Entrepreneurship and Small Business: Ventures and Economic Impact

This report provides a comprehensive overview of entrepreneurial ventures, exploring different types such as small, large, scalable, and social businesses. It delves into the similarities and differences between these ventures and analyzes the significant impact of small and micro businesses on the economy, focusing on job creation, turnover, and innovation. The report also highlights the importance of small businesses and start-ups in the growth of the social economy, emphasizing employment opportunities and improvements in local areas. Furthermore, it examines the skills, traits, and mindset required for entrepreneurial success, referencing examples like Bill Drayton, Elizabeth Gooch, and Tom Mercer. The report uses the OCEAN model to discuss entrepreneurial personality and concludes with a review of the backgrounds and experiences that contribute to entrepreneurial success.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
PART 1............................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and their relation to the typology of
entrepreneurship.....................................................................................................................3
P2 Similarities and differences between entrepreneurial ventures.........................................5
TASK2.............................................................................................................................................6
P3 Impact of small and micro businesses on the economy :..................................................6
P4 Importance of small businesses and business start-ups to the growth of the social economy
................................................................................................................................................8
PART 2............................................................................................................................................9
CONCLUSION..............................................................................................................................30
REFERENCES..............................................................................................................................31

INTRODUCTION
Entrepreneurs are defined as the person those are having ability to start a new business and
implement new and innovative ideas in order to earn profits and to meet needs of people.
Entrepreneurs are the individual those are having such skills and capabilities to launch and run
such venture which could be helpful in dealing with needs and demands of people. By
undertaking market needs motivation is rendered to entrepreneurs and in this way plans and
strategies are being seen and managed in most appropriate manner (Salder and Bryson, 2019) .
This report is covering different types of entrepreneurial ventures and its typology which are
associated with managing an entrepreneur venture. Besides this the report is covering similarities
and differentiation between various entrepreneurial ventures. This is being analysed that small
business and start-ups are providing greatest impact over the economy. Similarly small
businesses and start-ups are leading to provide various opportunities of social and economic
growth to the nation. These businesses are helpful in providing job opportunities and enhancing
purchasing power of people as well. For an entrepreneur to be successful specific skills, traits
and mindset is required that would be helpful in developing differentiated venture in most
appropriate manner.
MAIN BODY
PART 1
TASK 1
P1 Different types of entrepreneurial ventures and their relation to the typology of
entrepreneurship
Entrepreneurship is defined as a broad concept which is having various forms or
entrepreneurial venture in this so that to align with market environment. In this manner there are
various forms of entrepreneurial typology which is elaborated as under:
Small Business
The foremost form of entrepreneurship typology could be small business
entrepreneurship in which entrepreneurs may have limited resources and number of staffs in
order to execute their business functions (Maritz and Laferriere, 2016). The capital within small
business is limited due to which it restricts the ability of individual to optimise their capacity.

The prominent objective of this entrepreneurial venture is to enhance awareness of people in
respect of marketplace and to make sufficient profit by which further proceedings can be
executed effectively. These ventures are having lower profitability as in comparison to other
ventures.
Large Business
Large entrepreneurial ventures are having advanced and expanded business functions in
which they are facilitating various trends and regulations so that to align business functions with
exiting business environment. These ventures are having ability to make higher profits and
gaining market prominence as well. On the other hand these are integrating innovation and
creativity within their business functions in effective manner (Sauka and Schneider, 2016). The
objectives of these businesses are to gain longevity within business and to attain sustainability as
well.
Scalable
Scalable entrepreneurship emphasised on generation of new ideas and concepts in such a
way that innovation and uniqueness can be rendered. These businesses are having major goal of
gaining advancement of entrepreneur ventures so that degree of innovation can be inhaled. These
are the ventures those are continuously looking forward to gain modifications so that to manage
business environment.
Social
Social entrepreneurship is defined as such businesses those are providing such assistance
to social cause in order to render betterment to the society. These ventures are dealing with
eradication of societal issues due to which a better future can be maintained. The aim of social is
to enhance living standard of people and to support them to live a normal life. \
Entrepreneurial Typology
 Growth ventures are associated with such concern in which business expansion can be
made and in the same manner long term development can be seen as well (Acs, Szerb
and Autio, 2017).
 Survival ventures are associated with sustainability and consistency within dynamic
business context. The objective of these businesses are to deal with aggressive market
competition and to sustain in the market.

