Entrepreneurial Ventures: Small Businesses & Economic Growth in UK

This report provides an overview of entrepreneurial ventures, differentiating them from small businesses and exploring their impact on the economy, particularly in the UK. It examines various types of entrepreneurial organizations, including sole proprietorships, partnerships, and global-scale businesses, highlighting their similarities and differences. The report analyzes the significant contribution of small businesses to the UK's GDP and employment rates, emphasizing their role in fostering economic stability and social development. It also discusses the importance of small businesses and start-ups in driving the growth of the social economy by creating employment opportunities and contributing to the government's budget, ultimately leading to social development initiatives. The report concludes that entrepreneurship is vital for business success and that small businesses play a crucial role in enhancing economic effectiveness.

ENTREPRENEURIAL VENTURES
INTRODUCTION
Entrepreneurship or entrepreneurial ventures refer to coming up with the
innovative ideas in order to formulate and design the business in effective
manner. On the other hand, small business refers to the privately owned
corporation, sole proprietorship & partnership form of business. These
businesses run on the small scale. The report will illustrate the concept of
entrepreneurship. Along with this, the report will describe the impacts of the
small business over the economy. IBM is a Multinational corporation that
provides consultancy services to the different entrepreneurship businesses.
The local firms perform their operations in the home country and provides
their services and goods in the same country as well. This business utilises
the local resources and focuses on increasing the employment rate in the
locality. This entrepreneurship works with the aim of earning profit and
creating the job opportunities for the local people. Small businesses are
considered as the part pf local business. As these firms puts the focus on
providing the employment in the locality. (Kickul and et,al., 2018). The
innovation in these businesses are important so, the outcomes of the
business comes in effective manner and more opportunities can be come for
employment. The capital that is needed for starting the business is generally
low. Davison canners is one of the small entrepreneurial in UK.
Global scale business- These businesses perform their activities on the
large scale. The capital that is needed for the firm is extremely high. The
prior motive of the business is to earn the large amount of profit. These
organizations often perform the social ethics in order to maintain the
effective goodwill in the market. The fund for the business has been
allocated from different sources. For example: issuing of shares and
debentures, inviting the general public for buying the shares and taking
loans from the banks. TESCO runs on a global level. This is the global scale
entrepreneurship.
Corporate social entrepreneurship- These firms work with the sim of
establishing the social agenda in the community. The prior motive of these
corporations is to create the social development in the society. (Reukauf,
2018). Earning profit has been considered as the secondary activity. These
corporations run by the government and private organizations as well. These
organizations provide the social values to the people in the society. This are
the social ventures that focus on the development of economy. For example:
Social communities and NGO are the social corporate entrepreneurship.
P1. Analysing the different types of entrepreneurial organizations
Entrepreneurial organizations refer to that organization that focuses on increasing the operations
of the business by establishing the perfect plans. These organizations use the concept of
entrepreneurship in order to add more effectiveness in their business. In order to understand this
with clearance here are the examples of the such organizations and their relationship with the
entrepreneurship:
Sole proprietorship- This refers to the business entity which is owned and managed by one
single person. All the formalities related to the business has been done by the individual only. It is
mandatory to register the firm with the state. This type of business is popular as they are
inexpensive in nature. The business can be start with the low level of finance as well. As it is
owned by the single individual therefore, there is no liability protection has been acquired by the
firm. And it is harder to allocate finance for the business. For example: Social media consultant
and photographer are the sole entrepreneurs. ( Buffartand et.al., 2020).
Partnership- This is the form of entrepreneurship which enables the different person or
organization to become partners and collectively perform the operations of the business. Under
this, a contract has been formed between the partners in relation of the business and all the
necessary terms and conditions has been mentioned on that contract. The partnership forms of
business has certain advantages and that is, at the time of risk the loss has been managed by all the
partners. The partners are liable for bearing up the losses. The liability of the partners is limited.
For example: Maruti Suzuki is the biggest example of the partnership entrepreneurship. And
Kenichi Ayukawa is the entrepreneur.
Local &small business- Those firms that provides goods and services to the local people has
been considered as the local business. The prior focus of the business is to focus on the locality.
Differences between the ventures:
There are more number of differences than the similarities in the
entrepreneurial venture. Some ventures work for only earning the profit
while social corporations focus on increasing the social values of the
society. Arranging the source of capital is another a big point of
difference between the ventures. For example: Sole proprietorship and
small business does not require large capital in order to run the activities
of the business. (Staff, 2021). On the other hand, for the large-scale
business which generally includes the big companies requires large
number of capital in order to run the operations of the businesses. Small
business can start after borrowing the money from bank or lenders and
the large-scale business needed more scope in order to establish. Only
borrowing the money is not enough for these businesses.
P2. Understanding the similarities and differences between the
entrepreneurial ventures
The concept of entrepreneurial ventures is same therefore, ventures has many
similarities and difference as well. In order to understand this with more
clearance here are the similarities and differences of the entrepreneurial ventures.
Similarities of the ventures: All entrepreneurial ventures work with the main
motive of increasing the value of the business. The concept of entrepreneurial is
revolves on increasing the values of the business. Whether the business is
running on small or large scale in the eyes of entrepreneurship concept, the major
focus is put on increasing the values and morals of the business. This is one of
the similarity that has been found in the entrepreneurship ventures. For example:
All the organizations are suggested to perform their social ethics towards the
community. This results in increasing the values and morals of the business.
(Gandhi and Raina, 2018). On the other hand, the other similarities between the
ventures are the new innovations are taken in account in order to improving the
business activities and increasing the effectiveness of the businesses. Adding
innovations in the ventures keeps the business updated. And an updated business
never faces the failures.

P3. Analysing the relevant data in order to know the impact of small businesses over the economy
The small business has an effective impact over the economy. In UK, the small businesses has opens up many opportunities in terms of
increasing the stability of the economy. It has been found from various studies, that in the starting of 2017 the 40% income of nation
income has derived from the operations of the small businesses. Apart from this, it has ben also found that, there are around 5.3 million
micro industries in the UK. And these industries are making high contribution towards the GDP of the nation. The micro businesses has
adopted the human resources more in terms of materialistic resources. (Julien, 2018). Therefore, these industries provide the large rate of
employment to the people. In UK the small businesses have shown the high rate of growth since 2016. And the growth has never went
down. It is on a increasing rate. The small businesses operations are mainly performed for producing the product and services for the local
people. Therefore, the demand for the products are high. These industries never failed in full-filling the demand of the customers. The ratio
of demand-supply never got mismatched. This results in increasing the stability of economy.
P4 Analysing the importance of small businesses and business start-ups to the growth of the
social economy
The small businesses and the establishment of the new business leads to the growth of social
economy. As the small businesses provides the opportunities of employment for the local people
this results in reducing the rate of unemployment and the social development of the people takes
place. On the other hand, new business in the economy leads to open up many opportunities for
the public. The more operations takes place in the economy as a result the more income is
generated and higher contribution towards the GDP has been made. This results in increasing the
budget of the government. Thus, there are many plans has been organized by the government in
terms of establishing the social development of the people. The small businesses are developed
with the aim of providing benefits to the localities. For example: Davison Canners contributing
towards the GDP of the nation.
CONCLUSION
The above report concluded that the entrepreneurship plays the vital role in the success of the
business. Different types of ventures work with the different motive and all of them are
guided by the concept of entrepreneurship. Along with this, the report also describes the
importance of small businesses over the economy. The small businesses play the mandatory
role in increasing the effectiveness of the economy. Apart from this, the report also
highlights the key features of the entrepreneurs thar results in reflecting the motivation and
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