpretation of statistics for showing impact of micro and small business on the economy
 Small business turnover makes shaping of UK economy- These businesses are used for
making economic contribution done within economy of country. Further, the
organizations have only 250 employee and there turnover is less then 50 million. The
organizations are based over success and failure.

 Small business growth affects the UK economy- This makes business grow while
performing well-employment rate at high record. With 50% of small business enterprises
expansion of operations has been responding positively in relation to economy.
 Expansion and innovation within global market is one of the key objectives which makes
productivity developed within UK and suggest about exporting plans.
 Globally active small business enterprises leads upon motivating product and services
focusing upon domestic business(Doktor and Bui, 2018).
 as per this there are five exporter regarding small enterprises that has been used in order
to analyse exporting and non-exporting activities within UK making exporters.
 In UK small business enterprises makes growth less within economy making global
entrepreneurship monitoring SME in order to grow within UK at less rate.
 Small Business Enterprises are easily adaptable making economic responses attain over
deal of customers needs within local community.
 Small Business Enterprises makes competition to be generated by encouraging new ideas
that makes range of industries. The SME has been provided over new skills and ideas
making dynamic market condition deal with more effectiveness. Through this business
opportunities grow more effectively.
Importance of small businesses and business starts-ups in growth of social economy
Small businesses and business start-ups making growth of social economy possible. These
businesses and start-ups play important role in making economic growth possible. Small
business and business start develop new ways of employment.
Employment opportunities: Small businesses and business start-ups providing people get
work. Small business contributing within economic through bringing employment growth and
innovation(Huynh and Patton, 2018). Since many operations are related over small business
making reducing within unemployment percentage. Through this skills and knowledge improves
with more enhancement. Also job opportunities has been created over segment of market.
Contributing to local government: The customers has been purchasing local small
business then money given back to community. Through small business and business start-ups
high amount has been generated through higher percentage of taxes. It helps in increasing tax by
improving GDP.

Innovation: This is main factors which makes economic development possible by
implementing innovative ideas and best chain mechanism in order to commercialize
technology(Jones and et. al., 2018). Also it helps in making productivity of small business and
start-ups improved. In this economic growth has been made over new technologies in relation
over idea and product. It makes goals and objectives fulfilled.
Living standards: Small businesses and business start-ups makes job created which is
responsible for making standards improved with more effectualness in order to full fill needs in
more effective manner. Since money fluctuate in market business deals with positive aspects in
effective manner. This is important aspect as small business provides salary to an individual
making positive aspect achieved in terms of living standards.
CONCLUSION
From the above discussion it can be concluded that entrepreneurship means process that
has been used in order to make new business developed more effectively. These enterprises are
based over ides making business grow within market. This part covers about various kinds of
business organizations and their typologies. Further, discussion has been done over differences
and similarities of various business enterprises. In this file statistics over showing impact upon
micro and small business has been done for economy. Then small business and start-up makes
economic growth possible.

REFERENCES
Books and Journals
Turner, T. and Gianiodis, P., 2018. Entrepreneurship unleashed: Understanding entrepreneurial
education outside of the business school. Journal of Small Business Management, 56(1),
pp.131-149.
Anggadwita, G and et. al., 2017. Socio-cultural environments and emerging economy
entrepreneurship. Journal of Entrepreneurship in Emerging Economies.
Barnard, A., Pittz, T. and Vanevenhoven, J., 2019. Entrepreneurship education in US community
colleges: a review and analysis. Journal of Small Business and Enterprise Development.
Boohene, R. and Agyapong, D., 2017. Centre for Entrepreneurship and Small Enterprises
Development, University of Cape Coast (Ghana). In Entrepreneurship Centres (pp. 125-
139). Palgrave Macmillan, Cham.
Brush, C and et. al. , 2019. A gendered look at entrepreneurship ecosystems. Small Business
Economics, 53(2), pp.393-408.
Collins, J and et. al., 2017. Indigenous culture and entrepreneurship in small businesses in
Australia. Small Enterprise Research, 24(1), pp.36-48.
Doktor, R. and Bui, T., 2018. The symbiotic relationship of entrepreneurship and information
technology. Int. J. Entrepreneurship and Small Business, 33(4), p.467.
Huynh, T. and Patton, D., 2018, November. Dynamic Capabilities of Management Teams,
SME’s Competitive Advantage and Performance: The Role of Gender Diversity.
In Research in Entrepreneurship and Small Business: Sustainable entrepreneurship: A
win-win strategy for the future.
Jones, R and et. al., 2018. Entrepreneurial marketing in small enterprises. In The SAGE
handbook of small business and entrepreneurship (pp. 297-320). SAGE Publications
Ltd.
Online
How do small businesses impact the economy? 2020. [Online]. Available through:<
https://bionic.co.uk/business-essentials/guides/the-role-of-small-businesses-in-the-UK-
economy/>.

What Are SMEs & Why Are They So Important for the UK Economy? 2019. [Online]. Available
through:< https://labs.com/what-are-smes-why-are-they-so-important-for-the-uk-
economy/>.
The impact of SMEs in the global economy. 2020. [Online]. Available through:<
https://www.iqualifyuk.com/library/business-management-section/the-impact-of-smes-in-
the-global-economy/>.