Entrepreneurial Ventures: Impact on Economy in Redbridge

This report provides an in-depth analysis of entrepreneurship and small business management, focusing on the London Borough of Redbridge. It explores various types of entrepreneurial ventures, including small businesses, large businesses, social entrepreneurship, and scale-up start-ups, examining their characteristics, similarities, and differences. The report assesses the economic impact of micro and small businesses by interpreting relevant data and statistics, highlighting their role in job creation, revenue generation, and overall economic growth. Furthermore, it emphasizes the importance of small businesses and business start-ups, discussing their contribution to industry development, employment, and the generation of turnover and profit, with references to patents and their significance in protecting intellectual property. The report provides a comprehensive overview of entrepreneurship and its effects on the economy, supported by relevant data and statistics.

Entrepreneurship and small
business management

INTRODUCTION
Entrepreneurship is a process where individuals have some ability to design, manage
and organize a new venture by taking various type of risks and enhancing more revenue to an
organisation. People who create new businesses are called entrepreneurs. Entrepreneur is a
person who have some ability to make new venture or idea in an organisation (What is
Entrepreneurship and Who is an Entrepreneur. 2019). It should also addresses personal and
social benefits of entrepreneurship as well as examples of local and national entrepreneurs.
The London borough of red bridge is in illford which is famous for numerous services as
resources of learning, different clubs, session study practices and so on. A business idea
usually encompasses to make new product or service that are ready to make profit. In this file,
it had examine some scope, development and growth of entrepreneur venture and how small
businesses have impact on economy by making some relevant data and statistics of social and
micro business that affect the economy. Furthermore, this report is going to cover
effectiveness of small business organisation upon economy development of a specific country.

TASK1
P1 Various types of entrepreneurial ventures and how they are related to topology of
entrepreneurship
Entrepreneur-
The person who have abilities and skill to implement their new ideas and creative
thoughts in the practical approaches of establishing a new venture in the target market in order
to creating their own goodwill in front of target audience.
Entrepreneurship-
The process in which new idea or new venture has been developed to regenerate an
organisation in order to make more revenue to an organisation. It is dynamic process of
creating ceremonial wealth (Blackburn, and Wainwright 2013). The wealth can be created by
individuals who are ready to take maximum risk in respect of business procedures to provide
desired services in target market.
Factors affecting entrepreneurship-
Entrepreneurship is influenced by four distinct factors that can make strong growth
for organization economic development, culture, technological factors and education. These
factors can make consistent growth and make strong venture in all these factors in red bridge.
Economic factors-
It can make direct and immediate influence on entrepreneurship that lead to make more
job opportunities to red bridge that make more welfare to society.
Capital-
It is one of the most important factor of production that had made establishment for an
enterprise. If capital will increase in red bridge then their will be increase in profits that help to
accelerate or made new capital formation (Olusegun, 2012).
Labour-
It can make an influence on growth and make some emergence of entrepreneurship, the
problems of labours can be solved by providing more infrastructural facilities to all people.
Social factors-

This can make along way to entrepreneurship that are more assistive to society that
made industrial revolution to a glorious success. It can influence directly to entrepreneur
growth that involves people to grow , shapes their basic beliefs and provide more values and
norms to all entrepreneurship leaders in red bridge ( Berglund, and et.al, 2012).
Psychological factors-
In this entrepreneurs basically focuses on achievement needs, withdrawal of status
respect and provides some motives to enhance growth and lifestyles of redbridge.
Different types of entrepreneurs ventures-
Small business entrepreneurship-
In this it can includes grocery stores, hairdressers, travel agents etc. who can run
business on their own that can hires local employees and family (Edvardsson and Durst 2013) .
They can provide scale to new venture capital in red bridge to make less growth in
organization. The small business entrepreneur work is to manage and maintain all business
operations and its functions in better manner in order to gain income and profitability. The
scope of this venture type is that they can easily expand their business in another country. In
London Borough, entrepreneurial venture gain high level of growth and development in order
to reach with set target.
Large business entrepreneurship-
They can make more growth to enhance sustainable development and motivation by
offering new products and services. This can make changes in customers taste , make new
technology, provide legislation laws and make new competitors for business. The scope of this
entrepreneurial venture is to gain attention of large number of customers in order to acquire
income and profitability.
Social entrepreneurship-
These are innovators who focuses in creating new products or services make to
enhance growth in business and solve all social needs and problems. In this, social
entrepreneurial venture required to gain success and development level which easily enhance
their company productivity in better manner. This type of entrepreneurial help in reaching with
desired goals and targets in effective way.

