Entrepreneurial Ventures Report: Types, Impact, and Statistics

This report, an analysis of entrepreneurial ventures, begins with an introduction to entrepreneurship and its core concepts. Task 1 examines different types of entrepreneurial ventures, including scalable start-ups, small businesses, large company entrepreneurship, and social entrepreneurship, expl...Read More

ENTREPRENEURIAL
VENTURES
(PART-1)

TABLE OF CONTENT
ENTREPRENEURIAL VENTURES.................................................................................................1
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1Examining different types of entrepreneurial ventures and explaining how they relate to the
typology of entrepreneurship..................................................................................................3
P2 Exploring the similarities and differences between entrepreneurial ventures and
investigating a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector.......................................................4
TASK 2............................................................................................................................................7
P3 Interpreting and assessing relevant statistics and data for illustrating how small and micro
business impact on the economy............................................................................................7
P4 Explaining the importance of small businesses and business start-ups to the growth of
social economy. Evaluating the differences small, medium and large businesses make to the
economy relevant to the data and statistics............................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is defined as process or procedure of designing, running and launching a
new business venture. It is said that this type of business is similar to small businesses and has
willingness, capacity and ability for developing, organizing and managing a new venture along
with minimizing risks and maximizing profits. Entrepreneur is the person who takes the
responsibility of carrying out activities of entrepreneurship to make a new business successful.
There are different types of ownership structures in entrepreneurial ventures and entrepreneurs
require particular characteristics and skills for developing and managing a business (Bertoni,
Martí and Reverte, 2019).
The ability, experience and background of an entrepreneur hold diverse impact on the
entrepreneurship that could hinder or foster a business. The present study is focusing on various
types of entrepreneurial ventures and their impact on the business and an economy. Along with
this, mindset and skills required for setting up a new business would be explained with the
personal background, experience and way that could affect the new business.
TASK 1
P1Examining different types of entrepreneurial ventures and explaining how they relate to the
typology of entrepreneurship
Entrepreneurial ventures could be defined as an organization that focuses on placing innovation
for producing social or economic value. Entrepreneurial ventures are generally correlated with
the characteristics of entrepreneur. The different kinds of entrepreneurial ventures may include:
Scalable start up entrepreneurship: This is the type of business that starts with the motive of
bringing innovative ideas and focusing on offering innovative services and products from the
beginning of business. These are the kind of entrepreneurs who have belief and confidence on
their ideas as they could contribute in changing the world. This type of entrepreneurs gets
investment from different venture capitalists. This specific organization focuses and looks for
skilled, brightest and talented mind for the various operations of business and they make sure
that selected talented mind set up a model of scalable business (Lee and Huang, 2018).
Small business entrepreneurship: This is the kind of start up business that is run by owners and
has few numbers of workers or employees. In the small business the generation of revenue is in
at small scale and this business is more concerned about attracting more number of clients and

developing their own services and products. This is the kind of business that could be with
members of family, friends and relatives as partner. Therefore, there are varieties of small
businesses that offer innovative services or products and grow exceptionally.
Large company entrepreneurship: The large companies have multiple life cycles and they are
more concerned about offering new services or products to the consumers for longevity,
sustainability and development of the business. The demands and requirements of consumers
change continuously with legislation and competition that ultimately force large companies to
bring innovation and focus on new products for the whole new market. Hence, it is also observed
that because of the size of organization that is large it creates difficulty in bringing innovation in
every step and stage of different operations.
Social Entrepreneurship: This is the kind of entrepreneurship that is concerned about resolving
social issues and problems by offering services and products that could solve those problems.
This is the kind of companies that focus on developing world by creating more opportunities and
this could be done for the motive of earning profits. In this there are various companies that do
not have motive to earn profits but to serve people of the society for their betterment (Bertoni,
Martí and Reverte, 2019).
P2 Exploring the similarities and differences between entrepreneurial ventures and investigating
a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector
There are certain similarities and differences between entrepreneurial ventures that are defined
below:
Factors Scalable start up
entrepreneurship
Small business
entrepreneurship
Large company
entrepreneurship
Social
entrepreneurship
Objectives and
goals
The main goal of
the scalable start
up
entrepreneurship
is to offer
products or
services that are
innovative in
This is the type
entrepreneurial
ventures that do
not focus on
objective of
earning profit at
initial stages but
it is more
This is the type
of organization
that targets
towards attaining
maximum
market share by
fulfilling
expectations and
This is the
organization that
focuses on
offering great
quality products
and services for
helping society
and making

