Analysis of Small Business Entrepreneurship: Types and Economic Impact

This essay provides an overview of small business entrepreneurship, detailing various types of entrepreneurial ventures, including social entrepreneurship, lifestyle entrepreneurship, serial entrepreneurship, scalable entrepreneurship, large business entrepreneurship, and female entrepreneurship. It highlights the similarities and differences between these ventures, focusing on their meaning, benefits to society, and characteristics. The essay also emphasizes the significant impact of micro and small businesses on the UK economy, noting their contribution of £217 billion in 2020 and their role in creating meaningful jobs. Furthermore, it discusses the importance of small businesses and start-ups in fostering economic growth through job creation, quick product and service delivery, perfect competition, and the fulfillment of social purposes. The essay concludes by referencing statistics on the growth of small and micro-sized businesses in the UK and their contribution to employment and economic development.

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Entrepreneurship is an activity of creating wealth for self as well as for businesses and society in order to
raise the standard of living. There are mainly four types of Entrepreneurial venture they are as follows:
Social Entrepreneurship is one of the types of entrepreneurial venture which focuses on solving the social
issues and problems. The Entrepreneurs set the business in order to solve the problems which are related to society
such as access to money, food and education. Main aim of social entrepreneurs is to make the world better as well as
earn the money for running the business successfully. The Social Entrepreneurs are also known as non profit
Organisation as they provide solution to cultural, environmental and social issues. They generally have a potential to
solve the issues related to community and satisfy the people so that they can live happily. The Example of Social
Entrepreneurship includes educational programs, helping children orphaned by epidemic disease and providing
banking services in underserved areas.
Small Business Entrepreneurship is another type of entrepreneurial venture that run their business
independently at small level in order to fulfil the daily expenses and support family. The small business
entrepreneur’s focuses on providing new offering and innovative products to customers so that they can satisfy the
need and requirement of people. They have a control on the business even if any loss occurs they have to deal
themselves. The Small business entrepreneurs generally take a high risk to establish the new venture at small level
and also they contribute in the economy of Country. Examples of small business entrepreneurs are bakeries, small
manufacturing unit, grocery stores and medical stores.
Scalable Entrepreneurship is also a type of entrepreneurial venture which run their business on the basis of
innovative and unique idea. The entrepreneurs start their business with an aim to make some changes in World. They
generally raise fund from venture capitalist and hire the efficient employees in Organisation that can contribute their
productive outcomes. The Examples of Scalable Entrepreneurship is Instagram, Skype and Facebook.
Large Business Entrepreneurship is another type of entrepreneurial venture which is established at large
level with huge investment and risk. The main purpose of large business entrepreneurs is to fulfil the need and
demand of customers by developing product according to their taste and preference so that the growth and
profitability of business get increased and company can also gain competitive advantage. The Examples of large
business entrepreneurship is Samsung and Google.
Lifestyle Entrepreneur:
Lifestyle Entrepreneur main motive is to earn the huge profit and also fulfil their personal
goals. These types of entrepreneurs are linked with different entrepreneurial venture as the main
purpose of entrepreneurship is to earn the profit at large scale.
Serial Entrepreneur:
The main purpose of entrepreneurs is to bring a new business idea and focus on
implementing the idea in order to establish new business. The Serial entrepreneurs are also connected
with different entrepreneurial venture as they also focus on developing innovative and creative ideas
in order to maximise the profit and increase the growth of business.
Female Entrepreneur:
Female entrepreneurs involve the group of women who operate and run the business with
efficient and effective manner. It is not necessary that entrepreneurial venture are establish by men
only, women can also operate the business with confident and innovative way.
SMALL BUSINES ENTREPRENEURSHIP
Types of entrepreneurial ventures Typologies of Entrepreneurial Ventures

