Entrepreneurship and Small Business Management

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