Entrepreneurship and Small Business: Ventures, Economy & Growth

This report provides an analysis of entrepreneurship and small business management, focusing on various entrepreneurial ventures such as large-scale, small-scale, social, and scalable enterprises, and their relationship with entrepreneurship typology. It differentiates and highlights the similarities between these ventures, interprets relevant data to illustrate the impact of micro and small businesses on the economy, and emphasizes the importance of small businesses and start-ups for social economic growth. The report also briefly touches upon the characteristics, traits, and skills of successful entrepreneurs, aspects of entrepreneurial personality, and the environments that foster entrepreneurship. The study concludes that entrepreneurship trends are enhancing and contribute significantly to economic development.

ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1.Different types of entrepreneurial ventures and their relation with typology of
entrepreneurship ....................................................................................................................1
P2.Similarities and differences between entrepreneurial ventures.........................................2
TASK 2............................................................................................................................................4
P3.Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...........................................................................................................4
P4.Importance of small businesses and business start-ups to the growth of the social economy
................................................................................................................................................5
TASK 3 and TASK 4 ......................................................................................................................6
Covered in PPT ......................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is considered as a process where people establish and launch a new
enterprise that can be small at starting. Individual who initiates a small business as well as
entrepreneurship are called entrepreneurs (Burns and Dewhurst, 2016). For this report, the
chosen consultancy is Bluefin Solution Limited which facilitates SAP business and consultancy
services for technology industry. Its headquarters is in London, UK. The purpose of this report is
to explain the various types of entrepreneurial ventures and its relationship with entrepreneurship
typology. Differences and similarities among entrepreneurial ventures. Interpretation of relevant
data to illustrate the impact of micro and small business on economy. Importance of small-
business as well as start ups. The characteristics traits and skills of successful entrepreneurs.
Aspects of entrepreneurial personality that shows entrepreneurial motivation. Along with this
evaluation of different environment which foster entrepreneurship are also mentioned in this
report.
TASK 1
P1.Different types of entrepreneurial ventures and their relation with typology of
entrepreneurship
Entrepreneurship is refers as a procedure where people who is considered as an
entrepreneur operate a small-business to serve society for earning profitability or performing
social welfare. People who starts a new business have to take many kinds of risk for sustaining
into market like financial risk, customer dissatisfaction regarding products or services risk and so
on (El Ebrashi, 2013). There are various kinds of entrepreneurial venture that are available into
market. Some of them are mentioned below:
Entrepreneurial Venture Types:
Some types of entrepreneurial ventures are explained below:
 Large scale enterprises: These kinds of entrepreneurship needs large amount of funds as
well as market shares. Large scale enterprise produce and serves products with new
conception and design to target consumers for accomplishing its demand and
requirements. They introduce many products or services variety as per the trends and
needs of clients.
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 Small scale enterprise: These mainly performed commercial activities at smaller level
and its main aim is to produce profitability. It is usually handled by the firm owner and
this can not get impacted largely with the changes occurs into market trends. Like cafe,
grocery stores and so on.
 Social enterprise: It facilitates products or services that accomplish the consumers
requirements in appropriate way. Its main purpose is to serve society in order to improve
its living standards in effectual manner (The Four Types of Entrepreneurship. 2019).
 Scalable business enterprise: It mostly concentrates upon products quality rather than
producing goods in bulk. The main objective of scalable business enterprise is to grab
attention of investors which always maintain the products quality.
Kinds of various entrepreneurial typology types
 Serial Entrepreneur: These are extremely creative as well as want to take risk and face
challenges. Serial entrepreneur launch new goods or services in all the areas so that
demands and requirements of consumers can be accomplished.
 Male Entrepreneur: As per this an entrepreneurship is initiated by male entrepreneur.
Its main aim is to provide effective products or services into marketplace for generating
more profitability. For example: Mark Zuckerberg who is the founder of Facebook, it is
utilise at international level.
 Female entrepreneur: This is considered to one when any female individuals establish a
new business for serving innovative products to society. These entrepreneurs are more
creative in comparison to others (Griffiths, Gundry and Kickul, 2013). For example:
Emma Kane, the chief executive officers of Red leaf communication.
