Entrepreneurship and Small Scale Business: Report on Scope and Growth

This report provides a comprehensive overview of entrepreneurship and small-scale businesses. It begins by defining entrepreneurship and introduces various types of ventures, including micro, small, large, and social scales, detailing their characteristics, risk levels, and organizational structures. The report then explores the scope, development, and growth of entrepreneurial ventures within both the public and private sectors. It also examines the impact of small businesses on the economy, using relevant data and statistics, particularly focusing on the UK market. The report further analyzes the characteristics, traits, skills, and motivational drivers of successful entrepreneurs, providing examples of well-known British entrepreneurs. Finally, it discusses how the background and experiences of entrepreneurs affect their careers. The report concludes with a summary of key findings and a list of references, offering valuable insights into the multifaceted world of entrepreneurship. The report provides insights into the types of ventures, their impact on the economy, and the characteristics of successful entrepreneurs, offering a solid foundation for understanding the business landscape. The assignment is available on Desklib.

Entrepreneurship and Small
scale business

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Task 1..........................................................................................................................................3
1. Scope, Development and Growth of entrepreneur venture within the public and private
sector...........................................................................................................................................3
2. Small businesses impact on economy with relevant data and statics......................................6
....................................................................................................................................................6
Task 2..........................................................................................................................................6
1. Analysing the characteristics traits, skills and motivational drivers of successful
entrepreneurs providing examples of well known British Entrepreneur....................................6
2. Background and experiences of the entrepreneur which affect their carrier...........................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurs are the ones who bring new and unique ideas to the market. It is not necessary that
an entrepreneur will always have large scale business, and entrepreneur always starts with zero,
and take the risk to introduce something new to the market. And this report will contain various
types of entrepreneurs, their topology, growth, scope, differences and similarities between
different entrepreneur ventures. Also the skills, characteristic and traits of the entrepreneur by
taking examples of 2 famous entrepreneurs.
Task 1
1. Scope, Development and Growth of entrepreneur venture within the public and private sector.
Types of venture:-
Micro Scale:- Micro Scale businesses are the firm which has less than 10 employees. And who
deals with the costumer at a very small level. These are the firms which are newcomer to the
market. This businesses can be run within someone's house. The amount of investment is very
low.
Small Scale:- Small Scale businesses are the firm which has less than 50 employees. And their
investment in the business is more than micro businesses, but less than large scale. Investment
capital can taken from friends or family (ulien, 2018). And number of small scale business is
very large in any country.
Large Scale:- Large scale businesses are the firm who deals with a huge number of employees
as well as costumers. These firm also have a large amount of investment which they arrange
from bank loans, personal loans and many more (Storey, 2016). And also gain a lot of profit
from the business.
Social Scale:- Social scale businesses are the firm whose main motive is to provide services or
products to every one it can be humans, or animals or even plants. These business has nothing to
do with the profit.
Typologies of the Entrepreneurship:-1. Survival Firms:-These are the firms which are new to the market. And wanted to survive
into the market somehow. So they adopt some methods to survive into the market
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(Halkias, 2017). Survival firms main motive is to survive and grow, profit is also a point
but major focus is to survive.2. Lifestyle Firms:-These are the firm who earn profit just to establish their life style. Their
motive is to manage their personal life (Frese, Hass and Friedrich, 2016). That means
they are not focus to grow in the market or to be famous, but just to survive their life style
that's it.3. Managed growth firms:-Increasing growth in the market for the firm is not a big deal but
managing that growth for a period is. If the company is being able to grow into the
market, managing that growth is really a tough job for them (Storey, 2016). And those
firm who get success to manage that growth are counted in managed growth firm.4. Aggressive growth firms:-These are the firm who has earned more than the average
amount of profit and that too for continue periods are counted in aggressive growth firms.5. Public sector entrepreneurship:- These are the firms who invest their ideas and
innovation for the public welfare (Dugguh, 2017).
6. Social enterprise:- Social enterprises are just like public sector with the only difference of
profit. Public sector enterprise motive is to serve to social well-being but with the profit
(Campos and et.al., 2017). While social enterprise's motive is to serve to the public but
with no profit earning.
Difference between different business venture:-
Basics Micro Small Large Social
