UKCBC BTEC HND Business: Entrepreneurial Ventures Report

This report provides a comprehensive overview of entrepreneurial ventures, examining their diverse types and key differences. It delves into the characteristics of private, public, and voluntary organizations, highlighting their unique aspects, management styles, and objectives. The report discusses the similarities between these ventures, focusing on effective management and resource utilization. It also explores the typology related to different entrepreneurial ventures such as survival firms and high-tech firms. The report concludes by summarizing the main points and referencing relevant sources, offering valuable insights into the landscape of entrepreneurship and small business management. The report also covers the impacts of micro and small businesses and the pillars of social economy.

Entrepreneurship and Small
Business Management

TABLEOF CONTENT
Introduction
Difference between entrepreneurial ventures
Typology related to different entrepreneurs ventures
Difference between entrepreneurial ventures
Similarities between entrepreneurial ventures
Conclusion
References

INTRODUCTION
Entrepreneurship is defined as a process to set up a new
businesses venture which also involves design, draft, structure
and establishing new business organisation.
 The concept of entrepreneurship is all about converting an
idea into a successful business setup.
Henceforth, this report will emphasis over different types of
entrepreneurship venture and the relation of venture with
different typology of entrepreneurship.
All the similarities and differences between entrepreneurship
ventures will also project in this report. Impacts of micro and
small business will also project with the help of relevant data.

Difference between entrepreneurial ventures
It can be stated that entrepreneurial ventures mainly focus
on new and innovating offering of various products and
services to end user or customers so that more profitability
can be earned. There are various difference and
similarities between entrepreneurial ventures such as
public, private and voluntary that can be understood as
follows:

Different types of Entrepreneurial ventures and the way they are
related to typology of entrepreneurship
Entrepreneur is a person that has special quality to take
high risk in order to start or run innovative business so
that wants of maximum number of people can be fulfilled
and firm can earn sufficient amount of profitability.
Scope, growth and development of enterprise depend
upon types of venture such as public, private and
voluntary.
Therefore different types of entrepreneur venture can be
classified on the basis of growth, scope and development
can be illustrated as follows:

Private Organization
An individual or group of individual planned to start
or run enterprise in order to earn maximum profit
margin through satisfying needs of customers in
most effective manner.
Therefore, it can be stated that it is privately owned
and managed by some of the people and government
does not interfere in operation of enterprise.
Private organization can be small or large enterprise
depending upon availability of resource, capital in
the firm that is used to fulfill requirements of
customers.

Voluntary organization:
It is types of firm that is operated and established to provide social
services to people that have no financial or other support to live
better life.
Voluntary organized is managed by people that have invested money
in order to enhance social well-being of individual by provide
products and services at reasonable rates.
 There are number of voluntary organization in UK that is established
to improve living standard of maximum number of individual.

Typology related to different entrepreneurs ventures
Survival firm: Companies that are established for only
survival through offering products and services at lower
cost so that more customers are attracted to make
purchase.
Small enterprise that have limited resources like physical
and human resources to operate different activities to
that needs of target market segment can be fulfilled and
company can earn sufficient amount of profitability.

High tech firm: It includes enterprise that have to highly invest in
research and development department in order to change their
existing technologies as per external needs and preference of
people for smooth operation of business.
High tech firm continuously innovate its technology in order to
growth and sustain its business in competitive market and build
strong brand image for long term growth of enterprise.

BASIS PRIVATE ENTERPRISE PUBLIC ENTERPRISE VOLUNTARY ENTERPRISE
Capital Individual or partners invest
their capital in business for
rendering services to customers
and gain maximum return on
investment made.
Public enterprise through
issuing number of share to
general public makes
arrangement of sufficient
capital for establishment and
operation of enterprise in
competitive market.
People that want to provide
social support to other
individual arrange sufficient
funds so that maximum
benefits can be provided to
end users.
Owned and
controlled
It is owned and managed by few
individual that is partners or
owner of company so that
particular objectives can be
achieved.
On the other hand public
enterprise are controlled by
member that are elected by
public to take all crucial
decision of firm for better
operation of enterprise.
Member of voluntary
organization is responsible
for managing and
controlling business
operation.
Purpose Main purpose of establishment
and operation of private
enterprise is to earn profitability.
Whereas social welfare is one
of the objectives of public
company.
Voluntary organizations run
to offer free products and
supports services to people.
Scope It have smaller market share as
compared to public enterprise
but grow continuously in the
market through fulfilling needs
of customers. Therefore may
fulfill needs of number of
customers through offering wide
range of products and services.
Public enterprises have wide
scale of operation in order to
provide affordable products
and services to various people
that are living across countries.
It has small market share
and few individual that are
render products and
services for their better
living or wellbeing.

SIMILARITIES BETWEEN
ENTREPRENEURIAL VENTURES
Management: It can be stated that
entrepreneurial ventures such as
public, private and voluntary
enterprise need to be effective
managed and controlled for
attainment of specific objectives.
 Manager of various entrepreneurial
ventures ensured that resources are
effectively utilized; wastage of
efforts and time is reduced so that
maximum benefit can be provided to
end users.

CONCLUSION
This report concludes about different entrepreneurship
venture such as social enterprises, scalable enterprises, large
company and small business entrepreneurship.
This report also concludes about the similarities and
differences between entrepreneurship ventures.
Pillars of social economy like mutual’s, foundations, charities
has discussed in this report.

REFERENCES
Burns, P., 2016. Entrepreneurship and small business. Palgrave
Macmillan Limited.
Dy, A. M., 2019. Levelling the playing field? Towards a critical-social
perspective on digital entrepreneurship. Futures, p.102438.
Sieger, P and et.al., 2016. Measuring the social identity of
entrepreneurs: Scale development and international
validation. Journal of Business Venturing, 31(5). pp.542-572.
Poldner, K., Shrivastava, P. and Branzei, O., 2017. Embodied multi-
discursivity: An aesthetic process approach to sustainable
entrepreneurship. Business & Society, 56(2). pp.214-252.
Gamanis, A and et.al., 2019. Tracing the concept of entrepreneurship
and the role of an entrepreneur: A critical review.