Analysis of Entrepreneurial Ventures and Business Impact Report

This report provides an in-depth analysis of various entrepreneurial ventures, including scalable startups, small businesses, large corporations, and social enterprises. It explores the similarities and differences between these ventures, highlighting their characteristics and objectives. The report also examines the typologies of entrepreneurship, such as defenders, prospectors, analysers, and reactors, and how they operate within the business environment. Furthermore, it assesses the impact of micro and macro businesses on the economy, including their influence at local, national, and regional levels. Statistical data and relevant information are interpreted to illustrate their contributions to economic development and employment generation, particularly in the UK context. The report emphasizes the importance of small businesses and startups in driving economic growth and improving living standards. Finally, it covers the growth and development of entrepreneurial ventures, and the role of entrepreneurs in implementing innovative ideas for business success.

Entrepreneurship
and Small Business
Management

INTRODUCTION
Entrepreneur mention to a person who invent and implement new ideas into actuality in
order to fulfil the increasing needs and desires of individuals to earn money. Entrepreneurs are
the major source of an economy in which they are running their business with the motive of
gaining profit and generating revenue (Brush and Greene, 2015). These person and individual set
up their new business so that they can provide employment and create job chances to the local
people so that they can make improvement in their surviving standards. Entrepreneurs help in
making endeavor in the development and improvement in state's economic system and provide
support to the economical development of the state. This report will monitor the different types
of enterprises ventures. In context of showing the effect of small and large business concern,
interpretation of statistical information will be done. Further will be described about the
grandness of micro scale and start ups business in context of making development in the
economy of the nation. Competencies, attribute and abilities of flourishing businessperson will
be also explained and the mindset along with their background and experience will also defined.
TASK 1
P1. Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Entrepreneurship is a proficient concept to manage, control, conduct an d lead people
within an organisation against the organisational aims and goal of the company. It is beneficial
for the company because with this, the firm can make expansion in its business and doing
something innovative by using effective technologies in its business. There are various kind of
enterprising ventures and they are defined as below:
Scalable Business Start ups- To make concentration on these kind of business is partly
towards the inventive factors of the business. The continuous framework is impulsive varied by
the enterprises. They make focus at employing prompt organisation in their human resource to
attain the goal. They believe on organisation's capital fund and financial investment for the
expansion of the business.
Small Business- It adverts to those organisations which are set up and established with
small amount of capital and human resources (Bruton and et. al., 2015). These business are
mostly independent and small or limited in size. The revenue and profit generation from these

kind of business is also limited. These business are beneficial for developing the level of
employment so in UK, the government make focus on these kind of business because they create
employment fro the local people.
Large corporations- It refer to those organizations which runs on large scale and
established by investing huge capital. They help in generating huge income for its neutral to
adopt and connect more people with the organisation (Burns, 2016). The primary aim of these
kind of organisations is to gain vast profit with the help of its goods and services. The level of
competition is high for these kind of firms. Large enterprises through continue invention,
providing new goods that are various around their midpoint commodity. The main aim of these
firm is earning huge profit, so this they developed new products and services according their
consumers needs and demands. For example, these kind of firms consist auto-mobile companies
and others.
Social Entrepreneurship- These kind of organisations refer to those firms which are
developed or set up for the welfare of the society and social work. The aims and objectives of
these kind of firm to make development in the products and services for the battlement of
community. The major goal of these venture is to make the world better place and not to make
profits. Basically these kind of organisation include NGOs which are working for social welfare.
Typologies of Entrepreneurship
Defender- They have constricting and comparatively lasting goods market spheres. These
kind of firms rarely demand to sort main adjustments in their technology, structure or methods of
procedures. They make concentration on making improvement the efficiency of existing
operations. They consist a constricted commodity line, a individual, assets intense technology, a
structural artefact and ability in human action skilfulness.
Prospector- They often innovator the improvement of new commodity and the makers of
modification and uncertainness to which rival must react. They consist a various commodity line,
various technologies, a trade good or geographically supported fractional structure and ability in
product investigation and improvement.
Analyser- They run habitually an expeditiously through the utilization of a ceremonial
construction and processes. Analysers tends to have a small basic ware line, a midget number of
affiliated good and industry possibility (Cucculelli and Bettinelli, 2015). They share and transfer
components of both prospectors and defenders.

