Analyzing Entrepreneurial Ventures: Royal Free Hampstead NHS Trust

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[Entrepreneurship and Small Business Management]
ROYAL FREE HAMPSTEAD
NHS TRUST

Contents
INTRODUCTION...........................................................................................................................2
LO1..................................................................................................................................................3
P1 EXAMINING THE DEVELOPMENT, GROWTH AND SCOPE OF
ENTREPRENEURIAL VENTURES IN ROYAL FREE HAMPSTEAD NHS TRUST...........3
P2 SIMILARITIES AND DIFFERENCES BETWEEN ENTREPRENEURIAL VENTURES 5
M1 EXPLORING THE RANGE OF ENTREPRENEURIAL BUSINESSES TO
DETERMINE AN UNDERSTANDING OF ENTREPRENEURSHIP IN PRIVATE AND
PUBLIC SECTOR.......................................................................................................................7
LO2..................................................................................................................................................8
P3 INTERPRETING DATA AND STATISTICS TO DEMONSTRATE HOW SMALL AND
MICRO BUSINESSES INFLUENCING ON THE ECONOMY...............................................8
P4 IMPORTANCE OF SMALL BUSINESSES AND BUSINESS START-UPS TO THE
GROWTH OF SOCIAL ECONOMY.........................................................................................9
M2 EVALUATING DIFFERENCES SMALL, MEDIUM AND LARGE BUSINESSES
MAKE TO THE ECONOMY BY APPLYING STATISTICS AND DATA...........................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
The people or the individual who starts or runs the business with the available resources and
responsible for the risks involved in the planning of the own business venture (Baum, et al.,
2014). The entrepreneurial venture can be defined as the small business which will be invested in
the individuals or groups with the aim of financial benefit in the business. There are different
types of entrepreneurial ventures which will be described in the assignment. The scope, growth
and development of entrepreneurial ventures will be discussed in the context of the Royal Free
Hampstead NHS Trust which is a trust of the NHS foundation with the aim of providing quality
services to the patients (Royal Free Hampstead, 2018). The similarities and differences between
public and private entrepreneurial ventures with the concept of different types of entrepreneurial
ventures will be further discussed in detail.
The study consist of the concept of small businesses and their effects on the economy with
related data and statistics. According to the Companies Act 2006 of the UK, the small
businesses or companies who have the turnover of not more than £6 million and the employees
of the company does not more than 50 employees so the study will describe its importance to the
economy and social economy with the help of statistics and data. The difference between large
and medium-sized businesses will also be discussed.

LO1
P1 EXAMINING THE DEVELOPMENT, GROWTH AND SCOPE OF
ENTREPRENEURIAL VENTURES IN ROYAL FREE HAMPSTEAD NHS TRUST
Entrepreneurial
The entrepreneurial venture has the main characteristics of emphasizing on the entrepreneurial
function of the organisation that has a strong potential for the development, innovation and
significant change (Burns, 2016).
Ventures
The venture is structured and takes steps to create social and economic worth. It concentrated on
the formulation of the entrepreneurial strategy to adopt the opportunities by developing the
innovation change in the organisation.
There are four types of entrepreneurial ventures and are explained below:
Survival Ventures:
The ventures provide the maintenance for the entrepreneur and it is a small business with very
fewer assets. The ventures may or may not be registered in a formal manner and generally has no
official buildings or premises (Morris, et al., 2016). This type of businesses has no business
relationship with banks and largely operates or depends on the cash and barter system.
Lifestyle Ventures:
This type of ventures has a relatively strong income and the owners use the model for the
business to maintain the strong approaches towards the management. The business made
reinvestments to face the competition in the local market and defeat the competitors. The
ventures have premises with available on the single location but usually not planning for the
growth and expansion (Markantoni, et al., 2014).
High Growth Ventures:
The ventures usually work on the strong approaches and business models to achieve the stability
or growth with a particular period of time (Dee, et al., 2011). The business comprises different

locations with a large number of employees and wants to make the development in the strong
recognition of the brand at the local as well as regional markets.
Social Entrepreneurship Ventures:
These ventures are generally technology based on significant innovation abilities to seeking more
and more growth (Dees, 2017). Ventures are focused on the national and international markets
with their innovative ideas. This ventures work for the increasing the standard of living of the
people and dedicated to the growth of the country. The royal free trust of NHS comprises several
numbers of hospitals and clinics in the UK and work for the welfare of the society (Royal Free
Hampstead, 2018).

