Entrepreneurship and Small Business Management: Unit 9 Detailed Report

This report provides a detailed analysis of entrepreneurship and small business management, focusing on different types of entrepreneurial ventures and their relation to the typology of entrepreneurship, including small business, medium entrepreneurship, large entrepreneurship, and social entrepreneurship. It explores the similarities and differences between these ventures, highlighting the importance of management structure and innovation. The report also describes the impact of micro and small businesses on the economy, with relevant data on regional and national levels, and presents the importance of small businesses and start-ups to the growth of the social economy, emphasizing their role in generating profit, reducing unemployment, and contributing to corporate social responsibility. The document includes a presentation that summarizes the key points and provides examples of successful entrepreneurs and ventures.

UNIT 9 -
ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................2
MAIN BODY..................................................................................................................................2
PART- A..........................................................................................................................................2
P1. Presenting different types of entrepreneurial ventures and their relation with topology
entrepreneurship..........................................................................................................................2
P2. Presenting the similarities and differences between entrepreneurial ventures......................4
P3. Describing the impact of micro and small businesses on the economy with help pf relevant
data...............................................................................................................................................5
P4. Presenting the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................7
PART 2- COVERED IN PPT..........................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9
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INTRODUCTION
Entrepreneurship can be defined as process of developing business plan, launching
innovative ideas and designing over all businesses to earn profit. It is also a type of activity that
include the financial risk for starting a new business or creating a company. Small and medium
enterprise are crucial for the economy as they help in generating income, employment and
productivity in the society. This report will discuss on the different type of venture and how they
are related to typology of entrepreneurship. Along with that, it will explain about the similarities
and difference of entrepreneurial ventures and discuss the impact of micro and small business on
economy. Lastly, study will throw light on the importance of small business and start-ups in the
growth of social economy.
MAIN BODY
PART- A
P1. Presenting different types of entrepreneurial ventures and their relation with topology
entrepreneurship.
Entrepreneurial venture: This venture is started and operated by the individual through
incorporating high risk and sufficient funds to smoothly promote the business growth and
expansion. The main purpose of this venture is to grasp the opportunities and adopt new
practices to enhance the overall development and profitability of organization. There are four
type of entrepreneurial categories that are mentioned in details below:
 Small business entrepreneurship: This is an idea of starting commerce without
moulding it into large business and opening its many segments. The main objectives of
small business is to earn stable profit with limited growth in market. Along with this, they
usually deal with limited range of product and services, having employees not more than
50 because company does not have enough capital to pay their salaries or wages. They
usually generate their funds from government schemes or friends and families. For
instance, The Cake Shop Bakery in UK they generally deal in the small market area of
the United Kingdom (Khudiyeva., 2020).
 Medium entrepreneurship: It can be defined as entrepreneurship that start their
business with innovative ideas and usually have vision regarding the organization. The
purpose of the medium scale business is to launch new product that is missing in market and
find out the solution to fulfil the needs of customer's in order to enhance their business. The
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scope of employees is not more than 100 as they hire only professional employees who can
provide unique ideas regarding services and product. Beside this they receive funding from
venture capitalist. For example, the Delitto company they provide the unique management
services in market of UK having medium scale operations.
 Large entrepreneurship: This entrepreneurship purpose is to cover large area of market i.,e.,
locally and internationally so to enhance business and increase the profitability. The company
usually have large budget that contribute in hiring many employees for business. Beside this
large enterprise provide unique or differentiate services and product according to the demands of
customer taste and preferences. For example, H&M is an international company with large
budget and global business operating in UK and different parts of the world.
 Social entrepreneurship: This type of entrepreneur solves social issues and invent those
services that contribute in providing social value to individual. Main purpose of such services is
to sustain environment by providing the service and product that bring social change in society.
The scope of this type of venture is not profit maximizing, rather it aims to make the society
better. Non -profit organization such as NGO’s are best example of social entrepreneurship
(Gupta and et.al., 2020).
Relation with typology of entrepreneurship
 Life style venture: It is a type of business which is run by the individuals that aim for
obtaining the stable income and achieving the profit. This firm usually depends on the
innovative ideas and skills of owner. (What is life style venture?., 2021).
 High growth enterprises: This type of venture aims to contribute in the overall
enhancement and growth of an organization. Along with this they work in producing
innovative ideas that result in development of external and internal environment of
business. Thus, organization mainly use the equity capital to grow the business.
