Entrepreneurship and Small Business Management

This report discusses the importance of entrepreneurship and small business management, including different types of entrepreneurial ventures and their relation with typology of entrepreneurship. It also explores the similarities and differences between entrepreneurial ventures and how micro and small businesses impact the economy. Additionally, it highlights the importance of small businesses and business start-ups to the growth of the social economy.

Unit 9 –
Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION.......................................................................................................................................3
PART 1.......................................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Different types of entrepreneurial ventures and its relation with typology of entrepreneurship..........3
P2 Similarities& differences between entrepreneurial ventures...............................................................5
TASK 2.......................................................................................................................................................6
P3 Interpret & assess relevant data & statistics to illustrate how micro and small businesses impact on
the economy............................................................................................................................................6
P4 Importance of small businesses & business start-ups to the growth of the social economy................8
PART 2.......................................................................................................................................................8
Covered in PPT.......................................................................................................................................8
REFERENCES..........................................................................................................................................10

INTRODUCTION
Entrepreneurs are the one who start business with their Innovative ideas and make a
specific plan which can help to establish a business properly. In the success of the business, there
is a creative and strategic mind of entrepreneurs which provide the long term success to the
business. Every business require an influential and effective entrepreneurs which can help to
maintain all the activities & Operations in an appropriate manner. Entrepreneurs and small
businesses are helpful to boost the economy level and also provide their best contribution in the
economic growth. The main purpose of this report is to identify the importance of
entrepreneurship and small business management in the United Kingdom. This report will
discuss various type of entrepreneurship Ventures and also identify its relation with typology of
entrepreneurship. This report determined that what is the similarity and differences between the
entrepreneurial Ventures. Moreover, this report discuss about the famous local, global and social
entrepreneurs and identify their background and experience which which can help to motivate
and encourage people.
PART 1
TASK 1
P1 Different types of entrepreneurial ventures and its relation with typology of entrepreneurship.
Entrepreneur is that kind of person who is responsible to their each and every action and play
various role in term of business like initiator, innovator, producer, idealistic, developer, decision
maker and a successful business personality ( Amato and et. al., 2017). A successful
entrepreneur considered as the backbone of the business and also economy. There are many
types of and technology Ventures are considered which determined on the basis of scope and
size are explained below-
 Small Entrepreneurial Ventures -This kind of ventures required use funds, manpower and
function which can create the effective impact on the development of the business. These

enterprises mainly formulate to earn more profit maximization from their product and
services. These enterprises helpful to generate various employment opportunities to the
local people so they can easily improve their lifestyle and take the responsibility by their
own. The scope and size of this type of entrepreneur are not that much more, there is less
than 50 workers can perform their job and the net worth is considered €2 Million. For
instance - Orion Electrotech Ltd. & Travelodge is the small enterprises.
 Large Entrepreneurial Ventures – This type of Ventures are very large in size and it
contains more scope as compared to the other enterprises. These enterprises cover whole
market and also expand their business all around The World which can help in the
development of the economy (Blundel, Lockett and Wang, 2017). The main motive of
this type of enterprises is to provide innovative and creative product and services which
can attract the customers so that they can earn more profitability and gain more
competitive advantage. For instance - Tesco, Sainsbury’s, Marks and Spencer and
Morrison's are the largest enterprises.
 Social Entrepreneurial Ventures - The main purpose of these ventures is to serve for the
society word for the people. The Ventures basically formed by some group are people
and this people can initiate and work to improve the society. For example - Shelter, Save
the children and Cafédirect, Hill Holt Wood are the social enterprises.
 Scalable Entrepreneurial Ventures - This entrepreneurial venture considered as the business
model in which companies can be started on the basis of new business ideas. when
companies find specific model then they looking forward to raise funds from the venture
capitalists for the development of the company.
Entrepreneurship Typologies
Basically entrepreneurial ventures contain different types of typologies which can associated
with the growth and development of the business and also provide the smooth functioning to
each and every operation. The description of few typologies is as follows -
 Growth firms - These firms are mainly established to earn more profit and the main
concern of this form is to the business growth. These firms are profit oriented and they

