Entrepreneurial Ventures and Small Business Management

This report evaluates the type of entrepreneurial venture and typologies. Different types of ventures are identified and their similarities and difference are described. Further the importance of small business in social economy growth is determined.

Entrepreneurial ventures
INTRODUCTION
Entrepreneurship is activities related to setting
the business and taking risk to generate profit.
There are different type of entrepreneur that are
small, start-ups, large companies and social
entrepreneurs. Bill gates is a successful
entrepreneur owns Microsoft corporation. This
brand of Gates become one of the largest
software company. Different type of entrepreneurial ventures
Entrepreneur is a person who uses to develop a new firm or business
and bear most of all the risk with this they also get the benefits for
the same.
Entrepreneurship is management of an organization venture to obtain
higher level of profit and taking risk. It can also be defined as
willingness to start a business is the form of small business, social
entrepreneur, large company and scalable start-ups.
Typology of entrepreneurship
There are different type of organization typology of entrepreneurship
that can be used by entrepreneurs to work accordingly.
Any established company Asda store ltd
Large size social venture NHS
High growth firm Google
Type of entrepreneurial ventures
Survival firms: This is the firm who are operating in the market not to
earn profit margin they are just need to stay in the market and perform
its activities as well.
Managed growth firms: This is a specific type of venture which
combine with combine stability with ongoing pursuit of the
opportunities in this business uses to expand but in controlled manner.
Social enterprise: This is a type of business that is having specific
objective in the society that uses to serve the society people on priority
basis.
Similarities and differences between ventures
Creative idea: In every venture whether it is
survival, managed venture or social venture all
type of business entrepreneurship need some
unique and creative idea.
Creating branding name: To work for a
venture to earn profit or to sustain in the market
all need to develop a specific name that can
help the customers to identify the brand in the
market.
ENTREPRENEURSHIP AND SMALL BUSINESS
Management

Micro and Small business impact on the economy
Micro businesses: This is basically very small kind of businesses
having less than nine people to work and low level of turnover as
well.
Small businesses: This is privately own corporation, partnership or
sole proprietorship with less number of employees, this business
are having low revenue earning.
As per the above graph it can be identified that small business in
are having large number of businesses all over the UK market, and
they are also generating large number of employment within the
economy.
Importance of small businesses and start-ups for
growth of social economy
Social economy: This is the cooperative, mutual
organization and the foundation which are formed by
rich diversity of enterprise having different size.
Importance of small business growth and start-
ups
The small businesses are the main element
of the economy as they are helpful in fulfilling the
role in the daily life, social as well as business
demand.
CONCLUSION
This report concludes that the entrepreneurship is to operate in the market by taking risk and earning profit as well. The entrepreneur is the person who is having potential to take the risk and able to work in creative manner. There are different type of venture who are having their separate
goal some need to sustain in the market and whereas some are trying to enhance the profitability. There are different similarities and difference in all the venture as they need to develop a specific name to get the particular identification. Moreover, it concluded that small business are having
high employment rate and low in its turnover.
Olanrewaju, A.S.T., and et.al., 2020. Social media and entrepreneurship research: A literature review. International Journal of Information Management. 50. pp.90-110.
Drobyazko, S., and et.al., 2019. Entrepreneurship innovation model for telecommunications enterprises. Journal of Entrepreneurship Education. 22(2), pp.1-6.

