Entrepreneurial Ventures: Typology, Economic Impact, and Analysis

This report provides a comprehensive overview of entrepreneurship, defining key terms such as entrepreneur, entrepreneurship, entrepreneurial ventures, and enterprise. It explores various typologies of entrepreneurship, including survival firms, lifestyle companies, managed growth firms, and aggressive growth firms. The report also examines the relationship between different entrepreneurial ventures and their corresponding typologies, providing examples of established companies, small-size social ventures, large-size social ventures, and high-growth firms. Furthermore, it analyzes the similarities and differences between entrepreneurial ventures, comparing time horizons, managerial focus, managerial styles, technology investments, and reward systems. The report also interprets and assesses the impact of micro and small businesses on the economy, emphasizing their role in creating opportunities and driving economic growth, especially in the context of the UK's economic changes.

INTRODUCTION
Entrepreneurship is considered to be the act of initiating and operating an enterprises
through an individual who offer creative product , process and service. It is the ability or
willingness by which an individual can develop, organize and manage a business by taking its
risks in order to make profit (A Definition of Entrepreneurship, 2019). An individual who
performs all these functions is known as an Entrepreneur. An entrepreneur is generally a self-
employed, self-motivated, and ambitious person who takes risk to to meet the goals. An
entrepreneur is needed to form and develop few things through examining the need and demand
of consumers. In this report, the detailed explanation of Entrepreneur, Entrepreneurship ,
Entrepreneurial ventures and Enterprise. The study will also define various typology of
entrepreneurship and will also explain the importance of micro, small business and start-ups in
the economy . With the help of this study, the researcher will be able to identify various
motivation, skills and drivers of the traits that can be used by famous as well as successful
business persons.
Different Entrepreneurial ventures and their relation with typology of entrepreneurship.
In the modern world, it is very important to create an innovative product because
customers today focus on the advancement which is offered by a product for which they are even
ready to pay more. In order to create innovative offerings an entrepreneur performs a crucial role
into offering a new product and bears total risk and profit associated with the business.
Entrepreneurship is defined as a framework that help in identifying requirements of customers
as well as earn profit for the same. A entrepreneur is an individual who is needs to hold each and
every function of their business operation along with new innovation and creative ideas in an
effective manner. Different type of entrepreneur which depends on various scale of marketplace. Survival firms: These were those firms which are just surviving in the market, they are
not generating much profits. Basically these are the start-up ventures, whose goal is to
sustain into the environment of the enterprises. Lifestyle companies: These are these companies which creates and sustains a certain
income level for proprietor. These companies works exclusively for achieving profit.

 Managed Growth Firms: This is considered to be that companies which focuses upon
accomplishing profitability through reducing the risk level present into enterprises
( Zacca, Dayan and Ahrens, 2015). Aggressive Growth firms : This is considered to be that companies which seeks for
achieving more profitability in less durations. Public Sector Entrepreneurship: Public sector entrepreneur are taking responsibilities
towards initiatives of economy by performing different and attractive activities that are
beneficial for general public. It affects transformation by mainly exploding knowledge of
different networks. (Bennett, 2014).
 Social Enterprise: Social enterprise mainly concentrates upon satisfying customer
demands rather than generating profits. And whatever profit generated by these firms
will be used for providing effective opportunities to the people.
Typology of entrepreneurship Established Company : It refers to those companies which are already existing in the
current market. It is generally recognised and approved because it has existed for a long
time. For example: Tesco is a multinational grocery store, which is an already established
company and is easily known by the customers, as in this era customers prefer to buy all
the products under one-roof.

 Small Size Social venture: It refers to small sized venture which is facilitating social
services for societal welfare. These types of organisations generally does not earn much
profit and even if they do so, they usage this for providing effective services to
individuals. For example: Funeral care is a business that provides interment and and
funeral services for the dead and their families (Belz and Binder, 2017). These services
are not opted by every individual, as these services are not affordable for everyone. Large Size Social venture : It refers to big-sized social ventures which are providing
various social services at low costs for the welfare of people. These organisations attains
maximum amount of profits but at the same time they are using the earned profit to
provide better services to people. For example: NHS, it known to be the system of public
funded health care which facilitates low-cost and free healthcare services to all the legal
resident of United Kingdom.
