BTEC RQF Entrepreneurial Ventures: Small Business Management Report

This report provides an overview of entrepreneurship and small business management, focusing on different types of entrepreneurial ventures, including established companies, small and large-size social ventures, and high-growth companies. It explores the typology of entrepreneurship, highlighting survival firms, managed growth companies, social enterprises, and aggressive growth businesses. The report also discusses the similarities and differences between these ventures, emphasizing the impact of SMEs on the UK economy through employment and economic growth. It concludes that small ventures and start-ups significantly contribute to the growth of the social economy by providing social care services and increasing the demand for skilled workforce. The report references books and journals to support its analysis.

Entrepreneurship and
Small Business
Management

Overview
 Entrepreneurship is defined as capability and effectiveness of an entrepreneur, who
work harder and effort to run their ventures effectively.
 They are capable to run small businesses in effective manner, which in return provide a
lot of benefits.
 The current assignment will explain different types of entrepreneurial businesses, and
their relation with typology of entrepreneurship.
 It will also define the similarities and differences between entrepreneurial ventures,
small & micro businesses impact on economy and significance of SMEs & ventures
start-ups to growth of social economy.

Entrepreneurial ventures
 Established company-
 In the world of business, there are different forms of companies and businesses running
and managing their organizational growth. They have well-established their brands
image and reputation by conducting varied practices.

Small size social venture
 Small firms play vital role to support individual person in communities or societies.
 Funeral care is the best example of these companies as it may provide social service to
those people who are unable to make preparation of their funeral.
 It serves many families and their loved ones with cremation and funeral services.

Large size social venture-
 Unlike small, large size companies such as NHS may also effort to support needy
people who tend to obtain the best health & care service that are valuable for them as
well as their family members.
 NHS like other companies also put positive impact on economy and individual person
in term of providing health care service that they expect to obtain from large social
companies or firms.

High growth companies-
 Google is included in list of high growth organizations that take pleasure of increasing
productivity, performance and profitability level, when better than other technology
based firms.
 In the recent time, each and every person in this world are taking pleasure of this
company services for varied purpose and in different manner.

Typology of entrepreneurship-
 survival firm are those business organization who find it difficult to survive in the
market, every business face the period of survival where they fail at every stage of
business process and find it hard to handle the market
 Managed growth companies: Manages growth companies means those business firm
which manage their organization is perfect manner that the chance of failure become
very low, their management is powerful that they can survive any market condition.

Continue…
 social enterprise are those business organization who only do business for the
betterment of the society, these type of entrepreneurial venture are not deal for self
profit rather they help in improving the social structure of the country.
 Aggressive growth business organization are those firm who aggressively deal in the
market, here aggression can be compared with the development speed. Many business
organization develop themselves on the regular basis as they want to become market
leader.

Similarities & Differences between
Entrepreneurial Ventures
 Similarities: Whether it is small or large, public or private, each organization may
effort to be creative in different manners such as in term of products or services, due to
which they may focus on creative ideas by being creative.
 It can be said that they also concentrate on creating ventures image or name in the
market, where growth and success chances accessible in bulk.
 Differences: Survival, life style, managed growth and aggressive growth companies are
different from each other on the basis of certain points.
 For example, the annual growth rate of Funeral care, ASDA, NHS and other
organizations is quite different as it depends on their businesses, size, scope and current
practices.

Interpretation
 SMEs put positive impact on UK economy in term of offering the best employment
chances to residents, which may contribute to enhance their living standard and boost
their morale.
 It may enable them to fulfil their basis needs and manage personal growth in effective
manner.
 Along with above benefit, small and medium size ventures may contributed to increase
economic growth by increasing GDP in form of selling quality and expected items to
target market according to their needs
 It can be said that more than large or aggressive growth companies a small or medium
size firms hold power to hire millions of employers.

Significance of small ventures and start-up to growth of
social economy-
 Small and start-up companies put positive impact on growth of social economy, by
offering social care services to individual according to their expectations.
 In the recent time, SMEs grow continually that affect more effectively and beneficially
upon economy in form of increasing demand for skills and talented workforce.
 They effort to identify consumers needs whether it is related to employment or health
care.

Conclusion
 From above analysis it has been concluded that organizations have gaining competitive
advantages by developing effective plan to hires skilled and talented people.
 They have gained competitive advantages by using the skills and competencies of
skilled candidates that they have and plan to acquire more who are capable and
productive in varied terms.
 Furthermore, from above discussion, it has been concluded that by offering
employment chances to individual person.

REFERENCES
 Book and Journals
 Günzel-Jensen, F. and et.al., 2020. Do the United Nations’ Sustainable Development
Goals matter for social entrepreneurial ventures? A bottom-up perspective. Journal of
Business Venturing Insights. 13. p.e00162.
 Liu, S., Qian, H. and Haynes, K.E., 2021. Entrepreneurship in small cities: evidence
from US micropolitan areas. Economic Development Quarterly. 35(1). pp.3-21.
 Liu, Y., 2020. The micro-foundations of global business incubation: Stakeholder
engagement and strategic entrepreneurial partnerships. Technological Forecasting and
Social Change. 161. p.120294.