Entrepreneurial Ventures: Small Business Management & the Economy

This report examines various types of entrepreneurial ventures, highlighting their relationship with the typology of entrepreneurship and outlining the differences and similarities between them. It assesses the impact of micro and small businesses on the economy using relevant data and statistics, emphasizing the importance of small businesses and start-ups in the growth of the social economy. Furthermore, the report identifies the characteristics, traits, and skills that differentiate successful entrepreneurs from other business managers, exploring how an entrepreneur’s personality, background, and experience can either hinder or foster their entrepreneurial pursuits. It also delves into the role of small and medium enterprises in providing essential resources to larger industries, and the contribution of new start-ups to the GDP of a country, particularly focusing on the UK economy.

Entrepreneurship and
small business
management

Table of Contents
• INTRODUCTION
• MAIN BODY
• P1 Different types of entrepreneurial ventures and explanation about the ways
those relate to the typology of entrepreneurship
• P2 Difference and similarities between entrepreneurial ventures
• P3 Interpretation and assessment of relevant data and statistics to illustrate the
ways micro and small business impacts on the economy
• P4 The importance of small business and business start-ups to the growth of the
social economy
• P5 Determination of the characteristics traits and skills of successful
entrepreneurs that differentiates from other business managers
• P6 The personality of entrepreneurial that reflects with the mindset and
motivation
• P7 The background and experience can hinder or forces entrepreneurship
• CONCLUSION
• REFERENCES

INTRODUCTION
Entrepreneurship and small business management develops the knowledge
and skills to create new ideas to start your new and own successful
business. It is a way to establish a new business by identifying various
risks and challenges related to managerial, financial etc. The
entrepreneurial ventures have many ownership structures and also the
entrepreneurs require having certain characteristic and skills to
management and development of a business. The entrepreneur’s personal
background and experience can have various impacts on the
entrepreneurship that can hinder and foster their business. This report will
include the examination of various types of entrepreneurial ventures and
their relationship with the typology of entrepreneurship. This report will
also state about the differences and similarities between entrepreneurial
ventures. This report will also highlight the relevant statistics and data on
how small and macro businesses affect on the economy. This report will
also include the importance of small businesses in the growth of social
economy and the skills and traits of successful entrepreneur.

• MAIN BODY
• P1 Different types of entrepreneurial ventures and explanation about the ways those
relate to the typology of entrepreneurship
• Entrepreneurship is the best way to set up a company by considering many risk
related to it such as managerial and financial. The entrepreneurial ventures have
different ownership structures and development of an organization.
• The entrepreneurial ventures are many different types as follows:
• Scalable startup entrepreneurship
• This are main types of entrepreneurial ventures and this types of organization start
business with new innovative focus and idea on providing innovative services and
products for the starting of business (Burns., 2016). The company looks for the
brightest mind for the all business and they set up a scalable business model of
organization. These types of entrepreneurs provide new idea can change the whole
world so this is important type of entrepreneurial ventures.
• Social entrepreneurship
• Social entrepreneurship is related to the focus on solving many social problems by
delivering their services or product. This company focuses on creating an improved
world for the people and can be non-profit, hybrid and profit so this is main
entrepreneurial ventures of organization.

• Serial entrepreneurs
• A serial entrepreneur is related to the start and leads one business after another at the Sam
time. Entrepreneurs who starts a single business and day to day runes operations of
organization until retirement (Gibson., 2017). These entrepreneurial ventures are essential for
organization.
• Small business entrepreneurship
• Small business entrepreneurship is related to the startup business can only be run by the
number of employees and owners are very low. This type of organization can run with the
family members and friends as partner. Along with the revenue generation are not much and
these company can focusing on getting development of its services or products and more
clients. Many several small organization are there that provided grow exponentially and
innovative services or products so this are main types of entrepreneurial ventures of
organization.
• Entrepreneurs
• Entrepreneurs are a person who operate and undertake a new enterprise or venture. This is
main types of entrepreneurial ventures of company. The tem entrepreneur was applied to
company initially to designates a dealer who purchases a production from the combining them
into a marketable products.
• Large company entrepreneurship
• The large company has focus on providing new services or products to the all customers from
sustainability and finite life cycle of organization. The demand of the customers I organization
are changing along with the legislation and competition. The large size of the business makes
the disruptive innovative difficult in organization.

