Impact of Entrepreneurial Ventures on Social and Economic Growth

This report provides a comprehensive overview of various entrepreneurial ventures, including small, large, and social enterprises, and their respective characteristics. It explores the relationship between these ventures and the typology of entrepreneurship, highlighting their similarities and differences. The report also examines the importance of startups and small-scale enterprises in the development of the social economy, emphasizing their role in job creation, improving living standards, and contributing to regional, local, and national economic growth. Furthermore, it assesses the impact of micro and small businesses on the economy, analyzing factors influencing their success and growth. The report concludes by emphasizing the significance of entrepreneurship and small business management in fostering economic development and providing opportunities for individuals and communities. The report also includes real-world examples of businesses and references to support its findings.

INTRODUCTION
On the basis of current market situation, it is mandatory for the entrepreneur to adopt specific strategies which
can helpful in new start-up & small businesses management. In United Kingdom, there are various companies
operating by specific entrepreneurs with a different aims & size like micro, small, medium & large companies. All the
companies are directly and indirectly involved in the economical growth of the country and also helpful to improve
the lives of the communities & social people. The aim of this project is to explain about various types of
entrepreneurial ventures & also discuss its relationship with typologies. This project will determine the similarities &
differences of each & every entrepreneurial ventures. Moreover, importance of startups & small scale enterprises the
development of social economy will also the concern of this project. Lastly, this project highlights the popular
entrepreneurial personalities with their skills & experiences & also discuss about their background & experience to
motivate the people
Various kinds of entrepreneurial ventures and how it relates to typology of entrepreneurship.
Basically entrepreneurial ventures are required capital & resources to perform business operations by
entrepreneurs in an appropriate manner. There are various types of entrepreneurial ventures are considered by the
people which are discussed below -
 Small enterprises - Small enterprises required less resources & funds in order to operate business
operations. Small ventures are cover the limited location & target less people (Boermans and Willebrands
, 2017). The main concern of small businesses is to provide work opportunities to the local area
population so that can effectively improve their livelihood. Small businesses employ lees than 10 people in
their organization. Margot Bakery,
 Large enterprises - Large enterprises are needed more funds & resources to run the business activities in a
smooth way. The contribution of large enterprises is more to improve the economical situation of the
country (Van Horne and et. al., 2021). Entrepreneurs are adopting new techniques & use their innovative
mind so that they can effectively improve the lifestyle of the people so that they can live suitable life.
Large businesses need to follow all the procedures & legal consideration so that company can effectively
manage their business activities in nationally or internationally. Large businesses considered more than
250 employees in their business corporation. Some specific examples of large businesses like Tesco,
Burberry, Dyson , ASDA.
 Social Enterprise - The main aim of social enterprise is to perform their operations for the betterment of
the local population so that people can improve their life & because self dependent. Social enterprises are
non profit firm which originated with one motive that is developed of the society ( Creapo Belchior and
Costa, 2018).
Typology of entrepreneurship
Entrepreneurial typologies are mainly related with the entrepreneurial ventures & maintain all the
operations in an appropriate way. Some specific typologies are as follows -
 Lifestyle enterprises - This kind of enterprises are more concerned about the development of the people & constant
working on the increase the growth of the common people. Companies are proving employment to the people so that
they can effectively evolve their life (Anggadwita and et. al., 2017).
 Growth Corporation - These firms are established with the aim to improve the growth of the company so that they
can effectively enhance the business expansion. The main purpose of these types of businesses is to generate more
revenue & improve productivity.
Similarities and distinction between types of entrepreneurship.
Similarities
Basis Small Large Social
Improve living
of people
Small businesses are offering
good quality of products & target
local & niche area people so that
they can effectively enhance their
life style (Shaver and Carsrud,
2018).
Large businesses target entire
market & manufacture
sometimes creative to improve
the living of the people all
around the world.
Social enterprises are situated
for the growth of the common
communities so that they can
effectively live suitable life &
become independent.
Economical
growth
Small businesses are helpful to
enhance the life of the people by
providing them job opportunities
so that they can improve their life
& provide their participation in
the economic growth of country
(Nwachukwu Chladkova and
Zufan, 2017).
Large businesses are providing
direct contribution in the
development of the country
economy & generate more
foreign currencies.
Social businesses are mainly
formulated for the
development if the social
people so that they can
become more capable &
provide their active
participation on the
economical growth.
Entrepreneurship and Small Business Management (Part 1)

