Entrepreneurship and Small Business Management: A Unit 9 Report

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining entrepreneurship and explores various entrepreneurial ventures, categorizing them based on typology and size, including small, large, and social enterprises. The report then highlights similarities and differences between these ventures, emphasizing the role of capital, resources, and innovation. Furthermore, it examines the significant impact of small and micro businesses on the economy, including job creation and contribution to GDP. The report also emphasizes the importance of small ventures and startups in fostering social economic progress, and how they drive innovation, improve living standards, and offer unique opportunities. The second part analyzes the entrepreneurial personality and its impact on business development, discussing vision, mindset, and the influence of background and experience on success, with examples of Jeff Bezos, Marc Zukerberg, and J.K. Rowling. The report concludes by emphasizing the importance of entrepreneurial skills, innovation, and strategic vision for sustainable business growth.

Unit 9 – Entrepreneurship
and Small Business
Management

TABLE OF CONTENT
INTRODUCTION......................................................................................................................4
PART 1.......................................................................................................................................4
Entrepreneurial ventures and relation to typology of entrepreneurship.................................4
Factors of similarities and differences between entrepreneurial ventures..............................5
Interpreting pertinent data & statistics to explain how small & micro business impact on
economy.................................................................................................................................5
Significance of small ventures and business start-up to progress of social economy............6
CONCLUSION..........................................................................................................................7
PART 2.......................................................................................................................................7
REFRENCES...........................................................................................................................18

INTRODUCTION
Entrepreneurship is defined as procedure by which groups of individuals or individual
entrepreneur exploit a commercial chance, either by introducing a new item or service. The
current study will explain varied forms of entrepreneurial venture and how they link to
typology of entrepreneurship. It will justify similarities & differences between several types
of business. Furthermore, the report will clarify impact on small and micro ventures upon
economy and significance of small & start-up company in context of social economy growth.
PART 1
Entrepreneurial ventures and relation to typology of entrepreneurship.
There are various entrepreneurial ventures within global business world, where this
further can be segmented based on varied entrepreneurial opportunities and for gaining new
functional rise. As per typology scalable organisations can be further segregated based on
performance goals and ideal new specific rise, for effective varied competent fundamental
goals. Based on typology and segments, entrepreneurship ventures size further can be
segmented as follows:
 Small size enterprises:The small size businesses are small in size with limited
employees and workforce, working among company and with goal to bring on new
services based on specific working ideologies. Small size companies also have limited
capital structure and revenue till large extent, which makes scope widely limited
within longer business run. Micro and macro sized companies are further connected
within small size enterprises, where less number of employees are there is structure
and also capital investments are limited.
 Large size enterprises:The large size company’s business are largely segregated with
high scale capital rise within infrastructure parameters, where investments on capital
and human resources are also stronger. Large size companies are further significantly
focused on pertaining enlarged productive aspects, for stringent growth and
innovative business connectivity towards scaled up revenue goals.
 Social Entrepreneurship:The social enterprises are small sized companies where start
ups focus on operating new scale investments, for bringing change within society.
NGO and voluntary organisations, come under social entrepreneurship for bringing on

scaled up new competencies to create communities engagement and social welfare
parameters informatively (5 Trends in Entrepreneurship You Can’t Afford to Ignore
in 2020, 2019).
Factors of similarities and differences between entrepreneurial ventures.
There are varied similarities and differences between entrepreneurial ventures, which
can be further segmented based on specific working aspects for bringing on productive scale
expansion within global business networks
 Small size companies and large size companies have main difference within their
capital expansion, where resources within small companies are limited and only little
is invested on investments within marketing and productions. The large size
companies on other hand have huge capital structure, based on capital investments
done on resources planning which further synchronises functional scale aspects for
gaining best competitive scope. Further difference of social entrepreneurship venture
is based on aspect, where NGO and voluntary organisations are further have only
limited structure operated within which specifically brings on wider fundamental
goals. New start ups further correlate focus on expanding new functional work
synergies to bring on untapped vision oriented goals within practical implementation.
 Similarities within typology aspects among e entrepreneurial ventures can be further
segmented based on working aspects where entrepreneur need to further invest
strategically, for bringing on new capital structure and technically expand on
marketing standards. Large size and small size companies are specifically further
correlated to bring on new fundamental corporate standards rise, bringing on
productive longer strategic growth evolved on. Furthermore, investments need to be
further also competently analysed to be specifically done on best resource planning
functionally bring on diverse scope for consistent focus on innovation (Olanrewaju,
Hossain and Mercieca, 2020).
Interpreting pertinent data & statistics to explain how small & micro business impact on
economy
SMEs businesses put positive impact on economy in term of providing employment
chances to local and vulnerable people that are facing challenges in their life, to maintain
their living standards.

They create account for a lot of vacancies in communities, and have approx. 16.3
million: 60 percent employment. SMEs are considered as the main contributor in the context
of economic growth.
Small and medium size ventures may also impact and contribute to economy
development in term of increasing GDP by selling quality products or services to customers
according to their needs, and expectations (Adan, Hussain and Samsudin, 2020). For
example, United Kingdom family companies while operating ventures at small generate 25%
of sum UK gross domestic profit. The yearly turnover of these companies was 2.0 trillion as
52% of all private industry turnover. It helps to provide valuable things in term of monetary
to nation’s government.
Significance of small ventures and business start-up to progress of social economy
Small and start-up companies are beneficial for the unexpected progress of social
economy as well as important in the context of this growth, because it constantly contribute
to inspire innovation for which extra, and skilled employees are requiring, who are able to
take their initiative to achieve strategic aims of companies (Vekic and et. al., 2020). Small
and start-up ventures by hiring local people may contribute to grow social economy, which is
quite beneficial for companies as well as individual person.
Small business in term of improving living standards of local people may support in
unpredicted manner for growth, which in return provide a lot of benefits to each stakeholder
such as customer, individual person and owner as well. For instance, many start up and small
companies operate locally and hire people from near their vicinity. In term of saving money,

small business and start-up ventures offer the best opportunity to local people that help in
social economic growth. Furthermore, along with this benefit SMEs may contribute in varied
manner, which define its importance in growth of social economy in term of improving
standard of living and increase their satisfactory level by obtaining quality items under
budget. Brasseries and coffee outlets offer locals chance to socialize while other small shops
like grocery permit target customers to purchase those products that they wish to buy without
taking steps out of their home, via making online orders, which is quite beneficial for them in
term of saving money and time as well. There are varied ways or methods existed in the
world of corporate through which small and start up business supports in unpredicted
progress of social economy for instance, they may offer innovative products at reasonable
costs.
CONCLUSION
By summing up above discussion, it has been concluded that entrepreneurial ventures
have successfully sustained within market place, by taking initiative to sell quality products
according to needs and expectations of customers. Furthermore, from above analysis, it has
been determined that micro & small companies have contributed to enhance the living
standard of local people by offering fair employment opportunities.

PART 2

Presentation will further connect focus on assessing aspects of entrepreneurial personality
reflecting mindset and background, experience which may further hinder or foster
entrepreneurship development.

Foresighted vision: Entrepreneurs need to further also posses foresighted vision for
analysing demand and supply management, businesses practical vision creative engagement
which further enhances stronger working parameters. The vision aspects need to further
leverage stronger productive aspects, for revenue and goodwill targets which also enables
businesses to be diversified specifically.

From the above analysed aspects, it can be analysed that entrepreneurship to be successful
need to have consistent practical implementation done on businesses, with high creative
innovation goals.