It outlines practices and events that help an individual to start a new

It outlines practices and events that help an

This preview shows page 5 - 9 out of 26 pages.

of every business as it started as an entrepreneur only. It outlines practices and events that help an individual to start a new business by exploiting the present opportunity. The primary objective of the study is to conduct a research in London for establishing a small-time business. It will analyse the political and economic aspect of the country and its impact on the venture. Various business aspects and legalities, opportunities and threats associated with the entrepreneurial venture will be highlighted in the report. The business venture selected for evaluating the industry is food and Beverage segment, as it is expanding in recent times, thereby attracting large number of entrepreneurs. The assignment will identify the key aspects of the commercial entity that will have progressive impact on the economy of the country.
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21 2.0 Exploration and illustration of the range of venture types In order to advice the client about the type of business to start with in the London, this section will elucidate and evaluate the types of venture and their benefits and challenges associated. 2.1 Examination of different types of entrepreneurial ventures As per the views presented by Cruz and Nordqvist (2012), all the entrepreneurs and business start-ups do not require same resources nor generate equal amount of economy and job opportunities in the market. Based on the type of resources required and opportunities created by the start-up ventures, entrepreneurial ventures are classified into the following: 2.1.1 Small business Small businesses are identified by its reach and expansion in the market, which is limited. Arend (2013) demarcated small business as profit making bodies, privately owned and not yet dominant in the market, thereby having restricted reach.
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21 Figure 1: Number of small-scale business venture in the USA from 2000-2017 (Source: Duffin, 2020) As the statistics revealed by Duffin (2020), demonstrated that 5.98 million small-scale business entities existed in the USA in the year 2017. Further, it employed approximately 25.7 million individuals in these companies. The small sector industries include grocery shops, consultants, carpenters, electricians, hairdressers, travel agents, restaurants, construction companies, local retail segment, and agriculture. Brightstar (2020) revealed Brightstar, which functions as financial partner to be one of the small business unit founded in 2011, located in the UK. It is classified as small scale unit as it started locally and with less than 50 staff.
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21 2.1.2 Social Good business Chell et al. (2016) opined that social entrepreneurial entities aim at solving the social issues, and needs by creating innovative services and products. The main target of such companies is to readdress the social needs, thus making society a better place. The social good business ensures that the commercial practices are followed in sustainable way and influence the society in progressive manner. Wilson and Post (2013) elucidated that the social good business do not aim at making profit solely, rather follow hybrid approach or are non-profitable firms. These business entities work on
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