Entrepreneurial Ventures and Topologies: A Comprehensive Analysis

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ENTREPRENEURSHIP
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Table of Contents
1.DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND THEIR TOPOLOGIES......................................3
ventures and Topologies.............................................................................................................................3
2.SIMILARITIES AND DIFFERENCE BETWEEN ENTREPRENEURIAL VENTURES..............................................6
3.ENTREPRENEURSHIP IN PRIVATE AND PUBLIC SECTOR............................................................................9
4.PROCESS OF DEVELOPMENT AND GROWTH OF ENTREPRENEURIAL VENTURES....................................10
5.IMPACT OF MICRO AND SMALL BUSINESSES ON ECONOMY..................................................................11
6.IMPORTANCE OF SMALL BUSINESSES AND BUSINESS START-UPS TO THE SOCIAL ECONOMY GROWTH
.................................................................................................................................................................. 13
7.DIFFERENCE OF SMALL, MEDIUM AND LARGE BUSINESSES MAKE TO THE ECONOMY SUPPORT..........15
8.IMPACT OF SMALL BUSINESSES ON DIFFERENT LEVEL OF ECONOMY AND IN GLOBAL CONTEXT..........17
Role of small businesses in global economy..............................................................................................20
REFERENCES..............................................................................................................................................22
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1. DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND THEIR
TOPOLOGIES
Entrepreneurship is the study of new business implementation or the implementation of new
business. There are many features of the entrepreneurship (Audretsch 2012).
Starting a new business have substantial unit of the failure risk. An entrepreneur should have
the courage and ability to take that risk essentially.
An entrepreneurship involve innovation that means having new idea from which anyone can
start a new business and can make substantial profit from that business. It can be in the form of
services, products and processes (Audretsch 2012).
Entrepreneur is a person who provides idea and creates services and product for the people.
For supporting the sales he builds an organization. Entrepreneurship is very popular now and it
is the soul of any organization (Busenitz and Arthurs 2014).
Every entrepreneur should have the vision for the ventures’ future. If they won’t have any
vision they can’t reach at success point.
Entrepreneurs should open their mind towards realizing the opportunities for business growth.
Thus they can utilize that opportunities to make benefit for the organization (Busenitz and
Arthurs 2014).
An entrepreneur should be confident about their skills, ideas and achievement. This type of
confidence inspires the people around them.
An entrepreneur should have complete knowledge about the environment of the industry that
helps them to be confident and to make the right time decisions (Busenitz and Arthurs 2014).
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Ventures and Topologies
The risk of a business assumes, manages and organizes by the person is known as An
Entrepreneur. An Entrepreneurial ventures’ main goals are growth of the business and increase
profit by practicing innovative strategies (Busenitz and Arthurs 2014).
All Entrepreneurships are not same, that have different type:
1. Minor business Entrepreneurship
There are several startups and entrepreneurs are still minor businesses in the United
States. 5.7 million Businesses are still small in the United States and 50% employment
of all non-governmental employees and have 99.7% to all the companies (Volery and
Mazzarol 2015). They are the one who have run their own business that are travel
agents, carpenters, electricians, plumbers, advisers, grocery stores etc. They mostly are
profitable and are hire resident employees and their aim of success to fulfill families’
requirement and earn profit (Volery and Mazzarol 2015).
2. Scalable Startup Entrepreneurship
Entrepreneurs have such type strong ideas that they can change the world and with this
they start their business. By hiring the best employees and attracting the investors for
funding, they make business model that is scalable (Picken 2017).
3. Large company Entrepreneurship
Large companies produce more advanced products that have advance technology and
they meet the want of the customers. More often this is done by buying innovative
companies and by partnering with other companies (Drucker 2014).
4. Social Entrepreneurship
An entrepreneur creates innovative services and product to fulfill the social needs and
provide solution to the social problems. Their main aim is to provide services for better
environment. This type of business can be profit, non-profit and mix (Dees 2017).
Entrepreneurship ventures relate to the typology of entrepreneurship
Entrepreneurship research progress is reserved by the shortage of agreement on what
creates an entrepreneurial venture. A typology is suggested that consist of for types of
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venture. Because it is based on distinctive characteristics of every type, it is reasoned
that difference will come from the organization and founders’ identities. Evidence for
these differences will provide by the using of samples of every venture type. To ignore
the differences among venture type, tendency in existing research has examined
(Neumeyer and Santos 2018).
Other than the main entrepreneurship there are various kinds of ventures that are linked with
it:
 Lifestyle venture: This aims to make better lifestyle of the people, for that they try to do
changes and modification in the market trends. That don’t aim to make only profit,
instead of they want the better lifestyle. If the work done by them is successful to the
market perspective, it is reward that they earn in form of the profit (Neumeyer and
Santos 2018).
 Survival ventures: These aims to stay in the competition of market. Before reaching to
this venture many start up business get end. It happens due to lake of proper planning
and skills for managing the business. For survive they decrease their product cost and
number of employees. These ventures target to long running business for that they try
to participate within the market to survive (Neumeyer and Santos 2018).
 Managed growth venture: As time goes they aim to extend their business. They make
strong strategy and implement that with respect to the future perspective. They do this
for the situation when there increase in competition and desires also increased
(Neumeyer and Santos 2018).
 Aggressive development ventures: There aim to only make profit as soon as possible,
for this they also invest more. When the profit is high risk is also very high in this type of
ventures. Their main motive is high investment = high return (Neumeyer and Santos
2018).
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2. SIMILARITIES AND DIFFERENCE BETWEEN ENTREPRENEURIAL
VENTURES
Characteristics Small entrepreneurial
ventures
Medium
entrepreneurial
ventures
Large entrepreneurial
ventures
Owner Small businesses are
mainly held and
managed by the
founder of the
business.
