Entrepreneurial Ventures: Types, Impact, and Economic Role Fact Sheet

This report provides a fact sheet for a conference on entrepreneurial ventures, exploring various types such as small business entrepreneurship, scalable startups, large companies, and social entrepreneurship. It highlights the characteristics, similarities, and differences between these ventures, using examples like Rowlinson Knitwear, Tesco, and the Bank of England. The report also compares the impact of micro and small businesses with medium and large organizations on local, national, and international economies, focusing on job creation, GDP contribution, and ethical behavior. The study concludes by summarizing the key findings regarding the diverse types of entrepreneurial ventures and their economic impacts.

Fact sheet for a conference on
Entrepreneurial Venture
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Table of Contents
Introduction......................................................................................................................................3
Part 1................................................................................................................................................3
Examples of different types of entrepreneurial venture..............................................................3
Types of Entrepreneurial ventures..............................................................................................3
Differences and Similarities between various entrepreneurial ventures.....................................5
Comparison and evaluation of impact of various ventures.........................................................5
PART 2............................................................................................................................................6
Impact of micro and small businesses upon local, national and international economy............6
Comparison between the impact of micro-small enterprises along with medium and large
organisation.................................................................................................................................7
Conclusion ......................................................................................................................................7
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Introduction
Entrepreneurship is referred to the activity of setting up businesses in response to the
need and opportunity that are witnessed within the society. An entrepreneurial venture is
basically an organisation that aims to pursue opportunities and new practices in order to have
growth and profitability as its main goals. An entrepreneurial venture is basically an organisation
that comprises of innovation and creativity within the business in order to develop a distinct
image in the market. The report comprises of fact sheet that need to be presented during the
conference (Dost, Shah and Saleem, 2021).
Part 1
Examples of different types of entrepreneurial venture
Rowlinson Knitwear Ltd
Rowlinson Knitwear is a UK based manufacturing organisation that deal in apparels. The
organisation basically produces knitwear and school uniform and operates and serves within UK
only. It is a small scale organisation and has won various recognition in terms of workplace
environment as well as in terms of employer.
Tesco
Tesco is a UK based private sector organisation that has its operations throughout the
various countries across the globe. Tesco as a multinational organisation deals in groceries and
general products.
Bank of England
Bank of England is a public sector organisation which is also a Central bank of the
United Kingdom that was established in 1694. The organisation works upon promoting good for
people of the United Kingdom in order to maintain monetary and financial stability (Eletta,
Adeyeye and Sajuyigbe, 2021).
Types of Entrepreneurial ventures
The various types of entrepreneurial ventures have been discussed below.
Small business entrepreneurship
Small business entrepreneurship is basically referred to an idea of opening a business
without switching it into a huge business or opening of multiple chains. The characteristic of
small business have been listed below-
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 The owners lead by examples wherein the owners are actually first to arrive and last to
leave.
 The information sharing requires lesser time to reach from the owner to the staff and vice
versa.
 The staff is chosen very carefully for the business. The reason behind this is, owners
consider their business as lifeblood (Fosić, Kristić and Trusić, 2017).
 The staff of the organisation are very committed and loyal. The employees are rewards
for their performance and are given timely appraisals. For example- Rowlinson Knitwear
Scalable start up
Scalable start up are the organisations that are established with an intention of a unique
idea. The aim is to innovate a new product and continue to grow an organisation with the help of
investors and large amount of capital. The characteristics of scalable start up have been discussed
below-
 The scalable business have low customer acquisition cost. This is due to the achievement
of good product market fit by the organisation before scaling.
 The scalable ventures have a huge total addressable market and hence in order to be
successful it is important to have a small slice of the market.
 This requires lesser or only few people to operate the business. For example- Tesco
Large company
Large company entrepreneurship is basically a new business division that is established
along with an existing organisation. It is usually a well placed organisation that is blessed with
new technology. The characteristics of a large company have been discussed below.
 The large organisations are basically customer focussed in order to succeed in the
business.
 The focus of the large organisation is upon taking the big decisions in a very careful
manner. For example- Tesco, Bank of England
Social entrepreneurship
Social entrepreneurship is basically a business that is established with an aim to benefit
the society as well human kind. The focus of these organisation is upon helping communities or
the environment with the help of products and services. The characteristic of the organisation
have been discussed below (Frigotto and Valle, 2018).
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 The social enterprises are more likely to design effective solution that are inspired by the
people and problems they face in real life.
