Entrepreneurship and Small Business: Venture Types and Economy

This report provides an analysis of different types of entrepreneurial ventures, including survival firms, managed growth firms, and social enterprises, highlighting their similarities and differences. It discusses the impact of micro and small businesses on the economy, particularly in the UK, emphasizing their role in employment generation. Furthermore, the report examines the importance of small businesses and start-ups for the growth of the social economy, focusing on their contribution to fulfilling daily needs, providing platforms for selling products, and creating employment opportunities. The report concludes that entrepreneurship involves risk-taking and innovation, with various ventures aiming for either sustainability or profitability, and underscores the significant role of small businesses in driving economic and social development.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
TABLE OF CONTENTS..............................................................................................................2
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
P1 Different type of entrepreneurial ventures.............................................................................3
Typology of entrepreneurship.....................................................................................................3
P2 similarities and differences of different ventures...................................................................4
P3 Micro and small business impact on economy......................................................................6
P4 Importance of small businesses and start-ups for growth of social economy........................7
PART 2............................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is activities related to setting the business and taking risk to generate
profit. There is different type of entrepreneur that are small, start-ups, large companies and social
entrepreneurs (Drobyazko and et. al., 2019). Bill gates is a successful entrepreneur owns
Microsoft corporation. This brand of Gates become one of the largest software company. This
report will evaluate the type of entrepreneurial venture and typologies. Different types of
ventures are identified and their similarities and difference are described. Further the importance
of small business in social economy growth is determined. Moreover, the skill and traits required
by effective entrepreneur are explained and their personality affect the motivation and mind set
are evaluated.
PART 1
P1 Different type of entrepreneurial ventures
Entrepreneur is a person who uses to develop a new firm or business and bear most of all the
risk with this they also get the benefits for the same (Fairlie and Fossen, 2018). This can also
characteristic as innovator who is having its particular idea related to the business. They also
ensure that the funding in the entrepreneur and pay taxes as per their structure.
Entrepreneurship is management of an organization venture to obtain higher level of profit and
taking risk. It can also be defined as willingness to start a business is the form of small business,
social entrepreneur, large company and scalable start-ups.
Typology of entrepreneurship
Their are different type of organization typology of entrepreneurship that can be used by
entrepreneurs to work accordingly.
Any established company Asda store ltd is a company operates in Britain market providing
retail products in the market. The basically they are offering grocery, clothing’s and retailing
products internationally (Anderson, Wennberg and McMullen, 2019). The main function and
operation of the company are performed in UK and the company is also having a strong
customer base in Britain market as well.
Large size social venture NHS is one of the social venture, which is public funded healthcare
system. This venture is from four main health care services in UK which support the needful

people in the market. National healthcare services provide number of health facilities to the
needed people so that they can improve the lifestyle.
High growth firm Google is an American multinational company that is expertise on the
internet searching field this also include search engine, online advertisements, cloud computing
as well as hardware (Turner and Endres, 2017). The company is having large number of
customer base who is making use its searching engines and other internet services.
Type of entrepreneurial ventures
Survival firms: This is the firm who are operating in the market not to earn profit margin they
are just need to stay in the market and perform its activities as well. They earn that much of
amount which is adequate to perform their activities. Snugburys is a survival firm who offers ice
cream in the market, the company uses to offer variety of ice cream to its customers and trying to
earn that much revenue that they can sustain in the competitive market.
Managed growth firms: This is a specific type of venture which combine with combine stability
with ongoing pursuit of the opportunities in this business uses to expand but in controlled
manner. Dignity plc is one of the largest services provider in UK is growing in the market in
very limited and control way (Acs and Lappi, 2021).
Social enterprise: This is a type of business that is having specific objective in the society that
uses to serve the society people on priority basis. This type of business uses to increase the
profit of the company and also improve the benefits of the society people. Amey plc is a United
Kingdom company providing supports services in the market to the needed people of the society.
P2 similarities and differences of different ventures
Creative idea: In every venture whether it is survival, managed venture or social venture
all type of business entrepreneurship need some unique and creative idea. Without a creative idea
or thought venture cannot able to sustain in the competitive environment and quickly face loss.
All the venture whether they are running to earn profit or not but creative thinking is more than
effective for all ventures.
Creating branding name: To work for a venture to earn profit or to sustain in the market
all need to develop a specific name that can help the customers to identify the brand in the
market. This branding also helps the company to make a difference from its rivals in the market
(Vakili and et. al., 2017).

