Entrepreneurship & Small Business Management: Venture Development

This report provides a comprehensive analysis of entrepreneurship and small business management, focusing on various types of entrepreneurial ventures and their relation to different typologies of entrepreneurship. It explores the similarities and differences between ventures, examining their scope, development, and growth, particularly within the UK's economic landscape. The report assesses the impact of micro and small businesses on the economy, highlighting their importance in the social economy's growth. It also identifies the characteristic traits and skills of successful entrepreneurs, differentiating them from other business managers, and investigates how background and experience can either hinder or foster entrepreneurship. Supported by relevant data and statistics, the report offers critical insights into the dynamics of entrepreneurial ventures and their significant contribution to the economy.

Entrepreneurship and Small Business
Management
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Contents
Introduction................................................................................................................................4
Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship. [P1]............................................................................................5
Explore the similarities and differences between entrepreneurial ventures. [P2]......................7
You should investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both public and corporate sector. [M1]..........................8
You should critically examine the scope, development, and growth of entrepreneurial
ventures. [D1]...........................................................................................................................10
Interpret and assess relevant data and statistics to illustrate how micro and small business
impact on the economy [P3]....................................................................................................11
Explain the importance of small businesses and business start-ups to the growth of the social
economy. [P4]..........................................................................................................................12
You should evaluate the differences small, medium and large businesses make to the
economy, applying relevant data and statistics. [M2]..............................................................13
You should critically examine how small businesses have an impact on different levels of the
economy (local, regional and national) and an international context. [D2].............................15
Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers. [P5]................................................................................16
Assess how aspects of the entrepreneurial aspects personality reflect entrepreneurial
motivation and mindset. [P6]...................................................................................................18
You should explore and examine different lines of argument relating to entrepreneurial
characteristics. [M3].................................................................................................................19
You should analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples. [D3]..............................................................20
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Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship. [P7]..............................................................................................................21
You should analyze the link between entrepreneurial characteristics and the influence of
personal background and experience to specific successful entrepreneurs. [M4]...................23
You should critically evaluate how background and experience influence entrepreneurs, both
positively and negatively, by comparing and contrasting examples. [D4]..............................24
Conclusion................................................................................................................................25
References................................................................................................................................26
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Introduction
Small business and the small business entrepreneurship is an effective medium for improving
the business lines in the countries. The UK is one of the most attending countries in which the
small business and new small entrepreneurship have a vast increment. The people in the UK
get the benefit of the developed country having effective business opportunities. The small
business enterprise is still a concern for many countries. This report defines different types of
business ventures and typologies of business which has an impact on the economy of the
countries. In order to focus on the enhancement and effective business, changes have brought
changes to an organisation. The small business organisation of the UK which considers for
this report is Vinaya. This is a business of technology wearable jewellery. This report
provides the information on the different personality and characteristics of the small business
entrepreneurs and their management skills which helps them to ain the success rapidly. The
small business enterprises and the small business management is one of the effective
management planning which is discussed in this report.
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Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship. [P1]
There are different entrepreneurial ventures which could be the big or small businesses. The
size of the business depends on the investment or capital which has been invested in the
initial level of a business. The business ventures are-
Growing business ventures- The growing business ventures are those which are based on
the growing concept of their large-scale operations. The growing business has the motive of
increasing and improving the business with their effective strategies (De Vries, et. al., 2017).
These businesses include majorly IT businesses which have different concept and
applications and software to work upon for the growth of the business.
Existing big scale business ventures- The existing big business ventures are the big scale
and corporate business ventures which has the existing business in the world. These
businesses have their existing markets in which these businesses are brands.
Independent business ventures- The independent business ventures are the small businesses
which are owned by the independent entrepreneur (De Vries, et. al., 2017). The independent
businesses are the local business which contributes to the economy of the country. The
independent business includes restaurants, saloons, and grocery stores in the local market.
Social good ventures- The social good ventures are the business organization which is
basically formed with the motive of doing socially good to the people (De Vries, et. al.,
2017). The social good ventures are generally non-profit organisation which has no motive of
profit maximisation. These businesses focus on helping and doing socially good to the
people.
Typology of the entrepreneurship
Owner- Owner is the person having his own business the owner is one who manages and
owns the company effectively. Their main motive is to maximise the profit.
Intrapreneur- Intrapreneur is a person who does not work in the entrepreneur but owns the
same kind of skills. An Intrapreneur manages the big projects and works with the
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entrepreneurs (Randolph, et. al., 2017). They could be the manager of the project or a
business task.
Social entrepreneur- The social entrepreneur is a person who owns the social good venture.
They work for the country’s and people’s welfare instead of profit maximization.
The relationship between the types of entrepreneurship and different typologies are that this
entrepreneurship gets the correct skills and management of a person on the basis of a
typology of the business (Randolph, et. al., 2017). The business entrepreneurship helps in
providing the skills and knowledge to the people and helps in forming the typology of the
business. The skills and leadership qualities gained from the typology of the entrepreneurship
helps to initiate the business venture type to the person.
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Explore the similarities and differences between entrepreneurial ventures. [P2]
The different ventures have different roles and functions as well as objectives. The provided
information below is on the similarities and differences between the entrepreneurial ventures.
