Entrepreneurship Report: Types, Impact, and Importance Analysis

This report provides an overview of entrepreneurship, defining it as the creation of new businesses and the drive to improve the world. It explores different types of entrepreneurial ventures, including large companies, micro-enterprises, and the differences and similarities between them. The report ...Read More

SMALL BUSINESS AND
ENTREPRENEURSHIP

TABLE OF CONTENT
• INTRODUCTION
• LO1
• LO2
• CONCLUSION
• REFERENCES

INTRODUCTION
• Entrepreneurship is action which creates a new business where group of
peoples and individuals stay and work together and take step into making
the world better place. To build a better world where everyone feel good.
Entrepreneurship is setting business on your own and starts a business
where there is no other boss and they work instead of working for someone
else. Under this entrepreneurship there is new term which introduce
entrepreneur is an individual who Is the one started the enterprise and one
who had creative idea to do something new, innovative and who is always
willing to take risk

TYPES OF ENTREPRENEURIAL VENTURES
• Large company entrepreneurship: large-scale entrepreneurship always give
special importance on the success and the growth which helps them to earn
more revenue and profitability as long term in the business
environment(Volery and Mazzarol 2015). the developing the new ideas,
techniques, innovation for achieving the profits of the company, due the
entrance of globalization and digitalisation faces lots of problems for large
scale entrepreneurship.

TYPES OF ENTREPRENEURIAL VENTURES
• MICRO ENTERPRISES: this enterprise generally called as small business
where there are only or fewer people like 9 man and woman works for a
specific goal with creative idea and having a balance sheet or turnover less
than certain amount of 2 million US$(Hatten 2015). In the small scale
entrepreneurship UK has a different facts and figure where they provide free
advertising services to the business from 2002 by which they can give
platforms to more and more new idea and it gives employment and helps in
growth. 99.3% business of the UK are running and covering by the small
businesses .

DIFFERENCES AND SIMILARITIES
BETWEEN ENTREPRENEURIAL VENTURES
• Similarities
• Micro, medium and large enterprises have a similar and focus on the profit
generation.
• They all micro, medium and large enterprise pay respect to their cost and
their strategies.
• Satisfaction of all three are same they always aimed towards the customer's
satisfaction and large, medium and micro all the entrepreneur of these
enterprises are customer centric.

DIFFERENCES
Basis Micro enterprises Medium
enterprises
Large enterprises
Growth rate Low, as they have
low investment and
low number of
customer, that is
why they low growth
rate
Moderate,
Dependence on the
right strategies at
the medium level of
enterprise will grow
rapid and grow
annually as well.
High as they make
large and high
investment policies
and they also invest
in high tendency
they surely growth
as high rate of
profit.

IMPACT OF MICRO AND SMALL
ENTREPRENEUR BUSINESSES ON ECONOMY.
• At the start of 2019 there were 5.82 million small business with 1 to 49 employees
having 99.3%of the total business. SME's account for 99.9% of the business
population. Small and medium enterprises have a very large impact on UK
economy as they contribute 47% in overall growth of UK(Staniewski 2016).
• SME is a major factor in giving employment to the population which increases the
per capita income and also living standard of the economy. As small industry plays
a vital role in the economy of the united kingdom as they help in increasing GDP
and national income of the country.
• SME account for three fifths of the employment and around half turnover in the UK
in private sectors.

IMPORTANCE OF SME IN GROWTH OF
SOCIAL ECONOMY
• SMEs has recognized as an important means of economic growth. SMEs
evolves around the united kingdom's boundaries and now plays an important
role for the UK government by creating jobs in the market and by economic
growth of any nation by giving contribution in gross domestic product and in
national income. SMEs sector reduce poverty and generate income for the
public.
• It also facilitates nation's wealth thus resulting in national development.
Small and medium enterprise have very major role in contributing the
economy of UK as it helped the economy in growing rapidly in past few years
this help to increase the efficiency of the country and also created many
employment opportunities

CONCLUSION
• From this study we find that and explained that how entrepreneur are
different from others and three activities which help the society to grow and
small, medium and micro and large enterprises which help the economy to
grow and help in national income.
• SME to develop and is of different techniques to establish their business
according to their size and capital invested . the consciousness and skills of
the entrepreneur decide weather the enterprise will be successful or will be
failing to fulfill its objectives.
• Entrepreneur background and experience can hinder or foster
entrepreneurship.

REFERENCES
• Burns and Dewhurst 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
• Burns 2016. Entrepreneurship and small business. Palgrave Macmillan
Limited.
• Cole 2018. Bank credit, trade credit or no credit: Evidence from the Surveys
of Small Business Finances. Trade Credit or No Credit: Evidence from the
Surveys of Small Business Finances (July 31, 2018).