Evaluation of Types of Entrepreneurial Venture and Typology of Entrepreneurship

This report discusses the concept of entrepreneurship and its importance in business. It evaluates different types of entrepreneurial ventures and their typology of entrepreneurship. It also discusses the impact of micro and small businesses on the economy and their importance in social economy.

Entrepreneurship and Small Business Management
INTRODUCTION
 Entrepreneurship is heart
of each and every
business, it the process of
setting business effective
enough to face risk which
are related to business
such as financial and
managerial.
 This study is based on
Accenture, Accenture is
consultancy service
provider which help and
guide business
organization to make
financial and managerial
decision.
Evaluation of types of
entrepreneurial venture and
typology of
entrepreneurship.
Types of different entrepreneurial
ventures are:
 Small business
entrepreneurship: small
ventures are usually run by
family which have very less
staff (Burns and Dewhurst,
2016).
 Scalable start up
entrepreneurship: scalable
start up venture do business
tom provide innovative
products.
 Large company
entrepreneurship: large
venture rule the sector, they
are business giants with
finite life cycle
 Social entrepreneurship:
this types of venture only
focus on identifying and
solving the problem of
society, they produce and
deliver products to help or
solve the societal problems.
Typology of entrepreneurship:
 Imitation: imitation in entrepreneurship
occur when more than one firm practice
the success of innovative firm (Burns,
2016).
 Allocative: allocative in
entrepreneurship means an economic
aspect which occur when revenue of
production is similar to marginal cost.
 Discovery: discovery in typology of
entrepreneurship means they operate
business in condition of high risk,
entrepreneurs make decision after
managing risk.
Similarities and differences:
 Goals and objectives:
small business
entrepreneurship do not
have proper structured
goals and objectives, they
tend to grow on smaller
scale with leaser
profitability.
 Risk management: small
business entrepreneurship
tend to have low risk, but
they face heavy
competition in local area
with same sized and
products or organization.
 Number of staff: small
business have less amount
of employees and have no
more than 50 members.
Interpret and assess of relevant data to
discuss impact of micro and small
business on the economy:
 These SME's generate high amount of
profit and better contribute in GDP of UK
(Yurday, 2021). In all small businesses,
96% of them employs 0-9 people.
Contribution of small business is higher
than comparing with medium and large
scale.
 Each year around 380000 small business
start in UK. The majority of 97% business
in which 100000 business employ 10-50
people.
REFERENCES
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Conclusion
From the above report it can be concluded that entrepreneurship is concept of emerging with new ideas and implements in
the business in order to gain business profits by taking several risks in the corporation.

Notes
INTRODUCTION
Entrepreneurship is heart of each and every business, it the process of setting business
effective enough to face risk which are related to business such as financial and managerial. The
entrepreneurial ventures have various ownership structure, to handle business an entrepreneur
must have extraordinary skills and ability to manage business organization. This study is based on
Accenture, Accenture is consultancy service provider which help and guide business organization to
make financial and managerial decision (Accenture, 2021). The company provide various
technological services such as digital and technological management and production and operations
consulting service. Accenture have ability to solve their customers the toughest challenges. In this
report we will going to discuss various types, similarities and differences of entrepreneurial venture
and their typology of entrepreneurship, later we will understand how micro and small businesses
impact economy and why they are important in social economy.
Evaluation of types of entrepreneurial venture and typology of entrepreneurship.
Types of different entrepreneurial ventures are:
Small business entrepreneurship: small ventures are usually run by family which have very less staff
(Burns and Dewhurst, 2016). This types of small business are mainly run by family with the help of
friends, some small business are very powerful in creating and innovating new products but their
revenue generation is very low because their production is small, and they focus on growth and
expansion.
Scalable start up entrepreneurship: scalable start up venture do business tom provide innovative
products, entrepreneurs of this business type are self motived they think they can change the world
with their powerful ideas and innovative products. Start up entrepreneurs look for investment from
venture capitalist as they want to start scalable business model.
Large company entrepreneurship: large venture rule the sector, they are business giants with finite
life cycle. They focus on development of new as well as existing products to serve the demand of the
customer, the change in trends eventually change the production of new product accordingly.
Entrepreneurs of Accenture tend to focus on developing new and innovative products and service
which can solve the challenges faced by the clients business and to capture new market and defeat
their competitors.
Social entrepreneurship: this types of venture only focus on identifying and solving the problem of
society, they produce and deliver products to help or solve the societal problems. They are usually
non-profit organizations aims to serve needy people, public help such organization because of their
work (Frederick, O'Connor and Kuratko 2018).
Typology of entrepreneurship:
Imitation: imitation in entrepreneurship occur when more than one firm practice the success of
innovative firm (Burns, 2016). It can be seen when new business try to copy and produce exact same
products of others, many new entry and even competitors purposefully copy even the managerial
methods and strategies of one other.
Allocative: allocative in entrepreneurship means an economic aspect which occur when revenue of
production is similar to marginal cost. In such case consumer is paying excat same price which is
equal to marginal utility.

