Entrepreneurial Ventures: Types and Characteristics

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BROCHURE
Types of entrepreneurial ventures
Following are the types of entrepreneurial ventures:
Small Business Entrepreneurship: These are small
businesses run by the owner in association with friends
and family. The business needs a small initial capital to
start which makes it easier for an individual to set up a
small business (Burns, P., 2016). The businesses
provide efficient products and services to the
consumers but the supply is comparatively less. Due to
the small number of human resource these businesses
are generally does not have an efficient production
system, due to which the products sold are exclusive
and expensive. These businesses focus on growth and
expansion, and are willing to enhance their customer
base. Nevertheless, various small businesses have
proven to be profitable over the years and have now
expanded their business all over the world (Burns and
Dewhurst, 2016). These kinds of businesses have a
high risk but high return profile.
Scalable Start-up Entrepreneurship: The main
focus of these businesses is to innovate and create. The
businesses focus to provide the most innovative and
creative products and services to the market. The main
objective of these enterprises is to innovate and offer
such products that will change the market. The
entrepreneurs of such businesses are highly intelligent
and innovative in its style of running the business.
These entrepreneurs tend to recruit the brightest minds
in their organisation that will help the business to fulfil
its objective of innovation and success. These
businesses are very important for an economy as these
organisations provide such offering that change the
world and signifies the nation it is made. Various
countries promote such type of entrepreneurship as it
significantly contributes to the growth of the economy
(Picken, 2017.). They lean to put up a scalable business
profile.
Large Company Entrepreneurship: These types of
enterprise focus on sustainability and longevity of the
business. The organisation offers new products and
services that enhance the sustainability of the business.
The enterprise puts continuous efforts to adapt to the
changing market tastes and preferences. The
entrepreneur’s main objective of setting up the business is
to succeed in the long run. These companies try to expand
their business in the global market (Dale, 2015). These
enterprises require high initial capitals and have many
structures within the organisation. However, the size of the
business prevents it from offering innovative products
from time to time.
Social Entrepreneurship: Social entrepreneurship deals
with solving social problems prevailing in the economy.
These enterprises offer products and services that aids in
solving the social issues. Social entrepreneurship’s focus
is to enhance the quality of the society by eliminating
social problems (Dees, 2017). These are one of the most
crucial parts of the economy that helps the economy at a
significant level.
Types of ventures that might be considered entrepreneurial

Factors Small business
entrepreneurship
Scalable start-up
entrepreneurship
Large company
entrepreneurship
Social entrepreneurship
Aims and purpose These businesses tend to
achieve a small amount
of profitability and
growth due to the lack of
structured aims and
purposes (Scarborough,
2016).
The main aim of these
businesses is to innovate
products and services,
and offer them to the
market constantly
(Haines, 2016.). These
organisations have a high
profit margin due to the
efforts put in by the
individuals.
The main objective of these
businesses is to achieve
sustainability and longevity
in their business
(Dahlstrand, et al. 2017).
These organisations
continuously develop new
products and service, and
have a strong marketing
strategy.
The main purpose of these
businesses is to provide
products and services that
have social value (Huda, et
al., 2017). These businesses
are set up to eliminate
prevailing social issues.
Threats The overall threats in
these businesses are
comparatively low but
the competition is
significantly high.
The financial investment
in order to set up these
businesses is quite high
due to which the threats
associated with such
businesses are also high
(Chung, 2015).
The large businesses have a
strong risk management
structure that helps them to
minimise threats (Kuratko,
et al., 2015). Hence, these
businesses have a neutral
threat.
These businesses often get
financial aids from the
government and financial
institutions, which
significantly minimises risk
(Chell, et al., 2016).
Employee base In such businesses the
employees are not much,
the employee number
cannot be more than 50.
The expansion of the
employee base in such
businesses depends on
the structure and size.
They have a huge employee
base which is more than
1000 (Kuratko and Morris,
2018).
The number of employees in
the business depends on the
size of the business
(Rawhouser, et al., 2016).
Structure Proper organisational
structure is not duly
maintained due to the
size of the business. The
businesses often are run
solely by the
entrepreneur or in a
partnership.
The structure for such
businesses is mainly
partial partnership or
corporations.
The organisational structure
for such businesses are
often complex and are
eventually turned in a
public sector.
These businesses are mainly
trusts.
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Similarities and differences between entrepreneurial ventures

