Report on Entrepreneurial Ventures, Small Business Impact, and Economy

This report provides a comprehensive overview of entrepreneurial ventures, exploring different types such as small businesses, large companies, and social enterprises. It delves into the typologies of entrepreneurship, including lifestyle enterprises and growth firms, highlighting their interrelation and impact on society. The report also assesses the significant impact of small businesses on the economy at local, regional, and national levels, detailing their contributions to job creation, revenue generation, and overall economic development. Furthermore, it analyzes the similarities and differences between various entrepreneurial ventures and emphasizes the vital role of entrepreneurs in driving economic growth and improving societal living standards. The report concludes by summarizing the key findings and emphasizing the importance of entrepreneurial ventures in fostering economic prosperity.

Entrepreneurship and small
business management

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
LO 1) Explore and illustrate the range of ventures types that might be considered
entrepreneurial........................................................................................................................1
LO 2) Asses the impact of small businesses on the economy................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurs are those who have their own business and work with their own ideas and
perform their business to gain the higher advantage from this competitive market. Entrepreneurs
are the most important part of every country as they are the economic generators of the countries.
The business of entrepreneur develops the living standard of the society by introducing more
jobs; generate revenues, new and creative products and services etc. The entrepreneur’s will
develop and operate the small and medium sized business that improvises the working standard
of the country (Akehurst, 2012). This report includes the different types of ventures and its
typologies relate to entrepreneurship, similarities and difference between the entrepreneurial
ventures. Furthermore, includes the importance of small business and business start-ups to
growth of the social economy.
MAIN BODY
LO 1) Explore and illustrate the range of ventures types that might be considered entrepreneurial.
Entrepreneurs are those who operate, control and manage the different functions of their
business by themselves. They induce different strategies within the business to gain the profit
and more sales in return of their goods and services. Whereas, the entrepreneurial ventures are
the various businesses that are managed by an entrepreneur to generate their own market growth
and share (Barringer, 2015). These ventures imparts the newness in the market and up-grades the
business environment by transmitting several opportunities. There are different types of
entrepreneurial ventures that are divided on the basis of size, scope, products and service etc and
that all are defined below as:
Small business: It is the business that works with the adequate amount of employees,
capital, volume, operation etc. These kinds of ventures works to gain the profit while selling their
products and services to the customers. It is a venture that operates on small level and covers the
niche market by targeting the specified amount of people. It might have been formulate their
business while in collaborating with the sole proprietorship or by performing the partnership.
This business has not more than 50 employee and have the net profit or around €2 million. There
is some examples public sector as like Travelodge and of private sector business like Clarasys,
Orion electrotech limited etc.
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Large company: It is the business that works on a wider level and has a large number of
employees, size, scope, operations and many others too. These firms have the strong number of
customers and offer the diverse variety of products and services and also operate their business at
global level (Carsrud, 2011). These business need a lot of amount to get perform their daily
operations and has the ability as well to generate more profit by making strong connection with
the customers. There are some examples of public sector business as like NHS and of private
firms as well like Tesco, Wal-Mart, M&S and many others.
Social enterprises: It is the business or the firm that will work in order to develop the
society and for the welfare of the public. The major motive of this business is to get over from
the different issues through which the society has been gone thorough. They didn’t work to earn
more profit or to raise the sale they just contribute some of their source for the betterment of the
society. For example save the trees, child labour etc.
Typologies of entrepreneurship
There are different typologies of entrepreneurship ventures that are linked with the
development and success of the business in sufficient manner. There are some typologies that are
as defined below as:
Lifestyle Enterprise: It is an enterprise that is developed to raise the living standard of
the society and they also provides the opportunity in the market in terms of jobs. It includes the
social ventures that work for the people and by the people (Goffee, 2015).
Growth firms: It is the business that works to gain the higher advantage from their
products and services and raises the profitability and productivity of the business. They works to
get satisfied the need and demand of the customers and small and large level organisations fallen
under this.
The entrepreneurial ventures and the typologies are interlinked with each other and
collectively work to improvise the livelihood of the society.
There are some similarities in between the entrepreneurial ventures that are as defined
below as:
Basis Small business Large business Social enterprise
Meeting the needs They are worked to
satisfy the basic need
and demand of the
They work on the
larger scale to satisfy
the customer by
They work to develop
and enhance the
society in more
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customers. providing adequate
services (Islam, 2011).
efficient manner.
Society up-gradation Small business
provides the job
facilities in the market
that improvise the life
of many people.
Large business