Discovery: discovery in typology of entrepreneurship means they operate business in condition of
high risk, entrepreneurs make decision after managing risk.
Similarities and differences:
Goals and objectives: small business entrepreneurship do not have proper structured goals and
objectives, they tend to grow on smaller scale with leaser profitability. Whereas scalable start up
only focus on production of innovative products, and they have aim to provide higher profits to their
investors. On the other hand, large scale organization mainly focus on improving and providing high
quality products with their powerful and effective marketing strategies. Lastly social
entrepreneurship or venture only focus to solve the problem, and they produce quality products in
betterment of world.
Risk management: small business entrepreneurship tend to have low risk, but they face heavy
competition in local area with same sized and products or organization. Whereas scalable start up
venture face high risk due to investment done in the organization is very high and investor demand
high profit in no time. On the other hand, larger business venture such as Accenture have medium
risk associated because they handle every risk with their brand name and there are very less
consultancy company in the country. Lastly social organization do not face risk often they get help
and support from government.
Number of staff: small business have less amount of employees and have no more than 50
members. Whereas in scalable business it usually depends on how many employees an entrepreneur
want in their venture. On the other hand, large organization can employ up to 1000 and more
employees. Lastly for social venture its depend on size and working of the business organization.
Interpret and assess of relevant data to discuss impact of micro and small business on the economy:
In almost every business sector and industry, micro and small business plays an important role in
growth and development of the economy, they capture high part and also deliver higher return to
economy. Micro and small business provide innovative products to customer and generate good
amount of income.
Small businesses are in high number in almost every sector or industry, there almost 4.5 million
small businesses in whole UK. These SME's generate high amount of profit and better contribute in
GDP of UK (Yurday, 2021). In all small businesses, 96% of them employs 0-9 people. Contribution of
small business is higher than comparing with medium and large scale.
Small businesses are run by solo traders, partnership firms, education based business, this also
include people who are private tutors, music and dance teacher etc. there are certain hospitality
business such as hotels, restaurants, cafes etc. they are all small business which provide service and
contribute in the economic development. Each year around 380000 small business start in UK. The
majority of 97% business in which 100000 business employ 10-50 people. Micro business can be
identified if the business is having less 10 employees. In UK, employment cost is 126705 euros in
small business as compared to 59643 euros of micro business with less than 10 employees. Nearly
11.6% of small businesses shut down every year, micro businesses with less than 5 staff shut down
rapidly. As compared to larger business survive better.
Importance of small businesses and business start up for the growth of social economy:
Small businesses play an essential role to bringing up the society by giving opportunities to
the member of the community (Julien, 2018). First they offer better product and services, secondly
they provide a employment chance. They are major contributing for the development of the social

economy companies gives the employment opportunity to the candidates of the society so that they
can work better or effectively for their community development. As small businesses are the main
key holder for the societal growth they encourage the youths to take part in the competitions also
offer them a learning courses so that they can acquire the knowledge and can work for them. New
business start-up evolves the technology aspects which develops the new opportunities therefore by
this new business idea is generated and the success of this business idea can develop new
opportunities (Storey, 2016). Therefore, small businesses and business start up proceed to enhance
their working network by giving job opportunities to the community people.
Business aims to provide better services and productivity to the people by developing better product
for them, businesses can start their projects by involving the people from community. It will also
helpful for them to increase their revenues also it aims to develop the society. Many small
businesses also creates a fund-raising programs for the societal development therefore their
programs plays an important role for the growth of social economy. These small business bring
important issues to public attention such as protecting the environment or any kind or harassment,
these sensitive topics which happen in business keeps people aware. Small business is important
because it keeps next generation inspired, young or up coming generation is future. Young people
demand the latest products which push organization to develop them this creates fast development
of society in technological aspects (Kuratko, 2016).
Young entrepreneurs bring new and creative idea to handle and manage business, these young
entrepreneurs are active in working and have ability to find out solution for every problem, these
entrepreneurs try to fill the gap within society. Every new business create job opportunity to local
and nearby peoples. Small business impact global economy also, at first these small businesses give
good income to their worker which later spend by them to other local business such as hotels and
restaurants. This chain of local business impact the growth of international economy (Martínez-
Fierro, Biedma-Ferrer and Ruiz-Navarro, 2016). As compared to larger industry, these small business
do less or no harm to environment, large industry have large production which creates high pollution
in the environment. Small business do not have heavy production so they do not effect much to
environment.
Conclusion
From the above report it can be concluded that entrepreneurship is concept of emerging with new
ideas and implements in the business in order to gain business profits by taking several risks in the
corporation. Whereas entrepreneurs are the person who drives the changes with innovation of new
and improved products that develops new market. The report has described range of venture types
along with the impact of small businesses on the economy.