Unit 9 ESBM: Entrepreneurial Ventures and Mindset - Report

This report provides an overview of different types of entrepreneurial ventures, including small business, large business, social, and scalable entrepreneurship, along with a typology covering lifestyle, dynamic, and survival entrepreneurs. It highlights the differences and similarities between these ventures based on size, purpose, employees, and operations, emphasizing their role in economic development through job creation and GDP contribution. The report assesses the impact of small businesses on the UK economy, noting their contribution to employment and turnover, and discusses the importance of start-ups for social economic growth, supported by government assistance. It also addresses the challenges faced by small businesses, such as lack of demand, cost issues, and employee suitability. The document concludes by highlighting the importance of small businesses in providing quality products, employment to local workers, and fostering entrepreneurship development.

OVERVIEW
Entrepreneurship is defined as the ability
as well as readiness to organise, develop
and run by entrepreneur along with various
uncertainties for the purpose of making
profit. It is the process of seeking
opportunities as well as assembling
various resources in order to convert all
possibilities into reality. Entrepreneur has
responsibility to run business operations in
well-defined manner through overcoming
risk and challenges to attain the objective
of higher profitability. Entrepreneur has to
face various challenges to start a new
venture such as lack of resources.
Different types of entrepreneurial
ventures
There are various type of entrepreneurial
venture and entrepreneurial typology. These
ventures are discussed below:
Small Business Entrepreneurship
 Small business entrepreneurship
is established as well as operated
on small scale by the person who
want to support and maintain
lifestyle of its family.
 Marshfield bakeries is the
example of small business
entrepreneurship that operate its
functions in the country of United
Kingdom.
Large Business Entrepreneurship
 Large business entrepreneurship develops or
introduces product and services according to
demand and preferences of customers.
 These organisations have growth potential and
they are established with higher investment.
High number of employees are engaged in
business operations to attain business goals
and objectives.
 Samsung is the example of large business
entrepreneurship that is multinational
organisation. Tesco is the example of large
entrepreneurship that conducts its operations
in UK.

Social Business Entrepreneurship
 Social business entrepreneurship is owned and run by those
entrepreneurs who are involved in developing innovative solutions
and services in order to solve problems that are faced by the
society.
 It brings various changes that could be related to child or woman
abuse, animal right and environment in society to make it better
place to live. Oxfam and The Wikimedia Foundation are some
example of non-profit organisations.
Scalable Entrepreneurship
 Scalable organisations are established with unique and
innovative idea that could bring changes regarding the
problems that are faced by the communities such as poverty
and environmental challenges.
 These business are involved in seeking opportunities to create
products and services that are missing in market to gain
competitive advantages. Google is the organisation that
operated its functions with the objective of making profit.

Typology of Entrepreneurship
Lifestyle Entrepreneur:
Lifestyle entrepreneurs establish business for the purpose of
maintaining lifestyle. These entrepreneurs prefer to live luxurious life
rather than earning profit. Social media influencers, bloggers and content
creator at social media platform are the example of this typology of
entrepreneurship.
Survival Entrepreneur.
Survival entrepreneurship is established by the entrepreneur with
the objective to survive in specific market place for longer period of time
through matching all financial ventures obligations. Small as well as
medium sized organisations are the part of this type of entrepreneurship.
Dynamic Entrepreneur
Entrepreneur who has ability of innovation and creating new
things are considered as the dynamic entrepreneur. These
entrepreneurs implement various business strategies in market such
as internationalization and competitiveness that enable them to run
business operations efficiently for longer time period.

Differences and similarities of different entrepreneurial
ventures
Each and every entrepreneurial venture is somehow similar as well as differentiates from others on the bases of their size, number of employees, purpose
and structure. These differences and similarities are mentioned below:
Basis Small Entrepreneurship Large Business Entrepreneurship Social Entrepreneurship Scalable Entrepreneurship
Size Small business is operated on
domestic level and they have
no defined structure to run
business.
Large business is operated at
domestic as well as international
level. These organisations follow
complex structure to run business
operations such as private and
public limited company.
Social businesses operate their
business functions in national as
well as international level.
Scalable entrepreneurship
operates business operations at
domestic and national level.
Purpose Main purpose of these
entrepreneurial ventures is to
provide support and assistance
to their families.
The objective of these
entrepreneurial ventures is to attain
higher profitability to survive in
competitive business environment
for longer period of time.
Social entrepreneurship are
formed with the purpose of
bring changes in society in order
to make it better place to live.
Purpose of scalable
entrepreneurship is to maximise
profitability ratio through
provide unique and innovative
products to customers.

