Entrepreneurship and Small Business Management: Typology, Impact on Economy, and Importance of Small Businesses and Start-ups in Growth of Social Economy

This article explains the typology of entrepreneurship, including lifestyle, growth, profit-oriented, small, large, and social ventures. It also discusses the impact of micro and small businesses on the economy, including their contribution to regional, local, and national economies. Additionally, it highlights the importance of small businesses and start-ups in the growth of the social economy, including their role in providing job opportunities, improving the lifestyle of local communities, and promoting economic growth. The article concludes with references to relevant studies and research.

Introduction
In this time, small businesses are playing a remarkable role in the development of the organization.
Now it is easier for the entrepreneurs to start their business with their creative mind & gain high
growth rate. In United Kingdom, lots of businesses are running by the entrepreneurs like micro
small, medium, large. All these kind of businesses are formulated with specific aim. This
assessment is based on the horse and small business management & discuss about various types of
entrepreneurial ventures. Importance of small businesses & new startups for the development of
the social economy will also discuss.
Various kinds of entrepreneurial ventures and how it relates to typology of entrepreneurship.
There are many kind of entrepreneurial ventures are operating why most of the
entrepreneurs with a specific purpose. All these ventures are diversify specific resources, size &
scale. The prime concern of entrepreneurial ventures is maintained economic growth and
profitability. Some entrepreneurial ventures are as -
 Small business - These kinds of ventures size & scale is very small & it requires limited
resources to perform business operations. Small ventures are providing employment less
than 50 people. The main aim is to improve the living of local people (Boermans and
Willebrands, 2017). Small businesses are target the local market and provide
employment opportunities to the local area people so that it can affect the living of the
people in a positive manner.
 Large business - Large ventures are containing large scale & size & perform their
operations with specific purpose that is profit maximization. Large ventures are giving
employment opportunities more than 250 people & the main concern is to enhance the
economy growth level. Large ventures mainly concerned about the creativity and
innovativeness of the goods so that they can effectively attract the most of the people all
around the globe so that companies can generate more foreign currencies.
 Social business - Social ventures are formulated with the aim of development of the
society so that all the social people can effectively live their life comfortably & become
independent. These kind of ventures are considered as the non profit organisation which
mainly formulated for the development of the society and communities. In UK, there are
various social ventures like Shelter, Save the Child and many others.
Typology of entrepreneurship
Entrepreneurial ventures are connected with the specific typologies so that they can perform their operations
in an effective manner. The explanation about specific typologies is as follows –
 Growth ventures - These ventures are more focused on the growth & development so that they can
expand their business. The main motive of all kind of ventures are to contain the ability obtain the
growth level & more revenue. All type of ventures whether it is small, large or social , all ventures
are concerned about the growth level & maintain the working operations in an appropriate manner.
 Lifestyle ventures - This type of ventures are established with the motive to evolve the lifestyle of
the local communities. People lifestyle will enhance through specific goods & services. These
ventures are generating various job opportunities to the people so that they can live good quality
life (Crespo, Belchiorand Costa, 2018).
 Profit oriented venture – The main concern of the most of the business is on the profit
maximisation so that company can generate more revenue and maintain the profitability of the
organisation. All kind of ventures consider this typology to maintain the revenue. These venture
are utilising strategic planning and strategies in order to earn more profit and revenue .
Similarities and distinction between types of entrepreneurship.
Differences
Basis Small Large Social
Purpose The prime purpose of
small ventures is to
provide job opportunities
to the local people and
improve their lifestyle
The main purpose of large
venture is to improve their
business operations
around the world (Loarne-
Lemaire, Maalaoui and
Dana, 2017).
The main purpose of social
ventures is to work for the
development of the society.
Scale The scale of small
ventures is low as
compared to other
ventures.
Large Ventures are
maintain high scale to
operate their business
activities.
Social venture are non- profit
organization so mainly work
for the welfare of society &
the scale is small as compared
to the other ventures.
9- Entrepreneurship and Small Business Management (PartA)

