Impact of Enterprises and Technology on UK Economy

This assignment analyzes the impact of increasing enterprises and technology investments on the UK economy. It examines various sources, including government publications and reports from organizations like the Office for National Statistics (ONS), to demonstrate how enterprise growth contributes to economic activity and how technological advancements influence business performance. The analysis uses illustrations to visually represent key data points about the UK's economic position and the impact of technology on businesses.

ENTREPRENEURSHIP AND
SMALL BUSINESS ENTERPRISE
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
P1) Different types of entrepreneurial ventures and relation with different typologies.............1
P2) Different types entrepreneurial ventures..............................................................................2
P3) Impact of micro and small businesses on economy.............................................................4
P4) Importance of small businesses start ups on growth of social economy..............................6
M1) Entrepreneurial ventures to understand entrepreneurship in both public and private sector
.....................................................................................................................................................6
M2) Businesses' significance in economic growth of country....................................................7
D1) Critical evaluation on scope, development and growth of entrepreneurship ventures........7
D2) Critical evaluation on influence of small businesses on different levels of economy.........7
PART 2............................................................................................................................................7
P5) Characteristics of successful entrepreneur (Examples, entrepreneurs' born or made and
skills)...........................................................................................................................................7
P6) Entrepreneurship personality reflect on motivation and mind set........................................8
P7) Person's background and experience hinder on entrepreneurship........................................9
M3) Different line arguments relation to entrepreneurial characteristics.................................10
M4) Link between entrepreneurial characteristics and influence of personal background.......10
D3) Characteristics and skills of successful entrepreneurs.......................................................10
D4) Critical evaluation on background and experience of entrepreneurs.................................11
CONCLUSION..............................................................................................................................11
REFERENCE.................................................................................................................................12

INDEX OF TABLES
Table 1: Differences in entrepreneurial ventures.............................................................................3

ILLUSTRATION INDEX
Illustration 1: UK economic position...............................................................................................4
Illustration 2: Impact of technology on UK economy.....................................................................5

INTRODUCTION
Entrepreneurship is a process of establishing new business and creating innovation in
operations. However, it influences economic growth of a nation and its effectiveness also related
with social welfare of the nation. The present report is to understand significance of establishing
small businesses on economic position of UK. In this regard, different types of entrepreneurial
ventures and their relations with typologies can be described. Moreover, impact of micro and
small businesses on nation's development is to understood using statistical data. Along with this,
entrepreneurs' characteristics and skills will be introduced in assignment for creating innovation
in business operations. Therefore, effective understanding with entrepreneurship and its
influences on nation's growth increase with the help of this assignment.
P1) Different types of entrepreneurial ventures and relation with different typologies
Entrepreneurship is an activity of creating innovations and establishing new entity for
unique achievement (Bae and et.al., 2014). However, entrepreneur sets up new business by
taking risk and with determination for different scopes. In this regard, different types of
entrepreneurial ventures can be understood as:
 Small business entrepreneurship:
In this entrepreneurship activity, entrepreneur establishes new entity at small level. For
example; family business, retail sector organizations, travel agency and so on (Baker, Grinstein
and Harmancioglu, 2015). Therefore, new creation in business operations is done at small level
with scope to expand the business on large scale in the future.
