ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT: Business Report

This report provides an overview of entrepreneurship and small business management, exploring various entrepreneurial ventures and their typologies. It examines the impact of small and micro businesses on economic growth, including turnover and growth patterns. The report analyzes the characteristics, skills, and motivations of entrepreneurs, highlighting their influence on business success. It covers different types of entrepreneurial ventures such as scalable start-ups, lifestyle start-ups, and large enterprises, and discusses the similarities and differences between survival, lifestyle, managed growth, and aggressive growth businesses. The report also delves into the roles of entrepreneurship in both the public and corporate sectors, as well as the impact of micro and small businesses on the economy. The report contains statistical data, examples, and explores how these businesses create employment opportunities and contribute to overall economic development.

ENTREPRENEURSHIP
AND
SMALL BUSINESS
MANAGEMENT

Executive summary
The entrepreneur and small business management has refers the scope and growth of
economy. Those business contribute in the economy growth. That had create the employment
opportunities for the peoples by innovation. The report has present by the various entrepreneur
venture and its typology of business to grow at marketplace. With the help to statistical data,
report found the turnover, growth of small and micro business venture. All venture are different
and similar with each other. The study has shows a characteristic, skills and motivation has
impact to the people and entrepreneur for run the business. This has show the examples of the
different entrepreneur venture and its success.

Table of Contents
INTRODUCTION...........................................................................................................................4
LO1..................................................................................................................................................4
P1 ...........................................................................................................................................4
P2. ..........................................................................................................................................6
LO 2.................................................................................................................................................8
P3 ...........................................................................................................................................8
P4 .........................................................................................................................................13
LO 3...............................................................................................................................................15
P5. ........................................................................................................................................15
P6..........................................................................................................................................16
LO 4...............................................................................................................................................19
P7 .........................................................................................................................................19
CONCLUSION .............................................................................................................................21
REFERENCES..............................................................................................................................22

INTRODUCTION
It is the effective activity of designing and establishing the brand-new business. Small
business is involved by the high risk and liability because it has only few members to run the
business. Furthermore, it’s kind of start-up where entrepreneur find opportunity to do new things
and creativity. The study lays emphasis on the different types of entrepreneurial ventures which
is medium, small and large enterprises (Abraham and Tupamahu, 2016). Study will show the
interrelationship between different entrepreneurial ventures and typologies. Apart from this
small, medium and large enterprises have various similarities and dissimilarities that will
discussed briefly in present study. Report will be detailing with the necessary small and start up
in social economy. Furthermore, a study will show the traits and skills of entrepreneur and
aspects of entrepreneurial personality that reflect motivation and mindset of entrepreneurs. At
last various examples are discussed of background and experience that can hinder or foster
entrepreneurship.
LO1
P1
There are different types of entrepreneur who can individual they start the business with
sets new ideas, new various services and goods. They are help to develop the market by bringing
new ideas and knowledge and skills. They refer effective process for start a business. Here, is
mention some entrepreneurial venture which are as follows:
Entrepreneur
Entrepreneur are employees but they know and assume them as a entrepreneur within a
company because of their effective entrepreneurial skills. They have the capability to run the
business at Red bridge council and try to develop business with their ideas in a workplace.
Entrepreneurship
The entrepreneurship is the set of activity of business and businesses, which are taking
the financial risk in the hope for profit. It is the process of designing, lunching or running the
new business which is often from the initial level.
Entrepreneurial venture
the entrepreneurial venture is about the risky, failure and success of embracing it and
learning from that. They are the person who learn from their failure and unsuccessful.

Enterprises
It is the another word for a profit business or the company. But it is associated with the
entrepreneurial venture.
There present a difference between the serial entrepreneur, intrapreneurs and owner manager
Serial entrepreneur
A serial entrepreneur is the person who are continuously come with the new ideas and
start new business. They often the single ideas for start the new company and business.
Intrapreneurs
They are the manager of the company who promote the innovative product and
development and marketing of the business and company.
Owner manager
the owner manager is both- to own the business and also to manage it. They are make
strategy for gro0wth of business at marketplace.
Typologies of business ventures and its relation to different entrepreneurial ventures
Scalable start-ups entrepreneurship
This type of start-up has aims at attracting investment from financial investors. They hire
best employees in the organization to have best human resource in the organization. In addition
to this it is very much related to large ventures as both have common goal of increasing scale of
the business and attracting new and potential customers by offering new and innovative products
for long run (Burns, 2016). Thorough this organization can aspect for aglow for the business and
they tend to set up successful business model.
Lifestyle start-ups or social entrepreneurship
The aim of lifestyle start-up is to sustain a particular level of income. These are the small
creative industries which are more practical. Furthermore, there are soul practitioners in the
organization. For example, husband and wife team. In addition to this these start-ups are very
much related to social entrepreneurship because it prefers the consumer preference and the life
style typology helps in achieving the desired level of satisfaction of the customers.
Small entrepreneurship
There are the ventures which has less than 50 employees in the organization and not
having turnover more than £6.5 million. For example, hairdressers, travel agents, electricians,
plumbers, who have their own business and these are less profitable. Furthermore, these are the

