Entrepreneurial Ventures and Small Business

1.0 Introduction

The entrepreneurial ventures and small business are being focused up in this paper. Different entrepreneurial ventures are to be focused here in this case. The impact of small business is to be seen here for the proper analysis of the business ventures available. The successful entrepreneurs are to be looked here properly for the proper analysis of the case with proper examples.

2.0 Entrepreneurial ventures

Entrepreneurial ventures can be defined as the companies or organizations that use innovations and ideas to get a proper result for economic and social values. These entrepreneurial ventures are generally focused on providing services and advisory to the small or big organizations present (Boeker et al. 2019). The implementation plans, development strategy and network to the industry are also being talked here properly by these entrepreneurial ventures. In this entrepreneurial venture the thinking creatively and sharpening the ability are being seen here properly by these ventures. This can generally help in raising capital and growth for the organizations.

2.1 Different Entrepreneurial ventures

There are various entrepreneurial ventures that are seen in the corporate industries.

Some of them are described below:

Small business Entrepreneurship: Various of the small business are seen to be established for the business aspect. They are around 99.7% of businesses that are established as small businesses in the countries. Around 50% of nongovernmental jobs and employment are being initiated by these small business entrepreneurships. Some of the examples of these small businesses are grocery stores, consultants, travel agents and various others. Their business can be run by any of the individuals here in small business. Local employee or the family member generally works in this business for earning a good profit. A common goal here is to set the business properly so that it can grow easily in the market and enhance their name in a short period of time (Morris et al. 2018).

Scalable startup Entrepreneurship: These are a kind of small business that is being started with a group of small number of people that further grows into a big organization if they receive a good profit in the market. After searching for a good market aspect they try to find the venture capital so that they can fuel up their business. They generally make up the small venture startup and outsized business almost focuses on all the risk that is related to the capital (Glassyard.ir, 2019).

Large Entrepreneurship: These are businesses that work on a large scale. Most of these entrepreneurship ventures grow through sustaining innovations and the production of new products that are available in the market.

Social Entrepreneurship: In this entrepreneurship venture the products are designed on the basis of social demands of people. They are focused to make the world a good one and to focus on sustainable development. They can be focusing on the profit, non profit or hybrid one.

2.2 Their topology for public and corporate sector

The entrepreneurial ventures that are being talked above have a good relation to the public or the corporate sectors that are present. The large companies have to continually expand their own business and are needed to diversify their organization. They are focused on creating and producing the new products that are being manufactured by them. The different stages of scopes are being defined here properly (Huijbens et al. 2017). In public or private firms the process of entrepreneurships are prevalent in the organization. Nation's economy and earnings are being included in this part. The entrepreneurial ventures have a good scope on the market. They are ranging from small to the big business and the market benefits they provide. Country's growth and development are included in this part due to the entrepreneurial ventures here. The different ventures that are talked above have both differences and similarities. They have the same scope to expand their business and get a good position in the market. Moreover they are oriented towards growing their business to a large scale so that they can earn a good profit and also can enhance their organization or business globally. Yet the differences are their scale of starting the business and the targeted audiences that are present. A difference is of high gains and rapid increase of incomes in these entrepreneurial ventures available (Webthesis.biblio, 2019).

3.0 Impact of small business on the economy

Small businesses can be found everywhere in this world. Every second product that is bought by a household is purchased from small business dealers. Small businesses are privately owned corporations with small capital and limited budgets. Small businesses can be sole proprietors or even in partnership form. Small business is mainly separated from large business depending on two factors firstly capital and secondly the turnover and revenue. It is obvious that large business has an immense effect on the economy but small businesses also have an equal impact on the economy as the economy consists of both small and large business houses. The federal government has specified some specifications for the small business and they are:

“Manufacturing and mining industries - 500 employees.

Wholesale trade - 100 employees.

Retail and service - $6 million.

Construction - $28.5 million (Molotkova et al. 2019).

Trade contractors - $12 million.

Agricultural - $0.75 million.”

Small business has huge impact and to understand it better the impacts have been briefly discussed below:

Employing local workers: The small business brings changes in the environment with new ideas and innovative thoughts. The new ideas are generated and applied in the community and to do something different the workers are to be encouraged. If the small business earns profit then it gives employment to many workers. As the small business consists of 500 employees the local workers are employed in many small businesses. There are many small businesses operating in the country which provide employment and thus the employment rate is increased. Once the employment rate is increased then the individual income will rise and that will result in an increase of GDP (Chen et al. 2017). If the country has higher GDP than other country then it can be said it has a good and stable economy.

Adapting to changing climates: Many of the small businesses can adapt to economic climates because they don’t have large chains and information systems. The small business has a small circle within which they operate and thus communication becomes easier. The Changes in the small business comes due to the objective of the business. Most of the small businesses are customer oriented and deal with the customer directly. When they interact with customers directly they understand the need of the customers and work accordingly. The changes are made as early as possible. The small business has less revenue but when the economy faces crisis it also loses less and thus the economy is not excessively collapsed with small business.

Contributing to local governments with taxes: The small businesses have less revenue but the local business provides the money back to the local communities present (Gupta, 2019). The small business operates with low revenue and the taxes are also low but small businesses operate on a larger scale and thus the small amounts of taxes from many small businesses accumulate a large amount of tax contribution to the local governments. Small business not only provides tax contribution but also increases the value of property where it operates and also increases the living standard of the people.

