Entrepreneurial Ventures: Types, Similarities, and Impact on Economy

This report provides information about different types of entrepreneurial ventures, typology of entrepreneurship, and differences within various ventures. It also discusses how small and micro businesses develop sustainability in the economy and reduce unemployment. The report concludes that small businesses play an effective role in social economy and economic condition effectiveness, improving the quality of life and developing motivation in people.

Unit 9 Entrepreneurship and
Small Business Management

Entrepreneurial Ventures (Part 1)
PART 1
INTRODUCTION
Entrepreneurship is all above refers to creative approach,
unique ideas, different techniques for profit generate with
expansion of new start-up. Entrepreneur ventures define as
expansion of business and development of new opportunities
for economic sustainability and innovation exposure
(Rezaei-Moghaddam and Izadi, 2019). McKinsey &
Company is all above management consultancy industry
which provides support to entrepreneurs who believes in
build their own business with creative ideas.
MAIN BODY
Types of entrepreneur ventures and they relate to the typology of
entrepreneurship
Entrepreneur: Individual who set a business with application of creative and
new idea for profit raise. And entrepreneur has multiple skills like planning,
managing task, problem identification and management and many more.
Entrepreneurship: This term is all above refers to that someone who decides
to develop business for profit generate and for long term growth with
management of risk and innovation expansion. Entrepreneurship major quality
is it has potential to found best alternative between various aspects.
Types of entrepreneurial ventures
Manage growth firms: This types of venture mainly concern to establish
continues growth with managing cost control, new decision from evaluation of
external factors identification, variation growth object, status and many more.
Aggressive growth firms: This type of business has huge amount of risk
because it mainly depends on financial aspects like mutual funds when external
force share market values affects then overall business performance get affects.
Explore the similarities and differences between
entrepreneurial ventures
It essential to evaluate different firms
activities or performance for knowledge expansion
that which firms raise and generate good amount of
profits and how they establish new goals and
opportunities with involvement of best practices.
P3. Interpret and assess relevant data and statistics
to illustrate how micro and small businesses impact
on the economy
Create job opportunity: It raise job opportunities
and develop motivation into others. Having multiple
entrepreneurs in area makes more sustainability in
economy because inivdiual believes in expansion of
innovation practices.
Importance of small businesses and business start-ups to the growth of the social
economy
Increase education level and skills: Individual entrepreneur when they start their
new start-up they mainly believe that they do have to do handwork for gain profit and
get new opportunities. So from the evaluation and perception analyse of
entrepreneurs its clear that when individual start new start-up if they get success and
increase business they provide job opportunity into market or area and which is very
effectives approach. CONCLUSION
It has been summarized from the above reflective study entrepreneurs play
major role in economy stability and it increases worth of area with unique ideas,
innovation, creative approach which very useful for economy sustainability.

Notes
Introduction: This report will provide ifnroamtion about different types of entrepreneur venture, typology of entrepreneurship and differences within
various ventures. This report will also provide information about how small and micro business develops sustainability in economy and reduces unemployment.
Also they do have ability to maintain lifestyles with creation of innovative plan. Like Tesco entrepreneur raise their business performance with unique ideas and
involvement of different goods and services which influence people attraction (Marom and Lussier, 2018).
 Mainly this type of activities happens within in business when entrepreneur continuously believes in expand their business activities at international
market or small business as well.
Lifestyle firms: Individual develops business on the basis of their own skills which means when someone who has potential and ability like in painting they do
have to become artist. Also this type of firms not has higher responsibility and not influence from external forces (Belitski, Caiazza and Lehmann, 2021).
 Therefore, its clear that this type of business has duty to evaluate risk and manage it.
 Public sector entrepreneurship: It includes firms entrepreneurs mainly concern to develop business activities for distribution of job opportunities to
individual who believes and consider to generate revenue for maintaining their family and lifestyles.
Typology of entrepreneurship: It includes different individual has different typologies which means their way of business expansion, field of business,
experiences, innovation practices, construction and many more aspects has different. Individual entrepreneurs when decide to develop business they do have to
focuses of different aspects. McKinsey & Company mainly provide information and ideas about how to manage different business activities at different aspects
identification. Its essential that entrepreneurs when consider to prepare business for social aspects so they do have to focuses on communication with audience,
reviews analysis and many more and then prepares decisions (Torrès and Thurik, 2019).
Consultancy firms have clear and very effective idea about how different venture raise profit and expansion of this firm
has chance to get success or not. Different firm’s activities and performance identification are as follows,
Survival firm Managed growth firms Social enterprise
Ain and Objects This firm entrepreneur object
is to application of regular
innovation practices for
audience attraction and it
mainly concern to raise
growth opportunities with
innovation expansion.
Growth firm’s major aim is
raise revenues with
distribution of funds to
shareholders, mutual fund
services distribution but it’s
one of the most risk taker
organizations. Because it
affects on external market
forces.
Entrepreneur mainly concern
to provide social sustainability
with cafe, laughter club, yoga
classes involvement which
provide benefits in social
cultural activities.
Financial position It believes in reach good
amount of profit with
application of innovation
practices and throughout the
customer attraction
development.
This type of firm has duty to
face various ups and downs
because it depends of external
forces.
Entrepreneurs not concern
towards with the profit
generate.
Growth opportunities Growth of this firm mainly is
low or high because depends
on creativity and continues
effective approach
involvement.
Its highly depends on external
forces when business share
prices higher then it raise
profit and new opportunities.
Major growth and beliefs of
this firms entrepreneur is to
sustainability in social
activities and environment
(Tornikoski and Maalaoui,
2019).
Micro and small business impacts on the economy: micro and small business highly useful for sustainable expansion in economy because of innovation. It
mainly includes individual for business effectiveness within nine to ten employees which known as small and micro business. It influences customer attraction
and audience attraction which is useful for money flow and many more beneficial aspects are as follows,
It provides jobs to individual so they maintain their lifestyles with monthly income sources.
Open new market opportunity: Creative practices via uses of small level of business development raise new market opportunity which means from the uses
of strategic approaches identification provide idea to connect with other market. People take chance to expand their business at different market or area which is
useful for economy effectiveness because it increases money flow within two countries. Examples MyTutor, Monzo and many more which serve their services
at worldwide level via uses of online technology.

