ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT: Venture Analysis

This report provides an overview of various entrepreneurial ventures, including large-scale, small-scale, and social enterprises. It delves into different entrepreneurial types, such as serial and lifestyle entrepreneurs, and compares and contrasts large and small entrepreneurial ventures. The rep...Read More

Different types of entrepreneurial ventures
Entrepreneurship is refers as a procedure
where people who is considered as an
entrepreneur operate a small business to serve
society for earning profitability or performing
social welfare. People who starts a new
business have to take many kinds of risk for
sustaining into market like financial risk,
customer dissatisfaction regarding products or
services risk and so on (El Ebrashi, 2013).
Various kinds of entrepreneurial venture are
available into market. Some of them are
mention below:
Entrepreneurial Venture Types:
Some types of entrepreneurial ventures are
explain below:
 Large-scale enterprises: These kinds
of entrepreneurship needs large
amount of funds as well as market
shares. Large-scale enterprise produce
and serves products with new
conception and design to target
consumers for accomplishing its
demand and

requirements. They introduce many
products or services variety as per the
trends and needs of clients for example
Tesco, Unilever, Marks and Spencer.
 Small-scale enterprise: These mainly
performed commercial activities at
smaller level and its main aim is to
produce profitability. It is usually
handled by the firm owner and this
cannot get impacted largely with the
changes occurs into market trends.
Like cafe, grocery stores and so on.
Example of small scale organisations
are First mile, Third way, Ensoft and
so on.
 Social enterprise: It facilitates
products or services that accomplish
the consumer’s requirements in
appropriate way. Its main purpose is to
serve society in order to improve. Its
living standards in effectual manner
(The Four Types of Entrepreneurship.
2019). For example Interserve, PWC
and so on.
Kinds of various entrepreneurial typology
types
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT

 Serial Entrepreneur: These are
extremely creative as well as want to
take risk and face challenges. Serial
entrepreneur launch new goods or
services in all the areas so that
demands and
requirements of consumers can be
accomplish.
 Male Entrepreneur: as per this male
entrepreneur initiates an
entrepreneurship. Its main aim is to
provide effective products or services
into marketplace for generating more
profitability. For example Mark
Zuckerberg who is the founder of
Facebook, it is utilize at international
level.
 Female entrepreneur: This is
consider to one when any female
individuals establish a new business
for serving innovative products to
society. These entrepreneurs are more
creative in comparison to others
(Griffiths, Gundry and Kickul, 2013).
For example Emma Kane, the chief
executive officers of Red leaf
communication.
Lifestyle Entrepreneur: these are the
entrepreneur, who concentrates upon gaining
profit, for this, they choose suitable sectors so
that they can obtain more profit as well as
market share. It generally initiate its business
at both the level large and small depends upon
their financial abilities and interests.
Similarities and differences between
entrepreneurial ventures
Large Entrepreneurial Ventures
 Meaning: It operates at large level as
well as required more investment to
increase the opportunities of business
(Humphrey, 2013).
 Decision-making: herein, the
organizational hierarchy takes most of
the decisions.
 Process: They follow the formal
process.
 External input: In this, external
inputs are more.
Small Entrepreneurial Ventures
 Meaning: It is perform at smaller
level and needs less capital.
 Decision-making: In this, the owner
of the firm makes whole decisions.
 Process: It comply the informal
process
 External input: Herein, the external
inputs are less.
Social and Scalable Entrepreneurial
Venture
Social Entrepreneurial Venture
 Definition: This is consider as a
commercial firm, which have
particular social objectives that
provides their fundamental purpose.
 Aim: Its main aim is to serve products
or services for society welfare.
Scalable Entrepreneurial Venture
 Definition: This type of
entrepreneurial venture are focused on
the products quality rather than
producing goods at large quantity
 Aim: Its aim is to bring unique as well
as innovative ideas for the business.

