Entrepreneurial Ventures, Typology, and SME Impact Analysis Report

This report delves into the multifaceted world of entrepreneurship, examining various types of entrepreneurial ventures and their corresponding typologies. It differentiates between public and private organizations, managed growth, lifestyle, private, social, survival, and speculative ventures, highlighting their unique characteristics and strategic focuses. The report also provides a comparative analysis, outlining the similarities and differences between these ventures, including their approaches to customer satisfaction, time horizons, productivity, risk, and investment. Furthermore, it assesses the significant impact of small and medium enterprises (SMEs) on the UK economy, emphasizing their contributions to employment, GDP growth, innovation, and the overall economic landscape. The analysis covers how SMEs foster economic growth, provide employment opportunities, and contribute to a diverse market of products and services. The report also touches on the role of government support and the increasing trend of e-commerce within SMEs.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Types of entrepreneurial ventures and typology
Entrepreneurial Organization
There are a lot of changing the strategies and policies in the business because the businesses are new to
the industry. There are a lot of tools and techniques also used to make a business work.
Public Organization
The public organizations are those organizations which are having stockholders in the company who are
not just the owners but from the outside the company also (Volery and Mazzarol, 2015). The profit of the
company is also shared by the limited shareholders of the company. The companies which have public
organizations there is no personal say in the decision-making but every shareholder/ stockholder has a say in the
decision-making of the company. There will be a lot of conflicts in the company which the members of the
company will have to face because they will waste a lot of time coming to one decision.
Private Organization
There is a limited stockholder in this type of company and the profit is also
divided between the shareholders only (Mugler, 2017). The decision-making is very
simple after analyzing the factors of the company because there are not too many
brains working together so there are fewer chances of conflicts in the company.
Mckinsey company is a private company and the decisions which are taken by the
company are very appropriate for the company therefore the company is doing so well
and making a good amount of profit in the market.
Social Organization
There are unlimited shareholders in the company and the profit of the
company is not shared by everyone because the profit is invested in helping the society
and making the world a better place to live in. But only a few have a decision-making
power in this type of organization.
Survival Ventures
The focus in this type of venture is that the company does everything possible
to make a profit in the market and to stay in the market for as long as possible. The
company's with this type of venture does not plan anything for long term but for short
term only because this will help them know there position in the market.
Speculative Ventures
The entrepreneurs focus on showing the investors and competitors that they
are making innovation, creativity and efficiency in the company. There will be
potential of the ventures and they make a profit in the market because of their
purchases in the market.
Private, social firms
Typology Ventures
There is a trait which is followed in a business which helps the company's and organizations to grow
very quickly in any type of industry or market. Different types of ventures can also lead to high profitability in the
market.
Managed Growth Ventures
Managed growth venture focuses on the products by investing research and development department and
innovative ideas so that they can make more selling of their products which will make the investors and the
company make a lot of profit. The company also invests in developing their employees so that they can make the
employees work efficiently and produce more products so that they can grow even faster.
Lifestyle Ventures
The company's in this venture focus on the quality and services they provide to their customers so that
the customers can have a standard living because of the products which are being produced (Mazzarol and
Reboud, 2017). Disadvantage of this venture is that the company does not focus on the managerial aspect of the
company which does not let the efficiency in the company take place.

Similarities
 The focus of all the other ventures focus on satisfying the
customers and all the entrepreneur enterprise are focused on
the costumers.
 All the ventures have a tendency to expand in their own
fields.
 The ventures can increase their sales and productivity of the
products whenever want to so that they can capture more
market and become even better.
 The similarity in all the ventures is that all the ventures can
earn a lot of profit with there cost and their strategies being
using in the ventures.
 There is risk factor which all the ventures have to take no
matter what therefore that is a huge similarity between them
all (Saleem, 2017).
Differences
Differences Public Private Social Micro
Time
horizon
The focus is
on the
increase of
productivity
to get more
customers.
They focus
on stability
for long
term and
also
improve the
quality of
products.
The
company's
focus is on
the long term
because of
the funds
which have
been taken
by the
company.
The
company
does not
focus on
the long
life of the
company
but on the
profit.
Investment
in
technology
The focus is
on
surviving in
the market
and only
user the
technologie
s where
required
and do not
invest in
To get
better
output and
low
employee
rate under
them they
get
technologie
s to get
efficiency
To get a
competitive
advantage
this venture
uses
technologies
as there
strength to
survive
longer in the
market.
The
investmen
t which
this
company
has been
very little
to invest
in
technolog
y.
Differences and similarity between entrepreneurial ventures.
Importance of small and medium enterprise in the growth of
social economy
Small and medium enterprises plays a major role in
making the economy of the country grow because Small and
medium enterprises helps the economy to grow faster this
way and that has been proved by the reports of the past few
years which increases the efficiency of the country and also
give a huge opportunity to employment of the population.
Small and medium enterprises is the backbone of the country
because it provides a lot of employees to get employed and
make them have a standard living of their own (McKeown,
2017). Small and medium enterprises also provides the
population to have a choice of their own when it comes to
selecting their own products from the market because there
are so many varieties of products coming up because of the
many businesses which are coming up. The help is given to
the banks also by this method because they can reduce there
rate of interest which will help the enterprises to create more
quality products and work even more efficiently. There is an
increase in the technologies in the world therefore many
companies have become e-commerce and have started
coming online because are way cheaper and attracts more
customers than in the market. There is a rapid growth in the
sales, production and supply of the products because there is
a huge demand of products in the market which is because of
the innovation and creation of many products that has
resulted in reduced liquid cash flow in the market.
Small and medium enterprises also helps the
employees get a better skills and knowledge of the work and
makes them grow there personality which results in the
employee's achievements of personal goals and manners.
The big enterprises have started getting there raw material
from the Small and medium enterprises because that is a lot
of time and cost friendly. The classes like middle and low
class are also getting a rise because they are getting
employed which is resulting in no limits on the income
(Burns and Dewhurst, 2016). There is high range of
innovation which is taking place in the market which makes
the company's put out there entire information to the
customers so that they can easily choice there products
properly. There are low chances of mismanagement in the
organizations because there will only be one person giving
the command in the enterprise which is the entrepreneur of
the company.
Impact of Micro and small business on economy
The small and micro of the business has a huge impact on the economy of United Kingdom and it contributed to 47% in the overall growth of the economy
United Kingdom (Yan and Yan, 2016). Small and medium enterprises plays a major factor in the employment of the population because that results in the per
capita income and creates a standard of living in the country. Small and medium enterprises creates a huge motivation for the people to start their own business
because of the low investment which is required in the company to establish themselves. The country's economy is majorly on the private sector in the country
because there focus is on the profit that the company earns and it also gives a lot of the population employment therefore the growth of the country's economy is
on the upward direction and gives a lot of opportunity for the people. Free investment and start-up loans are also provided to the people in the country to start
their own enterprises.
It was noticed in 2016 that 99% of the population is from the small and medium enterprises sector and therefore the government of United Kingdom
invested a lot of strategies so that it would motivate the people more to increase the number of small and medium enterprises in the country for the growth of the
economy of the country. There was a growth in the GDP of the country which make the exports and imports in the country more inflation and the value of