Entrepreneurial Ventures: Venture Topology & Small Business Impact

This report provides an overview of entrepreneurial ventures, focusing on different types such as small, large, and social businesses, and their relation to the topology of entrepreneurship, including lifestyle and growth firms. It analyzes the similarities and differences between these ventures and assesses the impact of micro and small businesses on the economy, highlighting factors like turnover rate, export opportunities, and employment. The report further discusses the importance of small businesses and start-ups in the growth of the social economy, emphasizing job creation and improved standards of living. Concluding that entrepreneurial ventures play a crucial role in economic development by generating profits and addressing societal issues, and encouraging users to explore Desklib for similar solved assignments.

Entrepreneurship
Venture (Part 1)
Contents

INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
Different kinds of entrepreneurial venture and how it is related to the topology of
entrepreneurship:-...................................................................................................................3
Similarities and Difference between different types venture:-...............................................4
Interpret and assess data and statistics in order illustrate how micro and small businesses
impact the economy................................................................................................................5
Importance of small business and start-ups in growth of social economy.............................9
CONCLUSION................................................................................................................................9
REFERENCES:.............................................................................................................................10
Books and Journals:..............................................................................................................10

INTRODUCTION
When an organisation start focus on grabbing the new opportunities from the market and
perusing new practices with the aim of achieving growth and more profit then this venture is
termed as Entrepreneurial Venture (Benuyenah, 2021). These venture always focus on the
development and the innovation of the new product. These entrepreneur are known as risk taker
because they undertake the unknown risk and always prepare for the uncertainties. In this report
we discussed the different types of venture, how they relate to topology of entrepreneurship,
difference and similarities between venture, impact of small business on the economy and the
role of new start ups in the economy.
PART 1
Different kinds of entrepreneurial venture and how it is related to the topology of
entrepreneurship:-
The entrepreneurial venture is one, when a business is run by an individual with
limited number of resources and person having ability to take the unknown risks and be
responsible for all risks. The main motive of theses venture is to grow in the market and make
more profit. The various kinds of venture are discussed below:-
 Small business:-These includes enterprises which are privately owned corporation,
partnership, or sole proprietorship which have less number of available resources.
These business requires less capital and have limited number of employees. These
enterprises are usually funded by their family members, friends and small loan by
banks. The main motive of these small business is to generate the adequate profit
which satisfies their basic needs and wants.
 Large business:-These refereed to those industries which have huge infrastructure,
high requirement of raw material, large number of employees and massive
requirement of capital. These enterprises totally focus on the market trend and
change their product according the market requirement. Large business generally
engaged in the innovation of the new product or make changes in the existing
product according to the taste and preferences of consumer, competitor and laws.
The main aim of these enterprises is to grow and expand their business operation in
the market and capture the large market share (Cavallo, and et. al., 2019)

 Social business:-Social enterprises may be define as a business that have a
objective of serving the society or resolve all the problem which is related to
society. These enterprises are non-profit organization which comes with a set of
mind to tackle all the social problem and help the society to overcome from these
issues. These are generally the welfare organization and their profit is used to solve
the social problem.
Typology of entrepreneurship
This term is generally used to explain the classification of different kinds of enterprises in
the field of entrepreneurship: -
 Lifestyle firms:- These enterprises are generally focus on connecting to their
consumer emotionally. The main aim of these firms to improve the standard of
living of people and the owner by providing good quality of product and services in
the society, as people and owner are the part of society (Yang, Liao and Li, 2021).
They generate the employment in the society so that they can earn their livelihood
and live a better life.
 Growth firms:- These enterprise are generally focus on making profit and in the
improvement of the product. The main aim of these firms is to grow globally and
expand their operations as far as possible. The firms who have a motive of
generating profit can survive in the easily growth market.
Similarities and Difference between different types venture:-
Differences:-
Basis Small firms Large firms Social firms
1) Meaning These are generally
privately owned
corporations, sole
proprietorship,
partnerships firms etc.
which have less
number of employees
and less capital
These are generally
public listed firms,
private limited firms
which have large
number of employees
and have huge capital
investment.
These are generally
welfare organisation or
NGO's which are
usually funded through
charity by the large
firms, film stars etc.

investment.
2) Objective The main aim of these
firms is to generate
adequate profit to earn
the livelihood.
The main aim of these
firms is to earn
maximum profit and
expand their business
globally.
The main aims of
these firms is to serve
the society and solve
the social problem.
Similarities:-
Basis Small Large Social
1)Generating
employment
These firms are
engaged in generating
the employment on
smaller basis.
In this category
employment is being
generated on large
basis.
These firms provide
employment to those
people who are
generally unskilled,
backward and
illiterate.
2)Potential to find
opportunities
The owner of the firms
finds the opportunities
in the market, so that
they can convert these
chance into profit.
These firms makes
extra ordinary teams to
scan the market and
find the opportunities
so that it can be turned
out into profit.
Generally, all the
members of these
firms are engaged in
finding the social
problem an try them to
solve it out.
Interpret and assess data and statistics in order illustrate how micro and small businesses impact
the economy
There are many types of enterprises which affects the economy. Different types of
business are as follows:-
 Micro:- These firms generally have less number of employees with a range of 0-9.
Enterprises having annual turnover of less than 2 million pound fall under this category.
 Small:- These organization normally have employees in between 10-49 and their
annual turnover is more than 2 million pound but less than 10 million pound.

