Entrepreneurship & Small Business Management: Ventures and Economy

This report delves into the multifaceted world of entrepreneurship, examining various venture types such as small business, scalable startups, large-size enterprises, and social entrepreneurship. It explores the similarities and differences between these ventures, analyzing their goals, risk levels, a...Read More

Entrepreneurship & Small Business
Management

Contents
INTRODUCTION...........................................................................................................................3
P1 Types of Entrepreneurial Ventures and their Relation to the Typology of Entrepreneurship3
P2 Similarities and Differences Between Entrepreneurial Ventures...........................................5
P3: Impact on Micro and Small Businesses on the Economy of country...................................8
P4: Importance of Small Businesses and Business Start-Ups to the Growth of the Social
Economy....................................................................................................................................10
Difference Made by Small, Medium and Large Organization on the Economy of country.....10
P5: Characteristic Traits and Skills of Successful Entrepreneurs that Differentiate them from
Other Business Managers..........................................................................................................11
P6: Aspects of the Entrepreneurial Personality Reflect Entrepreneurial Motivation and Mind
Set..............................................................................................................................................12
P7: How Background and Experience can Hinder or Foster Entrepreneurship........................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is considered as a process of running, launching and designing a new
business which is initially at small level. The people who creates these businesses are known as
entrepreneurs. Entrepreneurship is important in current business scenario. It can help to improve
th living standard of people and also can create wealth. There are different changes and
innovation are driven by these entrepreneurship. This report is based on various type of
entrepreneurship venture that can help the country to grow and develop economically in
international business environment. Various type of entrepreneurship ventures and their
relationship with typologies of entrepreneurship (Monitor, 2016). Similarities between different
entrepreneurship venture will be presented in report. Impact of micro and small business
organization on economy of country will be explained in study. Important of small businesses
and business start ups will be discussed for the growth of social economy. Characteristics traits
and skills of successful entrepreneur will be analysed in study along with the differences of
entrepreneurship with business managers. Aspects of entrepreneurial personality is used to
reflect the mind set and motivation of entrepreneur in organization. This also will be explained
that how the personal and professional background of individual person can hinder or foster the
entrepreneurship.
P1 Types of Entrepreneurial Ventures and their Relation to the Typology of Entrepreneurship
Types of Entrepreneurship Ventures
There are some main type of entrepreneurship venture in business scenario. Some of the
main type of entrepreneurship venture are- small business entrepreneurship, scalable start up
entrepreneurship, large size entrepreneurship and social entrepreneurship.
Small Business Entrepreneurship
Small business is a business that is private opened organization and operated by an
individual person. There are small number of employee are there in these type of organization
because these organizations works at small level. The volume of sales is also limited I this type
of organization. These type of businesses are mainly owned by private owned corporations,
partnership and sole proprietorships (Parker, S.C., 2018). Revenue generation is not that much
for these type of business organization. The main focus of these type of organization is on

growing number of customers currently have. This type of business is run by individual person
or partnership between the family members. Mainly this organizations are based on innovative
and creative business ideas.
Scalable Start Up Entrepreneurship
These type of organization or entrepreneurship ventures can be defined as business
designs or models where an organization is started with small business idea which is more
creative and unique in market place. There are this organization includes all the processes of
starting a new business with creative business idea (Monitor, 2017). The entrepreneur of these
organization think that their products can provide better services to the customer and lead change
in the market place. Main business capitalists are selected for the investment for the business
organization. This type of entrepreneurship always looking for better and high skilled employees
to improve their performance in market place.
Large Size Entrepreneurship
The large size entrepreneurship is considered as an enterprise that is consists of at least
5000 employee and have annual turnover greater than 1.5 billion Euros and have balance sheet
with turnover more than 2 Billion Euros. These type of organization are known as large size
business entrepreneurship. These organizations are always looking to full fill the needs of the
customer in different ways (Kuratko, 2016). Sustainability and long lastingness is major
objective for organization. These organization always looks to improve their customer based by
implementing disruptive innovation and innovation to draw the attention of people to earn larger
profit in market place.
Social Entrepreneurship
Social enterprise is considered as approach by individuals, start up companies, groups
and entrepreneurs. In this process these people develops and provide solutions to social, culture,
environmental issues. This concepts are applied in many types of organization which have
different size, aim and beliefs related to the business process. This organization are different
from other entrepreneurships. The main reason behind these organization is related to the
implementing practice which are more effective to improve the lifestyle of people in
international market.