 Scalable entrepreneurship:
Under this entrepreneurship, new creations in business operations are created in context to
expand businesses. For this purpose, high amount is required as well products' quality and
operations for this uniqueness (Bird, 2015). In this regard, the different and more effective type
of product are recognised remains risky and quite challenging.
 Large company entrepreneurship:
For the purpose of expansion of entity and improving quality services, organization adopt new
technologies and purchases machinery equipment (Bruni, Gherardi and Poggio, 2014). It is
challenging task to attract and encourage people towards new creation and achieving satisfaction
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from their side. For example; creating different flavour of food by any restaurant remain risky to
encourage people for taste and attracting as well.
 Social entrepreneurship:
This type of entrepreneurship aims to increase sociology and contribution in nation's social
development at maximum level (Bruni, Gherardi and Poggio, 2014). For example; establishing
NGO, charitable trusts etc. Similarly, CSR implementation for competitive advantages for any
entity is risky and comes under social entrepreneurship.
Thus, different entrepreneurial ventures impact on business operations and creativeness in them.
However, all of them have different purposes and scope affect uniqueness in product quality as
well nation's growth. These ventures are related with entrepreneurial typologies.
P2) Different types entrepreneurial ventures
Entrepreneurship ventures are of different kinds as social, scalable, creating innovation in
product services etc. There are some similarities and differences among them can be understood
as:
Similarities:
Entrepreneurship is a process for creating innovation in business operations and gaining
organization's growth effectively. However, all of these entrepreneurial ventures aim to create
uniqueness in business operations as well contribution in nation's growth (Carland, Carland and
Stewart, 2015). Including this, new technologies are adopted for improving quality in goods and
services. Moreover, they target to increase wealth creation also related with business
performance and its efficiency. Along with this, in all entrepreneurial ventures, entrepreneur take
risk for new creation and improving business operations. Likewise, business expansion and
unique quality features are identified by adopting new technologies able to improve its
efficiencies. Therefore, there are similarities in entrepreneurial ventures beneficial for
enlargement of entity and improving its quality services.
Differences:
Various types of entrepreneurial ventures are different from each other in terms of aims,
scope, risk level etc. However, differences among them can be comprised as:
Table 1: Differences in entrepreneurial ventures
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Bases Small business
entrepreneurship
Scalable
entrepreneurship
Large company
entrepreneurship
Social
entrepreneurshi
p
Aim To establish new entity
at small level.
To improve quality
of product services
as well providing
unique featured
goods.
To expand
business and
improving service
qualities of goods
and services.
To contribute in
country's social
development and
increasing public
welfare.
Scope
(Emphasis
on)
Increasing of stores,
contribution in nation's
effectiveness.
Better business
performance and
more qualitative
goods and
services.
Increasing stores
and more featured
quality products.
Sociology and
providing services
to build up
society's trust
with its services.
Investmen
t (Fund
required)
Moderate fund is
required for
investment.
High amount is
required for
investment and
new creation in
business
operations.
Same as for
scalable
entrepreneurial
venture.
Less fund is
required in
comparison to
other ventures.
Risk level Moderate risks are
determined for new
creation.
High risk is
occurred under this
entrepreneurial
venture.
High risk for new
creations.
Less risky in
comparison to
level of other
entrepreneurial
ventures.
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P3) Impact of micro and small businesses on economy
It is analysed that establishment of small businesses impact on country's economic
position increasingly. However, it is linked with employment and other sectors for better quality
services and contributing for nation's effectiveness (Carraher and Paridon, 2015). Number of
enterprises in UK get increased at higher level can be identified with the help of following
statistical data as:
It is interpreted that since 2013, there increment in establishment of new entities in UK
which influences its monetary position effectively. In this regard, government of the country also
played effective role to encourage people for businesses. Therefore, its effective employment is
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Illustration 1: UK economic position
(Source: Impact of increasing enterprises on economy of UK, 2016).