Differences
Basis Small Large Social
Scale The scale of small
businesses is lower than
large corporations. Small
businesses are covering
limited market areas.
Large enterprises are
contained huge scale & cover
whole marketplace globally.
Social enterprises are
considered low scale as
compared to the other
enterprises.
Objective The main objective of small
businesses is to generate
more employment
opportunity for the rural
areas people so that they can
improve their living.
The prime objective of large
businesses is profit
maximization & produce
innovative products for the
convenient life of people
(Loame- Lemaire, Maalaoui
and Danaq, 2017).
To provide support &
solutions for the
development of local
people.
Assess & interpret the statistics and data in order to illustrate how micro and small business
impact the economy.
In UK, there are many kind of businesses are considered by the people which provide direct impact in
economy.
 Micro businesses - These businesses are providing employment to less than 10 people & the annual
turnover rate contain less than 2 Million pounds.
 Small businesses - These businesses are giving job opportunities to less than 50 people & annual
turnover rate considered less than 10 Million pounds
 Medium businesses - Medium companies are operating their business operations with more than 250
employees so that they can perform effectively. The annual turnover rate is less than 50 Million
pounds.
 Large businesses - These businesses are operating their operations all around the world & require
more resources. To perform business operations, company employ more than 250 people & the annual
turnover is considered more than 50 Million pounds.
Factors that impact on the economy
Basically micro & small enterprises play an important part in the growth of the country economy. On the basis of
current analysis it can evaluated that micro & small businesses maintain high growth rate because UK government
provide them proper support & started various initiatives which can improve the working conditions of the
business. Government also provides financial support & launched various financial schedules so that
It can helpful to improve the turnover rate of the micro & small businesses enterprises & improve the marketing & selling of
the company.
There is also involvement of another factors like export opportunities that can useful to improve the GDP rate so that they can
increase the foreign countries rate & boost the economic level of the country ( Ruchkina and et. al., 2017).
Another factor also considered by the companies like employment opportunities. Micro & small businesses are more concerned
about their business operations & generate more employment opportunities to the local & rural areas people. It is analysed that, they
are providing more than 98.3% work opportunities to the people that outcomes considered as high per capita income rate.
Impact on various economies-
 Regional impact - Micro & small businesses are providing their participation in the growth of regional economy & also
properly support common communities. For example - these businesses are providing working chances to the local
population & useful to enhance their life ( Tumer and Gianiodis, 2018).
 Local impact - Micro businesses target local people & market so that they can effectively help to improve the living
standard of the local communities. Small businesses are helpful in the evolvement of the local people so that they can
work effectively & improve their effectiveness & become more financial independence. For instance, bakery, coffee
shop, grocery shop are considered as the local businesses.
 National impact - Small businesses are helpful to maintain the economical level of the country & also beneficial the
improve the per capita income that mainly lead the GDP rate. With their innovative ideas, entrepreneurs can established
their company & produce creative products & target people nationally.
Entrepreneurship and Small Business Management (Part 1)

CONCLUSION
As per this project, it can be concluded that to maintain businesses in an appropriate manner is considered the main requirement
of the entrepreneurs. This project discussed about various kind of entrepreneurial ventures like micro, small, medium & also
large firms which contain specific scope & size to regulate their business operations. This project also evaluated about the
importance of micro & small businesses for the welfare of the company economy.
REFERENCES
Anggadwita, G., and et. al., 2017. Socio-cultural environments and emerging economy entrepreneurship: Women entrepreneurs
in Indonesia. Journal of Entrepreneurship in Emerging Economies.
Boermans, M.A. and Willebrands, D., 2017. Entrepreneurship, risk perception and firm performance. International Journal of
Entrepreneurship and Small Business, 31(4), pp.557-569.
Crespo, N.F., Belchior, R. and Costa, E.B., 2018. Exploring individual differences in the relationship between entrepreneurial
self-efficacy and intentions. Journal of Small Business and Enterprise Development.
Loarne-Lemaire, S.L., Maalaoui, A. and Dana, L.P., 2017. Social entrepreneurship, age and gender: toward a model of social
involvement in entrepreneurship. International Journal of Entrepreneurship and Small Business, 31(3), pp.363-
381.
Nwachukwu, C., Chládková, H. and Žufan, P., 2017. The relationship between entrepreneural orientation, entrepreneurial
competencies, entrepreneurial leadership, and firm performance: a proposed model.
Ruchkina, G. and et. al., 2017. Small and medium enterprises in the context of regional development and innovations. Journal
of International Studies, 10(4).
Sauka, A. and Chepurenko, A. eds., 2017. Entrepreneurship in transition economies: Diversity, trends, and perspectives (Vol.
10, pp. 978-3). Cham: Springer.
Shaver, K.G. and Carsrud, A.L., 2018. Who is the entrepreneur? The right question has been asked, in the wrong way. In A
Research Agenda for Entrepreneurial Cognition and Intention. Edward Elgar Publishing.
Turner, T. and Gianiodis, P., 2018. Entrepreneurship unleashed: Understanding entrepreneurial education outside of the
business school. Journal of Small Business Management, 56(1), pp.131-149.
Van Horne, C., and et. al., 2021. Integrating entrepreneurship into the design classroom: case studies from the developing
world. Journal of the Knowledge Economy. 12(1). pp.56-72.
Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal ideas for the next twenty-five years of
advances. Emerald Publishing Limited.
Importance of small business and start-ups in growth of social economy.
The significance of start-ups & small businesses are more because it can provide the direct impact on the
development of the social economy growth. Small businesses bare contain as the backbone of the country economy
which provide positive impact on the economical growth. The importance of these businesses are as follows -
 Work opportunities - Establishment of small businesses & startups are helpful to generate more work
opportunities to the local communities people so that they can work effectively to improve their business
operations & decline the unemployment rate ( Venkataraman, 2019).
 Improve living standard - These enterprises are helpful to improve the living standard of the rural &
common people so that they can effectively evolve their living & become more capable to live their life
more comfortably (Sauka and Chepurenko, 2017). Micro & small businesses also improve the
minorities’ people living so that they can live in an effective way.
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Entrepreneurship and Small Business Management (Part 1)