Entrepreneurship & Small Business Management: Venture Analysis

This report provides an overview of entrepreneurship and small business management, defining entrepreneurship and highlighting the skills and characteristics needed for success. It explores different types of entrepreneurial ventures, including small business entrepreneurship, large business entrepreneurship, scalable startups, and social enterprises, relating them to the typology of entrepreneurship based on survival firms, growth firms, and lifestyle enterprises. The report also examines the impact of micro and small businesses on the economy, using data and statistics to illustrate their contribution to employment and economic development in the United Kingdom. The conclusion emphasizes the importance of entrepreneurialism and summarizes the key aspects covered in the report.

Entrepreneurship and Small Business Management
INTRODUCTION
Entrepreneurship has been defined as the process which includes designing,
launching running innovative and new business that initially very small in nature.
Entrepreneurial venture has been usually setting up within entrepreneur that helps in
making business goals formed for generating profit and helps in making focus
developed over providing services to early and middle level competitors. It is only
related upon performing business with all objectives related over it.Entrepreneurs
need over making specific skills and characteristics like strong work ethics and
passion making venture run successfully. Its is important as it makes business create
employment which increases standards of people living within country. The report
covers about entrepreneurial and small business which makes various entrepreneurial
business related with typology of an business. Also various kinds of business
entrepreneurial and small business has been covered. Then similarities within various
entrepreneurial venture has been covered. The report covers this aspect within the
report which is basic of entrepreneurial venture.
Different types of entrepreneurial ventures and how they relate to the
typology of entrepreneurship
Entrepreneurship means the process which makes an entrepreneurs
emphasises upon rendering or providing advise over services given through
new venture and makes competing possible at middle level. The role of
Entrepreneurial ventures changes as per various phases of an
organization(Julien, 2018). This is based over embracing learning in order
toe deal over success, failure and risk in particular situation. It makes various
situations handled more effectively over learning about risk included within
business. The term Entrepreneurship makes ventures focuses upon start ups,
large scale industries , public and corporate sector. It helps employees to
sharpen over knowledge,skill quality and abilities to identify opportunity for
small scale industries, as well as resolve their difficulty in extremely
complicated situations. Under it assistance is provided upon increasing sales
and profitability of entrepreneurship over future growth of business. They
generally make new or innovative ideas developed into reality resulting upon
contributing towards growth and development of organization. In relation to
an small scale entrepreneurship more impact created over survival which
makes maintenance done over business. There are four types of
entrepreneurial ventures explained as follows:
Small Business Entrepreneurship – This is based over businesses like
plumbers, food market , hairstylist, consultants and travel agents running over small
scale over their personal enterprise hiring family members of general employees
making business growth done effectively

 Large Business Entrepreneurship - Large companies means those
capitals which makes business in order to attract large number of
customers. These organizations have enough resources in order to
move into another country for making future growth in relation
upon business organization.
 Social Enterprises – These companies help in developing emphasis
over helping out individual and working for welfare and benefits of
society. The focus is upon improving standards of living people
within society(Karimi and et. al., 2016). This is related over non
profit within an organization having main purpose to manufacture
or delivery of products serving social needs and wants.
 Scalable start up Entrepreneurship - Hereby, From starting a
company knows that their vision or mission could change the
universe. The main focus of this company is to attract best financial
investor for brightest future of the company. For example NHS
Typologies of Entrepreneurship
The above mentioned aspects makes various entrepreneurship
business identified in relation over various kinds of typologies helping in
providing assistance in order to become more attractive. There three types
of entrepreneurship business are based over
 Growth firms – As per the category main aspect is based upon maximizing
revenue and profit over growth and success of an organization. In this
entrepreneur make identification over innovative ideas done upon enhancing
profitability of business organization. Also in this ficus of an organization
makes needs satisfied effectively over needs and wants of consumer. The main
purpose of firm makes earning of profit and revenue possible over industrial
average upon period of time. It enhances scale of production helping in
earning more and more revenue with business organization
development(Kellermanns and et. al., 2016).
 Lifestyle Enterprises - This enterprise make emphasis developed over
offering different job opportunities to an individual resulting in enhancing
income revenue of people. The main purpose of such enterprise is to increase
status, prestige and standard of living or people as well as changes within
lifestyle and esteem.
 Survival Firms – The main purpose of enterprise is based over survival and
maintenance upon long term basis. In this new ventures or start up are
included for making survival which increases goodwill or image of an
organization. In this period main focus is to make unique or special image of
company in front of needs to be specified. Through this various aspects of
customers satisfaction has been covered over needs and wants.

