Small Business and Entrepreneurship Ventures

Introduction

Entrepreneurship and small business have more or less similar understanding based on their employee structure, business models and way of operating business. Entrepreneurship business is the small business which is started with limited amount of resources. Entrepreneurs are persons who start small venture with limited number of resources such as small amount if fund and limited staffs. Small business can be defined as the privately owned company or partnership business or the sole proprietorship organisation which have limited staffs ad fund. This presentation is going to represent different types of entrepreneur ventures. In additional to this his presentation will also discuss the impact of small business on the overall economy.

Types of entrepreneurial ventures:

Entrepreneurial ventures are started with limited resources and stakeholders at the initial stage. Entrepreneurs, although start the business with limited resources and small find, focuses on huge business growth by applying their risk taking and innovation\ business process. Based on size of economic and physical resources there are different types of entrepreneurial ventures which are as follows:

Small entrepreneurial venture:

Small business entrepreneurial ventures are the fastest growing ventures in the UK, which pose potential impact on the overall economy of this country. This business consists of limited stakeholders, small economic resources and limited market strength. In addition to this venture have limited market boundaries and cannot expand beyond boundary. In the given scenario the chosen organisation (Fini and Toschi 2016). The Barclay Partnership, is famous small consultancy firm in London. This is the marking consultancy firm which assist client with providing marking advice, small marking planning and solution. In this aspect, Haynes and Campbell (2015) argued that, small entrepreneurial ventures are barley engaged into large social responsibilities due to their limited fund. Moreover, marketers and owners id small entrepreneurial ventures have very limited access to the national and regional market due to limited business capacity. The Barclay Partnership, being the small entrepreneurial ventures, focuses on small investment, limited turnover and reasonable market profit due to their small resources. As an example, Pegasus is another small entrepreneurial; venture in London, which acts the health communication agency. It provides the high-quality healthcare facilities to limited number of customers in London.

Scalable start up entrepreneurial ventures:

Scalable start-up business is different from the small entrepreneurial ventures in different aspect. Scalable ventures although starts with limited resources and funds, it focused on high business growth by implementing new strategies, innovating market planning and relevant business operation process. As stated by Ekpe and Mat (2015), unlike, small entrepreneurial business, scalable ventures focus on entering the new market and thinking beyond their market limits. There entrepreneurial are highly risk taking who prefer to involve onto the market challenges in order to grab the market reputation in national as well as in the international market. Now the chosen organisation, The Barclay partnership is small entrepreneurial venture which have the possible to transform into scalable venture by applying the innovation technique, ideas and new market strategies. Scalable ventures emphasize of setting proper mission and vision in order to make healthy and beneficial relationship with the industrialist and marketers. For example, Bain & company, is famous management consultancy firm in the UK, which can be considered as good example of scalable entrepreneurial venture. At the time of start this business had very limited stakeholders and economic find. By applying innovative business decisions, relevant marketing approaches and effective risk taking approaches, this company has become of the leading consultancy firm in the UK.

Large business entrepreneurship:

This entrepreneurial venture start with high among of economic and physical resources such as huge number of stakeholders, huge economic fund and potential dealers, suppliers and organisers (Fini and Toschi 2016). This type of venture has strong market position in the national and international business platform. Entrepreneurs of this business have focuses on higher growth of organisation by attracting foreign investments, maintaining corporate social responsibility and involving into the community development. Moreover, this type of venture has perfect mission, vision and organisation goals. The selected entrepreneurial organisation, The Barclay Partnership, needs to improve overall the economic and physical resources in order to be large entrepreneurial business. Moreover, it needs to have innovative marketing planning and proper business agendas in order to deal with the ever changing market challenges in the national and international market. For example, Delloite, is the UK based large entrepreneurial venture, which offer high quality services such as financial advice, marketing guidance, advice on risk-management in company to huge number of customers across the world. It operates it business in different countries, with having huge number of stakeholders, investors and clients.

