Report on Entrepreneurial Ventures and Economic Contribution

This report provides a comprehensive overview of entrepreneurship and small business management. It begins with an introduction to entrepreneurship and its relation to the typology of entrepreneurial ventures, including small business, scalable start-up, large company, and social entrepreneurship. The report then explores the similarities and differences between these ventures, highlighting their impact on the economic system. It emphasizes the significant contribution of micro and small businesses to the national economy, job creation, and innovation. Furthermore, the report discusses the role of startups in economic growth, differentiating them from traditional small businesses and underscoring their importance in driving innovation. Finally, the report concludes by summarizing the key aspects of entrepreneurship, emphasizing the importance of risk-taking and the development of unique offerings to address societal problems. The report also includes a list of references for further study.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Content
 Introduction
 Entrepreneurial ventures and their relation to the typology of entrepreneurship
 Similarities and difference in between entrepreneurial ventures
 Impact of micro and small businesses upon economic system
 Contribution of start ups to growth of economy
 Conclusion
 References

Introduction
Entrepreneurship can be referred to as the act of undertaking of dangers with a thought process
to present new items, procedures or administrations with esteem expansion so as to pick up the
fulfilment from clients. In such manner, business visionary is normally alluded to as an
individual that surfaces with another thought, idea or belief system so as to create answers for
social or financial issues being looked by open on the loose. Enterprise and private ventures
together include a gigantic commitment inside the economy of a country.

Entrepreneurial ventures and their relation to the typology of
entrepreneurship
Entrepreneurship fills in as one of the most basic parts for a country which is created because of age of new and
one of kind thoughts. A business visionary is found to start a business just with a restricted quantum of assets and
capital alongside immense degree of hazard. The entirety of this is focused on noteworthy commitment to
economy of a country. There are different kinds of enterprising endeavours which are quickly clarified as follows:
 Small business entrepreneurship: There is a variety of independent company adventures winning inside the limits
of United Kingdom.
 Scalable start-up entrepreneurship: Business people running and overseeing such sorts of adventures utilize
quality segment just as advancement inside their contributions so as to pick up the consideration of individuals and
achieve greatest fulfilment from them.

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 Large company entrepreneurship: The substances working under the name of enormous scope
business enterprise tend to lay most extreme accentuation upon the arrangement of one of a kind and
inventive contributions to client base.
 Social entrepreneurship: Inside this kind of enterprising endeavour, business visionary ideally indicate
their perspectives and thoughts in order to serve the general public in an attractive way. Here, business
person makes extraordinary and imaginative wares with a mean to take into account the requirements
and requests of network and create fulfilment from them.

Typologies of Entrepreneurship Ventures
Typologies can be alluded to as the division of a perspective based on its sorts. Such sort of division should be
possible based on structure, style, plan and structure. In such manner, the typologies of pioneering adventures are
determined and clarified in a word beneath:
 Survival Ventures: Such kinds of substances are framed for the main role of taking into account the fundamental
needs of people in order to viably guarantee its endurance inside commercial centre.
 Lifestyle Ventures: These substances are set up with the sole rationale of obliging the salary fulfilment of business
visionaries.
 Managed Growth Ventures: These kinds of elements are made with the sole thought process of carrying out
development and extension of business operations, dispatch of new items, selection and recruitment of skilled
candidates and introduce new products.

Similarities and difference in between entrepreneurial ventures
There are different likenesses and contrasts between the previously mentioned sorts of entrepreneurial ventures:
Types of enterprises Similarities Differences
Small v/s Large Business enterprise Business undertakings working in the
bounds of enormous just as little scope
endeavours do their tasks with the
assistance of arrangement of
advantages to individuals, while
setting sure that their needs and
expectations are properly thought of
and satisfied.
The budgetary condition is the
significant premise whereupon the
contrasts among little and enormous
scope ventures are perceived. In such
manner, huge scope elements play out
the business procedures and exercises
with huge quantum of assets while
SBEs do their activities with
constrained capital just as assets.