Similarities
Basis Small Large Social
Lifestyle Small Ventures are
helpful to improve the
local community people.
These ventures are
producing innovative
products so that they can
improve the lifestyle of
the people
Social ventures are
support those people
who are survivals so
that they can become
independent.
Economic
growth
These ventures are
helpful to improve the
economical growth rate
why providing
employment
opportunities to the local
people.
These ventures are give
direct contribution can be
growth of the economy via
generating use foreign
currency which main
strong financial position
of the country.
These ventures are
responsible to solve
the social issues
which can make
economic condition
strong (Van Horne
and et. al., 2021).
Assess and interpret the statistics and data in order to illustrate how micro and small business
impact the economy.
Explanation about various types of enterprises on the basis of their size, scale are
given below -
 Micro - These enterprises a very small in scale & less than 10 employees can perform
their operations. Annual turnover is considered less than 2 million pounds.
 Small - Basically small enterprises require low level of funds & resources. Small
enterprises are providing employment opportunities less than 50 employees & annual
turnover rate is less than 10 million pounds.
 Medium - These enterprises are required resources and finance more than a small
businesses & providing jobs less than 250 people. Annual turnover rate is considered
below 50 million pounds.
 Large - Large enterprises require higher amount of resources and capital and also
providing employment to more than 250 people. Annual turnover is also considering
more than 50 million pounds.
Factors that affect on the economy
Micro & small businesses play a significant role in the development of economy. As per the current analysis, it
can determined that these businesses manage high growth rate because government of UK give them proper
support and also started numerous initiatives that can increase the working of the business. Government also
provides financial support & launched various financial schedules so that entrepreneurs can enhance their
business. It can useful to enhance the turnover rate of the micro & small businesses enterprises & improve the
marketing and selling of the company.
There is an involvement of other factors like export opportunities that can useful to improve the GDP rate
so that they can increase the foreign countries rate & boost the economic level of the country.
It is determined that, they are providing more than 98.3% work opportunities to the people that results considered as
high per capita income rate. Other factor also considered by the companies like employment opportunities. Micro &
small businesses are more concerned about their business operations & generate more employment opportunities to
the local and rural areas population.
Impact on various economies-
 Regional - Micro & small enterprises of United Kingdom participate in the growth of the economy regional
basis & also support the local people. The Ventures are providing employment to the common people &
improve the living of people (Ruchkina and et. al., 2017).
9- Entrepreneurship and Small Business Management (PartA)

CONCL
USION
On the basis of this assessment about entrepreneurship it can be concluded that there are various types of
branches are operating by UK entrepreneurs. This project discuss about the importance of small y &
startups for the social economic of the country. It is analyzed that micron is small businesses provide their
best participation in the development of the country economy
REFERENCES
Anggadwita, G., and et. al., 2017. Socio-cultural environments and emerging economy entrepreneurship:
Women entrepreneurs in Indonesia. Journal of Entrepreneurship in Emerging Economies.
Boermans, M.A. and Willebrands, D., 2017. Entrepreneurship, risk perception and firm
performance. International Journal of Entrepreneurship and Small Business, 31(4), pp.557-569.
Crespo, N.F., Belchior, R. and Costa, E.B., 2018. Exploring individual differences in the relationship
between entrepreneurial self-efficacy and intentions. Journal of Small Business and Enterprise
Development.
Loarne-Lemaire, S.L., Maalaoui, A. and Dana, L.P., 2017. Social entrepreneurship, age and gender: toward
a model of social involvement in entrepreneurship. International Journal of Entrepreneurship
and Small Business, 31(3), pp.363-381.
Ruchkina, G. and et. al., 2017.Small and medium enterprises in the context of regional development and
innovations. Journal of International Studies, 10(4).
Sauka, A. and Chepurenko, A. eds., 2017. Entrepreneurship in transition economies: Diversity, trends, and
perspectives (Vol. 10, pp. 978-3). Cham: Springer.
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.
 Local - Micro & small businesses are helpful to improve the living of the people &
useful to maintain their life. For instance, grocery shops, coffee shop, restaurants & also
medical shops are also come on these categories.
 National - Micro & small Ventures are also provide their waste contribution the
development of the country economy. All these branches are helpful to improve the per
capita income & maintain the contribution of GDP rate (Turner and Gianiodis, 2018).
Importance of small business and start-ups in growth of social economy.
Importance of small businesses & startups for the development of social economic are given
below -
 Work opportunities - This is containing as the main importance of the new startups and
small businesses because it can help you to provide various work opportunities to those
people who are more capable but not getting good job opportunities(Venkataraman,
2019).Small businesses are beneficial for the development of the society because it can
target the local area people so that they can easily become financial independent.
 Lifestyle - Micro & small businesses are beneficial to improve the lifestyle of the local
people so that they can and also live a suitable life. These businesses are also helpful to
make people financial independence (Anggadwita and et. al., 2017).
 Opportunities for women’s & minorities - Through startup & small businesses,
women’s & minorities people can effectively receive an appropriate opportunities for
the employment so that they can increase their career development level (Turner and
Gianiodis, 2018).
 Economic growth - These kinds of businesses are providing positive impact on the
country economy & also helpful to upgrade the level of country market. New start-ups
are helpful to uplift the social economy and also useful to improve the living standard s
of the common communities so that all the local people become independent which will
improve the level of the economical growth.
9- Entrepreneurship and Small Business Management (PartA)