Entrepreneurship and Small Business Management - Assessment 1 Analysis

This report provides a comprehensive analysis of entrepreneurial ventures, focusing on the distinctions between small business, scalable start-up, large company, and social entrepreneurship. It explores the similarities and differences between these ventures, highlighting the innovative and risk-taking nature inherent in all. The report further examines the evolving role of entrepreneurship in both public and private sectors, emphasizing the higher risk-taking propensity in the private sector and the stability provided by the public sector. It delves into the limitless scope for growth and development in entrepreneurial activities, particularly in the UK, and assesses the significant impact of micro and small businesses on the UK economy, including their role in economic growth, poverty reduction, and overall improvement of the social economy. Finally, the assessment considers the varying impacts of small, medium, and large businesses at local, regional, national, and international levels, underlining the potential of small businesses to drive economic change and achieve high market growth.

Entrepreneurship and Small
Business Management
(Assessment 1)

1.1Entrepreneurial Ventures
There are mainly Four types of Ventures of
entrepreneurs:
 Small Business Entrepreneurship
 Scalable Start-up Entrepreneurship
 Large Company Entrepreneurship
 Social Entrepreneurship

1.2Similarities and Difference between
entrepreneurial ventures
There are four types of business ventures and they all have some
similarities and differences:
Similarities:
 Innovative and Creative
 Challenging and Risk taking
Differences
 Kind of business
 Type of Firm
 Goals of Firm

1.3Entrepreneurship in both public and
private sector
Today entrepreneurship has developed into new form. From just being an
activity to earn profits, it has developed into fixing of social issues.
Basically the business are divided into two parts:
Public: The public sector enterprises are those owned by the
government and its agencies.
Private: The private sector enterprises are those which are owned by
the citizens of the country.
The scope of entrepreneurial activity is always high in the private sector,
while public sector are mainly started to provide support to economy and
the society. The division of sectors helps in understanding about the
whole concept of entrepreneurship. The power of risk taking is high
when it comes to private sector. Public sector enhances the stability in
the economy and society.

1.4 The Scope, development and Growth of
Entrepreneurial Ventures
Entrepreneurial scope for growth and development is limitless.
There many opportunities waiting to be grabbed and worked on. It
takes a right person to identify the opportunities and gaps available
in the market and its forces. Today the economies of the world are
witnessing high rise in the growth rate of the start-ups and
entrepreneurial activities. This rise is leading the world to a much
better future. In UK alone, there is high rise in the start-up's and
entrepreneurial activities. These will lead the nation towards self
sufficiency and better economic conditions.

2.1 Impact of micro and small business on
economy
Business are mainly classified into four parts in respect of the size
of the company.
 Micro business
 Small business
 Medium enterprises
 Large enterprises
In recent years there has been massive surge in the micro and small
ventures which have boosted the economy of the United Kingdom.

2.2Importance of small business and start-ups in growth of social economy
The role of small business and start-up's is increasing day by day for
UK economy. The business are providing more employment
opportunity and also adding their part in the growth of the society.
Different important factors:
 Economic Growth and Development
 Reduction in Poverty
 Improvement in UK economy
 Contribution in other factors

2.3 Impact of small, medium and large
business to the economy
Different organisations have different level of impact on the
economy. It depends on the size and customer base of the
company. The size of the organisation is divided into 3 parts:
 Small Businesses
 Medium Businesses
 Large Businesses

2.4 Small businesses and their impact on
different level of economy
Small business growth in UK has led to the change of
representation. Today the small business are representing the growth
and development of the economy. These business have the potential
to change the whole market achieve high growth with high market
share. They have different impact on local, regional, national and
international level.
 Local Level
 Regional Level
 National
 International

References
Karlan, D. and Valdivia, M., 2011. Teaching entrepreneurship:
Impact of business training on microfinance clients and
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pp.510-527.
Santos, F.M., 2012. A positive theory of social entrepreneurship.
Journal of business ethics, 111(3), pp.335-351.
Light, P.C., 2011. The search for social entrepreneurship. Strategic
Direction, 27(6).
Delgado, M., Porter, M.E. and Stern, S., 2010. Clusters and
entrepreneurship. Journal of economic geography, 10(4),
pp.495-518.