Report on Entrepreneurial Ventures

Introduction of Entrepreneurial Ventures

In the growth of the social and economic condition of a country, entrepreneurship has a vital role. Entrepreneurship not only contributes to the national development but also bring improvement in the economic and social conditions of the local and regional markets. Even the term entrepreneurship is considered a simple term but it relates to dynamic and complex working. We cannot limit entrepreneurship to a single occupation and field of work. It relates to many areas of work and requires different strategies and capabilities each time. In this present work, various types of entrepreneurial ventures are discussed in detail. Present work also throws light on scope, development and growth of the economy and entrepreneurial ventures in the country of Oman. 

Types of Entrepreneurial Ventures

According to the research study of Ducker (2014), entrepreneurship is a creative business approach that depends upon innovative ideas and creative outcomes. In entrepreneurship, entrepreneurs control, organize and manage people working with them in an innovative and most influential way to accomplish organizational goals.  There are various types of entrepreneurial ventures associated with the organization and companies. Large corporates work in a highly competitive market. Because of stable demand and high-profit margin many companies prefer to work as a corporate (Reed, 2018). Although, it is essential to ensure effective changes in the enterprises business whenever the need arises to become more adaptive and suitable for customers. Entrepreneurs with their innovativeness and creativity manifest best in the change management system. Another type of entrepreneurship venture is entrepreneurship of small business. Such small business entrepreneurs are quite common in the markets of the UK. In accordance with the statistics of 2015 and 2016, around 3630 new enterprises were initiated as a small business in the markets of the United Kingdom. Analysis indicates that small business entrepreneurship provides employment opportunities to the 19.8% labour market of the UK. The third type of entrepreneurial ventures is scalable business startups which itself work as a source to generate revenue and funds. Social entrepreneurship is the 4^th type of entrepreneurial ventures which aims to provide services and products for the betterment of society and targeted group of people. Social entrepreneurship based manufacturing plants pay emphasis on the production of products that contributes to the increase of society an environment efficiency and effectiveness.  

Similarities and Differences between Entrepreneurial Ventures

All types of entrepreneurial ventures have some specific business activities, aims, objectives, and contribution to the social and economic development of a country. However, their roles, goals, and attributes have also some similarities and differences which are presented below in the form of a table:

Types	The attribute of the entrepreneurial ventures	Roles	Goals
Social entrepreneurial ventures	Social entrepreneurial ventures have the main attribute of focus on the betterment of society and people living in the targeted segment.	Social entrepreneurship plays an important role in society as it works for the welfare and benefits of the regional and local communities. Three areas of focus for social entrepreneurship is the environment, society, and people.	Having a focus on the betterment of society social entrepreneurship goal is to develop products and services that are highly effective and efficient for society. Social entrepreneurship goals are to ensure control of environmental impact.
Macro- entrepreneurship	An entrepreneurial venture managed at a large scale is known as macro-entrepreneurship. The key attribute of this type is its vision focused on the change within the industry to become an innovative market leader.	The captain is the role of these kinds of the entrepreneurial venture. It understands the requirements of the market along with strengths and weaknesses of the market thus it develop operational strategies for the promotion of strengths and acquisition of market shares in the selected industries.	Goals are to become a successful and market leader in the selected industry with maximum market shares.
Business Entrepreneurship	Revenue generation is the key attribute of this type of entrepreneurial ventures	This type of entrepreneurial ventures has the key role of remaining competitive in the targeted market by producing quality products and offering highly competitive services to secure market shares with the loyalty of customers.	As the prime objective is revenue generation and profit maximization thus their goal is to become a market leader and enough strong to cover maximum market shares of the selected market.
Micro-Entrepreneurship	A small scale enterprise is usually founded and operated by individual investors with a minimal amount of investment. In these enterprise workforce ranges is 5-10.	Small scale entrepreneurship plays an important role in the development of the local market and empowerment of small business in the regional markets	The prime goals are the generation of maximum revenue and profit in the selected industries.

Public and Corporate Sector of Entrepreneurial Ventures

The public sector is an important part of an economy that works for the public with public leadership. The public sector is also known as government sector as in democratic countries government leaders are elected by the votes of public therefore organizations working under their supervision is also known as public sector organizations. While on the other hand, the corporate sector can represent the public as well as the private sector. Entrepreneurial ventures are sub-classified in various groups that should be referred appropriately for better business outcomes and operations in the corporate sector and the public sector (Economictimes.indiatimes.com, 2013).

Small business entrepreneurial ventures work at a small scale or limited to local markets only. These kinds of entrepreneurial ventures include retail stores, internet stores, agents of travelling, and grocery stores. Public and corporate sector working can be dependent on the small business entrepreneurial ventures. Social entrepreneurial ventures or social entrepreneurship is based on innovative businesses ideas and creative business activities, therefore, their main attention is to accomplish the goals of efficient production with minimum cost. Such entrepreneurship relates to the public sector rather than the corporate sector. Such organizations have a prime focus on the benefit of overall society rather than the profit of just a few business entities involved in the business as investors. Large scale business entrepreneurship relates to the corporate sector. Such entrepreneurial ventures work in the macro environment and deal with competitive markets.  