Scale start-up entrepreneurship-
The red bridge investors can make their investors for scale up their capital that can
identify their needs and wants of business. These entrepreneurs can start with ady that their
new vision can change the world
Topology of entrepreneurship-
Topology of entrepreneurship is a process where an entrepreneur have some ability to
take major risk in order to make more revenue to an organisation. Red bridge is an
organization that can compensate all problems and want that their business to make future
profits. This can help to make different typologies in red bridge-
Lifestyles v/s growth firms-
This can hep to make new lifestyles in business that can plan or make more resources
to organization. Red bridge can make lifestyles entrepreneurs to provide value for personnel
income and make new goals for all entrepreneurs
Social entrepreneurs and entrepreneurship-
These entrepreneurs are those who can solves community problems and can make
more growth in red bridge results in future needs of enterprise (Onetti, and et.al , 2012)
P2 Explore similarities and difference between entrepreneurial ventures-
Enterprises Similarities Differences
Small scale v/s large scale
enterprises
Both of these are required to
follow all needs and
requirements to make
sustainable growth in
organization.
Large scale business
provide more growth to
enhance sustainable
development and make
motivation to developed
new products and services
and small sale businesses
provide less growth in red
bridge
Social v/s scale up enterprises These both of them provide Social enterprises are

new lifestyles and make a
society welfare programmes
that will enhance growth in
organization.
innovators who focuses in
creating new products or
services make to enhance
growth in business and solve
all social needs and
problems while scale start
ups are make their investors
for scale up their capital that
can identify their needs and
wants of business. These
entrepreneurs start new
vision that will world.
These both enterprises are important ventures for make growth and sustainable
development in red bridge that will build new opportunities that every entrepreneur make new
needs and wants for red bridge by making new lifestyles and social welfare programmes in red
bridge which start a new vision that can change the world.
TASK 2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on economy
Macro and micro business makes a direct impact that can make a potential growth in
organization which can lead to efficiency in business. This help to build a long term capital to
make investors satisfy for the growth in red bridge (Valdez and Richardson, 2013).
Small scale enterprises-
It refers to type of enterprise which is of small level which required less amount of
fund as compare to medium and large enterprise. The number of employees which are required
top establish small scale enterprise are 1 to 9. These are peoples which help owner in attaining

goal and objective in effective and appropriate manner. In this owner basically launch there
enterprise with small and short term objective and goal.
In small scale factors it may lead to following factors-
 Improvement of products
 Provides more cost efficiency
 Obtain good business performance
 Provides good feasibility
 Enhances more revenue
Large scale enterprises-
It refers to type of enterprise which required huge amount of fund in order to establish
appropriate business entity. The number of employees required to establish large scale
enterprises are mote than 250. When a person start their business as start up in market they
may face huge amount of competition. So it is responsibility of owner of a business to come
up with unique and fascinating idea which attract customers in effective manner.(Boosting UK
productivity with SME growth. 2019).
Medium scale enterprises-
It refers to type of enterprise in which can be start by a person who is blessed with
funds. When a person want to start there business at medium they required huge amount of
fund so that they can offer appropriate products and services according to the requirement of
customer. In this numbers of employees are approx between 50 to 250 who give there full
efforts in conducting work and attain goal and objective in appropriate manner.
(Boosting UK productivity with SME growth. 2019.)

