Entrepreneurial Ventures: Types, Impact, and Evaluation

This report provides a comprehensive analysis of various entrepreneurial ventures, categorizing them into small-scale, large-scale, social, and saleable types. It explores the typologies of entrepreneurs, including innovators, promoters, and serial entrepreneurs, and identifies similarities and differences between ventures. The report evaluates the impact of micro and small business entities on the economy, discussing their characteristics and contributions. Furthermore, it touches upon the scope of these ventures in a changing business environment and highlights the importance of innovation and adaptation. The report also examines different types of entrepreneurial ventures and their influence on the economy. The report provides an in-depth look at the various aspects of entrepreneurial ventures and their effect on the global business environment.

ENTERPRENEURSHIP

TABLE OF CONTENTS

INTRODUCTION
Entrepreneur are care frequently considered as assets to be cultivated, remunerated
motivated and motivated to the greatest possible extent (Salami, 2011). They have the ability to
change the ways people live and work. In addition to this, for creating the wealth from their
entrepreneurial ventures, they are provides various jobs to the people. In this context, there are
various types of entrepreneurial ventures have been discussed in this report which provides clear
understanding achieving growth and success. It also provides a complete understanding about
various innovative practices and ideas which are applied by Bill gates and Steve jobs. Moreover,
the effect of Brexit and European union on the Entrepreneurship has been discussed in this
report.
TASK1
P1 Analysis of various kinds entrepreneurial ventures and their relations to typology
Entrepreneur is analysed as individual which not working as an employee, found and runs
a small business by analysing the risk and profits of venture. It is commonly considered as
innovator, source of ideas, goods and business ventures, that starts its business with aim to get
recognition and profitability in particular ventures. It is also considered as economic driver that
provides growth to country by taking initiative to introducing new and innovative business
prospects.
The concept of entrepreneurship provides an understanding that it is an act of setting out own
and starting a new business venture instead of working for other in their business.
Entrepreneurship is recognised as the capabilities of individual to design, organize as
well as manage an effective and innovative business plan that helps in getting success and
achievement of its motives. It is also considered as difficult process for very personnel start the
business at own risk as it requires major capital investments and contains risk. Various small
business owners or sole proprietors in UK are considered as entrepreneurs as they started their
operations at own risk (Lushi, 2013). Entrepreneurial ventures can be defined as organization
that places innovation and opportunism at its hearts in order to develop economic and social
value. These are organization which are started by entrepreneurs like sole proprietorship,
partnership and joint venture etc.
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There are various types of entrepreneurial ventures have been discussed in which an individual
has the opportunities to engage and earn probability as per the requirements. Below given are the
four significant type of organizational ventures.
 Small scale ventures capital: These are considered as small scale business ventures or
business operations in which an individual can engage by making less capital investment
and contains low risk. It can be also be considered as a start-up business plan that
involves a new and innovative business idea to organize and manage with an aim of
maximizing profits. These enterprises include online grocery, handicraft, garments and E-
commerce websites etc. In UK, there is major contribution of small business ventures
towards increasing the rate of GDP of country.
 Large scale business ventures: These are considered as major enterprises that has
established a large scale business plan as well as regulating their business operations at
international level. It is also considered as large scale firms in which there is huge capital
investment of various individuals or entrepreneurs and they have regulated their business
operations with an aim to capture a particular market segment. These firms are
established with aim of maximizing by satisfying the major needs of customers. For
example: Tesco is large scale organization which aims at satisfying the needs of people
by providing quality products and achievement of maximum profit in retail industry.
 Social entrepreneurial venture: Basically these enterprises are established or owned by
those individuals or entrepreneurs which have a motive to support the people or society
by using there resources (Sujarwo, 2016). Like men, capital or place. It can also be
considered as those business organizations which are established by individuals with an
aim of resolving the problems of society. One of the most successful example of this is
Ibrahim Abouleish who is the founder of pharmaceutical manufacturing corporation
which produces new medicines for the treatment different major diseases of needy people
in UK.
