Entrepreneurship and Small Business Management Essay - Part 1 Analysis

This essay provides an overview of entrepreneurship and small business management, exploring different types of entrepreneurial ventures such as small-business entrepreneurship, large company entrepreneurship, social entrepreneurship, public entrepreneurship, and private entrepreneurship. It discusses the typology of entrepreneurship, including male, female, lifestyle, and survival entrepreneurs, highlighting the differences and similarities between various ventures. The essay further examines the impact of small businesses on the economy, emphasizing their role in employment, market share, and technological advancement within the UK market. It concludes by noting the significant contribution of small businesses to the UK economy and their common aim of developing successful organizations.

Entrepreneurship and small business management (Part 1)
INTRODUCTION
Entrepreneur is an individual who creates own business i.e. who makes an initiative to
organise, operates as well as assumes the risk of business venture to produce value through creation
or development of economic activity by highlighting novel products, process or markets. On the
other hand, entrepreneurship is the process of starting, executing business activities with different
departments within an organisation in order to accomplish firm goals or objective in an effective
and efficient manner. Along with this, there are various types of entrepreneurship according to
business type, technological and motivational aspect (Albort-Morant and Ribeiro-Soriano, 2016).
Additionally, small business also plays a significant role as it generate enormous employment
opportunity which enrich the life standard of community or society in a better manner. This study
involves various types of entrepreneurial venture along with their scope and growth, role of small
business within economic development.
Scope, development and growth of different types of entrepreneurial venture
Entrepreneurial ventures are the business of different sizes and scope which can be
operated by an entrepreneur with having different purposes. Small and start-up businesses can only
achieve success if the entrepreneur has something new, creative and innovative for the world. New
products and services can easily grab the attention of people which brings motivation and
enthusiasm among individuals to enter into market with their new ideas. Entrepreneurial ventures
are of different types which are as:
 Small-business entrepreneurship
 Large company entrepreneurship
 Social entrepreneurship
 Public Entrepreneurship
 Private Entrepreneurship
Small-business entrepreneurship: It includes those businesses which are operates
independently and at small scale level. The area of these kind of entrepreneurship is limited. They
enter into market to earn their livelihood because their operating level is low and also they have
limited amount of capital to invest in their business (Berisha and Pula, 2015).
Large company entrepreneurship: These kind of business ventures are operates at large
scale so they requires huge amount of capital to invest in their business. These organisations come
into market just to earn profit. Large companies grow through launching new products which are
different from their new products and these products came into market just to meet customers
needs. These companies create competition among business environment by launching advanced
technology products.
Scalable start up entrepreneurship: These businesses are risen business enterprise which
are developed in the chosen market. These enterprises came into existence by keeping the vision
that they can change the world. Their investment comes from the investors and they hire skilled
employees in their company. In such kind of enterprise the entrepreneur would not dispatch the
business in the vast market as there is no certification of being implemented in the market.
Social entrepreneurship: These kind of business enterprises are came into existence with
an intention of bringing new and innovative products that may satisfy social needs and requirements
of clients. Aim of these kind of enterprise is to develop the nation. They don't work for earning
profits or market share, they work to social development and welfare of society.
Public Entrepreneurship: This is an inventive approach for leading change in public
sector. These entrepreneurs exists in public sector organisation that results in innovative activities
such as development of services, improved strategies etc.
Private Entrepreneurship: They are established, owned and operated by private
individuals for profit. They work for their own organisation instead of government and other
agencies (Burns and Dewhurst, 2016).