Similarities and differences between entrepreneurial ventures
Basis of Difference Social Entrepreneurship Small Business entrepreneurship Large business entrepreneurship Scalable Start-up Entrepreneurship
Meaning The social entrepreneurship aim is to solve
the problems and issues related to the
community so that people can live happily.
The Small Business entrepreneurship
means when business is run at small level
with a goal of earning money in order to
fulfil the daily expenses and meet the
demand of family.
Large business entrepreneurship usually
starts their business at large level with a
motive of maximising the profit and
increasing the growth of company.
The Entrepreneurs establish their business
with a purpose to change the world by
producing innovative and effective
products and services through which the
standard of living of people get improved.
Benefit to Society The Social entrepreneurs contribute to
economy by focusing on developing
positive and healthy environment as they
solve the issues of people due to which the
better world is created.
Small business entrepreneurial venture
also provide benefit to society by
providing job opportunities to local people
due to which the local economy gets
improved.
The Benefits which is given by Large
business entrepreneurship is to create
employment opportunity at large level and
also producing products and services
according to the taste and preference of
consumers due to which the GDP rate of
Economy gets improved.
The Scalable entrepreneurship also
contributes in the economy by producing
their innovative and creative ideas that
helps in increasing the standard of living
of people.
Characteristics The Social entrepreneurs have curiosity to
solve the problem and issues of people.
They focus on recognising the unjust
social issues.
Small business entrepreneurship focuses
on achieving the goals and also has an
ability to separate the work from family
life.
The Characteristics of large business
entrepreneurship is that they make the big
decision carefully and also invest in new
technologies.
The Scalable business entrepreneurship
believes in accomplishing the vision.
Similarities
The Entrepreneurial venture is similar to each other as they provide job opportunities and contributes in the economy in order to increase the GDP rate and growth of UK. The Small entrepreneurship, large, scalable and social
entrepreneurs are similar they focus on maximising the profit and aims to deliver the best products to consumers due to which the growth and productivity of company get increased.

Micro and small business impact on the economy
The Micro and Small business contributes £217bn in the UK economy in 2020, according to the
research it is being found that the medium and small businesses contribution is growing due to which the
economy of UK is also increasing. In UK, the majority of businesses are of micro and small business, they
also generate 33 % employment opportunities for people. It is being said that small businesses and micro
businesses are responsible for creating 15.2 million jobs. The businesses have an ability to increase the
economic growth as they generate new job opportunity, expand tax base and drive innovation due to which
they attract foreign investors. The Small and micro businesses also contributes in developing the various
sectors such as agriculture, ICT services and manufacturing.
The above graph shows the number of businesses in UK private Sector which started from 2016 to
2020. The number of small and micro sized business gets increased by 2.5 million since 2000. The
Contribution of Micro businesses in UK is 96% which included 0-9 number of employees in its business unit.
The Micro businesses and small business equally contributes in the development of economy by producing job
opportunities and increasing the living standard of people.
Importance of small business and Start-ups business
There are various importances of Small business and business start-ups to the growth of social
economy.
Creates meaningful Jobs:
The Small business and Start-ups businesses create meaningful jobs for the people who seek for the
job. When new business starts it requires a people to run the business due to which the employment rate of
the economy also increased. The Small businesses and Star-ups businesses provided job opportunity to
people in order to improve the living standard and run the operational activities of business smoothly and
efficiently. The businesses not only create jobs they also provide a high level of job satisfaction.
Products and Services get quickly:
The small business and start-ups businesses usually focus on providing products that satisfy the need
and demand of customers. It is necessary for the businesses to fulfil the requirements of customers in order
to create strong customers base. In UK, there is increasing number of small and start-up businesses due to
which the availability of the product and services are increasing, people are getting their products quickly
and they can also fulfil their needs.
Perfect Competition:
Perfect competition is also an importance of small business and start-ups businesses to grow the
social economy. Due to increasing number of small and start-up businesses the competition level also
increases, the company have to sell the unique and innovative products to their consumers in order to
sustain in Market and gain competitive advantage.
Fulfil Social Purpose:
It is also an importance of small and start-up businesses, they focus on fulfilling the social purpose in
order to reduce the issues and problem which is faced by people. The Organisations conducts various CSR
activities in order to solve the environment, cultural and social issues which also help in improving the
brand image of the company.