 Saleable entrepreneurship: Those individuals or entrepreneurs which develops their
ventures with a vision to change the concept of regulating business across the world.
These ventures regulate their business either by providing capital or attracting investors
for the small scale business enterprises. These ventures perform the task of finding
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repeatable and scalable model of business for other entrepreneurs. For example:
entrepreneurs of Silicon Valley etc.
Apart from this, there are some typologies of entrepreneurship have been discussed which relates
to these entrepreneurial ventures as mentioned below:
 Innovator: At the initials stages an entrepreneur build an innovative idea and create a
strategic plan related to design, organize and manage the new business operations.
 Entrepreneur: An inventor after development of idea and investing the funds at own risk
is considered as a potential personality which has a potential to continue its business
operations by differentiating its business from other business ventures (Basolo and
Yerena, 2014).
 Promoters: This relates with the large and small scale ventures entrepreneurs which have
the responsibility to promote their business by adopting various source of communication
to maximize the sale of products and services.
 Administer: Entrepreneurs at this stage becomes a controller of business and analyse
various effective ways through which increases the capabilities of business to sustain in
market.
Serial entrepreneur: These are the individuals who usually takes challenges and continuous to
come up with ideas repeatedly. After establishment of particular business, they will delegate the
responsibility of running its operations to others and move one to other ventures.
Social entrepreneur: Those individuals with generates innovative solutions to resolve society's
most pressing social problems. For example: student organizers from green club at Newcomb
College institute.
Female entrepreneur: These are important female personalties which starts their business at small
scale and sole proprietors for achievement of recognition and self esteem as well as profitability.
Usually female entrepreneurs start their business by taking inspiration from others. For example:
Finnish entrepreneurs “ Armi ratia who is founder of Marimekko textile and home decorating
company.
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P2 Identification of various similarities and differences between the ventures.
With effective research practices, there are several similarities among these ventures are
analysed in relations to small medium enterprise.
 Small and Large entrepreneurial ventures: In modern business environment, there
some have considered as between the small and large scale business ventures in relation
to their business operations in market. The main objective of both these ventures is to
earn or maximize profits by selling innovative products and services ( Fitzgerald and
et.al., 2015). Further, the resources which are by them also similar and the process of
establishment of venture is also similar as they have to follow similar legislations created
by legal authority.
 Small and social ventures: These business ventures are established by business firms
with aim to maximize profits and by satisfying the needs of customers. They also aim at
reduction problems from society like unemployment through introduction of new
business operations that provides major growth to the economy of country (Brush and
Cooper, 2012). Apart from this, they also have to follow similar process of establishment
of business operations. These ventures generate there resources from the stakeholders like
investors, shareholders, employee and government etc.
 Large or social enterprises: These both can also be considered as public enterprises that
involves partnership or gain investments from public for the regulation of innovative
business concept and operations. Both aims to satisfy the needs of people and resolving
social problems of organization. In the present scenario, the large scale organizations
have made their focus on development of skills and competencies among the individuals
and create employment opportunities through expansion of business operations.
Apart from this, there are also some differences have been identified between these
significant ventures capital which are determined below:
Small scale or private Large scale or public Social or voluntary
Developed by single
individual or entrepreneur.
Established by group of
individuals or firms in
particular industry.
Started by single or group of
individual
It requires low or moderate These business ventures huge It requires low investments as
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investment capital or other
resources.
capital investment as it
operates at international level.
compared to public enterprise
as they to manage their
business operations in
domestic country.
These enterprises get their
resources from investors,
personal investments, financier
and monetary as this enterprise
will not issue there shares in
market (Chahal and et.al.,
2016).
These organizations arrange
their funds by issue sing
shares, investors, financial
institution etc.
Raise funds from donations,
cooperative and government.
Entrepreneurs are considered
as responsible for the business
operations and liability of
profit & losses.
Entrepreneurs and
shareholders are liable for any
situation.
Shareholders are responsible
for any operations.
Level of competency is high as
there are many competitors.
Moderate competency level Either low level of
competency.