provides the job on
larger scale that
supports the life of a
lot of peoples and
enhances the living
standard of the public.
Social business
develops the living
quality of the people
and resolves the
different issues of the
society.
There are some difference in between the entrepreneurial ventures that are as defined
below as:
Basis Small business Large company Social
entrepreneurship
Scale It is known as small
business because of these
firms will be operates in
smaller level in terms of
profit and sales
(Ramadani, 2013).
It is the business that
operates their services on
larger scale and works on
larger scale and for that
need a lot more amount of
funds.
It is the business that
operated on
reasonable range to
get over from the
societal issues.
Purpose The major purpose of
small business is to
develop the better
livelihood for the people.
They works with the
purpose to get earn the
higher amount of profit
and sales as from their
different products and
services.
The propose of
social
entrepreneurship is
to resolve the
different negative
aspects from the
society.
Characteristics Small business needs the
limited amount of
Large business needs a lot
of resources and raw
Social business
collects funds from
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resource to get operate
their business on
continuous level.
material in order to
manage their performance
in efficient manner.
the government or
from the businesses
to maintain the
social
responsibilities.
LO 2) Asses the impact of small businesses on the economy
Business organisations and the entrepreneurs play a vital role in the success and
development of the economic conditions of the business (Berglund, 2012). There contribution
enhances the economy as they generate the highest revenues from their services and products. It
further helps to improvise the infrastructure of the country and thus has the high impact on the
economy some of the businesses are as defined below as:
Small: It is the business that works with less than 50 numbers of employees in order to
accomplish the goal and target of the company and generates the net profit or revenue less than
£5million. These are the firms that have a less but impactful impact on the development of the
economic scale as they generate the employment as well but at lowers level.
Medium: It is the business that operates their business with more than 50 numbers of
employees and less than 250 employees and generates the revenue of around £5million and less
then £22million. They also provide the large amount of employment and imparts maximum and
diversifies number of products and services to the customers (Bridge, 2012).
Large: It is the business that works on higher level and with the 250 number of
employees and generates the revenue of around £22million. It has the huge amount of
contribution in the economic generations of the country.
Impact of SME on economy
Local impact: Micro and small business has the direct and a large impact on the
economic development of the country. They are works to satisfy the need and demand of the
customers by offering different and diversified range of goods and services. As from this
analysis it will be considered as that the purchasing power of the customers depends on the
products that are offered by the different company. They also provide the job opportunity in the
market and it up-grades and improvised the living standard of the different society.
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(Source: The Role of Startups and Small Businesses in Today’s Economy, 2018)
Regional impact: The small and medium enterprise has also affected the regional
economy of the country as they provide the lot of job opportunities for the regional or the local
people (Hall, 2012). The company also offers then adequate wages that reduces the
unemployment rate of the country. It also generates more knowledge and talent in the people that
also improvise the income level of the regional areas that is the major source of the development.
National impact: Micro and small business has also affects the national economy of the
country because it operates a lot of revenues that brings the balance environment within the
economic valuations. These business works to develop the productivity and profitability by
implementing different innovation. SME imparts employment to the 15.7 millions of people and
it has positive impact on the UK development.
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CONCLUSION
It has been concluded from the above report that entrepreneur are the one that has high
impact on the economic generation of the country. There are different kings if an entrepreneurial
venture that supports the economic development of the country and it is linked with the
typologies as well that improvise the livelihood of the society.
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REFERENCES
Books and Journals
Akehurst, G., Simarro, E. and Mas‐Tur, A., 2012. Women entrepreneurship in small service
firms: Motivations, barriers and performance. The Service Industries Journal.
32(15).pp.2489-2505.
Barringer, B. R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
Carsrud, A. and Brännback, M., 2011. Entrepreneurial motivations: what do we still need to
know?. Journal of Small Business Management. 49(1). pp.9-26.
Goffee, R. and Scase, R., 2015. The Real World of the Small Business Owner (Routledge
Revivals). Routledge.
Islam and et. al., 2011. Effect of entrepreneur and firm characteristics on the business success of
small and medium enterprises (SMEs) in Bangladesh. International Journal of Business
and Management. 6(3).pp.289.
Ramadani, V.,2013. Entrepreneurship and small business in the Republic of Macedonia.
Strategic change. 22(7‐8).pp.485-501.
Berglund, K., Johannisson, B. and Schwartz, B. eds., 2012. Societal entrepreneurship:
Positioning, penetrating, promoting. Edward Elgar Publishing.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business.
Palgrave Macmillan.
Hall, J. and Wagner, M., 2012. The challenges and opportunities of sustainable development for
entrepreneurship and small business. Journal of Small Business & Entrepreneurship.
25(4).pp.409-416.
ONLINE
The Role of Start-ups and Small Businesses in Today’s Economy. 2018. [Online]. Available
through:<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium-
businesses-in-the-uk>.
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