University Entrepreneurship Report: Venture Types and Economic Impact

This report delves into the realm of entrepreneurship, examining various venture types and their effects on the economy. It begins by exploring different entrepreneurial ventures, including sole traders, public limited companies, partnerships, and franchise ventures, highlighting their characteristics and how they relate to the typology of entrepreneurship. The report also discusses the similarities and differences between these ventures, such as private and public limited companies, and social enterprises. Furthermore, it analyzes the impact of micro and small businesses on the economy, considering different economic systems like free, planned, and mixed economies. The report emphasizes the importance of small businesses and startups in fostering social economic growth and assesses the impact of small businesses in both the public and corporate sectors, exploring a diverse range of entrepreneurial ventures. The report also provides insights into the business structures and sizes of micro, small, and medium enterprises and their respective contributions to the economy.

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Entrepreneurship
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Entrepreneurship
Table of Contents
Task 1 Explore and illustrate the range of venture types that might be considered entrepreneurial.......3
Examine different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship....................................................................................................................................3
Explore the similarities and differences between entrepreneurial ventures............................................4
Interpret and assess relevant data and statistics to illustrate how micro and small business impact on
the economy..........................................................................................................................................6
Explain the importance of small businesses and business start-ups to the growth of the social economy
...............................................................................................................................................................8
Task 2 Assess the impact of small business on the economy.................................................................9
Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector.......................................................................9
Evaluate the differences that small, medium and large business make to the economy, applying
relevant data and statistics...................................................................................................................11
References...........................................................................................................................................13
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Entrepreneurship
Task 1 Explore and illustrate the range of venture types that might be considered
entrepreneurial
Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship
Various kinds of entrepreneurial ventures have business structures and unique purposes.
Alongside that, the entrepreneurial ventures are partitioned into some critical variables, for
example, sole traders, franchise entrepreneurial ventures, partnership and public limited.
Other than that, beginning up a small business venture like Mobile café is the best case of
entrepreneurial ventures. Every single sort of entrepreneurial ventures is talked about
underneath:
Sole traders: this sorts of entrepreneurial ventures is controlled by a solitary proprietor.
Additionally, the sole proprietors like the owner of Mobile Café have all decision making
power. Besides, one and the main sole proprietor has all decision-making process in this sorts
of entrepreneurial ventures (Longenecker et al., 2010).
Public limited company: with the assistance of legislative support and shareholders support,
the general population public organizations perform the administrative execution. In addition,
the general population limited entrepreneurial ventures keep up polished skill and don't
propose their genitals to a general gathering. Alongside that, these sorts of entrepreneurial
ventures depend on secretly and state-possessed businesses. Besides that, the shareholders
have additional decision making power control in public limited entrepreneurial ventures
(Longenecker et al., 2010).
Partnership: the organization entrepreneurial ventures are called those independent
companies which are guaranteed by two distinct proprietorsIn addition, both proprietors and
accomplices have a level with decision-making process expert or power in the entrepreneurial
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venture in private company. . Alongside that, the yearly gross benefit is partitioned into both
accomplices of the organization entrepreneurial venture.
Franchise entrepreneurial ventures: this sorts of independent venture can be characterised
as an expert steps up with regards to make joint effort with driving Association and supply
their items and services. Along with that, franchise entrepreneurial ventures mean an
individual can arrange and make mindful approach between a driving Association and
endorsed people (Kao, 2002).
The previously mentioned entrepreneurial ventures are incorporated into the typology of
entrepreneurship. Alongside that, serial entrepreneurs incorporate some critical characteristics
and qualities which separate them from entrepreneurs and proprietor supervisors (Kao, 2002).
A fruitful serial entrepreneur is a genuine inspiration and powerful leader, and he/she has an
appropriate vision to fulfil craved objectives and targets. Moreover, the parts and qualities of
micro scale, small and medium-sized associations are discussed here. Besides that, a typical
entrepreneur who may be included with establishment entrepreneurial ventures has not
motivational aptitudes and initiative qualities to the business effectively. Besides, the Chiefs
have the particular part to play in an association and the administrators simply control and
oversee operational procedures as per the headings of the leaders of the business.
