Entrepreneurship Report: Ventures, Impact, and Economic Growth

This report delves into the multifaceted world of entrepreneurship, examining various venture types such as scalable startups, small businesses, social enterprises, and corporate ventures. It explores the similarities and differences between these ventures, focusing on their operational aspects, including the 4 P's of marketing (Product, Place, Price, Promotion). The report evaluates the scope, development, and growth of these ventures, particularly emphasizing the impact of micro and small businesses on economic factors such as employment, economic growth, and GDP. Furthermore, it highlights the importance of small businesses and startups in fostering social and economic growth, including their roles in export business, poverty eradication, and improving social security across local, regional, and national levels. The analysis underscores the dynamic nature of entrepreneurship and its significant influence on societal and economic landscapes.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and different types of entrepreneurship
typologies....................................................................................................................................1
P2 Similarities and difference between entrepreneurial ventures...............................................3
M1 Evaluation of range of entrepreneurial venture....................................................................4
D1 Examination of scope, development and growth of entrepreneurial venture........................5
TASK 2............................................................................................................................................5
P3 Impact of micro and small business on economy.................................................................5
P4 Importance of small businesses and starts-ups in growth of social economy.......................6
M2 Evaluation of small, medium and large businesses..............................................................7
D2 Critical evaluation of impact on different level of economy................................................7
CONCLUSION................................................................................................................................7

INTRODUCTION
Entrepreneurship is new concept in industry, which works to come with some fresh
concept in market. It is impressive for growth of economy and it helps to make alterations in
business operations. This is effective for making positive changes in society. Entrepreneur is the
person who runs business on this own and act according to need of society. This helps in provide
satisfaction to customers. As in this business, there is single person who is liable for loss as well
as profits. Entrepreneurship business can be run by person who is ready to take initiatives and
ready to learn new techniques (Ács, Autio and Szerb, 2014).
TASK 1
P1 Different types of entrepreneurial ventures and different types of entrepreneurship typologies
Entrepreneurship is the business which is run by single person with some new ideas. This
can be effective when entrepreneur is working as per requirement of society. There is use of
policies which are effective for growth of business and improving condition of society. In this
business there is need of labour, finance, resources, etc. so this is performed and arranged by
single person i.e. entrepreneur. These days’ concept of entrepreneurship is famous so
government also provides some knowledge and rebates through which they get help.
Some entrepreneurial ventures are as under-
Scalable start-up entrepreneurship- This is the business which is run by person who
have some dream. This dream is different and creative as compared to others. These business are
run by crazy investors so there is huge risk associated with it. They work to deliver their idea to
society.
Small business entrepreneurship- These business is running at small scale. There main
aim is to earn livelihood. In this venture there are 20- 30 people which are working for same
objectives. This business can be run by family business, which is carried forward for years
(Baum, Frese and Baron, 2014).
Social entrepreneurship: There are some social cause for which association is working.
It is essential to make policies which are specific and significant for growth of business. These
business work for some social cause and it helps to improve living of standard of people residing
in society. So these entrepreneurship gets benefits from.
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Large entrepreneurship- This is the largest form of business which works for providing
changes and this is effective for improving condition of association. It is essential to work
according to need so this helps to make good image in industry.
Private entrepreneurship- In this venture there is involvement of private parties which
are working for some specific reason. There is proper planning which is effective for futuristic
actions.
Public entrepreneurship- There is involvement of government which is significant for
making changes in society (Brenkert, 2017). There is involvement of government for performing
actions.
Corporate entrepreneurship- In this there is proper determination of actions which is
effective for analysing changes and there are proper actions which are required to be taken for
business growth.
There are various types of typologies which works for the betterment of society. Through
this concept there is use of policies which is effective for growth of business. It is essential to
work according to need and demand of society. There are various factors which as to be
considered by entrepreneurs before starting business.
Serial entrepreneur: These are the people which has various through which they can
earn profits. They execute ideas in synchronization manner, so they are aware of results which
are getting. In case of positive result, they start working on other ideas.
Female entrepreneur: As name suggests there is main role of female. There is use of
techniques which are significant for growth of latest trends (Bruton and et. al., 2015).
Lifestyle entrepreneur: There is use of various sources through which association can
work according to market trend. These business are mainly managed and run by youngsters.
Male entrepreneur: In this there is involvement of male members more. These business
are run on the basis of sources which are effective and significant for business growth. Male has
characteristic of aggressiveness, impulsive and overconfidence, so this makes objectives
achievable.
