Entrepreneurship and Small Business Ventures: A Detailed Report

This report provides an overview of entrepreneurial ventures, focusing on small and medium businesses versus large enterprises. It discusses the topology of entrepreneurial ventures, emphasizing the human behavior, values, and methodologies required for success. The report highlights the importance of small businesses and start-ups in driving economic growth, noting their role in creating employment opportunities and contributing to overall economic development. It also addresses the similarities and differences between various entrepreneurial ventures, such as public, private, and social enterprises. The report concludes that entrepreneurship offers individuals the chance to utilize their skills to create businesses, and that small businesses support larger companies by distributing goods, indirectly contributing to increased sales.

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9 – Entrepreneurship and Small Business Management
Introduction
 The following path focuses on entrepreneurial venture.
 Entrepreneurial venture is being defined as the organization
which provides innovative products and services to their
customers.
 The following part focuses on providing detailed information
about the different types of entrepreneurial ventures and how
they are related with the topology of entrepreneurship is also
being mentioned in this report. Along with this various
similarities and differences between all the entrepreneurial
ventures is being elaborated in the support.
Different types of entrepreneurial venture
 The general meaning of entrepreneurial venture is an organization which
involves innovation opportunities so that they can produce more
economic and social values.
 These entrepreneurial ventures further divided into various categories
one of the popular category is small and medium business and another
one is big and large business.
 Topology of entrepreneurial Ventures States about human behaviour and
it also considered values and methodologies. It has been seen that
various entrepreneur has to play various roles and for that the need to
you have proper skills and knowledge so that they can easily forecast the
upcoming needs and desires of their customers and also by proper
forecasting that can fulfil the market needs and demands in the upcoming
future.
Statistical data of micro and small business and their impacts
 Small businesses are playing vital role in the overall
development of the economy because they are the one who are
producing lot of employment opportunities for the young
generation.
 Along with this the total turnover which is being generated by
small business is 1.8 trillion Euros and especially 47% of such
profit is generated in isolated areas of United Kingdom.
Importance of small businesses and start ups for the growth of economy
 Small business can be said as the backbone of the economy.
 Every country has its states and people living in them have its own living
standards.
 Small businesses plays vital role in fulfilling demands of business and
daily demand of individuals.
Conclusion
 From the above report it can be concluded that entrepreneurial ventures bring innovation in the business
environment.
 It is of two type’s small and medium business and big/large business.Small businesses also help large companies
by distributing their goods to the customers. So it can say that small business indirectly contributes in increasing
the sales of big companies.
REFERENCES
 Ahn, T.U., Han, D.H. and Kang, T.W., 2019. The Effects of
Entrepreneur Competence Characteristics on Start-Up Performance:
Focusing on theMediating Effect of the Start-Up Support System. Asia-
Pacific Journal of Business Venturing and Entrepreneurship. 14(1).
pp.73-83.