Explore the similarities and differences between entrepreneurial ventures
Private limited entrepreneurial ventures: the private entrepreneurial ventures have a place
with one proprietor who has all decision making process control in claim hand. Moreover, the
private limited entrepreneurial ventures can be considered as sole trading. Additionally, the
real contrast between private entrepreneurial ventures and public entrepreneurial ventures are
that private entrepreneurial ventures are controlled by one proprietor like Mobile Cafe,
however public entrepreneurial ventures are controlled and overseen by the service. The
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partnership entrepreneurial ventures are called those independent companies which are
guaranteed by two distinct proprietors. The similitude between these two entrepreneurial
ventures is that the general population who are working inside the association have
confidence and trust in their leader (Sahlman and Stevenson, 2007) s. alongside that, the
yearly gross benefit is partitioned into both accomplices of the organization entrepreneurial
venture. In addition, both proprietors and accomplices have the level with decision-making
process expert or power in the entrepreneurial venture in private company.
Public limited entrepreneurial ventures: general society entrepreneurial ventures are one
sort of organization entrepreneurial ventures which incorporates two accomplices, for
example, government, shareholders and business proprietor. On the other hand, a critical
contrast between public entrepreneurial ventures and social entrepreneurial ventures is that
public endeavours win a decent benefit after every year, except willful limited or social
entrepreneurial ventures don't win a decent benefit since they rely on upon trust organizations
for assets. As far as similitudes which are nothing expect the administrative size of
entrepreneurial ventures (Vinturella and Erickson, 2013).
Social enterprises: These sorts of entrepreneurial ventures are working for social help, and
the yearly turnover of social endeavours is not high because of numerous money related
issues. Discussing the contrasts between private entrepreneurial ventures and intentional
social entrepreneurial ventures are clear, for example, private entrepreneurial ventures have
one proprietor like Mobile Cafe. However, the social endeavour has numerous decision-
making process individuals. Moreover, a similitude is nothing between private
entrepreneurial ventures and social entrepreneurial ventures (Shepherd and Wiklund, 2005).
Micro, small and medium entrepreneurial ventures are the discussed in this report. The
business structure and size is totally extraordinary in micro, small and medium
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entrepreneurial ventures. Smaller scale entrepreneurial ventures incorporate minimal
financial soundness, and a couple of representatives are working on the micro scale
entrepreneurial ventures. Besides that, small entrepreneurial ventures have the greater
business structure like Mobile Cafe and bigger benefit scale than micro entrepreneurial
ventures. On the other hand, medium entrepreneurial ventures incorporate limited workers
and client including appropriate business structure and great likelihood (Shepherd and
Wiklund, 2005).
Interpret and assess relevant data and statistics to illustrate how micro and small business
impact on the economy.
The impact of micro and small business on the economy includes a huge significance. With a
specific end goal to use the benefits and assets, a country has different sorts of the financial
structure, for example, free economy system, arranged economy system and mix economy
system. The small entrepreneurial ventures are developing with the assistance of these three
sorts of a financial system. Every single sort of financial system is talked about underneath:
Free economy system: the less competitive market incorporate the free economy in a
particular country. Along with that, the private company entrepreneurial ventures can manage
in this free economy which helps them to gain enough benefit. Besides that, independent
venture, as well as small scale and medium size business, are additionally influenced and
profited by the free economy. The financial support of small entrepreneurial ventures is
relatively higher than smaller scale entrepreneurial ventures because of a high rate of
development, benefit scale, measure, worker turnover, advancement. Specialised versatility
and maintainability(Perrini, 2006). Other than that, the medium size entrepreneurial ventures
have more benefit scale and representative turnover as opposed to small size entrepreneurial
ventures. Alongside that, representative turnover, supportability and specialised progression
are enhanced in this conceived economy system.
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Arranged economy system: on account of the organized economy system, the
entrepreneurial ventures have a litter higher financial system where existing adversary
organizations as of now snatched the market through high-class quality service. On the other
hand, recently created smaller scale entrepreneurial ventures have more financial support
which impacts the social economy system. Alongside that, the medium size entrepreneurial
ventures have more benefit than in arranged economy system which impacts the financial
regulator of the country. Moreover, the small and medium used to pay high duties which
impact the economy arrangement of the country with the advantage of high gross benefit and
reserve exchange(Perrini, 2006).
