Entrepreneurship and Small Business Management A1

This study material covers topics such as entrepreneurial ventures, small and large size social ventures, high growth companies, typology of entrepreneurship, and more. It discusses the significance of small ventures and start-ups to the growth of social economy and the role of SMEs in enhancing economic growth. The subject is U9 Entrepreneurship and Small Business Management A1.

U9 Entrepreneurship and Small
Business Management A1
TABLE OF CONTENTS
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Entrepreneurial ventures:
For example, ASDA is included in category of leading supermarkets in the UK. It has
established its organization and business in retail industry successfully. It is the best example of
established company that may put positive impact on customer’s satisfaction in term of
providing satisfactory products to target market.
ASDA may run its venture into varied nations across national boundaries that in return contribute
to increase its sales and profitability and allow to establish more outlets worldwide.
SLIDE 4
Small size social venture:
Funeral care is included in list of small size social business, that may put positive impact on
individuals in term of providing them social service, which help in varied terms, for example, it
may contribute to those who are unable to make preparation for their as well as family member
funeral. The financial performance or base of this company is much weaker as it may run venture
by taking risk and using accessible resources that its limited staff members may use to provide
satisfactory services to local people in the UK.
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Large size social venture:
The scope of this company is vast as it may conduct health and social care services. It may effort
to provide benefits and enhance living standard along with improving health of people in more
than 42 nations.
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High growth companies:
For example, customers or users use google in order to find out the best and appropriate
information about specific thing whether it is a product or service and any topic.
SLIDE 7
Typology of entrepreneurship:
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Survival firm: Some business organization use various strategies to survive the target market.
Funeral care is the best example of those companies that are included in list of survival
companies as they may straggle a lot of sustain in the market due to lack of resources.
Managed growth companies: ASDA is an managed progress company as it may have capability
to enhance consumer satisfaction and retain them for longer time. It is related to typology of
manage growth because firm it able to manage its venture in effective manner.
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Continue…
Social enterprise: There are many non-profit business organization who collaborate with
government to manufacture goods which can be beneficial for the society. Government actively
support these business firm and provide all the necessary resource they wish in the process of
dealing in the market. Some social enterprise not only help in the betterment of the society, but
they also help government to stay stable.
NHS is a social service company because it may offer health and care services to each person in
the UK and across the nation. It is related to social enterprise typology because of operational
activities and functional practices.
Aggressive: It is very clear that these type of aggressive growth organization become market
leader.
Google is the best example of those companies who are aggressive to grow and focus on success
year by year continually.
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Similarities & Differences between Entrepreneurial Ventures:
Similarity: For purpose of funding each firm may approach to utilize and find out the best
sources, which in return provide benefit to become a strong and powerful pillar that drive
companies towards progress.
Difference: In order to run and sustain ventures in the market, organizations effort to make
investment in the context of technology implementation, but not at same level as ASDA is
capable to invest money more than Funeral care, because supermarket run its business across
national boundaries, which is not possible for chosen small size firm to do so.
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Interpretation:
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It may offer employment opportunities to those individuals who are seeking to work within well-
reputed companies where they may grow rapidly and allow firms to take pleasure of similar
benefit. It may affect positively upon economic in term of enhancing the living standard of local
people who are suffering and facing challenges to fulfil their needs appropriately and in effective
manner. They deal with this situation because of not having jobs or obtaining employment
chance that may enable them to change their overall circumstance. With the help of job
opportunities offering by SMES, individuals may grow effectively and in productive manner.
The growth of people in the nation may allow governmental bodies to take pleasure of their
nations progress that is essential and beneficial as well. According to the statistic, small and
medium companies hired or work with more than 99.3% candidates more than big brands. it can
be said that SMEs may affect positively upon UK economy in term of increasing GDP, which
may contribute to enhance economic growth. Furthermore, they may support to boost
productivity and enhance customer base. The success and growth factors of SMEs, drive
management attention toward expanding their ventures across national boundaries that help to
generate more revenue and increase number of sales. It can be said that improving United
Kingdom productivity and economic growth is quite challenging for governmental bodies in
several manners. Small & medium size companies are play significant role to do so, in term of
providing jobs to individuals while running ventures into private or public sector. They may
comprise a wide part of nation economy. Along with above initiatives, they may contribute to
gain the attention of international consumers in form of innovating something new such as a
product or service that people prefer to purchase and expect to obtain with affordable price tag.
They may support to over more than 55% of gross domestic’s products and over 66 percent of
total employment in high income nations such as UK. Job offering provide by SMEs may impact
economic growth in same manner, in term of making companies able to serve more people that
increase customer base and demand for products. They may support to over more than 55% of
gross domestic’s products and over 66 percent of total employment in high income nations such
as UK. Job offering provide by SMEs may impact economic growth in same manner, in term of
making companies able to serve more people that increase customer base and demand for
products.
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Significance of small ventures and start-up to growth of social economy:
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Start-up organizations may attempt to hire skilled and talented candidates on the basis of their
effectiveness and efficiency instead of gender, age, race or colour as well as other factors that are
related to workplace discrimination.
Start-up companies and small organizations effectively and highly contribute to grow economy
and enhance level of their progress in term of innovating new products and developing plan to
hire skilled as well as talented candidates who are able to utilize their skills and abilities to
achieve strategic aims of companies whether they are small or large, public or private. Start-up
organizations may support in the context of social economy progress in term of offering services
such as medical or health care nearby house or other places which make old citizen able to take
their benefit as they are unable to walk for mile away to purchase medicines on time. In most the
nations including UK, there are varied firms working at small level of improve the infrastructure
of historical places that may help to gain the attention international customers who prefer to
visitor historical areas or destinations more than other tourist places, where they may get
information about history or specific thing that happen earlier 19s. It can be said that progress of
ventures counts the development of nations. The growth might be measures in term of revenue
and turnover. Along with hiring, start-up business may play significant role in regard to social
economy in form of providing people chance to generate culture awareness that made them
capable to work with different individuals in the future and current era as well. They may gain
the attention of key investors who are able to make investment to make economy more
productive than ever.
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Conclusion
management have built diverse workforce at workplace among which each player or employee
have set of competencies that enable them to be productive and creative in several manners.
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REFERENCES
Online
Median profit made by small and medium enterprises (SME) in the United Kingdom (UK) by
enterprise size. 2021. [Online]. Available Through:
<https://www.statista.com/statistics/291299/average-profit-of-smes-in-the-uk-by-enterprise-
size/>
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