P2 SIMILARITIES AND DIFFERENCES BETWEEN ENTREPRENEURIAL
VENTURES
The ventures have the difference on the basis of purpose, size, motive and scale of production
and these are important aspects to understand the similarities and difference of different ventures
and are describing below:
Basis of difference High Growth
Ventures
Lifestyle Ventures Social
Entrepreneurship
Ventures
Motive The businesses create
and earn profits
efficiently and focus
on the high revenues
and profits to develop
the business.
The motive of this
venture is to earn and
make the maximum
profit to contribute to
the owner’s lifestyle.
This venture emphasis
on ecological health
and welfare of the
society and did not
aim to generate
income or profit
(Morris, et al., 2015).
Funding and
Investment
The ventures make a
large investment for
growth and
development for the
business and funds
raised by shares and
debentures, loans
from banks, etc
(Prashantham and
Dhanaraj, 2010).
The ventures finance
their income and use
the money and debt
sourcing. The
businesses generally
focused on less
investment in the
development and
growth of the business
(Markantoni, et al.,
2014).
The ventures mainly
concentrate on
transforming society
with less in return and
with limited financial
resources (Royal Free
Hampstead, 2018).
Market Growth The ventures usually
have a large share in
The owner of the
venture supports the
The ventures focus on
the development of

the market and having
relatively a high
growth rate (Dee, et
al., 2011).
business for its
growth and
development.
society and not profit
or fortune.
Scale of Production The businesses
produce a large
number of units as
they are a huge
business for growth
and expansion.
The ventures produce
less number of units
with the aim of
limited expansion
according to the
availability of
financial resources.
As the ventures aim is
the welfare of the
community so that the
business works for
society with no
amount or profit in
return (Dees, 2017).
Technology and
Skills
The business uses the
new technology to
expand the business
and upgrade the firm
as well as the market
(Dee, et al., 2011).
The business avoids
the maximum use of
technology as it
includes high cost.
The business uses
technology to provide
the benefits to society
and increase the
standard of living.

M1 EXPLORING THE RANGE OF ENTREPRENEURIAL BUSINESSES TO
DETERMINE AN UNDERSTANDING OF ENTREPRENEURSHIP IN PRIVATE AND
PUBLIC SECTOR
Scope and growth of the Entrepreneurial Ventures
The entrepreneurial ventures are important for the small, medium and large level of businesses.
As the youth generation is more focused on having their own businesses instead of getting a job
so that the scope of the ventures are increasing. The royal free Hampstead trust has a wide scope
as it acquired some clinics and hospitals to serve the UK people. The public also interesting to
investing in new ventures as a comparison to their own businesses and thus the scope is not
limited (Dutta, et al., 2015).
The organisation is operated at the format of the medium entrepreneurial venture as the NHS
foundation trust to make the largest in the country to give health care services to the citizens with
the mission of providing world-class experts and local health care (Royal Free Hampstead,
2018). The development of the entrepreneurial ventures is open for the medium and small sized
businesses as the new venture development stage focused on conducting about the change to
make a difference by the opportunity to create the value with strong potential (Parker, 2018).
The increased profits, market, expenses, growth in the income and structure are the main
functions of the business to balance the demand of the economy that helps in the development of
the entrepreneurial ventures (Leyden, 2016). The public sector ventures controlled by the society
and public as they work for the society and provide good deeds. They implement the public
procedures and policies that can give the benefit to the nation’s economy.
The private sector entrepreneurship has the aim to make continuous development in the working
methods with the innovation and upgraded technology. They always seeking for the
opportunities for making a maximum profit to expand and develop the business. The private
sector businesses aim to provide solutions to business problems in the context of innovation to
develop their services or products.

