Entrepreneurial Ventures: Typologies, Impact on Economy, and Analysis

This report delves into the realm of entrepreneurship, exploring various types of entrepreneurial ventures, including micro, small, medium, and large businesses, and their respective characteristics. It examines different entrepreneurial typologies such as social, serial, and scalable entrepreneurship, highlighting their unique features and approaches. The report further analyzes the similarities and differences between these ventures, focusing on factors like risk, innovation, investment, and employee count. A significant portion is dedicated to assessing the impact of these businesses on both national and international economies, supported by data and statistics. The report underscores the importance of understanding these dynamics for business success and economic growth.

Entrepreneurship
and
small business management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Examine the different types of entrepreneurial venture, typologies and similarities and
difference between entrepreneurial venture................................................................................1
Impact of businesses on national, international and social economy or its impact on different
types of businesses by using data and statistics..........................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship refers the activity of setting up a business or businesses and taking
financial risk with the hope of profit. It is the process of making and introducing a new business
and start up which is known as entrepreneurship. It defined as willingness of peoples for build
and arrange new venture by taking various risk at the time of starting new business. So that,
business will help to generate profit by selling products and services (Barringer, 2015).
Entrepreneur is single peoples who start new business and venture by setting aim and objectives
which is earned money and profits from business. The small businesses are generally generated
low profit as compare to large business and companies. The will outline by the different types of
entrepreneurial ventures and its similarities and various differences between the ventures of
entrepreneurs. The impact of small business on economy.
MAIN BODY
Examine the different types of entrepreneurial venture, typologies and similarities and difference
between entrepreneurial venture.
Entrepreneurial venture is refers new business which is started by the entrepreneur with
the aim of earning money and profit by producing product and services for customers. Customers
are very important and necessary part of business because they are purchase product and
contribute for increasing profit of business. There are different types of entrepreneurship which
are as follows:
 Craftsman
Craftsman is skilled workers in a particular art and craft. A man who makes things
skilfully with hid hand and innovative scenes (Blundel, Lockett and Wang, 2017). They were
given raw material items for make various product like chair, clothing, food and other various
product which are necessary for families.
 Opportunist
Opportunist is exploiting immediate opportunities and especially regardless of planning
or principles of work. That types of entrepreneur are easily identified, exploits and executes there
opportunity in the first hand.
 Independent
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The independent entrepreneur are completely free from outside control not have subject
to another authority of business. They are done their work by self without any help or support are
known as freelancer. This is self employed and hired to work for the different companies for the
particular work and task.
 Risk-oriented
Risk oriented peoples are take risk in their business and get complete success in their
business life (Burns and Dewhurst, 2016). Risk is very important part of business without this
entrepreneur is able to done their work with great success.
 Managerial
The managerial entrepreneur are takes a special person, that have one which is willing to
take risk by other normally not. They are coupled with vision and mission of business. By this,
they are motivated own for work.
 Innovative
An innovative entrepreneur is peoples who are come up with completely new things and
ideas for work in effective manner (Burns, 2016). They are owner of creating new things in
products and services. That types of entrepreneur are generally not takes risk with their business
and its growth factors.
 Family oriented
The family oriented business and entrepreneur are handle their family business in
starting. After, some time they are make innovative things in their business for get success and
build the best goodwill at marketplace.
 Prospector
Entrepreneur has the fundamental goals and objectives for start business in effective
manner. They are find the needs of market as per analysis customers needs and wants of
business. They are give hard efforts for their business and its best and effective growth at
marketplace.
 Reactor
Reactor entrepreneur is program which are provided best platform for drivers in order to
develop soft skills in the teamwork and communication. They are promoted the things for future
goals and guide with the help of design thinking approach for innovation.
 Follower
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Follower entrepreneur are followed the guidance of other peoples for their business in
effective manner. That types of business peoples are observes market and then decide for
business. As per that they are decided for business by following market needs and another
people's guidance.
Those are the types of entrepreneur all are had their own special identity of business runs.
