BTEC - Entrepreneurship and Small Business Management - Unit 9 Report

This report provides an overview of entrepreneurship and small business management, focusing on different types of entrepreneurial ventures, their environments, and their impact on the economy at various levels. It examines established organizations, small and large social ventures, and hig...Read More

UNIT 9- ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................4
PART 1............................................................................................................................................4
Explaining different types of entrepreneurial ventures...............................................................4
Exploring and comparing different environments for each form of entrepreneurial businesses 6
Interpreting data & statistics about how micro and small ventures impact on economy at
different level..............................................................................................................................8
Value of types of ventures to progress of social economy..........................................................9
PART 2..........................................................................................................................................10
Covered in PPT.........................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is defined as procedure of developing and managing ventures whether it
is mall or large. This process enables individual person to bear any sort of risk with view of
earning profits. With the help of this activity, an entrepreneur set up a profitable business
through which they obtain benefits in term of generating revenue. The current assignment will
justify varied forms of entrepreneurial businesses and their relation to typology of
entrepreneurship. It explains the similarities and differences between entrepreneurial ventures
and interpret appropriate data & statistics to exemplify how small and micro business impact on
economy in different extents. Furthermore, the study will define importance of small-business &
venture start-up to growth of social economy.
PART 1
Explaining different types of entrepreneurial ventures
In the business world, there are several forms of companies or businesses conducted their
activities for different purposes by selling quality products and offering services according to the
expectations, needs and demand of their target market. Here, few examples of entrepreneurial
ventures mention below that put impact on economy in varied terms.
Established organizations-
It is one of those ventures that appropriately manage their businesses functions within
particular industries and organize everything related to it in effective manner (Pérez-Mesa, and
et.al., 2021). For example, ASDA as well establish company in the UK, may develop plan and
strategic tactics to be competitive forever and profitable by offering range of quality items to
customers. It may impact in term of enhancing satisfaction level of individual shopper and
improving standard of living by hiring local people.
Small size social ventures-
Just like above, this type of small businesses may also effect economy in term of
providing cost effective services on time (Kim, Lee and Lee, 2021). For instance, Funeral care is
one of those social organizations that cater its social services by taking less charge from people
who need their help in term of making arrangement of friends or family member funeral as well
as other who may have no one as family. As small size social company, it may support to those

people that died and their known individuals seek to take help from others to arrange a fitting
funeral.
Large size social ventures-
Just like small size, large social venture may also contribute to make individual person
life better than earlier period that they face due to poverty and other common reasons. For
example, British Red Cross may effort to assist local people and needy as well in term of
providing services in crisis (De Cock, Andries and Clarysse, 2021). As a big size social firm or
business, it may have wide range of service portfolio that include health & community care,
corporate service, emergency response, fundraising, etc.
High growth companies-
This category of entrepreneurial ventures may enjoy the benefits of obtaining competitive
edge by making high level investment in profitable things such as services or goods that people
prefer to buy and seek to purchase from so long. For instance, Google is the best example of high
growth company in the world, which enable to enhance customer satisfaction level and attract
new who may retain with brand forever. It may put positive impact on economy in term of
providing services in the context of searching particular thing. It allows individual person to find
exact location, where they want to go.
Typology of entrepreneurial venture-
Survival companies-
This type of typology interrelate to small size ventures such as Funeral care that may face
challenge to run its venture continually and successful (Iwasaki and Kim, 2020). The main
reason due to which it may consider as survival firm is lack of good financial base and human
resource, which may lead to decrease organization productivity.
Managed growth organizations-
Each entrepreneurial venture may relate to particular category of typology. For example,
ASDA as manage progress firm may attempt to be competitive in retail industry by developing
new ideas and accepting innovation concept. It may successfully manage its business functions
and operations by using key skills of each candidate who may able to perform effectively and
productively.
Social enterprise-

As a category of typology, it covers those companies that work for social and individual
development such as British Red cross that may take initiative to support local people by
providing free health care treatment, which individual, especially old person that may seek to
obtain to live healthy and normal life, without facing major issue related to their health.
Aggressive growth companies-
This type of typology covers those organizations that are capable to make huge
investments to maintain their excellent growth and success while operating under specific
industry effectively and successfully. For example, Google is an aggressive growth company
who take benefits to its venture popularity worldwide.
Exploring and comparing different environments for each form of entrepreneurial businesses
There are several things that each company whether it is survival or life style conduct to
run and manage their business functions in effective manner, which define the similarities
between them. For instance, creative idea is the main base that define who much and in which
way survival and other types of entrepreneurial ventures similar to each other. TESCO, Google
and other organizations may always take initiative to be innovative in their sector, which is
actually quite essential for continuous organizational success in market place. Firms and their
management may effort to form creative thought which they may utilize to grab further growth
chances. Another thing is that each firm may attempt to create a venture name which made
them capable to aware people about their offerings in term of products and services. Managed
growth, aggressive and survival enterprises also effort to find out and use the best funding
source.
Differences between entrepreneurial ventures-
Basis Survival
companies
Life-style firms Managed growth Aggressive
growth firms
Managerial style On the basis of
difference,
survival firms
may have one
person who is a
manager
It may utilize
permissive
management style
to manage key
functions and
operations
It may utilize
democratic
managerial style
to manage
workers as well
as organizational
On the other
hand, it may use
consultative and
collaborative
style.