In public sector:
According to Terjesen, et
al., (2016), the government
directly or indirectly
supervises the public sector
organizations. Different
private sectors provide
strategic help to those
organizations on which the
government invests a higher
amount. Nevertheless, there
are various establishments
in different sectors, which
aim to provide products and
services with top most
quality. These organisations
focus on social welfare and
development, rather than
emphasizing on
profitability.
In corporate sector: As
opined by Kearney and
Meynhardt (2016), these
organisations are owned by
public or individuals and
are run privately. The
organisations often
develop stringent
marketing strategies in
order to provide quality
products and services to
the consumers. However,
the main objective of such
organisations is to have
sustainability and
longevity in the market.
The corporate sectors
associate the large
organisations and scalable
enterprises that need a
strong structure and huge
capital.
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EStudy of a diverse range of entrepreneurial ventures in public and corporate sector

Impacts of micro and small businesses on the economy
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The micro and small businesses contributes significantly to the
economy of a country irrespective of the industry. In UK, the
amount of small and micro businesses is growing significantly
with time and this has proved to be beneficial for the growth of
the economy.
Figure 1: Contrasts of SMEs to large-scale businesses in
the United Kingdom
(Source: Love, et al., 2016)
According to the reports, there are about 4.8 million SMEs in the
United Kingdom which is significantly high as compared to other
regions. The SMEs are all around the UK, which is 98% of all the
organisations in the nation. Hence, the revenue generated by such
industries highly contributed of the GDP of UK. From the total
number of businesses in UK, around 97% of them are considered
to be micro businesses that have an employee base of 0-10
individuals (Sussex, et al., 2016). These companies aggregate to
43% of employment and 32% of total revenue (Love, et al., 2016).
Figure 2: Split of companies in the United Kingdom
(Source: Sussex, et al., 2016)
As concluded from the above graph, the number of
micro and small-scale enterprises is much higher than
large and medium scales enterprises in the United
Kingdom. It can also be seen that 37% of revenue are
contributed which provide 48% of employability
around the United Kingdom (Storey, 2016).
Figure 3: Types of small and micro businesses in United
Kingdom
(Source: Storey, 2016)
There are various categories under which the micro and
small-scale businesses can be categorised, namely,
exporter, non-exporters, innovators and non-innovators.
These businesses generate revenue with or without the
innovations and many such businesses exports goods to
earn the foreign currency that ultimately contribute to
the economy of the United Kingdom.

