Entrepreneurship and Small Business Management: Types of Ventures, Impact of SMEs, and Importance of Startups

This report discusses different types of entrepreneurial ventures, their differences and similarities, and how to assess relevant data to measure the impact of small medium enterprises. It also highlights the importance of startups and small business entities in the growth of the social economy. The report compares the entrepreneurial skills of JK Rowling and Bill Gates with other business managers. Course code and college/university are not mentioned.

Entrepreneurship and
small business
management
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Table of Contents
Introduction......................................................................................................................................3
MAIN BODY...................................................................................................................................3
Different types of entrepreneurial ventures and explain how the relate to topology of
entrepreneurship.....................................................................................................................3
The differences and similarities of different entrepreneurial ventures...................................5
Assess relevant data to measure impact of small medium enterprises...................................6
Discuss importance of start ups and small business entities in growth of social economy....8
Discuss entrepreneurial skills in comparison to other business managers.............................9
Discuss how personality and mind set of entrepreneur reflects motivation and mind set. . .10
Explain how background and experience can foster or hinder entrepreneurial practices....11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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Introduction
The entrepreneurs are those who look forward to produce valuable products and
development of economy activities by identifying products and services, its process and segment
of market. There are several types of entrepreneurs according to the types of business and their
aspects of motivation. These are the specific individuals who discover the needs of market and
introduce their needs in order to improve productivity of business. However, it should be
required to perform within a proper manner as this includes the various risk that is really
important in order to earn higher profit with organisation. However, the entrepreneurship and
small business management is a sequence to design and build the entrepreneurial skill step by
step. In addition who starts or assumes as well as control of a business or other enterprise,
sometimes when employing the innovations and more than an ordinary degree. Now, in respect
of the report, as graduate level advisor of company oldham angel is an investment firm that helps
start up firms in the community to secure loans with angel investors. So, regarding this report the
line manager of company has asked to carry some task that will provides some guidance to small
and local business. Apart from this, according to report the chosen entrepreneur is Bill gates is
an entrepreneur and business man and built the largest software of Microsoft business through
innovation.
MAIN BODY
Different types of entrepreneurial ventures and explain how the relate to topology of
entrepreneurship
The entrepreneurial ventures are those who form with their personal aspects of purposes
of business in order to provide its services to its community. However, an entrepreneur in an
specific individual who perform the several duties regarding its new ventures to handle and run
their business. Thus, there are several different organisation ventures which are explained and
evaluated as under the business will be is as follows;
small business entrepreneurship- The small business entrepreneurship is a privately
owned business that includes the corporation and partnerships and sole partnership. This business
constitutes several number of employee resources as well as capital of the company. This is also
sometimes a retail business that comprise the grocery, stationary shops and many more who have
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few employee other than the entrepreneur. Some of few examples of small business is layness
espresso, this is coffee shop based in UK and provides coffee and snacks to its customers.
Scalable entrepreneurship - The scalable start-up takes an innovative ideas and searches
for a scalable and business that is repeatable model of business that will turns into the higher
growth of company. Apart from this, type of entrepreneurship comes within market to innovative
vision and have potential change to world. These are entrepreneur will face many uncertainty in
maintaining its business functions and also have chances of failure because they do not have
much information and command about market place. Therefore, they needs to conduct proper
research in order to achieve success in any market.
Large scale entrepreneurship- The large scale business comprise more employee within
a more difficult hierarchy. They have a great number of business operations in a daily operations.
This business also contains the large number of clients, contacts of business and also contains the
great volume of business. This business also constitute the huge number of operational activities,
but for this business also needs the huge amount of investment in relation to develop and launch
its new product within market place. However, this can easily adopt the changes that produce
within its product according to the demand of customers.
Social entrepreneur- These entrepreneur are linked with providing the social services
and its creation of products as well as services which comprises the social requirement and
difficulties of people. In addition, the social entrepreneur is a person who engage the application
that have prospective to resolve community based problem. These are individual are ready to
take the risk and efforts in order to create some positive changes within society by various
initiative.
Typology of entrepreneur;
Male entrepreneur- These individual are highly innovative as well as risk taker and it
helps them in earning more and more profitability. These abilities of male entrepreneur assist in
gaining more productivity within business. However, this can be related to the large companies
that require large investment by the help of innovation and also they are linked with high risk.
Female entrepreneur- These entrepreneur are one who handles its volumes and
responsible for handling within a responsible manner and also they are not capable of taking risk
survival entrepreneur- These are type of entrepreneur who came within market in
relation to survive and fulfil the primary needs of company. They will start a small business or
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start-up in order to gain productivity and for their basic standard of business. These entrepreneur
are not capable to tackle risk,due to this needs an appropriate market research ans so they need a
large investment of capital.
