Impact of Macro Business on Economy and Society

This assignment delves into the effects of macro business, specifically focusing on the role of Make it work consultancy firm, in shaping economy and society. It highlights how stable economies can lead to reduced poverty, increased job opportunities, and a boost in innovation across various sectors. The assignment also emphasizes the importance of entrepreneurship and small business management in driving economic growth and stability. With references to relevant studies and books on entrepreneurship, this assignment provides valuable insights into the interconnectedness of economy, society, and business.

ENTREPRENEUR
SHIP AND SMALL
BUSINESS
MANAGEMENT
MAKE IT WORK

Table of Contents
...............................................................................................................................................1
LO1...........................................................................................................................................3
Discuss various types of entrepreneurial ventures and how are they
interrelated with typology of entrepreneurship.............................................3
Show similarities and differences between entrepreneurial ventures. 4
LO 2..........................................................................................................................................6
Illustrate how micro and small business affect the economy....................6
....................................................................................................................................................6
Discuss importance of small business start-ups and how it contributes
to the growth of social economy. .........................................................................7
REFERENCES...................................................................................................................8
Entrepreneurship can be explained as process of creating
or framing or designing a new business in the cut throat market
by handing or bearing any kind of risk in regards of making
profits. Small business are independent firm and are not does
not focus on innovative practices. The individual who frame or
design a new business and embraces big to small risks for it's
growth and development is known as entrepreneur. Here, are
some of the skills required by the entrepreneurship are, business
management skills, personal skills, technical skills etc. The
name of the business is Make it work which is a consultancy
firm. This report includes different types of entrepreneurial
ventures and relate them with typology of entrepreneurs. Also
focus on similarities and different of entrepreneurial ventures
(Burns and Dewhurst, 2016). Additionally, discuss importance
of start ups and how micro and small business affect the
economy of the country.

LO1
Discuss various types of entrepreneurial ventures and how
are they interrelated with typology of entrepreneurship
An entrepreneurial venture means business enterprise
places innovation and creative thought and thinking in order to
produce economical and social value in the community or
market place. There are distinguished types of entrepreneurial
ventures such as, social entrepreneur, Female entrepreneur,
serial entrepreneur, male entrepreneur etc. which directly or
indirectly share hands in growth and success of the economy
globally. There are different types of entrepreneurship
typologies in the competitive market which are discussed
below:
Small business entrepreneurship: Small business
entrepreneurship overs 95% of business in various countries.
Around 5.7 million small business are running successfully
across the globe in the UK market. They also hires 50 % non
government workers in their business enterprise (Burrows,
2015).
Scalable Start-up Entrepreneurship: Scalable start-up
entrepreneurship main vision is to creative such ideas or
thoughts will change the world. The allocation of investments
are done from financial investors such as, venture capitalist.
They hire or appoint effective and efficient teams whose job is
to figure out scalable and repeatable business model in the
market place.
Large Company Entrepreneurship: Large company
entrepreneurship grow and flourish in the market place because
of innovation in the new product. Here, Disruptive innovation
occur due to dynamic changes in customers, demands, taste,
law, etc. which motivates them to create totally new innovative
product so that it can be sold to new consumers worldwide.
Social Entrepreneurship: Social entrepreneurship are
innovators who focus on designing, framing, and creating
products and services which are able to resolve the emerging
social needs and problems in the competitive market place
(Burns, 2016). They work day and night for the upliftment of
the society so, that living standards of the people can be raised.
Entrepreneur ventures and entrepreneur typologies are inter-
related with each other to upgrade the community in market by
encouraging females to share their hidden talent in business
formation.
There are different types of entrepreneurial ventures
in the market which are discussed below:
Serial entrepreneur venture: A serial entrepreneur
venture can be stated as an individual who continuously work
day and night and come up with unique thought or idea and start
up a new business in the market. They decentralize roles and
responsibilities to someone else and move ahead to a new new
venture and new idea.
Female entrepreneurial venture: Female
entrepreneurs venture are operated, run-ned and owned mostly
by females entrepreneurs who bears all risks and profits in
their own court. They encompass around 1/3 of all
entrepreneurs in the global market. This venture faces certain
challenges while opening business which are, balancing
business and family life, building a support network, coping
with failure, owning business accomplishments etc.

Social entrepreneurial venture: Social
entrepreneurship venture can be stated as the use of start up
companies to develop finance or funds and then contribute to
the social problems like, language discrimination, cultural,
environmental issues, social activities etc. They are either non
profits and generating positive return to the society by using
various metrics (Dugguh, 2017).
Lifestyle entrepreneurial venture: Lifestyle
entrepreneurial ventures is set-up and operated by it's founders
and aim of the business enterprise is sustaining a specific level
of income so that lifestyle can be enjoyed in the society or
community.
The entrepreneurial ventures are interrelated with
different entrepreneurial typologies as with the contribution of
both, economy of the country can be stable in the coming years.
Serial venture is related with scalable start-up typologies as they
focus more on creating unique ideas to remain in the market.
Small business typologies is connected with serial ventures as
both focus to maximize profits and enjoy their lifestyles.
Whereas, large company typologies is compared with social
venture work for the betterment of the society. Contribution of
different ventures and typologies helps the customers to meet
the emerging needs as well play a vital role in the upliftment of
the business in the global market (Goss, 2015).
Show similarities and differences between entrepreneurial
ventures
Basis Serial
entrepreneurial
venture
Female
entrepreneuri
al venture
Similarities
between both
Main aim It's aim is to
come up with
new idea on
continuous basis
in the market
place.
It encompass
1/3 of all
entrepreneur
globally which
is positive sign
in the market.
In both the scenario
development of
unique and creative
thought take place
to satisfy the
customers emerging
needs.
Customers
point of
view
They are
focused on their
business success
no matter
customers treat
them as crazy
for innovating
new idea.
They motivates
female
entrepreneurs
to show
interest in
business and
gives priority
to customers
reaction.
In both cases
business is carried
ahead to maximum
profits.

