Pearson BTEC: Entrepreneurship and Small Business Management Report

This report provides an overview of entrepreneurship and small business management. It begins with an introduction to entrepreneurship, followed by an examination of different types of entrepreneurial ventures, including small-size social ventures, large-size ventures, and high-growth firms. The report then delves into the typology of entrepreneurship, differentiating between survival firms, lifestyle firms, and managed growth firms, and aggressive growth firms. It outlines the similarities and differences between these ventures, focusing on innovation, funding, and brand creation. The report also explores the impact of small businesses on the economy and emphasizes their importance in fostering social economic growth. The conclusion summarizes the key takeaways, highlighting the role of entrepreneurs in driving innovation and the significance of micro and small businesses in economic development. References are provided for further study.

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT

 Introduction
 Types of entrepreneurial ventures
 Similarities and difference between entrepreneurial ventures
 Impact of small business on economy
 Importance of small and start ups business on social economy
 Conclusion
 References
Table of content

Entrepreneurship is the process of introducing something new and bring changes in old one that helps to
attracts customers and encourages them to buy the particular products. This involves different procedures
which helps to run a business by using skills and characteristics effectively. This presentation is all about
entrepreneurship that involves different topics such as different types of ventures and their typology,
impacts of small business on economy,
Introduction

Small size social venture – This is small size organization which are started by small amount of
capital and resources. The main aim is to live their daily life by selling products and services. For example,
funeral care.
Large size venture – This is large companies who are established for people welfare without
charging nay amount. The main aim is to provide good health care services to people and improve the
organizational productivity.
High growth firms - This means an organization which is started at by many resources and high
capital for the purpose of making profits and increase market share. For example, Tesco .
Types of entrepreneurial ventures

Survival firms – This is start-ups company which is started by newly established company in order to
survive in market for long period of time. In this, organisation make plans to face the competition and
survive in competitive market.
Lifestyle firms – Those business which are focusing on needs and wants of people in relation to lifestyle
and provide kind of products and services is called lifestyle firms.
Managed growth firms – These are already established company which are managing their business and
activities for the further growth and maintaining higher productivity.
Types of entrepreneurship and relation to typology …

• Innovation: the main aim of all entrepreneurial ventures is to bring innovation in their organization so
competitive advantages can be get by offering variety of products and services.
• Funding: All entrepreneurship venture such as new, performance, emerging, innovative tech and large
social ventures are started by collecting funds by their personal resources and capital
• Creating a Brand Name: By offering better quality of products and services all venture are creating a
brand name which helps to capture high market share and maintain business performance.
Similarities and different between entrepreneurial
ventures

Difference between entrepreneurial ventures
Survival Life Style Managed growth Aggressive growth
Annual
growth Rate
It has minimal growth. Lifestyle companies have
growth rate 5%.
Expected growth rate is 10-
15%.
This is high growth company that
expects 20% growth.
Time
Horizon
(Time
Frame )
Daily , weekly This is operating according to
trend by involving cost.
This make strategies to grow
more in future.
This make plans and implement with
the help of all that helps to make
profits.
Managerial
focus
The main focus is on selling
activities.
It uses working model to
manage activities.
Focus on policies, strategies,
technology etc.
The management of aggressive firms is
on improvement, new plans, and
technology and people choice.
Managerial
style
Reactive style Tactical style is followed by
management.
Democratic managerial style Transformational managerial style uses
Managerial
skills
Making or producing what is
needed.
Operational and basic skills. Resilience, managerial, time
management and
communication skills.
Communication, coordination,
management, leadership and
operational skills.

Small business are those organization which are started at small area and running their business
effectively. After Brexit, small and micro business has taken a place as they provide employment to
people who are unemployment that helps to improve the living standard.
. Impacts of small business on economy

 Small businesses are those business which has contributed in the growth of social economy and
maintaining the good performance. These businesses are stated by individual by arranging capital and
resources that helps to implement the business idea effectively and improve social economy. The
importance's of small business for social economy are as defined:
Importance of small businesses and business start-ups
to the growth of the social economy

From this report it has concluded that entrepreneurs is a person who bring new innovation and
ideas to run and start up its business. Different venture such as high growth, Large social, small social,
performance entrepreneurship etc. are relation to different typology which helps to establish a successful
business. Micro and small business are those business which are stares at small level and now growing by
using their talent and focusing on needs of people.
Conclusion

21/03/20 18:54:37
References
Shepherd, D. A., 2015. Party On! A call for entrepreneurship research that is more interactive, activity
based, cognitively hot, compassionate, and prosocial.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small business.
Macmillan International Higher Education.

Thank you