nature and
continuously
focuses on
gaining high
profit ratio for
investors.
concerned about
achieving larger
customer base
and creating
place or position
in the market.
needs of existing
as well as
potential
customers. The
main objective
behind fulfilling
such
expectations is to
earn high rate of
profits
(Fraccastoro,
Gabrielsson and
Chetty, 2021).
world a better
place for people
to survive.
Number of
employees
The number of
employees
depends upon the
size and structure
of organization
also on the need
of company.
This is the
organization that
starts with very
small scale so it
does not require
larger number of
employees. So,
in this there is no
requirement of
recruiting more
than 50
employees.
In this employees
work in very
large number.
There could be
more than 1000
employees.
Employees are
hired as per the
size of business.
It depends on the
scale that
particular
organization is
operating.
Structure It generally
includes limited
and corporations.
There is no
systematic
structure of
organization and
generally it runs
in the form of
The structure of
large
organization is
complex and it
could be private
ltd or public ltd
It is commonly
known as trust
based
organizations
who work for the
betterment of

single owner that
is sole
proprietorship or
in a form of
partnerships.
company. particular
society.
Risks There are
number of
chances of risks
because in this
large amount is
invested and
these
organizations
always have
pressure to give
high amount
return to
investors by
fulfilling sales
targets and
providing great
services.
The risk in this
venture is very
low because
there is only
money invested
of sole proprietor
and there is
lower
competition as
compared to
large
organizations.
The risk level in
this type of
entrepreneurial
venture is
moderate
because this
organization
already hold
great market
share and easily
manage in
increasing the
volume of sale
because of high
brand value
(Colombo,
D’Adda and
Quas, 2019).
There are very
low risks because
these businesses
generally get
support from
public and
government
because of their
mission and
vision.
Demonstrating an understanding of entrepreneurship in public as well as corporate sector
Public sector:
The public sector organizations or companies are generally by government or its
subsidiaries directly or indirectly. In public sector companies, government has huge contribution
financially in these companies and there are various private companies that provide strategic
assistance to such companies. This is the kind of companies that have existence in various
sectors and concerned about offering great quality services or products to the consumers. These

are the organization that does not focus on earning large amount of profits as it is more
concerned about social development and welfare (Boeker and et. al., 2019).
Private sector:
The corporate sector companies focus on running privately as there many individuals who
can own such type of organizations. These are the type of companies that focus on developing
strategies of marketing for offering great quality services or products to customers for enhancing
profitability level and long run of the company. Scalable entrepreneurial venture and large
organizations are related with corporate sectors as there are entrepreneurs who are handling them
privately for surviving among different competitors in the market. These sector organizations are
concerned about earning large amount of profits to gain large size of market share (Camargo-
Perez and et. al., 2019).
TASK 2
P3 Interpreting and assessing relevant statistics and data for illustrating how small and micro
business impact on the economy
In the UK, micro and small businesses are more in numbers as compared to large scale
companies. The micro and small businesses are focusing on capturing larger market share and
contributing for the economy of United Kingdom. The micro and small businesses are important
for the economy of UK because it focuses on generating employment and fulfilling the
expectations and demands of people. In every kind of industry small and micro businesses holds
a greater part and contribute more the economy of different countries. It is increasing constantly
because it is more focused towards satisfying their existing as well as potential customers
(Burton and et. al., 2019). In United Kingdom there are 4.5 million small and medium enterprises
and it is observed that they are 99% of entire business in the United Kingdom. The revenue
generated through such businesses holds great contribution in gross domestic product of the
economy of United Kingdom. There are 96% micro organizations that employ 0-9 employees in
the workplace.

