Entrepreneurship Ventures: Typologies and Impact on the UK Economy

This report provides a comprehensive analysis of entrepreneurship, focusing on different types of ventures such as small businesses, large companies, scalable start-ups, and social enterprises. It explores typologies like lifestyle and growth entrepreneurship, highlighting their similarities and differences. The report also interprets statistical data to illustrate the impact of small and medium enterprises (SMEs) on the UK economy, emphasizing their role in employment creation and economic development. Furthermore, it analyzes the importance of start-up businesses and small businesses in fostering social economy growth by generating employment opportunities, encouraging innovation, and adapting to changes quickly. The report concludes that entrepreneurship is crucial for establishing businesses and managing risk, with start-ups and small businesses playing a vital role in driving social and economic progress.

Unit 9 Part 1 and Part 2

Contents
Contents...........................................................................................................................................2
PART 1............................................................................................................................................1
INTRODUCTION...........................................................................................................................1
Analysing different type of ventures in entrepreneurship and their typologies...........................1
Similarities and differences between different type of venture in entrepreneurship...................2
Interpretation and Analysis of relevant statistical data for illustration of impacts of small and
medium enterprises on economy.................................................................................................3
Analysing importance of start-up business and small businesses to social economy growth.....4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5
PART 2............................................................................................................................................5

PART 1
INTRODUCTION
Entrepreneurship refers to a method in which an entrepreneur develop, establish, organise
and manage a business as well as bear risk in order to generate profit in better manner. This
report describes different type of ventures in entrepreneurship and typologies as well as their
similarities and differences. It also describes impacts of small business in economy.
Analysing different type of ventures in entrepreneurship and their typologies
In entrepreneurship, different type of ventures are there that might be considered by
entrepreneur in order to start its business in effective manner. These ventures are discussed
below:
Small business entrepreneurship- It refers to an organisation managed and owned by
individual person that has low profit, risk and limited resources. For example, Broadsword Event
House is a UK based small business entrepreneurship and its entrepreneur is Martin Edward
Walton.
Large company entrepreneurship- It refers to an organisation with an effective
operation as well as marketing strategy, innovative and unique products along with strong
position in the market. For example, HSBC is a public limited large company of UK and its
entrepreneur is Sir Thomas Sutherland.
Scalable start up entrepreneurship- It is an organisation in which an entrepreneurship
start its business with an unique idea. For example, Revolut is a Scalable start up
entrepreneurship of UK and its entrepreneur is Nikolay Storonsky and Vlad Yatsenko.
Social entrepreneurship- It is an organisation which sells its product and services in
order to fulfil social needs and problems. For example, Ashoka is a social entrepreneurship based
on UK ad its entrepreneur is Bill Drayton.
Typologies in entrepreneurship
Typology refers to a method which used to describe classification of types of
entrepreneurship on their basis. These type of typology are described below:
Lifestyle Entrepreneurship- It refers to a method in which an entrepreneur starts a
business in order to change lifestyle instead of earning profit. This typology is interlinked with
1

scalable start up entrepreneurship and social entrepreneurship ventures in order to change people
lifestyle and bring social changes in the environment instead of earning profit and growth.
Growth Entrepreneurship- It refers to a method in which an entrepreneur start its
business by focusing on achieving its organisational goal in order to expand and grow their
business with the help of quality, quantity and turnover in effective manner. This typology is
interlinked with small business entrepreneurship and large company entrepreneurship ventures in
order to work for earning maximum profit and increased their growth in effective manner.
Similarities and differences between different type of venture in entrepreneurship
Similarities-
 In all type of entrepreneurship ventures their main focus is to survive long term in
market.
 In each type of entrepreneurship their main focus is to operate their function in effective
manner in order to achieve their organisational goals.
 In each type of entrepreneurship ventures their main motive is fulfil their potential
customers need and wants in effective manner.
Differences-
Basis Small business
entrepreneurship
Large company
entrepreneurship
Scalable start up
entrepreneurship
Social
entrepreneurship
Motive Its motive is to make
profit in order to
fulfil their family's
need and live
modest lifestyle.
Its main motive is
to earn maximum
profit and increase
their growth in
effective manner.
Its main motive is
to start a business
in order to change
people's lifestyle
with unique idea.
Its main motive to
start a business in
order to provide
social services.
Issues It faced issues like
Shortage of capital
and raw material,
Lack of latest
technology as well
as labour problem.
It faces issues like
globalisation,
government policy
and regulation.
It faces problem
like finding right
people or founder,
time management
and lack of
planning.
It faces problem
like lack of a
ground up business
plan and investing
in branding
elements.
2