 High Growth Firms : It refers to those companies which are growing faster in the
competitive business environment. These organisations earns huge amount of profits and
have a good reputation in the market. These are found in all type of industries and are
good at providing employment opportunities. Foe example : Google is considered to be
the leading multinational technology organisation which deals into internet based
products as well as services. The company is earning huge amount of profits, as in today's
world no online business transaction is possible without internet.
Venture Example Sector Relation with
typology
Established company Tesco Corporate and Private
sector
The typology used is
“Public sector
entrepreneurship”.
Small size social
venture
Funeral care Public sector The typology used is
“survival firms”.
Large sized social
venture
National Health
Service
Public Sector The typology used is
“lifestyle firms”.
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High growth Google Corporate and Private
sector
The typology used is
“Aggressive growth
firm”.
Difference between serial entrepreneur, entrepreneur and owner manger
Basis Serial Entrepreneur Intrapreneure Own mangers
Meaning A serial entrepreneur
is one who comes up
continuously with new
ideas and starts new
business
Intrapreneure refers to
employees of an
organisation who is in
charge of undertaking
innovation in product
and services etc.
It refers to an
individual who is in
charge of certain group
of task or sub set of a
company
Approach Inductive Restorative Productive
Capital Raised by an
entrepreneur
Financed by
organisation
Raised by different
sources such as shares
and debentures.
Similarities and Differences between Entrepreneurial ventures.
Different types of entrepreneur venture are there in competitive marketplace. Various
entrepreneur are running their business operation with their innovative and creative ideas in
order to survive in the competitive edge. For instance there are certain similarities along with
differences. The chosen business are established company, small scale social venture, large scale
social venture and high growth firms.
Similarities
Similarities which are there in these businesses are: there are different types of
organisation who are surviving in the market in order to earn profit as it is the main motive.
Along with such entrepreneur there are some business enterprise who come up with innovative
and creative idea so that they can satisfy customers need and demand. All these organisations are
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surviving just because of the creative idea of the business (Burns and Dewhurst, 2016). The main
reason of the business existence it present for satisfying the consumers requirements through
examining market trends as well as requirements. All three firms were operating for societal
welfare through facilitating several opportunities for job except small scale social venture.
Creating brand name: All the firms either small, huge or another enterprises for brand
name. In case business facilitates effective quality products or services to its customers then it
can simply develop their brand name into the consumers mind and within competitive market
are. It is possible if they concentrate upon its individuals needs as well as accomplishing this into
effectual way. For the completion of the brand name, quality is considered to be essential
aspects for firms as well as business.
Creative idea: The current market trends id very much competitive as well as difficult
for survival. For initiating an entrepreneurial ventures, business person has to come up with
creative ideas as well as creation for surviving and growth into marketplace. As individuals
requirements changes rapidly so this is very crucial for firm to accomplish its consumers needs
for surviving into market area. Whenever any new business comes into market area, it brings
with innovative as well as innovative thoughts. Thus, all enterprises have to adapt strategy of
innovative ideas into its firms for gaining more profitability.
Differences
Survival Life Style Managed growth Aggressive
growth
Time Horizon They don't survive
for long time.
They survive for
whole life.
They can survive
for long time.
They survive for
longer duration of
time as they are
already
established
companies.
Managerial
focus
Its focus is just to
stay in the market
Its focus is to
satisfy the needs
Its focus is to
overcome risk
Its focus is to earn
maximum amount
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of customers
(Storey, 2016).
and then earn
profit.
of profit as fast as
possible.
Managerial style Autocratic style is
used.
Democratic style
is used.
Laissez-faire
style is used.
Autocratic style is
used.
Technology
Investment
Investment is
made according
to the changing
needs of
customers.
Investment is
made.
Huge investment
is made on
technology.
Reward No reward Employees might
be rewarded in
terms of
compensation
and
remuneration.
Rewards are
given .
Rewards are give
according to the
performance.
Organisation
Structure
Flat organisation
structure
Hierarchical Network
structure
Division structure
Economic
motives
To survive in
marketplace for
longer duration of
time.
To generate
income through
other
prospective
Obtaining
profit in
competitive by
minimising risk
To attain higher
profit at low possible
time.
