Analyzing Entrepreneurial Ventures and Their Impact on Economy

This report analyzes various kinds of entrepreneurial ventures and their relationship with the typology of entrepreneurship. It explores the similarities and differences between entrepreneurial ventures. It also evaluates the impact of small and micro businesses on the economy and discusses the importance of small business and start-ups for the growth and development of the social economy.

ENTREPRENEURIAL
VENTURE

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Analyse various kinds of entrepreneurial ventures and demonstrate how they related with
the typology of entrepreneurial...................................................................................................3
P2 Explore the similarities and differences between entrepreneurial ventures...........................4
TASK 2 ...........................................................................................................................................6
P3 Evaluate and explain relevant data and statics to illustrate how small and micro business
impact on economy.....................................................................................................................6
P4 Discuss the importance of small business and start-up to the growth and development of
social economy............................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCE...................................................................................................................................9

INTRODUCTION
The term entrepreneurship refers to a learning experience that aids an individual in order
to start a new business. In which entrepreneur means a person that start a small their own
business with limited resources and available fund. It gives rapid experiences on various
opportunities that enhance the growth and development of small business. It helps in improving
the knowledge for start-ups and there are huge demand of entrepreneur for the development of
micro and macro business (Neumeyer and Santos, 2018). The present report is based on
entrepreneurial ventures that is necessary for all types of business as it helps in increasing the
success of business. Along with this, discussion about similarities and differences between
entrepreneurial ventures is carried out as well as impacts of micro and macro business on
economy. At the end importance of small business and start-up is covered in this assignment.
TASK 1
P1 Analyse various kinds of entrepreneurial ventures and demonstrate how they related with the
typology of entrepreneurial.
Entrepreneurship is a process of creating and developing a business through innovative
and creative idea and with the help of limited resources in order to mortal it into successful
venture. It is important for a entrepreneur to have some thought about innovation and creation in
order start new business and then take it towards the direction of success (Yang, Kher and Lyons,
2018). It is essential for a entrepreneur to posses some ability to take risk for start ups and aids in
increasing local and national economy. For the same there are various kinds of entrepreneurial
ventures which are discussed below:
Small business entrepreneurship- It has been observed that United Kingdom has a large
rate of small ventures which includes grocery stores , travel agents, carpenters, mobile retailers
cafes etc. In this entrepreneur or owner moves from one place to another place in order to recruit
local people or friend or employee that are needed to operate business (Marvel and et.al., 2020).
Scalar entrepreneurship- The main purpose of this kind of entrepreneurship is to
develop the world by adopting some changes as they are more focused to produce qualitative and
innovative products. Along with this their important vision is to scale up the small business. In
this owner make efforts for attracting those investors who are the part of venture capitalist in
order to expand their business.

Social entrepreneurship- At this point of entrepreneurship, individual are more focused
towards production the product for the welfare of society in terms of solving their problem and
needs by providing innovative and creative products (Koehler, 2016).
Typologies of entrepreneurship venture:
Typology of entrepreneurship tends to human behaviour in terms of values. For this it is
classified on the basis of style, form structure and plan. In which some of are obstinate below:
Lifestyle venture: These types of ventures are those start ups which is used to fulfil the
income of entrepreneur in order to achieve effective level of productivity (Donbesuur, Boso and
Hultman, 2020). They are not concerned towards growth and development. They consist
constant numbers of employees and operators for running their business in a single premises. It
includes small scale business organisation.
Survival venture: These ventures are mainly emphasis towards surviving and fulfilling
the basis necessities. They are those ventures which does not operates their function under any
premises. They operates their business with limited resources as well as they do not have any
relationship with banks. It includes micro scale business.
P2 Explore the similarities and differences between entrepreneurial ventures.
There are various factors of entrepreneurial ventures by which similarities and
differences can be carried out. For this certain difference and similarities are discussed below:
Enterprises type Similarities Differences
Small v/s large Business  Small scale and large
scale business
enterprise are mainly
focused towards
providing all benefits
for fulfilling the needs
and demands of
customers in effective
way (Sedeh, Beck and
Bajestani, 2020).
 The main aim of both
 The size of both firm
are differ in term of
financial condition. As
large firm require more
investment cost for
start-up as well as
require more fund to
perform all function for
production compare to
small scale as they
need to run their