Similarities:
Large and small business
 Both aim to earn more profitability
into market.
 Both are focus to grab the attention of
investors, customers and so on.
 Both want to sustain in competitive
market for the longer period.
Social and scalable business
 Both the business are concentrates to
provide creative as well as innovative
products to the customers or society.
 Both generally adapt the commercial
process as well as activities to enhance
the opportunities of business.
Interpret and assess relevant data and
statistics
Entrepreneurial business can be performed
generally at micro and small level. These kinds
of enterprises do not need more capital in
compared to large one because of this they
gain less profit and turnover ratio. Micro
enterprises are considered as a business that is
functions at small level that normally have 5 or
less employees in workplace (Kenworthy and
McMullan, 2013). Whereas small business are
independently owned firm where only few
employees are working and focused to gain
profitability. This also, improve the
employment level. The impact of SM’s upon
the economy of UK positively, some effects
are mention below:
 Enhancing job opportunities: When
people starts a macro and small
business, they need another many
individuals who performed the
activities of the firm on effectual as
well as proper way. Because of that,
they can capable to improve
opportunities of employment at local,
state, domestic and global level. Due
to this reasons government of UK
support both macro and small business
organizations.
 Maximize per capita income: It
considered as income that is earn
through people in specific economy
nation. It will analyses country
average income through which rate of
growth as well as development can be
measure in effectual manner (López‐
Fernández, Serrano‐Bedia and Pérez‐
Pérez, 2016). Likewise, In UK there
are various macro and small business
because of this there are enhancement
into national per capita income in
appropriate way. This will also
develop the living standards of
respective nation.
Impact of SME’s can be measured as well as
represented through chart or graphs are shown
below:
From the above shown graph, it is analysed
that UK economy is leading with the
development of small and medium business. It
is seen that there is growth in effectual way.

As from year 2008 to 2012, it is fluctuating
sometimes increasing and decreasing.
However, from 2012 until 2018 it is
continuously enhancing which is important for
the future growth of nation and businesses.
Importance of small businesses and business
start-ups
Businesses play a vital role when it comes to
focus on economy perspective as it relate to
exchange of money from goods and services.
Small businesses function as a growth of local
economies by establishing industries, schools,
universities etc. (Lourenço, Taylor. and
Taylor, 2013). It employ workers from nearby
location and give a growth to the appropriate
scale in building economy as a whole. Small
businesses has beneficial effect on nearby
shops and other area to earn more money. It
increase in number of people visiting at small
businesses, which automatically benefit to
every other person staying near to it. Business
with small size has different benefits, which is
as follows:-
Adopting to changing climate –
Small businesses has ability to give a new look
in economy and attracts thousands of
customers in changing their taste and
preference of every individual. Local
Customers are more loyal in maintaining a
stability with nearby businesses in economy.
Small businesses have convenience benefit
which build a good relation with local
customers and change the entire taste and
preference of nearby consumers.
Contributing to local government
with taxes – Local business has power to earn
more and diverts the mind of a consumer in an
appropriate manner. It clarifies all levels on a
business and focus on profit maximization
which directly impact on government taxes
(Ma and et.al., 2013). These local businesses
play a vital role in building awareness about
various prices related to properties, shop
rental, increase in price of flats etc.
Growing a small business to a
corporation - Growth is a part of every
running business in the right direction. Small
businesses are more focus in building
strategies in such a manner as to get better
improvement in every field and maintain a
stability to cover more market share in an
economy. It focus on every barrier while
walking on the root of diversifying a small
business into a corporation and design a game
plan to maintain stability in market.
Improvement in standard of living –
Small business has a positive impact in
standard of living as increase in earning of a
particular sector turns the whole scenario of a
business. Small businesses maintain a stability
in market and improves overall nearby society
by given opportunity in building more business
to get a standard level of standard.
Online
Social Enterprise UK. 2016. [Online].
Available through :<
https://www.socialenterprise.org.uk/ >.