• P2 Difference and similarities between entrepreneurial ventures
• Small business entrepreneurship
– Employees are not more than fifty.
– This company might not have structured objects and goals and work on achieving lesser
growth and profitability of business.
– No proper organizational structures in organization and runs with the sole proprietorship
in are in partnership.
– The risk is lower but competition is very high with same sized of business.
• Scalable startup entrepreneurship
– Employees numbers are depends on size and structure.
– These organization aims to provide new innovative products and achieve high profitability
for all investors in organization (Dana., 2018).
– The risk are high due to high amount of investment and pressure to return high amount to
the all investors by achieving high turnover volume of organization.
• Large company entrepreneurship
– Employees can be more than one thousand.
– Theses business aim to sustain in the all market by developing new services or products
and new marketing strategies of company.
– The company structures are complex and can be private limited company or public limits
company.
– Risk is medium because large organizations are mange to turnover is high volume due to
their brand value of products.\

• Social entrepreneurship
– Employees are depends on the size of the organization.
– Theses organization aims to provide better quality of all services or products to
make the world a better place and it is essential for all organization.
– Mainly trustee based organizations of these types of entrepreneurial ventures.
– Risk is not high because it’s get support from public and government due to
their vision.
Range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both public and corporate sector- Corporate sector types of
company run privately and can be owned by public or individuals. Many large
organizations are associated with the corporate sector and that focus on sustainable
development by focusing on developing strategies to gain advantage and focus on
competitors. The public sector organization is controlled by government indirectly
or directly (Ratten., 2016). This type of company have establishment in many
sector and aims to provide better services poor products to the all customers. The
government invests a higher amount on business and many private organizations
provide strategies help fro organization.

P3 Interpretation and assessment of relevant data and statistics to illustrate the ways
micro and small business impacts on the economy
In every organization, the macro and small business is a higher part and
its contributor highly in the whole economy of a country. The number of small
business in macro is increasing over the time and that generate high revenue by
providing main services and products to the all customers. The small and micro
organizations can be many categorized as exporter, non-exporter innovators and
non-innovators. Those organizations generate revenue the or without innovation
and get foreign currencies and contribute to the economy of the UK.

In the UK, the number of small business are very high in different organization and
there are more than 4.8 million small and medium enterprises through the United Kingdom,
which is almost 98 percent of all the business in the country. The revenue generated by that
organization has high contribution to the GDP of the UK (Ratten, Dana and Ramadani., 2017).
All the organization, 95 percent are considered as micro business that employs only 0-8
people. Those organizations provide 32 percent of employment and 25 percent of total sales in
organization. There is hug important to carry out the micro and small business for the
development of economy in U.K. the small and micro business provides the backbone for
[providing the development of U.K. economy. They provide huge opportunity in areas of
market by opening of the marketing field for the new start up business. Micro and small
business provides much opportunity in creating opportunities for employment among the
people in U.K. the growth of small and micro business decrees the rate of unemployment
among the people in U.K.
In order to expand the growth of micro and small business, the management has to keep on
certain factors are as follows –
The small business organization needs to keep the existing customers as well as
new customers while performing organization. The micro and small business needs to improve
the quality of services and products (Ghaedi and Madhoushi., 2018). The small organization
needs to sharpen the technique and process of organization.

P4 The importance of small business and business start-ups to the growth of the social
economy
The growth of social economy ids important part for organization and it’s
to maintain in the economy. The startup business comes with the new innovative
ideas do services and products that can meet many requirements the people
comparatively other businesses. In sometimes startup business can capture the all
market very fast and managed to generate high revenue in very less time period.
This process, organization needs to provide high amount of business tax and that
can helpful of the growth of an all country. Many startup of business are associated
with the different types of corporate social responsibility activates and that
reelected to social, economic and environmental problems to increase the brand
value. These procedures, that organization provide better education to the people in
rural areas or people with the poor financial condition (Al-shami and et.al., 2019).
Those people affect this situation and it can use that education in future to get work
so it is also helpful in economic growth. In order to run a business, startup hires
many people which can decrease unemployment in a country. There are many
startups that cannot provide high salaries to the all employees due to the lack of
capital in organization and those hire some lesser skilled employees with the lower
salaries so it is also helpful in reducing unemployment problem. Many important
for small business and startup to term growth of social economy.