 The social enterprises basically comprises of the market research that is conducted in
order to sense the problems that can be turned into opportunities. For example- Bank of
England
Differences and Similarities between various entrepreneurial ventures.
Differences
Small business Scalable Social Large
 The business
structure of
small
entrepreneurial
business is
very simple
and facilitates
easy access
between the
owner and
employee.
 The scalable
ventures have
modest upfront
investment that
involves lesser
incremental
costs (Nsereko
and et.al.,
2018).
 The resources
in social
entrepreneurial
ventures can
seem to be
scarce in terms
of human and
financial
capital.
 They look for
opportunities
that have not
be recently
accessed in
order to gain
the first mover
advantage.
Similarities
The similarities are listed below-
 The ventures are established with innovation.
 They involve higher amount of risk.
 They involve investments and proper market research.
Comparison and evaluation of impact of various ventures
Basis Tesco Rowlinson Knitwear Bank of England
Description Operates on international Operates on local level Operates on national level
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level
Impact  Tesco aims to
have an impact
over the standard
of living of
people.
 Further, the
organisation has
resulted in
employment
generation
globally.
 The organisation
has been
continuously
working in order
to make efforts
for social
welfare.
 The organisation
has been making
consistent efforts
in order to
reduce the
carbon footprints
within the region
of UK.
 The organisation
works upon
promoting good
for people of the
United Kingdom
in order to
maintain monetary
and financial
stability.
PART 2
Impact of micro and small businesses upon local, national and international economy.
The impact of micro and small businesses upon the economy of the UK on local, national and
international level have been discussed below.
 Job creation- Micro and small businesses help in creation of the job opportunities in the
community. It is helpful in upliftment of national economy.
 Adds to GDP- The contribution of the family firm towards GDP of UK is approximately
25% and it contribution towards the turnover is 52% of the total turnover of the private
sector.
 Boost local communities- The small businesses that operate locally and tend to employ
local residents. It provides an opportunity for the people with lesser mobilities to have
access towards the opportunities.
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 Ethical behaviour- The offline stores contribute towards lesser carbon footprints that
further help in upliftment of indigenous industries (O’Connor and et.al., 2018).
Comparison between the impact of micro-small enterprises along with medium and large
organisation.
Basis Micro small enterprises Medium and large organisation
Employment generation The employment generation
through micro and small
enterprises is nearly 66% and
generates over 60% in GDP
growth.
The employment generation of
medium and large enterprises
accounts for 1/3 of
employment generation.
Selling power The concentration of selling
power is considerably lesser in
terms of micro-small enterprises.
The concentration of selling
power is considerably more in
terms of medium and large
enterprises.
Competition The micro small enterprises have
contributed towards higher level
of contribution in enhancement
of competition level.
It has also led to reduction in the
dominance of markets by a small
number of businesses.
The medium and large scale
enterprises have led to
emergence of giants in the
market. They have also
enhanced the ability to access
resources for the organisation
while having a greater
geographical scope.
Conclusion
The study has concluded various types of entrepreneurial ventures along with various
examples of each type of organisations. Various similarities as well as differences have been
highlighted in the study. Also, the study has helped in identifying various impacts of micro small
enterprises along with medium and large organisations upon the economy.
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REFERENCES
Books and Journals
Dost, M., Shah, S.M.M. and Saleem, I., 2021. Mentor expectations and entrepreneurial venture
creation: mediating role of the sense of nothing to lose and entrepreneurial
resilience. Journal of Entrepreneurship in Emerging Economies.
Eletta, O., Adeyeye, M.M. and Sajuyigbe, A.S., 2021. Financial Empowerment and
Entrepreneurial Venture Creation among NGOs’ Beneficiaries in Kwara State, Nigeria:
An Empirical Investigation.
Fosić, I., Kristić, J. and Trusić, A., 2017. MOTIVATIONAL FACTORS: DRIVERS BEHIND
WOMEN ENTREPRENEURS’DECISION TO START AN ENTREPRENEURIAL
VENTURE IN CROATIA. Scientific Annals of Economics and Business, 64(3).
Frigotto, M.L. and Valle, N.D., 2018. Gender and the structuring of the entrepreneurial venture:
an effectuation approach. International Journal of Entrepreneurial Venturing, 10(4),
pp.412-434.
Nsereko, I. and et.al., 2018. Personal initiative: Its power in social entrepreneurial venture
creation. Cogent business & management, 5(1), p.1443686.
O’Connor, A. and et.al., 2018. Entrepreneurial ecosystems. Place‐Based Transformations and
Transitions. NY: Springer.
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