Exploring Entrepreneurship: Small Business, Ventures, and the Economy

This report provides a comprehensive overview of entrepreneurship and small business management, exploring different types of entrepreneurial ventures and their relationship to various typologies. It highlights the similarities and differences between these ventures and examines the impact of micro and small businesses on the economy, supported by relevant data. The report also discusses the role of small businesses and start-ups in the growth of the social economy, emphasizing the importance of creativity and innovation in generating business ideas. It further touches on the protection of intellectual property rights and concludes by summarizing the contribution of small firms to the economy at national, regional, and local levels. This resource is ideal for students seeking to understand the multifaceted aspects of entrepreneurship and its significance in economic development.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
PART-1............................................................................................................................................3
P1 Different type of entrepreneur ventures and in what way they are related with the typology
................................................................................................................................................3
P2. Similarities and differences between entrepreneur ventures............................................5
TASK 2............................................................................................................................................7
P3 How micro and small business makes an impact on the economy and explain it with the
help of using data ...................................................................................................................7
P4 Role of small business and business start-ups on the growth of social economy ............8
PART-2............................................................................................................................................9
Covered in PPT.......................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
Books and Journals...............................................................................................................10

INTRODUCTION
Entrepreneurs are the one who starts their business with different objectives and who have
different goals which they want to achieve. So in the beginning every entrepreneur has to start
with the small business and with different policies and making analysis in the market they can
make their business a large one(Jones and et. al., 2018). For the upliftment of an economy it is
important to promote entrepreneurs so that they can start their business and the success of the
business is only in the hands of entrepreneurs. For the development of UK economy these
entrepreneurs need to be developed as they have the representation of around 90% of the
economy. This report will cover venture types, impact of small business on the economy, key
aspects of an entrepreneur mindset and different environment that foster or hinder
entrepreneurship.
PART-1
P1 Different type of entrepreneur ventures and in what way they are related with the typology
There are different entrepreneur ventures which have been discussed below-
Entrepreneurial ventures-
 Small business entrepreneurship- People having such type of business are those which
does not aim for any high profits. They basically aim to earn in a modest way which will
help them in spending their basic life.
 Large company entrepreneurship- Such type of business includes those who aim for
more and have high annual turnover compared to that of small. They believe in making
innovation with the help of using some technology as this will help them in providing the
success.
 Social entrepreneurship- This type of entrepreneurship is different from that of others
as their main aim is to help the society by providing them the products and

services(Zeyen and Beckmann, 2018). They are not the one who wants to make higher
profits or want to earn more but their main aim is to provide benefit to the society. Scalable start-up entrepreneurship- This enterprise is for those who have the
confidence they can make some changes with their work. They identify the things which
are not present in the market and by that they develop those things which will be new in
the market and also to the consumers.
Typologies-
 Lifestyle typology- Lifestyle entrepreneurs are those who want to make some change in
their life and that changes does not relate with that of monetary rewards. Their focus is
not on earning profits as they are more passionate on developing a business rather than
earning money.
 Survival typology- Survival enterprise are those who wants to make the existence in the
market for longer term(Zhang and Chen, 2018). Their main focus is to develop the
business as this will help in satisfying the financial obligations of the business. Dynamic typology- Dynamic entrepreneurs are those who have the tendency to make
some changes with that of their work. This means that they make some innovation and
want to make some change with their work.
Differences between serial entrepreneurs, entrepreneurs and owner-managers
Serial entrepreneurs Entrepreneurs Owner-managers
Serial entrepreneurs are those
who have the tendency to
bring some new changes and
for that they bring new ideas.
They work hard for developing
that business and for that idea
there are chances that they
might be failed.
Entrepreneurs are the one who
starts their own business and
have the tendency to take the
risks. Entrepreneurs are the
one who believes in making
innovation as this will lead to
success of the
business(Rudenko and et. al.,
2018).
Such type of individuals are
those who owns and manages
the whole business on their
own.
Entrepreneurship