Basis Small
Entrepreneurship
Large Business
Entrepreneurship
Social
Entrepreneurship
Scalable
Entrepreneurship
Employees Employees are
hired from local
areas. The
maximum limit of
employees is 50 in
these organisations.
In large scale
organisations,
employees are
hired on the bases
of their skills and
talent. Number of
employees are
depended on size of
organisation.
Social
entrepreneurship
hired employees
on voluntarily
bases to bring
changes in world
then only earn
profits.
Employees are hired
on the bases of their
talent, skills and
ability. These
employees are able
to enhance
organisational
profits through
performing
operations
efficiently.
Similarities between entrepreneurial ventures
Every entrepreneurial venture has some similarities due to their objectives, operations. Some similarities of entrepreneurial venture are discussed
as follows:
 Every entrepreneurial venture plays important role in development of economy of country through creating job opportunities.
 All enterprises are operated for attaining some specific purpose and objective. They invest their time, energy as well as efforts to lead business
on the path of success.
 Entrepreneurs of every organisation seek opportunities to lead business towards success. On the other hand, entrepreneurs face various
challenges and risk that are related to financial and social risk.

Assess relevant data explaining how small businesses impact the economy
 Small as well as start-up businesses impacts the economy of UK through enhancing job
opportunities and increasing GDP ratio. As per the Department of Business, Innovation
and Skills (DBIS) in the year of 2015, small businesses create approximately 15.6
million job opportunities and contribute 60% employment in private sector. Annual turnover of small business is £1.8 trillion in UK economy. Balance of Payment
is the factor that plays important role in the in the growth and development of economy.
Small businesses sold their 54% products and services foreign countries (5 ways that
start-ups are important to the UK economy, 2016).
 As small businesses facilitate the economy by providing opportunity of growth and
development. On the other hand, these start-ups fail to conduct their operations in
efficient manner. Every small business is not able to provide enough jobs and even
successful start-ups offer less compensation to its employees.
From the above diagram, it can be in
interpreted that small business are essential for
economy growth and employment.
Contribution of Small business in employment,
business and its turnover are 48%, 99.3% and
33% that is more than any large organisation in
United Kingdom. SMEs facilitates economy
through provide half of turnover of private
sector in UK (UK Small Business Statistics,
2021).
Oxfam is the social business entrepreneurship
that is charitable organisation that focus on
removing poverty of economy that enhance the
level of local economy. These organisational
contribute in enhancing country's GDP as well.
Almost 2.6 million private businesses get
registered in VAT and provide tax that plays
important role in growth of economy.

 As per the survey, it is declared that about 42% of small-firms are
enable to run business operations in economy for longer period of
time because there is no requirement of their products and services in
market, 18% businesses have cost issues as well as 23% small
businesses did not have suitable employees to operate organisational
operations on time in efficient manner (Business Start-up Statistics
UK (2021 Update), 2021).
 Google provides employment opportunities to employees after the
pandemic of Covid-19 that impacts regional as well as national
economy.
Importance of start-ups and small businesses for the growth of
social economy
Small business and start-ups contribute in growth and development
social economy. Government of UK provides financial and
technical assistant to start business and run it in efficient manner.
Offers products quickly: Small businesses and start up
organisations offer quality products to society on regular bases.
These organisation provides essential products to customers that
enhance their significance. People of economy enhance quality of
life through use quality products on time according to their
requirement and preferences.
Provide employment to local workers: Small businesses provide
employment to local workers that impacts on growth and
development of society. If people are employed in a country,
enhances GDP and net profitability. Small business adopts changes
easily and produce products and services according to demand of
society.
Entrepreneurship development: Small business facilitates society
through develop entrepreneur who start new venture on the bases of
their skills and capabilities. They bring new and innovative ideas in
society to enhance social development. It facilitates to economy
through enhancing GDP rate.
REFERENCES
Business Startup Statistics UK (2021 Update). 2021. [Online] Available through:
<https://fundsquire.co.uk/startup-statistics/>./
UK Small Business Statistics.2021 [Online] available through:https://www.fsb.org.uk/uk-small-
business-statistics.html
5 ways that startups are important to the UK economy. 2016. [Online] Available through:
<https://www.formationsdirect.com/blog/5-ways-that-start-ups-are-important-to-the-uk-economy/
>./