Report on Entrepreneurial Ventures and Economic Impact Analysis

This report provides a comprehensive analysis of entrepreneurial ventures, exploring various types such as small businesses, scalable startups, social enterprises, and large enterprises. It examines the similarities and differences between these ventures, highlighting their scope, development, and growth. The report delves into the impact of small businesses on the economy, supported by relevant statistics illustrating the contribution of micro and small businesses to economic development, particularly in the UK. Furthermore, it explains the significance of startups and small businesses in fostering social economic growth, emphasizing their role in job creation, innovation, and meeting consumer needs. The report covers key aspects of entrepreneurial venture typology and analyzes the contribution of SMEs towards the UK economy in 2021.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
Task 1...............................................................................................................................................3
P1. Examining distinct entrepreneurial ventures.........................................................................3
P2. Exploring various similarities and differences within various entrepreneurial ventures......5
Impacts of small businesses on economy........................................................................................7
Task 2...............................................................................................................................................7
P3 Interpret along with assess of relevant statistics with the view of illustrating the ways in
which micro and small business results in economic impacts.....................................................7
P4 Explaining importance associated to startup and small businesses in growth to the social
economy.......................................................................................................................................8
Task 3.............................................................................................................................................10
(Covered in PPT).......................................................................................................................10
Task 4.............................................................................................................................................10
(Covered in PPT).......................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCE................................................................................................................................11

INTRODUCTION
Entrepreneurship is seen as act of establishing a business by undertaking ample risks for
making money. In modern world, it is transforming a global through opening an organisation that
produces goods to solve wider problems (Ruskovaara, Hämäläinen and Pihkala, 2016).
Moreover, by using the concept, an individual builds a life as per their own terms. This often
entails no bosses, no one holding back and no restricting schedules. An entrepreneur plays huge
function in entrepreneurship as entrepreneur is somebody who takes initiation for starting side
hustle which eventually generate full time as well as sustainable business with others. It assists in
making powerful transformations and making enormous impacts on the world. Richard Branson,
Philip Green, etc are some entrepreneurs who have implemented various actions for making
changes in world.
The report examines distinct categories of entrepreneurial ventures, differences and
similarities among them. It also assesses data about working of micro and small business that
impacts an economy. It further explains significance related to business start-ups and small
business in social economic growth.
Task 1
P1. Examining distinct entrepreneurial ventures
The term of entrepreneurship could be delineated as staying committed by objectives
yonder sensation of excitement. Moreover, it is about being the one which undertake practices
with willingness of working hard, taking a lead and hence forth to sacrifice comfortability with
the purpose of solving societal problems and earning revenues (Chan, Lim and Uy, 2020).
Entrepreneurs are the people who take risks. Supervise and control business activities by
presenting new goods and facilities. It can be a sole proprietor, partner or group that owns the
majority of the shares of a registered company. A description of various forms of business
enterprises, some of which are defined as follows:
Small business entrepreneurship: When an individuals who operates the management
and achieve and regulate or controlled by single one individual is known as small business
entrepreneurship. People having interest or curiosity in small venture entrepreneurship are likely
to set an entity to earn profits for supporting family together with modest lifestyle. With this, a
person establishes, own, run and manage own business by hiring local residents along with

family members. For instance, grocery stores, tour and travel agency and small cafe which are
managed by solo person. Some examples of small venture entrepreneurship are Imaginera,
Marshfield Bakery, TrustedHousesitters and many more in UK.
Scalable start up entrepreneurship: At the time when a person believes that they have
potentials to open an entity that could bring necessary changes in world, then it is named as
scalable start-up entrepreneurship. It looks towards aspects which are missing in market addition
to develop solutions to resolve all (Popkova and Sergi, 2020). These often receives funding
through venture capitalist as well as employs specialised people for business. The main objective
of this type of business is to change the world by providing quality of goods and satisfying
consumers on a large scale. It attracts investments for the sustainable development of the
organization. Online shopping stores, Instagram, and Facebook are some examples of scalable
businesses.
Social entrepreneurship: An act of establishing a business with the aim of solving
issues of society through offering commodities is social entrepreneurship. It works for making
world the better location. It does not operate for making wealth or any profit rather tends to take
initiation for dedicating themselves for carrying out practices resulting to social good. Presently,
it is facilitated by utilisation of Internet specifically with social networking addition to social
media websites. The Spark, Selnet Ltd, Safe Point Trust, Find Your Choice, British Council, etc
are categorised in social entrepreneurship.
Large entrepreneurship: When a person performs an activity for setting business
having finite level of life cycles then it is large entrepreneurship. It produces or manufactures or
creates new commodities and products that are based on attitudes, preferences and so on aspects
associated to consumers for meeting demand. Virgin Group, Topshop, Tesco, etc are result of
large entrepreneurship. In this sort of the management that have new goods and facilities that are
created by entrepreneurs in respect to satisfy with varying high-quality of consumers that
supports to create high term of productivity as effectively (Audretsch, Lehmann and Paleari,
2015).
Scope, development and growth of entrepreneurial ventures
Entrepreneur is a person who innovate existing products and produces new offerings so
to generate profits and expanding business activities. Scope, development as well as growth of
business rely on sale in addition to demand of goods through which they expand business

