Entrepreneurship and Small Business Management

Unit 9 :
Entrepreneurship
and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1.Different types of entrepreneurial ventures in relation to typology of entrepreneurship..3
P2. Differences & similarities between entrepreneurial ventures..........................................4
P3. Impact of micro and small business on UK economy......................................................5
P4. Importance of small business and start up to growth of social economy.........................6
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship can be referred to as the procedure of launching a new venture by
exercising innovation and creative thinking skills. Hereby, the primary role is that of an
entrepreneur who is responsible for running, management and control of activities associated
with new venture. The following project comprises of overview of different types of
entrepreneurial ventures along with relation with typologies. Further, the impact of micro and
small business over the economy of UK is given. Lastly , the significance of start ups and small
businesses on growth of social economy.
TASK 1
P1.Different types of entrepreneurial ventures in relation to typology of entrepreneurship
Entrepreneurship can be deciphered as the willingness and capabilities exercised by an
individual to create a venture that solves the issues faced by society as a whole. In this regard,
entrepreneur is a person who undertakes the risks and enjoys the rewards associated with
entrepreneurial venture. There are several types of entrepreneurial ventures which are briefly
explained as follows:-
Large scale business: This type of venture is based on larger capacity of the firm and
turnover in billion dollars. Such enterprises have a big organisational structure with an aim to
provide people with high quality and innovative products for their use. In terms of operation,
capability of large scale venture is quite extensive and also they have chain of stakeholder groups
such as investors, promoters, customer, shareholders, supplier etc. who provide aid to the entity
in sustaining in market for long run. For example: TESCO PLC is one of the most recognised
examples of large scale firms having a turnover of billions of pounds.
Small venture: This type of venture is small in size and is particularly new in market
place. Small firms sell products as per their actual capacity to ensure execution of business
operations in a cost effective manner. Being small in size and scope, such enterprises carry out
their operations by leveraging upon limited resources and incur funds as per their capacity. Here,
focus of small business is to expand operation to large scale slowly and steadily. Also, the
purpose held by these businesses is to creates employment opportunities for people and expand
the business in an optimal manner. For example: Sir John Baker is an example of small scale
firm.