Notes:
Introduction
This brand of Gates become one of the largest software company. This report will evaluate the type of entrepreneurial venture and typologies. Different types of ventures are
identified and their similarities and difference are described. Further the importance of small business in social economy growth is determined. Moreover, the skill and traits required by
effective entrepreneur are explained and their personality affect the motivation and mind set are evaluated.
MAIN BODY
P1 Different type of entrepreneurial ventures
Entrepreneur
This can also characteristic as innovator who is having its particular idea related to the business. They also ensure that the funding in the entrepreneur and pay taxes as per their
structure.
Entrepreneurship
. It can also be defined as willingness to start a business is the form of small business, social entrepreneur, large company and scalable start-ups.
Typology of entrepreneurship
Any established company Asda store ltd is a company operates in Britain market providing retail products in the market. The basically they are offering grocery, clothings and retailing
products internationally. The main function and operation of the company are performed in UK and the company is also having a strong customer base in Britain market as well
Large size social venture NHS is one of the social venture, which is public funded healthcare system. This venture is from four main health care services in UK which support the needful
people in the market. National healthcare services provide number of health facilities to the needed people so that they can improve the lifestyle.
High growth firm Google is an American multinational company that is expertise on the internet searching field this also include search engine, online advertisements, cloud computing
as well as hardware. The company is having large number of customer base who is making use its searching engines and other internet services.
Type of entrepreneurial ventures
Survival firms: This is the firm who are operating in the market not to earn profit margin they are just need to stay in the market and perform its activities as well. They earn that much
of amount which is adequate to perform their activities. Snugburys is a survival firm who offers ice cream in the market, the company uses to offer variety of ice cream to its customers
and trying to earn that much revenue that they can sustain in the competitive market.
Managed growth firms: This is a specific type of venture which combine with combine stability with ongoing pursuit of the opportunities in this business uses to expand but in
controlled manner. Dignity plc is one of the largest services provider in UK is growing in the market in very limited and control way.
Social enterprise: This is a type of business that is having specific objective in the society that uses to serve the society people on priority basis. This type of business uses to increase
the profit of the company and also improve the benefits of the society people. Amey plc is a United Kingdom company providing supports services in the market to the needed people
of the society.
P2 similarities of different ventures
Creative idea: In every venture whether it is survival, managed venture or social venture all type of business entrepreneurship need some unique and creative idea. Without a creative
idea or thought venture cannot able to sustain in the competitive environment and quickly face loss. All the venture whether they are running to earn profit or not but creative thinking
is more than effective for all ventures.
Creating branding name: To work for a venture to earn profit or to sustain
in the market all need to develop a specific name that can help the customers to identify the brand in the market. This branding also helps the company to make a difference from its
rivals in the market.
Constant innovation: All types of ventures must need to do particular type of innovation on regular basis because this innovation helps to sustain the business in market. When venture
do innovation on regular basis then its customer are more engaged and they are more involved within the company.
large companies.
large company also depended on the small business to fulfil their demand.
Creation of employment the small business in UK are also big platform to provide employment to the people because there are different which need to perform by people.
So the small business are providing the opportunities to the people so that they can earn their livelihood more effectively.
DIFFERENCE BETWEEN THE ENTREPRENEURIAL VENTURES
NOTE:

Survival Managed growth Social enterprise
Annual
growth rate
There is no growth in the process and profitability of the
company they are just sustaining its business.
These ventures are having annual growth which
is controlled way and in a particular number.
This company are having effective growth every year they are
concentrated on the profit earning and providing quality of product
and services to the society.
Technology
investment
This company are mainly working with human capital and
use lesser the technology. As they have limited amount of
investment.
They use the technology in limits so the
investment is also very limited as per their
growth.
The social enterprise work on large area and its operational
activities are also big so their uses to technology is being wider.
Organizatio
nal
structure
This is basically small companies they use to follow flat
structure in their organization.
The company uses hierarchy structure in the
organization all the power and information travel
from top to bottom.
The social enterprise is large and there are number of department
who are collectively working in this to achieve organizational
objective. So this companies uses hierarchy structure in the
companies.
P3 Micro and small business impact on economy
Micro businesses: This is basically very small kind of businesses having less than nine people to work and low level of turnover as well.
Small businesses: This is privately own corporation, partnership or sole proprietorship with less number of employees, this business are having low revenue earning.
Impact on economy
Illustration 1: SME'S impact on UK economy
Source: UK small companies, 2020
As per the above graph it can be identified that small business in are having large number of businesses all over the UK market, and they are also generating larg number of employment
within the economy. As compared to medium and large company the employment generation is higher in small business yet their turnover is less when it compares to large companies.
Snugburys is an ice cream company who produce and sale ice creams, the company is increasing its employment rate by 15 percentage every year. The production of Snugburys
is regularly increasing as per the need of its customers. The company is enhancing is profitability and growing effectively within UK market. As the turnover of Snugbury is less as they
are operating on smaller scale.
P4 Importance of small businesses and start-ups for growth of social economy
Social economy: This is the cooperative, mutual organization and the foundation which are formed by rich diversity of enterprise having different size. This companies can
range in SME to large companies which are leading in the market and effectively operate in the economic sector.
They are making efforts to contribute more in inclusive and sustainable society. This is more important because it assists to get new solution of similar problem in the
society and satisfy the needs which are inadequate by different sectors.
Importance of small business growth and start-ups
The small businesses are the main element of the economy as they are helpful in fulfilling the role in the daily life, social as well as business demand. The
businesses who are started recently are part of community and also help the people to get profit from market. There are lots of small businesses and start-ups which are
available around the globe, and they are assisting in supporting the social economy and fulfilling the demand. There are number of aspects which are helping to show the
impact the economy growth.
People gets required product When they need of it the small business are comparatively closer to the society in the form of nearby shop, market. When the market is close
at that time the nearby shop is only the option remains as milk and food related item are purchased from nearby shops.
Platforms for selling the products and services: The large and small business are interrelated with each other for growth. The large companies are usually invested more
in advertisements to attract customers. Further to sell and distribute the products to the final customers they use small business to distribute. The large company also
depended on the small business to fulfil their demand.
Creation of employment the small business in UK are also big platform to provide employment to the people because there are different which need to perform by people.
So the small business are providing the opportunities to the people so that they can earn their livelihood more effectively.