Mixed economy system: the small and medium estimated entrepreneurial ventures are get
profited by the mix economy system since they have the unusual state of benefit and
specialised offices to pay more duties to the service which increment the economy
development of the country. The small and medium size entrepreneurial ventures are profited
in the mixed economy. Along with that, the request and production network is intentionally
working for small and medium size entrepreneurial ventures because of the steady conversion
scale in the mix economy system. Moreover, the small and medium size entrepreneurial
ventures ready to keep up very talented workers and give them fair pay the assistance of high
money esteem which expands the financial steadiness of the nation(Leach and Melicher,
2015).
Explain the importance of small businesses and business start-ups to the growth of the social
economy
The small business and start-up business includes a huge importance to the growth of the
social economy. In addition, the social economy is based on local customer’s purchase
behaviour. The economic system of a nation is also influenced by the local business such as
mobile café. The previously mentioned entrepreneurial ventures are incorporated into the
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typology of entrepreneurship. Moreover, the parts and qualities of micro scale, small and
medium-sized associations are discussed here. According to the business development
manager of a consultancy firm, the owner of the mobile café needs to implement small
entrepreneurial venture’s marketing strategy for successful operations. Alongside that, serial
entrepreneurs incorporate some critical characteristics and qualities which separate them from
entrepreneurs and proprietor supervisors(Melicher, 2009). A fruitful serial entrepreneur is a
genuine inspiration and powerful leader, and he/she has an appropriate vision to fulfil craved
objectives and targets. On the other hand, the development manager strongly advised the sole
proprietor of mobile café to focus on the external business environment which effects their
economic status. In addition, political, social and technological factors are mainly considered
as the external business environment which effects the economy of small entrepreneurial
ventures. In addition, the environmental factors influence the social economy of the mobile
café which should be expanded as small entrepreneurial ventures. Besides that, a typical
entrepreneur who may be included with establishment entrepreneurial ventures has not
motivational attitudes and initiative qualities to the business effectively. Besides, the Chiefs
have the particular part to play in an association and the administrators simply control and
oversee operational procedures as per the headings of the leaders of the business. There are
various types of entrepreneurial ventures discussed. In addition, micro entrepreneurial
ventures, small entrepreneurial ventures and medium entrepreneurial ventures includes
different(Melicher, 2009).
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Task 2 Assess the impact of small business on the economy
Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector
In both public and corporate sector includes a diverse range of entrepreneurial ventures like
sole traders, partnership entrepreneurial ventures, franchise entrepreneurial ventures and
social entrepreneurial ventures. Each and every type of entrepreneurial ventures must belong
from either public sector or public sector of the society. Besides that business structure and
economic growth of different entrepreneurial ventures effect both public and corporate sector
through its strength and capabilities. Moreover, a mobile café is a kind of private limited
entrepreneurial ventures which owned by only one sole proprietor (Hisrich and Peters, 2002).
The business structure and size is totally extraordinary in micro scale, small and medium
entrepreneurial ventures. Smaller scale entrepreneurial ventures incorporate minimal
financial soundness, and a couple of representatives are working on the micro scale
entrepreneurial ventures. Besides that, small entrepreneurial ventures have the greater
business structure like Mobile Cafe and bigger benefit scale than micro-entrepreneurial
ventures. On the other hand, medium entrepreneurial ventures incorporate limited workers
and client including appropriate business structure and great likelihood (Hisrich and Peters,
2002).
Private limited entrepreneurial ventures: This sorts of entrepreneurial ventures is
controlled by a solitary proprietor and the private entrepreneurial ventures have a place with
one proprietor who has all decision making process control in claim hand. Additionally, the
sole proprietors like the owner of Mobile Café have all decision making power. Additionally,
the real contrast between private entrepreneurial ventures and public entrepreneurial ventures
are that private entrepreneurial ventures are controlled by one proprietor like Mobile Cafe,
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however public entrepreneurial ventures are controlled and overseen by the service(Parker,
2006). Moreover, the private limited entrepreneurial ventures can be considered as sole
trading. The similitude between these two entrepreneurial ventures is that the general
population who are working inside the association have confidence and trust in their leaders.