Constant innovation: All types of ventures must need to do particular type of innovation on
regular basis because this innovation helps to sustain the business in market. When venture do
innovation on regular basis then its customer is more engaged and they are more involved within
the company.
Difference between the entrepreneurial ventures
Survival Managed growth Social enterprise
Annual
growth
rate
There is no growth in the
process and profitability
of the company they are
just sustaining its business
(Kalusová, 2020).
These ventures are
having annual growth
which is controlled way
and in a particular
number.
This company are
having effective growth
every year they are
concentrated on the
profit earning and
providing quality of
product and services to
the society.
Technolo
gy
investmen
t
This company are mainly
working with human
capital and lessly use the
technology. As they have
limited amount of
investment.
They use the technology
in limits so the
investment is also very
limited as per their
growth.
The social enterprise
work on large area and
its operational activities
are also big so their uses
to technology is being
wider.
Organizat
ional
structure
This is basically small
companies they use to
follow flat structure in
their organization.
The company uses
hierarchy structure in the
organization all the
power and information
travel from top to
bottom.
The social enterprise are
large and there are
number of department
who are collectively
working in this to
achieve organizational
objective. So this
companies uses
hierarchy structure in the
companies (Roma, and
et. al., 2021).

P3 Micro and small business impact on economy
Micro businesses: This is basically very small kind of businesses having less than nine people to
work and low level of turnover as well.
Small businesses: This is privately own corporation, partnership or sole proprietorship with less
number of employees, this business are having low revenue earning.
Impact on economy
As per the above graph it can be identified that small business in are having large number
of businesses all over the UK market, and they are also generating larg number of employment
within the economy. As compared to medium and large company the employment generation is
higher in small business yet their turnover is less when it compares to large companies.
Snugburys is an ice cream company who produce and sale ice creams, the company is
increasing its employment rate by 15 percentages every year. The production of Snugburys is
regularly increasing as per the need of its customers (Miller-Stevens and et. al., 2018). The
Illustration 1: SME'S impact on UK economy
Source: UK small companies, 2020

company is enhancing is profitability and growing effectively within UK market. As the turnover
of Snugbury is less as they are operating on smaller scale.
P4 Importance of small businesses and start-ups for growth of social economy
Social economy: This is the cooperative, mutual organization and the foundation which are
formed by rich diversity of enterprise having different size. This companies can range in SME to
large companies which are leading in the market and effectively operate in the economic sector.
They are making efforts to contribute more in inclusive and sustainable society. This is more
important because it assists to get new solution of similar problem in the society and satisfy the
needs which are inadequate by different sectors.
Importance of small business growth and start-ups
The small businesses are the main element of the economy as they are helpful in fulfilling
the role in the daily life, social as well as business demand (Kerr, Kerr and Dalton, 2019). The
businesses who are started recently are part of community and also help the people to get profit
from market. There are lots of small businesses and start-ups which are available around the
globe, and they are assisting in supporting the social economy and fulfilling the demand. There
are number of aspects which are helping to show the impact the economy growth.
People gets required product When they need of it the small business are comparatively closer
to the society in the form of nearby shop, market. When the market is close at that time the
nearby shop is only the option remains as milk and food related item are purchased from nearby
shops.
Platforms for selling the products and services: The large and small business are interrelated
with each other for growth. The large companies are usually invested more in advertisements to
attract customers. Further to sell and distribute the products to the final customers they use small
business to distribute (Li and et. al., 2020). The large company also depended on the small
business to fulfil their demand.
Creation of employment the small business in UK are also big platform to provide employment
to the people because there are different which need to perform by people. So the small business
are providing the opportunities to the people so that they can earn their livelihood more
effectively.

PART 2

CONCLUSION
This report concludes that the entrepreneurship is to operate in the market by taking risk
and earning profit as well. The entrepreneur is the person who is having potential to take the risk
and able to work in creative manner. There is different type of venture who are having their
separate goal some need to sustain in the market and whereas some are trying to enhance the
profitability. There are different similarities and difference in all the venture as they need to
develop a specific name to get the particular identification. Moreover, it concluded that small
business is having high employment rate and low in its turnover.

REFERENCES
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