Types of entrepreneurial ventures
 Micro business venture
Micro business is a type of the entrepreneurial venture. In this business types have less
number of amount required for run business. This business is managed all the important key
aspects of the business in virtual business like price of products, review of financial statements,
hiring employees and arrange schedule for work (Dana, 2018). There required less than 10
employees for work. For example: Bakery business, the rising star is the best bakery which is
established at UK.
 Small business venture
Small business venture is other type of entrepreneurial venture. This types of
entrepreneur venture is operated by entrepreneur at a small scale. That types of businesses are
generally required few numbers of employees (Types of entrepreneurial venture, 2018). In this
type of business have large number of scope and development when business is continuous done
research for analysis current trends of market. This business are generated less amount of
revenue per year. For example: Grocery stores.
 Medium business venture
Medium business venture is started by the entrepreneur at lower scale as compared to the
large business scale and higher than from small business. This type of business are non
subsidiary and independent firm which is employ fewer than the 1000 employee or more than
from 100 employees. For example: consultancy firms. The TCG consultancy firm and group is
the management consultancy firm (Fayolle, Kyrö and Liñán, 2015). They are provided advice to
the small business and entrepreneurs as well as market intelligence.
 Gazelle business venture
The gazelle business ventures are known as the large and high growth company. They are
increasing their revenue and profit every year by selling the best quality of products and services
to customers. In these types of business is required the large number of investment and funds for
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start business at marketplace. These businesses are required more than 1000 employees for
performing various functions. For example: the big Retail store such as Tesco. Tesco is the
largest British multinational retail store.
Typologies of entrepreneurship
There are different types of typologies of entrepreneurship as per attitude and behaviour
of entrepreneur are as follows:
 Social entrepreneurship
The social entrepreneurship is the business approach which is start up company and
entrepreneur. They are developed, fund and implement the best solutions for the social,
environmental and cultural issues. In the starting of business culture and environment is highly
affected to the business and its growth factors. This business can be profit making, non profit
making organisation (Julien, 2018). For example: micro finance institutions, educational
program, banking services are included in social enterprise. The small scale voluntary firm and
organisation is provided the comfort to poverty etc.
 Serial entrepreneurship
A serial entrepreneurship is an entrepreneur they are continuously come with new ideas
and starts new businesses. These businesses are monitor their business day to day and play an
important role in order to manage all functions of the enterprise. This business types have unique
and best features for growth of business such as self confidence, passions which are help to
entrepreneur to become a successful in long term business and growth factors.
 Scalable entrepreneurship
Scalability is one of the most important factors for the entrepreneur which is considered by the
new business and its growth factor. That type of business have positive hope which is reach out
their current business on next level. The success of business is depended on the scale business
model which is contributed fir increase profit of company over time (Mazzarol and Reboud,
2017). With the help of this, business revenue is growing while avoiding cost increases.
The similarities and difference between entrepreneurial venture are as follows:
There are various similarities and difference between entrepreneurial venture which are
help to understand those businesses with its growth and profit. Those similarities and difference
are as follows:
Similarities
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 Each and every types of entrepreneurial venture like small, medium and large size
enterprise are take risk in their starting level of business. This is very important and
effective for the business and its growth factors.
 All entrepreneurial venture required to think about innovation and idea generation. This
is important for business in order to attract more customers towards the business and its
growth factor.
 Micro, small, medium or large are required investment and funds for start new business
as well as more and fewer employees for work (Oviatt and McDougall‐Covin, 2015).
Because employees are performed the various functions and roles in the organisation.
 All business and entrepreneur are thought about their business for sustain business
successful and large scale.
Those are the similarities between different entrepreneur venture. As that, they have more
difference between them which are as follows:
Micro business
In context of micro enterprises,
 Entrepreneur has less than 10 employees for performing various types of functions and
activities of business.
 The goals and objectives of business is to earn money and increase profit by providing
the best quality of product and services to customers.