 Lifestyle Entrepreneur: these are the entrepreneur who concentrates upon gaining
profit, for this they choose suitable sectors so that they can obtain more profit as well as
market share. It generally initiate its business at both the level large and small depends
upon their financial abilities and interests.
P2.Similarities and differences between entrepreneurial ventures
Differentiations:
Large and Small Entrepreneurial Ventures
Basis Large Entrepreneurial Ventures Small Entrepreneurial
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Ventures
Meaning It operates at large level as well as
required more investment to increase the
opportunities of business (Humphrey,
2013).
It is performed at smaller level
and needs less capital.
Decision making Herein, most of the decisions are taken by
the organisational hierarchy.
In this whole decisions are
made by the owner of the firm.
Process They follow the formal process. It comply the informal process.
External input In this external inputs are more. Herein, the external inputs are
less.
Social and Scalable Entrepreneurial Venture
Basis Social Entrepreneurial Venture Scalable Entrepreneurial Venture
Definition This is considered as a commercial
firm which have particular social
objectives that provides their
fundamental purpose.
This type of entrepreneurial venture are
focused on the products quality rather
than producing goods at large quantity.
Aim Its main aim is to serve products or
services for society welfare.
Its aim is to bring unique as well as
innovative ideas for the business.
Similarities:
Large and small business Social and scalable business
 Both aim to earn more profitability into
market.
 Both are focused to grab the attention
of investors, customers and so on.
 Both want to sustain in competitive
market for the longer period.
 Both the business are concentrates to
provide creative as well as innovative
products to the customers or society.
 Both generally adapt the commercial
process as well as activities to enhance
the opportunities of business.
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TASK 2
P3.Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy
Entrepreneurial business can be performed generally at micro and small level. These
kinds of enterprises do not need more capital in compared to large one because of this they gain
less profit and turnover ratio. Micro enterprises are considered as a business that is functions at
small level that normally have 5 or less employees in workplace (Kenworthy and McMullan,
2013). Where as small business are independently owned firm where only few employees are
working and focused to gain profitability. Within UK, the government supports the entrepreneurs
as through this they are capable to develop its economy in effectual way. This also, improve the
employment level. The SME's impact the economy of UK positively, some effects are mentioned
below:
 Enhancing job opportunities: When people starts a macro and small business they need
another many individuals who performed the activities of the firm on effectual as well as
proper way. Because of that they can capable to improve opportunities of employment at
local, state, domestic and global level. Due to this reasons government of UK support
both macro and small business organisations.
 Maximise per capita income: It considered as a income that is earned through people in
specific economy nation. It will analyses country average income through which rate of
growth as well as development can be measured in effectual manner (López‐Fernández,
Serrano‐Bedia and Pérez‐Pérez, 2016). Likewise, In UK there are various macro and
small business because of this there are enhancement into national per capita income in
appropriate way. This will also develop the living standards of respective nation.
Impact of SME's can be measured as well as represented through charts or graphs are shown
below:
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Illustration 1: Impact of SMEs on growth of an economy
(Source: Impact of SMEs on growth of an economy, 2018)
From the above shown graph it is analysed that UK economy is leading with the
development of small and medium business. It is seen that there is positive growth in effectual
way. As from year 2008 to 2012 it is fluctuating sometimes increasing and decreasing. But from
2012 till 2018 it is continuously enhancing which is important for the future growth of nation and
businesses.
P4.Importance of small businesses and business start-ups to the growth of the social economy
Businesses play a vital role when it comes to focus on economy perspective as it relate to
exchange of money from goods and services. Small businesses function as a growth of a local
economies by establishing industries, schools, universities etc (Lourenço, Taylor. and Taylor,
2013). It employ workers from nearby location and give a growth to the appropriate scale in
building economy as a whole. Small businesses has beneficial effect on nearby shops and other
area to earn more money. It increase in number of people visiting at small businesses which
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automatically benefit to every other person staying near to it. Business with small size has
different benefits which is as follows:-
Adopting to changing climate – Small businesses has ability to give a new look in
economy and attracts thousand of customers in changing their taste and preference of every
individual. Local Customers are more loyal in maintaining an stability with nearby businesses in
economy. Small businesses have convenience benefit which build a good relation with local
customers and change the entire taste and preference of nearby consumers.