Besides, one and the main sole proprietor has all decision-making process in this sorts of
entrepreneurial ventures. Other than that, sole merchants or private limited entrepreneurship
venture incorporates one proprietor or business visionary who has all basic leadership
specialist. The mobile Cafe is a small and private entrepreneurship venture.
Corporate of public entrepreneurial ventures: general society entrepreneurial ventures are
one sort of organization entrepreneurial ventures which incorporates two accomplices, for
example, government, shareholders and business proprietor(Parker, 2006). Along with that,
public limited entrepreneurship venture is getting money related support from the
administration. With the assistance of legislative support and shareholders support, the
general population public organizations perform an administrative execution. Alongside that,
these sorts of entrepreneurial ventures depend on secretly and state-possessed businesses. On
the other hand, a critical contrast between public entrepreneurial ventures and social
entrepreneurial ventures is that public endeavours win a decent benefit after every year,
except social entrepreneurial ventures don't win a decent benefit since they rely on upon trust
organizations for assets. In addition, the general population limited entrepreneurial ventures
keep up polished skill and don't propose their genitals to a global gathering (Desai, 2009). As
far as similitudes which are nothing expect the administrative size of entrepreneurial
ventures. Besides that, the shareholders have new decision-making power control in public
limited entrepreneurial ventures. Furthermore, the shareholders likewise give assets to work
different sorts of exercises inside the entrepreneurship venture. The extension and size of
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public limited entrepreneurship venture are greater than private and social entrepreneurship
ventures, in any case, the money related support and worker turnover are amazingly high.
Evaluate the differences that small, medium and large business make to the economy,
applying relevant data and statistics
There are three sorts of entrepreneurship ventures situated in a market, for example, small,
micro scale and medium size entrepreneurship ventures. Alongside that, small scale
entrepreneurship ventures can be considered as managerial entrepreneurship ventures. The
size, extension, and structure of these entrepreneurship ventures incorporate effectiveness that
impacts the economy. Along with that, small, medium and large business affect the economy
through the different path, for example, charge instalment, transportation, import, and fare
prepared (Schwienbacher and Larralde, 2015). Along with that, every single entrepreneurship
venture had a place from various sorts of the business structure, for example, sole traders,
public entrepreneurship ventures, private entrepreneurship venture and social
entrepreneurship ventures. Moreover, Trade permit is required to direct any corporate
exchange which is exorbitant and requires legitimate investigation. On the other side, small
entrepreneurship venture can be contrasted and a business person. The economy is truly
influenced by the commitment of small and micro scale business. With the assistance of
import and fare prepared, the small and micro scale business have high offer assessments to
the legislature that reflected in the economic system. Besides, business visionaries are
controlling the medium size entrepreneurship venture. The social economy is especially
influenced by the small, medium and large business(Comin, 2011).
Small entrepreneurial venture: this sorts of entrepreneurial ventures incorporates low
degree, structure, and size. Hence, this types of entrepreneurship venture work for an
administrative reason. Also, yearly turnover is not vast of smaller scale entrepreneurial
ventures and put a small impact on the Economy.
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Medium entrepreneurial ventures: the medium entrepreneurial ventures are a final phase of
the entrepreneurship, and in this stage, the business is quickly extended. Alongside that, the
business visionary has learned different sorts of promoting and business techniques while
controlling medium size entrepreneurship venture and make a genuine impact on the
economy(Scarborough, 2012).
Large entrepreneurial venture: the size, structure, and extent of the business are bigger on
account of small entrepreneurship venture and medium entrepreneurship venture. Apart from
that, the great entrepreneurial ventures have the biggest degree than small entrepreneurship
venture and medium entrepreneurship venture on the grounds that they have more budgetary
support to extend and impact the social economy.
The business structure and size is utterly extraordinary in small, medium and large
entrepreneurial ventures. Small entrepreneurial ventures incorporate minimal financial
soundness, and a couple of representatives are working in this entrepreneurial ventures like
Mobile Cafe. Besides that, medium entrepreneurial ventures have greater business structure
and bigger benefit scale than micro-entrepreneurial ventures. On the other hand, great
entrepreneurial ventures incorporate many workers and high client base including appropriate
business structure and great probability(Scarborough, Wilson and Zimmerer, 2009).
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