ventures which hire local people or families to work as an employee in their organization. That
type of businesses is generally run with the support of the sole proprietors and partnership firms
(Burns and Dewhurst, 2016).
Large entrepreneurship
The large companies which aims at offering product at large scale. These companies
expand their businesses through merger and acquisition. In addition to this large venture sustain
in long run because of continuous offering of products with innovation. These organizations
generally aim at meeting demand of new customers. These companies enlarge their business by
acquiring new business which offers new and innovative products. For example, Sainsbury is the
large organization which provide innovative and new product and has more than 500 employees
in its organization.
The types of entrepreneurial venture
Social enterprise
The social enterprise is established for help to other peoples in effective manner. Like
NHS is free medical service provider firm to their customers. They are take care of their
customers by providing better health service to them.
The profit motive company(aggressive growth)
The profit company are established for earn money by selling good and services to the
customers. Like the Tesco that is the supermarket chain in the market place. they are provide
their best and effective services to the customers and against they are take money and charges for
earn money.
Public company
The public company is owned and run by the government body. This have main motive
to open their business provide services against of earn some profit form the government body.
Like lifestyle firm is covered in the public company. This serve their best service to the
customers.
P2.
The difference and similarities between the survival, lifestyle, managed growth and
aggressive growth business are as follows:
Difference

 Survival business entrepreneurship has not carried the losses and any types of risk. Its
main aim is to feed and foster their families and improve their lifestyle by maintain the
profit margin. The Aggressive growth entrepreneurship venture invests the high level of
amount business so they face the biggest problems like financial, operational and so on
(Dunne, and et.al., 2016). Managed growth business are take risk which is help to start
companies and achieve top that involve the technological risk, capabilities risk and
financial risk. lifestyle business type of business organization not include the any types of
the risk and losses but some time face the various situations which affect to the
community like human rights.
 Survival ventures have limited sources, planning and amount. Aggressive size of this type
of company depends on business whether it is hair salon, cafe etc. Managed type of
ventures has up to 250 employees and have large amount of investment. Lifestyle type of
entrepreneurial ventures do not have specific size because their main aim is to serve
people and society note to make a profit.
 The survival business not have the technological investment and their not high need. The
Aggressive growth business are highly invest on their technology because there is high
need of those for run the business. The managed business are refers the current trade of
technology to grow at marketplace. Lifestyle business are use technology for payment
and run their business in smooth ways.
Similarities
there are various similarities in those types of business which are as follows:
 The all of the entrepreneurship venture hires the employees from their local area for the
better productivity of the firms as well as achieving the increased brand image of the
firms.
 The small, medium, large and scalable business venture are have similarity to create
creative ideas for the growth of business in positive manner.
 All are also create the effective brand name to identity of business at marketplace.
 The small, large and social entrepreneurial venture need to seek the investor for
expanding their businesses in the global market (Eniola and Entebang, 2015). The main focus on the entrepreneurial venture in terms of getting higher level of
customer from the market place for improving the goodwill of the firm.

demonstrate and understanding of entrepreneurship in both public and corporate sector
Public sector
It involves the organizations which are controlled as well as monitored by the
government in both the way directly and indirectly. The government contribute the higher level
of investment in the company's investment. The main objective of this type of the organization is
to providing the higher choice goods and services to the customers. The main focus public
sector organization on the social welfare and development rather than increasing the profitability
and productivity of the firm (Julien, 2018).
Corporate sector
It includes the organization which recognized as the private firms. This type of
enterprises is owned by the private peoples with the aim of increasing the profitability of the firm
and expand the business operations globally. Corporate sector firms design the various marketing
strategies for providing better quality product and services which ensure the successful growth of
the firm.
LO 2
P3
The brief introduction of the micro and small business. Those are the important and
effective business venture of the business. The micro and small businesses are most important
for the economy growth. Both create employment in the country which is effective for the
country and its economic growth. Both businesses are give the high contribution in economic
growth. Micro and small business and its introduction are as follows:
Micro size business
The micro small business is a type with small numbers of employees. For run this
business in effective manner here is required some numbers of employees are needed as the 10
peoples and small capital. For this type of enterprises, the manufacturing enterprise here is
required investment lump sum 2.5 million (Burns and Dewhurst, 2016).
Small size business
In this type of enterprise requires 250 employees who are work to develop the business.
The main motive and aim of this type of business to expand the business and earn maximum

