An Analysis of Entrepreneurial Ventures and Business Report

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining entrepreneurs and their role in innovation, job creation, and societal betterment. The report categorizes entrepreneurial activities and explores various types of ventures, including small businesses, large companies, and social enterprises, highlighting their distinct characteristics and purposes. It then examines the typologies of entrepreneurship, such as lifestyle enterprises and growth firms, and contrasts the similarities and differences between small and large businesses, as well as social enterprises, focusing on scale, purpose, and characteristics. Furthermore, the report analyzes the significant impact of SMEs on local, regional, and national economies, emphasizing their contribution to job creation, improved living standards, and economic growth, particularly in the UK context. The report also includes a PPT presentation that covers task 3 and 4. Overall, the report underscores the vital role of entrepreneurs and small businesses in driving economic development and fostering societal progress.

Entrepreneurship and Small
Business Management

INTRODUCTION
Entrepreneurs are defined as those personnel those are having capabilities to invent
innovative ideas and techniques so that they can offer such service or product by which high
profits can be earned and at the same time issues of public can be sorted. Entrepreneurs are
blood of the business in which they are operating whole the venture in such a manner that
overall job opportunities can be enhanced and needs of society can be served so that overall
living standard can be boosted (Duchek, 2018). Entrepreneurs are of different types such as
small and medium so that economic condition of nation can be improvised and at the same time
such needed and requisite product and services can be rendered to people. This report is
associated with analysing various concepts of Entrepreneurs and entrepreneurship and its
related terminology with economy and country as well. Besides this the report is providing
various similarities and differentiation associated with successful entrepreneurs and such
aspects which are helping them to stay motivated. Besides this the report is providing personal
reflection which is helpful for an entrepreneur to get motivation and helps to changes their mind
towards entrepreneurial venture.
TASK 1
P1
Entrepreneurs are categorised as those people who are having high responsibility to
make new venture which is associated with developing idea and some innovation and has
capacity to meet needs and demands of people. Entrepreneurs are selling their ideas in lieu of
money so that customers can be satisfied and living standard of society can be improved as
well. Besides this entrepreneurial ventures are made in order to set up money in such a way that
easier life can be rendered to people and zone of comfort can be provided to them. These are
the ventures which are assimilatí by entrepreneurs for the major purpose of earning profits and
to meet demands of their customers in most significant manner (Iermano, Moore and
Zambianchi, 2016). There are various types of venture which are obtained in the name of
entrepreneurial ventures and the same are elaborated as under:
Entrepreneurial activity

Entrepreneurial activities are defined as such procedures in which high value get
generated and at the same time performing business activities various economic enhancement
can also be given. Conversion of idea into some profitable venture is termed as Entrepreneurial
activities and these are assimilated in order to provide ease and satisfaction to customers. These
are the ideas which lead to provide tremendous economic growth to the country and several
employment opportunities to its residents.
Different type of ventures
Small business: These types of businesses are having lower amount of capital and
resources as well so that they can earn minimal profits. These organisations are having vast
business scope in which they are offering services to niche markets. The net worth of these
businesses are less than or equal to €2 million and the number of employees are less than 50.
For example Clarasys and eletrotech are the example of small business.
Large company: These are the enterprises which are associated with huge business
operations and these are big in size as well. These ventures are having global business
operations due to which high power is being exerted in order to perform operations as well.
These businesses have appropriate market experience so sustainability is the most advantageous
aspect which is received by them (Morris and et. al., 2018). For instance M&S and Tesco are
regarded as large company those are having global market presence and due to this they are
included in large businesses.
Social enterprises: These types of enterprises are designed for the major purpose of
providing social benefits to people and to up-bring living standard of society. By providing
innovative ideas these businesses are rendering social benefits so that standard of living of local
people can be enhanced and at the same time various opportunities of employment can also be
provided. These enterprises are not running their business for earning profits rather than they
are working in order to develop society (Venkataraman, 2019). Children trust society and many
more are considered as the greatest example of these ventures.
Typologies of entrepreneurship

Entrepreneurship ventures are associated with different typologies so that to provide
development to the business and to operate the same with most significant manner. Some of the
prominent typologies are elaborated as under:
Lifestyle Enterprise: These types of business are formed in order to provide
opportunities to society in which they can enhance their standard so that higher benefits can be
rendered to local people. These ventures are associated with providing higher job opportunities
to local people so that social benefits can be rendered to society.
Growth firms: These ventures are made in order to focus on earning higher profits and
revenues so that higher market prominence can be inhaled. Under this, innovative ideas are
being provided so that customers can be served in such a manner that their demands and needs
can be fulfilled.
The entrepreneurial typologies are connected with efforts of entrepreneurs and their
managerial aspect. Entrepreneurial typologies are giving such edge to the venture in which they
can set their objective and put efforts in that manner only.
P2
The similarities and differentiation between entrepreneurial ventures are elaborated as
under:
Differences
Basis Small business Large company Social
entrepreneurship
Scale These are regarded as
such small businesses
those are operating within
small scale and has
minimum capital
invested(Stephan and
Drencheva, 2017).
These businesses have
large capital invested and
have huge business
operations so that business
can be run in smooth
manner.
These are the
business which are
operated at local
level and helps
people to fulfil their
needs and demands.