Basis Small business Large Business Social Enterprise Scalability enterprise
Meeting the social
need and
Upliftment
The aim of
small business
making job
opportunities
created with
people as well
as satisfying
wants or needs
of consumer.
Large scale
organisation has
been providing
resources to an
individual in
order over
creating
satisfaction with
living, status and
prestige of
people(Kuckertz,
and Prochotta,
2016).
The business is focused upon providing
resources for making needs of people to
be satisfied by making demands upon
wants of people helping in boosting of
standards and individual within society.
The Scalability helps enterprises in making attraction created
upon attracting customer by satisfying needs and wants over
bright future
enterprise emphasised on attracting customer.
Profit Making In this main
purpose is
based over
earning profit
for making
survival with
maintenance of
business
organization
possible in
more effective.
The ficus is over
large organization
making gain more
and more profit
for future growth
or success of an
organization.
The aim of social enterprise enhancing
welfare of society thus helps increasing
profit of company.
The motive of Scalability which makes profit gained over
brightest future of organization.

Basis Small Business Large Business Social Enterprise Scalable Enterprise
Scale It makes
operations over
small scale
because they have
limited amount of
money for
investing within
the
enterprise(Kuratk
o and Morris,
2018).
This organization
runs over large
scale as they have
quantity of
money for future
success or
development
taking place
within company.
These companies operate perform
operations which helps in fulfilling needs
and wants of consumer
In this enterprise operates over scales because they
know about vision or mission the could change or alter
whole universe.
Purpose The main aim of
these
organizations is to
earn profit with
survival,
livelihood and
business
organization
maintenance.
The main purpose
of these
organizations is
related over
gaining more and
more profit
helping in
executing new or
innovative ideas
The main motive of social enterprise is to
enhance living standard of people and
focus on welfare of society.
The main aim of scalability enterprise is to attract best
financial investor for brightest future of company.
Characteristics The requirement
of the resource is
very low which
makes
government
The government
imposes various kinds
of rule, regulation,
policies and procedure
for monitoring and
In this enterprise government has to
provide resources that is required by
them over offering various services
over people living in society.
The interference of government within business should
be moderate and main aim provided over resources
makes attraction of customer possible for bright future.

(Source: STATISTICAL RELEASE, 2016)
The above graph explains that United Kingdom has nearly about 99.3%
small business with 33% of staff turnover(Doern, 2016). This business has
contributed nearly 48% of employment whereas medium and large businesses
account for 12% and 40% employment respectively. The United kingdom has
large presence of small business contributing over employment generation.
CONCLUSION
From the above discussion it can be conclude that entrepreneurialism
means those business opportunities which are new. The in this part of the file
aspects related to various entrepreneurial ventures has been covered. In the end
similarities and differences related over entrepreneurship has been explained.
Data and statistics to explain how micro and small businesses impact on the
economy
Micro business is small business which has small number of employee less
then 10 working within it(Devece, Peris-Ortiz and Rueda-Armengot, 2016). They
have major to play in order to develop economy in more effective manner. These
business are generally formed as part of partnership or sole proprietorship. The
business organization of such kind has operates with limited size. Most of small
business rely over intensive labour for there functioning. These business posses
tendency to create innovation and creativity for enhancing development.
(Source : Brexit’s impact on small businesses: the experts may be spot on after all, 2020)
From the above graph its can be concluded that small and medium business has
been contributing over development taking place within United Kingdom. They have done
contribution up to 18.9% whereas small and medium business contribute 23.4% and
29.2% respectively.