 Social enterprise: The main purpose of this business is to work for the development
of society. The employees of this venture solve conflicts of organization and
economic problem by providing innovative services. Thus, the organization take care
of the external and internal environment of business.
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P2. Presenting the similarities and differences between entrepreneurial ventures
The major similarities between these ventures is to have the best management structure as
it contributes in growth of organizations. Every venture whether small or large have good
management structure so that they can achieve decided objective of company.
Another similarity every venture have is producing innovative product and services as it
is essential element of running the business. Thus, every organization have to think out of the
box to enhance their brand image and increase the customer ranges (Wilczynski and
McLaughlin., 2017).
Difference between different type of venture:
BASIS LIFE STYLE
VENTURE
HIGH GROWTH
ENTERPRISES
SOCIAL
ENTERPRISE
OBJECTIVE The main purpose is
to earn the sustainable
income and earn
stable profit.
The main aim of this
organization is to earn
high range of the
profit so to expand
business globally.
The do not aim for
earn profit as they
work for solving the
conflicts of society.
CAPITAL
REQUIREMENT
They require some
scalable capital to run
the business as they
cover only local
market.
The requirement of
money is high
because they cover
global market and hire
professional
employees.
They generate fund
from the government
schemes or from
family and friends.
They require small
amount as they do not
expand their business.
NO OF
EMPLOYEES
REQUIRE
They hire usually
100-200 employees.
They work with more
than 250 workers.
The work with
employee up to 50-
100 (Mayr and et.al.,
2021).
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P3. Describing the impact of micro and small businesses on the economy with help pf relevant
data.
The micro and small industries contribute a lot in overall development of the economy.
There are increasing over time that contributed in generating the higher revenue by providing
new innovative product and services. The industries have impacted on the economy of UK at
different levels.
 Regional impact: The micro and small scale are playing important role in UK by
opening new area of market and providing innovative product and services.
Currently, country have 6.0 million small and 5.7 million micro industries that are
contributing in generating millions of jobs for the people that contributes in
increasing overall GDP of country by 25%.
 National economy: The SMEs play key role in maintain the economy of UK by
contributing 47% of revenue to the government. Along with this many small scale
venture has boosted the local communities as they allow people to have low mobility
to have easier access to essential commodities. Beside that they are also contributing
in growth of innovation that resulted in levelling up the growth of country.
Figure 1:Contribution of SME's in UK
(source: Business Statics, 2021)
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According to business population sources of UK there are 6.0 million SEMs established
in 2020 which was over 99% of all the business running in United Kingdome. Similarly, the
country has 5.7 million of micro business in 2020 which is accounting for 96% of all the
business. Both these industries have contributed in increasing the GDP by generating profit.
.
Figure 2 Share of business in UK
(source: Statistical Release,2020)
According to the graph, the small and micro organization contribution in business,
employment and turnover is higher as compare to the medium and large business. The SMEs
earn 36.3% of the turnover and generate 48.0% of employment in UK.
The SMEs are divide into three categories in UK small, medium and micro. The company
who have 0-9 employees are known as micro enterprise. Whereas the small size venture has 10-
49 employees and medium size have 50 to 249 employees.
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P4. Presenting the importance of small businesses and business start-ups to the growth of the
social economy.
The start-up business has been high influenced in most of the countries so to increase the growth
of economy. The reason that are increasing is that they bring innovative ideas in the market so
that they can fulfil demands of customers. This company generate high profit in short time as
they rapidly cover the large market that allow the other business to pay high tax that contributes
in growth of country. Along with this start-up hire job candidates that reduce unemployment in a
country.
However, most of the start- up and small scale companies are involved with corporate social
responsibilities (CSR) activities and such as protection of environment and providing education,
food at remote area and to weaker section of societies. Therefore, these activities help in solving
conflicts related to the economic problems. Beside this SMEs and Start-up has contributed in
increasing the GDP of a country (Polo García-Ochoa and et.al., 2020).
PART 2-
Slide 1
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Slide 2
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Slide 3
 Entrepreneur is a person who start the business on an idea by their own also takes risk.
 This report will discuss the local, global and social entrepreneur with an example and
typology of it.
 Moreover, it will define the similarities and differences between each venture and
information about how micro & small ventures impact on national, local and international
level of economy.
 Furthermore, the report will justify importance of small businesses start-ups to progress
of social economy.
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Slide 4
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