Entrepreneurship and Small Business Management - Desklib

This report provides detailed information about different types of entrepreneurial ventures, their similarities and differences, statistical data of micro and small businesses and their impacts on the economy. It also highlights the importance of small businesses and start-ups for the growth of the economy. Subject: Entrepreneurship and Small Business Management. Course Code: Unknown. Course Name: Unknown. College/University: Unknown.

9 – Entrepreneurship and
Small Business Management

Table of Contents
MAIN BODY...................................................................................................................................3
.........................................................................................................................................................3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

Introduction
 It also helps the country to increase the economic and social values (Frankenberger and
et.al 2020).
 The following part focuses on providing detailed information about the different types of
entrepreneurial ventures and how they are related with the topology of entrepreneurship
is also being mentioned in this report.
 Along with this various similarities and differences between all the entrepreneurial
ventures is being elaborated in the support.
 Relevant data and statistics which shows the impact of micro and small business in the
economy is defined in this report.
MAIN BODY
Different types of entrepreneurial venture
 Small business usually operates at local level and they satisfy the needs and desires of
local people and medium business also targets local market (Santos and et.al 2019).
 This is small and medium business provides more affordable and cheaper products to
their customers so that they can generate profitability on the other hand big business
operates on national level and provides more quality products to the customers.
 Big business does not just target local people but they want to serve different markets so
that they can increase their market share and goodwill.
 Topology of entrepreneurial Ventures States about human behaviour and it also
considered values and methodologies.
 It has been seen that various entrepreneur has to play various roles and for that the need
to you have proper skills and knowledge so that they can easily forecast the upcoming

needs and desires of their customers and also by proper forecasting that can fulfil the
market needs and demands in the upcoming future.
 Entrepreneurs never get afraid to take any kind of challenge and risk. For this reason
there is different kind of entrepreneurial ventures and small scale business, scalable and
large as well as Social entrepreneurship.
 The main objective of entrepreneur is that they want to change the world with their
innovative idea and their which one to produce more qualitative products and services
that consumers have to purchase the products and services.
 Entrepreneurs always have great mentality and they always think innovatively and for
this reason they always try to launch innovative products and services in the market
which creates the competition for the competitors as well.
Similarities and differences between entrepreneur Ventures
 The main feature of entrepreneurship is that it provides a proper opportunity to
individuals so that they can use their talent and skill to create their own business
(Gümüsay and et.al 2018).
 Entrepreneurship provides an opportunity to individuals so that they can freely enjoy
their lifestyle by producing quality products and services so that they can increase the
overall profitability of the business.
 Apart from this entrepreneurial venture provide a good platform to other people who have
passion and enthusiasm to do something innovative. There are some similarities and
differences among entrepreneurial Ventures.
Differences
 The major objective of public entrepreneur is that they want to always grab the advantage
of social outcomes and opportunities. On the other hand private entrepreneurs always try
to form values for the citizens.
 Social ventures and entrepreneurship always tried to get profit by spreading their business
in the entire globe. Macro business always try to operate on a big level and want to
increase their market share apart from this they always want to make their contribution in
the development of economy.
 Micro Ventures remain available in the economy and they also want to generate profit.
Apart from this small business try to make profit and want to increase the same.

Similarities
 There are some similarities in the entrepreneurship Ventures.
 However social ventures try to expand their production services various micro businesses
try to spread their business on the international market.
 Micro business wants to shrink their business areas on the other hand small business
always focuses on the Limited areas.
statistical data of micro and small business and their impacts
 They are rooted from the landscape where they grew up and they always give back to the
society because such a small businesses operate in the local community and Society.
 For this reason they know the demands and needs of local people and therefore this
business are getting success day by day.
 Small business are operating approx. 99% of isolated Areas where it becomes difficult for
the large business to produce products and services and fulfill the needs of such people
while living in isolated areas (Wang, 2019).
 Along with this the total turnover which is being generated by small business is 1.8
trillion Euros and especially 47% of such profit is generated in isolated areas of United
Kingdom. Small business has generated 15.7 million approximately 60% of the private
sector employment to those people which is not being hired by small business due to lack
of skills and knowledge.
 This is one of the biggest achievements of small businesses as their providing
employment opportunity for those who are less educated and eligible to get employment
opportunity in the big named and famed businesses. Apart from this the number of
employment opportunities in turnover of these small and micro businesses is increasing
day by day and they are providing more services and opportunities to the upcoming
generation.
 Another reason of getting success is that day properly knows the needs and desires of
their customers and therefore they can easily fulfil their demand which makes them earn
more profit and revenue.

Importance of small businesses and start ups for the growth of economy
 Small business has been started to make profit and help people.
 Start up business and small business also helps in the economic growth of the country.
 Workforce is the important asset for every company whether they are working in
factories, shops etc.
 when an individual starts business then they are helping nation to solve their
unemployment issue.
 As start up businesses provide employment opportunities to the citizen of the country.
 When an individual starts his own business then initially they are providing employment
to themselves being self employed and also to others.
 Small business owners have the opportunity to grow in the future.
 As today's small business can become big business of tomorrow and can also become
million dollar enterprise.
 Small business also contribute in the tax collection to the business and they also use
banking services.
 If small business will stop working then it will result in negative tax collection and social
development of the country will also gets disturbed.
 Start ups businesses can contribute in increasing economic activities by doing efforts to
attract more local and outside customers.
 Small business also support big companies.
 As good are manufactured by big companies but it is reached to the customers through
small shops.
 Big companies can not directly reach to the end customers so they require mediator
between them and customers and small shops acts as mediator.
 For growth also big companies reply on small businesses because small businesses have
power to increase demand of goods which is produce by big companies.
 As they can convince customers to purchase that specific product.
 Small businesses also helps in bringing innovation. As they are in direct contact with the
general public.
 So they know better that what goods and services are best for customers (Ahn, Han and
Kang, 2019).

 They also easily adapt changes in economic climate and hence their rate of adaptability is
high.
Conclusion
 Entrepreneurship provides opportunities to an individual so that by using their knowledge
and skills they can start their business.
 Ventures are of various types like private, public, social, small, micro etc.
 Small businesses and start ups plays vital role in increasing the economic growth.
 As it creates employment in the country so helps government to reduce the problem of
unemployment.
 Small businesses also help large companies by distributing their goods to the customers.
 So it can say that small business indirectly contributes in increasing the sales of big
companies.

REFERENCES
Frankenberger, K. and Stam, W., 2020. Entrepreneurial copycats: A resource orchestration
perspective on the link between extra-industry business model imitation and new
venture growth. Long Range Planning. 53(4).p.101872.
Gümüsay, A.A. and Bohné, T.M., 2018. Individual and organizational inhibitors to the
development of entrepreneurial competencies in universities. Research Policy.47(2).
pp.363-378.
Muthusundari, S., Karpagam, S. and Madhumathi, K., 2021. Tracking Application by Startup or
Entrepreneur. Annals of the Romanian Society for Cell Biology, pp.2436-2441.
Santos, S.C. and Cardon, M.S., 2019. What’s love got to do with it? Team entrepreneurial
passion and performance in new venture teams. Entrepreneurship Theory and
Practice.43(3).pp.475-504.
Wang, G., Li, L. and Jiang, X., 2019. Entrepreneurial business ties and new venture growth: The
mediating role of resource acquiring, bundling and leveraging. Sustainability.11(1).
p.244.