Entrepreneurship: Ventures, Typologies, and Economic Impact Analysis

This report provides a comprehensive analysis of various entrepreneurial ventures. It begins by defining different types of ventures, including small businesses, scalable start-ups, large company entrepreneurship, and social entrepreneurship. The report then explores the similarities and dissimilarities between these ventures, highlighting their resource utilization, customer focus, and revenue generation strategies. It also examines the importance of small businesses in the economy, including their role in providing employment, fostering innovation, and contributing to taxation. The analysis includes data and statistics related to the impact of micro and small businesses on the UK's economy, as well as the roles of male and female entrepreneurs. Furthermore, the report interprets data and statistics to assess the impact of micro and small businesses, emphasizing the importance of small businesses in improving living standards, increasing GDP, and providing opportunities for women. Finally, the report discusses the differences between small, medium, and large businesses and their contributions to the economy, focusing on their roles in job creation, taxation, and economic stability.

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Entrepreneurship and Small Business Management

Figure 1Impacts of micro and small business on UK's economy
This graph states that micro and small business haver portion 99.3% out of total that helps to
contribute in economy by providing employment opportunities as it give chances ot fill needs of
people and improve their living standard. From the prescribed graph it can be defined that small and
micro businesses has taken a good place in UK market as they identified people needs and started to
provide products and services by creating employment which help to bring improvement in
economy. In this graph, has been shown that 99.3% of total business are exits in UK that covers
small, micro and large organisation. This represents as incremental in job opportunities for labour
and workers who are unemployment and not able to fill their needs. They also fill their family needs
that helps to maintain the good performance of an economy.
The small business are playing important roles by enlarging and expanding its business more
than medium organisation that increase job opportunities more and increases organisational
profitability. The small company consists of high scale and productivity relative to medium and
large businesses, which therefore result in highest competitive ratios. This maximizes sales by
presenting their clients with affordable goods that are willing to pay high rates and discounts for
their high degree of service. Once they have succeed in expanding business then they formulate all
legal formulation and contributed in taxation that used in nation development and making a stable
and sustainable economy. Small company owners focus primarily on seeking new ways to strategize
P4. Explaining the importance of small and start-up business in the growth of social economy
Small Business – Small businesses are owned privately that does not follow any
government rules and regulation while running business and maintaining organisational activities.
They are manly focuses on needs and wants of people then offer kind of products. They complete
their task if they have decided as they are running business at small area. It also make plans to
expand business and enter in to competitive market that helps to maximize the profits.
Importance of small business – Small business have contributed in economy by using many
forms which helps in growth of social economy. Importance of small businesses are as defined:
Provide employment – This type of organisation provide employment chances to
labours who seek to a job for completing their needs. This helps to meet with the needs and wants
of people who are searching jobs. With the help of small business society become capable in
filling their needs.
Contributes in taxation – Small business are run at local level where they need to pay
taxes as per government regulation. This tax amount is used by government in order to filling
social need such as hospital, education and electricity etc. that are important for livings.
Future growth – Businesses make plans and execute them with the help of local
employees which helps to attain the targeted goals and objectives that generate future growth
rapidly of small business and social economy.
Start up business – These are newly established business which are located at local areas in
order to living their daily earning and satisfying the customers. Moreover, this bring new idea
and thoughts which helps to business continuously. The importance of small business are as
defined:
Improving living standard – The start up organisation are providing employment to
fewer number of employees that leads in improvement in living standard of labours that gives
good results such as maximisation of market share and increase income.
Increasing GDP – This helps to increase the GDP rate of economy by enterining in to
market and providing products. With the help of such business the import of products reduces
because people stated to manufacture by themselves and providing them low cost so it increases
GDP rates.
Opportunities for women – Women are also getting opportunities in business by showing
their talent and skills which helps to know their productivity and effectiveness.
Difference small, medium and large businesses to make economy
From the above mentioned graph it has defined that small, medium and large business
are different who are contributing in economy by creating employment opportunities and
maintain good performance. Small business provides fewer than 10, medium less than 250 and
larger organisation are providing employees more than 250 people which helps to manage the
activities and increase organisational performance. They are important for economy as they pays
taxation and formulating government policies that helps to improve the social economy.
P2. Describe the similarities and dissimilarities of the entrepreneurial ventures
All entrepreneurship venture are different as some are runs for making profits,
providing good health and increasing marketing share by providing products and services.
Entrepreneurs are those who understand the needs of people, bring new idea and implement them
that can help to run business and increase organisational profits.
The dissimilarities between different types of ventures in entrepreneurship are as defined:
Basis of
dissimilarities
Small
Business
Scalable
Start-up
Business
Large Company
Entrepreneur-ship
Social
Entrepreneur-ship
Meaning This type of
organisation
are started and
runs for
providing
needed
products and
services
which is
owned by sole
proprietorship
, partnership.
Those
organisations
which have
ability and
capacity to
develop new
ideas by
making
strategic
decisions in
order to run
business and
making
profits.
This types of
organisation are
running business by
using capital,
resources, new
ideas and
technology that
helps to run
business and
increase
profitability.
moreover, it
become competitive
firm.
This is considered as
collection of
group[ and members
who have started
their business by
investing equally
amount and
resources after
determining cultural,
social and
environmental issues
that helps to run
business.
Objectives The main
object of
small business
is to provide
products and
services and
live their daily
life by
generating