worldwide. All kinds of business pertain distinct level of scope and growth which results in
maintain profits respectively. For example, small entrepreneurship has vast scope and
development as establishing along with managing them requires less investment of capital and
generates immediate opportunities. In contrary, scalable, social together with large
entrepreneurship has broader scope because all these works by understand choices and demands
of customer so to launch that kind of offerings that leads to make profits by effectively satisfying
customers (Bergman Jr and McMullen, 2020). The choice and growth of social enterprises are
based on social needs and their satisfaction that will supports to effectively manage the business.
Large, scalable, social enterprises participate in sustainable growth by offering job opportunities
and contributing to corporate social responsibility. Large organizations adapt new technologies
and variation present goods to attract consumers and continue to maintain their business.
Entrepreneurial venture typology
In business aspects, typology refers to cataloguing of numerous things as per different
basis. Some of typologies with relevance to entrepreneurial venture are below:
Lifestyle typology: A kind of typology wherein activity of establishing a business is
undertaken for changing lifestyle despite of earning profits. Social venture and small business
entrepreneurship are relatable with lifestyle typology as these both work for making changes in
society along with becoming a reliable source of income (Guiso, Pistaferri and Schivardi, 2021).
Managed growth typology: Kind of typology in which business entrepreneurs have
different attitudes, behaviours and objectives for venture is managed growth typology. Scale
start-up and large entrepreneurship are closely related with managed growth typology. It is
because these have strong desire for scaling venture for growth as well as potential ability in
order to realise growth for sustainability.
P2. Exploring various similarities and differences within various entrepreneurial ventures
Differences among entrepreneurial ventures are explored below:
Basis Small venture
entrepreneurshi
p
Scalable start
up venture
Social venture Large
entrepreneurship
Introductio
n
Majority or
ventures are
Ventures that
are opened and
Activities of
business
Large entreprenurhsip
is used by advanced

small businesses
as they are
established for
supporting
family.
managed with
the belief of
changing the
world with
innovation are
scalable start-
up
entrepreneurshi
p.
undertaken in form
of enterprise for
solving challenges
pertaining in
society by offering
adequate goods and
services are social
entrepreneurship
(Dana and Ratten,
2017).
professionals that have
knowledge about ways
to sustain innovation
and achieve rapid
growth in competitive
world.
Key features  Needs
minimum
capital
investmen
t.
 Earn for
feeding
family.
 Works
for
changin
g the
world.
 Fundin
g
source
is
venture
capitali
st.
 Wants to
offer
solutions
for issues
in society.
 Do not
operate for
big profits
or any
wealth.
 Engrosses
finite life cycle
levels.
 Have
knowledge
about
sustainability
of innovation.
 Fulfils market
demand
 Makes huge
revenues.
Purposes To get currency
for regular living.
To influence
depositors and
advance
economic
supports for
development of
management
(Boudreaux and
To examine the
wants of
individuals and fill
the necessities in
respect to create
their commercial
and maximise the
financial
The basic purpose of
Large size
entrepreneurship is to
increase their high term
of return and constant
growth of the business
of management.

Nikolaev,
2019).
development.
Similarities among types of entrepreneurial ventures:
 All organisation will deliberate requirements and desires of consumers and create
efforts to offers high term of standards of goods and facilities.
 These ventures carry out operations to meet customer satisfaction along with
enhance business practices.
 All entrepreneurial ventures garbs attention of wider customers and clients to
offer them something that matches to their attitude or behaviour.
 Such businesspersons invents thought and new goods for facing the struggle
(Möller and Halinen, 2017).
Impacts of small businesses on economy
The manner of small business is utilised for various sole proprietorship, privately owned
organisation, etc. that provide services to the few individuals and have low yearly incomes than
unvarying sized organisation. Small businesses are playing a significant part as it effects as
positively on economy by operating the managerial actions and operations. It is confidentially
and public owned business that needs few candidates and limited foundations to create the
management as effectively (Devece, Peris-Ortiz and Rueda-Armengot, 2016). This organisation
subsidises in growth of nation by compensating the duties that improves the financial situation of
any nation. It subsidises to the local markets by improving development and invention to the
community. It will also supports in financial development by providing services and set of
opportunities to individuals that supports to maximise the living sections and enhance the
economy.
Task 2
P3 Interpret along with assess of relevant statistics with the view of illustrating the ways in
which micro and small business results in economic impacts
Business concerns that function or operates on scall level engrossing fewer number of
employees, minimum machines as well as less capital investment are micro and small ventures.
They offer products to local residents and meets demand of society. Such type of ventures only

