Entrepreneurial Ventures: Impact on the Economy and Business Growth

This assignment explores the diverse landscape of entrepreneurial ventures, encompassing small businesses, scalable start-ups, large companies, and social enterprises. It delves into the similarities and differences among these ventures, emphasizing their collective impact on economic growth and innovation. The analysis extends to understanding entrepreneurship within both public and corporate sectors, examining the scope, development, and growth of entrepreneurial ventures. A significant portion of the assignment focuses on the impact of micro and small businesses on the economy, highlighting their contributions to employment, innovation, and tax revenue, with a comparison to large businesses. The importance of small businesses and start-ups in fostering social economic growth is also examined, particularly in the context of post-Brexit UK. The assignment further discusses the differences between small, medium, and large businesses regarding employment, turnover, and growth. Finally, it assesses the influence of small businesses on local, regional, national, and international economies, supported by references to key academic sources.

Assignment 1
Task 1

1.1 Different entrepreneurial ventures
Following are the different types of
entrepreneurial ventures such as-
• Small business entrepreneurship
• Scalable start-up entrepreneurship
• Large company entrepreneurship
• Social entrepreneurship

1.2 Similarities and differences within
entrepreneurial ventures
There are different types of entrepreneurial ventures such as
small businesses, large companies, social ventures etc.
However, all these entrepreneurial ventures possess certain
similarities and differences within each other. Main
similarities within such entrepreneurial ventures is that they
impact upon the economic growth and development in the
country. Further, another similarity within such ventures
helps in engaging innovative activities so that it helps in
providing benefit for both entrepreneur and individual.

1.3 Understanding of entrepreneurship
in both public and corporate sector
Following are the diverse range of
entrepreneurial ventures within both public and
corporate sector such as-
• Public sector
• Corporate sector

1.4 Scope, development and growth of
entrepreneurial ventures
There are wide range of scope, growth and
development within entrepreneurial ventures
which are as follows-
• Scope
• Growth
• Development

TASK 2
2.1 Impact of micro and small businesses on economy
Both micro and small businesses impacts upon the economy in the form
of growth and development. However, as micro and small businesses
contributes equally to the UK economy in the form of providing
employment opportunities so that best results can be attained. Both
these types of ventures are having positive impact upon contributing
their share within local community and thus bring something unique
and innovative in market. Such type of businesses impacts upon the
economy in the form that they give taxes and thus raise the economic
standard of country. Thus, through carrying out research, it aids in
assessing that there are around 95% of the market is covered by small
businesses while only 5% of the market is being targeted by large
business houses. Further, it also assesses that small business contributes
around 50% of world gross value and helps them to bring innovation
within firm.

2.2 Importance of small businesses and business start up to the
growth of social economy
Small businesses and start up ventures play a crucial role in
attaining high growth within social economy. However, due to
BREXIT it negatively influences the market as there is low
employment opportunities within country. Hence, after BREXIT,
UK enforces mainly on establishing small businesses and start
ups in order to attain positive growth within country. It is
essential for government of the country to encourage small
businesses and start up ventures to carry out their businesses as it
would help in growth of social economy and meet the needs of
people in society. Following are the major contributions of small
businesses and start ups to the growth of social economy such as-

2.3 Differences that small, medium and large
businesses make to economy
• Following are different aspects that possess
huge impact upon businesses in economy such
as-
• Employment
• Turnover
• Growth

2.4 Small businesses impact on different levels of economy
in local, regional, national and international context
Following are the impact of small businesses on
different levels of economy such as-
• Local
• Regional
• National
• International

REFERENCES
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business.
Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Carraher, S. M. and Paridon, T. J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Hatten, T.S., 2015. Small business management: Entrepreneurship and beyond. Nelson Education.

Thank You