Lifestyle ventures or businesses
similarities
Serial entrepreneurs ventures similarities
These business ventures are usually start-up
with new business concept and ideas.
Also, established by individuals who take
challenges continuously by generating new and
innovative business prospects
Differences Differences
Operations of business remains in hand of
individual who has started the venture.
Serial entrepreneurs usually delegates the
responsibilities to others after establishment of
business venture.
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Female entrepreneur businesses similarities Male entrepreneur businesses similarities
Mainly objective behind establishment of
business is to gain profitability and recognition
from people.
They also have similar objectives of earning
profits and recognition by introducing new and
innovative business idea prospects.
Differences Differences
Female entrepreneurs counterparts always
tends to be old. For example: Martha stewart,
who was a model, stock broker and caterer
before he has started a product empire.
Male entrepreneur always tends to be young.
For example: Mark Zuckerberg was a college
drop out student and he started Facebook in
Harvard dorm room.
M1
There are various type of entrepreneurial ventures other than this such as private, public
and voluntary organization which operates in every industry within the UK. These are generally
established by the various individuals or entrepreneurs of international firms by introducing new
business concepts and ideas. Other than this, cooperate sector are those business ventures which
are also established by private individuals to maximize profits.
D1
There is wide scope of these ventures with the introduction of new technology and
continuous changes in business environment. With the continuous economic growth of countries,
there are various opportunities will be available for the private and public enterprise to expand
there business and achieve the objectives (Szirmai, Naudé and Goedhuys, 2011). For example:
few IT companies have founded by IT industry and now it has gathered pace and millions of
different sectors are benefited from it. Thus, with these enterprises will achieve a sustainable
growth in there business operations and will be able to achieve the vision, mission and
objectives.
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TASK 2
P3 Evaluation of impact of micro and small business entities on economy
Micro business: Those business ventures which have the involvement of very few people and
has its business operations domestic country. These business comprises nearly 1-9 people. On
coming towards the investments in manufacturing sector, it does not exceed more than.
Nature and characteristic
There are owners are responsible for adding more values to economy. They are involves one
single entrepreneurs who starts business at own risk , these business usually have 1 to 9 people
and turnover is also less.
Small business: These are part of Micro business, which are owned by sole proprietors and have
very few employees. Less revenue is generated by them but they tend to expand continuously by
adopting changes.
Nature and characteristic
These business enterprises usually involves private owners which are considered as sole
proprietor of their business operations. The amount of investments is very limited as they which
is either obtained personal savings and group of individuals. They generally carry there business
at local level and earns more profits in less investments.
Medium business: Those business ventures that also have their operations across the countries
but continuous their business at small scale and usually have a staff of 50 to 150 employees at
workplace. For example : cafe portraits which is an SMEs in UK.
Nature and characteristic
Decision are taken by owners as well as employees as they have authority to provide ideas. They
usually focus on diversified customers base and have their business operations in different
countries.
It is also analysed that these organizations have achieved a continuous growth as they
have introduced various innovative and creative ideas in their business and to satisfy the
customers. Continuous rise in the beginning of small commercial enterprise has rendered major
growth to the system of UK because providing major contribution of around 46% of there
income to the GDP of country (5 ways that startups are important to the UK economy, 2017). In
UK, It has been recognised that 99% of business entities are considered as small business firms
having workforce of maximum 250 people (Onetti and et.al., 2012). According to private
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business forum of UK, 15.2 million jobs are provided by small-scale business entities and by
creating new business ventures. These firms have great contribution towards the GDP as they
have less taxes and tariff as compared to the large-scale business. From the analysis of data, it a
million Micro business enterprises are having their existence in UK and achieved more than 20%
growth as compared to large-scale enterprises. It is also recognised that 46% of overall income of
UK are generated by these entities.
Apart from this, It has been recognised that this organization have provided major
contribution towards rise in living standards and increasing the economy of country by creating
various new products and services to satisfy the needs of consumers. Digitalization has increased
provided an annual revenue of £18.8 billion in the year 2016 which is major contribution.
