Entrepreneurial Ventures: Types, Impact, and Small Business Importance

This report delves into the multifaceted world of entrepreneurial ventures, providing a comprehensive analysis of various business models. It begins with an introduction to entrepreneurship and its role in driving innovation and change, followed by an exploration of different types of entrepreneurial ventures, including small businesses, scalable businesses, and social businesses. The report then examines the key differences between these ventures, focusing on their objectives, scalability, and approach to addressing market needs. Furthermore, it highlights the impact of micro and small businesses on the economy, emphasizing their role in competition, local hiring, and employment generation. The report also discusses the importance of small businesses in injecting competition and contributing to economic growth. The conclusion summarizes the diverse range of entrepreneurial ventures and their efforts to achieve favorable growth. The report concludes with a list of references.

Entrepreneurship and Small
Business Management

Cover Content
 Introduction
 Types of entrepreneur venture
 Similarity and differences between entrepreneurial venture
 Impact of micro or small business in economy
 Importance of small business
 Conclusion
 References

Introduction
 Entrepreneurship is a process that involves entrepreneur or innovator to
bring significant changes in terms to transform the way to deal with
customer.
 To carry out functioning of venture or start up an entrepreneur bring
revolution by taking significant amount of calculated risk.
 The purpose of creating diverse entrepreneurial venture is to
transforming idea into practical concept which is finally praised by
internal and external stakeholders.

Entrepreneurial venture
 Entrepreneurial venture refers to start up that is completely based on
innovation for which all internal activities like planning and managing
the resources are carried out by an entrepreneur.
 It is different from traditional business as new venture grab an
opportunity and identify problem based on which it gains the advantage
of fast mover.

Different types of entrepreneurial ventures
 Small business: This is one of the most common forms of venture as
here business operate its performance within confined market zone.
 Scalable business: These business are established to serve wide market
effectively due to which it involve the interest of venture capitalist to
raise fund and give new direction to operation.
 Social business: Here an entrepreneur creates offering with the aim to
resolve social needs of people.

Entrepreneur typology
 Male: Within this typology mainly male candidate have authority to
tackle all the major business decision. It is commonly seen in small
businesses.
 Female: Generally social business involve female entrepreneurial
typology where they have responsibility to build up desirable strategy
 Managed growth: It involve the intervention of both male and female
member that together run ventures which are large and scalable.

Comparison
Basis Small Scalable Social
Objective The primary objective of small
business is to gain desired
amount of revenue to enhance
lifestyle by effective
accommodating routine
expenditure.
Their objective of operations is
to bring revolution that can
change prospective to deal with
customers.
Social entrepreneur works for
society's welfare by mitigate
particular problem via
innovate product or services.
Scalability Small entrepreneur commence
their venture with low capital
due to which they conduct
functioning to the confined
geographical area.
To scale up the size of business
an entrepreneur takes monetary
support from financial
institution and venture capitalist
which is most common form to
give direction to business.
To eradicate certain problem
the internal member takes
voluntary action to spread
awareness and expand its size.
Like NHS offer medical
facility at affordable prices
within UK.

Similarity
Basis Small Scalable Social
Meet the need These business
incorporate role of
counsellor, artist,
carpenter and so on to
cover the requirement of
local residence.
Within Scalable business
the entrepreneur develops
innovation strategy in
order cover wide market
successfully.
Accomplish the basic
need of weaker or
unprivileged section of
society.
Participation in
growth of
economy
Although in comparison
with large business the
contribution of small
enterprises is low but their
existence immensely
support economy in terms
to upgrade lifestyle and
generate employment
opportunity.
Scalable business due to
their innovation gains
wide awareness that attract
investor and enhances the
circulation of funds within
an economy.
Social entrepreneur
contribute to generate
overall growth and
development of an
economy by taking
desirable action for the
society.

Turnover

Importance Of Small Businesses
 Presence of small business helps to inject new competition within an
economy which contribute favourable change within system.
 It successfully operate local hiring that enhances the contribution of
employees by improving their skill, capabilities and knowledge due to
which in return fair remuneration is generated.

Conclusion
 From the above report it has been determined that there are different
range of entrepreneur venture that has its own purpose of existence
such as profit maximisation or work for social motives.
 Additionally, these ventures makes enormous effort to gain favourable
growth by incorporating the scope effectively.

References
Books & Journal
 Akehurst, G., Simarro, E. and Mas‐Tur, A., 2012. Women
entrepreneurship in small service firms: motivations, barriers and
performance. The Service Industries Journal. 32(15). pp.2489-2505.
Online
 Essential Facts You Should Know about SMEs in the UK. 2019.
[Online]. Available through:
<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-
mediumbusinesses-in-the-uk/>.