Entrepreneurial Ventures and their Impact on the Economy

9 – Entrepreneurship
and Small Business
Management

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship..................................................................................................3
P2. The similarities and differences between entrepreneurial ventures.................................4
TASK 2............................................................................................................................................6
P3. With the help of statistical data analyse the impact of micro and small business in an
economy.................................................................................................................................6
P4 Explain the value of small businesses and business start-ups in growth of social economy
................................................................................................................................................6
CONCLUSION................................................................................................................................7
PART 2............................................................................................................................................8
REFERENCES..............................................................................................................................19
Books and Journals...............................................................................................................19

INTRODUCTION
It is seen that having an idea and converting it into a business plan the activity of an
entrepreneur. Entrepreneurship is one of the processes that start new business and it contributes
to the economy of the nation (Fiore, Sansone and Paolucci, 2019). It is saying that these business
organisations need support to work effectively. The report is based on McKinsey that provides
consultancy services to this SME. In this report there is dispersion relation related to various type
of entrepreneurship ventures that are present in the market. In the report similarities as well as
differences in the entrepreneurship ventures is also discussed. With the help of statistical data the
growth of SME is also mentioned in this report.
MAIN BODY
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Creating value is what entrepreneurship is all about. It is a person's willingness to take a risk
in order to start a company. These entrepreneurship ventures are seen as significant for a nation
because they contribute a significant amount of money to the GDP.
Small business of entrepreneurial ventures
It is seen that small size business ventures capture more market in United Kingdom. It is
seen that the aim is to generally earn money for living by serving the customers and satisfying
their needs and wants.
Scalable business of entrepreneurial ventures
In relation to this category of ventures the focus is to earn small profit but to attract more
and more customers around the world (Browder and et.al., 2019). The aim of scalable business
ventures is to start a new and attractive business idea and get an investor for their business.
Large business of entrepreneurial ventures:
As they are lodge in size they have more access to technology and are able to cater the
needs and wants of customers in an effective manner. The customers need is identified and the
focus is to find solution of their problem.
Innovative business of entrepreneurial ventures

Innovation is the key to success. It is seen that they try to bring Innovation and change
the living standard of people (Korber, and McNaughton, 2017). They have generally new idea
that no one has thought or has seen before. They are able to satisfy the needs and wants of
customers successfully.
Typologies of entrepreneurial venture
The classification of entrepreneurship styles based on structure, strategy, architecture, and
other factors is known as typology. Individuals interested in starting a small business or pursuing
entrepreneurship should be familiar with the different typologies. Entrepreneurs come in a
variety of shapes and sizes.
Aggressive growth ventures: The focus of this entrepreneur is on the latest technology and
to expand the business (Shepherd and et.al., 2019). It is seen that these entrepreneurs are able to
survive for longer duration of time in the market.
Managed growth ventures: The focus of this venture is on management. By effectively
managing the business they achieve growth and profitability in the market with their efforts and
hard work.
Lifestyle ventures: The focus of lifestyle ventures is on enhancing the way of living of the
customers. They always focus on enhancing the level of satisfaction among the customers
Survival ventures: These ventures only try to survive in the market for a longer duration of
time and continuously on money for their living.
It is vital to know about the topologies of the entrepreneurs.
P2. The similarities and differences between entrepreneurial ventures
It is important to know that there is some or other similarity among these entrepreneur
Ventures. Is the main aim of all the business organisation is too earning profit (Chen, 2018). All
these ventures contribute to the economy of the nation and it is seen that all of these provide
employment to the people of United Kingdom. In respect to Innovative and scalable business
venture the similarity is that they want to bring Innovation and change the standard of living of
the customers. Another point of similarity among all the ventures is that they need capital to start
their business.
The difference among the business ventures is discussed below:
Small business
entrepreneurship
Large company
entrepreneurial
Scalable start-up Innovative