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NOTES
P1 Different types of entrepreneurial venture
The general meaning of entrepreneurial venture is an organisation which involves innovation opportunities so that they can produce more economic and social values. These
entrepreneurial ventures further divided into various categories one of the popular category is small and medium business and another one is big and large business. Small business usually
operates at local level and they satisfy the needs and desires of local people and medium business also targets local market (Santos and et.al2019). This is small and medium business
provides more affordable and cheaper products to their customers so that they can generate profitability on the other hand big business operates on national level and provides more
quality products to the customers. Big business does not just target local people but they want to serve different markets so that they can increase their market share and goodwill.
Topology of entrepreneurial Ventures States about human behaviour and it also considered values and methodologies. It has been seen that various entrepreneur has to play various roles
and for that the need to you have proper skills and knowledge so that they can easily forecast the upcoming needs and desires of their customers and also by proper forecasting that can
fulfil the market needs and demands in the upcoming future. Entrepreneurs never get afraid to take any kind of challenge and risk. For this reason there is different kind of entrepreneurial
ventures and small scale business, scalable and large as well as Social entrepreneurship. The main objective of entrepreneur is that they want to change the world with their innovative idea
and their which one to produce more qualitative products and services that consumers have to purchase the products and services. Entrepreneurs always have great mentality and they
always think innovatively and for this reason they always try to launch innovative products and services in the market which creates the competition for the competitors as well.
P2 Similarities and differences between entrepreneur Ventures
The main feature of entrepreneurship is that it provides a proper opportunity to individuals so that they can use their talent and skill to create their own business ( Gümüsay and et.al2018).
Entrepreneurship provides an opportunity to individuals so that they can freely enjoy their lifestyle by producing quality products and services so that they can increase the overall
profitability of the business. Apart from this entrepreneurial venture provide a good platform to other people who have passion and enthusiasm to do something innovative. There are
some similarities and differences among entrepreneurial Ventures.
Differences
They are different kind of ventures available such as public, private, social, macro, micro and small. The major objective of public entrepreneur is that they want to always grab the
advantage of social outcomes and opportunities. On the other hand private entrepreneurs always try to form values for the citizens. Social ventures and entrepreneurship always tried to get
profit by spreading their business in the entire globe. Macro business always try to operate on a big level and want to increase their market share apart from this they always want to make
their contribution in the development of economy. Micro Ventures remain available in the economy and they also want to generate profit. Apart from this small business try to make
profit and want to increase the same.
Similarities
There are some similarities in the entrepreneurship Ventures. Private entrepreneur always want to establish new companies in the entire world on the other hand public companies always
try to increase their Marketplace. However social ventures try to expand their production services various micro businesses try to spread their business on the international market. Micro
business wants to shrink their business areas on the other hand small business always focuses on the Limited areas.
P3 statistical data of micro and small business and their impacts
Small businesses are playing vital role in the overall development of the economy because they are the one who are producing lot of employment opportunities for the young generation.
They are rooted from the landscape where they grew up and they always give back to the society because such a small businesses operate in the local community and Society. For this
reason they know the demands and needs of local people and therefore this business are getting success day by day. Small business are operating approx. 99% of isolated Areas where it
becomes difficult for the large business to produce products and services and fulfill the needs of such people while living in isolated areas (Wang, 2019). Along with this the total turnover
which is being generated by small business is 1.8 trillion Euros and especially 47% of such profit is generated in isolated areas of United Kingdom. Small business has generated 15.7
million approximately 60% of the private sector employment to those people which is not being hired by small business due to lack of skills and knowledge. This is one of the biggest
achievements of small businesses as their providing employment opportunity for those who are less educated and eligible to get employment opportunity in the big named and famed
businesses. Apart from this the number of employment opportunities in turnover of these small and micro businesses is increasing day by day and they are providing more services and
opportunities to the upcoming generation. Another reason of getting success is that day properly knows the needs and desires of their customers and therefore they can easily fulfill their
demand which makes them earn more profit and revenue.
Importance of small businesses and start ups for the growth of economy
Small business has been started to make profit and help people. Start up business and small business also helps in the economic growth of the country. Workforce is the important asset for
every company whether they are working in factories, shops etc. when an individual starts business then they are helping nation to solve their unemployment issue.As start up businesses
provide employment opportunities to the citizen of the country. Small business owners have the opportunity to grow in the future. As today's small business can become big business of
tomorrow and can also become million dollar enterprise. Small business also contribute in the tax collection to the business and they also use banking services.If small business will stop
working then it will result in negative tax collection and social development of the country will also gets disturbed.Start ups businesses can contribute in increasing economic activities by
doing efforts to attract more local and outside customers. Small business also support big companies.As good are manufactured by big companies but it is reached to the customers
through small shops. Big companies cannot directly reach to the end customers so they require mediator between them and customers and small shops acts as mediator. For growth also
big companies reply on small businesses because small businesses have power to increase demand of goods which is produce by big companies. As they can convince customers to
purchase that specific product. Small businesses also helps in bringing innovation. As they are in direct contact with the general public. So they know better that what goods and services
are best for customers (Ahn, Han and Kang, 2019).They also easily adapt changes in economic climate and hence their rate of adaptability is high.
Conclusion
Entrepreneurship provides opportunities to an individual so that by using their knowledge and skills they can start their business. Ventures are o various types like private, public, social,
small, micro etc. Small businesses and start ups plays vital role in increasing the economic growth. As it creates employment in the country so helps government to reduce the problem of
unemployment. Small businesses also help large companies by distributing their goods to the customers. So it can say that small business indirectly contributes in increasing the sales of
big companies.
References
, K. and Stam, W., 2020. Entrepreneurial copycats: A resource orchestration perspective on the link between extra-industry business model imitation and new venture growth. Long Range
Planning. 53(4).p.101872.
Gümüsay, A.A. and Bohné, T.M., 2018. Individual and organizational inhibitors to the development of entrepreneurial competencies in universities. Research Policy.47(2). pp.363-378.

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