Entrepreneurship and Small Business Ventures

This presentation explores the concept of entrepreneurship and different types of entrepreneurial ventures. It discusses the similarities and differences between these ventures and their impact on the economy. It also highlights the importance of small businesses and startups in the social economy. The presentation provides valuable insights for business management students.

Business Management

Introduction
Determination to start a new business venture with new
innovative ideas can be stated as a entrepreneurship,
most of the entrepreneur start with the small business
which helps and supports them according to their
financial conditions.

P1 Different type of entrepreneurship ventures and their relationship with typology
An Entrepreneur is an individual who starts and runs business by
using limited resources. Along with this they have to do proper
planning and take all risks and rewards of his or her business
venture. The business idea is a new innovation, product or service,
rather than an existing business model. There are many type of
entrepreneurship ventures are as follows:
Social venture
Large company venture
Scalable start-up ventures
Small business ventures

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Entrepreneur always focus on generating more profits.
Accenture of London using appropriate strategy for
generating more profits which helps in attaining goals
and objectives. Typology defines different type of
entrepreneur in distinct ventures includes:
Serial entrepreneur
Social entrepreneur
Female entrepreneur

P2 Similarities and differences between entrepreneurial ventures
Social enterprise is a business which having a social
objectives so that they can reap maximum surplus and
reinvest for that purpose in business for shareholders.
Social entrepreneur is a person who establishes an
enterprise which paving an aim to solve the problems or
effecting the social change. Entrepreneurial ventures are
the different type of entrepreneurship. For Accenture of
London, these business entrepreneurial venture having a
perpetual quest which aid in finding new avenues so
that they create maximum wealth. Along with this these
ventures having a similarities as well as dissimilarities.

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Basis Serial entrepreneur Social entrepreneur
Similarities Both entrepreneur focused on improving the
existing merchandise as well as services by
using creativity and innovation so that they can
attain goals and objectives.
Dissimilarities Serial entrepreneur
developed its business
up to particular and
specific level and after
that it is developed by
other person.
The main aim of social
entrepreneur is
improve products so
that they can solve the
obstacles easily which
they are facing.

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Basis Female entrepreneur Male entrepreneur
Similarities Both the entrepreneur are focuses on
development as well as improvement
along with this they have to do proper
designing of distinct products and
services which helps in attaining
objectives that is profit maximisation
and by that they can attain the targets
and well as helps in improving
performance.
Dissimilarities Female entrepreneurs
are trying to make
change in the society
or community. Along
with this they have to
set ideal for entire
society.
Male entrepreneur is mainly
focuses on generating
maximum profits or revenue
and also do the activities
which are future oriented so
that they can not face any
difficulty in future.

M1
There are distinct type of entrepreneurial ventures in
public as well as corporate sector. Moreover, they
have to use appropriate skills which assist in
improving knowledge, learning and achieve task in a
proper and appropriate manner. Further, the staff
members of Accenture of London have to take more
financial risk which helps in earning revenue and by
that they can reap maximum targets.

D1
According to George and Bock, 2011 there are so
many small scale businesses in the economy and
entrepreneur have to develop ideas which assist in
making the changes accordingly so that they can
make proper developments as well as enhancing the
growth. Every entrepreneurial have to take risk so
that they can generate maximum profits.

P3 Impact of the micro and small business enterprises on the economy
There are different type of business which includes:
Sole proprietorship – It is a type of business entity
which is owned and run by one natural person in which
there is no legal distinction between owner and
business.
Partnership – It is an arrangement where parties
agree to cooperate to advance their mutual interests.
Private – It is managed and controlled by private
players. It is a small business unit as compare to
Public Sector Company.

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These type of business enterprise having a direct as
well as indirect impact. They does not having large
turnover so that they can make contributions. There
are various types of business organization according
their size and scope as given below:
Micro business It is a small form of business which
can operate their business in a limited
area.
Small business This is another form of business which
is quite large form micro business.
Medium enterprises It is also a form of business which is
larger in terms of size and scope.

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Direct impact – These type of business organisation having a direct
impact. It provides support in growing. In this, Accenture of London
run and owned by private entrepreneurs as it aid in increasing
employment. The youth of UK attracts towards new job figures and it
having a impact on increasing rate of employment and on the basis of
that company members can generate more revenue as well as profits.
Indirect impact – It helps in providing more opportunities to person who
are unemployed and which helps in making contribution in economic
growth. They have to make supplies with big structured organisation.
The small scale business have to generate the more ideas so that they
can make changes.

P4 Importance of the small business and business start up to grow in social economy
BREXIT refers to the term in when United Kingdom leaves European
Union. After Brexit, UK economy focuses on establishing and building
small businesses as well as start up which helps in making positive
contribution on economy. Social economy is a type of joint venture in
the private as well as public sector organisation. EU faced three threats,
which are first as “radicalised political Islam that has mounted attacks
on European soil”. The second was “who is trying to undermine the EU
from inside with cyber-attacks and financing far-right political parties.
Significance of social business enterprise is:
Job creator
Innovative thinking
Providing skills
Financial supporter

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These are the points which are related to significance
of small scale enterprise in a social economy.
Small-business Start ups
It contributes to wide section of society
and proper contribution should be
needed at all level.
The contribution of start-ups in
developments of economic and social
welfare is limited for a particular area.
Small business generate high revenue
and pay taxes at high rate to
government.
It focuses on development and
generate limited resources for ministry
body.
It generated significant number of
employments for individuals.
It contributes to economy by providing
innovation ideas.

M2
In the small businesses in UK, approx 50 to 60
employees are working and they are not generating
high profits. In medium level companies, approx 60
to 250 employees are working and earning high level
of revenue. But in the large organisation more than
250 staff members are working and earning
maximum revenue and attain targets.

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According to Herrington and et. al., 2010there are so
many small businesses in the market and having a
impact of the different levels of economy whether it
is local, international, national along with the
regional. Moreover, it assist in reducing the
unemployment as well as helps in improving
productivity along with proficiency of the workers.

References
George, G. and Bock, A.J., 2011. The business model in
practice and its implications for entrepreneurship
research. Entrepreneurship theory and practice.
35(1). pp.83-111.
Herrington, M. and et. al., 2010. Tracking
entrepreneurship in South Africa: a GEM
perspective. Graduate School of Business, University
of Cape Town.
Jones, R. and Rowley, J., 2011. Entrepreneurial
marketing in small businesses: A conceptual
exploration. International Small Business
Journal.29(1). pp.25-36.