An Essay on Entrepreneurship and Small Business Management (Unit 9)

This essay provides a comprehensive analysis of entrepreneurship and small business management, focusing on different forms of entrepreneurial ventures, their relation to the typology of entrepreneurship, and the similarities and differences between them. It examines the impact of small and micro ventures on the economy, highlighting their significance to the growth of the social economy and their influence on various economic contexts. The essay uses relevant data and statistics to support its claims, exploring examples such as Tesco, Funeral care, NHS, and Facebook to illustrate different types of entrepreneurial ventures and their respective typologies, including survival companies, aggressive growth organizations, social enterprises, and managed growth enterprises. It also contrasts these ventures based on factors like annual growth rate, managerial style, technology investment, and organizational structure.

UNIT 9- ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION.....................................................................................................................................3
PART 1.......................................................................................................................................................3
Examining different forms of entrepreneurial ventures and their relation to typology of
entrepreneurship......................................................................................................................................3
Exploring similarities and differences between entrepreneurial ventures................................................5
Interpret relevant data & statistics to explain how small and micro ventures impact on economy..........8
Explaining significance of small ventures and business start-ups to growth of social economy..............9
Examining how small businesses have an impact on varied extent of economy and in a global context
...............................................................................................................................................................10
PART 2.....................................................................................................................................................11
Covered in PPT.....................................................................................................................................11
CONCLUSION........................................................................................................................................11
REFERENCES........................................................................................................................................12

INTRODUCTION
Entrepreneurship is defined as effective process that help an entrepreneur to handle and
manage varied business practices in systematic manner. It considered as those activities that help
to develop, manage and run a venture enterprise, along with some uncertainties just to make
money and obtain more benefits than other existing brands or companies that has operated in
same sector and market. The current assignment will be based on entrepreneurial ventures,
typology and small businesses that impact on economy development. The study will explain
interrelation between each entrepreneur business and typology. It will define similarities and
differences between businesses and justify importance of small enterprise as well as business
startup in the context of social economy progress.
PART 1
Examining different forms of entrepreneurial ventures and their relation to typology of
entrepreneurship
Entrepreneur-
In term of successfully businessman, an entrepreneur is one of those individuals who
attempts to sets up their own business by taking varied risk and dealing with them in effective
manner.
Entrepreneurship-
It defined as capability of business person, which drive their attention towards developing
and using effective approaches and techniques that help to achieve set goals and obtain desire
outcomes.
Entrepreneurial venture-
An entrepreneurial business is a concept of starting a startup or small venture through
which an entrepreneur with their ability conduct efforts to offer quality products and services to
local people or target customers.
Enterprise-
This term is defined in varied ways or words within the world of business and considered
as one of those companies that has been operated by a successful entrepreneur.

Types of entrepreneurial ventures-
Any established company-
Tesco is an established organization because it has built its strong and unbeatable brand
image in market where many brands has operated from longer time. It has wide customer base
and good financial performance. These are the main features of well-established organizations
that had capabilities to generate unexpected revenue and increase unpredicted profitability.
Small size social venture-
Funeral care is one of those small social companies that has operated venture at small
level within United Kingdom more than 1,0000 funeral homes. Company provides its services to
local people who are unable to make preparation for memorials as they had no relatives. Small
size social organizations are considered as those ventures that trade for social purpose and aimed
to reach environmental or community aims, which enable them to generate at least half part of
their investment.
Large size social venture-
In this category of entrepreneurial venture, those companies are included that has
established their businesses at large level and perform in regards to social well-being. For
example, NHS is well known large size social company that had made varied contribution to
improve the living standard of local people, by providing quality service to local people in term
of health care. National health service is able to provide medical and health care services.
High growth companies-
Facebook is the best examples of high progress organization, which conduct a lot of
efforts and initiatives to grow as private company more than other well-reputed brands. Its
mission is to offer satisfactory services to individual person and give them power to build strong
community. High growth companies are well-known to perform better and more than
expectations of each stakeholder.
Typology of entrepreneurship-
Survival companies-

