Types of Entrepreneurial Ventures and Their Impact on the Economy

Unit Number and Title U
Assessment Title E
n
Table of Contents
INTRODUCTION................................................................................................................................1
Discuss various types of entrepreneurial ventures & explain how they relate to the typology of
entrepreneurship...............................................................................................................................2
Discuss several kinds of ventures in both the public and corporate sector......................................3
Analyse differences & similarities between entrepreneurial ventures.............................................3
Examine and interpret data or statistics to analyse to micro, small businesses affect the economy
.........................................................................................................................................................4
Analyse comparison between small medium & large businesses to the economy..........................7
Evaluate how small business impacts different levels of local, regional, national in an
international context........................................................................................................................7
Significance of small businesses & start-ups to the growth of the social economy........................7
Critically analyse the characteristics, skills, & traits of entrepreneurs that are different from
managers..........................................................................................................................................8
Examine strategies to improve competitive edge & market position..............................................9
Explain traits, skills & motivational drivers of successful entrepreneurs......................................10
Analyse impact of background and Experiences of an Entrepreneurs..........................................12
CONCLUSION..................................................................................................................................14
REFERENCES...................................................................................................................................14
Books & Journal: ..........................................................................................................................14
INTRODUCTION
Business is wider and broader which comprises of small, medium and large enterprises.
Small business has a larger contribution to the market and economy. Entrepreneurship refers to
the set of activities taken by individual ion order to achieve goals (Abbas, 2017). The main aim of
this report is to understand the importance of small business management in this contemporary
era. Asda, a supermarket chain firm located in the United Kingdom. It operates on a global scale
and has many competitors such as Walmart, Tesco, Amazon etc. Asda is being acquired by EG
Group which has more than 5200 petrol stations. This report comprises of different kinds of
entrepreneurial ventures and typology, similarities & difference between entrepreneurial ventures,
statistics data of micro & small business, the importance of small business & startups,
characteristics, traits, skills of entrepreneurs, stages of personality affecting entrepreneur
motivation & mindset and different examples of background, & experience affect entrepreneurship.

Discuss various types of entrepreneurial ventures & explain how they relate to the
typology of entrepreneurship
An entrepreneurial venture is important for business as they help in achieving goals as well as
objectives. Market, there are several types of entrepreneurial ventures which exist in the market. In
this contemporary market, it is essential to focus on different ventures so that it is easy to make
decisions about how to access competitive benefits. Entrepreneurial typology refers to the
classification of business and ventures on several characteristics.
So, different kinds of ventures are discussed as follows-
Small business entrepreneurship
It refers to 21the type of venture in which includes starting of business on a small scale
with a small investment amount. In the market economy, it is seen that these are viewed as a
larger contribution to the market. In the United Kingdom, the small business contributes about 47
per cent of revenue to the UK economy. They have a larger impact on the market because most
people purchase and prefer small shops & streets. For example- the sole trader is a small
entrepreneurship venture like a cafe, restaurant etc.
Scalable start up:
It refers to the type of venture in which a medium-sized based business is being
established with new ideas with the purpose of the launching of new business. This includes
developing new business with new ventures (Bouey, 2020). There are various types of ways of
doing businesses and a business plan is developed accordingly. Also, scanning of the business
environment is done on basis of various activities. The amount of investment is also medium and
strategies are implemented accordingly.
Large entrepreneurship:
It is another kind of entrepreneurship in which business runs at a larger level. In this type
of venture, the investment amount is large and also their main aim is to expand business at a
larger scale. In large entrepreneurship, it comprises of shareholders, employee size is also large,
promotion and advertising are done accordingly. In this, the risk involved with this kind of venture is
high. Managers & leaders both use strategies to maintain the goodwill of a brand. Furthermore, it is
too analysed that a large firm must use resources efficiently.
Social entrepreneurship:
It is another kind of entrepreneurship in which business activities is being carried out for the
social purpose. These type of entrepreneur combines the social as well as commerce issues which
too aims at improving the quality of life of people. Such type of entrepreneurship focuses on
providing social benefits and fulfilling the needs of individuals (Byrne, 2019).
Serial entrepreneurship:
In this, it refers to launching of starting of new business one after another instead of
focusing on single. It is often seen that most successful entrepreneurs are being viewed as a serial
entrepreneur. Such type of entrepreneurs often possesses several qualities like problem-solving

skills, innovation etc. Also, this kind of entrepreneur often aims at accessing multiple opportunities
at the same time.
Lifestyle ventures:
These are that kind of venture which focuses on achieving profit at a higher scale. The
main purpose of such an entrepreneur is to enjoy life and earn business opportunities. The market
size of such a business is large as well as wider.
Social economy:
These type of ventures main aim is to expand the society and management of the
economy. These social economy is being developed by creating a long chain network of investors,
shareholders etc. In other words, a social economy refers to the set of rich enterprises like
foundations, associations, social entity etc. (Davlembayeva, 2020).
Survival venture:
They are to be viewed as a small venture in which it focuses on fulfilling their own needs
and live life peacefully. For example- small businesses are formed with sources of funds. The
main aim of this venture is to survive in the market for a longer period.
Characteristics of a successful entrepreneur
 A successful entrepreneur has a visionary mind and the capability to deal with others.
 A successful entrepreneur can take effective decision making.
 An entrepreneur is always self-focused and motivated towards goals as well as objectives.
Therefore, it has been analysed that it is essential to focus on these several types of
entrepreneurial ventures as it helps in using resources in a well-organised way. A successful
businessman always aims at the development of goals & achieving competitive benefits.
Discuss several kinds of ventures in both the public and corporate sector
In business, there are various types of ventures and accordingly, resources are used. In
both public as well a corporate sector, various ventures take place like small, medium, large serial
etc. According to these ventures, business activities & other procedures are processed.
Analyse differences & similarities between entrepreneurial ventures
An entrepreneurial venture is defined as a venture that takes place with aim of producing
innovation and invention. In this competitive era, every organisation needs to introduce or modify
the change so that benefits are obtained easily. The growth of the U.K is dependent on these
different types of ventures. It is necessary to have relevant knowledge of these
Types Similarities Differences
Small and large enterprise Small as well as large
business both objectives are
the same which is gaining
The main difference between
this venture is the amount of
investment is different.

profit & revenue (Kerr, 2017).
Social and scalable
enterprise
The main purpose of such
kind of entity is to achieve
deliver effective service to the
public.
A comparison between this
business is that social entity
focuses on society needs,
whereas scalable entity
focuses on accessing new
opportunities (Kochan, 2018).
Lifestyle and survival
entrepreneurial ventures
Both these type of ventures
are beings focused on access
to business opportunities at a
wider scale.
The difference between
these two is that lifestyle
venture aims at enjoying life
whereas survival venture aims
at gaining minimum profit to
survive.
So, the discussed matter shows that it is necessary to focus on these different types of
ventures and their differences so that goals are accomplished. Moreover, it has been also stated
that it is necessary to focus on decisions that are made accordingly.
Examine and interpret data or statistics to analyse to micro, small businesses affect the economy
The United Kingdom is a large and developed country that has a wide size market with
small as well as micro-businesses. Micro & small businesses are important for the growth &
development of the economy. In consideration U.K economy, a major part of the profit is being
contributed by small businesses. According to ERC which is also known as the Entrepreneurship
Research Centre, which states that around 47.89 per cent of revenue is being generated from
micro & small business to the U. K economy (Mamabolo, 2017).
Furthermore, with the rise of competition in a market-wide range of new small businesses
has been established.