Entrepreneurship and Small Business Management: Ventures & UK Economy

This report provides a comprehensive overview of entrepreneurship and small business management, exploring different types of entrepreneurial ventures such as typical owner-manager, serial entrepreneur, and intrapreneur, along with ventures like small businesses, scalable startups, large company entrepreneurship, and social entrepreneurship. It delves into the typology of entrepreneurship, including survival firms, lifestyle firms, growth firms, managed growth firms, aggressive growth firms, corporate entrepreneurship, and public sector entrepreneurship, highlighting the relationship between these ventures. The report further examines the development of entrepreneurs, the differences and similarities between micro, small, and medium-sized businesses, and the impact of these enterprises on the UK economy. It also discusses the scope of local, global, and social entrepreneurship in the UK, the characteristics, traits, skills, and motivation required for a successful entrepreneur, and how people's experiences can encourage or discourage entrepreneurship. The report concludes by summarizing the skills and features necessary for successful businesses and referencing various sources for further reading.

Entrepreneurship and
Small Business
Management (TASK -1
& Task -2)

Types of entrepreneurs
Typical or Owner-Manager Entrepreneur- The entrepreneur
who know that what is process to make customers happy. They
calculate overcoming situational and analyze the ideas after
starting a business (Lee-Ross, 2010).
Serial Entrepreneur- This are the entrepreneurs who
opposite of typical entrepreneur and come up with ideas then
starts Company. They start the business with ideas. This type of
entrepreneur establishes rules and policies before the formation
of businesses.
Intrapeneur- This is a type of entrepreneur who holds its
business with inside activities. The person who creates products
and services with innovative ideas. They involve creative ideas
and risk factors.

Types of entrepreneur ventures
Small businesses- There are many small businesses have
start in united kingdom. In the US 5.7 million small businesses
working and all are the non governmental organisation. It
includes hairdressers, travel agencies, grocery stores,
consultancy services, carpenters, electrician and plumbers etc
(Schaper, 2014).
Scalable start up entrepreneurship- This is a type of
entrepreneur ventures whose vision and mission is clear to the
world and knowing from day one. Investors plays an important
role for this company.

Continued
 Large company entrepreneurship- Large kind of
entrepreneurship includes the innovation process for its
life cycles. Large companies uses new technologies and
creates new legislation. It builds disruptive products like
ironically.
 Social entrepreneurship- Social entrepreneur focuses
on the creativity. It involves innovation process to invent
new products and services. The products developed by
social company satisfies the needs of customers and
services solves social problems.

Typology of
entrepreneurship
 Survival Firms- This are the small kind of business
organisation who operates business of survival. Small
and medium size of business is a part of survival firm.
 Lifestyle Firms- Lifestyle firm is a term of providing a
reason of making goods and services for lifetime to
founder. It is a type of modern firm or businesses. Its
annual growth rate usually increases day by day(Burns,
2010).
 Growth Firms- This is a type of firm who is growing
rapidly. As compared by the competitors. The company
who is earning profits faster than economic rates.

Continued
 Managed Growth Firms- The company who needs to grow
in the market and have to manage the imbalance in the
profitability(Bridge, 2012).
 Aggressive Growth Firms- It can be described by a
mutual fund to achieve the highest capital gains. It focuses
on conviction approach.
 Corporate entrepreneurship- This type of firm can be
described by the activities of corporation. It focuses on the
internal growth of the businesses.
 Public sector entrepreneurship- This type of firm formed
for a particular objective. It focuses on public needs and
their satisfactions.

Relationship between
entrepreneur ventures
 Small businesses involves the social activities like social
work and welfare of society, its main purpose is to provide
services not to earn profits. In the other hand small
entrepreneurship situated for maximizing profits from
increasing productivity.
 There are some similarities also between small
entrepreneurship and social entrepreneur. Some times small
businesses formed for satisfying customer's needs or for a
social work.
 Large entrepreneurship bears more risks than small
entrepreneurship. There are more responsibilities and
policies which is required for business goal.

 Small businesses have less risk as well as less
productivity but large entrepreneurship gain more
profits than other businesses.
 Some large entrepreneurship like life insurance
company have same purpose to provide services that is
profitable for customer(Stokes, 2010).
Continued

Development of
entrepreneurs, differences
& similarities between them
 Entrepreneur can be described as a organizer of a business
or firm who forms it for productivity and achieving goals. It is
a group of persons who deals with uncertainty and bear risk
for maximizing profits and to achieve business
objectives(Pretorius, 2009).
 Entrepreneur uses the innovation techniques for solving the
problems of firm. They try to get satisfactions from the
employees of the firm. Development of entrepreneur can be
understand by evolution of entrepreneur.

Continued
 In the earlier period of market there was a macro polo
that was established for a trade route to sell his goods.
The contract was based on insurance policy. The firm
was successfully sold its product and services with a
complete profitability.
 Managers in 17th century, from this century
relationship was emerged with the connection risk and
entrepreneur. Both are related with each other.
Entrepreneur was entered in contract with government.

 There was a legislation in which profits and losses was
bear by the entrepreneur not to the other member.
During the period of 20 th century entrepreneur was
seen as creator and innovator.
 In the economic sector entrepreneur played an
important role for the growth of business activities.
During this period entrepreneur revolutionized the
pattern of productivity and marketing process.
Continued

Micro small and medium
business
 Micro businesses can be measured by a business that have one
ownership only. In a firm where are only five employees works
together is known as micro business. In this business there are more
flexibilities and mobility then other businesses types.
 Small businesses are the businesses who owned by more than one
owner. These businesses are operated by owner independently. In
these businesses there may be more than five members that can be
extend to 500 employees.
 Medium businesses involves more responsibilities and risks than
micro and small businesses. In these businesses there may be more
than 500 employees can work.