Report on Entrepreneurial Ventures and Economic Impact in London

This report analyzes entrepreneurial ventures, focusing on their types, scope, growth, and relationship with different typologies. It explores the impact of micro, small, medium, and large businesses on the international and social economy, using examples and statistical data. The report differentiates between various entrepreneurial ventures, highlighting similarities and differences. It examines small, social good, and large businesses, and their management styles, entrepreneurial orientation, and growth rates. The report also includes tables comparing ventures across different criteria, such as management style, entrepreneurial orientation, information technology investment, growth rate, and financial sources. The report identifies the impact on the economy, with specific illustrations and statistical data, including the increase in employment rate within the local Borough in London. The report aims to provide insights into the dynamics of the business landscape.

Entrepreneurship and Small Business Management
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Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Describe the different types of entrepreneurial venture with their scope, growth and also
relationship with the different typology......................................................................................3
Evaluate the Micro, small, medium and large business that impact on the international and
social economy............................................................................................................................7
Identify that how impact on the economy and explain within the specific illustration and
statistical data...............................................................................................................................8
TASK 2..........................................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
The entrepreneurship and small business management is the most common approach in the
organization that can useful for implementing the new idea and concept. It applicable in the
small business operation which offers the greater flexibility to maintain the managerial capacity.
The concept of entrepreneurship has evolved for long term but it doesn’t gain the more
popularity between small businesses. This report will focus on the Borough council of London
that will invite the special committee for representing the special documentation regarding the
small business and how they will impact on the country economy.
This report will discuss about the different types of entrepreneurial venture with their
specific growth and development, scope or relationship with the typology. This report will
describe the comparison between the entrepreneurial ventures and also identifies their specific
similarities. Moreover, it will discuss about the Micro, small, medium and large business that
impact on the international and social economy. This report will describe that how they impact
on the economy and explain within the specific illustration and statistical data.
TASK 1
Describe the different types of entrepreneurial venture with their scope, growth and also
relationship with the different typology.
An entrepreneurial venture is the owners of small business who always attempt to make
more profitability from enterprises. A successful entrepreneur always trying to increase the
business popularity through global marketplace (Hatten, 2015). According to the report of
Redbridge Council, it produces the documentation to give the information about the different
venture. It also identified their growth, development and scope.
Small business
This type of business is mainly depending on the owner of company because they can
handle all operations and functions. An individual person was handles the overall performance of
business through skill and knowledge. A successful entrepreneur always motivates and inspires
their staff members so that they can focus towards their goals and achievements.
The primary goal of small business to build the market position which help for increase
the productivity and profitability in global world. The scope of small venture to invest money on
the innovation that supports to gain more production and sales. For Example- Small retail shops,
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restaurants. The small business is mainly related to the scalable typology because it is helping the
organization regarding development and invests money on innovation at small percentage.
Large business
This type of business has become follows the specific life cycle that help for growing the
sustainable development which offers the different types of variants in the products. There is
approximately 700-800 employees’ work in the company. Manager provides the divided the
specific task to their employee so that they can easily handle all functions effectively and
efficiently (Burns, 2016).
The primary goal of large business is to generate the substantial profit and also increase
the revenue of company. This type of business is recognising the brand that should be establish
the community and reputation in marketplace. For Example- General Motors, Amdocs etc. This
type of business is acquired the scalable typology that support the organization in terms of profits
and revenue generations.
Social Good business
This type of business builds on the innovation solution in the organization that helps for
achieving the desire goals and objectives. The primary goal of business to increase the impact of
sustainable manner (Dugguh, 2017). The social business is mainly working within health issues
that can solve the problem and issues of people regarding diseases. It is based on the non-
profitability firm and focus on the social community. For Example- NHS Health.
Social business is related to the social typology because it mainly concerns about the
social welfare in the community. The scope of social enterprises is to improve the values of
society welfare aim to earn money for people welfare. There will be no longer limited work in
terms of activism. It has been considered the short term goals and always tries to achieve their
objectives in order to make long term profits.
Differentiate between the entrepreneurial venture and their similarities with a specific example.