 In this type of business risk in not affect and not have nay type of risk with competition. There is no proper structure of firm and business for run the business.
 For example: AM Bid services is the micro level of micro enterprise in the United
Kingdom.
Small business
 Entrepreneur has maximum 250 employees for performing business function and
operations in manner to achieve goals and objectives of firm (Read, Sarasvathy, Dew and
Wiltbank, 2016).
 The goals and objectives of organisation is not in the proper structure format and
employees are work on those for achieve lesser profitability and growth factor.
 The risk is been lower from the medium and large business organisation. The competition
is also low in this type of business firm.
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 In this business type not have proper structure of work and they are done their business as
on their requirement.
 For example: Bright star financial limited is one of the best example of the small business
in UK. This provide the best and effective financial services and solution related to
customers.
Medium business
 In these types of the business have more than 250 employees but less than 1000
employees.
 In this business have risk from their competitors who are competed with them by
innovative new product and services at market place.
 The goals and objectives of firm is to provide the best product and services to customers
by taking care of quality of goods in effective manner (Saleem, 2017). This business have proper structure of work and schedule for work which is best and
effective in uses.
 For example: the John good shipping is one of the best example of medium business
enterprise in UK.
Large business
 In this business have more than 1000 employees who are work together for achieve goals
and objectives of business in effective manner.
 The large organisation have goals and objectives which is to sustain in market by
developing new products and services at marketplace in effective manner and as per
marketing strategy.
 The risks are medium because large business are managed high number of sales of
products due to their brand values. In this business firm peoples and employees are completely based on the proper structure
format. With the help of structure company is able to maintain their goals and
responsibilities in effective manner.
 For example: Arcadia group is the large business firm in UK. It deals in clothing sector
by follow their organisational structure.
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Those are the difference between different entrepreneurial venture those are micro, small,
medium and large business organisation. Those are effective and valuable for the business and its
growth factors.
Public sector
The public sector organisations are controlled by government directly or indirectly. The
government provide the higher amount in the business with the best strategic direction. The
public company have aim to provide quality of product and services to the customers (Schaper,
2016). For example: British petroleum is the best example of public company. This company is
fast growing energy oil and gas company.
Corporate sector
This types of organisations are owned by public and run privately. This types of
organisation are developed marketing strategies for provide quality of products and services to
customers in order to enhance profitability and profit of company in marketplace. For example:
the Highway agency is the best example of corporate sector firm in UK. This company is govern
by government and run by private owner.
Impact of businesses on national, international and social economy or its impact on different
types of businesses by using data and statistics.
There are various numbers of micro and small business in UK which are increase day to
day works. There were a 5.6 million number of small business in UK at the starting of 2018. As
compared with previous year, 0.5% private sector business fail and employment are increase by
2%. More than 61% of these enterprises are looks froward for acquiring funds by external
funding. The importance of small and medium enterprises in the economic are developed by UK
cannot underestimated (Singh and Gaur, 2018). These businesses are increasing over time which
is generated by high revenue by providing different products and services to the customers that is
help to business and its growth factors. The revenue is generated by this business are high
contribute for the GDP of United Kingdom.
Within the all businesses are considered as the micro businesses which are employee only
peoples. Those businesses are provided the best and effective part of the business because that
are provided the best and higher employment opportunity for business and its growth factor.
As per the presented graph, numbers of small and micro business are high as compared
with medium or large company in the UK. These businesses are earned 37% of turnover and
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employability to businesses (UK small business statistics, 2018). This types of businesses are
highly created employment opportunities for peoples who are looking for job.
Employment
Micro and small businesses are plays a very important role in employment and growth of
economy. The total employment are generally provided by the small and medium sized in UK.
Approx 15.8 million in the 2017 year as well as 59% are provided by the small business firms.
The business populations are includes main legal forms which are 3.4 million sole
proprietorship, 1.9 million from companies other hand 405001 from the ordinary partnership.
These business are highly contributed from employees and more opportunity for those peoples
are looking forward for business and employment.