Inter- relation between entrepreneurial ventures and typologies-
As discussed above there is use of some approaches which make connection between
entrepreneurial venture and typologies. They are discussed in detail as under-

 There are many ideas which are running in male entrepreneur so this affects business
roles and responsibilities. This is effectively related to serial entrepreneurship, which
helps to make various changes in roles and responsibilities.
 As there are many changes taking place in society, so it is essential to work according to
change in working style. So lifestyle entrepreneur is closely related with small-business
entrepreneurship (Chen and et. al., 2014).
P2 Similarities and difference between entrepreneurial ventures
As discussed above there are many entrepreneurship ventures which work to make
changes in working styles and this helps to get use of policies which are significant for growth of
business. There is requirement of policies which is effective for making changes in society.
There are requirement various changes which has to undertake by managers and this is effective
for growth of small business.
PUBLIC AND PRIVATE VENTURE
PUBLIC ventures similarities with business PRIVATE venture and similarities with
business
 Public venture has common goals
which has to undertake and hence there
is use of basic knowledge society.
 There are many factors which are
working to make changes in society.
Through public ventures, people has
job security.
 Private venture also works in society,
so to make good profits they have to
consider changes so satisfaction can be
provided.
 This helps to generate employment
opportunities and improves financial
status of country.
Difference Difference
 There is involvement of government
which provides assistance to society.
 They work for social benefits not for
profits.
 There is involvement of private people
which is effective for analysing
changes and this is significant for
growth.
 Earning profit is the main motto of such
organisations.
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CORPORATE AND SOCIAL VENTURE
CORPORATE similarities with business SOCIAL similarities with business
 There are proper roles and
responsibilities which are working to
make changes in roles and
responsibilities.
 As there are some social cause which is
fruitful for business as well as society
growth.
Difference Difference
 In this venture there is more
competition and scope as compared to
social venture.
 There is use of latest technology which
is effective for their growth and
development.
 These organisations are working to
improve condition of company.
 There is less competition in this sector.
From above discussed difference and similarities it is clear that association has to work
on some specific basis. This helps to make changes in business activities. There is important
roles of 4 P's of marketing which assists in working in appropriate manner.
Product- There are some products which is offered by various association, so this helps
to improve condition of society (Fayolle and Gailly, 2015). There is difference in their product's
features and characteristics.
Place- Place is main factors which talks about where business ventures are serving. There
is difference as well as similarity in their area of delivering services.
Price- Price of public as well as private enterprise are different, so this provides less
satisfaction as compared to other. There is profit motive in private company so there is high price
of private ventures.
Promotion- Promotion is more in private venture as compared to public venture. This is
effective for creating awarenesses about services.
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M1 Evaluation of range of entrepreneurial venture
There are various types of entrepreneurial ventures which are working for various
change. This is effective for making changes in working styles (Katz, 2014). As above discussed
points upgraded knowledge about entrepreneurial ventures which helps to make changes in
operations. There is difference in providing services and this helps to know what can be done
through which goals can achieved.
D1 Examination of scope, development and growth of entrepreneurial venture
There are various types of entrepreneurial ventures. They are differentiates on various
basis such as scope, development and growth. While staring business entrepreneur has to know
motive which are significant for improving condition of country. As in private sector there is
more employment generations as compared to public sector. As trends are changing frequently,
so lifestyle entrepreneur has more scope as compared to others (Kirzner, 2015).
TASK 2
P3 Impact of micro and small business on economy
Small business has positive as well as negative impact on economy of country.
Entrepreneurship is about company with new idea which is signifiant for growth of country.
There is financial as well as non financial impact of economy of country. Some points are
discussed as under-
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Employment- With small business there is employment generation at small as well as
large scale. Entrepreneur is able to provide job to people which are unemployed. Under small
business people can employ person with positive results can be judged.
Economic growth- There is rotation of money with small scale business. There is
banking transaction which is effective for growth of nation. With micro and small business
nation as well as international level (Kuratko, 2016).
GDP- GDP means gross Domestic Product. This concept works at international level
which provides knowledge about overall development of country. GDP of country gets improved
due to small scale business as there is revenue to government.
Living of standards- As entrepreneur has some new ideas so it is important t to work
accordingly. This helps to provide sometimes which is not present in society, hence there is
increment in living of standard of people.