Reactors- It refer to those companies in which upper director realize broad levels of
environmental uncertainness but need any consonant plan of action for react to this (Doern,
2016). Role player have no foreseeable organisational construction, some may be centralised and
others are decentralised.
P2. Similarities and differences between entrepreneurial ventures
There are various type of businessperson venture like survival venture, life style,
managed growth and aggressive growth ventures. Similarities and differences between all of
them are as following:

Types of Enterprise Similarities Differences
Small v/s large business
enterprise
Both large and small enterprise
works for their own benefits
and for this they try to offer
effective products and services
to it target audiences according
to the demands. So that they
can provide satisfaction to
them. In the form of output, it
can be monitored that with the
help of it the organisation can
make development in the sales
and profit margins (Dunne and
et. al., 2016)(Eijdenberg, Paas
and Masurel, 2015).
Financial conditions is the
largest components that help in
making small business
different form large
organisation. Because they
have huge amount of fund to
run its business implementing
the plan in an appropriate way.
While in context of small
business, these kind of business
running within local area and
small scale. So not earn huge
amount of profit.
Social v/s Scalable
Enterprise
These kind of enterprises
basically work with the
objective of offering effective
products and services to the
people of community so that
they can fulfil their needs and
demands. For this purpose,
they implement new ideas
which are effective to make
the life easier for people.
In this field, the individuals
who are working, they have
the capability of taking risk so
that they can get effective
result by implementing their
Social enterprises are basically
work for the welfare of the
society. They only make focus
to make improvement in the
living standard of the people
and society. Whereas in context
of scalable enterprises, these
ventures work with the
objective of changing the world
for a better living and in order
to do the similar, they utilize
progressive and new ideas
(Fayolle and Gailly, 2015).

innovative ideas. In order to do
this, some new technologies
are adopted.
Lifestyle and survival
entrepreneurial venture
These both type of
entrepreneurial ventures work
with the motive of gaining
more fund and profit for better
survival and set up a effective
images towards the individuals
(Goss, 2015).
Lifestyle entrepreneurial
venture indicates to those work
which is done by people and
individuals for their passion
and the work which they love
to do. For instant, a travel
blogger is do travelling for
their interest and their passion.
Entrepreneurship in public sector- in public sector, entrepreneurship is an advanced inaugural
which outputs in period of time is great economical successfulness. So it is necessary for the
authorities to provide assist to self engaged businessperson in context of effective improvement
and development of the work and activities which offer them different ways to boost cooperation
in order to promote property development. In public sector, entrepreneur majorly execute their
activities and actions within the consideration of national authorities. In this manner, they
promote number of employment and products to their customers accordant to their necessarily
and need and also beneficial for the growth of the company in terms of increasing profit and
enhancing productivity.
Growth and development of entrepreneurial ventures- These venture make endeavor in the
maturation of the organization with the help of their components. Some of the factors and
elements offering different job possibility which aids in rising ownership by enhancing the living
standard and quality of the life. Entrepreneur is basically described as the ability of
implementing new and innovative ideas which help in processing new goods and services
(Hatten, 2015). So that organizations can fulfill the necessity and demands of their actual
consumers and attain the growth of the business.

TASK 2
P3. Interpret and assess relevant data and statistics to illustrate how macro and micro businesses
impact on the economy
Small and micro enterprises and business are the major factor of the growth of a nation's
economy. These firms help in driving and running economy development of the nation by
producing products and services and generating employment (Julien, 2018Karadag, 2015). The
major impact which are created by these kind of business and enterprises are defined as below:
Micro business- It indicate to an administration which is operated its business with the
help of 5 individuals. There are number of people of each and every age who are closely-held
their small business concern due to certain quality and adaptability. In UK, there are around 5.15
million small business located in the opening of 2015 which are enhancing in fast manner
ongoing base. These kind of business basically established by investing less capital but they are
helpful for furnishing work and job possibility to the local people. This way, they create positive
impact on the economy of the country.
Small business- These type of business basically operated and run with the help of 5 to
500 people. In UK, there are more than half of the business concern which directs their
diminutive business concern in mercantile sector. Small businesses are in private closely-held
firm, partnerships or sole proprietorships that have less worker and generating less yearly income
in comparison to a day-to-day sized business concern or firm.