Interpreting and Assessing how Micro and small business impact the economy
Micro Business: Micro business are refer to very small ventures. It is define as one person
enterprise. It is connected with trade people, professional, inventors and manufacture from
variety of people(What is a micro business?, 2019). It is often exempt from workers
compensation, liability insurance with certain professional licensing.
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Small business: This is considered to be the ventures that is severally owned and operate
business in an effective manner. In such business a owner have full control over operation and
discussion. Eventually, it require less capital and less work force along with less or no
machinery.
Small type of business operates in small size with less number of workers or employee.
Where as Micro enterprise are the one with 5 or less than 5 people working in it. Micro
enterprise are creating various opportunities for general people living into the community
because it is working on sole proprietorship. The basic purpose of their running is to fulfil the
basic need of people (Burrows, 2015). Small scale serve the people in an effective manner that
give net profit to the owner. It may also effect environment through brining innovation that help
in developing people living standard through employment opportunities to them.
During the period of brexit, when uk economy has ended all its relation with eu, many
companies tackle the complexities into surviving as the value of currency got decreased. During
that period small as well as micro enterprises aids the united kingdom government in that hard
duration. Small scale contributes around 65 % for new jobs. Without the support of both micro
and small business it was not possible to improve the economy of UK.
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As per the above stated graph it has been identified small business business enterprise are
contributing more in the marketplace of United kingdom. From the data it has been clearly
interpret that Scotland and Wales are the part of UK. Here the contribution of Small scale
business on the economic growth. In Scotland it contributes about 21.2% and in Wales about
16.3%
SMEs play a great role for employing individuals in all over the nation. Small business
contributes over 69.7 % in employing the people in private sector. On an overall this is
interpreted that the employment in private sector is more within small and medium sized
enterprises.
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As per the statistics of the small business , there are appprox5.6 million enterprises at the
beginning of year 2018. as compared to last year, the businesses population into private sector
reduce by 0.5% where as employment enhanced by 2% into private sector. It is the contrast
attributable towards the reduction of small non employing enterprises by 1% but the
maximisation of huge employing venture raised through 2%.
Importance of small-business and business start up to the growth of social economy
Social economy defines the relation among social economy and social behaviour of an
individual. It studies how norms, regulation and ethics influence the behaviour of consumer.
This may has various business size starting from small businesses to large organization as well as
group which operates in all economic sectors (Chell and Karataş-Özkan, 2014) Small business
plays an essential role into the development of societal economy in following manner:
 Creation of employment: Within an economy small type of business are giving
employment opportunities for the illiterate people. By doing so they aids in obviating
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country's poverty. By facilitating employment opportunities they aids in accomplishing
the basic requirements of individuals such as home, foods and many more.
 Innovation: By new innovation in the market, Small enterprises aids in improving the
economy. As into this kinds of enterprises need to have any kind of support for opening
their venture. It helps to acquire talent of individuals in innovation or else to find out
solution for the existing product. Thus, innovation help in creating different from other
business operation.
 Local improvement: Small business are improving the leaving standard of people as it is
providing different type of opportunities in competitive marketplace. This help them to
live better then before. They are able to know about the society requirements that impact
positively upon individuals life of UK.
 Contributing to local government with taxes: When customers support local enterprise
this considered that they are able to produce more income because this aids in bringing
money back to the local community. Enterprise then need to pay more taxes and this
money is utilised through another locals sections for the community welfare. The affects
of local enterprises may be viewed into the collection of taxes.
Characteristics traits, skills of entrepreneur that differentiate from other business manager.
Entrepreneurial skills are define as a set of mind which determine human behaviour
towards the business venture function and activity. (Fayolle and Gailly, 2015). They often draw
opportunities, innovation creation of new value. Each entrepreneur is different which contribute
in different way to their success. There are various kinds of mindset that were discussed below:
 Growth mindset: In this the entrepreneur have a desire to develop as well as create
better themselves. In this they challenge themselves to bring something better then them
so that they can constantly grow better. They always try to increase their knowledge as
well as of universe.
 The business mindset: In this the enterpriser love to facilitates various kinds of facilities
to the people that aids in changing the world. This mindset will assist in easy solving of
the difficulty in order to attain the monetary freedom.
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