also recognised for which variety of innovations is identified in business operations (Castello,
Barbera and Vaara, 2016). Along with this, it is also evaluated that technological development is
also identified which impact on nation's effectiveness. However, investment in technology also
determines positive changes in UK economy can be evaluated as:
It is evaluated that adopting technological challenges and new techniques impact on UK
businesses and its economy effectively. However, technological advancement and purchasing
machinery equipment increases business performance and also better quality of services are
recognised. In addition to this, investment in technology regarding business operations impact on
its economic performance of the country positively (Charness, 2014). Therefore, it can be
forecast that new creations in business operations and their impact on country's growth will
increase at higher level in future years on large scale.
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Illustration 2: Impact of technology on UK economy
(Source: Influence of investment in technology on UK businesses, 2016).

P4) Importance of small businesses start ups on growth of social economy
As analysing performance of economic position of UK in respect of increasing
establishment of new entity, it impacts on employment effectively. However, increasing small
scale enterprises influence on economic position of the country efficiently. In this regard,
importance of start up of businesses for social and economic development of nation can be
understood as:
 Economic development:
By increasing small businesses impact on monetary position of UK positively however
government's revenue get increased. It is related with creating balance between demand and
supply of goods and services for which productivity (Cherny and et.al., 2016). In this regard,
employment ratio of the country get enhanced affect nation's effectiveness. Therefore, economic
development of UK is identified in terms of increasing small scale businesses.
 Technological development:
Establishment of small scale entities and new creation in business operations influence of
technology. As country's technological development is identified in terms of improving quality
services. It increases strength to face competition and making place in global market in
comparison to other countries (Dooley and Kenny, 2014). Therefore, nation's economic sector
get improved for business operations and providing unique features products in country.
Therefore, establishment of small scale units impact on social and economic position of country
effectively. It is linked with technological advancement, effective employment and proper
production of goods (Drucker, 2014). Thus, it is significant for a nation's growth to set up new
entities for increasing efficiencies and effectiveness at maximum level.
M1) Entrepreneurial ventures to understand entrepreneurship in both public and private sector
Establishing business entity for both public and private sector, ventures are essential to
understand. These ventures are target in different ways for innovations and improving quality
services. Therefore, these are required to consider for setting up new entity and creating
innovations in business operations effectively.
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M2) Businesses' significance in economic growth of country
Increasing small scale entities are significant for economic growth of UK in respect of
technology and employment as well. However, government's fund get increased also remain
effective for contribution in nation's effectiveness (Fayolle and Gailly, 2015). Therefore, small
businesses like retail sector, travel agency etc increases nation's efficiencies also able to maintain
its operations effectively.
D1) Critical evaluation on scope, development and growth of entrepreneurship ventures
Innovations in business operations influences on quality services and work environment
of the company. However, it is effective for contribution in social and economic development of
UK also able to increase social welfare at maximum level. Including this, it impacts on
employment and increasing entities increases government fund and able to improve nation's
effectiveness. On critical evaluation, it is evaluated that due to heavy competition and high cost
for purchasing machinery equipment, investment remain difficult (Hmieleski, Carr and Baron,
2015). Therefore, attending classes and seminars for entrepreneurship and expansion impact on
business operations.
D2) Critical evaluation on influence of small businesses on different levels of economy
Increasing small scale entities influence on economic sector of the country positively.
However, various positive changes are recognised to achieve nation's effectiveness (Mudalige,
Ismail and Malek, 2016). On the contrary to this, it is also evaluated that facing competition
regarding business operations at local, regional, national and international level is quite difficult.
PART 2
P5) Characteristics of successful entrepreneur (Examples, entrepreneurs' born or made and skills)
A successful entrepreneur have specific characteristics which encourages him for creating
innovations in business operations and taking risks. For example; decision making,
determination, accepting challenges etc. These characteristics make him successful by passing
through many difficulties and competitiveness (Schlaegel and Koenig, 2014). It can be
understood with the example of Richard Branson, Mark Zuckerberg. Some essential
characteristics and skills of a successful entrepreneur are as:
 Risk taking and innovative thinker:
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Entrepreneur has risk taking and accepting challenges abilities which encourage him for carrying
on and do creating innovations in business operations. However, starting up new entity and
taking risk is one the great characteristic of him (Zhang, Song and Zhong, 2016). In addition to
this, he is creative thinker towards doing something great and unique. This characteristic
influences and shows positive attitude towards new business operations and uniqueness in
product services.
 Positive attitude:
It is one of the essential character an entrepreneur have which motivates him for taking things
positively (Cherny and et.al., 2016). Similarly, he solves out issues and risks occurred during
business operations with courage and accepting challenges wit determined to meet goals.
However, this positive attitude leads him to be successful and achieve targets effectively.
 Strong work ethics:
It is analysed that strong working ethics encourages entrepreneur to fulfil the set target in
determined time. Likewise, he completes the task with dedication and in consideration of ethics
that what is right or wrong in business operations (Fayolle and Gailly, 2015). Therefore, strong
working ethics quality of an entrepreneur leads to him to get success and increasing enterprise'
efficiency.
Thus, an entrepreneur have above mentioned characteristics and skills which encourages
and influences him to do better and have positive attitude to meet goals.
P6) Entrepreneurship personality reflect on motivation and mind set
Having entrepreneurs' quality impacts on an individual's personality and working style
more effectively. However, he takes risks as challenges and creates positive attitude towards
solving out the issue. Moreover, it influences his abilities, working environment, self motivation
and creating balance between personal and professional life. Likewise, his personality get
developed also impact on working and learning attitude (Drucker, 2014). He gets more
motivated and positive towards accepting challenges and facing them. In addition to this, his
determination and work ethics influences business performance and makes him more confident
