Entrepreneurship and Small Business Management: Economic Impact

This essay provides a comprehensive overview of entrepreneurship and small business management, exploring the various typologies of entrepreneurial ventures and their relationship to economic development. It discusses scalar entrepreneurship and different types of entrepreneurial ventures, including small business, large business, public, private, and social ventures, highlighting their similarities and differences. The essay analyzes the impact of micro and small businesses on the economy, using data and statistics to illustrate their contribution to employment, GDP growth, and overall economic enhancement. Furthermore, it emphasizes the importance of small businesses and start-ups in fostering social economy growth through innovation, technological advancement, and improved living standards. The conclusion summarizes the key findings, emphasizing the significance of strategic options for achieving business objectives and future growth. Desklib offers this essay and many other resources for students.

Entrepreneurship and their interrelation with typologies
Social entrepreneur venture: this typology of entrepreneurship explain the relation of
individual with the social benefits of people around the society they focus on providing such as
product and services that helps society in better development and enhancement of future objectives
also they focus on creating change in society so that individuals needs and demand can be fulfilled
benefits of society could be more helpful for their social entrepreneur Ventures to develop their
business and betterment of society benefits.
Scalar entrepreneurship does entrepreneurs works for creating change in the world they
attract ventures and capital investors to invest in their business they think out of the box and
develop new ideas and innovation in their business this business is helps more technique advance
environment in the society and provide services and product that can make change in the society
P2 Similarities and differences between entrepreneurial venture
Different entrepreneur focuses in creating and developing the nature of their business in the
betterment of the future advantages, to gain effective future growth and fulfilment of the objectives in the
business. They have different goals and objectives to start the business venture in the market so that they
can enhance the level of the effective growth and fulfilment of the business objectives in the market. Also
they focus on the better development of the objectives of their own business so that effective customer
base in the business can be achieved in best manner. every business owner has different purpose of stating
the business venture so that they can effectively can gain effective objectives in the environment. Below is
the explanation of similarities and differences between the different businesses.
Similarities of entrepreneurial venture:
Public venture Private venture Social venture
The main motive of this type of
the business venture is to create
change in the society by taking
advantages of the business
opportunities.
They also have the motive of
creating change in the society by
providing effective quality of
product and services so that
customer gets better experience
Their motive is to provide the
benefits to the society by
analysing the changing factors
that could make huge impact on
the society growth and
INTRODUCTION
Entrepreneurship and small business play vital role in the growth and development of
effective business growth and development of the resources. Entrepreneurial venter
provide better insight about the innovation and development in the business for the
better profitability and development of effective growth. Entrepreneurship starts with
the innovation and dedication of the person to make change in the current situation and
provide effective development of the resources. Entrepreneurship helps the individual
to develop effective development of the business venture to provide goods and services
to the customers.
TASK 1
P1 Types of entrepreneurial ventures and how they relate to typology
There are many types of Entrepreneurial venture that start businesses for the different
purpose and growth of the business so that proper development of the resources can be gained.
Entrepreneurial venture can develop business for the effective product and services provide to
the customers. They have different motive in the business Entrepreneurship for the goal
achievement and development of the resources. Typology of the Entrepreneur relate to their
behaviour so that they can ensure the different growth and fulfilment of the objectives. Below is
the explanation of types of Entrepreneurial venture.
Small business entrepreneurship: Small businesses are privately owned by individual pet
works for growth and development of business in the industry small business owners take all
decisions by their own and focus on creating change in in the current situation of market small
business entrepreneurship provide product and services to their customers and focus on better
development half profitability that can help them to gain better advantage and customer loyalty
they focus on providing quality product and services so that they can make place in the market
with the effective product and services business owners can achieve their goals and objectives.
Large Business entrepreneurship: these are the business venture that works on hi scale of
product and services in the market focus on increasing their revenue and generating more sales
in specific time period they also provide best quality of product and services to retain the
customers with their organisation large scale business owners make a strategic decisions as per
the investors and permeability half day high product quality in the market they make effective
decision making for the development of competitive advantage in the market their main motive
is to enhance the level of profitability and providing better services to their customers
Entrepreneurship and small business management

