Entrepreneurship and Small Business Management

This document discusses diverse types of entrepreneurial ventures and their relation to the typology of entrepreneurship. It also explores the similarities and differences between entrepreneurial ventures, the impact of micro and small businesses on the economy, and the importance of small business and start-ups to the development of the social economy.

Entrepreneurship and Small
Business Management

Contents
Introduction......................................................................................................................................3
Part 1................................................................................................................................................3
Diverse types of entrepreneurial ventures and clarify how they narrate to the typology of
entrepreneurship.....................................................................................................................3
Discuss the similarities and difference between entrepreneurial ventures.............................4
How micro and small business impact economy...................................................................6
Importance of small business and occupational start-up to the development of social economy.
................................................................................................................................................8
Conclusion.......................................................................................................................................9
References......................................................................................................................................10
Books and journals...............................................................................................................10

Introduction
It is vital for the development of the business to work and deal with the information in an
approved manner and try to acquire the information which are identified with various source and
monetary and corporative danger. Entrepreneurship is the best approach to foster the new
business by distinguishing the idea and make hazard which are related to monetary and diverse
administration issues. This is the interaction which are utilized to grow create successful business
open doors (Abbasi, and et.al., 2021). The organisation that is chosen in the given report is FTI
consultancy as this is the one of the leading companies that provides more effective consultancy
about various different types of companies about small business and entrepreneurship. Company
is having their headquarters in London and Scotland. In this below report it covers various types
of entrepreneurial ventures and how they are interrelated to typology. Then it covers similarities
and differences between entrepreneurships ventures. Then it covers importance of small business
and start-ups. Then second part covers characteristic of successful entrepreneurs and it covers
aspects of entrepreneurial personality reflect motivation. Then it covers how background and
experience can hinder entrepreneurships.
Part 1
Diverse types of entrepreneurial ventures and clarify how they narrate to the typology of
entrepreneurship.
With regards to showcase investigation strategy the organization can create convincing
development and open doors through various effort and simultaneously the connection which are
identified with typology of entrepreneurship:
Small business: This is the sort of organization which are identified with new beginning
up and it is controlled by the single proprietor and low number of representatives. Further, the
income age is likewise not with that high and their principal centre is to getting more customers
and improvement of the organization by their items (Baldacchino, 2021). Supermarket, painter
and customer facing front and so forth are the a few groups who are make achievement in these
sorts of private company business venture. They are remembered for business person who can't
face more challenge in their new companies.
Scalable start up: These are those business which are profoundly identified with
inventive and fire up and their fundamental spotlight is on giving something imaginative to their

clients. This sort of business visionary has faith in their thoughts and try to make high
speculation for recognizing investor economy. These association are exceptionally identified
with significant changes and development in speculation structure the investor and their thought.
These are identified with creative entrepreneur who are prepared to design something new for
their client.
Large company :This kind of venture has limited number of life cycle, as they are just
zeroing in on the helping their client for extensive stretch of time (Colovic, and Schruoffeneger,
2021). Here, the interest of the client is change and have an effect through competition,
enactment and numerous huge association which are fundamentally identified with various
sources and make new items for the completely new market and development. This is vital for
the organization to work and deal with the exercises, anyway the size of the organization is
making numerous troubles with the organization to work and apportion the information
according to problematic level. This incorporate mirroring business person who simply duplicate
the other's thought.
Social entrepreneurship: This is the sort of business venture which are primarily centre
around the significant troubles and social issue that might be conveyed to items and
administration at the social expenses and advantages. This sort of association can be connected
and go for the benefits, not for benefit and half and half circumstance. They are identified with
adaptable business person and required more development and necessity inside the organization
(Ezennia, and Mutambara, 2021).
Discuss the similarities and difference between entrepreneurial ventures.
Variance between entrepreneurial ventures:
particular Small Business Scalable Start-up Large
businesses
Social
entrepreneurship
Goalmouths Small business
organisation is
not such an
organisation in
which there is a
less amount of
risk and less
Their major aim is
to make some of
the innovations in
their products and
services and make
their profits and
They focus on
sustainable for
the longer
period in the
market and
supply in of
large number of
Their goals are to
provide quality
and assurance of
heir products to
the customers.

profits and
growth in the
market.
revenues. products and
services.
Risk factor In this risk of
the business are
low that can be
bearable (Fields,
and et.al., 2021).
There is a high risk
and high amount of
competition in the
company and it is
related with the
financial
investments and
high sales volume.
The risk is
medium and
volume of sell
should be the
major growth
and this is
related with the
brand value in
the market.
Competition and
risk both are high,
and provide better
services to the
customers.
Employee’s
number
Employees
working in small
enterprise is less
than 50
It depends on the
structure and size
of business.
In this
employee can
be between 100
to 1000.
It depends on the
size and nature of
business.
Structure no structural of
organisational is
provided.
Usually, the limited
partnerships and
corporation are
coming together.
It is public and
private limited
company.
Social working
NGOs are coming
in this
organisation.
Similarities between different ventures:
The significant similarities in the middle of these activities which are useful for acquiring the
effective development and market opportunities on the lookout. Further these organizations can
serve and make distinctive angle and development inside the general public to oversee and fill in
according to the accomplishment reason and development (Maloletko, and et.al., 2021). A
portion of the significant similarities in the middle of the previously mentioned ventures are
described below:
 The major and common gaols of these business is to be success in the market.
 Owner is having responsibilities and authority to maintain and implement plan.
 Management of ability and forecasting the system.