P2 Similarities and Differences Between Entrepreneurial Ventures
There are different similarities and differences between various entrepreneurial ventures.
This differences can be evaluated for various assets. These differences and similarities can be
analysed on the basis of their goals, business objectives, number of the employees, level of risk
for the organization, structure followed by the organization
Social
entrepreneurship
Large business
entrepreneurship
Scalable
Business
Entrepreneurship
Small Business
Entrepreneurship
Targets and
objective of the
organization
The main goal of
the social
organization is
to provide better
lifestyle to the
people who are
targeted by
organization.
Mostly these
organization do
not work to only
earn profit.
The main
objective of this
type of
organization to
maintain
sustainability of
their business
practices for the
customers and
provide them
with new and
innovative
products to keep
them loyalty
organization to
achieve long
term objectives.
High
profitability is
main objective
for this
organization.
scalable
organization
looks to provide
better innovative
products to the
customer to earn
higher profit in
target market.
The objective if
the organization
are moer
effectively
structured
because small
size of company.
The goals of
organization are
not much high as
other type of
organizations.
mostly thee
companies are
try to earn profit
to run
organization
effectively.
Risks for the
entrepreneurship
Mostly these
organization
works to
improve the
lifestyle of
These
organizations
mostly produces
in large amount
and customer
The investment
that are made by
organization are
too high and this
is important for
The level of risk
is much lower in
this organization
due to low level
of investment.

people. So, the
chances of loss
are very low in
these cases.
There is not
much higher risk
for these type of
organization.
base is also
larger for these
company. High
experience in
organization due
to long rum
makes the
organization
more efficient to
handle risk
effectively. So,
the risk is too
low for these
organization.
the organization
to effectively
recover the
investment in
order to get
better profit in
market place.
So, the level of
risk is too high
for these type of
enterprises.
This reduces the
level of risk for
company.
Number of
Employees in
Entrepreneurship
Number of the
employees is
completely
dependent on the
size of
organization.
The number of
employees in the
organization are
in thousands.
Mainly this
number more
than 1000.
Number if the
employees in
scalable
organization is
highly
dependent on the
structure and
size of
organization.
The employees
in small size
organization are
limited to two
digit number and
near 40 to 60
people.
Structure of the
enterprise
The organization
is mainly run by
an individual so
there is no
proper structure
is followed.
Commonly in
this
Due to the large
size of
organization
structure of the
company is
highly complex.
There are
different
These
organizations are
mainly operates
as private
limited
companies or in
partnerships.
Structure that is
There no proper
structure is
followed in
organization that
can help the
organization to
efficiently
control all the

organization.
These
companies runs
as trusts and non
profitable
organizations.
management,
operation and
strategic level
are there in
organization
who keeps the
organization
running
efficiently. For
example in this
organization
complex
structure like
matrix and
hierarchical
structure are
used for high
performance
standards.
followed in this
organization is 2
or more level
hierarchical.
operation and
functions in the
market palce.
Entrepreneurship in Corporate and public Sector
The meaning of entrepreneurship is different for both public and private organization.
This is due to the various function of organization are different in operations and market place.
For both public and corporate sector meaning of entrepreneurship is completely different.
Corporate Sector
This type of organization are owned individually or publically and mainly this organizations
operates as private sector organization (Nambisan, 2017). The main objective of these
organization to earn higher profit and market exposure by selling their products and services in
target market. By providing high quality products to Organization Company can effectively
perform in the target market. These organizations varies as small size organization to large
organization along with scalable organization. Organizations and entrepreneurs always looks for

higher productivity and long lasting performance of the organization in the target market. These
all organization are known as corporate sector and these all entrepreneur conducts business
effectively to get effective benefits from target market.
Social Sector Organization
These organizations are mainly controlled by the government bodies in direct and indirect
manner. All the funds organization have comes from government and charity. Main support that
is provided to the organization is by government. All investment are made by government and
the resources that are used by the organization are also provided by the government bodies.
P3: Impact on Micro and Small Businesses on the Economy of country
The small business organization and micro business organization. As compared to the
other organization the impact of the small and micro size business organization is high on the
economy of the country and international economy. The main reason behind this impact is
dependent on the number of the organization which are present in the country and conducting
business as small and micro size organization (Jones and Sakong, 2020). The other factors like
employment created by these organizations and the amount of revenue generated by these
organization in economy of country. In growth rate of the company main role is played by small
and micro size business organization because most of the organization that are running in the
market place works as micro and small size organization. As per data collected in United
Kingdom there are more than 4.5 million Small and micro size organizations are there. This
number is 99 % of the all private organizations that are running in United Kingdom. As most of
the organizations in United Kingdom are running as small medium organization, contribution of
these organization is huge in the economy and growth rate of the country. The GDP of the
country is highly dependent on these organization in UK market. As per different research
process it has been evaluated the three are total 96 % organization in United Kingdom do have
only 0 to 10 employees in organization. So most of the organization in UK are falling in the
category of the small size organization. These organizations are providing total number of 33 %
employment in United Kingdom to the people and over all turnover of these companies is about
22 % of the total turnover that is generated by the corporate sector in United Kingdom.
For the comparison purpose if small medium and large size organization are compared
that it can be evaluated which type of organization are providing more contribution to the

