Entrepreneurship and Small Business Management

Unit 9: Entrepreneurship and
small business management

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
PART 1............................................................................................................................................1
Observe different types of entrepreneurial schemes and relate to the typology of
entrepreneurship.....................................................................................................................1
Explore similarities and differences between entrepreneurial ventures.................................2
Show how micro and small businesses effect on the economy..............................................3
Clarify importance of small businesses and start-ups to growth of social economy..............5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship and small business management is a business that is managed and
controlled by an entrepreneur as in order to create an enterprise. It is taking in terms of financial
risk under which adequate profit and long terms sustainability is processed on regular basis
(Jena, 2020) (Baker, Kumar and Pandey, 2021). Entrepreneurship get perform their business as
by involving certain range of innovation and advancement as by developing contrary focus
through which moderate value in terms of social, financial or aesthetic. The report below is
based on the types of entrepreneurial ventures as per relation to typology and impact of small
business over economy.
MAIN BODY
PART 1
Observe different types of entrepreneurial schemes and relate to the typology of
entrepreneurship.
Entrepreneurship is an extraction of certain values in order to encountered sustained
profit in progressive manner. Entrepreneurial venture is referred to the grabbing of opportunities
and suitable innovation through which economy of social value and attribute both get advanced.
Types of entrepreneur
 Serial entrepreneur- It is an entrepreneur those are worked with the completely new
ideas over continuous basis. It will more often start the company as by paying essential
role in relation to day to day functioning.
 Intrapreneur- It is an entrepreneur or an employee who has worked on to manage and control
innovative ideas within an organisation (Akpan Soopramanien, and Kwak 2020). It might not
faced outsized risk but have an access to utilised resources and capabilities in better manner.
 Owner-manager- In this entrepreneur get managed the working force by measuring all
the respective changes that is occurred within working environment.
Types of entrepreneurial ventures and its typologies
 Small business- It is a business that is controlled by entrepreneur to measure and
control capital and sustained benefits that is attained to advance flow of funds. The
business is worked with less than 50 workers and generate revenue of €2 million for
instance, Electotech, Clarasys etc.
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 Enormous organization: It is a large organisation that has worked over larger scale
and have higher trademark to achieve and attain higher competitive advantage and
effectual sustainability for instance, Tesco, Tesla etc.
 Social enterprise- It is an organisation that implement to generate commercial strategies as
per to maximise financial, environmental and social prospects (Amjad, Rani, and Sa'atar,
2020)
 In this business get worked on to improvise social life and living consequences in
society for example, trust and charities.
Typology of entrepreneurship
It represents the aspect which leads to operate various business functions and operation is
suitable manner and it is as explained below as:
Lifestyle typology- It is formed to enhance and improvise living standards under which
operational activities is advanced in balanced mode. It also offers wider range of opportunities
such as job creation and infrastructure development.
Growth firms- It is a typology under which firm attain suitable growth in order to maximise
operation basis in productive mode. For this need and demand of the customers get fulfilled in
timely constrained.
Explore similarities and differences between entrepreneurial ventures
There is a specific similarity and difference in between entrepreneurial venture and it is as
explained below as:
Similarities
Basis Small business Large business Social enterprise
To
accomplish
customer
need and
demand
The small business
worked to fulfil need of
customer at local stage.
It is a business that works
to fulfil requirement of
customer at global level
(Arfi, and Hikkerova,
2019).
The social enterprise
worked to fulfil basic
need of society in better
way.
To enhance
societal
benefits
The business worked
on to advance higher
opportunity and
provides job facilities
The larger scale business
induces direct based
innovation and
advancement to offer
The business provides
effectual services under
which working standard
of society get uplift in
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