Entrepreneurial Ventures and Small Business Impact on Economy

Human rights

Contents
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
CONCLUSION...........................................................................................................................................6
REFERENCES............................................................................................................................................7

PART 1 Business Management
INTRODUCTION
An entrepreneur may be defined as the one which find the business opportunity which are
higher in demand and can lead to create high impact in market. This can lead to take high
risk and get high rewards through making high business. Basically an entrepreneur is a
person who sets up a business who takes financial risk for purpose of
profits(Aithal.,2015). In this report, there is discussion about the various types of
entrepreneurial ventures including entrepreneurship typology. In addition to this, the report
will cover analysis about differences, similarities between entrepreneurial ventures and
also regarding the influence of micro as well as small businesses in economy. Along with
this, the significance of start-ups and small business impact positively on the overall
growth of social economy.. Moreover, the report will cover analysis about characteristic
traits & successful entrepreneur’s skills which differentiate them from other business
managers. This report also includes aspects related with entrepreneurial personality which
reflects entrepreneurial motivation which has explained through OCEAN model
P1 different entrepreneurial ventures along with their typology relations of
entrepreneurship
Various types of entrepreneurial ventures are there which includes business world and it is
defined into the following manner:
Small business venture: Under such venture, people who makes high profit to support
their families along with living a modern lifestyle as well. This kind of venture basically
lacks of innovation factor and also not successful in terms of attracting large amount of
For instance, The agency Xcite digital is a digital marketing agency which develops, design as well
as market websites for clients that is Skoda runs, Pizza express and so on.
Social Venture: This is the venture which includes the social problem and includes various
activities within social values. Example- an organization named Virgin group which is an
investment company have focus on the travel, tourism and leisure’s. This organization head office
in London, UK.
Large scale ventures: It refers to the needs and opportunities of an existing business through
innovation aspect & is an effective factor for professionals who know how to sustain in innovation.
For example: Samsung is a company which is electronics based and a South Korean multinational
organization that head office in SUWON .
Entrepreneurship Typology related to start-up ventures
Entrepreneurial typologies include different type in which there are business world and it is defined
into the following manner:
Growth Firms: These are the type of firm which comes under businesses and are
basically set with the purpose of earning maximum profits and to generate higher revenues as well.
Small and large enterprises are examples of growth firms.
Lifestyle enterprises: These are the enterprises is a kind of business set-up which are
operated by its founders with an initial aim of sustaining particular level of income (Deng and
et.al.,2016).Social enterprises is an example of lifestyle enterprises.

P2 Similarities and differences between entrepreneurial ventures
There are lots of differences and similarities between entrepreneurial ventures and it is
defined into the following manner:
Differences Small Business Ventures Social Ventures Large company
Objective The main motive of ventures
that is small is to maximise
profits and to work for
survival purpose (Durmaz
and Yaşar.,2016).
Theyfocusedtowardsmaintain
ing an appropriate level of
standard of living for
providing essential goods and
services
Here, the main
motive of social
venture is that to not
earn profits but seeks
to implement
widespread
movements in the
society.
The main objective
of large scale
venture is to earn
profits, focuses on
growth, stability,
efficiency and
survival as well.
Scale
Small business ventures are
established on a very small
scale with minimum amount
of financial support.
This kind of venture
operates at local level
and they have to be
creative in terms of
raising money
This kind of
venture basically
operates on a very
large scale so for
that purpose they
need large amount
of funds for
performing its
function on
continuous basis.