Report on Entrepreneurial Ventures, Economic Impact, and Social Growth

This report delves into the realm of entrepreneurship and small business management, providing a comprehensive analysis of different entrepreneurial ventures, including small businesses, scalable startups, large-scale organizations, and social entrepreneurial ventures. It explores the similarities and differences between these venture types, highlighting their motives, objectives, and management styles. The report further examines the impact of micro and small businesses on the UK economy, emphasizing their significant contribution to employment and Gross Value Added. Additionally, it discusses the importance of small businesses in fostering social and national economic growth, particularly in the context of the BREXIT referendum and its effects on the UK economy. The report concludes by underscoring the critical role of small businesses in driving innovation, reducing unemployment, and enhancing the standard of living, ultimately contributing to the overall development of the social and national economy. The report uses references from various books and journals to support its findings and arguments.

Entrepreneurship and small
Business Management

INTRODUCTION
Entrepreneurship refers to the activity of establishing business by taking financial risk in
order to earn profits. In this context, the following assignment will aid in enhancing
understanding of different types of entrepreneurial ventures and its relations with typology. The
similarities and differences between different types of ventures will be made in this report.
Interpretation and assessment of relevant data and statistics will be made in order to discuss the
impact of micro and small business on economy. Eventually, the importance of small business on
growth of social economy will be discussed.
PART 1
P1 Different type of entrepreneurial ventures and its relation with typology
Entrepreneurial ventures can be defined as an organisation that places innovation and
opportunism at its core in order to produce economic and social value. There four types of
entrepreneurial ventures which are explained below: Small business enterprises: Small business are those enterprises which have limited paid
up capital and low market share (Burns, 2016). Limited employees have been employed
in small business and they target small range of customers. For example, groceries stores,
books stores, etc. Mostly male and female entrepreneurs manage small business
enterprises. Scalable start-up: Scalable start-ups are new and innovative organisation which
embarked with some particular motives (Schaper et.al., 2014). By offering different types
of products at reasonable cost, scalable start-ups able to fulfil the needs and expectations
of customers. Serial entrepreneurs are associated with scalable start-up ventures. Large scale organisation: These are just opposite of small scale organisations. They
have large market share with enormous capital which focuses on manufacturing range of
products and have ample of customers in the market. For example, Microsoft, Tesco,
Morrisons are example of large scale organisation.
 Social Entrepreneurial ventures: Social entrepreneurial ventures are those ventures who
works for growth and development of societies and communities voluntarily. There
motive is not to earn profits rather they serve society by manufacturing different products
or providing different kind of social services. Social entrepreneurs work in these
organisations. For example, Oxfam, etc.
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P2 Similarities and difference between different types of entrepreneurial ventures
Large Business similarities Small Business similarities
 They are similar with small business in
terms of motives and objectives
 These are similar with scalable
start-ups and large scale
enterprises in terms of goals and
objectives.
 Male and female entrepreneurs
managed and control the enterprise
 Male and female entrepreneurs
managed and control the enterprise
Differences Differences
 They have larger market share which
make them distinct from each other
venture.
 These enterprises have smaller
range of products and few
customers (Henrekson and
Sanandaji, 2014).
Female entrepreneur businesses
similarities
Male entrepreneur businesses similarities
 Female entrepreneurs are similar to
male entrepreneurs and serial
entrepreneurs in terms of thinking
innovative and creative.
 Male entrepreneurs are similar to
female and social entrepreneurs in
terms of managing the organisation.
Differences Differences
 Female entrepreneurs have distinct
leadership style and they control
organisation in different manner
(Sahut and Peris-Ortiz, 2014).
 Male entrepreneurs focuses on
generating more and more revenue
and profits.
P3 The impact of micro and small business on economy
Micro business have less than 10 employees and turnover must not exceed £2 million,
small business can employ more than 10 but less than 50 employees and turnover must not
exceed £10 million and medium business can employ more than 50 but less than 250 employees
and turnover must not exceed £50 million. These organisations have great impact on economy of
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United Kingdom as more than 90% of organisations in UK are small and medium scale
organisation. It provides employment to 9.42 million people that is 60% of total workforce are
indulged in small and medium scale organisations. The total Gross Value Added by these
organisations in 2016 was £634 million.
P4 Importance of small business on growth of social economy
Small business plays prominent role in growth and development of social as well as national
economy of United Kingdom especially after BREXIT referendum. After the decision of leaving
European Union in 2016, the economy of UK become unstable as many large organisations
decide to shift their headquarters from London (eg. HSBC bank). Thus, BREXIT impact
negatively on social economy. Small businesses are different from start ups, Start-ups stems out
in order to fulfil needs and expectations of target customers whereas small businesses have
different purpose which is to earn profits and revenue (Storey, 2016). These organisations impact
greatly on the growth and development social as well as national economy by enhancing
innovation, reducing unemployment, increasing standards of living and contributing towards
national economy.
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REFERENCES
Books and Journals
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Henrekson, M. and Sanandaji, T., 2014. Small business activity does not measure
entrepreneurship. Proceedings of the National Academy of Sciences, 111(5), pp.1760-1765.
Sahut, J.M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics, 42(4), pp.663-668.
Schaper, M.T., et.al., 2014. Entrepreneurship and small business.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
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