 Medium: - Those firms generally fall under this category have number of employees in
between 50-250 and annual turnover is below then 50 million pound.
 Large:- Those industries are generally fall under this head have number of employees
more than 250 and annual turnover is more than 50 million pound.
Factors which impact on the economy:-
The micro and small industries play a very important role in the development of economy.
These firms creates many job opportunities in the small geographical area and raise the economy
growth of the country (Gao, and et. al., 2018) . Some factors which affect the economy are as
follows:-
 High turnover rate:- one of the most important factor which boost the economy of UK.
Due to the immense support UK government like open more area to get loans and etc.
help the small and micro industries to increase their sales. The increasing in the turnover
of these firms helps them to generate more profit which helps the economy ultimately
because more tax is going to be paid by them.
Export opportunities:- Another factor which have a great impact on the economy of UK.
According to the research it was found that small and micro firms export their product globally
which directly increase the GDP of the country and boost the economy.

Employment opportunities:- According to this graph small firms provides more employment in
UK as compared to medium and large industries.(Litau, 2018)
Impact on various economies:-
 Regional :- Micro and small enterprises in UK create lots of employment opportunities
across the UK. They support the regional economy by providing employment to the

skilled and unskilled peoples. For example these firms provides jobs to the local
people, this ultimately increase the employment rate and improves the standard of
living.
 Local:- The SME in the UK helps in boosting up the local economy of the nation.
These firms provides job to the people closer to their homes which encourage them to
stay in that area (Mmbaga, and et. al., 2020) . They provide lovely places to people
which help them to socialize and also allow them to have access on essential
commodities. For example coffee shops, restaurants, medical store, groceries etc. these
firms raise the city revenue and connect the community together.
 National:- the small industries of UK uplifts the national economy by providing more
employment to the people which results in increasing the per capital income and
enhances the GDP of the nation. By adopting new process and technology these firms
provide innovative product to the consumer as fast as possible.
Importance of small business and start-ups in growth of social economy.
The small business and stats ups are the backbone of the nation. Following are importance of
small business and start-ups:-
 Job Opportunities: - Small scale industries and the start-ups provide more job
opportunities as compared to the large industries because small firms are generally
labour intensive and large firms are generally capital intensive (Steininger, 2019). The
people who don't get the job in the big organisation tends to be the valuable assets for
the small firms, which reduces the unemployment rates.
 Standard of living: - The small business owner is directly connected with the people
and act according the needs and demand of the consumer. They offer quality product
to their customer which helps in improving the standard of living.
CONCLUSION
From the above report, it was concluded that entrepreneurship is a concept that develops and
manages various business venture. With the aim of generating higher profits through reacting to
the various issues in business world. There are different types of venture which affect differently

in the growth of economy. It also discussed that how these firm are different and similar to each
other, how they impact on the various economies and importance in the growth of these
economies.

REFERENCES:
Books and Journals:
Benuyenah, V., 2021, June. Gender-Based Conflict in Cross-Cultural Entrepreneurship Ventures:
Crafting an Inclusive Research Framework. In ICGR 2021 4th International Conference
on Gender Research (p. 65). Academic Conferences Inter Ltd.
Cavallo, A and et. al., 2019. Fostering digital entrepreneurship from startup to scaleup: The role
of venture capital funds and angel groups. Technological Forecasting and Social
Change, 145, pp.24-35.
Gao, Y and et. al., 2018. Impacts of proactive orientation and entrepreneurial strategy on
entrepreneurial performance: An empirical research. Technological Forecasting and
Social Change, 135, pp.178-187.
Litau, E., 2018, August. Entrepreneurship and economic growth: A look from the perspective of
cognitive economics. In Proceedings of the 2018 9th International Conference on E-
business, Management and Economics (pp. 143-147).
Mmbaga, N.A and et. al., 2020. A review of and future agenda for research on identity in
entrepreneurship. Journal of Business Venturing. 35(6). p.106049.
Steininger, D.M., 2019. Linking information systems and entrepreneurship: A review and agenda
for IT‐associated and digital entrepreneurship research. Information Systems
Journal. 29(2). pp.363-407.
Yang, X., Liao, S. and Li, R., 2021. The evolution of new ventures’ behavioral strategies and the
role played by governments in the green entrepreneurship context: an evolutionary
game theory perspective. Environmental Science and Pollution Research, pp.1-18.
and et. al., 2020) (Steininger, 2019) (Yang, Liao, and Li, 2021)