Maintaining the steady growth of the social
economy is highly essential for a country. From
the research, it is found that, the start-up
businesses have a significant contribution towards
the growth of the social economy. Besides, the
start-up business with a sound organisational
structure and future objective gain a steady
amount of the market share and generate early
profit. In such cases, the enterprises need to give
an amount of tax that directly contributes to the
GDP of the nation. This helps in the growth of the
social economy and eventually in the growth of
the nation. The high mount of business tax given
by such businesses makes a huge difference in the
growth of the economy. Human resource is the
most crucial aspect of any organisation to operate
with efficiency (Guo, et al., 2016). Hence, a start-
up needs to recruit individuals to enhance the
business operations. This, in turn, helps the
economy to augment the employment rate in the
economy significantly. Unemployment is a huge
drawback to any economy and the start-ups helps
to prevent the issue to some extent.
CSR activities are highly important that
many start-ups get associated with; the
CSR activities help these start-ups to relate
their businesses with the social,
environmental and economic problems that
improve their brand image. These
enterprises provide basic amenities, like
water, electricity, sanitary napkins, and so
on to the poor people in the rural areas.
These enterprises also provide educational
and financial support to these people that
help to enhance their condition. These
activities not only help the society but also
improve the brand image of the start-up.
There are various start-ups in the United
Kingdom that has significantly
contributing to the GDP (Bloch and
Bhattacharya, 2016).
Importance of small-scale business and start-ups in the growth of the
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Evaluation of the impacts small, medium and large scale business have on economy
BROCHURE
Evaluation of the impacts small, medium and large scale business have on economy
According to Burns (2016), the number of micro and small-
scale enterprises in the United Kingdom is significantly
higher than the large-scale organisations. The medium and
small-scale organisations have seen a prominent growth in
the UK economy and have largely contributed of the GDP
of the country. On the contrary, as opined by Burns and
Dewhurst (2016), the large-scale industries in UK earn a
significant amount of revenue due to the quality products
and services and the brand image that these businesses
have. From the research works of Dale (2015), the large
scale enterprises in United Kingdom have also taken the
advantage of the globalised market, prevailing in today’s
time, to establish their brands in various foreign markets.
This helps these enterprises to earn in the foreign currency
that also benefits the economy of the United Kingdom. The
larger businesses have a sound organisational structure and
a number of diverse operational activities. This makes them
employ a large number of individuals that enhances the
employment rate at a prominent level as compared to the
other enterprises.
From the research works of Dees, (2017), the large-scale
enterprises also spend a higher amount in the CSR activities of
the country. The CSR activities help to improve the quality of
the underprivileged people of the economy. This improves the
quality of the economy as due to the CSR activities the human
resource of the country can be utilised as assets and not s a
liability.
As opined by Kuratko and Morris (2018), the focus of the small and
medium scale enterprises is to provide innovative products to the
market that gains them a significant level of revenue and
recognition. This also stimulates the business growth of these
enterprises. The only way in which the small and medium scale
businesses can compete with the larger businesses is by providing
the market with an innovative product that is not produced by the
larger firms. This also leads the larger firms to buy the patents of
such products that help the small and medium scale businesses to
earn a huge sum of revenue. The modern flexible globalisation
regulations have helped these small and medium scale businesses to
export higher volume of goods and recruit a large number of
candidates in the United Kingdom, which aids in reducing the
unemployment rate.
References
Bloch, H. and Bhattacharya, M., 2016. Promotion of innovation and job growth in small‐and medium‐sized enterprises in Australia: Evidence and policy issues. Australian Economic Review, 49(2), pp.192-199.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan International Higher Education.
Chell, E., Spence, L.J., Perrini, F. and Harris, J.D., 2016. Social entrepreneurship and business ethics: Does social equal ethical?. Journal of business ethics, 133(4), pp.619-625.
Chung, J., 2015. Lean startup for academic entrepreneurship: Building a scalable startup launchpad. In Competitive strategies for academic entrepreneurship: Commercialization of research-based products (pp. 171-187). IGI Global.
Dahlstrand, Å.T.L., Smith, H.L. and Baines, N., 2016. Academic Entrepreneurship: Spin-offs in Sweden and the UK. In University evolution, entrepreneurial activity and regional competitiveness (pp. 127-150). Springer, Cham.
Dale, A., 2015. Self-Employment and entrepreneurship: notes on two problematic concepts. In Deciphering the Enterprise Culture (Routledge Revivals) (pp. 55-72). Routledge.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case studies in social entrepreneurship and sustainability(pp. 34-42). Routledge.
Guo, Q., He, C. and Li, D., 2016. Entrepreneurship in China: The role of localisation and urbanisation economies. Urban Studies, 53(12), pp.2584-2606.
Haines, T., 2016. Developing a startup and innovation ecosystem in regional Australia. Technology Innovation Management Review, 6(6), pp.24-32.