Corporate: This type of entrepreneurship works on the basis of creating and making new
product and services which will be developed within the organisation. Doing such thing will help
in creating values and will also provide the ways of generating profits.
Public: It means that entrepreneurs have to conduct innovation which can be in the way of
producing and developing of new ideas and process in the public sector (Piñeiro-Chousa and et.
al., 2020).
P2. Similarities and differences between entrepreneur ventures
Roles and characteristics of micro, small and medium-sized organisations
Micro: Micro enterprises are considered to be most important because they are the one which
helps in providing employment opportunity to the people who are unemployed. The development
of such type of enterprises can help the economy as there are chances of increase in per capita
income. The main criteria is employment but other than that they want to make fuller utilisation
of natural resources in the country(Galvão, Ferreira and Marques, 2018).
Small and medium: Small enterprises are considered to be the backbone of an economy for
which government also help them in providing some benefits. They open the gate for
employment, growth opportunities which helps in contributing towards the GDP of an economy.
They provide the products and services to people which is at the reasonable rate which can be
afforded by every individual. They are the one which promotes innovation in their business and
with that innovation diversification of products will be provided by them which will lead to
satisfaction.
Difference between ventures
Basis Small Large Social Scalable start-ups
Meaning Small business is
that business in
which the
entrepreneurs
have limited
capital access.
They does not
Large
entrepreneurs are
those which is
having large
investment for
their business
operations. They
Social
entrepreneurs are
different from the
other
entrepreneurs as
their basic aim is
to help the society
Scalable start-ups
are those in which
entrepreneurs
come up to bring
change in the
market and ion
the world by

aim for higher
profits and this is
the reason they
are happy with
their basic
objectives of the
business with
limited profits.
make investment
on the machinery
and other assets
so that they can
carry out the
innovation.
and do something
for their
betterment. They
develop products
and services
which will be
helping the
society in the end.
introducing their
products (Tantau
and Frăţilă,
2021).
Objectives To provide
employment
opportunities to
the unemployed
people on the
basis of
investment they
have made.
To develop the
goods and
services which
will be helpful in
serving the
economy so that
the country can
become
independent(Bek
mansurov and et.
al., 2019).
To help the
society by
producing those
goods and
services which
will help in the
upliftment of an
economy and so
that the needs of
consumers are
also satisfied.
Their main aim is
to identify and
make the analysis
of that business
model which is
repeated so that
with that business
model they can
achieve higher
growth and
profits and bring
some
modifications.
Social enterprise
Social entrepreneurs-Social entrepreneurs are developed in the economy so that they can work
for the betterment of the society. They only want to work for the society and for that they make
the production of those goods and services which will help the society. They are existing in the
society so that there social mission can be accomplished which includes the healthcare, using of
renewable energy and and many more.
Growth of social economy- Social entrepreneurs are the one who are providing social impact in
a positive way with the help of entrepreneurship approach(Nguyen, Costanzo and Karatas-
Özkan, 2020). With the help of developing an enterprise they can provide employment

opportunities to the unemployed people and will help in promoting sustainability in the society
which will helpful for them in the future.
TASK 2
P3 How micro and small business makes an impact on the economy and explain it with the help
of using data
Where entrepreneurial ideas come from:
Creativity and innovation: Creativity can be defined as an act in which the individual converts
the ideas into a real form which has the ability to bring something new in the market. Innovation
on the other means the development of new ideas which has not been crated in the market and is
new.
Main sources of generating business and entrepreneurial ideas:There are many sources by
which an entrepreneur can create and bring new ideas which involves the past experience which
they have learned in their earlier time or it can also include getting consultation from the other
people who are expert in this field.
How businesses protect intellectual property rights: Business have many ways by which they
can protect their intellectual right in which it includes keeping the intellectual property under
check so it can be checked. It is also important that the business team has full awareness of the
rights so that they can formulate the policies in a correct way.
Micro and small business makes an impact on the economy
In UK small and medium enterprise comprises of large part which is around 90% of the business
which results in boosting the productivity of UK economy. The actual contribution of micro and
small business in the GDP of an economy is around $217 billion which will help the economy to
grow. Not just this if these business will not be developed then the employment ratio of the
country could be declined because the higher percentage of business is of small and medium
business so if these will not be developed then the country would not be able to make progress.
The informal organisations are very important to the economy because they helps providing
employment to poor and marginalized populations which don't have any other way to have the
earning. In many countries SMEs have come up with great business ideas and great growth
which has helped the country in not just increasing exports but also in providing better products