LO2
P3 INTERPRETING DATA AND STATISTICS TO DEMONSTRATE HOW
SMALL AND MICRO BUSINESSES INFLUENCING ON THE ECONOMY
The small-medium enterprises are responsible for and concentrating on the growth of the
economy and their motive is to making huge revenues and profit for the nation. Thus they are
largely contributed to the employment of the nation and in the UK, the industries consisting
majorly part of medium and small enterprises. The SMEs are the major part of the growth of the
economy and also important for the overall revenue of the country (Hillary, 2017).
The medium and small businesses dedicated to the economies through conducting change by
innovation and growth in the community. The small and medium enterprises also support in
boosting productivity in the UK and have a positive impact (Reijonen, et al., 2016).
Small businesses consider for 99.3% of overall corporate sector businesses and 99.9% were
shared by SMEs in 2018. The small and medium businesses contribute approx. 16 million of the
total employment in the UK and more than 50% of overall employment in the private sector
(Carey, et al., 2010). The SMEs supports the economic growth of the country by giving their
contribution to the overall turnover. In 2018, the annual turnover of the small and medium
businesses comprised approx. 2.0 trillion and which was 52% of the overall turnover in the
private sector.

P4 IMPORTANCE OF SMALL BUSINESSES AND BUSINESS START-UPS TO
THE GROWTH OF SOCIAL ECONOMY
Social Entrepreneur
The social entrepreneur works in the organisation for the welfare of the community and increases
the standard of living of the people. The social entrepreneur is contributing to solving the issues
of the people in the society (Burns, 2016). Their aim is to provide the employment to the needy
people or who are not able to be part of large businesses. They work for youngsters, people with
disabilities like the Royal Free Hampstead London work with the people and for the people by
providing health care services to the citizens of the UK.
The importance of SMEs in the increased growth of the economy, as well as the social economy
and they, are nonprofit organisations, voluntary and cooperative sector. They work to meet the
requirements of the people that are not fulfilled by the private and public sector organisations.
The Social Entrepreneurship Ventures works with the mission of welfare of social economy and
generate their income with trade in the country (Dutta, et al., 2015).
The social economy has the social purposes and motives of the several organisations that consist
of foundations like the Royal Free Hampstead foundation of the NHS and cooperatives in the
UK. The social enterprises also work to create opportunities in the development of the social
economy from giving or offering quality services to the people (Dees, 2017).

M2 EVALUATING DIFFERENCES SMALL, MEDIUM AND LARGE BUSINESSES
MAKE TO THE ECONOMY BY APPLYING STATISTICS AND DATA
The economy of the UK differs the in the generation of the overall revenue by large and small
and medium-sized businesses as the SMEs are the supportive part in the economy of the country
which is relatively contributing into the nation. The small and medium businesses create more
than 5 million opportunities of the job to the people and more than 80% of the business
(Giaoutzi, et al., 2016). The royal free trust in London also contributed more than 40% of the
employment.
According to the figure and facts, the small and medium businesses have to comprise with more
than 70% growth in the employment in the corporate sector of the UK (Morris, et al., 2015). The
SMEs are giving their contribution to the economy that has accounted for the increment of about
70% in the jobs. The private sector contributed most of the part to develop the growth of the
economy in the past years and gave the employment to 15 million people in the UK. This will
continue in the near future as aim to provide more than 25,000 jobs by the topmost small and
medium businesses and which will add the high amount to the economy of the enterprises in the
UK (Giaoutzi, et al., 2016).

CONCLUSION
It has been concluded from the above study that there types of entrepreneurial ventures on the
basis of their scope, size, goals and objectives. The understandings of the different types of
ventures help to boost the knowledge of the entrepreneurs and achieve the targeted goals or set
the future goals accordingly. The private and public entrepreneurship has also been discussed in
the report. The relevant data and statistics about the influence of the small and medium
enterprises on the economy that helps in the growth have been discussed in the report.