and risk taker. Therefore, entrepreneur's characteristics and skills impact on working style,
personality and attitude more positive. It is also analysed that taking risk and getting success at
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first by efforts and handling situations with courage and patience motivates him for being regular
and adding new creations in business operations. Therefore, strong ethics and positive attitude
towards occurred issues during business operations is able for an entrepreneur to do better and
improving his lifestyle.
Thus, an entrepreneur's positive and learning attitude motivated him for better quality of
work and facing difficulties occurred during business operations. Moreover, it increases his
'never give up' attitude and being regular towards learning and creating innovations in business
activities. Along with this, for this thing, he is able to expand business and improving skills
impact personality and professionalism at most (Dooley and Kenny, 2014). However, different
positive influences are determined regarding business effectiveness, culture and environment of
the enterprise. Hence, entrepreneur's characteristics and skills encourage him for increasing
learning and positive attitude for better performance and creating effective environment of the
enterprise. Thus, it motivates him for improving skills, effective working environment and
accepting challenges as well handling situations occurred in the enterprise.
P7) Person's background and experience hinder on entrepreneurship
Entrepreneur's skill can be emerged through family background, work culture, education
and living in this type of environment. However, background and culture motivates an individual
to be entrepreneur and doing something different. Including this, economic circumstances and
character traits also remain able to improve an individual's personality and quality factor for
business as well improving business performance. Likewise, family background and
environment of family where an entrepreneur lives impact on work culture and his attitude. In
accordance to this, it is considered as in born quality which influences him for taking risk in
business operations and creating innovations in business operations. It influences his personality
and professionalism as well improves skills such as; communication, problem solving and so on.
Therefore, it is analysed that an entrepreneur's character and skill emerge through living
work culture background and environment which influences his personality, professionalism.
However, his behaviour, attitude, perception and skills get improved in terms of businesses and
new creations for something different (Charness, 2014). Apart from this, entrepreneur's qualities
can emerge through education and getting experience which encourages him for new creations
and taking risk in respect of accepting challenges and better quality services. Thus,
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entrepreneur's attitude, working style, culture and environment is emerged through family
background, education, environment.
M3) Different line arguments relation to entrepreneurial characteristics
In relation of entrepreneurial characteristics some factors are to be discussed that it is not
needed for all entrepreneurs to have same qualities and belong to business engaged background.
Similarly, some entrepreneurs' environment is determined through experience and culture where
they belong to. However, by failure of first attempt, entrepreneur get discouraged for accepting
challenge and having positive attitude towards all issues in business operations (Carraher and
Paridon, 2015). Therefore, it is needed for maintaining their encouragement and positive attitude
towards facing difficulties by creating environment and culture to get success.
M4) Link between entrepreneurial characteristics and influence of personal background
Entrepreneurial characteristics impact on personal background of an entrepreneur
positively. However, he is able to solves out issues with patience and appropriate decisions.
Similarly, his work environment and attitude towards taking issues and difficulties get improved
affect behaviour effectively. In addition to this, he remains able to create positive environment of
the family and organisation more positive increases work ethics and perception on businesses
and creating innovations get improved (Bruni, Gherardi and Poggio, 2014). Moreover, his skills
get improved as; communication, problem solving and others more increasingly. Therefore,
entrepreneurial characteristics influence his abilities and culture effectively.
D3) Characteristics and skills of successful entrepreneurs
An entrepreneur has several skills impacts on business operations and environment for
creating innovation. In addition to this, his positive and creative thinking towards accepting
challenges get affected positively. Including this, his risk taking and challenging behaviour
encourages for better performance and new creations in business operations. Moreover, string
working ethics and creating positive environment and culture increases his abilities and
improved professionalism. Along with this, he handles issues with patience and appropriate
decision making. It impacts his personality and professional attitude effectively (Bae and et.al.,
2014). Besides this, successful entrepreneur encourages himself for better performance and do
not give up attitude. Likewise, it influences him for being regular and handling situations with
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pace effectively. Hence, entrepreneur's characteristics and skills motivate him for accepting
challenges and doing better as well creating new innovations in business operations.
D4) Critical evaluation on background and experience of entrepreneurs
On critical evaluation, it is recognised that all entrepreneurs are not belonged to family
background whose members engage in business. Therefore, it is difficult for him to build up
confidence and motivating for the risk taking. However, by getting failure in first attempt
discourages him for trying next and so (Baker, Grinstein and Harmancioglu, 2015). Moreover,
creating work culture and environment in accordance to new creation and motivating all business
partners and collaborative remain difficult. Thus, it is needed to consider these positive and
negative aspects for maintaining positive attitude and creating effective work environment of the
entity. It influences his personality and professionalism also depend on further implementation
and being regular towards new creation.
CONCLUSION
It is concluded that establishment of small business entities impact on country's economic
growth increasingly. In this regard, entrepreneur's characteristics and skills are recognised which
encourages him for taking risks and creating innovations in business operations. Including this,
similarities and differences among different entrepreneurial ventures their link with typologies
have been introduced. However, impact of entrepreneur characteristic on motivation and
business performance is identified in this assignment. Therefore, good understanding with
entrepreneurship and its relation with business operations is icnraesed.
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REFERENCE
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Online
Impact of increasing enterprises on economy of UK, 2016. [Online]. Available through:
<https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/
bulletins/ukbusinessactivitysizeandlocation/2015-10-06 >. [Accessed on 30th October
2017].
Influence of investment in technology on UK businesses, 2016. [Online]. Available through:
<https://www.gov.uk/government/publications/uk-digital-strategy/uk-digital-strategy>.
[Accessed on 30th October 2017].
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