Types of Entrepreneurship and Impact of Small Businesses on Economy

This report discusses the various types of entrepreneurship ventures and their impact on the economy. It also analyzes data and statistics on micro and small businesses and highlights the importance of small and start-up finance companies. The report provides insights into the job creation and improvement of the standard of living through small businesses and start-ups. It also includes references for further reading.

Entrepreneurship and Small Business (Part A)
INTRODUCTION
Entrepreneurs are the people who ones innovator and have the potential to implement
new ideas into reality to satisfy the increasing demand of the population and earn money.
Entrepreneurs are the backbone of an economy in which they operate business as they generate
revenues and employment. These entrepreneurs open their new small or start up business that
provides support to the development of country (Forman and Goldfarb, 2020). According to the
report, to determine the various types of ventures and typologies for entrepreneurial ventures
along with its similarities and difference of entrepreneurial ventures. Interpretation of relevant
statistics will show the major impact of micro and small business on the economy.
TASK 1
P1.Discuss the different types of Entrepreneurship and how it relate to typology.
Entrepreneurs are individual who reliable of forms new innovative business that creates a
positive impact on society. To follows the process of their products and services to customers in
return of profit. The main objective of an entrepreneurial venture is to bring change in economy
and also generate opportunities like employment, investment etc. Entrepreneurial ventures are the
business conducted by entrepreneurs so that they can attain more revenue and uplift standard of
living. There are various types of entrepreneurial ventures which are segregated based on
description, size, scope and purpose.
Entrepreneurial Activity: This activity depicts the procedure of business in which the firm
generate their value by creating economic activities. These activities are associated with new
creative ideas exploration that enhance development and growth towards venture. According to
this, unique ideas support to converted them into successful personality. In addition to this, new
creative business ideas also enhance more employment opportunities for local people for country
in which the business operates:
Small entrepreneurship: This type of business manufacture products and services on a small
scale. This industry plays a vital role in the economy by generating more opportunities for small
investments and jobs. As the size and scope are less, they are operating at a small scale and
provide their product and services within a niche market. These business are formed by using
partnerships and sole proprietorship. There is an example highlights, Orion Electrotech Limited,
it is a public sector traveloadge business in London. This firm has less than 50 employers with a
net worth of €2 million..
Large company entrepreneurship: These are the ventures that operates on a wide scale due to
which they have no limits within their operations, size, scope with the number of employees etc.
These are the firms that provide their products and services at the large-scale level to the
customers. This organization also needs a huge capital amount of money to operate the better
business with several years. It can adopt the changes that fluctuate in the business market. For
examples: Mark and Spencer, Burberry, IKEA, Tesco Etc. These are the companies that comes
under large scale business venture.
Typology of entrepreneurship
Entrepreneurship ventures are also involved in typologies that are majorly associated with
business development to make the business more productive and flexible. There are some of
typologies ventures of enterprenuers are as follows:
Lifestyle Enterprise: These types of enterprises are formed to improve the standard of
living of local people of specific place in company that operates in business. This firm
prevents more job opportunities towards the local people as well as their product and
services to the people of that particular place.
Growth firms: According to this type of business companies are structured for more
earning maximising profit and revenue. The enterprenuers of such firms innovate new ideas
through which better productivity and profitability of firm that can improve within market.
As the objective of these types of ideas optimise satisfying needs and requirements of their
customers to gain them. These falls under the small and large organization
Basis Small business Large company Social
entrepreneurship
Purpose The primary
purpose of small
business is to
generate a standard
of living that life
comfortably.
Their main purpose
of large company to
earning vast
amounts of money
through their
innovative ideas in
products.
These are formed
for the development
of society or local
people. It increases
the standard of
living that is better
improved.
Scale Small business
generally operates
on small scale
capital by investing
a small amount in
business.
These businesses
are operating at
high scale. Because
these needs are
require for
smoothly presumes
business activities.
To main operates
the business in local
areas for
development
purpose and also
satisfying the needs
of local people.
Characteristics These businesses
are quite needed for
limited based of
resources for
channelize
business, and
government
interferences are
also low.
Such types of
businesses is
require where more
amount of advanced
resources such as
money, employees
etc.
This firm requires
provided by the
government as they
are operating for
the welfare of
people.