Interpretation and Analysis of relevant statistical data for illustration of impacts of small and
medium enterprises on economy
Small and medium sized enterprises play a vital role in the economy. It contribute major
part in employment creation and economic development of the country. It help economy in
production, contribution to exports, employment generation and serve equal distribution in
Economy.
From the above statistical data, it is analysed that small, medium and large enterprises has
a great impact in the growth of UK economy in effective manner. One of the major role of these
enterprises is that to create maximum employment in the UK. Small enterprises create 43% of
total employment whereas medium create only 12%. Large enterprises is also help UK economy
in its employment creation that is 40% of total employment of UK.
3
Illustration 1: Impact of Enterprises in UK economy. 2021

Enterprises also help economy by increasing turnover in order to earn maximum profit
from it. Small enterprises increased their turnover by 33%, medium by 14% and large by 53% of
total increased turnover of the economy in 2021. According to above data, small businesses is
increased or establish 99.3% in 2021 in UK.
Analysing importance of start-up business and small businesses to social economy growth
Social economy refers to the set of cooperatives, associations, foundations and mutual
organisations which work for the social purpose and values. Start up and small businesses
support social economy growth by increasing growth, open new markets opportunities and
employment generations in effective manner. Importance of start-ups and small businesses in
social economy growth are discussed below:
Generate employment opportunities- Growth of UK economy increased if
employment is increased in the economy. New start-ups help social economy in order to provide
employments for skilled as well as unskilled labour.
Generate competition and encourage further innovation- It help social economy by
providing new ideas and skills and make market area more dynamic and innovative. It generates
huge competition in the economy in effective manner.
Respond and adapt changes quickly- It help social economy by responding and
adapting changes in the economy more quickly in order to make their organisation most effective
for increasing their growth.
CONCLUSION
From the above mentioned report, it is concluded that entrepreneurship help
entrepreneurs in order to establish business and manage risk in effective manner. Four type of
ventures of entrepreneurship are small business, large business, scalable start up and social. Two
type of typologies are lifestyle and growth entrepreneurship. Start-ups and small businesses help
social economy by generating employment opportunities, competition and encourage innovation
as well as adapt changes quickly.
4

REFERENCES
Books and Journals:
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Hsieh, Y.J. and Wu, Y.J., 2019. Entrepreneurship through the platform strategy in the digital era:
Insights and research opportunities. Computers in Human Behavior, 95, pp.315-323.
Landström, H. and Harirchi, G., 2018. The social structure of entrepreneurship as a scientific
field. Research Policy, 47(3), pp.650-662.
Lipset, S.M., 2018. Values, education, and entrepreneurship. In Promise of development (pp. 39-
75). Routledge.
PART 2
Slide 1:
Slide 2:
5

Slide 3:
This presentation determine and assess the key aspects of an entrepreneurial mind-set. It further
describes the different environment that foster or hinder entrepreneurship.
6

Slide 4:
Small or local entrepreneur- Broadsword Event House is a local business of UK, its
entrepreneur is Martin Edward Walton and it is started in 2006. The scope of Martin Edward
Walton is to expand its business in international level in order to increase their potential
customer in effective manner.
Large entrepreneur- HSBC is a multinational and large company of UK, it was started by Sir
Thomas Sutherland on 3rd March 1865 and its headquarters is in 8 Canada Square London,
England, UK. The main objective for them is to expand their business in more and more
countries in effective manner.
Social entrepreneur- Ashoka is a non profit organisation and its is formatted on 3rd June, 1980
by Bill Drayton. It want to change the face of the society by providing various benefits to the
public.
Slide 5:
7

 Each type of entrepreneur had to perform various operations in order to survive their
business in market for long term.
 All type of entrepreneur wants to achieve their objective manner, it should be maximize
profit or values in effective manner.
Slide 6:
8

Objective: Local business wants to earn maximum profit by providing their services in within
UK and help economy by providing employment in effective manner. While Large businesses
want to provide its services in all over the world in effective manner. HSBC provide employment
in many countries in effective manner. In contrary, social businesses want to provide its
maximum services in effective manner.
Slide 7:
9