Innovations: It influence and motivate other for application of innovation is one of the most effective approach for profit generate. Individual when feel that
they do have different skills and they do have potential to perform task with identification of own thinking then they defiantly get success. And most of the
entrepreneurs when think about new business they mainly prefer unique and creative approach which influence other people attraction and they defiantly get new
opportunities as well (Akpan, Soopramanien and Kwak, 2021).
Effectiveness in social economy mainly depends on small business because it develops opportunities for medium class people and many more which has no
sources of income but they do have skills for do something creative. This management consultancy firm provide always believes in provide ideas to inivdiual if
they do have skills and capability so they do have to use effective direction for social economy effectiveness. So major benefits of start-up and small business of
growth of social economy are as follows,
So when individual small entrepreneur provide jobs to other it increases sustainability in social cultural activity because when people have source of income they
provide good education to their children, maintain good lifestyle, from the working culture inivdiual learn new things, skills and many more which is very useful
for stability in social economy condition (Strawser, Hechavarría and Passerini, 2021).
Reduce unemployment: This term is all above refers to includes that when entrepreneur decide to set new start-up an lower level they mainly concern
innovative practices and from higher growth they believes in expand their business progress. Small and micro size business effectiveness mainly generate when
they involves employees under ten employee. Therefore, small and micro size business play effective role in social economy effectiveness. Business manager or
entrepreneur provides chance for get job which has not job which means it decreases unemployment. Chance of employment people aware with other
aspects, thy learn new things, communication, new skills and many more which is useful and powerful approach or practice for social culture effectiveness and it
increases worth of place as well.
This study has been clearly provided information about different entrepreneurship ventures has different work methods and their aim objects also multiple
from others. It has been also identified from the report study that small and micro business play effectiveness in social economy and economic condition
effectiveness it improves quality of life and develop motivation into people that individual has different skills and power to get profit with creative ideas.
REFERENCES
Books and Journals
Rezaei-Moghaddam, K. and Izadi, H., 2019. Entrepreneurship in small agricultural quick-impact enterprises in Iran: Development of an index, effective factors
and obstacles. Journal of Global Entrepreneurship Research. 9(1). pp.1-21.
Marom, S. and Lussier, R. N., 2018. Developing a small business management concentration within a business degree. Small Business Institute Journal. 13(2).
pp.15-30.
Belitski, M., Caiazza, R. and Lehmann, E. E., 2021. Knowledge frontiers and boundaries in entrepreneurship research. Small Business Economics. 56(2).
pp.521-531.
Torrès, O. and Thurik, R., 2019. Small business owners and health. Small Business Economics. 53(2). pp.311-321.
Tornikoski, E. and Maalaoui, A., 2019. Critical reflections–The Theory of Planned Behaviour: An interview with Icek Ajzen with implications for
entrepreneurship research. International Small Business Journal. 37(5). pp.536-550.
Akpan, I. J., Soopramanien, D. and Kwak, D. H., 2021. Cutting-edge technologies for small business and innovation in the era of COVID-19 global health
pandemic. Journal of Small Business & Entrepreneurship. 33(6). pp.607-617.