Similaritiies
Basis Small business Large business Social enterprise
Fulfillment of
needs
These are formed for
satisfying the needs
of local customers.
These are formed for
satisfying the needs
of customers but at a
huge level.
Those are formed
for providing the
support to influence
local people to
satisfy their needs
and better wants
Raise the standard
of living of the
society.
These provide major
jobs opportunities to
major job
opportunities to the
local level, which
can generate good
life effectively.
Large businesses
provide better job
opportunities to the
people and an
innovative product
that can satisfy their
needs for living life
properly and
comfortably.
In social enterprise
their product and
services to the
people so that can
improve the
standard of living
quality for people by
fulfilling their needs
and wants.
Task 2.
P3 Data and statistics to analyze how micro and small businesses impact on economy.
In following, there is some business organization which is having impact the economy
of a country. In this business organization plays a vital role for mobilize the development of an
economy. They provide their maximum way to contribute towards the economy so that
specific country can develop infrastructure, school, houses etc. Some of the business
organization can impact on particular country economy.
Impact om Small Medium Enterprise on Economy:
The impact of Micro and Small firm which has directly on local economy where as they
provides their product and services towards local people to fulfill their needs. These type of
businesses are sttuctured with a motive to generate more employment opportunities with
analysation of needs and wants of people. Based on analysis, business can quickly determine
their purchasing power power to facilitates product accordingly. Through this business also
generates better job opportunities to provide people with money and raise their standard of
living.
.
Source: (https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-
medium-businesses-in-the-uk)
Evaluation:
The above graphical presentation analyzed that small, start up or medium business plays an
important role in the UK's economy by providing more opportunities and other social and
physiological needs. With this, graphical presentation depicts that 99% of small business and
medium business prevails more business opportunities in terms of jobs and small scale of
investments that positively impact the UK's economy effectively. Furthermore, as compared with
large companies not contribute towards economy althrough they have more investment option.

CONCLUSION
On the basis of above report it scrutinise different source of information regarding with
entrepreneur and types of entrepreneurship venture that plays an important role in specific
economy. The typology entrepreneurship also comprise about Social, Scaable start up venture
specify about to making business established effectively. Apart from it, small business play an
important role in United Kingdom Economy contribution where it provide productivity and other
benefits such as employability and other financial benefit which increase the country GDP growth.
REFERENCES
Books and Journals
Forman, C. and Goldfarb, A., 2020. Concentration and agglomeration of IT innovation and
entrepreneurship: Evidence from patenting (No. w27338). National Bureau of Economic Research.
Woodward, A.E., Ellig, J. and Burns, T.R., 2019. Municipal entrepreneurship and energy policy: A
five nation study of politics, innovation and social change. Routledge.
Bradle and et. al., 2021. Policy for innovative entrepreneurship: Institutions, interventions, and
societal challenges. Strategic Entrepreneurship Journal, 15(2), pp.167-184.
Ndou, V., Mele, G. and Del Vecchio, P., 2019. Entrepreneurship education in tourism: An
investigation among European Universities. Journal of Hospitality, Leisure, Sport & Tourism
Education, 25, p.100175.
Dong, J.Q., 2019. Moving a mountain with a teaspoon: Toward a theory of digital entrepreneurship
in the regulatory environment. Technological Forecasting and Social Change. 146, pp.923-930.
To assess the enforced regulation and dominant
administration: This is a proactive measure of
monitoring and review. As there should be proper
and regular checking of implemented standards in
organisation.
P4. Demonstrate the importance about the small and start up finance company
On the basis of GDP of nation get measure if either there is high development or less. All these
development aspect considered through small business enterprises and new start ups. These small
businesses generate wide employment opportunities and revenues that positively impact specific
country GDP, etc. In the UK, various types of small business enterprises create a more significant
impact with more growth on the economy (Randa Criss., 2021). Due to this, the government of
United Kingdom also facilitates systematic guidance to small business to expand their business
and meet their objectives to follow overall financial requirements provided through registration.
following there are certain points that describe the importance of small enterprises in growth of
social economy
Job creation: New start-up and small business creates large employment opportunities due to
having better requirement of manpower and handling resources that directly and indirectly
support local people to provide them employment and raise people's standards of living. Along
with, start-ups and small businesses manufacturing products and services and providing
reasonable prices, which increase competition in a market with better results brings benefits to
result to bring people nation.
Improve the standard of living: Small business and Start-up generate a maximum contribution
towards the improvising standard of living where people by meeting their needs and requirements
with affordable budgets. In this, small and start up provide a platform for people to earn income
to effectively enhance their livelihood
Evaluation:
As per above discussions, it summarised to know that small and start up business
contribution creates more growth towards within nation are maximum through providing within
better innovative ideas and sources of income increase the standard of living.