Entrepreneurial Ventures: Types, Impact on Economy, and Importance

This report discusses different types of entrepreneurial ventures, including small, large, scalable start-up, and social entrepreneurship, and their relation to entrepreneurship typology. It also assesses the impact of micro and small businesses on the economy with relevant data and statistics. Additionally, it highlights the importance of small businesses and start-ups in the growth of the social economy.

Entrepreneurial
ventures

Table of Contents
INTRODUCTION ..........................................................................................................................2
TASKS/MAIN BODY.....................................................................................................................2
P1. Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship.....................................................................................................................2
P2.The similarities and differences between entrepreneurial venture....................................3
Similarities between scaleable start-up and social entrepreneurship are explained below- ..3
Differences between entrepreneurial venture.........................................................................4
P3. Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy. .......................................................................................4
P4.The importance of small businesses and business start-ups to the growth of the social
economy.................................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
1

INTRODUCTION
An entrepreneur is a person who starts a new business in order to have desired level of
profit. The entrepreneur plays a major role in the upliftment of the economy. There are various
segments of the entrepreneurial ventures that is small, large, social and scalable ventures. In
reference to the above mentioned entrepreneurial ventures some ranges of different type of
venture will be discussed in this given report (Mmbaga and et.al., 2020). Moreover, the impact of
small businesses on the UK economy will also highlight in the report.
TASKS/MAIN BODY
P1. Different types of entrepreneurial ventures and explain how they relate to the typology
of entrepreneurship.
Entrepreneurs are said to be an individual person that have an ability to start and develop a
business enterprise along with a risk so that they can make profit. As per their their need and
situation entrepreneur chooses their venture (Howell, 2021). In regard to this there are several
type of entrepreneurial venture that are briefly discussed below-
 Small business entrepreneurship- It is defined as the idea of starting a new business
with the main motive of generation of profit. These type of businesses do not focus on the
innovative ways to operate in the market. The individual of such business venture
performs the functions in order to live a comfort and modest life. For example, CafePod
Coffee that provides coffee to its potential customer in order to enhance the operations of
the company to increase profits.
 Large company entrepreneurship- Large company entrepreneurship refers to those
companies who have large ideas in the segment of already established companies. Such
companies focuses on the needs of the market and make the valuable products in order to
fulfil their desired goals. These type of companies have teams and skilful employees in
their operations who are focused on their core works. In the functions of company the
large companies keep using innovation for example, British American Tobacco that
manufactures the tobacco, cigarettes and nicotine products also.
 Scaleable Start-up entrepreneurship- The scalable Start-up entrepreneurship are the
type of business venture that have a goal for the high level of growth in the beginning
2

that is said to be risky and requires capital. For example, Revolut is a financial
technology that offers banking services.
 Social entrepreneurship- Such entrepreneurship are made by individuals or groups who
work for the upliftment of the society and to reduce the social problems. The discussed
entrepreneurial ventures developed product and services that solves the social issue as
well as also ensured the financial sustainability of company. For example, the purpose of
gravity light to design the lantern in order to replace the harmful kerosene lamps from
the society.
Typology of entrepreneurship are explained below- High impact entrepreneurial ventures- Large company entrepreneurship are comes
under this category as they have the ability to earn large earnings. Social impact entrepreneurial ventures- The social entrepreneurship were deployed
under the stated category as it has such types of ventures that work on the social problem
in order to provide the dedicated solutions for the problems.
 Life cycle entrepreneurial venture- Small business ventures are arranged into
entrepreneur typology because it has limited profit and risk in the daily operations of
business. The main focus is to improve their lifestyle.
 Innovation entrepreneurship- Under this the entrepreneurs use different type of skills
and new ideas in the business models.
P2.The similarities and differences between entrepreneurial venture
Similarities between scaleable start-up and social entrepreneurship are explained below- Both the entrepreneurship that is scaleable and social, they both focus onto
implementing the innovation approaches in the business functions in order to perform
efficiently in the market. The scalable start-up implements various innovative techniques
and approaches for example, technology innovation. In relation to this, the social
entrepreneurship business ventures uses innovation in their businesses operations in order
to create the sustainable business functions so that the valuable practice for the society
can be created (Dana, 2021). Solution oriented business approach- Both of the above discussed business ventures
generally focuses on the current issues in the society and work closely to provide the
effective solution for the community welfare. Their product and services helps into
3