Entrepreneurship and small business management (Part 1)
Typology of Entrepreneurship: All above mentioned entrepreneurial ventures are
linked with different typologies which are described as under:
Male Entrepreneurs: These entrepreneurs will focus on the economic reasons
for business. The decision making of these entrepreneur are easy and quick. These
entrepreneurs are logical thinkers as well as more aggressive when it comes to expand
their business.
Female Entrepreneurs: The number of females are more patient as compared
to males and this is the reason why they are more capable to operate a business more
smoothly and successfully. Their decision-making is quiet difficult and also take time in
deciding something. Mostly females work for the social development and welfare.
Lifestyle Entrepreneurs: These entrepreneurs have their interest in products
and services and they support a lifestyle of freedom and opportunity. These
entrepreneurs achieve a level of productive activity that affords sufficient income to the
owner and also enjoys the owner activity.
Survival Entrepreneurs: These entrepreneurs came into market just for their
survival. Their aim is to stay in the business environment for the long-term. While
surviving in the environment, these entrepreneurs become familiar to most of the start
ups and their strategies.
Difference between entrepreneurial ventures and their similarities
Basis Small Business Scalable Start up Large Company Social Entrepreneurship
Definitio
n
It is small-sized
business which
requires low
investment due
to operating at
small scale .
It is a business
which is operated
to achieve its vision
with suitable
planning and
strategies.
It is the businesses which are
having finite cycle that
mainly emphasis on bringing
new products and services
according to the changing
needs and requirements.
They are called as
innovators who comes
into market with new
idea to fulfil the needs
and requirements of
society,
Character
istics
It requires
limited resources
to operate
business without
getting much
interference by
government.
It mainly emphasis
on making more
venture capital in
order to expand
business to large
scale within shorter
period of time.
It is ongoing process which
changes according to the
fluctuations in needs and
requirements of customers.
Adequate support from
government due to
which easily acquire
resources to operate
business.
Roles To utilise limited
resources to earn
profit.
They have role to
search repeatable
and scalable model.
Its role is to facilitate
customers to get quality
products and services so so as
to maximise their level of
satisfaction.
They have role to create
awareness about their
health and safety
products.
Objective
s
To earn
livelihood.
To invite investors
to show their
willingness to
provide financially
help to their new
and innovative
ideas.
Its main objective is to
meeting the needs and
requirements of customers
through using advanced
technology in their business.
It has main objective to
maximise the interest
and satisfaction level of
society through
providing them social
welfare products and
services.

In UK, small business contributes that the medium and large company comprises with the
99.3%in terms of numbers. While, medium business are only 0.6% and large firms bring only
0.1% in UK (Essential Facts You Should Know about SMEs in the UK. 2019). However, this
share in the market will increase in future.
REFERENCES
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Doern, R., 2016. Entrepreneurship and crisis management: The experiences of small businesses
during the London 2011 riots. International Small Business Journal. 34(3). pp.276-302.
Donnellon, A., Ollila, S. and Middleton, K. W., 2014. Constructing entrepreneurial identity in
entrepreneurship education. The International Journal of Management Education. 12(3). pp.490-
499.
Dunne, T. C. And et. al., 2016. The impact of leadership on small business
innovativeness. Journal of Business Research. 69(11). pp.4876-4881.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of small business management. 53(1).
pp.75-93.
Karadag, H., 2015. Financial management challenges in small and medium-sized enterprises: A
strategic management approach. EMAJ: Emerging Markets Journal. 5(1). pp.26-40.
There are some similarities in above ventures:
These ventures establish into market are mainly emphasis on customers need, preferences and their
taste.
They always try to bring new, developed and innovative products into market to maximise the
satisfaction level of their customers (Burns, 2016)
All the business ventures which are above discussed have common aim which is to develop a
successful business organisation within the shorter period of time.
b) Impact of small business on economy
Small business encompasses with an organisation which is formed with 500 individuals or
lesser than that and it has huge impact over nation economic growth as well as over social economy
in order to enrich the life style of community or society in a better manner. In addition, as per the
evaluation of market report of past few decades among UK market small business are considered as
one of the major players for their growth as it benefits them in various aspects like employment
opportunity, enlarging market share or size, adaption of advancement in technology and many
more. Furthermore, it plays an important role in UK economy as stand for around 99% of all
businesses and provide employment to an increasing number of persons. Additionally, it impacted
over different sphere of UK economy which enable them to increase their market share or size as
well as whole performance in a better manner.
Entrepreneurship and small business management (Part 1)