In this category of typology, Funeral-care may consider because it faces several
challenges to survive and sustain for longer within market place within UK. The biggest issues
due to which this small size social venture may survive is lack of money and other resources.
Aggressive growth organizations-
Aggressive progress companies referred to as gazelles, these are usually technology
based businesses that uses their strong innovative power to generate unexpected revenue and to
exponential growth, which is one easy task to achieve for any brand. In this category, Facebook
is the best example, as it takes initiatives to offer some innovative features to its wide customer
base.
Social enterprises-
This typology refers to those ventures that has sets specific social aim and objective,
which drive the attention of each candidate to serve their services accordingly. For example,
NHS as a large size social enterprise has made unbeatable and unforgettable contributions in the
context of individual well-being.
Managed growth enterprises-
Tesco is one of those companies that has successfully managed its venture growth within
retail industry with skilled and experienced workers who take their initiatives to grow company
more than its rivals that has operated in similar industry. It can be said that a managed growth
and success enterprise is considered as unique kind of entity that encompasses stability with
continue pursuit of chances, creativity with excellent efficiency and business expansion with
proper control.
Exploring similarities and differences between entrepreneurial ventures
Similarities-
Small, large, aggressive growth and establish companies are the different types of
entrepreneurial businesses. Each firm is quite different from each other on the basis of several
points, but there are some similarities that they had.
For instance, each organization, whether it is small or large had run by strong willed
entrepreneur that have power to take better decision to own business and conduct varied
activities just to make it more successful. Furthermore, another similarity between each category

of entrepreneurial venture is constant innovation. In simple word, from small to large, from
public to private, each organization attempts to innovate something new in term of products and
services, for which they invest according to budget.
Differences-
Basis Survival Life Style Managed
growth
Aggressive
growth
Annual
growth rate
The annual
progress of
survival
companies,
which mostly
operated at small
level is less than
lifestyle and
managed growth
brands.
Lifestyle
organizations
earn more than
their investment,
which in return
increase their
profitability.
Managed
progress brands
like TESCO,
yearly earn more
than survival
companies.
Aggressive
progress
enterprises
annual growth
rate is unexpected
as they made
huge investment
regarding
technology, and
other things.
Managerial
style
The main
differences
between
entrepreneurial
venture is that
within survival
firms, there are
no need for
managerial style
as only one
person that may
be an owner or
care taker take
decision.
In these types of
organizations,
democratic
managerial style
may utilize, to
manage daily
work activities
of workers and
brand as well.
Laissez faire
management
style may use
within managed
growth
companies that
help to enhance
the performance
level of each
candidate and
business as well.
In most of the
aggressive
growth
companies,
autocratic
managerial style
may use to
control
everything by
taking decision
and
implementing it
in effective
manner.
Technology Another While, lifestyle Managed growth As name,

investment difference may
consider it that,
survival firm is
not able to made
huge investment
regarding
technology.
firm is able to
invest money to
implement and
use advance
technology but
for certain
operations, not
for all.
companies as
compare to other
entrepreneurial
ventures capable
to invest money
for purpose of
advance
technology
implementation
at workplace,
especially within
marketing
department.
aggressive
growth brands are
highly interested
in purchase of
digital and
advance
machines,
because their
business are
based on this
resource as they
invest more than
survival and
managed
progress
companies.
Source of
finance
The owner of
survival
companies most
of the time tend
to take loan from
family members
or close friends.
For loan
purpose, life
style companies
may chose bank
loan as source of
finance.
These type of
entrepreneurial
venture may
prefer to take
loan from agile
investors.
In order to get
money, they may
chose quite
different option
such as invest
shares of venture
stocks in
profitable
projects, which
in return provide
money.
Organizational
structure
Survival
companies
structure may
small or flat
On the other
hand, life style
brands may use
functional
They may utilize
divisional and
matrix
organizational
They may adopt
and use
hierarchal
organizational

because there
were only few
people work
together.
organizational
structure to run
and sustain
ventures.
structure. structure as it
may operate at
national to
international
level.
Interpret relevant data & statistics to explain how small and micro ventures impact on economy
Micro business-
Micro ventures are those businesses that operates on quite small level with only 4 or
more than 7 workers, including owner (Anwar and Ali Shah, 2020).
Small venture-
Small companies are one of those ventures that manage its business growth by handling
and dealing with certain challenges with more than 10 workers like Funeral care.
Impact of small and micro businesses on economy-
SMEs made effective contribution in the context of economic growth and development
even better than last few years. 5.94 million small ventures may put positive impact on economy
in term of offering fair employment chances to local people in the UK (Thorén, 2019). It
accounts for third fifths of employment and considered as most profitable private sector in the
United Kingdom. Funeral care it one of those small and medium size enterprises that may put
positive impact on economy in term of offering jobs to those who need it the most for purpose of
improving their living standard and to live a normal life with family members by fulfilling their
basic needs. Within small ventures approx. 13.3 million jobs available, which may allow
individual person grab each according to their qualification, expectations, knowledge level and
competences.