Current trends in business population
As per the research businesses are sustained their growth in the business population at per
year but next recent years businesses are falls by 26000 businesses (Storey, 2016). The high
majority of the population growth has been due to the non employing businesses which are
highly accounted for the overall increase and growth of the businesses.
Location and industry
The number of the businesses are per year and per person is higher in the United
Kingdom. The account of small and medium-sized business at least 99% of the business in the
every main industry and sector of the business. This has operates in construction, as compared
with the less than 1% in the mining and utilities sector businesses.
Contribution for the economy
The small business accounted for 99% of all the private sector businesses in the starting
of year 2018. The total employment of small and medium-sized businesses was 16.3 million but
60% of overall private sector employment in UK. It is the combination of annual turnover of
SMEs was a 2.0 trillion of the 52% its private sector turnover of all the private sector. The
importance of the small business for the economy will be increase more in coming next year as
well as future of company (Zacca, Dayan and Ahrens, 2015). Those are very important and
effective for the businesses and economy growth factors. This will be effective and valuable for
the business. Those businesses are highly contributed for growth of economy in effective
manner. Its revenues are generated by providing quality of product and services at marketplace.
These businesses are contributed and connected with the various resources of country in another
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and different ways. They are help to develop various strategies for solve issues which are faced
by company.
The small businesses are impact to national, international and social economy are as follows;
National economy
In the national economy businesses are expanded to the different ways and areas of the
country which is help to boost or enhance revenue generation. That has enabled them for provide
higher tax for the development of the country.
International economy
There are many of the small businesses which are export products and services at
marketplace and other country (Zahra and Wright, 2016). This is helpful in earning foreign
currency which has important for contribution to the growth of the country.
Social economy
The social economy is formed by the rich diversity of the business and enterprises. Social
businesses are generated in different level of the businesses like associations, social,
cooperatives, employee owned and mutual. They are sharing their common values and
characteristic. This will be analysis by the various rules and regulations of the business and its
growth factors.
Those are very important part of the economy and its growth factors. This is effective and
valuable for the business and for creating opportunities of employment.
CONCLUSION
From the above study it had been concluded that the entrepreneur and small business
management has important and necessary part of the business and its growth factors.
Entrepreneur is the person who carries with the different level of business like small, medium
and large business. The small businesses have capture a large part of the every industry and have
the high contribution in the economy of a country.
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REFERENCES
Books and Journals
Barringer, B. R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship. Sage.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Dana, L. P., 2018. ENTREPRENEURSHIP & SMALL BUSINESS.
Fayolle, A., Kyrö, P. and Liñán, F. eds., 2015. Developing, shaping and growing
entrepreneurship. Edward Elgar Publishing.
Julien, P. A., 2018. The state of the art in small business and entrepreneurship. Routledge.
Mazzarol, T. W. and Reboud, S., 2017. Entrepreneurship and innovation. Tilde Publishing and
Distribution.
Oviatt, B. M. and McDougall‐Covin, P., 2015. International entrepreneurship. Wiley
Encyclopedia of Management, pp.1-3.
Read, S., Sarasvathy, S., Dew, N. and Wiltbank, R., 2016. Effectual entrepreneurship.
Routledge.
Saleem, M. A., 2017. The impact of socio-economic factors on small business
success. Geografia-Malaysian Journal of society and space. 8(1).
Schaper, M. ed., 2016. Making ecopreneurs: Developing sustainable entrepreneurship. CRC
Press.
Singh, S. K. and Gaur, S. S., 2018. Entrepreneurship and innovation management in emerging
economies. Management Decision. 56(1). pp.2-5.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
Zacca, R., Dayan, M. and Ahrens, T., 2015. Impact of network capability on small business
performance. Management Decision. 53(1). pp.2-23.
Zahra, S. A. and Wright, M., 2016. Understanding the social role of entrepreneurship. Journal of
Management Studies. 53(4). pp.610-629.
Online
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