 They are having good decisions making powers and managing all the problems that are
occurring during operations and functioning of busines activities.
How micro and small business impact economy
In each kind of organizations, it is vital for the development to oversee small and
independent company and contribute with the higher level of development and openings in
market (Massaro, and et.al., 2021). The quantity of little, small and large ventures is developing
throughout the timeframe and yet it will give the huge number of development and openings
throughout the timeframe.
Figure 1 how small business impact economy, 2020

Figure 2How do small businesses impact economy, 2021
According to the record it has been appear to be that out of 100% , 95% MSME are fused
and 5% are around the conduct which are identified with the essential changes and development
in the administration to development and misfortune to work about high. In UK market,
practically 95% of the organizations are either small or micro and make high measure of made
positions, innovation, expanded GDP level and a lot more advantages which are fundamental and
accommodating for the development of the organization (Ramesh, Ram, and Varadarajan, 2021).
Hence the income that are produced by the organizations are appropriate and important for the
high commitment in GDP and each third individual of UK are get utilized with the assistance of
MSME undertakings.

The whole of the previously mentioned graph is deeply identified with the significant
development structure the quite a while inside the general public and make a point to work and
deal with the information according to the development and nature and society of the
organization. It will be identified with the significant development and accomplishment in the
organization for the development to make organizations (Sobaih, and et.al., 2021). There are
important changes and development for the organization to work and distributed to significant
changes and work according to the accomplishment and accomplishment over the information.
Importance of small business and occupational start-up to the development of social economy.
To keep up the development and responsibilities of the organization to make social
economy is very important for having various organizations nature and development throughout
the period of time. The start-up of the organizations can make creative thought and development
throughout the timeframe and make viable items over the administration which are identified
with successful individuals and their necessity throughout the period of time.
Aside from this, the organization can work and deal with the exercises according to the
development and society to make seriously catching social specialist in extremely brief
timeframe. It is identified with significant status from employing individuals and roll out
essential improvements according to the development and need of the general public (Zedan,
2021). A large number of the beginning up like FTI counselling organization can serve their own
assistance for the business the executives and make a point to work and deal with the CSR

exercises which should be identified with manageability, and social firm quality to take care of
monetary and social issue and make measure over the development and accomplishment in the
monetary foundation.
Conclusion
From the report, it has been connected for the development and accomplishment which are
identified with the significant development throughout of timeframe. Further micro, small and
medium business for the accomplishment and make achieve over the characteristic sort of dare to
get to the job and nature of the organization. They all are basically useful for overseeing and
controlling in the specific abilities and development over the attitude to make the powerful
beginning up about the business thinkers and examination the nature to run the diverse task and
their capacity to oversee. It is likewise distinguished and make some essential data for the
achieving need and social viewpoint for the development and accomplishment for this republish
that might be fundamentally identified with the significant changes either certain or adverse
consequence that could be identified with compelling thought and development according to the
picture of a business visionary.

References
Books and journals
Abbasi, K and et.al., 2021. FinTech, SME efficiency and national culture: evidence from OECD
countries. Technological Forecasting and Social Change, 163, p.120454.
Baldacchino, G., 2021. Small island entrepreneurship. In World Encyclopedia of
Entrepreneurship. Edward Elgar Publishing.
Colovic, A. and Schruoffeneger, M., 2021. Entrepreneuring for deprived urban communities:
Exploring the role of micro‐entrepreneurship. European Management Review.
Ezennia, J.C. and Mutambara, E., 2021. ENTREPRENEURIAL FACTORS INFLUENCING THE
NEED FOR HIGH ACHIEVEMENT ON AFRICAN IMMIGRANT-OWNED MICRO
BUSINESSES IN DURBAN, SOUTH AFRICA. Academy of Strategic Management
Journal, 20(1), pp.1-11.
Fields, Z and et.al., 2021. Using collective creativity and industry 4.0 technology to reduce the
negative impact of a pandemic on entrepreneurs. In Handbook of Research on Using
Global Collective Intelligence and Creativity to Solve Wicked Problems (pp. 133-155).
IGI Global.
Maloletko, A.N and et.al., 2021. Approaches to the study of factors stimulating the development
of cooperation between large and small businesses in Russia and the republic of Belarus.
In Frontier Information Technology and Systems Research in Cooperative
Economics (pp. 325-334). Springer, Cham.
Massaro, M and et.al., 2021. Industry 4.0 and circular economy: An exploratory analysis of
academic and practitioners' perspectives. Business Strategy and the Environment, 30(2),
pp.1213-1231.
Ramesh, J., Ram, M.M. and Varadarajan, Y.S., 2021. Sustainable energy strategies for micro,
small, and medium enterprises in India: a review. International Journal of Industrial and
Systems Engineering, 37(3), pp.283-305.
Sobaih, A.E.E and et.al., 2021. Responses to COVID-19: The role of performance in the
relationship between small hospitality enterprises’ resilience and sustainable tourism
development. International Journal of Hospitality Management, 94, p.102824.
Zedan, S., 2021. TVET: Labor force today, entrepreneurial leaders tomorrow. Journal of the
International Council for Small Business, pp.1-4.