Contributing to local government with taxes – Local business has power to earn more
and diverts the mind of a consumer in an appropriate manner. It clarifies all levels on a business
and focus on profit maximization which directly impact on government taxes (Ma and et.al.,
2013). These local businesses play a vital role in building awareness about various prices related
to properties, shop rental, increase in price of flats etc.
Growing a small business to a corporation - Growth is a part of every running
business in the right direction. Small businesses are more focus in building strategies in such a
manner as to get better improvement in every field and maintain a stability to cover more market
share in an economy. It focus on every barrier while walking on the root of diversifying a small
business into a corporation and design a game plan to maintain stability in market.
Improvement in standard of living – Small business has a positive impact in standard
of living as increase in earning of a particular sector turns the whole scenario of a business.
Small businesses maintain a stability in market and improves overall nearby society by given
opportunity in building more business to get a standard level of standard.
TASK 3 and TASK 4
Covered in PPT
CONCLUSION
From the above report it has been concluded and examine that entrepreneurship trends
are enhancing now a days. There are different entrepreneurial ventures are small, large, social
and so on also its relations with typology. Differentiation and similarities among large and small
business as well as social and scalable enterprises. Statistics and interpretation are done to
understand the impact of micro and small business upon economy. It also, assists country to
boost its economy in proper way. Also, characteristics, traits of entrepreneur that are important
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when an individuals like to become successful. Also, examples are provided to know about the
backgrounds as well as experiences that hinder and foster entrepreneurship.
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REFERENCES
Books and Journals
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
El Ebrashi, R., 2013. Social entrepreneurship theory and sustainable social impact. Social
Responsibility Journal. 9(2). pp.188-209.
Griffiths, M. D., Gundry, L. K. and Kickul, J. R., 2013. The socio-political, economic, and
cultural determinants of social entrepreneurship activity: An empirical examination.
Journal of Small Business and Enterprise Development. 20(2). pp.341-357.
Humphrey, R. H., 2013. The benefits of emotional intelligence and empathy to entrepreneurship.
Entrepreneurship Research Journal. 3(3). pp.287-294.
Kenworthy, T. and McMullan, W. E., 2013. Finding practical knowledge in entrepreneurship.
López‐Fernández, M. C., Serrano‐Bedia, A. M. and Pérez‐Pérez, M., 2016. Entrepreneurship and
family firm research: A bibliometric analysis of an emerging field. Journal of Small
Business Management. 54(2). pp.622-639.
Lourenço, F., Taylor, T. G. and Taylor, D. W., 2013. Integrating “education for
entrepreneurship” in multiple faculties in “half-the-time” to enhance graduate
entrepreneurship. Journal of Small Business and Enterprise Development. 20(3).
pp.503-525.
Ma, Z. and et.al., 2013. An overview of contemporary ethnic entrepreneurship studies: themes
and relationships. International Journal of Entrepreneurial Behavior & Research. 19(1).
pp.32-52.
Omorede, A., Thorgren, S. and Wincent, J., 2015. Entrepreneurship psychology: a review.
International Entrepreneurship and Management Journal. 11(4). pp.743-768.
Raymond, L. and et.al., 2013. Dimensions of small business performance from the owner-
manager's perspective: a re-conceptualization and empirical validation.
Entrepreneurship & Regional Development. 25(5-6). pp.468-499.
Volery, T. and et.al., 2013. The impact of entrepreneurship education on human capital at upper‐
secondary level. Journal of Small Business Management. 51(3). pp.429-446.
Yan, J. and Yan, L., 2016. Individual entrepreneurship, collective entrepreneurship and
innovation in small business: an empirical study. International Entrepreneurship and
Management Journal. 12(4). pp.1053-1077.
Online
The Four Types of Entrepreneurship. 2019.[Online]. Available through:
<http://casnocha.com/2011/02/the-four-types-of-entrepreneurship.html>.
Impact of SMEs on growth of an economy.2018. [Online]. Available through:
<https://ec.europa.eu/growth/smes/business-friendly-environment/performance-
review_it>.
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