Medium businesses
are privately held by
the fonder but
proceeds with few
memebers.
Large businesses are
held equally by the
investors and
stakeholders of the
business.
Planning It includes short term
planning to earn
some profit.
It includes long term
planning to achieve
decided goals and
make more profit.
But it have
extensively long-term
plan to achieve higher
goals and produce
more profit.
Employees Small business has
minimum employ and
less capital
investment. It can
have 1 to 99
employees.
Medium businesses
grow form small to
successful business.
This can have 100 to
499 employees.
Large businesses have
more than average
measurement scale to
identify. It can have
500 or more
employees.
Investment in plant
and machinery
In the small
businesses amount is
between 25 lakh- 5
crore rupees.
In medium scale
businesses the
machinery mount is
between 5 crore to 10
crore rupees.
At large scale it is
more than 10 crore
rupees.
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Service unit
investment
For small business it is
between 10 lakh to 2
crore rupees.
For medium it is
between 2 crore to 5
crore rupess.
For large enterprises
it is more than 5 crore
rupees.
Decision making
process
This can take fast
decision depending
upon the urgency.
This also can take fast
decision. This helps to
rapidly grow as
compared to the large
enterprises.
But large enterprises
take longer time to
make decisions. And
this can be an
obstacle in the
company growth.
Business model
understanding
This feature is not
available in small
enterprises.
This feature also not
available in medium
scale enterprises.
Large enterprises
understand
extensively the
business model. They
have more resources
to provide training
and also sent
employees to foreign
to attend training.
(Oly Ndubisi and Iftikhar 2012)
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3. ENTREPRENEURSHIP IN PRIVATE AND PUBLIC SECTOR
Entrepreneurship is not an occurrence for private sector, but usually it is associated with the
activity of businesses in the private sector and also with the minor and average business
enterprises. Leaders of private sector implement new entrepreneurship ecosystem to express
internal capability (Leyden 2016). They do this by using the advanced methods, cases, practice
and concepts in that field of the society.
It has been seen that from the last decade, frequency of public literature is increasing. The
research analysis in public sector determines the key component that is appropriate in private
sector (Leyden 2016).
From the above statistics we can analyze that, there were 5.7 million businesses in private
sector of UK in 2018. That is 0.2 million more than 2016 but same as the 2017.
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4. PROCESS OF DEVELOPMENT AND GROWTH OF ENTREPRENEURIAL
VENTURES
The development process of the entrepreneurial ventures consists:
 Determine the quality and provide motivation.
 Developing the ability of planning, selecting, sensing and forming an enterprise.
 Obtaining the ability to manage enterprise successfully (Marion et al., 2015).
 Stimulatory activities are
 Education and training in entrepreneurship
 Publishment of entrepreneurial opportunities.
 Availableness of the technological as well as economical information.
 Recognize their ability and provide incentives (Marion et al., 2015).
 Some supportive services for the development cycle of entrepreneurship
 Gathering funds from investors.
 Buying equipment and machines.
 Getting field and other services.
 Network for marketing.
 Consultancy management
 Technology adaption (Marion et al., 2015).
There are many businesses that are starting in the market and having incredible growth in the
fields like agriculture, sales, technology, marketing, security, finance, production and so. It has
been seen that these all industries either that are small or large have their own growth rate, so
they can provide new platform and innovative skills and ideas to the new started businesses
(Marion et al., 2015).
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5. IMPACT OF MICRO AND SMALL BUSINESSES ON ECONOMY
Micro and Small enterprises is the key for economic development to every country. Micro,
small and medium sized enterprises have 99% of EU businesses. They provide 2/3 of the private
jobs and committed to the more than 50% of the value that totally added and created by EU
business. 9/10 are the micro enterprises with less than 10 employees (Skokan et al., 2013).
Small businesses employ local workers they contribute to local economy. For assessing the size
of the business volume of sales and employees number are used.
Parameters and conditions for defining micro and small enterprises:
Type Condition Employees Assets Sales
Micro Enterprise Owner managed 1-5 <$250000 <$250’000
Small enterprise Owner managed 6-25 $250’000-
$1500’000
(excluding real
estate)
$250’000-
$5’000’000
Source: CSO MSME Classification
Small businesses mayn’t generate more profits individually as large corporations but they play a
significant role in the successes of our economy (Czarniewski 2016). Anything that is
imaginable can be converted in small business with the hard work.
There are the following ways with which small businesses provide benefits to our nation:
They provide opportunity to the people to have financial freedom, create employment
openings and inspire innovation. Small businesses in our community can make big impact on
the world. Small business produces opportunities for verities of new employment (Liedholm
and Mead 2013).
If you look towards the statistics it won’t be easy to a neglect their importance. Brad Sugars
argued that in one year, your startup can create how many jobs? that highlights the
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information that small businesses are between 60-80% of all U.S. jobs. Since 1995, small
businesses are accountable for giving out 44% of the total U.S. secluded workforce (Liedholm
and Mead 2013).
Small-business assurance is at a high record said by a recent survey that has more than 2,000
owners of small-business; it is conducted by CNBC and Survey Monkey (Liedholm and Mead
2013). Even with a imminent trade war and competitive job market, 33% of defendants said
they will increase employees in the upcoming year .
One more benefit of small business is the money back guaranty to the community. Stability of
our nation is defined via economic stability (Liedholm and Mead 2013). Small businesses are
always worked like growth engine that allows government and citizens to obtain the services,
ideas and products that are need for the growth. It also allows people to gain ideas and
implement them to make their business as a reality. This encourages people to take a move
towards becoming an owner of such business (Liedholm and Mead 2013).
Above figure shows the economic growth, that was about 95% in 2017; $2345 which was $302
more than 2016.
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