improvise the living standard of society. Due to their innovative ideas and solution
oriented approaches will provides the advantage to their business operations in to high
growth and revenue.
Differences between entrepreneurial venture
Basis Small business
entrepreneurship
Large company
entrepreneurship
Level of Risk The small business
entrepreneur faces low profits
and low level of risk in their
businesses (Crane, 2021).
In large companies the
entrepreneur bear high level of
risk so that the high profits
can be earned in the
operations of business.
Workability In the small business
entrepreneurship, there are less
number of employees at the
workplace
In large scale companies,
teams are appointed to
perform the activities of the
business to satisfy the
customers.
Main focus These types of business has
main focus on earning profits
in order to raise the level of
personal livelihood (Blankand
Dorf, 2020).
Large company
entrepreneurship create their
business strategies to yield
high profits in the business.
The functions are performed
with the help of the large
audiences.
4

P3. Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.
It is seen that micro and small businesses in the UK contribute a major portion in elevating the
GDP growth of the UK economy (Tuomisalo and Leppäaho, 2019). As it is shown in the above
graph, According to the SME loans ,2021 micro business employees 9 people in their operations
and there are about 5.8 million micro bushiness in the UK that creates around 33% of
employment as well as generate 21% of turnover in UK economy. The above presented graph
shows the role of micro and small businesses in the market. Approx 10,62,285 micro businesses
are in the region of London. UK is that country which has number of micro businesses around 81
micro businesses on 1000 people. In which, one out of five of micro businesses in UK has a
turnover which is less than £ 50,000. In reference to this, approx 2,35,000 micro business
operations has the turnover of more than £ 10,00,000. It is seen that small businesses contributed
around 4% in the businesses of UK economy as well as generate the 3 % of employment
generation as well as around 15% of overall turnover of UK economy. They provided the new
5

employment opportunities and enhanced the per capita income as well (Need To Know Micro
Business Statistics UK, 2021).
P4.The importance of small businesses and business start-ups to the growth of the social
economy.
The importance of small businesses and start-ups are explained below- Small business can bring new opportunities with a level of satisfaction in the business
and such type of business contribute a major portion in the U.S
 The small businesses and start-up play a key role in creating new jobs and
opportunities for the new and young companies in the economy of UK.
 The small businesses is one of the reason for circulating the money in the economy and
it is good for the economy as it can explore new type of markets because it can have
variety of companies (Audretsch and Moog, 2020).
CONCLUSION
It can be concluded from above report that an entrepreneur is the one who brings the new ideas
in the market in order to get the desired profit, fame and new opportunities. The report explained
about the various entrepreneurial ventures and these ventures plays a leading role in creating the
values for the people as well as also contributes in uplifting the economy. In the report the
characteristics of several business ventures were discussed that showed the different approaches
in performing the functions. In relation this their entrepreneur typology were also discussed in
The report evaluated the relation of entrepreneurial ventures with their entrepreneur typology.
The data and statistics are also used in the project to explain the impact of small businesses on
UK economy in order to have their effective contribution. Both small business and start-ups has
contributed in the growth of social economy and overall development.
6

REFERENCES
Books and Journal
Audretsch, D.B. and Moog, P., 2020. Democracy and entrepreneurship. Entrepreneurship
Theory and Practice, p.1042258720943307.
Blank, S. and Dorf, B., 2020. The startup owner's manual: The step-by-step guide for building a
great company. John Wiley & Sons.
Crane, F.G., 2021. Marketing for entrepreneurs: Concepts and applications for new ventures.
Sage Publications.
Dana, L.P. ed., 2021. World encyclopedia of entrepreneurship. Edward Elgar Publishing.
Howell, S.T., 2021. Learning from feedback: Evidence from new ventures. Review of
Finance, 25(3), pp.595-627.
Mmbaga, N.A., Mathias, B.D., Williams, D.W. and Cardon, M.S., 2020. A review of and future
agenda for research on identity in entrepreneurship. Journal of Business
Venturing, 35(6), p.106049.
Tuomisalo, T. and Leppäaho, T., 2019. Learning in international new ventures: A systematic
review. International Business Review, 28(3), pp.463-481.
Online
Need To Know Micro Business Statistics UK 2021. [Online] Available
at:<https://www.smeloans.co.uk/blog/micro-business-statistics-uk/#:~:text=Microbusinesses
%20are%20responsible%20for%20making,the%20global%20average%20of
%2020.5%25.&text=1%20in%205%20micro%20businesses,more%20than
%20%C2%A31%20million>
7