Figure 1Comparison between large business and SME's in the United Kingdom
Figure 2: Business share in the United Kingdom

As per the shown graph it is interpreted that micro and small businesses are more than
large and medium sized businesses operating in United Kingdom. Micro and small organizations
earn up to turnover of 37% and offer 48% employment opportunities in United Kingdom.
Figure 3: Kind of small and micro business in the United Kingdom
The micro and small organizations could be divided as exporter, non-exporter, non-
innovator and innovator. These are the organizations that do not need to invest in innovation as
they could easily generate profits without it (Turner and Ledwith, 2018).
P4 Explaining the importance of small businesses and business start-ups to the growth of social
economy. Evaluating the differences small, medium and large businesses make to the
economy relevant to the data and statistics
For the growth of social economy the small businesses and start ups have influenced in
different countries. The small and start up businesses are generally comes up with new and
innovative ideas of services and products that could meet the expectations of public in
comparison to other businesses (Stankalla, Koval and Chromjakova, 2018). There are many
cases where start ups could easily gain the larger market share and generate high amount of
profits. There are various kinds of start-ups that focus on adopting activities of corporate social
responsibility related to economical, environmental and social problems for enhancing value of

the brand. These start-ups assist in providing education and employment to the people so that
they could improve their well-being and standard of living. These start-ups also hold greater
importance in increasing the gross domestic product of country by continuously operating in
different sectors of the industry.
Differences made by small, medium and large businesses in the economy of United
Kingdom
In UK, the number of small and medium businesses is greater in comparison to larger
companies. The medium and small sized businesses have focused on capturing large market
share by increasing the market share. This has helped them in contributing the economy of
United Kingdom. Therefore, larger businesses earn high amount of revenue by offering greater
quality products and services (Fernández and et. al., 2019). Many large businesses in United
Kingdom have already located their establishments in different parts of the world. The large
organizations create large employment opportunities as compared to other sixe of companies.
Such organizations put large amount of funds in the activities of corporate social responsibility in
the development of country.
CONCLUSION
From the above shown information it is concluded that development of entrepreneurship
holds great significance in the development of economy. There are various types of
entrepreneurial ventures that work according to the different structure and contribute in
increasing the gross domestic product of the nation.

REFERENCES
Books and Journals
Bertoni, F., Martí, J. and Reverte, C., 2019. The impact of government-supported participative
loans on the growth of entrepreneurial ventures. Research Policy. 48(1). pp.371-384.
Bertoni, F., Martí, J. and Reverte, C., 2019. The impact of government-supported participative
loans on the growth of entrepreneurial ventures. Research Policy. 48(1). pp.371-384.
Boeker and et. al., 2019. Interpersonal relationships, digital technologies, and innovation in
entrepreneurial ventures. Journal of Business Research.
Burton and et. al., 2019. The organizational design of entrepreneurial ventures. Strategic
Entrepreneurship Journal. 13(3). pp.243-255.
Camargo-Perez and et. al., 2019, November. Integration of big data in small and medium
organizations: Business intelligence and cloud computing. In Journal of Physics:
Conference Series (Vol. 1388, No. 1, p. 012029). IOP Publishing.
Colombo, M.G., D’Adda, D. and Quas, A., 2019. The geography of venture capital and
entrepreneurial ventures’ demand for external equity. Research Policy. 48(5). pp.1150-
1170.
Fernández and et. al., 2019. Firm and industry effects on small, medium-sized and large firms’
performance. BRQ Business Research Quarterly. 22(1). pp.25-35.
Fraccastoro, S., Gabrielsson, M. and Chetty, S., 2021. Social media firm specific advantages as
enablers of network embeddedness of international entrepreneurial ventures. Journal of
World Business. 56(3). p.101164.
Lee, M. and Huang, L., 2018. Gender bias, social impact framing, and evaluation of
entrepreneurial ventures. Organization Science. 29(1). pp.1-16.
Stankalla, R., Koval, O. and Chromjakova, F., 2018. A review of critical success factors for the
successful implementation of Lean Six Sigma and Six Sigma in manufacturing small and
medium sized enterprises. Quality Engineering. 30(3). pp.453-468.
Turner, R. and Ledwith, A., 2018. Project management in small to medium‐sized enterprises:
fitting the practices to the needs of the firm to deliver benefit. Journal of Small Business
Management. 56(3). pp.475-493.