Differences:-
Public venture Private venture Social venture
They works with the
investment of the taxation
of the individuals in the
country and increase the
level of capital investment
for the effective
development of the
government objectives.
They develop their funds
from the different sources
such a bank loan, capital
investors, venture
investors, etc. they make
funds for the development
of effective competitive
advantages in the market.
They run the charity
organization where charity
funds are collected by the
investors and develop
change in the social
benefits. They raise the
funds for the effective
development of the
sources and information.
They run by the
governmental authorities
and that can develop better
business growth in the
nation.
They run by the individual
in depended owners that
works in the effective
growth of business and
product and services in the
market.
They runs by the charity
organizations for the
effective development of
the social needs and can
enhance the level of
profitable business growth.
P3 Data and statistics to analyse how micro and small businesses impact on economy
Small businesses play a significant role in the development of national and international economic
system the size and scale of small business has impact the economic growth and development of the countries
local and national economy small medium and micro economic growth by the development of different
product and services in the nation small businesses provide high scale of employment in the country and
provide proficiency to the Employees living in standard they contribute in the GDP growth of the country for
enhancement of effective development of national and international resources they focus on creating change by
providing large scale of product and services by different areas of industries in the UK small business owners
create change in the growth and development of small business firms in there market different small business
owners different changes in the development and economic growth of the country employment and business
turnover increased by the the small businesses will come in the UK for the enhancement of development of
national economy Global finance data reflect that small businesses represent the economic development and
enhancement of their objectives worldwide by providing 50% of employment to the the youth of UK small
businesses size increasing day by day by the number of opportunities providing for job to the individuals of the
country employment rate is increasing in UK by the small medium and micro businesses that provide high
level of economic growth and development of society for the enhancement of business objectives and scale in
the market for the effective performance of product and services so that country can represent those product
and services in the international market small business contribute in development of industry as well by the
increase in opportunities and gain in better sources small businesses of UK
Provide development of size and scale of GDP of the country so that economic condition of the
country can be e increased improvement in the goods provided by the small businesses can enhance
accomplishment of objective UP government to develop national economy the Government of UK provide
support for SM sector of UK so that improvement in their businesses can be achieved the goal of
P4 Importance of small businesses and start-ups to the growth of social economy.
Small businesses are the part of national and international growth of the economic condition of the country. SME
sector of the country helps to develop effective market base that enhances the level of better business development and
provide the efficiency of the market condition. For the start ups firms the business is developed with the development of the
society, youth and employment for the citizens. For the enhancement of the services and growth of the business provide by
the economy of the country, and social welfare of the people working in the society for the enhancement and development
of the objectives. The growth of developed society is gained by the use of the resources that can help the business in the
enhancement of the objectives and provide betterment to the future objectives that can be performed in most effective
manner.
Innovation in the small business and start ups can provide better quality of the services to the people and also this
can help the individual in the development of social needs and demands in the appropriate manner. Technology
advancement in the small business can provide them chances of increasing the level of business proficiency in the market
and also develops better future. entrepreneurship firm think for the change in the society that provide better development of
the resources that can gained by the individual for the enhancement of the profitability. The respective business takes care
of the combination of effective services development and the improvement in the living standard of the people. Increase in
the saving and disposable income of the country helps the small business to enhance the level of effective performance in
the business and proficiency. Small business enhances the level of business development in the nation and provides
betterment to the future challenges. The competitive advantages that business face with the development of the economic
growth of the country and provides betterment to the service innovation. For the development of the effective sources of the
information that business collects for the enhancement for the better challenges that can informed future better growth.
Small business provides the high level of employment to the generation in the country to enhance the profitable business
growth and development of the sources.
CONCLUSION
From the above information it can be concluded that there are several types of business
entrepreneurship that develop different business venture for the different purpose and
growth. the enhancement of the business objectives can be gained when the business
use effective strategic option that can help them towards the needs and wants of the
future.
REFERENCES
Ratten, V. and Usmanij, P., 2021. Entrepreneurship education: Time for a change in research
direction?. The International Journal of Management Education, 19(1), p.100367.
Santini, C., 2021. The Evolution of Entrepreneurship. In The Good Entrepreneur (pp. 1-23).
Palgrave Macmillan, Cham.