Difference between the ventures
Small business Social business Large business Gazelle business
Management
style
The small
business will
apply the
tactical action
The social
business will
implement the
strategic
The Large
business is
basically use the
strategic planning
Gazelle enterprises
will implement the
strategic and
proactive
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on the
enterprises.
management
style for
providing
services to the
customers.
that will help for
business to
maintain services.
Entrepreneurial
orientation
The small
business is very
low orientation.
The social
business is
moderate
The large business
is moderate
Gazelle business is
also high.
Information
technology
investment
The small
business is very
low investment
towards the
modern
technology in
the business
development.
It has a
significant
investment of
technology
(Amato and
et.al., 2017).
Large business has
a moderate to high
level of investment
on the modern
technology.
Gazelle business
has a high level of
investment towards
the modern
technology.
Growth rate The growth rate
of small
business has
been increased
in day by day.
It is based on
the percentage
and increases
monthly or
weekly
according to
business
operations.
It has increased the
growth of large
business 10-15 %
on the basis of one
to two years
(Karadag, 2015).
It has been
increased the
growth rate approx.
20% on the basis of
2-5 years.
Finance source The primary
finance source
of small
business
become self-
management
The source of
finance become
local
community,
self, family etc.
The primary
source of large
businesses is
investors, banks
and so on.
The financial source
of Gazelle
businesses are
private investors,
public markets,
capital firms etc.
Organizational This type of It is also based Large business Gazelle business
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structure business
follows the
simple
structure.
on the simple
and functional
structure of
working.
follows the
functional and
centralised
structure of large
business.
follows the product
and market based
divisions according
to the requirement
of business.
Table: 1
Similarities between the ventures:
Small business
Ventures
Large business
ventures
Social business
venture
Gazelle
Business
Ventures
Creative Idea Small business is
using the
innovative idea in
the business
process because
they are trying to
maintain their
position in global
marketplace.
Large business
already uses the
innovation in the
business process
but they can
upgrade the new
features which
help for large
business to
improve brand
image (Jones and
et.al., 2018).
Social business
uses the creative
idea for human
welfare because
they are connected
with the people
those who will not
able to survive in
the whole world.
Gazelle
business
concern about
the creative and
innovative idea
that supports
the entire
business
process and
improves
quality of
services.
Creating Brand
name
Small business
wants to establish
develop the brand
image so that they
provide the better
Large business
will maintain their
brand image in
global
marketplace. It is
Social business
promise to the
poor people those
who will unable to
safe their life. In
This type of
business will
coordinate with
the potential
consumers
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quality of product
and services to
their customers.
important for
maintain the
position in
The international
market.
this way, this type
of business will
support in positive
ways. In this way,
it has been
building the strong
image in society.
those who
really attracted
towards the
product and
services. In this
way, it will
maintain the
position and
image.
Diving forces Motivational
Skill and
knowledge
Motivational
Skill and
knowledge
Motivational
Skill and
knowledge
Motivational
Skill and
knowledge
Table: 2
Evaluate the Micro, small, medium and large business that impact on the international and social
economy
Micro, small, medium and large enterprises that can impact on the social and
international economy. According to the Redbridge Council, there are different types of business
impact on the social and international economy.
Micro business
A Micro business is usually defined the small enterprises that employs the people which
help for maintain the balance sheet and overall turnover. This business is significantly impacts
on the social and international economy that support the entire activities performed towards
growth and development (Salee, 2017). This business influenced the owner of motivate the other
staff members and also identify the financial or non-financial efficiency.
Small business
A small business is also important part of economy development when it helps the social
and global economic to increase the employment opportunities in the local borough of London.
It also putting some efforts towards the investment to control sustainable growth in proper
manner. This business impact on the social and international economic for improving the
financial condition and level of property management.
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Medium business
This type of business is mainly supporting the budget investment of social and
international which must guarantee to the medium scale enterprises. In Local borough of
London, there are variety of workplace occupied by other sole traders and also increases the
issues regarding the change of social schemes. The UK government always supports the medium
scale business by making an appropriate rules and regulations.
