Entrepreneurial Ventures in UK - Growth, Development

Three main types of Entrepreneur Ventures include social, scalable startup, and small business. Based on the customer's needs and available opportunities the entrepreneurial ventures vary. Know about how Entrepreneur Ventures in the UK impact economy, growth, and development. In both corporate and public ventures the services and products are produced and the venture emphasizes expanding the business.

Types of an entrepreneurial venture
Based on the customer's needs and available opportunities the entrepreneurial ventures vary.
Four main types include social, scalable startup, and small business.
1. Social entrepreneurship: In this venture, society's needs and desires are particularly
emphasized. Based on their desires the product and services are introduced to solve
their problems. In this venture the topology of both profit and non-profit business
involves.
In Bournemouth, the best example of social entrepreneurship is "Nourish Care" which
was founded by Nuno Almeida and Antonio Seica in 2012. It serves as a care provider for
local health along with communities and families and improves their health while
managing and monitoring their health.
2. Small Business entrepreneurship: Hiring locals and family members many people start a
small business like a small boutique, hairdressers, local grocery shop or plumbers, etc.
The main aim of this business is to earn profit and live a modest lifestyle.
Ikooloo was started by Andrew Walker in 2016 as a small business in Bournemouth. The
main aim of this business is to provide a business intelligence solution to organizations
through which they can easily review app traffic, social media, and other digital metrics
of their business.
3. Scalar entrepreneurship: This venture emphasized bringing change on a global level. In
this business mainly investments involve and they attract venture capitalists and
financial investors to expand their business.
Horse Scout is the best example of this venture which is UK-based consists of a global
network that many professionals and Olympians use. Its offering includes a commerce
platform and branded insurance on a global level.
Similarities of entrepreneurship ventures
Small business This venture aims to generate profit and
expand business while providing quality
products to its customers.

Social venture The social venture also seeks to earn profit and
take competitive advantage on both domestic
and global markets. It meets the social desires
of customers and resolves their issues through
effective solutions like Nourish Care.
Public Venture These ventures take advantage of the available
social opportunities and services in the
community to meet social demands and needs.
Private venture It also emphasizes meeting the citizen’s
demands and adding value for them. In this
way, the products and services are offered for
customers with the best quality to satisfy them.
Differences of entrepreneurship ventures
Small business
Small ventures work for self-interest.
Innovation and creativity are highly
encouraged to take competitive advantage and
for business growth.
Social venture
There are specific parties that are goal-oriented
and highly motivated to serve citizens. They
are non-for-profit or mixed ventures that focus
on both internal and external factors to bring
innovation.
Public Venture
The public venture not highly relies on profit
and creates such values that effectively work
according to the public interest rather than self-
interest.
Value is created for citizens and high risk and
political complications are faced taken to bring
innovation to the public.

Private venture
Private ventures always stay independent, seize
the best opportunities detail-oriented with high
customer demand.
It focused on the technological, competitive,
and external environment.
For seizing available opportunities and creating
value it uses innovation.
Entrepreneurship in corporate and public sector
Entrepreneurial venture varies based on the business purpose. The public sector comes under
business Entrepreneurship and the corporate sector is known as social Entrepreneurship.
In both corporate and public ventures the services and products are produced and the venture
emphasizes expanding the business. Based on the demand of the target market the product and
services are improved. The objectives, aims, and motives of both corporate and public business
are the same with a different purpose to do business. Mainly business entrepreneurs are highly
focused on their self-interest and the well-being of shareholders. Social entrepreneurs are highly
devoted to improving and developing the social and local community benefits and development.
Corporate entrepreneurs contribute to the economy and earn profit and are not regulated by the
government. Public sectors provide services and goods on behalf of the government and regulate
by the government.
The best example of a public entrepreneur is 3M which consists of adherent product lines like
scotch brand, masking tape, and waterproof sandpaper. It lies in the category of the public sector
because in the stock market it sells its shares. Vanguard Group Inc. is the big shareholder of 3M.
In a corporate venture, the best example is W.L. Gore is a multinational company and specialized
in fabrics production. The entrepreneurs of both ventures i.e., 3M and W.L. Gore generate
innovative idea accidentally and introduce products. In 3M Dr. Spencer Silver produces adhesive
that is effective for aerospace and employees of W.L. Gore always produces innovative products
and ideas that are effective for the textile of the entire world.
Growth, development, and scope of an entrepreneurial venture

Kuratkon, (2016) investigates that the objectives, mission, and vision of entrepreneurial ventures
differ which ultimately impact its scope. So, if the product line of each venture follows the trend,
customers' desires, and meet their expectation it sustains for the long term in the marketplace and
generates revenue. Each venture is required to set a proper strategy and investment plan to
develop the service and product according to market demand and the current trend to gain long-
term sustainability. Storey, (2016) disclosed that if the organization wants to expand their
business then they need to focus on an organizational structure that ultimately boosts the
communication. Moreover, the growth is directly linked with product quality, customer
satisfaction, and pricing strategies. So, the growth and development of each venture depend on
its current strategic plan to meet customers' demands.
Impact of micro and small business on the economy
In 2020 the number of SMEs in the UK becomes 6 million which reflects that about 99% of
business is covered by SMEs. Moreover, in the UK there are about 5.7 M micro businesses. So,
the micro-business covers 96% of other businesses.
These businesses contribute to UK GDP and also provide employment. The micro-business
employs 0-9 UK peoples which reflect that about 33% of employment is provided by the micro-
business. The above graph shows that as compared to medium and large business small and
micro highly contributes to GDP and create employment in the UK.

The above statistics show that about 66.6% of businesses in the UK are SMEs and positively
contribute to UK growth. So, increasing opportunities increase the number of SMEs that
ultimately enhance the UK economy and create job opportunities.
Importance of business start-up and small business for social economy
Small startups and businesses are not much efficient in product revenue and contributing to the
economy. But as compared to small businesses they are much effective to create job
opportunities and boosting the local economy. To determine the economic condition,
employment rate and development rate of a country small businesses serve as the best tools. This
is because raise in employment reflects the production, services, and contribution of business
toward society and for the nation. Besides this often startup businesses struggle to capture the
market and boost their revue for the short term. This leads them to pay high taxes. On the other
hand, startups hire candidates with low skills set and pay them normal salaries because of limited
capital. This leads to reducing the unemployment issues in the country. In entrepreneurial
ventures, different CSR activities resolve economic and social issues. These businesses highly
focus on the people of rural areas that suffering financial issues and provide them both education
and job.
Several large companies prefer to hire an experienced and skilled candidate for a job which leads
high unemployment rate. On the same side, SMEs and startup businesses hire candidates, train

them and collectively boost the revenue. This is because small businesses compensate for the
skills issues and collective struggle. The large business also relies on small businesses and
outsourced the functional work. In this way, small business distributes this work with local
communities and create employment.
Evaluation of small and large business
From the whole above discussion, it is analyzed that as compared to large businesses the small
startup are performing more efficiently in the UK. This is because it reduces unemployment,
contributes to the local community and national economy, and also creates job opportunities.
Moreover, overall small business creates 33% employment in rural areas, providing them quality
life along with training and resolving their financial issues as compared to large business. In the
large business of UK, chemical and textile industries involve that export the products and
contribute in the economy. But these large industries highly rely on small enterprises for
outsourcing.
Impact of small business on the local, regional and national economy
Although in SMEs there are limited employees and small-scale businesses. But in the UK as
compared to large and medium businesses many SMEs collectively contribute much on a local,
regional and national level. Each small business contributes less to the economy but collectively
it contributes much to the national, regional, and local economy that ultimately develops and
grows the national economy.
References
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