Figure 1:Key small business statistics
(Source: SMEs statistics, 2019)
In recent time, after conducting a lot of research by governmental bodies or authorities, it
estimated that 6.0 million private sector ventures operated under category of SMEs, among
which 1.4 million had workers and rest of the 4.6 million had no candidate, where local people
within UK may work and contribute through their performance to increase productivity and
profitability of small and medium size companies that’s all they want. From above illustration,
small business may have employment chances more than large.
Explaining significance of small ventures and business start-ups to growth of social economy
Small businesses and business start-up are those key elements that play viral role in the
context of excellent progress of social economy in term of improving standards of living by
offering the most helpful job opportunities to needy people who seek to fulfil the needs of their
family member, but unable to do so because of unemployment (Lukeš, Longo and Zouhar,
2019).
Along with this, both components support in growth of social economy by leading the
way on diversity. Instead of hiring or selection one person from same culture, language or
religion, start-up business like restaurant, café, grocery stores, etc. may attempt to recruit several
people that belongs to different nations, culture and believe in different religious as well. By
recruiting local people, they contribute to spread positive message in the world in term of
building diverse workforce, who may contribute to increase the performance level of startup
companies and maximize their productivity as well.

Furthermore, small and start-up ventures by meeting social purpose play significant role
in growth of social economy, which is incredible and essential as well (Martínez‐Fierro, Biedma‐
Ferrer and Ruiz‐Navarro, 2020). They conduct efforts and practices to serve quality service and
products to individual person according to their needs and expectations, which in return increase
sales and profits margin of startup and small ventures, but also support to strengthen
management in term of increasing satisfactory level of customers.
They also support to make environment sustainable and allow person to live better life,
which is not an easy mission to achieve. They support in local improvement that also unexpected
from startup companies which directly or indirectly help in social economic growth.
Examining how small businesses have an impact on varied extent of economy and in a global
context
From local to regional and from national to international, small ventures put positive
impact on economy, which in turn provide unpredicted outcomes to individual person. For
example, at local level, SMEs in term of creating jobs chances may contribute to enhance growth
of economy. It is one of those its contributions that made human life much better especially
when people face challenges to live in normal way.
In the context of regional economy, small business may affect positively in term of bring
progress and innovation to community in which each venture is established. It helps to stimulate
economic growth in term of providing job opportunities to people that may not be capable to
work within large corporations because of lack of knowledge and education, which may require
within big brands that is important.
Small business like medical shops, funeral care, etc. may support and impact on national
economy, along with above extent. They contribute to mobile public wealth and enable
individual person to get benefits from services that they offer.
At international level, SMEs may also affect in similar manner, but in different way. For
instance, they support in term of increasing growth rate as compares to global industrial sectors,
as small companies run and have wide customers base more than big brands.

PART 2
Covered in PPT
CONCLUSION
By summing up above analysis, it has been concluded that small, large, establish and
high growth companies has taken initiatives to grow even better than last certain years by
adopting varied approaches according to needs and business objectives. Furthermore, from above
explanation it has been determined that by hiring local people and increasing GDP, start up,
small and micro business has played vital role.

REFERENCES
Book and Journals
Anwar, M. and Ali Shah, S.Z., 2020. Managerial networking and business model innovation:
Empirical study of new ventures in an emerging economy. Journal of Small Business &
Entrepreneurship. 32(3). pp.265-286.
Thorén, K., 2019. Corporate entrepreneurship in SMEs, an evaluation of venture level success
factors. International Journal of Entrepreneurial Venturing. 11(5). pp.461-488.
Lukeš, M., Longo, M.C. and Zouhar, J., 2019. Do business incubators really enhance
entrepreneurial growth? Evidence from a large sample of innovative Italian start-ups.
Technovation. 82. pp.25-34.
Martínez‐Fierro, S., Biedma‐Ferrer, J.M. and Ruiz‐Navarro, J., 2020. Impact of high‐growth
start‐ups on entrepreneurial environment based on the level of national economic
development. Business Strategy and the Environment. 29(3). pp.1007-1020.
Online
SMEs statistics. 2019. [Online]. Available through:
<https://www.ic.gc.ca/eic/site/061.nsf/eng/h_03090.html>