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Types of
enterprises
Similarities Differences
Social v/s
Scalable
Enterprise
•Businesses working as social and adaptable elements
fundamentally do their day by day activities with the sole
intention of guaranteeing arrangement of administrations
that have the possibility to ensure government assistance of
society.
•Both the kinds of adventures get enjoyed the system of
age of new thoughts and conclusions in order to fulfil the
necessities and needs of individuals in the most ideal way
and turn their lives simpler.
•Both of these works with the sole thought process of
accomplishing development and improvement in a quick
way with the arrangement of great contributions.
•Social enterprise lead exercises of association
in a way to such an extent that government
assistance of society can be guaranteed. In
actuality, the business visionaries inside versatile
associations perform with the end goal of
arrangement of imaginative and one of kind
contributions to purchasers.
•Scalable enterprise complete exercises to take
into account the requirements and requests of
enormous number of individuals, subsequently
upgrading benefit. As opposed to this, social
enterprise completes business activities so as to
create answers for the monetary and social
issues being looked by the populace.

Impact of micro and small businesses upon economic system
 Micro scale and small business are respected to be an indivisible
and significant piece of an economy that gives help with age of
bigger market nearness and offer across universal domains.
According to the discoveries of an administrative report, it very well
may be recognized that miniaturized scale and independent ventures
represent over 87.1% commitment to the national economy. Inside
the bounds of United Kingdom, over 4.1 billion of smaller scale and
private company elements win and do their tasks so as to create
development for monetary arrangement of United Kingdom. This
prompts increase in GDP of UK by around 6.1%.

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The effect of such elements upon the economy of UK is additionally explained with the assistance of
beneath referenced angles:
 Share of these businesses in UK: A huge quantum of smaller scale and private ventures are available
in UK that gives help in accomplishing development of economy of the individual country.
 Job Creation: Such sorts of business elements have a significant influence in age of work open doors
for neighbourhood individuals.
 Facilitation of Innovation: Such business elements encourage the rise of novel and inventive thoughts
and picking up the consideration of individuals with that.

Contribution of start ups to growth of
economy
 Start-ups and small business: Start-up is entirely unexpected from the private company. Business is
begun to procure benefit. It is begun by relatives and in association. On other hand new businesses is
somewhat speculation without benefit. New businesses give benefit after quite a while. These are
numerous dangers in this. Business is relies upon the accompanying working society and a new
companies need new thoughts, development and new system to give innovative thing to the clients.
Business is done on a different level. Government likewise gave some assistance to new companies.
They give more benefit to the nation.

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Importance of small business and start-ups: There are a few components of Micro scale and independent company
ventures which consequences for social economy.
 Standard of living: Micro and private venture entrepreneurs are assuming a significant job in way of life.
 Innovation: Micro and small scale business endeavours give new development to the market.
 Employment generation: It can say that it is the significant commitment of the little and smaller scale business
through giving work opportunity.
 Developing personal relationship: Micro and smaller scale business ventures are assists with building up the
relationship of representatives through the client to gracefully.
 Low overhead: small and small scale business gave modest items which pull in clients to purchase and they are
happy with these item.

Conclusion
 Therefore, it is summarised that enterprise is an idea related with supposition of dangers
and advancement of one of a kind contributions so as to produce answers for the issues
being looked by open. Further, it is recognized that there are different sorts of enterprising
endeavours and typologies. What's more, it tends to be said that smaller scale and
independent ventures to a great extent add to the development of economy by age of
business openings and help of advancement. Aside from this, it has been seen that each
business visionary has certain aptitudes and attributes that make them stand apart inside
the group.

References
 Gielnik, M.M., Zacher, H. and Schmitt, A., 2017. How small business managers’ age and
focus on opportunities affect business growth: a mediated moderation growth model. Journal
of Small Business Management, 55(3), pp.460-483.
 Hosseininia, G. and Ramezani, A., 2016. Factors influencing sustainable entrepreneurship in
small and medium-sized enterprises in Iran: A case study of food
industry. Sustainability, 8(10), p.1010.
 Botha, M. and Bignotti, A., 2016. Internships enhancing entrepreneurial intent and self-
efficacy: Investigating tertiary-level entrepreneurship education programmes. The Southern
African Journal of Entrepreneurship and Small Business Management, 8(1), pp.1-15.
 Mazonde, N.B. and Carmichael, T., 2016. The influence of culture on female entrepreneurs in
Zimbabwe. The Southern African Journal of Entrepreneurship and Small Business
Management, 8(1), pp.1-10.

Thank You