Types of Entrepreneurial Ventures and Their Impact on the Economy

UNIT- 9

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Examination of various types of entrepreneurial ventures and explanation on, how they
relate to the typology of entrepreneurship..............................................................................1
P2 Exploring the similarities and dissimilarities between entrepreneurial ventures..............2
TASK 2............................................................................................................................................5
P3 Interpreting and assessing the relevant data and statistics to illustrate how micro and small
businesses impact on the economy.........................................................................................5
P4 Explain the importance of small businesses and business start ups to the growth of social
economy.................................................................................................................................6
TASK 3............................................................................................................................................7
TASK 4............................................................................................................................................7
CONCLUSION................................................................................................................................8
References:.......................................................................................................................................9

INTRODUCTION
Entrepreneurship refers to the capability and availability of developing, organising and
running a business through any of its unpredictability for the purpose of making profit. The most
important and related example of entrepreneurship is starting a new business. In the language of
economics, entrepreneurship is related to the land, natural resources, capital and labour which
plays important role in the generation of profit. The person who perform all these tasks known as
entrepreneur. There are 4 types of entrepreneurship which include Small business
entrepreneurship, Scalable Start up entrepreneurship, Large Company Entrepreneurship and
Social Entrepreneurship. Small business management is the process of lining up and correlating
all the features of a small business. It can be managing the employees, roadmap, performing
various tasks, suppliers, business finance etc. below mentioned report is showing various types
of entrepreneurial ventures and their relation with typology of entrepreneurship, similarities and
dissimilarities between entrepreneurial ventures, impact of Micro and small business on the
economy of UK, importance of small businesses on the growth of social economy. Along with
this, personality of entrepreneurial has been done with the traits and skills of a successful
entrepreneur.
TASK 1
P1 Examination of various types of entrepreneurial ventures and explanation on, how they relate
to the typology of entrepreneurship.
Types of entrepreneurial ventures
For the purpose of earning profit for improving life standard and surviving in a better
way, entrepreneurs do economic activity, which is known as entrepreneurship (Bylund 2021). It
is divided in various types on the basis of size, service, purpose, scope etc. below mentioned are
the important types of entrepreneurship: Small Business- In UK almost 99% of people are doing small business entrepreneurship.
People who are doing this business wants to earn a normal profit for the purpose of
supporting their family and improving their lifestyle. They are happy by earning small
profit as they are not looking for large amount of profit. Small boutiques, plumber, local
grocery stores are example of this entrepreneurship.
1

 Scalable Start up Entrepreneurship- These type of entrepreneurs develop a thinking of
change the world (Calcagno and et. al., 2020). For this purpose, they generate fund from
venture capital and hire special staff. Facebook, Instagram and Uber are various example
of this entrepreneurship. Large Company- These type of entrepreneurship are established by advance professional
for the purpose of doing various innovations. Sometimes, small business got convert in
the large companies but it depend on their growth and development. Companies which
comes under Large company are Disney, Google, Microsoft etc.
 Social Entrepreneurship- Entrepreneurs comes under this category focus on solving the
social problems by providing products and services. These entrepreneurship are not made
with the purpose of earning profit and wealth. These organisations develop various ideas
which result in the development of society.
Typologies of entrepreneurship
For the purpose of making business activities more effective, various types of typologies
are involved in the entrepreneurship. Some of them are given below:
Growth of firms- Many companies are formed with the purpose of earning huge amount
of profit. For the same, it is necessary for them to do innovation continuously. Innovation don't
result only in the increase in productivity and profitability of organisation but also it satisfy the
need and demand of customers. These typologies are followed only in small and large
organisations.
Lifestyle Enterprise- These enterprises focus on improving the lifestyle of people of a
specified area. They provide various job opportunities to the local people living nearby the
organisation. Lifestyle Enterprise include social ventures (Davis and et. al., 2021).
Both typologies as well as entrepreneurial ventures gives their best efforts to improve the
living standard and lifestyle of the local people. Hence, it can be said that they are interconnected
with each other. Along with this, both gives their best possible contribution so that the growth
and development of society and economy take place.
P2 Exploring the similarities and dissimilarities between entrepreneurial ventures
All entrepreneurial ventures are based on various basis which include size, operations,
scope etc. These ventures are different from each other as well as they also have some
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