to the customer which can be easily afforded by consumer. When the economy have faced
recession then the small and medium business were the only one which have adopted to the
change which was required according to the circumstances. There is a corresponding relation
between Small and medium business and the economy and when the business will be developed
then there will be more creation of small and medium enterprise in the economy.
P4 Role of small business and business start-ups on the growth of social economy
Number and type of small firms and their contribution to the economy at national, regional
and local level- By the end of year 2020, there were around 5.94 million small business which
exist in UK which comprises of 99.3% of the total coverage. There are micro, small and medium
enterprise in the economy and have the contribution to the national, regional as well as to local
economy. The turnover is around 2.20 trillion in the year end 2020 and the rate of growth of
business population between the year 2019-2020 was around 113,000 and between 2000 to 2020
business population was increased by 2.5 million. They are continuously making innovation and
are using sustainable methods to promote their products and services.
International differences impacting upon business start-up- When any new start-up
companies merge with other company which is of another country then there are some difference
which exists there and create direct impact on the business which can be in a direct or indirect
way.
Role of small business and start-ups-
Small business have a great impact on the economy and without there existence there will no
chances of making economic growth. The importance of small business and business start-ups so
immense as they help in providing the employment opportunities to the unemployed people of
the population which helps the economy in increasing their per capita income. They are the only
one which provides the products according to the needs and demands of consumers. The services
which is provided by them are quick and are changes according to the chances in the situations
or circumstance and they very easily adopt to the change environment. With this, there is an
option of development of entrepreneur because they have to start their business as small and
those individuals have the opportunity also ton make their small business a big one by using
different and productive strategy.

PART-2
Covered in PPT
CONCLUSION
From the above report it can be concluded that entrepreneurs are the most important personalities
for the success of an economy. This is because they are the one who will be helping the economy
to grow because people will be getting the employment facility then there will be reduction in
unemployment ratio in the country. They are the one who will be creating new business line
which will help in bring innovation in the product line and services and people will be satisfied
as they will be getting variety of things.

REFERENCES
Books and Journals
Bekmansurov, R.H. and et. al., 2019. State support for persons with disabilities in the field of
entrepreneurship. Journal of Entrepreneurship Education. 22. pp.1-9.
Galvão, A., Ferreira, J.J. and Marques, C., 2018. Entrepreneurship education and training as
facilitators of regional development: A systematic literature review. Journal of Small
Business and Enterprise Development.
Jones, P. and et. al., 2018. Entrepreneurship in Africa, part 3: Conclusions on African
entrepreneurship. Journal of Small Business and Enterprise Development.
Nguyen, H.T., Costanzo, L.A. and Karatas-Özkan, M., 2020. Stakeholders’ perceptions of
sustainable entrepreneurship within the context of a developing economy. Journal of
Small Business Management, pp.1-40.
Piñeiro-Chousa, J. and et. al., 2020. Innovation, entrepreneurship and knowledge in the business
scientific field: Mapping the research front. Journal of Business Research. 115. pp.475-
485.
Rudenko, L.G. and et. al., 2018. Conceptual model of training personnel for small business
services in the digital economy. Modern journal of language teaching methods. 8(5).
pp.281-294.
Tantau, A.D. and Frăţilă, L.C., 2021. Entrepreneurship, Start Up, and Corporate
Entrepreneurship in the Renewable Energy Industry. In Research Anthology on Small
Business Strategies for Success and Survival (pp. 132-155). IGI Global.
Zeyen, A. and Beckmann, M., 2018. 11. Exploring the global potential of social entrepreneurship
and small. Research Handbook on Small Business Social Responsibility: Global
Perspectives, p.267.
Zhang, M.J. and Chen, H., 2018. Early growth states of small businesses in China: the business
model perspective. International Journal of Entrepreneurship and Small
Business. 35(2). pp.220-235.