Large Business
This type of business mainly representing as the big group of economy which always
influence the economic development of county. Large organization has increased the production
and generates more revenue. In this way, it directly impacts on the international and social
economies (Yan and Yan, 2016). They always put innovative idea in the process to improve the
quality of services and product in global marketplace. For Example- Marks and Spencer can
follow the research and development process in the business to determine the obstacles and
barriers in the enterprises trade.
Identify that how impact on the economy and explain within the specific illustration and
statistical data.
It has been summarised that the micro, small and other business impact on the economy of
countries. These type of businesses are important part of economy that will maintain the growth
rate in the international markets (Welter and Gartner, 2016). In this way, it can be analysed that
there are different types of entrepreneurial participation in terms of growth and development.
This will impact on the country economic that has increase 50% of GDP and 56% employment
rate within the local Borough in London.
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Figure 2: Impact on the economy
(Source: Small, medium and large business impact on country economic. 2018)
As per survey, it has found that Small business becomes fastest growing developing areas
of borough of London in UK nation which also comprises through micro or small business. It has
been identified that there are 60% emoplotement rate increases (Bogdanova and et.al., 2016). On
the other hand, Large business should be maintained their data and information in consistently
and also share from different levels.
As per Redbridge Council, it can be identified that Large business supports the economic
condition of nation due to record data, increase revenue and creating the relation with the actual
factors or figures. In between 1987 to 2007, the growth rate much higher for increasing the GDP
which directly influenced the social and international economy of Local borough. In this way, it
is considered the important part of business that can maintain the economic power in proper
manner.
Small businesses are accounted for 99% all type of private sector that will be started in
2016. On the other hand, Small and medium size business are established their own branches in
local borough of london. In this way, Redbridge Council has been produced the report of local
borough where it can identify that total employment in the small business was 15.7 million and
60% are the private sector with increasing the employment rate in UK. Iyt also combined with
the total turnover of small business was 1.8 million with increase the 47% of private sectors in
UK.
Figure 1 Contribution of SME
(Source: The contribution of multiple size enterprise. 2016)
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In 2016, it has been increased 1.3 million employing businesses and 4.2 million non employing
enterprises. In this way, it can be recoginsed that enteirprise did not easily employe the owner.
The population of overall enterprise must be including the legal forms such as sole proprietorship
of 60% and other type of companies approx 1.8 million.
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TASK 2
COVERED IN PPT
CONCLUSION
As per discussion, it concluded that the entrepreneurship and small business management is
the most common approach in the organization that can useful for implementing the new idea
and concept. It can applicable in the small business operations which offer the greater flexibility
to maintain the managerial capacity.
It summarised that the different types of entrepreneurial venture with their specific growth
and development, scope or relationship with the typology. This report describes the comparison
between the entrepreneurial ventures and also identifies their specific similarities. It also
understands the small, medium and large business that impact on the international and social
economy. This report describes that how impact on the economy and explain within the specific
illustration and statistical data.
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REFERENCES
Book and Journals
Amato, C. and et.al., 2017. Regulatory modes and entrepreneurship: the mediational role of
alertness in small business success. Journal of Small Business Management. 55. pp.27-
42.
Bogdanova, S.V. and et.al., 2016. Management of small innovational enterprise under the
conditions of global competition: possibilities and threats. European Research Studies.
19(2). p.268.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Hatten, T.S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.
Jones, P. and et.al., 2018. Entrepreneurship in Africa, part 3: Conclusions on African
entrepreneurship. Journal of Small Business and Enterprise Development. 25(5). pp.706-
709.
Saleem, M.A., 2017. The impact of socio-economic factors on small business
success. Geografia-Malaysian Journal of society and space. 8(1).
Welter, F. and Gartner, W.B. eds., 2016. A research agenda for entrepreneurship and context.
Edward Elgar Publishing.
Yan, J. and Yan, L., 2016. Individual entrepreneurship, collective entrepreneurship and
innovation in small business: an empirical study. International Entrepreneurship and
Management Journal. 12(4). pp.1053-1077.
Online
Small, medium and large business impact on country economic. 2018. [online] Available
through:< https://blogs.lse.ac.uk/businessreview/files/2016/01/Saridakis-Figure-1.jpg >
The contribution of multiple size enterprise. 2016. [online] Available through:<
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/559219/
bpe_2016_statistical_release.pdf>
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