The difference between social and lifestyle entrepreneurial
venture is as follows:
Basis Social
entrepreneuri
al venture
Lifestyle
entrepreneuri
al venture
Similarities
between both
Main aim It's aim is to
contribute to
the
community for
betterment.
It's aim is
sustaining
level of
income so that
standard
lifestyle can
be enjoyed.
Both venture
work day and
night to meet
the desired
goals.
Flexibility It is flexible in
it's business
functioning.
It is rigid in
it's business
operations
towards
contribution to
society.
Both ventures
develop
unique ideas
to remain in
the market.
The difference between lifestyle and female
entrepreneurial venture are as follows:
Basis Lifestyle
entrepreneuria
l venture
Female
entrepreneuria
l venture
Similarities
between both
Expansion It has limited
scalability and
potential for
growth in the
market place.
This has more
scope of
expansion as
compared to
lifestyle
entrepreneurial
venture in the
competitive
market.
Both lifestyle
and female
entrepreneurial
venture tries to
attract
customers
towards their
business to
maximize
profit.
The difference between social and serial entrepreneurial venture
are as follows:
Basis Social
entrepreneuri
al venture
Serial
entrepreneuri
al venture
Similarities
between both
Community
development
This
contributes in
development
of the
community.
It donates less
or no for
development
of community.
In this social
and serial
venture work
to share hands
in the growth

LO 2
Illustrate how micro and small business affect the economy.
Micro businesses can be termed as, riverside food stalls,
ozone coffee etc. small size business are, web design agency,
real estate, professional service firm, etc. which affect the
economy of the country greatly, can be discussed as follows:
Create more job opportunities: Emerging of small and
micro businesses like Make it Work which is a consultancy
growing at a rapid scale helps to generate huge job
opportunities in the market (Hatten, 2015). Which raise the
living standards of the customers globally. Moreover, by
serving better services to them profits can be maximized which
directly leads to economic development.
Infrastructure development: Building small and micro
business in the town or city helps to upgrade the town with the
modern infrastructure. Make it Work is a consultancy firm helps
to pulls other businesses to join hands with them and indirectly
business expansion is possible. This indirectly leads to
economy development.
Product diversity: Product diversity is carried out by
small and micro business such as Make it Work consultancy
firm when come up with the unique product in the global
market. It directly leads to growth and development of the
economy by developing new services or product by using
country's resources.
Illustration 1: Macro business affecting economy
(Source: Macro business affecting economy, 2018)

From the above graph it can be concluded that micro
and small business has raised the employment opportunities for
people in the country (Macro business affecting economy,
2018). It is directly raising the economy of the country and
tremendous growth and development are taking place to
improve the conditions of the nation. It can be seen that 40% in
employment enhancement is contributed by small business in
UK which is positive sign for these business in the market.
Discuss importance of small business start-ups
and how it contributes to the growth of
social economy.
Small and macro business plays a critical role in
contributing to social economy as it helps to reduce poverty,
creates employment opportunities, etc. from the country. Thus,
improvement in this areas will raise the economy of UK
(Julien, 2018). Importance of small start-ups in the growth
economy are discussed below:
Reduction in poverty: Poverty can be reduced when
economy of the country is stable. Reduction in poverty leads to
growth and expansion of business at global level. It also opens
the door for import and export business at a large scale. Make it
work consultancy firm will help the general public to take right
decision so that effective outcomes can be seen.
Creates employment opportunities: When economy
of the UK market is stable it indirectly generates many job
opportunities due to which more innovation can be done in
different sectors. Macro business like Make it work consultancy
firm create more job options for coming generation which
helps to build strong stability in economy .
Social amenities: UK is well known for it's stability in
economy as well as for the social amenities prevailing in the
nation. Whereas, amenities refers to comfort and convenience
like, house, vehicles etc. this provides satisfaction to customers
if this amenities are fulfilled in the community. When social
amenities are fulfilled by small start-ups business such as Make
it Work consultancy firm it can attract outsiders which will raise
export trading and economy can be uplifted (Kuratko and
Hayton, 2015).

REFERENCES
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.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture
(Routledge Revivals): Entrepreneurship, Petty
Capitalism and the Restructuring of Britain.
Routledge.
Dugguh, S. I., 2017. Entrepreneurship and small business:
Strategic approach to alleviating poverty and
corruption in Nigeria. GSTF Journal on Business
Review (GBR). 3(1).
Goss, D., 2015. Small Business and Society (Routledge
Revivals). Routledge.
Hatten, T. S., 2015. Small business management:
Entrepreneurship and beyond. Nelson Education.
Julien, P. A., 2018. The state of the art in small business and
entrepreneurship. Routledge.
Kuratko, D. F., Hornsby, J.S. and Hayton, J., 2015. Corporate
entrepreneurship: the innovative challenge for a new
global economic reality. Small Business
Economics. 45(2). pp.245-253.