Growing a small business to corporation: The large business that operates internationally are also operated in a small corporation at the starting period of their business. The small business does not always stay small. The business is always started with the mindset of increasing productivity and developing the business as large as possible. Once the company successfully manages to grow a large corporation then it contributes in larger ways in the economy.

4.0 Key aspects of Successful entrepreneurship

Different characters and skills are required for the establishment of the business here. While setting up the business the capital and economy is highly required to be analysed before the enhancement of the business.

There are following personal traits to be followed by entrepreneurs:

Ability to generate new ideas.

The ability to take and mitigate the risks.

Leadership qualities are also praised so that other employees can get a good path for the work.

The negotiation skills and the time management skills regarding the entrepreneurships are highly required in this case.

The organisations are not only successful because of entrepreneurship but also the corporates rules and regulations. The company must follow all the rules and regulations of the management. All individuals must work effectively and participate in every possible activity of the management. The budget must be set by the experienced person so that all the forecast of the future is done accurately. The planning coordination and control must be correctly done in order to have healthy organisation and reach the objective (Fischer and Nijkamp, 2019). The company must not only create a budget and make plans to fulfill the objectives but also encourage all levels of workers to work productively to achieve the goals. The regular check must be maintained by the superiors on the workflow and the task given that the work is done correctly on time (Entrepreneurshipinabox.com, 2020).

5.0 Critical evaluation of influence on Entrepreneurs

The entrepreneurial mindset is to be focused here in this case as they are a kind of motivation for the marketers and businessmen. Entrepreneurial personalities are generally one of the inspirational characters for the inspiration to the startups and the businessmen available. Many of the famous entrepreneurial characters are available, those are highly rich and are an idol for the businessman and marketers for their growth and development. Some of the examples that can be taken here are Benjamin franklin, Steve jobs, Bill gates, Henry ford and many others. These are self entrepreneurs and their personal traits can be helpful one for the new entrepreneurs to generate ideas related to their business (Diochon et al. 2017). The most important aspect that is needed for entrepreneurship is the risk taking and utilising the resources that are available. Thus being self motivated and managing the risk are the great mindset for the achievement for the entrepreneurship goals. The entrepreneurial personality as well as experiences is also necessary for the growth and development of the business here. Personal development and individual experience are highly required for the enhancement of business here. Planning the business and rectifying the proper employees for the business are highly required in this case of entrepreneurship. Participation and self strat for the business is highly required in this case. The future planning and running the business properly is also seen to be an ethical part here. Self motivation, taking risk, planning and communication with the clients are an important aspect of the business here. It is imperative to look for the factors that foster and hinder the entrepreneurial venture here (Andi, 2018). Information, education and culture are the necessary part to be looked throughout here. Entrepreneurs have to select the business area and direction for their business growth.

There are following factor that influence entrepreneurial ventures:

Culture: It is being described at the beginning of the establishment of the business. The culture or the tradition of the particular area is being analysed before so that it can be easy for other enhancers of business and entrepreneurial ventures. Promoting own cultures in the work can also be a useful criteria for the enhancement of the business here. Moreover if the new culture is brought from the business then it can also be useful criteria for them.

Economic situation: Present economic situations are to be analysed before the startup or the beginning of these ventures. Good and bad economic situations give support to entrepreneurship ventures. If economic condition is malfunctioning and lacks in condition to support the business ventures then the difficulty in business and development of the company can be seen easily.

Different character: Passion hobbies and talents are to be looked throughout her for positive entrepreneurial ventures. Entrepreneurial interests are to be drawn out before beginning these businesses here.

Risk analysis: Risk and milestones of the business are required to be analyzed properly so that these can be mitigated before they are faced in the business. First step for the business is required to be thorough so that risk and failures can be less (Wework.com, 2019).

6.0 Conclusion

Entrepreneurship is very important to have a well managed organisation and to reach objectives. This study explains the entrepreneurial ventures and describes the different types of entrepreneurial ventures. Small businesses have an impact on the economy and those effects have been discussed in detail. The successful enterpriship is required to grow business. Attitude of entrepreneurs have been discussed and different situations that boosts up and create obstacles in the path of entrepreneurs to reach the goals have also been discussed.

Reference List

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Molotkova, N.V., Khazanova, D.L. and Ivanova, E.V., 2019. Small Business in the Digital Economy. In SHS Web of Conferences (Vol. 62, p. 04003). EDP Sciences.

Gupta, S.K., 2019. A comprehensive study of Demonetization Challenges & its impacts on Indian Economy. Journal of Bank Management & Financial Strategies, 2(3), pp.1-6.

Chen, B.S., Hanson, S.G. and Stein, J.C., 2017. The decline of big-bank lending to small business: Dynamic impacts on local credit and labor markets (No. w23843). National Bureau of Economic Research.

Fischer, M.M. and Nijkamp, P., 2019. The nexus of entrepreneurship and regional development. In Handbook of Regional Growth and Development Theories. Edward Elgar Publishing.

Diochon, M.C., Anderson, A.R. and Ghore, Y., 2017. Microfranchise emergence and its impact on entrepreneurship. International Entrepreneurship and Management Journal, 13(2), pp.553-574.

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