Illustration: Impact of economy on 2018
Source: Impact of economy on, 2018.
Micro business
These business organisation consist 100-999 employees in their business and monitored
under the reach of medium size organisation. These kind of organisations basically formulated
and developed in order to make improvement in the economic condition of the country.
After the Brexit, in UK, the government has provided its support to small business
organisations so that they can gain and earn more competitive advantages in the country. The
nation has manage and control its economic development and light over the small business and
start ups that create direct impact on the variant levels of nation which are defined as following:
Local impact- Small and start up businesses majorly affect respective local businesses
of the country so they are help in offering job opportunities to the people of UK (Mugler, 2017).
This generate favourable impact on the economic condition of the country in term of making
improvement in the living standard of the people.
National impact- This highly affect the small business in the nation so it will assist in
growing economy by generating and creating more and more business evolution opportunities.
This provide and offer great job opportunities which will be helpful for creating nation and their
economy for became rich.
Regional impact- Small and start up business has Small business has broad impact on
all the products and services which are manufactured according to the customers requirement

and offered them at reasonable price. It also create positive and favourable impact on the
economy of the nation.
Employment opportunities- It is crucial to know that micro and small business make an
effective contribution in offering job opportunities. These organisation provide employment to
those individuals who do not have appropriate skills and knowledge or work experience (Rey-
Martí, Porcar and Mas-Tur, 2015). This help in making improvement and enhancing the living
standard of the people. This kind of employee recruitment as two fold benefits, one is generating
job opportunities for incompetent people and another is increasing productivity of these people
by providing them training and induction program.
High employees productivity-Small and micro enterprises have basically less affected
ownership and owners are themselves involved in management. It indicates that other
organisational structure is simpler than other large firms. So, leader and managers can set up
direct networking with personnel to take reviews from worker in terms of problems which are
faced by them during the time of organising operations. This also helpful for the leaders in order
to ascertaining the performance of people.
Contribution to innovation- New and innovative ideas are more likely to develop in small and
micro business during the time of comparison to large business enterprises. To increase stake in
the market and build a strong brand image, these firm bring innovation and development in their
products and services. Along with this, in context of service sector, there are continuant
fluctuation in demand levels of clients which generate opportunities for each enterprises.
Share of business in UK
In UK, there are around 500 billion Euros are collect form small business which represent
50.1 percent of nation's economy. In UK, micro business make contribution up to 4.5 million
(Roig-Tierno, Alcazar and Ribeiro-Navarrete, 2015). U&K government statistics discovered that
these kind of enterprises accounted for around 49.1 percent and generating turnover of about
85% of total.

Illustration: UK SME Data, Stats & Charts
Source: UK SME Data, Stats & Charts,(2019).
From the above graph, it can be determined that there are 1-9 employees within these
kind of enterprises and the average profit of them with in £20,000. In Small organisations, there
are 10-49 employees and the average profit of them £80,000. in medium size companies there
are 50-249 workers who help in running the business and earning profit £240,000 (UK SME
Data, Stats & Charts, 2019).
Social economy
It is formulated bys a affluent variety of organisations like associations, foundations,
cooperatives, mutuals, social enterprises and partiarian institutions of the people an the social
aim over the capital. In UK, economic advancement and innovations emerging from movement
have the potential t help the economy of the country evolve into one that is fit for the challenges.

In the economy of the UK, it is an issue that it stands is that economic policy and social policy
and both have entirely interconnection and depend on one another to succeed. In 2017, in UK,
financial service sector make contribution of £119billion to the economy of UK, 6.5% of total
economic output. In UK, start ups actuation in the last 3 years, it also show that UK start ups
workers 3.24 million people countrywide, accountancy for 12% of all employments in the
country (Saleem, 2017). These small business and star ups create favourable impact on the
economy of nation and increment in the entrepreneurship around the UK is also assist occupation
numbers.
Social economy is a branch of economics that make concentration on the relationship
between social behaviour and economics. It determines that how social norms, ethics, emerging
popular sentiments and other social philosophies influences consumer behaviour and shape
public buying trends.
Small business contribute in social economy- Small business refers to those business which are
establish at small level by making investment of less capital. There are less number of employees
which make their contribution in the running and operating the business of the company. In UK,
these kind of business make great contribution in social economy by creating and generating job
opportunities to the local people. It help in making improvement in the living standards of them.
Small business also help stimulate economic growth by providing employment opportunities to
people who may not be employable by larger corporations.
Small business generate employment and drive nation's economic growth in smaller
geographic location. They make the market more competitive. Basically small business are
operated locally so this provide them a strong preference for hiring local people. Large
organisation often move into new territories with a team already in place, This can help in
improving a city's population but no drives growth and development if new job in a region as
small business do. Small firms have more flexibility so this kind of business can be started by
anyone easily. It makes them more diverse in form function, culture and make increment in their
potential as against big corporations. Simply, small organisation make contribution in social
economy by creating job opportunities for local people.
Small business enterprise in UK- In 2018, there were 5.6 million small businesses and now in
comparison to last year, the private sector business population fell by 0.5% whilst conversely
private sector employment increased by 2%. These kind of businesses accounted for 99.3% of all