ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT (TASK 1) Report

This report provides a comprehensive overview of entrepreneurship and small business management, focusing on different types of entrepreneurial ventures. It begins with an introduction to entrepreneurship, explaining its practices and procedures. The report then explores various types of ventures, including small, large, social, public, and private enterprises, highlighting their characteristics and examples. It delves into entrepreneurship typologies such as lifestyle and growth firms, and distinguishes between private, public, and social enterprises based on their roles, objectives, structure, and characteristics. A detailed comparison is made among micro, small, and medium enterprises based on their definitions and examples. The report also discusses the similarities between these enterprise types. The conclusion summarizes the key takeaways, emphasizing the importance of understanding different entrepreneurial ventures for effective business management. References are provided for further reading.

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT
(TASK 1)

Table of Content
 Introduction
 Different types of entrepreneurial ventures
 Various types of entrepreneurial venture
 Entrepreneurship typologies
 Different entrepreneurial venture
 distinguish among private, public, social
 Comparison among micro, small and medium on size basis
 Similarities between micro, small and medium enterprises
 Conclusion
 References

Introduction
Entrepreneurship is considered as an integration of practices as well as
procedures which are considered through a person for managing and
operating its own business concern. This practices are needed to be
performed effectively as some risks are involved for generating high
profitability from that enterprise. This PPT covers illustration as well
as description of range of ventures types. Moreover, its similarities and
differences.

Different types of entrepreneurial ventures
Entrepreneurship is considered as a method to design, launch as well as
operate a new venture that is often initially a small enterprise. The
person who developed these businesses are known as entrepreneurs. In
addition to this enterprise is regarded as venture or ability for
developing innovative and new ideas for operating it.

Various types of entrepreneurial venture
 Small enterprise: It is regarded as a venture that is small in size and
do not needs more capital. This have only few members. For
example: Marshfield Bakery which is a small bakery that deals into
some made products into UK.
 Large enterprise: It is considered as venture that perform in large
scale. This have higher investment towards new product formation
as well as sustainable innovation.

Continue…
 Social enterprise: It is considered as venture that
is related with development of goods or services
that resolve social requirements and issues. In
addition to this, the main intent of it is to
effectively develop advantage for society as part of
their CSR.
 For example: Gravity Light in UK , it facilitates
lanterns as well as lights to person that will be opt
for replacing harmful kerosene lamps.

Continue…
Public enterprise: It is considered as an enterprise which are partially
or fully owned state government and controlled through public
authority. Some public firm are put into public ownership as for
societal reason. For example: oil company British Petroleum
 Private enterprise: It is considered as venture which is governed by
commercial entities or individuals and not through central
government. The intent of this is to enhance profit. For example:
TESCO

Entrepreneurship typologies
 Lifestyle firm: It is the typology which is developed to improve the
living standard of person in which they are performing their
practices. This performs based upon the workable model of business
and trying to maintain competitiveness into local area.
 Growth: It is considered as a type of typology which is developed to
obtain profitability or revenue. This type of venture, entrepreneur
always try to formed innovative ideas for attaining success into
competitive market.

Different entrepreneurial venture
Different entrepreneurial venture Examples Relation with
Private as well as small venture Marshfield
Bakery
These ventures are related with growth
typology as they are focused towards gaining
profitability for becoming successful into
marketplace.
Large venture British
Airways, NHS
and others.
This venture is related with lifestyle typology
which is concentrated towards improving
individuals living standards by rendering
appropriate goods or service to users.

The distinguish among private, public, social
BASIS Private enterprises Public enterprises Social enterprises
Roles The role of private enterprise is to render
employment within country which is developing,
facilitating critical goods and also contributes
towards tax revenues and others.
Its role is to maximise the supply of local job. It role is developing living standard of
individuals which automatically leads
towards societal development.
Objectives The objective of private enterprises is to gain
higher profit.
The objective of public enterprise is to maximise and
speed up the rate of economic growth.
The objective of social enterprise is to
perform for the welfare of society rather
than obtaining profit.
Structure This comply flat structure into entities which have
huge concentration upon consistency into functions
of firm.
This comply hierarchical structure as in it higher
authorities governs responsibilities as well as rights for
performing continuous practices.
This comply functional structure which has
an intent regarding attainment of whole
firm's goals through assistance of its
combined potential.
Example TESCO etc. oil company British Petroleum,.etc.. Gravity Light, etc.
Characteristics The characteristics of private enterprises are there
is not nay involvement of government. This is
controlled through its own.
The private enterprises some well defined
characteristics such as it is governed through
government others.
The main characteristics of social
enterprises are it has societal intent,
ownership and so on.
Size The size of private enterprise differentiate based on
intent and aim of objectives.
It is mostly huge in size as it generates capital from
public as well as market their shares for enhancing
organisational value.
The size of social enterprises vary based on
the intent of firm and time duration of its
development.

Comparison among micro, small and
medium on size basis
BASIS Micro Small Medium
Definition This is considered as
business that has
annual turnover of
about £1 million.
It is considered as
business which
usually generally
generates the turnover
about £1 million to £
20 million.
It is regarded as
business which
generates turnover in
around £20 million - £
£300 million.
Example Boss Brewing etc. Marshfield Bakery etc. Trading scents, Airdri
and others.

Similarities Between Private, public and
social enterprises.
 The structure of the company is different but an intent is common
related to adjoining department functions in attainment of whole
objectives of entities.
 Whole three business renders opportunities for the development of
career. It supports the growth of employees that drives towards its
retention and satisfaction.