Entrepreneurship and Small Business Management: A Detailed Study

This essay provides an overview of entrepreneurship and small business management, exploring different types of entrepreneurial ventures such as small scale, large scale, scalable, and social enterprises. It discusses typologies of entrepreneurship, including growth firms and lifestyle enterprises. The essay also examines the similarities and differences between small businesses, large companies, and social entrepreneurship, focusing on scale, purpose, and characteristics. Furthermore, it interprets statistics to show the impact of micro and small businesses on the UK economy, highlighting their role in shaping the economy through turnover, job creation, innovation, and expansion into the global market. The document is available on Desklib, a platform offering study tools and resources for students.

Entrepreneurship and Small Business Management
INTRODUCTION
Entrepreneurs these are the persons that has been inventing and implementing different ideas,
which makes satisfaction created in relation over demand, which increases population and makes
earning of revenue and profit possible. They are knows as backbone of existing economy which
makes operations of business conducted in more affected manner.
TASK 1
P1 Different types of entrepreneurial ventures:
Entrepreneurship refereed over making establishment possible within which risk is been
associated regarding profit generation. Entrepreneur is the person that takes responsibility upon
managing business, which makes growth of market possible. There are various kinds of
Entrepreneurial Ventures, which are based over scales that has been discussed as follows:
Small Scale Enterprise
Large Scale Enterprise
Scalable Enterprise
Social Enterprise
Small Scale Enterprise: As per this small-scale sole proprietor, making basic expenses met in
proper manner owns business. Such businesses only includes family members and staff
conducting small activities.
Large Scale Enterprise: Multiple operations goes on same time within these large organizations.
They have been working on making infrastructure create legal job opportunities. Further, this
organization work over bringing new product or services within market that makes loyal customer
base formed with evolution of time.
Scalable Enterprise: This is that enterprise leading over developing entrepreneur, which makes
development possible through creative ideas. It makes customers’ needs to be fulfilled.
Social Enterprise: The business earn profit through operations and provide better facilities to people
in need of carrying operations of enterprises.
All these enterprises work in business environment having major role for establishing
business environment. In this various typologies is used that has been given as follows:
Typologies of entrepreneurship
There are different kinds of typologies that is involved over different kinds of entrepreneur
ventures associated through development of business making enterprise more effective in nature.
Some typologies are discussed below:
Growth firms: These business is been formed out of earning maximum profit and making
high revenue generated. These ideas are mainly generated for satisfying the needs and requirements
of their customers so that they can get improved results from the products or services.
Lifestyle Enterprise: These are the types of enterprises that are formed for improving the
standard of living of the local people in which the company is operating its functions.
These typologies and entrepreneurial is interconnected with each other that makes
maximum efforts improving living standards and lifestyle of people. This leads over growth of
economy possible.

P2 Similarities and differences between entrepreneurial ventures
Basis Small business Large company Social
entrepreneurship
Scale They are known as
small business and
has low investment
capacity within
business.
This business operates
Upon high scale because
of high money
requirement.
This organization
operates at local level
with safety needs of
local person or society.
Purpose Major purpose of
this business is to
generate livelihood,
which make life
standards
improved.
These organizations has
been formed to earn
money through
innovation.
They makes major
contribution for
uplifting local people
and their lifestyle.
Characteristic
s
These business is
requires limited
source to run
business.
Such businesses includes
high amount of money and
government interference is
more.
They requires money
which is been provided
through government
finance authorities.
TASK 2
P6 Interpretation of statistics for showing impact of micro and small business on
the economy
• Small business turnover has helped shape UK economy: Small businesses in UK
is having less turnover of 50 million. 99% of the SMEs are currently operating in UK. So this a
mixture of success and failure in the economy.
• Small business growth affects the UK economy- These organizations has made growth of
business enterprises while performing well- employment rate. With 50% of small business
enterprises, expand their operations. Businesses are positively responding in the economy.
• Small businesses has made market of UK expand with innovation to global market that
made productivity boosted with exporting plans.
• Since small businesses uses more innovative practices which has helped in enhancing
product and services making domestic recognizant possible.
• UK small business enterprises has less growth within economy that makes SMEs growth
up to 17% in UK compared to 27% in the US.