Unit 9: Entrepreneurship and Small Business Ventures Report

This report provides a comprehensive overview of various types of entrepreneurial ventures, including small business, scalable start-ups, large companies, social ventures, and serial entrepreneurs. It details the characteristics of each type, highlighting their goals, operational strategies, and contributions to the economy. The report explores the similarities and differences between these ventures, emphasizing their role in job creation and economic growth. Furthermore, the report analyzes the impact of micro and small businesses on the UK economy, providing statistics on their numbers, contribution to employment, and export opportunities. The analysis includes a comparison of micro, small, and medium-sized businesses, illustrating their relative contributions to the UK's economic landscape. Overall, the report offers valuable insights into the diverse world of entrepreneurship and its significance in fostering economic development.

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Entrepreneurship is an ability to establish new business in order to provide better products and
services to customers by fulfilling their needs and demand. There are different types of entrepreneurial
ventures they are as follows:
Small business entrepreneur is a person who runs their business at small level, their main purpose
of running the enterprise is to earn profit and meet their daily expenses. The Entrepreneur is only
responsible to bear the loss and gain profit. Small business entrepreneur run their business activities to
support their families and fulfil their demands. The Entrepreneur usually hires the employees from local
areas it also helps in creating job opportunity in Local Market. For example: local grocery store and
small boutiques.
Scalable Entrepreneur Venture is another type of entrepreneurial venture that have a power and
capability to change the World. The main purpose of scalable entrepreneurs is to offer better quality of
products and services to customers that are unique and different from others and satisfy their needs. The
motive of the entrepreneur is to make the profit and raise fund from venture capitalist even the workforce
they hire is highly specialised. For example: Facebook and Instagram.
Large Company Entrepreneurial venture is also a type of entrepreneurial venture in which
business is established at large level with a purpose of earning huge profit and increase the growth of
Organisation. They create product and services according to the taste and preference of customers in
order to attract and build strong customer base. Due to the business, spread at large level they hire an
expertise candidate that can contribute their best efforts in making business goals achieved. For Example:
Google and Microsoft.
Social entrepreneurial Venture is another type of entrepreneurial venture which is established with
a purpose to solve the conflicts and issues in society in order to develop healthy and positive
environment. The Entrepreneurs are not focused on earning profit rather than they aim to make World a
better place. For example: educational programs and charity institution.
The typology of entrepreneurs is of different types having main goals to generate huge
profit and increase the sale of business. They are as follows-
Female Entrepreneur is one of typology of entrepreneur in which the business is run by
females. The female entrepreneur is linked with entrepreneurial venture as they can also
run the small entrepreneurship, large companies, scalable venture and social venture. The
Women has a power to establish the business and run independently.
Serial Entrepreneur is a person who focuses on producing disruptive and innovative ideas
that helps in making business successful. It is important for the entrepreneurial ventures to
have serial entrepreneurs in firm so that they can help in giving better ideas that helps in
uplifting the profitability and sale of Organisation.
Lifestyle entrepreneur is another typology of entrepreneurs that main purpose is to focus on
development in business by bringing some changes in working style and pattern. They
usually take risk to get better results and outcomes.
SMALL BUSINES ENTREPRENEURSHIP
Types of entrepreneurial ventures Typologies of Entrepreneurial Ventures

Similarities and differences between entrepreneurial ventures
Basis of Difference Small Business Entrepreneur Large Business Entrepreneur Scalable Start-ups Entrepreneur Social Entrepreneur
Meaning It is run by someone that main purpose
is to satisfy basic necessity and support
their family members.
The Entrepreneurs generally run business
in order to maximise the profitability by
offering goods and services according to
the taste and preference of people.
The Scalable start-ups entrepreneurs are
someone that thinks different and out of box
they have an ability to change the World.
The Entrepreneurs main aim is to create
positivism in society by satisfying the
problems and issues.
Economic
Contribution
The Small business entrepreneurs
usually contribute in economy by
offering job opportunities in local
market.
The Large business entrepreneurs
contributes more in economy by
fulfilling the needs and demands of
customers and offering products and
services that helps in raising the standard
of living of people.
The Entrepreneurship contributes in economy
by providing unique and innovative products
that generate an interest among International
businesses and investors.
The Social entrepreneurship contributes
in economy by creating a positive
environment in society and
implementing social change.
Characteristics The Characteristics of small business
entrepreneur is to run business in local
market but also grab an opportunity to
grow the business in a long term
venture.
The main aim of entrepreneur is to
generate maximum profit and increase the
growth rate of business.
The Entrepreneurs want to bring some better
changes that help in providing better living
standard to people.
The main purpose of the social
entrepreneurs is to solve the issues
related to health, education, food and
shelter. So that they can develop better
society and community.
Similarities
The Entrepreneurial ventures are similar to each other as they create job opportunities for people so that economy of country gets improve and unemployment rate goes down. The main
purpose of entrepreneurial ventures is to raise the standard of living of people by offering them unique and innovative products and services that helps in satisfying the need and demand
of customers.

Micro and small business impact on the economy
Micro business and small business is the great contributor in the UK Economy. The Micro business
includes the employees between 1 to 9, for becoming the micro company it is important to follow
the criteria like the there must be fewer than 10 employees, annual turnover must be of £632,000 or
less and balance sheet must have £316,000 or less. In UK there are 4.7 million micro businesses
and 97.72% is privately owned business. The Micro business and small business provide job
opportunities to people; in UK around 9.1 million people were working in micro business in 2020.
In recent government figures there are 5,980,520 micro businesses in UK and from those 4,567,775
businesses have no employees and rest numbers have employees in between 1 to 9. The Small and
Micro businesses helps in boosting up the economy of UK by providing get opportunities. They
create an export opportunities and employment opportunities in UK due to which the
unemployment rate get decreased. Through export opportunity the GDP of the Economy increases
as the export rate also enhanced.
The above graph shows the number of micro, small and medium businesses in UK. In 2020
there was 5 972.7 micro, small and medium size businesses in UK that contribute in the
development of Economy. The Micro businesses are of 5 724.7 whereas small businesses are of
211.9 and medium size business are of 36.1. So, from the above graph it is being cleared that
micro business contributes more as compare to other businesses.