P4 Importance of small businesses and starts-ups in growth of social economy
There are many changes which are happening in business. There are many changes which
are taking place in society, so it has impact on local, regional and national level. This affects
business operations in significant way. There is social, economical impact on economy. This
affects growth of society. It is important to work as per change in change in society. There is new
opportunities which arise because of small business ventures.
Importance of small businesses and starts-ups
Export business- Through small business there is involvement of various approaches
which are significant for increasing export business. It is essential to work to improve financial
status of country.
Poverty eradication- Poverty is the main problem which gets affected because of which
condition of nation gets affected. Small business helps to reduce poverty from nation. SME
works to improve condition in financial terms (Lipset, 2018).
Improvement in social security- There is some security to people living in local areas.
They have some source which are significant for getting some income in hand. This helps to
make changes in living style.
Impact of small business and start up
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Local- There are many changes which are taking place, so it is important to analyse
market and this make changes at very small level. There is improvement in poverty ratio with
opening SME's in country.
Regional- This is the level above local and it acts between local as well as national.
There are many change which are taking place but it is not effective at very scale. It creates
employment in country and improves living of standards.
National- This is the level where economy gets impacted because of SME. GDP is the
best example which affects national economy (Lofstrom, Bates and Parker, 2014). Turnover,
Exports are growing as it helps to improve condition of country.
Brexit is the issue which gets arise because of change in operations at national level.
There is use of various approaches which has to considered by managers to make growth of
business. There is involvement of political parties which provides knowledge about change in
business operations at national and international level.
M2 Evaluation of small, medium and large businesses
There are mainly three types of organisation-
Small business- In this business operations are performed at small level. This is effective
for earning livelihood. Sometimes there is close down of such business because of lack of funds.
Medium business- This is the business which as good financial position and resistance
power. They can bear changes happening in environment and modify their business operations.
Large business- This is the largest stage where business runs. It is essential to work
according to changes in society. They have outlets in various parts of country.
D2 Critical evaluation of impact on different level of economy
As above discussed there are various levels of economy which gets affected due to SME.
It is important to make policies which are significant for growth of business. According to Ács,
Autio and Szerb, 2014 there is requirement of government involvement through which the can
change in plans and policies and then it is fruitful for making changes in business operations.
Approaches which are effective for making changes in business operations of entrepreneurship
has to be considered by managers.
CONCLUSION
From the above discussion it is clear that enterprise can be run by person who is capable
to face dilemma and face hardships. As there are many types of entrepreneurship ventures which
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are significant for improving condition of society. There are some difference as well similarities
between entrepreneurship ventures. There is negative as well as positive impact on economy.
There is use of policies which are effective for making changes in surroundings of society, so
there is need of changes in business operations also. This is effective for growth of company and
this helps to know what changes can be made through which positive results can be made.
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REFERENCES
Books and Journals
Ács, Z. J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications.Research Policy.43(3). pp.476-494.
Baum, J. R., Frese, M. and Baron, R. A. eds., 2014.The psychology of entrepreneurship.
Psychology Press.
Brenkert, G. G., 2017. Entrepreneurship, ethics, and the good society. InEntrepreneurship(pp.
85-128). Routledge.
Bruton, G. and et. al., 2015. New financial alternatives in seeding entrepreneurship:
Microfinance, crowdfunding, and peer‐to‐peer innovations. Entrepreneurship Theory
and Practice.39(1). pp.9-26.
Chen, Y. and et. al., 2014. CEOs’ transformational leadership and product innovation
performance: The roles of corporate entrepreneurship and technology
orientation.Journal of Product Innovation Management.31(S1), pp.2-17.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence.Journal of Small Business
Management.53(1). pp.75-93.
Katz, J. A., 2014. Education and training in entrepreneurship. In The psychology of
entrepreneurship(pp. 241-268). Psychology Press.
Kirzner, I. M., 2015.Competition and entrepreneurship. University of Chicago press.
Kuratko, D. F., 2016.Entrepreneurship: Theory, process, and practice. Cengage Learning.
Lipset, S. M., 2018. Values, education, and entrepreneurship. InPromise of Development(pp. 39-
75). Routledge.
Lofstrom, M., Bates, T. and Parker, S. C., 2014. Why are some people more likely to become
small-businesses owners than others: Entrepreneurship entry and industry-specific
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entrepreneurship.html>.
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