Entrepreneurship and Small Business Management

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................................3

LO1..............................................................................................................................................................3
P1 Examine different types of entrepreneurial ventures and explain how they relate to their
typologies of entrepreneurship...............................................................................................................3
P2 Similarities and differences between entrepreneurial ventures ........................................................6
LO2..............................................................................................................................................................8
P3 Assess relevant data and statistics to illustrate how micro and small businesses impact on economy
.................................................................................................................................................................8
P4 Explain importance of small business and business start-ups to growth of social economy............10
LO3 & LO4..................................................................................................................................................11
...............................................................................................................................................................12
CONCLUSION ............................................................................................................................................22

INTRODUCTION
Entrepreneurship and small business management defines to an creative word in today’s
business world as it shows as a heart of the every enterprise because it helps the entrepreneur to
take the risk and earns a high profit margin and large growth so that they can preserve in the
marketplace for a longer period of time. This term also helps on enhancing the living standards
and also provides benefits to the system of the country. This report explains the various types of
entrepreneurship ventures with their typologies so that identification would be easy and effective
and this study helps in enhancing the knowledge related to the entrepreneurship and small and
start-ups business ventures by using similarities and differences of that. Further it shows the
relevant statistics and data that shows the impact on the system of the country. It also suggests
the significance of small and start-ups ventures in the social economy. Further it shows the
characteristics, traits and skills of entrepreneurs that can help in to become a successful in their
life. At last it involves their background and experience that can hinder and foster to become
successful( Alsafadi and et. al., 2020).
LO1
P1 Examine different types of entrepreneurial ventures and explain how they relate to their
typologies of entrepreneurship
Entrepreneurship- It refers to a extraction and creation of the value by fetching the financial
risk for earning the higher earnings and longer sustainability. This is an effective process that
helps in designing, running and launching the new business for maximizing the profits for longer
survival of firm. Entrepreneurship can be run by a person who called entrepreneurs that includes
technology, services and activities to get customer attracted(Henry, Foss and Ahl, 2016).
Entrepreneurial activity- This term referred to an enterprising human action that is related to
the generation of values, using the creation and maximize the benefits of the economic activities.
In this entrepreneurship is an effective phenomenon that is considered as an entrepreneurial
activity. In this ideas are converted into the finished product that fulfills the overall demands of
the customers and because of this more opportunities are generated that helps in economically
grow the nation GDP.

Enterprise-
It is a term that is use for the profit business and it is reflected as a entrepreneurial
ventures. In this people who are working for the entrepreneurial success that are considered as an
enterprising and in this various types of legal enterprises are involved such as large enterprise,
small enterprise, social and serial enterprise etc. some of them would be explained below.
Difference between serial entrepreneurs, intrapreneurs and owners managers
There are various types of entrepreneurial category that are working according to their
characteristics and concepts this includes serial entrepreneurs which are those individuals who
constantly come up with unique and creative ideas that helps in enhancing the venture earning,
On the other hand intrepreneurs are those who reflects as an entrepreneurs in the business entity
in a way to handle all the employees in the working place. Although, owners managers refers to
that person which are defines as those who keep the explanations on day to day updates and be
accountable for the same thing.
Types of entrepreneurship- It includes various types of entrepreneurship that can be shown
below.
 Large company entrepreneurship- This term denotes as those business ventures that
are working with high capital, more monetary value for satisfying the customer’s needs
and wants and gaining the competitive advantage in the same industry. They are mainly
worked for maximize the revenues and satisfying the customer’s demands by focusing on
adopting the advanced technology. Example- Google, Yahoo, Apple etc(Bogdanova and
et. al., 2016).
 Scalable start-ups entrepreneurship- It refers to that type of entrepreneurship that only
work with innovative ideas and for this they search for that business model that turn their
organisation for earning the new profits and getting more growth. for examples-
Facebook that is established for earning profits and revenues and this is operated by Mark
Zuckerberg
 Small entrepreneurship- This type of business venture is working with small capital and
limited resources and they work for longer sustainability to feed their individual family

members. Small enterprise can contribute more on the UK economy by give employment
to localised people so that they can sustain in market and earns small profits for their
regular livelihood. Examples- Adam Ludwin is a small and local entrepreneur of UK.
 Social entrepreneurship- In this framework of entrepreneurship is operated for
satisfying the needs of people in the society by solving their issues in an innovative way
for the welfare of the society and their living peoples. Example- Gravity light is the best
social entrepreneurship in UK that is established by Martine Riddiford(Kuckertz and
Prochotta, 2018).
Typologies of entrepreneurship – There are various typologies that are relate with the different
entrepreneurial ventures that can be shown below.
 Social entrepreneur- This type of an entrepreneur are operative for the benefits of the
society and their people and provides the best solutions to the problems by arranging the
funds from the government and charity so that goals can be achieved in time. They
essentially focus on the welfare of people and their living standards rather than earning
profits and revenues. In this social entrepreneurship ventures can be included(Belitski and
Heron, 2017).
 Male entrepreneurs- It refers to that typology which is belong to the large
entrepreneurship where working can be done with proper control and autonomy where
they only focus on working rather than emotional stability. They generally not focus on
social welfare as compare to earn profits and sustainability.
 Serial entrepreneur- In this typology scalable start-ups business are involves where
serial entrepreneurs are working with the innovating thoughts by arranging the financial
resources from the venture capitalist so that they get the funds and give the innovative
goods and services for longer sustainability.
 Lifestyle firms- This shows as those enterprise that is developed to provide the
enhancement of the living standards of the people that are surrounded. In this
employment opportunities are offered to the local people. This is relatively associated