Final Report: Entrepreneurship and Small Business Management Analysis

This report delves into the realm of entrepreneurship and small business management, exploring various types of entrepreneurial ventures such as small businesses, scalable startups, large companies, and social enterprises. It analyzes the differences and similarities between these ventures based on their objectives, roles, and characteristics. The report further examines the impact of small businesses on the social economy, using examples to illustrate their significance. Additionally, it highlights the importance of small businesses and startups for economic growth, emphasizing their role in employment creation, innovation, competitiveness, and enhancing domestic culture. The report uses statistical data to support its analysis, showcasing the contribution of small and micro-enterprises to national income and employment within the UK economy.

Entrepreneurship
and Small Business
Management

Contents
Activity 1..............................................................................................................................3
P1 Different types of entrepreneurial venture and their relation to the
typology of entrepreneurship.......................................................................................3
P2 Analysing the difference and similarities between different types of
entrepreneurial venture-................................................................................................4
P3 Interpret and Assess the impact of small-business on social economy
by using specific example............................................................................................6
P4 Explain the importance of small and Start-up's for the growth of
economy.............................................................................................................................6
REFERENCES.................................................................................................................8
Entrepreneur is an individual who generates creative
ideas and have required skills and capabilities to convert it into
reality by using all the available resources to achieve the
specified objective which can be either growth, profit etc. An
entrepreneur has an ability to grab opportunities and transform
it into goods or services. William Henry Gates and Henry Ford
are the well named entrepreneurs who had ability and capacity
to manage or run a enterprise successfully.

Activity 1
P1 Different types of entrepreneurial venture and their relation
to the typology of entrepreneurship
Entrepreneurial venture refers to the different types of
enterprise which has different scopes and sizes operated by an
individual in relation with the risk or reward obtained by it.
There are different types of entrepreneurial ventures are as
follows-
 Small-business entrepreneurship- These type of
entrepreneurship includes enterprises which are
managed, owned and operated by a single entrepreneur.
The size is limited as their motive behind operating
these type of enterprise is to earn livelihood. For
example, consultants, travel agents, plumbers etc.
 Scalable Start-up entrepreneurship- Scalable Start-
up's are the type of entrepreneurship in which
entrepreneurs invest with a view that their vision will
change the world. This involves raising fund from the
different financial investors that is venture capital. This
includes research about the business which can be
operated at large scale.
 Large company entrepreneurship- These type of
entrepreneurship has finite life cycle. They grow by
making changes in the the existing product to meet the
changes occurring in taste of customers. This made
large companies to create an innovative product and
sold it to the new customers through this they expand
and grow.
 Social entrepreneurship- These types of ventures are
created to produce goods and services to fulfil the needs
of the society and resolving their problems. The main
Types of entrepreneurial
venture
 Small-business
entrepreneurship
 Scalable Start-up
entrepreneurship
 Large company
entrepreneurship
 Social entrepreneurship

aim of social ventures to make world a better place to live
and they includes non-profit venture, profit venture or
hybrid.
Typology of Entrepreneurship-
There are different typologies are related with the
entrepreneurship are as follows-
Lifestyle venturing – This type of enterprise has focused on
increasing their own lifestyles. As these ventures are
operated with the aim of providing the amount for
expenses related to the lifestyle and hobbies of founder.
They are not intended to generate profit rather than they
are focused on decreasing the cost for hobby.
Growth potential Venturing- These types of venture are
focused on the getting higher profitability which allows
venture to gain growth. This typology is used by the
enterprises which operates at large scale and these
enterprises focus on fulfilling the demand of the
customers.
P2 Analysing the difference and similarities between
different types of entrepreneurial venture-
There are different types of entrepreneurial ventures
such as small-business, scalable Start-up's, large and social
which have following differences and similarities-
Basis Small-
business
entrepren
eurial
venture
Scalable
entrepren
eurial
venture
Large
entrepren
eurial
venture
Social
entrepren
eurial
venture
Definition This is a
type of
venture
which is
operated
by an
individual
to earn
their
livelihood
at small
level.
This is a
type of
venture
which
consider
their
vision will
bring
innovatio
n in the
world and
they
search a
existing
scalable
business.
This is a
type of
venture
which
require
heavy
amount of
capital to
carry out
their day
to day
operations
.
This is a
type of
venture
which is
created by
an
entreprene
ur to
produces
goods and
services to
met the
needs of
society.