Moreover, it has resolved the problems of employments by raising the 58000 new job
opportunities for the people in UK. This major contribution has provided positive impact on the
economy of country and increase rate of growth and development.
Basically there 3 types of micro and small business ventures in the economy of UK such as:
 Sole proprietors: these types of business enterprise are established by one single
individual at his own risk and investments. The business operations are totally controlled
by entrepreneurs themselves and hires various other employees for the regulation of
business. In UK, there various small business organization which are owned by single
individuals which has achieved a great profitability.
 Private business enterprise: As compared to the previous analysis, this organization are
more successful in the economy of country and also achieved a continuous by expanding
business operations in various other host countries in UK (Soltanifar, 2016). In present
scenario, these enterprises have provided almost £15 million of annual to the country by
maximizing profits in there business operations like service, hospitality, travel and
tourism, IT sector etc.
 Partnership firms: These are also considered as essential and established by two or
more than organizations or entrepreneurs by sharing capital for making investments in the
business operations. The main aims behind creation of these partnerships is maximizing
profits and achievements of effective returns on investments. For example: As per the
market report, 1.2 million partnership firms are presently operating in UK.
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Further, it can be these micro and small business has provided a positive impact on the economy
as more than 47% of over all income of country is contributed by these firms.
M 2
It has been recognised that 99% of business entities are considered as small business
firms having workforce of maximum 250 people ( Minniti and Lévesque, 2010). According to
private business forum of UK, 15.2 million jobs are provided by small-scale business entities and
by creating new business ventures. These firms have great contribution towards the GDP as they
have less taxes and tariff as compared to the large-scale business. Apart from this, the SMEs
have provided a great contribution of around 475 of overall income of UK. Whereas the large
business organization had made huge contribution of creating new products and services that
satisfy the needs of customers.
D 2
SMEs has its major impact on the different level of the economy like local, regional and
international as it has introduced major opportunities for the people to gain the profits by making
investments in various business operations. This major contribution has provided positive impact
on the economy of country and increase rate of growth and development.
P4 Analysis of importance of small business ventures and starts ups towards the growth of
economy.
Brexit: It is most important word which refers to the withdrawal of Britain from the European
union. When the government of Britain was under David Cameron a referendum was also held
upon the issues in the year 2016. By getting majority of votes from the people, UK has decided
to withdraw their name from European union countries.
Threats imposed by BREXIT:
 Immigration: From the indications provided by forecast, immigration flow towards UK
will remain high after Brexit. Exit from European union will provide major impact on
immigration and increases restrictions on getting visas. Therefore, Many British
residents in EU countries have already filed application for citizenship.
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 Economic effects: Economy of UK will be adversely affected by Brexit because it will
remove the trade relationship of SMEs with organizations in other EU countries that
leads to reduction in sales and profitability. As per the forecast, it will create a loss of
£70 million
Differentiation between small business and startups
Start-ups Small business
Usually focuses on growing business at
continuous rate and generating new and
innovative business ideas
Achievement of growth is usually comparative in
these ventures.
In order to achieve growth, they obtain there
funding from other people and have
potential to make investments savings.
Usually runs their business at local level.
They not take funds from external sources as they
always make personal investments For
example:Martha stewart, who was a model, stock
broker and caterer before he has started a product
empire.
Increase in start ups has been emerged
major growth but it does not provide much
amount of taxes to the government.
Taxes are levied on small business as they
operate their business at own scale without taking
any support from government.
Start ups usually begins at small scale
therefore they have not provided much
employment opportunities.
Small business regulates their business at local
and national scale therefore they generates various
employment opportunities every year.
Start up are innovative idea but they are less
effective in generating income and provided
contribution towards growth
These enterprises have generated high amount of
revenue by increasing its boundaries of trade and
provided major support towards economic
development.
As per the given scenario, it has been recognised that SMEs have their great importance
within every countries as it provides major contribution towards the growth of country and
increasing the culture of investments. Every industry in the economy has its main importance as
it creates major employment opportunities and ways to satisfy the chance of economy. Owners
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