Report on Entrepreneurial Ventures: Types, Impact on the Economy

This report examines various types of entrepreneurial ventures, including small businesses, scalable start-ups, large companies, and social entrepreneurship, highlighting their similarities and differences. It delves into the significant impact of these ventures on national, international, and social economies, emphasizing wealth creation, employment generation, and the promotion of innovation. The report analyzes how entrepreneurial activities influence gross national income, per capita income, capital formation, and social changes. It also explores the contributions of small, medium, and large-scale businesses to economic growth, employment, and the improvement of living standards. The report concludes by summarizing the key findings regarding the role of entrepreneurship in the market and its positive effects on economic development.

Entrepreneurial Ventures
and Impact on the Economy.

Table of Contents
INTRODUCTION...........................................................................................................................3
1. Different types of entrepreneurial ventures and the similarities and differences between
them.............................................................................................................................................3
2. Impact of businesses on national, international and social economy......................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
The report highlight the various types of entrepreneurial venture like small scale, scalable
start-up, large company and social entrepreneurship. Entrepreneurs is the person who take t eh
risk for the company to start a new business and uses the creativity and innovation in the market
to create new market for the product. TCG consulting group work as a management consultancy
organization which provides their valuable advice to the different business for their growth. The
report highlights the similarities and differences between the ventures and various impact of t eh
business on the national, international and social economy. It also helps to explain the impact of
the entrepreneurial venture on the different types of business like small, medium, large scale
business.
1. Different types of entrepreneurial ventures and the similarities and differences between them
Entrepreneurial venture : entrepreneurial venture focuses on the innovating and new
businesses and faces high risk to get the maximum profit and productivity (Venkataraman,
2019). There are different types of entrepreneurial venture like small scale entrepreneurial
venture, large company, start-up social entrepreneurial etc.
Types of typology of entrepreneurial venture
1. Small business entrepreneurial : small business like hairdressers, grocery items, commercial
store fronts, plumbers, electricians etc. run their business to get the growth and success in their
life (Huda, and et.al., 2019). Their motive is to earn the income for feeding their family and
upbringing of their children. They can't get the finance from the venture capital they run business
through capitalize from their friends, family etc.
Scope : the scope of the small business entrepreneurial is get the money through which
they can feed their family. They did not want to earn the higher profit. There aim is to provide
the basic knowledge to their children.
Development : The development in the small business entrepreneurial is limited because
of the limited scope and capital investment (Frederick, O'Connor, and Kuratko, 2018). The
capital investment in these entrepreneurial is through the family, friends etc.
Growth : The growth in this kind of business is limited. However, some small business
entrepreneurial provide innovative ideas and provide a better market to grow their business.
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2. Scalable start-up entrepreneurship : The aim of the venture to provide the innovative and
creative ideas to grow their business from the start of the business. But on the same side the
revenue of the business is not high in the scalable start-up entrepreneurship (Julien, 2018).
Scope : the scope of the business to provide t eh innovative product to the market and
attract large number of customer towards them.
Development : They develop their business in the market via attracting the venture
capital through the innovative product and services like customized or tailor made product to the
customer (The Four Types of Entrepreneurship, 2019).
Growth : the growth the business is also high because their product are innovative which
provides some additional feature to the consumer but the same time if t eh product is not
accepted by the consumer they are not able to sustain in the market.
3. Large company entrepreneurship : Large company provides the various innovative product
with different features to attract the customer toward their business. They change the customer
taste, preferences by providing the innovative product with the advance technology and
additional features to their competitors.
Scope : The scope of the business is to create new market for their product and grow in
the market. Their aim is to earn higher profit not for only feeding their family but for the capital
appreciation.
Development and growth : in large company entrepreneurship venture there is high
potential for growth and development of the business because of the large capital investment
through the various sources like joint venture, venture capital etc.
4. Social entrepreneurship : these entrepreneurs innovate the product for the fulfilling the
social need and demand. They work for the society benefits (Matos, Amaral, and Baptista, 2018).
Scope : the scope of t eh business is to provide the social benefits and work for the
welfare of the society by providing innovative and creative product and services. They may be
profit, non-profit or hybrid organization.
Development : They develop their business by raising fund from t he donation, funding
or self finance. Government also provides the various opportunity to grow their business.
Growth : The growth of the business is high in social entrepreneurship because the
entrepreneur innovate the product for the social welfare.
Similarities and difference between the various entrepreneurship venture
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Similarity
Goal and objective : The objective of the all kind of entrepreneurship business is to
provide innovative product to their customer and add additional features in their product. Small