large and small scale
firm is to produce
qualitative and
innovative products in
order to attract huge
number of people
towards their services
and product.
business with the
limited resources.
 Small firm operate
their business only in
local area or at national
level but large scale
firm can run their
business at national
level along with
international market
too.
Social v/s Scalable  Social and Scalable
organisations run their
business for the welfare
of people or society in
order to fulfil their
demands.
 The main motive of
both types of firm is to
provide innovative and
creative products to
consumers in a short
period of time as to
achieve growth and
success in business.
 The aim of social
enterprise is to provide
welfare to customers
whereas the purpose of
Scalable is to scale up
of small bushiness by
introducing innovative
and creative ideas to
satisfy consumer
requirements (Marshall
and et.al., 2020).
 Social enterprises are
more focused towards
solving the problem
and issue of people
whereas scalable
enterprises are indulged
towards large number
of people for enhancing

the profitability of firm.
Life style v/s Survival  The main aim behind
running the business of
lifestyle and survival
firm is to generate
more profit and market
share for the
development and
growth of firm in order
to achieve success at
marketplace
(Mrożewski and
Kratzer, 2017).
Entrepreneur of lifestyle is
more emphasis towards
production of that service or
product which belong to their
passion or interest for instance
travel blogger or fashion
blogger on the other hand
survival venture operates their
business to survive at
marketplace for long period of
time.
TASK 2
P3 Evaluate and explain relevant data and statics to illustrate how small and micro business
impact on economy.
It has been observed that micro and macro both company are the vital factors of economy
of country for the enhancement of growth rate at marketplace (Boone, Andries and Clarysse,
2020). From UK report it has been noticed that about 87% of 4.1 million micro and small
business contributes their large range of revenue for the development and the growth of economy
of country. Which enhances the GDP of UK by 6.1 %. These enterprises are not only help
country in generating profit for nation even they remove unemployment also by offering job
vacancy.

Illustration 1: Impact of economy on United Kingdom, 2018
From above graph it can been seen that micro industry of UK took lead with 88.2 % after Brexit
as well as it is much growing faster by 0.6% compare to GLLCP. From all these it is analysed
that those sector which comes under micro level gives more contribution in enhancement of UK
economy compare to other sectors.
In addition to this, there are large number of small and micro business in UK which helps
country in providing employment about 2% of 1.4 million. They are more emphasis on
introducing innovative and creative products or services in order to generate more revenue and
foreign currencies and that helps country to maintain their GDP rate.
P4 Discuss the importance of small business and start-up to the growth and development of
social economy.
The exiting of Britain from European union is known as Brexit. A referendum in which
each people give their votes and on the basis of that it has been observed that approx 51.9%
individual was in favour of Brexit (Murnieks, Klotz and Shepherd, 2020). In which the vote
given by England and Wales is about 54.4% and 52.2% for Brexit. Due to this negotiation is
started and continued till the extension of UK and EU is done.
The result of this Brexit leave a massive impact on economy of UK as several factors got
affected such as decrement in currency, rise in rate of inflation etc. that time the small scale and
the new start up business helps country to overcome this situation. They contributes in increasing

the growth of country with the help of innovation and new ideas as well as removes
unemployment by offering vacancy to employees which raise the living standards of people and
that directly changes the GDP of country. Additionally some large scale business are more
depended on small scale and start-up for this they are more indulged for development of small
unite to enhance the outsourcing procedure. Along with this government also gives some benefits
and perks for the growth of business so that economy of country will also be maintained
(Secundo, Schiuma and Passiante, 2017). Around 6% of GDP is increased with the help of micro
and small business as they launch some innovative product at marketplace. This also increase the
per capita income of country. Hence, it become important for UK government to provide benefits
to each sectors who aids country in enhancing the national economy.
CONCLUSION
From above discussed report it has been evaluated that there are high need of
entrepreneurship in order to maintain the performance of small scale and large scale business as
they provide exact ideas and planning for effective performance. In which there are various types
of ventures which helps country towards growth and development of countries economy. Along
with this it has been observed that micro scale business contributes their large range of revenue
which gives strengthen to country economy in effective manner.

REFERENCE
Books & Journal
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relationship conflict and team performance? On the importance of fit between passion
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new venture performance: Contingency roles of entrepreneurial actions. Journal of
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Koehler, W. S., 2016. Fit as a fiddle: a longitudinal case study of an early-stage social
entrepreneurial venture in the fitness industry. Journal of Ethics & Entrepreneurship. 6(2).
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Marshall, D. R., and et.al., 2020. Access to resources and entrepreneurial well-being: A self-
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Secundo, G., Schiuma, G. and Passiante, G., 2017. Entrepreneurial learning dynamics in
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Sedeh, A. A., Beck, J. and Bajestani, M. F., 2020. Perceptual versus institutional determinants of
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Yang, S., Kher, R. and Lyons, T. S., 2018. Where do accelerators fit in the venture creation
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