 Lifestyle ventures are defined as such ventures in which livelihood of people can be
enhanced in most effective manner. The major aim of these businesses are to attain
prominent revenues so that people can live their lives in respective manner.
P2 Similarities and differences between entrepreneurial ventures
Similarities -
 All of businesses are associated with developing their ideas and managing profits as well.
 All these businesses are examining future contingencies in order to plan long term
development aspects (Matlay, 2019).
 All of these businesses are operated to earn higher profits and to gain innovation in their
business as well.
 These businesses are managing competition within their industry.
 The major aim of these businesses is to cover their cost and to deal with needs and
requirements of their customers.
Differences
Basis Small Large Scalable Social
1. Definition These are the
businesses which
are owned by
owners and they
have major aim of
earning profits
(Domènech
Lazzeretti and
Serra, 2018)
These businesses
are providing
benefits to internal
and external
stakeholders. In
this manner
market presence
can be generated.
These businesses
are known as new
starts-ups which
are aimed at
bringing change in
economic and
social manner.
These ventures
are not
working to
earn profits as
they are
dedicated to
provide social
benefits to
people.

2. Characteristics Capital requisite
to manage these
businesses are
very small and
without any
government
intervention
business can be
operated.
The capital
requisite to
manage such
businesses is large
and high
government
intervention is
faced as well
(Apaydın and
Karacaoğlu,
2018).
Funding is
required by the
company to
operate its
business and in
this manner needs
and demands of
people can be met.
These are the
business those
are managed in
order to
provide
benefits to
society.
3. Role in the
society
They are
providing and
satisfying needs
and demands of
individual.
Grocery store and
beauty shops are
included in these
businesses.
These are having
diversified choices
within business
and that would
bring
competitiveness as
well.
These are
associated with
providing
innovative
services and
products within
market.
They are
providing
opportunities
to people to
make their
lives better.
TASK2
P3 Impact of small and micro businesses on the economy :
Micro businesses are being managed by owner itself and they are employed with less
than 10 employees and they have turnover of < £632,000. On the other hand small businesses are
employed not more than 250 employees and they have turnover of not more than £6.5million.
These businesses are contributing to economy in such a way that:

1. Job Creation: Both micro and small businesses are giving job opportunities to people in
which they are employing capital and human capital as welL (Jones and et. al., 2020). In
this various job opportunities due to which immense opportunities are given within
private sector.
2. Turnover: Small businesses are providing significant positive impact to the GDP as
higher generation is being involved in the business and entrepreneurs are involved in
managing business and making profits (Acs, Szerb and Autio, 2017). This is the manner
that SME's are working to enhance overall turnover of various industries.
3. Innovation: In current time small businesses are playing important role in providing
innovation in their product and services. These are the businesses those are associated
with diversifying the economy and establishing linkage between foreign trades and other
aspects. These businesses are dynamic and rendering high degree of innovation so that
appropriate competition can be dealt.
4. Role of Small and micro businesses during inflation: Small businesses are highly
flexible in nature an due to this fluctuated demands are met by the organisation. In this
case inflation and other aspects are managed by these businesses in order to provide
immense employment.
5. Women Employment: In current time 19% of small businesses are contributing in
women empowerment so that gender inequality can be minimised.
P4 Importance of small businesses and business start-ups to the growth of the social economy
 Social economy: This is regarded as the economy which is showing the relationship
between economic and social behaviour of people those are living within society. This terms

is related with ethics, culture and other dimension and these are helpful in shaping trends of
goods and services in most appropriate manner (Bakir and Jarvis, 2018). Starts-ups are
involved in such businesses and these are rendering innovation in such a way that benefits to
economy can be provided. In this manner some of the major significance is elaborated as
under:
 Employment opportunity: The major significance of starts-ups is that various employment
opportunities are being gained for the person those are unemployed. This is going to
enhance living standards of people and along with this buying power will also be enhanced
so that higher profits can be earned by the organisation.
 Innovation: The major significance of small and starts-ups businesses are that they are
highly associated with offering innovative products and services using advanced technology
so that to attract higher base of customers. This is helpful in gaining sustainability so that
higher benefits to economy within country.
 Improvement in local areas: This is defined as the major importance within social
economy as starts-ups is having capabilities to provide development in local areas (Hamdan
and et. al., 2019). These businesses are providing such improvements by which living
standards and purchasing power of local people get enhanced.

PART 2

Entrepreneurs are associated with differentiated skills and traits that make them
identifiable from other people and help them to grow as well. In the context of significant
entrepreneurs characteristics, skills and traits are elaborated as under:

Passion: In the context of Bill Drayton, Elizabeth Gooch and Tom Mercer they had passion in
their working so that they attained success and reached out to their goals as well. With the help
of passion in their efforts these entrepreneurs were able to stick on their targets and acquired
desired level of success.
Self-belief and hard work: For Bill Drayton, Elizabeth Gooch and Tom Mercer their hard work
and confidence helped them to grow and to become successful entrepreneur so that they can
cater larger audience with their venture. Confidence and self-belief is the key for entrepreneurs
and helps them to grow in long period of time.