profits and being in a competition. In this business required the investment numbers for run the
business are 25 million.
Micro and small businesses are impact on the economy which as follows
The micro and small business is very important part of the business and for economy
growth. Small business and micro business established personally to earn money and gain
effective reputation at market place. That business gives new way of the economy and peoples
because this help to create employment for peoples. The small business is giving impact on the
business and it is the biggest challenges for the owner of small business because this give the
positive impact on the economy by increasing employment.
With the help of this graph get idea of the economy growth. 50% small business is
surviving 5 years and more then it and 50% home based. All micro business is small businesses
as per their work and contribution. This business has their own ability and capabilities of work in
effective manner. A small business, micro enterprises are developed in a variety of industries. A
most common businesses are including the child care, catering, photography, computer services,
accounting, event planning and so on. Micro business requires many if the same skills to thrive

as their larger business. There were 5.6 million businesses are small which has start at 2018.
compared with the previous year is the private sector business populations fell by the 0.5% and
increased by the 2%. the decrease in the business population is the fall in the series, that happens
in the 2000. The small businesses 99.3% of every private sector business start of 2018. the total
employment in the SMEs 16.3, 60% has private sectors employment at UK. The effective
turnover of SMEs 52% is only private sector employment in the UK. There are compositions of
the business population in 2018, 1.4 million employee’s business and 4.3 million non-employing
businesses (Kuratko and Morris, 2018).
Illustration 1: turnover
(Source: SMEs in UK. 2018)
With the help of this graph, get idea about the small and micro business or its turnover.
This graph is present the micro business turnover has 40% to 50%. other hand the small business
has turnover 30% in t5he economy. the It is estimate that 60% employment of all private sectors
are from the medium and social size business at UK. Lump sum the annual turnover of small and
micro business are 2.0 million of all private sectors. By give the financial independence small
and medium size business are contribute in national economy. All over the businesses are
includes 3 legal forms: there 1.9 million companies, 3.4 million sole proprietorship, and 405000
ordinary partnership. The trend in the business population between 2017-2018, the numbers of
employing businesses increases with 23000, non-employing businesses are fell by 50000
resulting in the overall reduce of 27000 businesses. The location and industries are the numbers

of businesses per person is higher in the UK. A small company are referring the one that have
more than 6.5 million. In UK there are about 3.4 million sole proprietorship that has 59% of the
total sole proprietorship private sector and also ordinary partnership (Kuratko, Morris and
Schindehutte, 2015).
In 2018, there 30.2 million small business in the UK and lack of capital is top challenge
for 33% of small business. For example: with the help of small business and start the youngsters
growing in the business area. This is very important for the business and its effectiveness are
faced by the peoples. They are high contribute in improving the business and local areas. By this
various people got jobs who are not have job and any employment. Medium size business makes

0.6 business population and provides 12% employment to society that lead in creating effective
and attractive 15% turnover. Whereas, the large and big business are making only 0.1% of the
total number of the business and it help to provide the much employment. In the 2017-2018 most
of the company’s employees are grow without employment. It is effective and valuable for the
businesses to sets effectiveness as per the requirements. The effect of small and medium
enterprises has accepted as economic growth and development. The impact on SMEs in the
global economy is a very crucial role in the construction of a society. The reason is they are not
providing the job chance to the different society and growth of businesses.
P4
The social economy is formed and set of business and economy activities are carried out
the private sap. This provide the perfect solution to social and societal challenges. Start-ups and
Small business are important and backbone of the UK economy. It has highly contributed in
UK's economy. Their contribution in social economy is vital because they are creating jobs for
those who are unemployed and decrease the unemployment rate. There, it is important for small
and start-ups business in social economy which has includes development of employment,
turnover and helpful in developing industries. Those are very important and valuable for the
business to grow in positive and effective manner. The small business is highly contributing in
the local economy by bring growth and innovation to the community. The small business help to
economy growth by providing highly employment opportunity to peoples who have not
employment by larger corporation. That promote competition and bring ideas to face challenges
the status. It is very essential for look at wider landscape and path ahead has its challenges, such
as modulate and access to finance (Morris, Neumeyer and Kuratko, 2015).
Small businesses are playing a vital role to the success for the economy. That had not
provided that had not provide the valuable success in the future but it is effective help to meet
local needs of peoples. That have served the various requirements of larger business firms like
catering, routine maintenances, catering. Entrepreneurial simply means to develop the right
skills, attitude and initiatives to make innovation contribution to an organisation. There are
various benefits of small business and start-ups are as follows:
Creating of employment
Small business and start-ups are creating the employment for unemployed peoples. There
are various small businesses and start-ups sets and established in the economy. It is the effective