Risk Level and
competition faced
Micro scale companies
are having the minute
amount of risk, because
this business investment
is low, no. of employees
are low, their profit is
also low (Maresch and
et.al., 2016). So if any
thing happen which is
not in favour, then also
As compared to
Micro firm, the risk
level is little bit high
in small scale,
because in term of
investment,
employees and loss is
more than micro but
less than large
(Schaltegger,
In Large firm the
amount of risk is very
high. Reason because
the firm is large in
scale, having lots of
employee, amount of
investment is also more.
So if any unexpected
thing happens in
negative way then it
Social firms always
deals with the
social benefits.
Their main focus is
on satisfaction of
the social well
being, they doesn't
work for the profit.
So the risk level of
social firms is
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this company doesn't
have to bear lots of loss.
So the risk is very low in
micro scale businesses.
Lüdeke-Freund and
Hansen, 2016). So
the amount of risk is
involved. Because
no. of employees in
small scale is less
than 100. The
amount of investment
is also more than
micro.
will gonna cost a lot to
the company.
nearly null.
Organisational
structure
Out of 5 organisational
structure micro firm uses
functional structure.
Because functional
structure unite the
employee together to
achieve the
organisational goal, who
are working in a
hierarchical formate.
While small scale
businesses can
follows any one from
3 organisational
structure which are
functional, divisional
or matrix. Functional
will combine the
employee to work for
the common goal,
while divisional will
divide the work for
different fields or
department
(Schaltegger,
Lüdeke-Freund and
Hansen, 2016). And
matrix structure will
combine the function
of both functional
Large scale will follow
all the 5 organisational
structure. Because the
firm is big in size work
load is more. So all the
structure are necessary
to follow each
organisational structure
which are functional,
divisional, matrix, team
and network structure.
Social Firm also
has to follow all 5
organisational
structure. Because
it is also at big level
(Maresch and et.al.,
2016). So any firm
which are dealing
with large amount
of customer require
to follow all the
organisational
structure which are
functional,
divisional, matrix,
team and network
organisational
structure.
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and divisional.
Similarities of different business venture:-
The main basic similarity of all the different venture is they entered into the market with
an aim now it can be profitable, or non-profitable. But every venture has its aim, and they all
wanted to achieve it with a continuous growth in the market.
2. Small businesses impact on economy with relevant data and statics
Small businesses plays a vital for the economical growth of any country. According to a report in
UK 95.4% of the market is covered with small and micro scale businesses (Julien, 2018). Small
businesses do require employee, which means it is solving the problem of unemployment in the
local area. According to a report of 2015, over the upcoming 15 years , approximately 600
million jobs will be needed over the world. Industries created by SMEs are busy in donating 44%
of the revenue to the economy of the UK. There are less than 250 workers in the UK of the small
scale businesses. 70%-80% of the job employment is being provided by the 25-27% of the small
scale industries in the UK. £1.8 trillion is the annual turn over of the small scale industries in the
UK.
Task 2
1. Analysing the characteristics traits, skills and motivational drivers of successful entrepreneurs
providing examples of well known British Entrepreneur
(Covered in PPT)
2. Background and experiences of the entrepreneur which affect their carrier
(Covered in PPT)
CONCLUSION
From the above report it is being concluded that entrepreneur plays a very vital role into the
market. Also helps to grow the economy of the local as well as for the country. Different
topology and types of the entrepreneur are the categories to understand the role of the
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entrepreneur to the market. And how the small scale industries impact on the economical growth
of the country. And also how the behaviour and role of the entrepreneur impacts on their carriers.
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REFERENCES
Books and Journals
Allen, S. and Truman, C., 2016. Women in business: Perspectives on women entrepreneurs.
Routledge.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Campos, F. and et.al., 2017. Teaching personal initiative beats traditional training in boosting
small business in West Africa. Science, 357(6357) .pp. 1287-1290.
Dugguh, S.I., 2017. Entrepreneurship and small business: Strategic approach to alleviating
poverty and corruption in Nigeria.GSTF Journal on Business Review (GBR),3(1).
Frese, M., Hass, L. and Friedrich, C., 2016. Personal initiative training for small business
owners. Journal of Business Venturing Insights, 5, pp.27-36.
Halkias, D., 2017. Characteristics and Business Profiles of Immigrant Owned Small Firms: The
Case of Albanian Immigrant Entrepreneurs in Greece.
Julien, P.A., 2018. The state of the art in small business and entrepreneurship. Routledge.
Maresch, D. and et.al., 2016. The impact of entrepreneurship education on the entrepreneurial
intention of students in science and engineering versus business studies university
programs. Technological forecasting and social change, 104. pp.172-179.
Schaltegger, S., Lüdeke-Freund, F. and Hansen, E.G., 2016. Business models for sustainability:
A co-evolutionary analysis of sustainable entrepreneurship, innovation, and
transformation. Organization & Environment, 29(3). pp.264-289.
Storey, D.J., 2016. Entrepreneurship and new firm. Routledge.
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