Entrepreneurial Ventures: Types, Impact, and Comparison Report

This report provides an overview of various entrepreneurial ventures, including large businesses, small businesses, social enterprises, and scalable startups. It defines each type, highlighting their key characteristics and objectives, such as profit generation and social impact. The report delves into the typology of entrepreneurial ventures, differentiating between serial, social, male, and female entrepreneurs, and compares them based on their supporting groups and risk-taking behaviors. It assesses the impact of micro, small, and medium organizations on the economy, particularly in the UK, emphasizing their role in employment and GDP contribution. The report also underscores the importance of small businesses and startups in enhancing the living standards of the public by satisfying customer demands and increasing per-person income levels. The analysis is supported by references to academic sources, providing a comprehensive understanding of the entrepreneurial landscape.

Examination of types of entrepreneurial
ventures
Entrepreneurial ventures- These can be defined as a
kind of ventures that are introduced in the market
on the basis of new and innovative ideas. The key
objective of these kinds of businesses is to attract
more and maximum customers so that higher profit
can be generated. In this aspect, the individual who
involves in process of developing new and unique
ideas for starting a business is known as
entrepreneur. In broad sense, this may be defined as
a systematic procedure of designing, launching and
managing a new business in the competitive
environment. There are vital range of ventures in
that entrepreneurs play a significant role. Such as
the intern of McKinsey & company, gathered key
information regards to different types of
entrepreneurial ventures that are as follows:
Small businesses- These businesses can be defined
as those that are operated in a particular area with
small amount of capital. Under these kinds of
businesses, the number of employees should be
between 2 to 50. The owner of business is
considered responsible for types of activities and
operations. These businesses play an important role
in the development of economy of United
Kingdom. This is so because they provide wide
range of job opportunities to people that leads to
increase in per person income level.
Large businesses- The large businesses can be
defined as those entities that are operated at a large
scale and in these businesses number of employees
should be more then 250. Their main objective is to
earn higher amount of profits by providing vital
range of products and services to customers. For
example Tesco plc is considered as large business.
This company play an important role in the aspect
of development of economy of United Kingdom. It
is so because they have different branched at
various locations in which large number of
customers make transactions with them.
Social enterprises- The social enterprises are those
that are operated by some group of people with an
objective of enhancing standard of people by
offering services at lower cost. For example the
Oxfam is a social enterprise that involves in
providing services in order to remove poverty of
people whose financial condition is poor.
Scalable startups- These are kinds of businesses
that are introduced by individual or group of
individuals with new and unique idea. These start-
ups play a crucial role in the context of GDP of a
nation because of having large number of
customers.
Typology of entrepreneurial venture
Serial entrepreneur- This is a type of entrepreneur
who introduce a new business with new innovative
idea. The scalable startups are linked with this
typology because these startups are started with a
unique idea and concept that attracts more
customers.
Social entrepreneur- These entrepreneurs exist in
the market in order to developing social aspects of
environment by opening a business. Such as social
enterprise is aligned with this typology because
they provide services in order to enhance financial
position of poor people.
Male entrepreneur- The businesses in that major of
the activities are operated by male staff members
are considered as a part of this typology. Like the
large business entities are linked with this typology
because in these most of the operations are
executed by male staff.
Female entrepreneur- The businesses in that major
of the activities are operated by female staff
members are considered as a part of this typology.
Like the small business entities are linked with this
Entrepreneurship

typology because in these most of the operations
are executed by female staff.
Comparison between social and serial
entrepreneurs:
Social entrepreneurs:
The entities that are launched as per this typology
are associated to personal interest of entrepreneurs.
The key purpose of these businesses is to provide
services in order to social welfare of public.
Serial entrepreneurs
The entities that are started under this typology that
have new and unique ideas.
The main objective of these businesses is to grab
maximum number of market shares so that level of
sustainability can be increase.
Similarities: The common similarities in both of
the ventures is that both of them focus on their
overall organizational goals and objectives. Along
with both of the entities make their strategies as
accordance of market situations.
Comparison between male and female
entrepreneurs:
Female entrepreneurs:
These entrepreneurs run their businesses at a small
level so that risk can be neglected.
The supporting groups under these entrepreneurs
includes friends, family members etc.
Male entrepreneurs
While these entrepreneurs believes on taking higher
volume risk because of operating at large level.
In these entrepreneurs, their supporting groups are
spouse, close friends and occupational group etc.
Impact of small and micro businesses on
economy:
In the business environment, there are mainly three
forms of organizations that are micro, small and
medium which are described in such manner:
• Micro organization- These can be defined
as kinds of businesses in which number of
employees are below 10. As well as annual
turnover is below £2 million. The activities and
operations are conducted at a small level.
• Small organization- These organizations
are quite larger as compare to micro organizations.
Under it, the number of employees are more than
10 but less than 50. Along with their annual
turnover is of less than £10 million. The small
organizations operate their activities in different
segments of a particular nation but not across the
nation.
• Medium organization- These are type of
organizations in that number of employees are more
than 50 but less than 250. They generate annual
revenue of below £50 million.

Role of micro, small and medium organizations
The micro, small and medium organizations play a
significant role in the context of economy of United
Kingdom. It is so because in the UK, 99%
businesses are covered under these organizations.
In the perspective of employment, about 60% jobs
are provided by these organizations. These 60%
jobs are offered by all these three entities such as
48% employment is provided by small businesses,
12% of jobs are offered by medium organizations.
Additionally, 99.3% business activities arise due to
these entities in all around of United Kingdom.
Thus, on the basis of above discussion it can be find
out that these above mentioned businesses are too
beneficial in the context of economy of United
Kingdom.

Importance of small businesses
The small businesses and startups play a crucial
role in context of growth of social economy of a
nation. This is so because of following reasons such
as:
• Satisfy the demand of customers- The
small businesses and startups helps in growth of an
economy by providing wide range of products that
leads to satisfaction of demand of customers. As
well as if customers will get needed products on
time then this may help them in order to improving
living standards.
• Increase per person income level- Another
benefit of small businesses and startups is that by
these organizations provide jobs to needed persons.
As a result income level of each individual
increases and it leads to effective development of
the economy of United Kingdom.
Enhance living standard of public- In addition, the
small businesses help for improving living standard
of general public by providing wide range of
products as per their requirement. Such as in the
aspect of United Kingdom, living standard is being
improved by getting needed products on time.
So these are some key role of small businesses and
business startups in the aspect of growth of
economy of entire United Kingdom. In the absence
of having small business entities a nation cannot be
developed. This is so because these small ventures
are the pilers for enhancing financial condition of a
country by offering wide range of jobs as well as
contributing to gross domestic product. In the
United Kingdom, majority of companies are
covered under micro, small and medium entities.
References
Elo, M., 2016. Typology of diaspora
entrepreneurship: case studies in Uzbekistan.
Journal of International Entrepreneurship. 14(1).
Pp.121-155.
Day, J. and Mody, M., 2017. Social
entrepreneurship typologies and tourism:
Conceptual frameworks. In Social Entrepreneurship
and Tourism. (pp. 57-80). Springer, Cham.