The differences and similarities of different entrepreneurial ventures
On the basis of evaluation of above analysis and discussion. This is clear that every
ventures are different from each other but also constitutes some of the sameness in between those
entrepreneur. Therefore, its differences and similarities will be discus below;
differences;
scalable start-ups and social entrepreneur ventures;
Basic Scalable start-up Social entrepreneur ventures
Purpose The purpose of these business
is to earn suitable profit by
gaining huge risk towards its
special ideas. However, these
scalable start-up also wants to
prepared its advanced ideas in
order to gain brand image of
the products.
This social entrepreneur is
related to earning profit. This
is not a major substances when
the individual will set within
social venture. The social
entrepreneur is also an
approach by the individuals, in
which they can develop the
funds and implement solutions
to its social, cultural as well as
environmental issues
Ideology Its reason to came within
market to represents people
within its unique and
innovative ideas which can
make an important change of
dissimilarities within a global
context
Its ideology is connected with
its social welfare which is
generally completed by
specific individuals of society
and its social welfare.
Large and small-scale entrepreneurship;
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Basic Small scale business Large company
Scope They are type of entrepreneur
will not take much risk in
order to gain more profit as the
y can promote a proper
stability within business that
helps in enjoying its success
by growth and revenues.
These are the entrepreneur take
high risk that is helpful in
order to gain more profit and
its risk factor helps to expand
its business in new businesses
market.
Risk taking These are entrepreneur does
not capable to take more risk
as they are not prepared to deal
with the complex situations.
As the risk is relatively low for
its expansion and operational
activities are sometimes stable
Within enterprise this can take
more difficulties in relation to
gain profit and this risk factor
will assist them in expanding
its business within new places.
Assess relevant data to measure impact of small medium enterprises
In any business industries, the small, micro, medium and large organisation plays major
role within organisation. It helps in the growth of several areas and creates job opportunities for
the citizens living in country. By the help of this, they can easily make some innovative ideas for
some monetary dependencies within organisation. Therefore, the organisation will be discuss
below;
small business- These are business that is privately owned business and only constitute
few employee and also having low revenues in its daily business activities. This is the concept of
self-employment and a fresh start up of organisation. Therefore, some of entrepreneur will
different as per the size of their areas also there are less than 500 employees within organisation.
Micro business- These are business who have low incomes and its sales revenues also it
comprises more than 5 employee in which this include their owner also. Therefore, the common
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business environment includes the services of computer as well as coffee shop. These are the
enterprise which generally depends upon the several sectors within nation
medium business- These are the business in which there are number of employee are
near 250 who are working within business together in order to increase its annual revenue, sales
and income. These are the financial resources of the organisation that are mainly investors,
borrowers and lenders of company. They are having responsibilities to take decisions on behalf
of company.
Large business- The business which operates within multinational as well as global level
in order to increase its global level in order to increase its productivity and assist in achieving a
recognising palace within production of goods and services. This , also provides a proper
assistance to gain sustainable business as well as profits ratio in an appropriate manner. This also
comprises as strong involvement of sustaining an innovation for providing the set of new sorts of
products, In simple language, this also means the creation of new business within present
organisation.
(source; Business population estimates for the UK, 2019)
on the basis of the above image it is determined that macro business are providing its
contribution near 96 percent in business as comparison to the large and medium organisation.
However, this is also analysed that small business are developing under 15 percent jobs
opportunities. In which a large business is delivering 40 percent along with this. However, the
large business has huge turnover rate of 48 in comparison to the small and medium size of
organisation.
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In addition, these are the business does not show the interest in recruiting the skilled
employed as they recruit the less skilled workforce and also believes in providing the training
and development to its workforce because they sometimes thinks that they required to guide its
employee for the growth of organisation. Due to this, the involvement of employee also gets
increased within business by unskilled employee and labour that contribute its best in achieving
its huge productivity and economic growth. However, this is also helpful in improving the
performance of workers.
Discuss importance of start ups and small business entities in growth of social economy
Social economy is regarded as the combination of private and public sector. These entities
play a vital role in growth & success business entity. Significance of small business ventures are
mentioned as under:
Innovation: The small and micro organisation also plays an important role in the business.
This also helps in development of economy within country by using some of the creative ideas
related to the innovation and technology which is updated. These are the factor which mainly
assist in the operational activities of an organisation and also helps in obtaining the sustainability
and productivity within dynamic business environment.
Employment Opportunities: The impact of micro and small business is to provide the
several opportunities of employment and this also helps in contributing in growth of the nation.
However, it also supports the economy of nation which brings the ideas if relevancy and
appropriate information with the facts and figure regarding some of the information. However,
for this purpose, this will be helpful for differentiation in the business in order to growth and
development of the private sector.
Decline in poverty: Now, poverty has become a major issue at global level. Here, small
business ventures helps in minimizing poverty by increasing employment opportunities within
country.
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Discuss entrepreneurial skills in comparison to other business managers
Skills JK Rowling
Persuasive: For an
entrepreneur, it is important to
stay focus. Here, respective
entrepreneur is highly
persuasive and focus towards
the gaols.