revenues.
To innovate
new ideas and
increase the
competition
level by
competing
with rivals
and
generating
revenues.
The main objective
of large
organisation is
provide consumer
satisfaction by
providing better
quality of products,
preferring new taste
in order to earn
higher profits.
The objects of social
entrepreneurship is to
provide customer
satisfaction, establish
a business,
encourages women
and create their
image in high tech
field that make them
independent.
Scope The small
organisation
have limited
scope as they
offer products
in small or
local areas.
The scope of
scalable
business is
more than
small firms as
they try ti
bring
something
new so
customers can
retain
continuously.
The scope of large
organisation is
more and high as it
uses new ideas,
resources and
capital for growing
and developing
business activities.
Social
entrepreneurship has
growing scope who
wants to establish
and increase their
business
performance by
working collectively
and managing
functions.
P1. Analysing various types of entrepreneurial ventures which are related with typology
entrepreneurs
Entrepreneurial ventures – This refers as an organisation which is running by people by
using their knowledge and skills in order to attain their goals and objectives. This venture mainly
focuses on providing services to mid age companies and increases their productivity.
Entrepreneurship is considered as ambiguity risk, success and failure that helps to run a business and
increasing performance.
The types of entrepreneurial ventures are as defined:
Small business – An small starts up and business which is started by individual,
partnership and group privately is small business. It is started with low capital and resources for the
purpose of earning amounts to live their daily life. this organisation mainly focuses on needs and
wants of people then provide products and services accordingly. For example, assets management
company, Airdri, Shop keeper, Marshfield Bakery, etc.
Scalable start-up business – This means a business which is going on continuously, ability
to compete with others and bring innovation for leading and getting high profits effectively. This
type of organisation is created or established for accomplishment of goals by entering in to larger
market area. For example, Bizzby, Cocoon etc.
Large company entrepreneurship – In corporate sector, this is large size organisation
which is establishing, growing and developing the business by bring innovation and ideas is known
as large entrepreneurship. To establish and run such types of venture there is require more
investment and capital that can help to maintain a business and generate higher revenues. For
example, Tesco, Sainsbury, Bentley, Vodafone etc.
Social Entrepreneurship – When a group and collection of people works together by
using their money and resources in order to run business and doing well being of society is known as
social entrepreneurship. This is important for community to involves all people and share
information with them so better quality of products and services can be provided to them.
Example:- Hubbub Enterprise, Resonance, etc.
Typologies are related to organisational ventures
Male typology - In this typology, male people have authority and power to make decisions
regarding organisation activity and organisational structure. Large and scalable entrepreneurship is
related to where male people are only one who understands needs of companies and formulates
regulations to run the business.
Female – This is considered as with women opinion who are able of managing and
organising of business activities by performing multiple task. This helps to increase attain the
business goals by completing task and accepting challenges. This is related with social
entrepreneurship where collection of can run their business.
Managed growth – This typology is stated as male and female who have ability and
capacity to work and accomplish business goals. Both typology bring innovation and technology in
their organisation in order to attain the business goals. This is related with social and large
entrepreneurship which helps to improve the business activities.
Growth The growth of
start up business
is 5%.
They expects
their growth up
to 10-15%.
Large
organisations
expects their
growth 30%.
They are
assuming their
growth and
development up
to 20-25% as
they working
collectively.
Example Barber, local
shopkeeper,
Airdri.
Cocoon, online
business etc.
Sainsbury,
Bentley,
Morrison, tesco.
Hubbub
Enterprise,
Resonance, etc.
Similarities between all venture and entrepreneurship
The similarities between small, social, scalable and large entrepreneurial ventures are elaborated
as:
Utilisation of scarce resources – Every organisation is needed to utilise their resources which
helps to maintain the activity and business performance. All organisation are using their
resources optimally which helps to run business and competing with others.
Increase the customer satisfaction – All business is focusing on their customers as they are
getting satisfaction or not. They always thinks to achieve their success by offering different
taste.
Maximisation of revenues and profits – To increase business activities, development and profit
maximisation is the needs of all entrepreneurship organisation who bring new ideas and
products.
Diverse range of entrepreneurial ventures in public and corporate sector
In Business environment there are different types of organisation who are running their business
by establishing small, large, scalable and social entrepreneurship. All are different as some
are running for increasing profits, non profit and doing social benefits.
Corporate sector – This states as entrepreneurship process which is used to develop new
business, products and services by creating values and earning high revenues.
Public sector entrepreneurship – This means entrepreneurship process which is stared
publically by providing products and services effectively. This organisation focuses on
need and wants of people then offere kind of products that can satisfied them.
TASK 2
P3. Interpreting and assessing relevant data and statistics in order to impact micro and small
business
Micro business - Micro business are states as component of small business who are
running business with very small amount of capital and resources. The actual valuation of assets
and sales is less than $ 250,000 per year in micro business. This type of business can be started
any time by collecting capital and human resources that helps to provide products and services in
order to earning revenues. The size of micro business is very smaller in which fewer than 5
employees are working and can be operated by single owners. For instance, barber, general store
etc.
Small business – This means organisation which is started by arranging resources and
capital in order to provide products and services is considered as small business. This type of
organisation are providing products according to people demand and needs that helps to maintain
the profits. In this organisation less than 10 people are allowed to work who fill their needs by
getting earnings.
Micro and small business are those business who are playing an important role in
economy and improving the economical condition by creating job opportunities and paying
taxation. As all knows that economic fluctuations varies from wages, laws, policies, government
activities, foreign exchange etc. that influences change in the economy. It has created positive
and negative impacts on economy in competitive market.