Purpose The major purposes of
small businesses are to
render such product or
services to people which
makes their life easier
and comfortable.
These businesses are
formed in order to earn
higher profits and to align
with latest trends so that
better services can be
offered to customers.
These are the
businesses those are
formed in order to
enhance living
standard of local
people by meeting
out their needs and
demands.
Characteristics These businesses are
formed with limited
resources and lesser
intervention of
government is seen as
well.
High investment of capital
is needed and high
intervention of
government is also
observed.
For these ventures
money is arranged
by the government in
order to develop
societal benefits.
Similarities
Basis Small business Large business Social enterprise
Meeting the needs These are the ventures
which are designed for
meeting needs of local
people.
These ventures are
catering people in
global level so
meeting needs of
global people.
These are the
businesses those are
engaged in enhancing
living standard of local
people.
Formed Society
uplifting
These businesses are
giving huge
opportunities to local
people so that to give
them desired life style.
These businesses are
giving such job
opportunities which
are associated with
innovative ideas
(Ghaedi and
These businesses are
formed in order to
improve living
standard of people.

Madhoushi, 2018).
TASL 2
P3
The businesses are playing vital role in enhancing economic conditions. These are
associated with providing immense contribution to such infrastructure and other aspects due to
which overall economy can be boosted (Ruiz, Soriano and Coduras, 2016). These organisations
are providing positive implication to the economy in which overall development can be seen.
There are three major types of organisation such as:
Small: These categories of business organisation are employed with less than 50
employees and they are having assets valued for less than £5million. These businesses are
providing higher impact over the economy as job opportunities are created may be at low
measure but at the same time benefits are enjoyed by economy.
Medium: These categories of businesses are employed with more than 50 employees
with business and maximum number of employees can be 250. The revenue limit of these
businesses is set to be between £5m to £22m. These businesses are having higher implications
over employment as these businesses are focused on meeting needs of their customers.
Large: These businesses are operating their business in large level so more than 250
employees are being employed. Besides this overall revenue of these businesses are more than
£22m so this is imperative that they are providing prominent opportunities for employment.
Impact of SME on economy
Local impact: Micro and macro business are giving direct implications to local and overall
economy of the nation. They are associated with such products and services by which needs of
people can be met in equitable manner. In the context of local impact SME’s are giving major
employment opportunities to local people that are helping them to enhance their purchasing
power so that aspects can be provided by which overall economy can be boosted (Kuratko and
Morris, 2018).

(Source: The Role of Startups and Small Businesses in Today’s Economy, 2018)
Regional impact: High impact is drawn by SME’s to regional areas as these businesses
are providing huge job opportunities to people so that unemployed population can be
eliminated. These businesses are also linked with economy as somewhere local people are
associated with national economy (Donckels and Miettinen, 2019). This approach could lead in
boosting skills and capabilities of people so that regional income could also be enhanced.
National impact: SME’s are drawing high implications over national income as local
and regional level is assimilated in order to get national level. SME’s are highly focused over
obtaining advanced ideas and such opportunities in which larger people can be benefitted.
P4
Contribution of SME’s are prominent so as in terms of various start-ups these are
providing significant impact over GDP and helpful in enhancing GDP. There are huge
employment opportunities which are being implemented by SME so that overall national
income can be improved. In the context of UK as the nation is high on providing higher
Illustration 1: Role of Start-ups and Small Businesses

opportunities for enhancing GDP and national income (Anggadwita and et. al., 2017). For small
businesses in UK these are rendering higher contribution in developing overall economy and in
this manner various relaxations are being gathered so that various benefits can be enjoyed by
ventures.
Job creation: SME’s are rendering higher opportunities for job employment and job
creation as these businesses are associated with providing such innovative ideas in which
differentiated support is given to national income and living standard of people. Besides this as
SME’s are highly dedicated to render quality products so in this case social and financial
support are being given to economy (Radović-Marković and Tomaš, 2019).
Improve living standard: SME’s are associated with providing higher contribution to
improving living standard of people so that economic development can be seen. These are
helpful in providing higher opportunities to the people so that they can enhance their living
standard and live with better life.
Economic growth: Startups are providing high income opportunities as they are
rendering quality products which are able to deliver better products and services to customers
(Marom and Lussier, 2018) These businesses are enhancing obligations so that venture get
motivated and overall economic development can be seen.
From the above information this is being analysed that SME’s and startups are
providing ample contribution in economic growth and using innovative ideas different skilled
people are associated with these b8usinesses.
TASK 3 and TASK 4
Covered in PPT
CONCLUSION
From the above report this can be concluded that entrepreneurs are defined as such
people those are having significant quality through which they could be identified among
various people. Entrepreneurs are having differentiated qualities, traits and skills due to which
they get prominence in significant manner. Small businesses and SME provides significant
opportunities to people relation to jobs and employment. These are the businesses those are

providing benefits to the society so that significant growth opportunities can be also be
rendered.

REFERENCES
Books and journals