Characteris
tics
This type
of venture
do not
require
huge
amount of
resources
and they
do not
follow any
rules as
governmen
t never
focused on
them.
This type
of venture
is focused
on raising
higher
amount of
capital.
This type
of venture
has to
make
changes in
their
existing
product to
fulfil the
demand of
their
customers.
This type
of venture
require
proper
support
from the
governmen
t as they
mainly
work for
the society.
Role This type
of venture
operates to
earn their
livelihood.
This type
of ventures
require
huge
amount of
investment
to expand
their
business in
new
market.
This type
of venture
is focused
on
fulfilling
the
changing
needs of
their
customers
by making
changes in
their
available
resources.
This type
of venture
has focus
on
increasing
awareness
about the
new
innovative
product
and
providing
to the
society at
reasonable
prices.
Objective The main
objective
of this
type of
venture is
toFranck2
012 earn
more
revenue to
live
peacefully
.
This type
of venture
has aim of
increasing
the scale
of existing
business
with a
view to
expand
them.
This type
of venture
has main
aim to
provide
quality
products
to their
customers
so they
can
expand
their
business
at high
level.
This type
of venture
has aim to
increase
the
standard
of living
of society.
Similarities-
 They all are established with a new creative or
innovative idea and each of them has a specified
objective for which they are operating the ventures.
 All the types of ventures are producing new product in
the market for the specified customers who are targeted
by the ventures.

P3 Interpret and Assess the impact of small-business on social
economy by using specific example.
The small and micro enterprises are the essential part of the
economy as it helps in various factor for the development of
economy. The increase in small business increases the growth
rate of the economy and helps in increasing the national income
of the country. This can be assessed through the figure which is
given below-
Figure 1Business statistics
Source: Business statistics, 2019
This figure shows the growth of small and micro business as the
share of large enterprises has less share than the micro
enterprises. The micro enterprises are providing employment
to the citizens of the country and their share in the growth of
the economy is almost 21% with the total which directly
increases the income of the country. The small and micro-
enterprise improves the economic condition of the country.
There are mostly businesses in U.K are small and
medium which provides employment to various peoples. Micro
businesses has provided employment to 33% of the people of
country and generated 22% of revenue which is contributed in
national income of the country.
P4 Explain the importance of small and Start-up's for the
growth of economy.
Small business are considered as a backbone of the UK
economy and it also provide employment opportunities. Small
business and start ups support our economy and keep it moving
where as large businesses may predominate the stock market.
Small business also drive economical development in small
geographical region by creating employment opportunities .
And start-up companies are come up with more innovative and
high technological products by analysing customers demand in
the market. It also increases the overall competition in the
market by providing more innovative products.

There are various importance of small businesses and business
start-ups to the growth of the social economy that are as
follows:
 Employment :- Small companies plays an important
role in the economic growth of the country. Although
many of the small business ans start ups work as a sole
dealer and work independently but still start ups and
small business make a large share in employment
creation in UK. Larger employment in the country
promotes more economical growth of the country.
 Innovation :- Small business and start ups also provide
innovation in the economy. As competition in today's
period of time increasing day by day and to cope up with
that competition company need to provide more
innovative products. So all small scale business and
start-ups come up with their new ideas and innovative
products that leads more and more innovation in the
economy.
 Competitiveness :- Small scale business and start ups
helps to form the UK more and more captivating and
competitive to the capitalist and visitors. They also plays
an important role in add diverseness and variety to the
cities. They just not add value to the local market but
also raise the competition level in the local market that rise the
aggregate productiveness of the country.
 Enhancing domestic culture :- Small scale business
and start up also promote or boost domestic culture
because even local people can start their own business
by using their particular skills and qualities. This is the
best way through which local people as well as other
peopleFranck2012 of the country can promote their
business at global level. This platform also enhance their
domestic culture by promoting their domestic business
at global level.

REFERENCES
Books and Journals
Acs, Z.J., and et. al., 2017. The lineages of the entrepreneurial
ecosystem approach. Small Business
EconFranck2012omics. 49(1). pp.1-10.
Collewaert, V., 2012. Angel investors’ and entrepreneurs’
intentions to exit their ventures: A conflict perspective.
Entrepreneurship Theory and Practice. 36(4). pp.753-779.
Franck, A.K., 2012. Factors motivating women's informal
micro-entrepreneurship: Experiences from Penang,
Malaysia. International Journal of Gender and
Entrepreneurship. 4(1). pp.65-78.
Online
Business statistics. 2019. [Online]. Available through:<
https://researchbriefings.parliament.uk/ResearchBriefing/Sum
mary/SN06152>.