The entrepreneurship is of different types. These types are shown on the Basis of their
similarities and functions in the below-provided table.
Similarities Differences
Ethics of Business- The business ethics of
the organization are similar that is to be the
lawful and effective use of the business
venture. The ethics of business is to operate
business ethically.
Financial strategies- The financial strategies
of all types of business are different. Their
set up and the type of business define the
financial strategy they need to prepare for the
success of a business (Greenberg, 2017).
Business authority- The authorities are
business is majorly same in all types of
ventures. There are an owner and a manager
in the organisation (Greenberg, 2017). The
management is divided among the three
layers which include upper, middle and lower
level of employees.
Employee recruitment and compensation-
The compensation and recruitment process of
the different kinds of firms are not same. The
recruitment process includes various steps
which are different from each kind of a firm
or business.
The objective is profit- The profit
maximization and setting up the brand image
of the company is the ultimate goal or
objective of the organisation (Greenberg,
2017). These are the similarities in all kinds
of business enterprises.
Risk and reward policies- The reward and
risks policies of all kinds of ventures are
different (Greenberg, 2017). These are based
on the size of the business enterprise and on
the employees of the organisation.
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There are various other kinds of business ventures which could be distinguished on the basis
of their size and operations in the organisation.
Micro- The local areas and the local markets are been covered in the micro business. The
micro business is based on the little size of its operations and a little capital investment of less
than 1 lac. These are very small business (Yunus, 2017).
Small- The small business covers the area of the local market as well as interstate markets.
These are the small-sized business which operates in a low budget of a capital investment.
The small business impacts the business economy of the country.
Medium- The medium size business is those which have a medium business enterprise and
operations are distributed to the various parts of the country (Yunus, 2017). These businesses
have a huge impact on the economy of the country.
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You should investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both public and corporate sector. [M1]
There are different entrepreneurial ventures which could be the big or small businesses. The
size of the business depends on the investment or capital which has been invested in the
initial level of a business. The different ventures have different roles and functions as well as
objectives. The provided information below is on the similarities and differences between the
entrepreneurial ventures (Lee and Huang, 2018). The entrepreneurship is of different types.
Some of the business ventures are also known as public and corporate ventures. These
ventures are also investigated in the diverse range.
Public ventures- The public ventures are those which has the ownership of government or
public. The role or duty of these ventures is to provide or offer the effective public welfare
and benefits for the improvement of their living. The objective of the public ventures is to
offer the lowest prices to the public for the products and services. The facilities and amenities
of the public ventures are in the favor of public welfare (Lee and Huang, 2018). The
examples of such types of ventures are- healthcare services, education business ventures,
electricity, water supply etc. these public organisations are included in this.
Corporate ventures- These ventures are highly professional ventures which have a different
way of improving the profits of a company. Their motive is to increase or maximize the profit
of the business. The corporate ventures put their idea into investing in the corporate funds and
investing in another company (Lee and Huang, 2018). These business ventures plan to start a
new venture. There are various examples such as- big brands in the UK such as Starbucks,
Zara etc.
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You should critically examine the scope, development, and growth of entrepreneurial
ventures. [D1]
According to Wallmeroth et. al. (2018), entrepreneurial ventures have an extreme scope in all
the countries. These are especially indulged with the scope in all the developing countries
where there is a need of small business and entrepreneurial business ventures for stabilizing
the economy of the country. The development of the entrepreneurial ventures is based on the
effective results and outcome of the business. The profit maximization is one of the factors
which increase the development of these ventures. The growth of the entrepreneurial ventures
is based on its development. The understanding of growth in many aspects related to the
enterprises and ventures are in the increment of business and profit.
On the other hand, Cheung and Kwong (2017), provided that the entrepreneurial ventures
have a scope in the developing countries and small countries. The development of these
ventures depends on the employment opportunities they provide. Their development could be
done on the basis of the majority of numbers of employment has been put. The growth of the
entrepreneurial ventures depends on the development and because of the profit increment the
growth of these ventures could be ensured.
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Interpret and assess relevant data and statistics to illustrate how micro and small
business impact on the economy [P3].
The micro and small bossiness impact on the economy in an effective manner. The increment
in the economic condition to be positive could be the reason for effective micro and small
business operations. There are various impacts of these businesses which are-
Enhance innovation- These businesses help in increase the innovation as their nature is to
provide the effective and attractive schemes to the customers and public (Bruhn, et. al.,
2018). The innovation in the small business could be easily implemented.
Provides employment opportunity- The employment opportunities related to the people
putting into a job is also effective result and helps the economic growth in employment.
Figure- 1- International comparison of employment
Source- (Bruhn, et. al., 2018)
The above graphical presentation provides that the internationally, UK is the highest
employment opportunity provider in the world since the data of 2013 to 2015. The growth
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level is the highest of UK employment opportunities (Bruhn, et. al., 2018). This is clear that
the impact of immense small and micro business opportunities in the UK has resulted in this.
Independent ventures- The independent ventures are promoted and make them financially
independent entrepreneurs. The business entrepreneur becomes financially independent.
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