economy and growth rate of the company. According to a research in United Kingdom there are
total 99.3 % private organization in United Kingdom are considered as small size private
organization. This is also considered as high number as compared to the number of the medium
and large size organization. The number of medium and large organization is less than small size
organization. There are total .1 % organization in United Kingdom are considered as marge size
organization. These are total 0.6 % organization in United Kingdom are considered as medium
sized business organization. The other things that are need to be considered in the processes are
related to the employment and revenue that is generated by the small, medium and large size
organization in national and international market.
According to the research in United Kingdom total 48 % of employment is provided by small
size organizations. The employment created by the medium size organization is about 12 % of
over all employment in country. Employment provided by the large size organization is larger
then other small and medium sized business which is 40 % of over all employment created in
United Kingdom. The third contribution of small and micro size organization there is 37 % of
turnover is contributed by small size business organization. the contribution of medium size
organization is about 15 % o over all turnover generated in country (Storey, 2016). The largest

contribution is provided by large size organization is 49 % of over all revenue generated in
country. This is how it can be said the contribution of the small size business organization is also
huge in the economy of country. Without these organization company might have faced
unemployment and financial crisis due to these unemployment.
P4: Importance of Small Businesses and Business Start-Ups to the Growth of the Social
Economy.
The business which are considered as start ups have huge impact on the economic
condition of country. The impact of these organization is also high on the social economic of
country. These organization are important to keep running the economy of the country in
effective manner. In different country the impact of the business start is different. The start
organization come up with different innovative and creative ideas that can full fill some specific
needs of people who are looking for solution pf particular problem or need. These type of
organization consists of high growth and development standards that can help the economy of
the country to grow much higher speed with higher success and GDP rate. The effectively of
these organization can help the economy of the country to grow with much efficient speed. In
growth of economy of country this is important for the country to have organization that can pay
high contribution in the growth in development of the country (Light, Bhachu and Karageorgis,
2017). There are various factors can be reduced by these type of small and medium organization.
These organization can help the country to reduce the unemployment in the country and deal
efficiently in organization. this organization do not generate high revenue which can be used to
pay people much higher who work from them. but these business can be used as solution to the
unemployment problem in country. Some of these small size organizations are associated to the
social activities that can help the country to maintain grown rate effectively.
Difference Made by Small, Medium and Large Organization on the Economy of country
The impact and contribution of all these three type of organization in country have
difference. The small size organization are contributing by providing more re employment to the
people to avoid the situation of the unemployment in country (Burns and Dewhurst, 2016). They
are also contributing by providing contributing in economy by providing huge amount of turn
over. Along with the small size organization medium and large size organization are effectively
contributing to provide higher benefits to the economy and growth of country in market place.

P5: Characteristic Traits and Skills of Successful Entrepreneurs that Differentiate them from
Other Business Managers.
There are different characteristics traits and skills are possessed by the entrepreneur.
Successful entrepreneur can help the organization to effectively grow and enhance their business
in target market (Hardy and Maguire, 2017). Some of the main characteristics traits entrepreneur
have are-
 Entrepreneur are highly creative and effective at creating new ideas and innovations to
develop and enhance business of organization.
 The entrepreneurs are highly capable of taking financial risk to improve their business in
target market.
 This is main capability of the entrepreneur to set goals and objectives for business
organization in order to maintain the success rate of the company in market place.
 Entrepreneurs are highly attractively personality who are capable to motivate and
encourage the people to follow them. This is important for the organization to maintain
performance standard of people with in organization.
 The management skills of the entrepreneur are too effective and capable of providing
high benefits to organization in market place.
Entrepreneurs are consists of some skills that can help them to become good leader of
organization (Cooper and Folta, 2017). Some of the main skills of the entrepreneur are-
 The leadership skill of the entrepreneur is most effective and this skill hep them to lead
the whole organization in effective manner.
 Communication skill is one of most effective sill of entrepreneur for the business
organization. This skill can be used by the entrepreneur to gain higher productivity in the
market place.
 Time management and work management is one of the best skill of the entrepreneur that
helps the entrepreneur to effectively look after the complete operation of the organization
in the national and international business scenario.
 Problem solving skill of the entrepreneur are highly effective. These sill help the
entrepreneur to keep their business effective in the market place.