Scope, Development and Growth of Entrepreneurial Ventures

All kinds of entrepreneurial ventures have significant importance and role in the national, local, and regional development of a country. Entrepreneurial ventures are equally important for organizations of every level and scale. Analysis indicates that the UK market is the most attractive market for entrepreneurial ventures of different types including small scale businesses and macro- entrepreneurship. In the UK, the recession is at the declining trend and overall scope and development sector is increasing with the passage of time. People are highly interested to invest in the businesses of the public and corporate sector. The scope of entrepreneurship is increasing as people are becoming eager to invest in the entrepreneurship. People are coming in the existing markets with innovative and creative business ideas. While at the same time competition is increasing in entrepreneurship which may cause to decrease scope in future as competitive forces will create difficulties and threats for new entrants regarding success in the market unless the new entrants come up with a highly innovative and creative business solution to fulfill the needs of targeted customers or to entirely change the needs of targeted customers. Even in present times, many entrepreneurs are succeeded just because they opened a new industry and created a new need for their proposed customers (Bulushi & Bagum, 2017).     

Impact of Micro and Small Businesses on Omani Economy

Micro entrepreneurship and small business directly draw an impact on the economy of the country. Small business started out by the entrepreneurs is a great effort to reduce unemployment. Currently, statistics show that youth unemployment and overall unemployment in Oman is greater than other neighborhood countries (see the presented below bar graph). Considering this it is essential to have the promotion of small scale businesses and Micro entrepreneurial ventures in the country to stabilize the Omani economy.

Figure 1 Unemployment in the GCC countries

The graph presented below shows the unemployment of youth in different countries of the world. In case we tend to evaluate these regions of the world as compared to Oman then we come to know that for Oman the rate of unemployment of youth is 18.8.%. This percentage can be less than or greater than some other related countries. The countries like Saudi Arabia (29.5%) and Kuwait (19.4%) have less entrepreneurial ventures so there exist the greater percentage of youth unemployment as compared to Oman (18.8%). In the regions like Bahrain, Qatar and the United Arab Emirates the unemployment percentages are 10.9%, 1.3% and 10.0% respectively. These are the regions which have less percentage for the unemployment as compared to Oman. This is so because there are more entrepreneurial ventures in these countries as compared to Oman.

The more there are small and medium enterprises the better it helps to contribute to the economic growth. The main reason behind it is the provision of the employment opportunities to the residents of the country. This is the remarkable way to provide the unemployed with the employment opportunities and make significant contributions to the economic growth.

In the presented below graph, Oman has only 3% of self-employed workers or micro-level entrepreneurs. However, research indicates that the country is now paying attention to the promotion of Micro entrepreneurship and small business. For this purpose, the Oman government is facilitating its youth by providing them loans (OMR 50,000 up to OMR 500,000) and training sessions to promote Micro entrepreneurship and small business. Such programs will result in an increase of 60-70% jobs and SME companies (Viswanathan, 2018).

Growth of the social economy of Entrepreneurial Ventures

According to the research study, the Omani economy is over-relying on the oil industry. The country needs to have a focus on small businesses and micro-entrepreneurship to promote business in the country and bring improvement in the economic condition of the country. Over dependence on a single industry is not safe for the economy of a country as the increase in the competition or introduction of innovative technologies and solutions can result in the increase of risk factor for the future business outcomes in that country. While the small business and business startups have a direct impact on the growth of the social economy. Small business in the country support people to have a better lifestyle and circulate money in an effective way. Several research studies have concluded that small businesses and business startups promote the strength of the social economy.(Magd & McCoy, 2014)

The difference made on the economy by Small, Medium and large businesses

The difference made on the economy by small, medium and large business is presented below in the table.  

	Impact	Impact details
Small Businesses	Positive but Low-level Impact	·         Small businesses are promoting overall national income and purchasing power of the individuals. ·         Small business are causing to decrease unemployment in youth which has a positive impact on the economy ·         Small business has a positive impact on the growth of the economy by the increase in revenue generation sources
Medium sized Entrepreneurship	Positive but low level Impact	·         Medium sized entrepreneurship has a positive impact on the economy has it promote partnership based medium-sized businesses. ·         Medium sized businesses are best to increase competition in the industry which promotes innovativeness and quality production.
Large Scale businesses	Positive and High-level Impact	·         Large scale businesses work for the stability of the economy by providing a regular revenue stream. ·         Large scale business provides employment opportunities and supports the economy stand against increasing the unemployment rate and inflation in the country.

Impact on different levels of the economy

The impact generated by different types of an entrepreneurial venture is different in various contexts such as local, regional, national and international context. Entrepreneurship provides the opportunity for employment which brings positive influence on social development and national economy. It results in the increase of local level businesses and success of companies at national markets. In Oman and UK people are highly concerned with economic advancement at the national level which can be accomplished by the promotion of different types of entrepreneurial ventures. Organizations and entrepreneurship at large scale also draw impact at an international context. The successful national level entrepreneurial venture can also work in the international markets which will result in the increase of export revenue for an economy. However, sometimes different types of entrepreneurial ventures generate a negative impact on the economy as they follow up predatory pricing strategies and other illegal strategies which are supportive of monopoly and unfair business activities. New entrepreneurs with local and regional level businesses develop such strategies when they are not having enough idea about law and fair business acts (Baum, Frese, & Baron, 2014).

Conclusion of Entrepreneurial Ventures

The whole discussion concludes that different types of entrepreneurial ventures have significant importance all over the world. Entrepreneurs promote innovation, competition, and creativity in the market which has a positive impact on the overall industry. Positive outcomes of small business and medium sized entrepreneurship are directly supportive of the betterment of social and economic lifestyles in a country. However, large scale business and corporate organizations provide employment opportunities which result in the decrease of unemployment ensure stability.