A Report on Local, International, and Social Entrepreneurial Ventures

This report provides a detailed analysis of three distinct types of entrepreneurial ventures: local, international, and social. It begins by defining entrepreneurship and its role in economic development, highlighting the importance of innovation and creativity. The report then delves into the characteristics of each venture type, providing examples such as CAFEPOD for local, Microsoft for international, and Oxfam for social entrepreneurship. It contrasts these ventures based on scale, purpose, and customer focus. Furthermore, the report examines the scope for growth in entrepreneurial ventures, emphasizing the contributions of local ventures to workforce development and social ventures to societal improvement. Finally, it evaluates the impact of small and medium-sized enterprises (SMEs) at the local, regional, and national levels, focusing on job creation, improved living standards, and contributions to the gross domestic product (GDP), particularly within the UK economy. The document concludes by emphasizing the role of small businesses and startups in driving economic growth and providing employment opportunities.

Fact sheet for a conference on Entrepreneurial Venture
Introduction
Entrepreneurs are the ones who contribute their innovation and creativity skills to move forward to better
implement for valuable goods for economic development. It is majorly determining about overall product
and services through product, process and different better market segments. There are several types of
entrepreneurship in accordance to the business type and their motivational forms They take up all risks and
bring out a difference and invention in entire economy. It is involved with those tasks and procedures that
people use to run all their business organizations. As in the following report, the topics are covered as
three different types of enterpreuial venture discuss along with examples and impact of small, medium and
large organizations in a specific economy.
Local Entrepreneurial venture: This venture presumes business without forming it into a large
chain and carries very limited resources for the organization. For example, CAFEPOD coffee
company, an independent coffee business implemented in the year 2011, United Kingdom.
Characteristics: This type of venture needs limited resources to run the business, and
government interference is also low.
International Entrepreneurial venture: This type of venture is the one that has a large amount
of capital invested and has a presence at a global level. For example: Microsoft Corporation is a
multinational company which serve their technology service international level.
Characteristics: These type of business requires huge amount and resources such as money,
employees etc. Also the government interferences is high due to having operations.
Social Entrepreneurial venture: This venture is the main element not just to earn profit but
also to create a good or positive impact on society. For example, Oxfam is a UK-based social
business venture that serves society development to mitigate unethical practices worldwide.
Characteristics: These firms are essential requirements provided through the government as
they operate for people's welfare.
understanding of entrepreneurship in both the public and corporate sector
in public sector entrepreneurship aspects are changing very frequently such as there is shift in the focus of
solving various problem and issues that are faced by people in society. Now entrepreneurs are willing to
convert the problems into opportunities that can be availed in long run to achieve some profitable growth.
The overall process of changing nature of corporate sector is developed in such a way that the main aim is to
achieve laid vison and mission statements that may or may not be in profitability terms.
Differences
Basis Local entrepreneurial
business
International
Business
entrepreneurial
Social entrepreneurship
Scale These type of business
because these business are
operated towards small
scale of using better small
amount of money.
According to
business operates at
higher scale due to
which needs amount.
This business operates at local level for
satisfying the needs people and society.
Purpos
e
The objectives of this
business is to earn their
livelihood for better living
life comfortably.
These are formed to
earn where huge
amount of money
thorugh their
innovative ideas and
products.
These are formed for the upliftment for local
people so that the living standard for local
people be improved
Basis Local entrepreneurial
business
International Business
entrepreneurial
Social entrepreneurship
Meeting
the
needs
These are formed for
satisfying the needs of local
customers.
These are also formed for
satisfying the needs of
customers but at huge level.
These are formed to
provide support to the
local people to satisfy their
needs and demands.
Scope development and growth of entrepreneurial ventures
In the present changing scenario there is focus on the way there is scope of growth for different entrepreneurial ventures. For
example, local entrepreneurial ventures are those that are contributing towards creativity and growth of local workforce.
Social entrepreneurial ventures lead towards development of society and offering opportunities to people which leads to
solving issues of unemployment.
Impact of Small medium enterprise
 Local impact: Micro and small businesses directly impact the local economy as they provide more jobs and a
small base of employment in the local region. This benefits not only raise the economy standard but also generates
people's standard of living.
 Regional Impact: In this, the impact of SMEs gets the regional economy as they provide job opportunities to
regional people better to eliminate the issues of inflation and unemployment in regions. These positively impact
the economy as high employment rate is helpful for businesses to expand the business operations due to having
sufficient and talented workforce.
 National Impact: Through the impact of SME within the economy at the national level, they perform where their
business operations by using less money. These are also focused on better innovative ideas in order to enhance the
profitability and productivity of company. More than around 15.7 million the SME’s people are employed through
better development of the UK.
Evaluate how small businesses have an impact on different levels of the economy (local, regional, national) and in an
international context.; in the changing scenario of external environment the shift is towards business enhancing their
contribution to local, regional and national economies. In local impact the benefits are to people in society where their
problems are solved and various opportunities are offered that leads towards enhancement in their standard of living. In
regional impact there is decreasing employment rate that benefits regional aspects of functioning in country. Lastly it can be
said that small business possesses a direct impact on national level as with the innovation and higher amount of creativity
there is better development of people and society. Along with it further there is contribution towards gross domestic product
in the country.
Micro and small business start-up impact on the local, national and international economy
The GDP nation is getting higher growth and development through undertaking contribution from small business enterprises
and new start-ups. These small business generates huge employment opportunities and revenues, which makes positive impact
better growth of GDP nation. There is impact of Small and micro business in economy of UK:
 Job creation: Through new start up and small micro-business generates more opportunities for productive jobs
availability in the economy that help increase employment level.
 Improvise standard of living: Through small business and start up gives maximum where the contribution by
generating jobs and improvising standard of living. Through providing them the opportunity to earn income for
their livelihoods better and enhance the standard of living growth of the country