Entrepreneurial Ventures: Types, Similarities, and Impact on Economy

This report discusses the different types of entrepreneurial ventures, including small businesses, large businesses, and social businesses. It explores the similarities and differences between these ventures and their impact on the economy. Additionally, it highlights the significance of micro and small businesses in economic growth.

Entrepreneurial
Ventures

INTRODUCTION
Entrepreneur is the one who take initiative to start and run business by own. Entrepreneur
is an individual who is taking rink and also responsible for all losses and gains for their business
ventures. Entrepreneurs are the real hero of the country because with the help of their business
they create lots of opportunities of the people and give them employment. Entrepreneurs help in
economic development through micro and small business. This report deal with the different
kind of entrepreneurial ventures in relation to the entrepreneurial topology and also identify the
similarities and difference between all the entrepreneurial ventures. Furthermore, the significance
of micro and small business and starts-ups give impact on the development of the economy.
TASK 1
P1
Entrepreneurs are those individuals who take high risk for the high growth and who are
responsible all the activities such as plan, organize, manage, predict and forecast. It also affect
on communities and economy in a specific manner. There are different kinds of entrepreneurial
ventures which discussed below-
Different types of Entrepreneurial Ventures
 Small Business Entrepreneurship- Mostly people are interest in small business because
it generate more profit so that they can easily support their family. The scope of the small
business is not wider because these types of business are not cover the whole market. The
main motive of small business is to earn more profit for the livelihood. In small business,
less tan 50 employees who belongs to local areas members with net worth of €2 million.
Few example of Clarasys and Orion electrotech limited are the private sector business
firms (Doran and Fingleton, 2016).
 Large Business Entrepreneurship-In this business, some advanced professionals prepare
strategies for the business they know well how to run business in a innovative way. These
firms produce large amounts products for massive numbers of customers which is based
on customers preferences. Large firms expand their business globally. Some example of
large business entrepreneurship are Sailsbury that is public organization and M&S and
Tesco both are private organization.

 Social Business Entrepreneurship- In this entrepreneurship, those entrepreneur start
their business who really want to solve social issues with the help of their products and
services. These business are not profit oriented. Social business entrepreneurship
organizations totally dedicated themselves to welfare of society. “Save the Child” is the
best exam of this (Khor, 2017).
Topologies of Entrepreneurship
There are many types of topologies involved in entrepreneurship which help in the
growth of business. Few topologies are given below- Lifestyle Enterprise -in this topology, the main purpose is to improve the living standard
of the common people of local places so that some business firm can execute their
business. With the help of these business firm many job opportunities and employment
available for the local area public.
 Growth firm- Through new and innovative ideas company start business and improve
their productivity for the profit maximisation. The main preference of the firm is
customer satisfaction so that company can build the trust and get the loyalty of
customers.
Entrepreneurial ventures and typologies both are related with each other and they help to
improve the living standard of the people and both are responsible for the development of the
economy (Kim Jang and Yang, 2017).
P2
Similarities and differences of the entrepreneurial ventures are discussed below-
Difference of entrepreneurial ventures
Basis Small business Large business Social business
Meaning This types of business
firm is small on the basis
of size and area and use
less amount of fund to
start business.
This types of business
required high amount of
fund to run business. The
number of audience is
large in this business.
This type of business
firms are work for the
betterment of the
people and society.

Traits These firms use limited
resources to start their
business. It help in the
growth of the society.
These firm require large
amount of resources such
as manpower, capital,
equipments to execute
their business
These firms work for
the common people so
government is
responsible to arrange
and provide money for
the welfare of the
society.
Purpose The prime purpose of
these business to earn
money to live a
comfortable life without
any difficulties.
The main purpose of this
business is profit
maximization. With their
innovative ideas and
products they earn lots of
money.
These organization
work for the common
people so that they
become capable to
stand strongly in
society this is the main
purpose of the social
business.
Similarities of the entrepreneurial ventures
Basis Small business Large business Social business
Getting the need These business
established to full fill
the need of local and
common customers.
These business
provide goods and
services at large level
and satisfying the
larger number of
customers needs.
These business are
formed for the local
people and give
support and full fill all
the needs and
requirements.
Society Improvement These business firms
offer many jobs for the
local people at the
small level so that they
can live life smoothly.
These firms launched
creative products and
provide employment
to the people and help
in economic growth
and also improve the
These business firms
work for the public
and provide their
services tfor the
betterment of the

society. people and society.
TASK 2
P3
Micro and small businesses playing a significant part in the growth of economy. Both
firms providing their large contribution in the county economy. These business firms help
common people and also work for the society and county both. There are four types of business
firms discussed below-
 Micro- in this businesses, only 10 number of employees allowed to work.
 Small- In this businesses, less than 50 employees are working to achieve the business
objectives. These firm give positive impact on economy growth as initial level ( Klofsten,
M.and et. al., 2019).
 Medium—In this type of businesses, total number of employees are working which are
more than 50 and less than 250. These businesses firms give their contribution in the
growth of economy to provide employment to the local area people (Karadağ,2016).
 Large-these types of businesses, no of employees allowed to work that is more than 250.
this business firms work on higher level all over the world.

Illustration 1: Illustration 1: Role of Start-ups and Small Businesses
From the above chat, it showing the measurement and details about the values and quality of
these businesses. These information and analysis showing on the basis of the market
segmentation. The above chat demonstrating the headlights of business 99.3%. business that are
running in the UK market is less, 0.6% are medium businesses and 0.1% are comes under large
businesses. In this chat just single % of businesses has place under the medium and massive
sizes and other are comes under small and less size (Mody and et. al., 2016).Independent
business provides work to 49% of people. Medium business provide work to 11.5% of people
and 40.6% of people is comes under the large businesses. Small businesses give good efforts in
the economy. Private businesses turnover range over 36.5% and medium businesses have 13.6%
of turnover and large businesses associated at least half contribution in relation of turnover of the
economy. Large businesses turnover is always high because of the size of the company because
these company doing business globally.
P4
Small business and Start-ups are playing important part in the growth of county economy.
These business full fill the financial requirements of the local people. Small businesses cover all
the local areas and their people and give positive impact on their life. Start-ups are getting more
government support now a day. Those youths who have innovative idea and plan for a business

so they can start their start-up's by their own and government help them for their efforts because
it is for the betterment of the economy. There are few points which show the importance of small
business and start-up’s for the economy growth are giving below-
 More employment opportunities – with the help of small business and start-up's more
employment opportunities create for the people which give positive impact in the growth
of economy. Private organizations are generating more employments. These small
business and start-up's open door for those persons who are facing difficulties to enter
corporate world and start their career (Rahdari Sepasi and Moradi,2016).
 Improving Standard of Living – with the help of small businesses and start-up's
common people get employment and earn sufficient money which helps to improve their
living standards. When the life style of people improve than it people become financial
independent so that it help in the growth of country economy (Rawhouser,Villanueva and
Newbert, 2017).
CONCLUSION
As per the report it is concluded that entrepreneur is a person who start a business with
their innovative idea and also liable for their action which are taken toward business. There are
various types of entrepreneurial ventures consider in this report such as small, large, social and
scalable entrepreneurship which are related with the entrepreneurial topology. There are many
differences and similarities found between all the entrepreneurial ventures. Micro and Small
businesses and new starts-ups are very beneficial for the development of the social economy.

REFERENCES
Books and Journals
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service adoption in small businesses: Risks, benefits, and organizational and
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