Interpretation-
From the above graph it can be identify that there are three type of enterprise which is
micro, small and medium. Micro enterprise required less funding and numbers of employees
and small enterprise are those which required not lot of fund and there numbers of employees
are between 10 to 49. whereas when both of enterprise compare top medium enterprise, it
required more funds and there numbers of employees are between 50 to 249. All these type of
enterprise generate employment for local and other place. Which help them in enhancing their
standard of living in effective and efficient manner.
P4 Importance of small businesses and business start up growth led in economy.
Role of small business-
 In selecting industry for development in a new country which can enhance more
growth in other industries will lead to simultaneous growth in economy.
 An under developed economy should produce and export commodities that can use
relatively less use of capital that can make per unit of output and can export more items
that can require more capital (Johnson, 2012).
Illustration 1: Impact of Brexit on Economy of UK
Sources: Impact of Brexit on Economy of UK, 2019

 Small industries are light capital , skill light, labour intensive and can be dispersed.
They are quick investment type that can carry job to the worker that can overcome
difficulties of geographical immobility.
 Small industry can represent less growth in firms that can use extensive use of firms.
It represents if more demand was there then supply will be enhance so that profits
would overcome and revenue will overcome in red bridge. If new enterprises and large
enterprises are make business dispersible in order to analyse futuristic goals.
Importance of small business-
SMEs are currently thriving in U.K and are making more business for U.K economy.
Their have been record number to start up businesses in both 2013 and 2014 and can tend to
slow down, while economic climate in UK want to start new business that can make an impact
on healthy economy (Berisha,and Shiroka 2015).
Turnover
It is a net sales generated by business of U.K in which profit will be overcome by
charging high revenue on sales. Thus, turnover and profit are essentially beginning and ending
profits of the income statement of all stake holders in red bridge.
Employment-
It refer to the written agreement which is done between employer and employees. It
contain all necessary information related to job or task. Red bridge made different types of
employment to enhance their business
1. Full time employment
2. Fixed term contacts
3. Apprentices and relevance
Patent: It refers to right which is grated to an investors by which they can exclude
other business entity to make and sell their products in market place. It is basically done for
approx 20 Years. It is taken by a company to prevent their products from getting copied
because this will affect market values and good will of the company in front of there target
customers. When a company or a person take patent right they become whole and sole owner

who make and sell of products, process, or solution or any other thing. It can be of three type
like design patents, plant patents and utility patents.
Franchise: it refer to process in which a person who take franchise from company get
opportunities to sell someone else product in legal way. An individual who take franchise is
known as franchisee and who who give is call as franchisor. When a franchisee take franchise
of company it get the legal rights to conduct business on name of that particular company. In
other work that person get authority to sell products and services of some other company in
order to gain profitability ratio. Along with this by there is enhancement of franchisor business
and goodwill at a marketplace.
Trademark: It refers to sign, design or expression which can be remember by a person
to identify particular product and services. It is basically use by a company in order to make
identity in market place. Owner of a trademark can be a person, business organisation, or legal
entity. A company print there trademark in various products like package, label, voucher and
many other. By this they able to advertise there business entity in appropriate and effective
manner.
TASK 3 & 4
(Covered in PPT)
RECOMMENDATION
It can be recommended that an entrepreneur have ability and capability to deal and
manage with business operations in better manner. Along with this, they can identify different
entrepreneurial venture through which they are easily manage all functions and operations.
While starting of venture, an entrepreneur require to analyse whole business market where
they are deal with different type of clients in better manner. There are various local
competitors who are create issues and problems for the entrepreneur. They can analyse the
impact of economy of small and micro business in effective manner which can reduces the
chance of gaining profitability.

CONCLUSION
From above mentioned point it can be evaluate and conclude that entrepreneur is a
person who establish a business with new idea and strategies. There are various field and
sector where an entrepreneur can start their business such as hospitality sector, educational
sector and many more. In every sector there is similarities and difference so it is responsibility
of owner to conduct research and then select appropriate sector for them. When a person start a
new venture it will affect economy in positive manner. Along with this it help country in
various other ways such as generate employment for peoples, improve standard of living and
many more. There are various skills and ability which is required when a person want to start
their business. This will help them in making there impact in market and motivate employees
in effective and appropriate manner. But an entrepreneur start their business they may face
various type of hinder or issues such as government rules, public demand and many other.