everything in
term of
managerial style.
management
activities.
performance.
Sources of
finance
Mostly survival
organizations
may get require
amount from
friends and family
members as
common source
of funding.
While, life-style
firms may use
bank loan to
obtain specific
amount.
On the other
hand, managed
growth
companies may
use agile
investors to
collect particular
amount of money
for making more
profit.
Their market
shares is the main
source of funding
that help to make
essential
investment to
earn more and
maintain strategic
position.
Technology
investment
It may only able
to invest money
for website
development, not
more than it.
While life-style
firms may
capable to invest
more than website
creation expenses
in term of
conduct market
research.
They may enable
to make wide
investment for
further and
current
improvement in
existing plans.
Aggressive
growth
enterprises may
have ability of
make investment
in regard to
technology more
than other forms
of entrepreneurial
ventures as their
businesses may
based on
technological
implementation.

Interpreting data & statistics about how micro and small ventures impact on economy at different
level
Small and micro are the two most common types of entrepreneurial businesses that are
able to conduct their ventures activities but on small level (Dabić and et.al., 2021). It may put
positive impact on economy at varied extent that mention below;
National level-
At this extent, SMEs may contribute to create employment and impact positively upon
economy in term of offering fair employment opportunities that help to enhance standard of
living and permit local people to fulfil their dreams by doing their jobs in a company
productively. According to illustrated diagram, it can be said that SMEs may recruit 59.3 percent
individual and continue it over the next 15 years.
Illustration 1: Small Business Statistics
(Source: UK small business statistics, 2016)

Regional level-
Furthermore, small & medium size companies put positive impact on economy at
regional level in term of retaining customers who help to enhance profitable and then drive
attention of firms towards generating excellent GDP that help enhance economic level. They
may create diversity at workplace by hiring local people who may have different skills and
knowledge regarding varied things which made them capable to perform in excellent way at
workplace.
International level-
At global level, small & medium size firms may impact in same manner by selling
quality items that help to reach at international extent where key growth chances may accessible
in bulk. They may continually grow and open new branches whether it is small or medium to
earn profit, and then hire people and finally to increase gross domestic profit which is quite
important and beneficial for each company in this competitive world to generate.
Value of types of ventures to progress of social economy
Small size businesses or companies as well as start-up ventures may play vital role in
term of enhancing progress and excellent development of social economy by recruiting those
who are unemployed and unable to live a normal life (Men, Qin and Mitson, 2021). For example,
small firms allow individual to buy inexpensive items within good quality, which enable them to

save money, instead of investing in costly items that most of the people may purchase from big
supermarkets and obtain poor quality. Small companies support to meet social needs such as
health care service, which they may offer at medium level through collecting fund by charity or
social events. For example, many enterprises or entrepreneurs in the world may establish a care
centre via they may help local people in term of offering food services.
Start-up companies by accepting the concept of innovation contribute in progress of
social economy in such a way that allow individual to stay healthy and fit. For example, in recent
time due to pandemic many people may start online ventures in health care sector to aware
people especially elder to be fit and healthy by eating those foods that enable them to away from
harmful diseases. This kind of advice and suggestion may help individual person to keep their
family and friend away from those diseases that affect negatively upon their lives. Furthermore,
by starting nearby medical stores, entrepreneurs may assist to grow social economy by hiring
medical students who have knowledge about this field.
PART 2
Covered in PPT
CONCLUSION
On the basis of above discussion, it has been determined that by performing with
particular style of typology, private, public and voluntary as establish, social, large and high
progress organizations has obtained several benefits while working under specific sectors. Small
and medium-sized ventures has contributed to enhance the living standard of individual person
and generated GDP by selling quality items and following trends that gained the attention of
customers and retain them for longer time. Furthermore, from above analysis, it has been
identified that by using bank loan and agile investors as source of funding firms whether it is
small or large has enhanced their productivity extent.

REFERENCES
Book and Journals
Dabić, M. and et.al., 2021. Intellectual agility and innovation in micro and small businesses: The
mediating role of entrepreneurial leadership. Journal of Business Research. 123. pp.683-
695.
De Cock, R., Andries, P. and Clarysse, B., 2021. How founder characteristics imprint ventures’
internationalization processes: The role of international experience and cognitive beliefs.
Journal of World Business. 56(3). p.101163.
Iwasaki, I. and Kim, B.Y., 2020. Legal forms, organizational architecture, and firm failure: A
large survival analysis of Russian corporations. European Journal of Law and
Economics. 49(2). pp.227-275.
Kim, J., Lee, J. and Lee, T.J., 2021. The Sustainable Success and Growth of Social Ventures:
Their Internal and External Factors. Sustainability. 13(9). p.5005.
Men, L.R., Qin, Y.S. and Mitson, R., 2021. Engaging Startup Employees via Charismatic
Leadership Communication: The Importance of Communicating “Vision, Passion, and
Care”. International Journal of Business Communication. p.23294884211020488.
Pérez-Mesa, J.C. and et.al., 2021. Management Strategies and Collaborative Relationships for
Sustainability in the Agrifood Supply Chain. Sustainability. 13(2). p.749.
Online
UK small business statistics. 2016. [Online]. Available Through:
https://www.pabusinesssupport.co.uk/uk-small-business-statistics-infographic/>