P6: Aspects of the Entrepreneurial Personality Reflect Entrepreneurial Motivation and Mind Set
The motivation and the mind set of the entrepreneur can be understand by using ocean model.
This model can be used to reflect the motivation and mind set of entrepreneur. The ocean model
differentiates the characteristics and qualities of the leaders in various aspects. Ocean model is
acronym of openness, consciousness, extraversion, agreeableness and neuroticism. These are
main traits of entrepreneur that can help the entrepreneur in international business scenario
(Aldrich, 2017). Openness can be considered as the open behaviour of entrepreneur who is
always open for new ideas and innovation to be implemented in the organization.
Consciousness is considered as the ability of the entrepreneur to known the current and future
trends in the market place to keep organization highly effective in market place. Extraversion is
also ability of the entrepreneur to get involved with people inside and outside organization to
make them feel valued in organization. Agreeableness is known as the ability of the leader or
entrepreneur to support the people who are providing creative and profitable ideas to the
organization (Aldridge and Audretsch, 2017). The last part of the Ocean model is neuroticism is
considered as the emotional behaviour of entrepreneur in organization. This characteristics help
the entrepreneur to make effective relation with customers and people of organization. This is
how the personality of the entrepreneur can be reflected in organization.
P7: How Background and Experience can Hinder or Foster Entrepreneurship
Elizabeth Gooch is considered as one of the most famous and successful
personality in UK. Elizabeth Gooch is founder of and CEO of EG Solutions which is a
small selling operation management organization that is providing software help to their
clients. Organization provides solution to their clients to offer solution to cost and fix
their time scale to improve effectiveness their business organization in market place.
Initially Elizabeth Gooch was working in HSBC bank at age of 18 but after 12 months of
work as consultants to help large organization to facilitate their staff. After 8 years she
started her business as EG Consulting initially. There are different challenges are faced
by Elizabeth Gooch in initial level of her business. There are different decisions were
made by her by determination to keep performing effectively with the organization. the

challenges in the business hinder her way to success but the capabilities and determined
nature foster her to come over all these challenges.
Tom Mercer has completed his education from Cambridge Universityhe worked as
management consultant with Bain and Co. in London. From the initial time he as thinking
as entrepreneur and this thing has fostered him to grow as entrepreneur in UK. He has
worked hard to come up with an effective idea to come up with business like MOMA
Food. Continues rejection hinder his success in initial level and prevent him to achieve
success in initial time. This is how this challenges in business force and fostered him to
develop as effective entrepreneur.
CONCLUSION
This report is concluding the importance of small and medium business organization in
national and international market. Different type of entrepreneur venture has been studied in
report and these ventures are related to the typologies of entrepreneurship ventures. Different
similarities and differences between entrepreneurship ventures has been provided in the report.
various statically data of small business organization has been evaluated in report. Importance of
the small business enterprise has been analysed in the report. Important of small business
enterprise has been analysed for the growth of social economy of country. Characteristics traits
and skills of the entrepreneur has been studies in the report. the personality of entrepreneur has
been studied in rh report along with the examples of entrepreneur in UK based on challenges and
issues that are faced by them in market scenario.

REFERENCES
Books and Journals
Aldrich, H., 2017. Learning together: National differences in entrepreneurship research. The
Blackwell handbook of entrepreneurship, pp.5-25.
Aldridge, T.T. and Audretsch, D., 2017. The Bayh-Dole act and scientist entrepreneurship.
In Universities and the Entrepreneurial Ecosystem. Edward Elgar Publishing.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship, pp.348-367.
Hardy, C. and Maguire, S., 2017. Institutional entrepreneurship and change in fields. The Sage
handbook of organizational institutionalism, pp.261-280.
Jones, L.P. and Sakong, I., 2020. Government, business, and entrepreneurship in economic
development: The Korean case. Brill.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Light, I., Bhachu, P. and Karageorgis, S., 2017. Migration networks and immigrant
entrepreneurship. In Immigration and entrepreneurship (pp. 25-50). Routledge.
Monitor, G.E., 2016. Global entrepreneurship monitor. Empreendedorismo no Brasil (Relatório
Nacional). Curitiba: Instituto Brasileiro de Qualidade e Produtividade, Paraná.
Monitor, G.E., 2017. Women's Entrepreneurship 2016/2017 Report.
Nambisan, S., 2017. Digital entrepreneurship: Toward a digital technology perspective of
entrepreneurship. Entrepreneurship Theory and Practice. 41(6). pp.1029-1055.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Storey, D.J. ed., 2016. Entrepreneurship and New Firm: Theory and Policy. Routledge.
Online
BUSINESS POPULATION ESTIMATES FOR THE UK AND REGIONS 2014. [Online].
Available Through.https://assets.publishing.service.gov.uk/government/uploads/
system/uploads/attachment_data/file/377934/bpe_2014_statistical_release.pdf.