requires investment in machines, plants, building or other kind of assets once. It have been
assessed that values that are perceived by micro ventures and small business tends to act as key
factors in developing economy of a nation with long term performances (Gorgievski and
Stephan, 2016). For example, an individual who examine the marketplace and establish the
management to exposed cafe at minor section. This management require to recruit candidates,
capital and other sources to present the managerial actions. Hence, small business impacts
positively by offering job chances, developing and delivering goods and facilities as effectively
and efficiently.
Figure 1: Impacts of SMEs in UK economy. 2021
(Source: Impact of SMEs in UK economy. 2021)
As per above data, it could be interpreted that there are ventures who work hard and
contributes in development or growth of an economy in great manner. In context to micro
business, these are those companies that have employee between 1 to 9 numbers and contributes
about 18.9% in economic development of UK. At same time, small business are enterprises that
have 10 to 49 employees working in distinct field and makes contribution of nearby 23.4% in
form of developing infrastructure, generating opportunities of employment and so on so to
develop economy of UK (Bjärsholm, 2017). The role of SMEs in economic development and

growth can be estimated through the static data mentioned above. It will based on the analysis of
such statistics of the small and micro enterprises that can help to improve the people's living
standards by paying taxes, meeting customer needs and providing job opportunities, and have
contributed to the sustainable growth of the business of management.
P4 Explaining importance associated to startup and small businesses in growth to the social
economy
Concept of social economy revolves nearby to formation through rich diversity of
organisations that are foundations, paritarian institutions, cooperatives, etc which shares common
characteristics (Urban and Wood, 2017). Small organizations and start-ups have made extensive
contributions to socio-economic growth as because they emphasize stability and impartiality in
the economy by raising manufacturing levels. Small businesses and start-ups are very important
for socio-economic growth with the motive to solve national issues. Hillingdon is an area
situated in London. It subsidises to the social economy by analyzing social needs and
establishing small businesses there, helping to obtain employment chances and the development
of the country. The main problems of economic contraction are related to unemployment and
deficiency of teaching and abilities. When creating a small business, job opportunities and
education may maximise due to the development of the social economy. The significance of
small businesses to the social economy that are as follows:
Securing financial future: Small business and start-up ventures of UK contributes to
develop social economy through securing financial future. It is analysed that unstable economic
situation have resulted in opening of new ventures and starting a venture with innovative ideas so
to secure financial future of social economy (Watkins and Schubert, 2018). These ventures
contribute in social economy by handling day to day concerns of scheduling work, offering
resources at flexible rates and so on. Moreover, financial future of social economy of the nation
are secured by small and scalable start-up ventures through approach of reduce, recycle and
reuse.
Adapting to changes on climate: Social economy is combination of various organisation
that fails to adapt with changes pertaining in climatic conditions. In this aspect, small businesses
addition to start-up organisation guides rich diversity of companies to respond together with
adapt with necessary climatic changes in quick manner that results in wider contribution towards
development in UK. Also, small and scale start-ups have loyal workforce that are further

provided to rich businesses for strengthening operations and operating in crisis that leads to
development of social economy of a country (Zaheer, Breyer and Dumay, 2019).
It create employment opportunity: It is valuable for nation as because small
management that are desirable candidates who generates job opportunity. Hence, small business
are essential to decrease the redundancy of job that will have an impacts on economy as
effectively (Eniola and Entebang, 2017).
Improve social economy: Small businesses are essential for social economy like
entrepreneurs acknowledged the culture and acquire the individuals who are required in
management of business. By examining the requirements of entrepreneurs to create commercial
for the role of creating durable social economy. By creating goods and facilities as per to society
economy that might be advanced by contributing in social tendencies.
Task 3
(Covered in PPT)
Task 4
(Covered in PPT)
CONCLUSION
As per presented information, it have been concluded that entrepreneur brings wider deal
related to innovation in all types of business fields. Entrepreneurs have competence to build a
rapport for breaking out from any mold as well as working hard so to live a life. While starting
their own venture, certain experiences are felt by them that includes a flexible schedule,
autonomy, constant development, meetings with minded individual, greater self-confidence and
leadership experiences. Entrepreneurship brings huge advantages for a nation as it adds national
income, creates social impacts, provides job opportunities, generates wealth and develops
community. Small venture, social enterprises, scalable startups addition to large company are
categories associated with entrepreneurial ventures. Micro and small businesses impacts on an
economy through fostering infrastructure, reducing unemployment rates and hence forth.

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Online:
Impacts of SMEs in UK economy. 2021. [Online]. Available through;
<https://theconversation.com/brexits-impact-on-small-businesses-the-experts-may-be-
spot-on-after-all-90561>