Entrepreneurship: Small Business Management, Ventures, and UK Economy

This essay delves into the realm of entrepreneurship and small business management, examining various entrepreneurial ventures, including scalable startups, small businesses, large companies, and social enterprises, with a specific focus on their typologies, similarities, and differences. It highlights the role of these ventures in driving economic growth and social impact within the UK, supported by statistical data illustrating their contribution to employment and turnover. The essay also assesses the enforced regulations and dominant administration affecting small and medium enterprises, emphasizing their importance in fostering social economy growth through employment generation, competition, and innovation.

Entrepreneurship and Small Business Management
INTRODUCTION
Entrepreneurship is extraction of values. In business management, it is viewed as change that entails risk
beyond than what is encountered in establishing a venture and often comprises more than values. There are
various entrepreneurial ventures that impacts on growth of economy and social economy within UK.
Different types of entrepreneurial ventures and typologies
Entrepreneurship could be delineated to an activity to take initiation for establishing, running and managing
a business for generating revenue. In entrepreneurship, different type of ventures are there that might be
considered by entrepreneur in order to start its business in effective manner. These ventures are discussed
below:
Small business entrepreneurship- It refers to an organisation managed and owned by individual
person that has low profit, risk and limited resources. For example, Broadsword Event House is a UK based
small business entrepreneurship and its entrepreneur is Martin Edward Walton.
Large company entrepreneurship- It refers to an organisation with an effective operation as well
as marketing strategy, innovative and unique products along with strong position in the market. For example,
HSBC is a public limited large company of UK and its entrepreneur is Sir Thomas Sutherland.
Scalable start up entrepreneurship- It is an organisation in which an entrepreneurship start its
business with an unique idea. For example, Revolut is a Scalable start up entrepreneurship of UK and its
entrepreneur is Nikolay Storonsky and Vlad Yatsenko.
Social entrepreneurship- It is an organisation which sells its product and services in order to fulfil
social needs and problems. For example, Ashoka is a social entrepreneurship based on UK ad its entrepreneur
is Bill Drayton.
Typologies in entrepreneurship
Typology refers to a method which used to describe classification of types of entrepreneurship on
their basis. These type of typology are described below:
Lifestyle Entrepreneurship- It refers to a method in which an entrepreneur start a business in order
to change lifestyle instead of earning profit. This typology is interlinked with scalable start up entrepreneurship
and social entrepreneurship ventures in order to change people lifestyle and bring social changes in the
environment instead of earning profit and growth.
Growth Entrepreneurship- It refers to a method in which an entrepreneur start its business by
focusing on achieving its organisational goal in order to expand and grow their business with the help of
quality, quantity and turnover in effective manner. This typology is interlinked with small business
entrepreneurship and large company entrepreneurship ventures in order to work for earning maximum profit
and increased their growth in effective manner.

To assess the enforced regulation and dominant
administration: This is a proactive measure of
monitoring and review. As there should be proper
and regular checking of implemented standards in
organisation.
Similarities and differences between different type of venture in
entrepreneurship
Similarities-
• In all type of entrepreneurship ventures their main focus is to survive long term in market.
• In each type of entrepreneurship their main focus is to operate their function in effective manner in order to
achieve their organisational goals.
• In each type of entrepreneurship ventures their main motive is fulfilling their potential customers need and
wants in effective manner.
Differences among entrepreneurial ventures are underneath:
Motive: Small business entrepreneurship motive is to make profit in order to fulfil their family's
need and live modest lifestyle. Whereas, Large company entrepreneurship main motive is to earn maximum
profit and increase their growth in effective manner. However, Scalable start up entrepreneurship main
motive is to start a business in order to change people's lifestyle with unique idea. Social entrepreneurship
main motive to start a business in order to solve issues in society.
Issues: Small business entrepreneurship faced issues like Shortage of capital and raw material,
Lack of latest technology as well as labour problem. Large company entrepreneurship faces issues like
globalisation, government policy and regulation. Scalable start up entrepreneurship faces problem like
finding right people or founder, time management and lack of planning. Social entrepreneurship faces
problem like lack of a ground up business plan and investing in branding elements.
Interpretation and Analysis of relevant statistical data for illustration of impacts of small and medium
enterprises on economy
Small and medium sized enterprises play a vital role in the economy. It contributes major part in
employment creation and economic development of the country. It helps economy in production,
contribution to exports, employment generation and serve equal distribution in Economy.
From the above statistical data, it is analysed that small, medium and large enterprises has a great impact in the
growth of UK economy in effective manner. One of the major role of these enterprises is that to create
maximum employment in the UK. Small enterprises create 43% of total employment whereas medium create
only 12%. Large enterprises is also help UK economy in its employment creation that is 40% of total
employment of UK.
Enterprises also help economy by increasing turnover in order to earn maximum profit from it. Small
enterprises increased their turnover by 33%, medium by 14% and large by 53% of total increased turnover of
the economy in 2021. According to above data, small businesses is increased or establish 99.3% in 2021 in
UK.
Analysing importance of start-up business and small businesses to
social economy growth
Social economy refers to the set of cooperatives, associations, foundations and mutual organisations
which work for the social purpose and values.
Start up and small businesses support social economy growth by increasing growth, open new markets
opportunities and employment generations in effective manner. Importance of start ups and small businesses in
social economy growth are discussed below:
Generate employment opportunities- Growth of UK economy increased if employment is
increased in the economy. Start-ups help social economy in order to provide employments for skilled as well
as unskilled labour.
Generate competition and encourage further innovation- It help social economy by providing
new ideas and skills and make market area more dynamic and innovative. It generates huge competition in the
economy in effective manner.