Optimistic: This is a crucial
skill of an entrepreneur which
is present in respective
entrepreneur. She always faces
hardships with positive
attitude.
Bill Gates
Flexible: An entrepreneur
needs to be flexible enough in
order to adjust in all the
circumstances. Here, Bill
Gates are highly flexible
which is important in order to
face difficult situations.
Future Oriented: An
entrepreneur is required to
have futuristic attitude. It
allows them to prepare
suitable strategies in order to
face future obstacles in an
efficient manner (Zakieva and
et. al., 2019). In current
situation, respective
entrepreneur is highly future
oriented who always take
decision with consideration of
future implications.
Traits Creative : Creativity is one of
the major traits of
entrepreneurs which allowed
them to bring innovative
products or services in society.
In context of JK Rowling, she
is highly creative thus able to
embark innovation and
uniqueness in market.
Creative : Being an
entrepreneur, it is required to
always look for such
opportunities which are based
on new, unique as well as
innovative thoughts. In
context of respective
entrepreneur, creativity is the
major trait of his personality
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that will help in growth in
future period of time.
Characteristics Resourceful: An entrepreneur
always looks for necessary
resources for venture (Klyver,
Schenkel and Nielsen, 2020).
Respective entrepreneur not
only arrange adequate
resources but also make sure
to make optimum use of such
resources.
Passionate: Entrepreneur
needs to have high passion for
whatever they are doing. In
this context Bill gates, he has
great passion about his work.
Basis Business Managers Entrepreneur
Meaning Manager is the key person
who is responsible to perform
administrative tasks for
success of business entity.
Entrepreneurs generate the
business ideas and also arrange
necessary resources, funds for
the operating the venture.
Skills Managers need to have skills
such as communication,
delegation, time management,
leadership and more
(Piispanen, Paloniemi and
Simonen, 2018)
Flexibility, passion, persuasive
and optimistic nature,
creativity, resourcefulness are
some crucial skills for a
successful entrepreneur.
Discuss how personality and mind set of entrepreneur reflects motivation and mind set
Traits are the crucial attributes of individual’s personality which differ them from others.
With traits, skill a person is able to perform assigned work with greater efficiency. Each and
every entrepreneur has different personality which also inspired their follower to follow the path
of successful entrepreneurs (Dolhey, 2019). In this regard, traits of both entrepreneurs are outline
below:
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JK Rowling: She is a well-known writer who uses her writing skills for well-being of
society. She is a great feminist and always encourages and support women empowerment. Main
aim of JK Rowling is to inspire people through stories, In addition to this, she is highly
passionate about her work and also use creative skills in her writing. JK Rowling started with
nothing but she maintain optimistic attitude throughout her journey. As a result, she is really
successful and renowned writer at global level.
Bill Gates: Bill gates is really humble person who always ready to take criticism. He is a
future oriented person thus able to establish such a large and multinational empire. Apart from
that, Bill gates is really creative and believe in introducing new, innovative ideas for
enhancement of whole society. Passion is the one of the integral characteristics of Bill gates
which helped him in successful completion of his vision of starting Microsoft. It is analyzed that
respective entrepreneur is result driven and believe in doing things rather only setting vision.
Explain how background and experience can foster or hinder entrepreneurial practices
It is analyzed that entrepreneurship is highly affected with personal characteristics,
experiences and more. Apart from this, family background can either facilitate or hamper the
entrepreneurial practices. It can be understood with below mentioned examples:
JK Rowling: She born in the house where she got quality education and all the
necessities which are required for a happy childhood. She belongs to working parents. None of
them were inclined towards writing. She did ample of jobs after completion of university
education. It is found that JK rowling started writing as her hobby rather profession. She started
with nothing without having any background or experience in writing. She is known for Harry
Potter stories. Hence, JK rowling proved that for becoming a successful entrepreneur or to start
something new, it is not necessary to have similar background.
Bill Gates: Bill Gates not came from a wealthy background rather he belongs from a
upper middle class family. It is found that Bill gates is fascinated towards innovation &
technology since childhood. His passion for IT allowed him to realize the vision of starting such
a large empire. Bill gates broke the stereotype that one needs to have a college degree to become
successful. He took admission in degree program of computer science in Havard and later left
the college after two years without completed the course
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CONCLUSION
It is concluded with above mentioned information that entrepreneurs are the people who
have the ability to start a new and innovative business. The entrepreneur handle risk and bring
some changes within innovation of economy. This includes some activities as well as process
which are considered by an individual in order to manage and properly runs it business
enterprises. Discussion has been carried out regarding different types of entrepreneurs and
contribution of small ventures in growth of social economy. The above report discussed
characteristics, skills of two entrepreneurs who are JK Rawling, Bill gates. It is monitored that
successful entrepreneurs are likely to motivate other in an efficient manner. Moreover, family
background and experience has the power to influence entrepreneurial practices significantly.
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REFERENCES
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