can generate more revenue through their creative and Innovative ideas. These firms
mainly focused to the need and wants of the customer so that they can easily their growth
rate (Boermans and Willebrands, 2017).
 Lifestyle Firms - This entrepreneurial typology mainly concerned about lifestyle which
can help to improve the living standard of the people. These firms provide many job
opportunities to the local people so that they can increase their lifestyle and live a
comfortable life.
As for this discussion it can be analyze that entrepreneurial ventures and its typologies are
correlated with each other and also accumulate various chances for the local people so they can
easily enhance their lifestyle. Entrepreneurial Ventures and technologies both play a prominent
role to improve the economic growth (Chen, Chang and Pan, 2018).
P2 Similarities& differences between entrepreneurial ventures
The explanation of entrepreneurial Ventures similarities and differences are discussed
below-
Similarities
Basis Small Ventures Large Ventures Social Ventures
Meet the
requirement of all
resources
These enterprises
established to satisfy
the requirements of the
customers.
These enterprises are
formulated to gain
more profit advantages
with their Innovative
products and services.
They cover the whole
market so the
requirements of the
people can fulfill.
Basically these
enterprises formed for
the development of the
society and meet the
requirement of the
social people.
Improvement of These enterprises play Large businesses are Social firms are

society a significant role in the
development of the
society. Small
business is beneficial
for the local people
because they provide
various employment
opportunities to them.
also providing their
best contribution in the
improvement of the
society with their
Innovative products
and services. They
cover the whole
marketplace and also
provide the easy
purchase.
beneficial for the
overall growth and
improvements of the
society. These firms
are dedicated towards
their work without any
profit.
Economical growth Small businesses are
helpful to improve the
growth level of the
country economy.
these type of ventures
are generating work
and provide source of
earning to the local
people and rural areas
of people so that it
provide positive
impact on the
economic growth of
the country.
Large ventures are
more capable to
improve the growth
level of economic as
compared to the small
ventures. With their
creative ideas and
innovative products
and services they can
expand their business
all around the world
which can help to gain
more foreign currency
and make economy
more strong.
Social ventures are
dedicated for the
growth of the society.
These type of ventures
are helpful to improve
the living of those
people who are facing
various issues and also
not able to stand in the
society. social
ventures are helpful to
improve the living of
the people which can
so that they can
become able to stand
in the society and
provide their
contribution in the
economical
development.

Differences
Basis Small Enterprises Large Enterprises Social Enterprises
Scale Small business require
adequate money to
formulate their business
operations and the scale
of these firms are not
very large.
Large enterprises need
huge funds to run their
business successfully
and it contains the
massive scale.
Social firms are
containing Lower scale
and there is no
requirement of the funds
to run the organization.
They work for the
betterment of the
society.
Purpose The prime purpose of
these firms is to develop
the rural area and work
for the less developed
regions.
The main concern of this
business is to earn more
profit and provide
various products and
services to the social
people.
This firm are generated
for the special purpose
and it can help to work
for the welfare of the
people and society.
Resources Small ventures required
fewer resources as
compared to the large
ventures. Basically these
businesses are need
adequate resources
which can full fill all the
requirements of the
business. Some specific
resources like
manpower, financial and
machinery and
equipments are needs as
Large ventures required
more resources as
compared to the other
businesses. Large
companies need more
capital, finance,
manpower and
machinery and
equipments to start and
operate each and every
operation in an effective
manner.
Social entrepreneurial
ventures need few
resources as compared
to the small and large
ventures. Social
ventures mainly
established for the
development of the
local people.

per the business size and
requirements.
TASK 2
P3 Interpret & assess relevant data & statistics to illustrate how micro and small businesses
impact on the economy.
It is essential to pay more attention on the micro and small businesses because these are the
main base of the country economy (Choi and Suh, 2017). Micro and small businesses are
beneficial in the development of the economic growth and also support them in a positive
manner. The impact of micro and small businesses on the country economy are discussed below
 Large Impact – Basically micro and small businesses influence the economy in a positive
way. This type of business is providing various employment opportunities to the local
people and also fulfills the requirement of the customers (Crespo, Belchior and Costa,
2018). From the chart it can be considered that the business provides the large impact on
economy that is employment rate is 40% and the turnover rate is 53%.
.