business entrepreneurship, social entrepreneurship all have a common aim objective to provide
innovative product (Hornsby, and et.al., 2018).
Risk : The different types of business like Small business entrepreneurship, social
entrepreneurship bear the risk in the market to introduce their product but the level of risk is
different. The small business bear less risk but the large business bear high risk in the market.
Differences
Basis Small business
entrepreneurship
Scalable start-up
entrepreneurship
Large company
entrepreneurship
Social
entrepreneurshi
p
Employees In this the
employee are not
more than 50.
In this the number
of employees is
depended upon the
structure and size
of the business.
In large company
entrepreneurship
the number of
employees can be
more than 1000.
The number of
employees are
depended on the
size and structure
of the business.
Risk The risk level is
low in small
business.
The risk in the
business is high
because they need
high financial
investment.
The risk in the
large company is
medium because
they sale their
product and
services in large
volume.
The risk level is
low because they
get support from
the government
and various
corporate
business.
2. Impact of businesses on national, international and social economy
The impact of entrepreneurial business on national economy
Entrepreneurship creates wealth for the nation. The entrepreneurial generates the
different activities to enhance the ability of the employee and provide them benefits to generate
the wealth and give multiplier effect in economy.
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Increase gross national income and per capita income : Entrepreneurial make a huge
impact on the national economy. Entrepreneur uses the resources and skills to generate
innovative product for the nation and provide ample opportunity like employment to t eh
population and increases the GNP and per capita income.
Impact of entrepreneurial business on international economy.
Innovative product : Entrepreneur business provides innovative product to the
international market and contribute to increase the wealth of the international economy. The
entrepreneur always want to provide the new and creative product by using their skills and
intelligence which produce new market for their product and services (Kreiser, and et.al., 2019).
Capital formation : The impact of entrepreneur business on international business is that
it help to promote the capital formation. By mobilize the innovative idea to t eh different
countries they help in capital formation of the different business,
Impact of entrepreneurial business on social economy
Create social changes : By offering new product and services they remove the
traditional and old product and remote and social change in t eh society (Brush, and et.al., 2018).
The different business like social entrepreneurship innovate the product and services for
fulfilling the need and demand of the people and work for the social welfare.
Change the perception and taste : The entrepreneur also focuses on the behaviour and
relation of the customer towards the product and examines the ethics, social norms and emotions
of the customer to influence them with their innovative product (WHAT IS THE SOCIAL
ECONOMY, 2019).
Small, medium and large scale businesses impact on the economy
The startups and small business make a huge impact on the growth and development of
the economy. From the given data it can be concluded that 48% small businesses contributes in
providing the employment to the population. They create various job opportunity and promote
and encourage the innovative ideas. The role of small businesses in turnover is 33% because of
the lower capital investment their turnover also less but 99.3% small and medium-sized startups
are in UK economy.
The role of medium size businesses are also increases in the economy. Through their
innovative product they are able to generate the employment by 12 %. Large scale businesses are
provided 40% employment to the economy and help the nation to improve the lining standard of
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the population. They also encourage the new ideas and contribute in nation wealth and
development.
Sources : The Role of Startups and Small Businesses in Today’s Economy.
CONCLUSION
The report summarizes the role of entrepreneurial in the market and various types of
entrepreneurial venture in the market like start-up, large company and social entrepreneurship.
Small business entrepreneurial start there business with the small scale like grocery items,
hairdressers, consultant etc. It can be concluded from the report that there are various types of
similarity and differences between these entrepreneurial venture. It also presents the impact of
the entrepreneurial venture on the economy and its growth by providing the employment.
Improving living standard and contributing in GNP and per capita income.
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REFERENCES
Books and journal
Brush, C. and et.al., 2018. A gendered look at entrepreneurship ecosystems. Small Business
Economics, pp.1-16.
Frederick, H., O'Connor, A. and Kuratko, D. F., 2018. Entrepreneurship. Cengage AU.
Hornsby, J. S. and et.al., 2018. Entrepreneurship everywhere: across campus, across
communities, and across borders. Journal of Small Business Management, 56(1), pp.4-10.
Huda, M. and et.al., 2019. Towards Cooperative With Competitive Alliance: Insights Into
Performance Value in Social Entrepreneurship. In Creating Business Value and
Competitive Advantage With Social Entrepreneurship (pp. 294-317). IGI Global.
Julien, P. A., 2018. The state of the art in small business and entrepreneurship. Routledge.
Kreiser, P.M. and et.al., 2019. Corporate entrepreneurship strategy: extending our knowledge
boundaries through configuration theory. Small Business Economics, pp.1-20.
Matos, C. S., Amaral, M. and Baptista, R., 2018. Senior Entrepreneurship: A Selective Review
and a Research Agenda. Foundations and Trends® in Entrepreneurship, 14(5), pp.427-
554.
Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal Ideas
for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.
Online
The Four Types of Entrepreneurship. 2019. [Online]. Available through :
<http://casnocha.com/2011/02/the-four-types-of-entrepreneurship.html>
WHAT IS THE SOCIAL ECONOMY. 2019. [Online]. Available through :
<http://www.socialeconomy-bcalberta.ca/social-economy/>
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