Social entrepreneur:

Unlike the above-mentioned entrepreneurial types, this type of entrepreneurial business is associated with community development and corporate social responsibilities than prioritising the profit (Ismail and Zain, 2015). Social entrepreneurs emphasize more on social development, community welfare and improvement of the overall social standard than on the business turnover. The chosen organisation The Barclay Partnership can never be included in this category, as it cannot be able to maintain social responsibility and community development through the limited resources. Social entrepreneurs have string association with different NGOs and industrialists that assist them to maintain sufficient economic find in order to operate the business. Moreover, different foreign companies and non-profit organisations alos assist the social entrepreneurial ventures in order to provide economic support to them. For example, Speakset is one of the famous social ventures in the UK, which assist the health executives, health and social workers of the National Health Service in the UK, in order to make video calls, campaign and awareness programs for raising the awareness regarding different contagious and infectious disease.

Impact of small business on economy:

Although small business ventures start with limited stakeholders, small amount of resources, , limited investment and several marketing boundaries, it plays important role in changing the traditional marketing outlook of national, regional and international market. Small business ventures bring innovative thoughts, marketing ideas and highly effective marketing models into business which make positive transition of traditional economy. The impact of small business on economy can be understood by following discussion:

Positive transition of traditional economy:

Small entrepreneurial business brings new thoughts innovating market approaches and smart business tactics into the economic field. These aspects assist all types of marketers to think beyond their market boundaries (Verheu et al. 2015). The chosen organisation The Barclay Partnership, being a small entrepreneurial venture, has changed the traditional market outlook in the UK based economy. It has changed the traditional method of business operation and so-called marketing approaches by offering new as well as innovative marking planning, tactics and business strategies through development if small business in the UK, it allows the new talent to deal with the challenging opportunities in the domestic and international market. As stated by Eddleston et al. (2016), small business offers huge job opportunities to people in a country which improves the overall economy of the country. In the UK government focuses more on improving marketing base for establishment of small business ventures. Through development of small business ventures, there are huge job creation which improves the overall economy and living standard of people. In this context, The Barclay Partnership has allows new latent in the UK to get proper job opportunities in this company with showing their skills and attributes. Moreover, small business al chances the perception, thoughts, ideas and understanding of people, which assist marketers to involve into challenging business environment. The Barclay Partnership offers high quality marketing advice ad financial guidance to all its clients in order to improve their overall marketing perception.

Improved living standard:

Small business ventures have made positive contribution into economy by improving living standard of people. With development of small business ventures, the government is able to provide suitable jobs to many individuals, which improve the overall economic standard of several poor communities (Leffel et al. 2016). The chosen organisation, The Barclay Partnership plays important roles in improving living standard of deprived community the UK by offering them suitable jobs and preparing the young generation for any jobs by improving proper marketing advise. On the contrary Malmström et al. (2017) argued that, UK government also assist entrepreneurs to start their small, business ventures which not only offer job opportunities to the individuals but also improve he perception, knowledge and skill of people. Small start-up assists the community to get proper information about the current market trend, economic positions, marketing outlook and overall marketing position in the country. Moreover, it also offers the unique platform to all the talented people in which they can shape their skills, talent and knowledge to grab the attention of marketers. Through this process small business leads to modernisation of entire community by making proper upliftment of their living standards.

Knowledge development:

Small business ventures are associated with shaping knowledge, skill and intelligence of its staffs. Moreover, it offers information about market, national and international business operations, current market position and products and services to the customers (Leffel et al. 2016). Through assisting customers to understand uniqueness of their products and service, small ventures improve customer buying behaviour and choice. The chosen organisation The Barclay Partnership provides cline many financial advices, marketing planning and approaches in order to improve their knowledge and marketing.

Employment:

Small ventures create new job opportunities for community people. Through establishment of huge number if small ventures, people in the UK get proper job opportunities which improves the overall economic status of this country. Different small business such as The Barclay Partnership, Deloitte, Pegasus and Speakset are the famous small start ups in the UK which provides huge job opportunities for the country men.

Conclusion:

From the above-mentioned discussion, it can be concluded that, small business and entrepreneurial ventures start with limited number of stakeholders and resources. Entrepreneurs use innovating marketing styles, smart tactics and new ideas in order to grab proper market growth. Based on the resources and business operation there are different types of entrepreneurial ventures such as small ventures, large ventures, scalable ventures and social ventures. Small business and entrepreneurial ventures have profound impact on the economy which makes positive transition of the overall economic structure.

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