(Source: The Role of Startups and Small Businesses in Today’s Economy, 2018)
 Regional Impact - Basically this type of impact directly affect the growth of the
economy. Micro and small business enterprises influence the economy and provide
various jobs to the local people. Regional impact provides the positive impact on the
rural and under developed areas people so that they can effectively improve their
living standard.
 National Impact - Micro and small businesses provide their specific contribution in
the national economy so that country economically performed well. These firms
mainly concerned about the quality of their product and services so that they can gain
more revenue as compared to the other organization. These businesses provide
employment at least 15.7 million people so that they can live their life effectively.
(Kerrin, Mamabolo and Kele, 2017).
P4 Importance of small businesses & business start-ups to the growth of the social economy.
Importance of small businesses and new startups is more because they bring growth to the society in
which the business mainly established. There are few points which are discussed to identify the
importance of small businesses and new startups in the growth of the social economy.
Illustration 1: Role of Start-ups and Small Businesses

 More Employment Opportunities – The contribution of small businesses and startups is
increasing day by day and the development of the economy. The help of these
enterprises, number of people can get job which directly with the success of the economy.
Small businesses are very successful because is driven by the innovative and creative
entrepreneurs who are responsible for their job and upon the task in an efficient manner.
(Loarne-Lemaire, Maalaoui and Dana, 2017). Economic Growth – The main concern of small businesses economic growth and they
are come up with various innovative and creative ideas which will help to boost the
country economy.
 Improve Living standards – With the help of small businesses and enterprises, local
people can easily improve their living standard and live their life peacefully, the main
concern of small businesses is to provide specific goods and services so they can easily
fulfill the requirements of the customers and game mode profit advantage which can help
to enhance the social economy (Morris and et. al., 2018). Spark Innovation - new startup come up with a specific innovation that differentiate
them from the other businesses which is beneficial for the development of the
organization and also for the economy (Nwachukwu, Chládková and Žufan, 2017). Opportunities for the women’s & minorities – Small businesses & new startups are
helpful to accumulate the big opportunities for the women and they can more effective
start their career with their innovation thinking. Some minorities’ people can also make
their career bright with the help of small businesses and startups.
 Development of communities - Small businesses also provide their best contribution in
the development of the communities so that all the people who are belong to the local and
small communities then they can improve their living through new startups and small
businesses.
PART 2
Covered in PPT

CONCLUSION
A project report it can be concluded that entrepreneur are the one who take initiate and
risk to start a new business with innovative ideas contribute in the development of the social
economic. This report discussed about the importance of entrepreneurship and small businesses
and also identified various type of Entrepreneurial ventures. This report also determined the role
of micro, small and new startups on the development and growth of economy. This report also
identified the various type of Entrepreneurs like local, global and social famous entrepreneurs
and also identified their background and experience so that they can inspired to the people.

REFERENCES
Books and Journals
Amato, C. and et. al., 2017. Regulatory modes and entrepreneurship: the mediational role of
alertness in small business success. Journal of Small Business Management, 55, pp.27-
42.
Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship. Sage.
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.
Chen, M.H., Chang, Y.Y. and Pan, J.Y., 2018. Typology of creative entrepreneurs and
entrepreneurial success. Journal of Enterprising Communities: People and Places in the
Global Economy.
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.
Kerrin, M., Mamabolo, M.A. and Kele, T., 2017. Entrepreneurship management skills
requirements in an emerging economy: A South African outlook. The Southern African
Journal of Entrepreneurship and Small Business Management, 9(1), pp.1-10.
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.
Morris, M.H. and et. al., 2018. Distinguishing types of entrepreneurial ventures: An identity‐
based perspective. Journal of Small Business Management, 56(3), pp.453-474.
Nwachukwu, C., Chládková, H. and Žufan, P., 2017. The relationship between entrepreneural
orientation, entrepreneurial competencies, entrepreneurial leadership, and firm
performance: a proposed model.
Ogunlana, F., 2018. The role of entrepreneurship as the driver of economic growth.
Ruchkina, G. and et. al., 2017. Small and medium enterprises in the context of regional
development and innovations. Journal of International Studies, 10(4).