Analysis of Entrepreneurship and Small Business in UK

The provided document is a detailed analysis of entrepreneurship and small businesses in the UK. It discusses various types of entrepreneurial ventures operating in the country's separate industries, highlighting both differences and similarities between them. The report also concludes that small businesses have made significant contributions to reducing unemployment rates in the nation. Furthermore, it emphasizes the importance of entrepreneurship and start-ups for businesses seeking substantial financial gains. Finally, personality traits, skills, and characteristics such as those possessed by Bill Gates and Steve Jobs are mentioned as contributing factors to their success.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
P.1. Different types of entrepreneurship ventures and their relationship with typology of
entrepreneurs...............................................................................................................................3
P.2. Different types of entrepreneurial ventures and their similarities and differences..............4
P.3. Small and micro venture impact on economy of United Kingdom.....................................6
P.4. Importance of small businesses and start-up's.....................................................................7
PART 2............................................................................................................................................8
P.5. Traits, skills and characteristics of Bill gates and Steve jobs..............................................8
P.6. Reflection of aspect of entrepreneurial personalities on motivation and mindset...............9
P.7. Examination background and experience that hinder and foster entrepreneurship...........10
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Small and medium size of business is necessary to manager in the market. Numbers of
SMEs are working in industry and making contribution in order to country's economy support.
Beside from it, the assignment will be discussed about small and micro business has made great
impact upon economic development of the country in respective manner. Furthermore, the report
also will be discussed about some personality trait, skills, characteristic of Both Bill Gates and
Steve Jobs persons' help them to gaining sufficient form of services in the business environment.
Background and experiences of Both Bill Gates and Steve Jobs persons' hinder and foster of their
entrepreneurship effectively.
PART 1
P.1. Different types of entrepreneurship ventures and their relationship with typology of
entrepreneurs
An entrepreneur is the person who makes efforts in organising, managing and executing
variety of business activities by taking ample amount of risks. In case of today's world, the
entrepreneur has become one of the crucial factors for gaining development of country's
economy. Entrepreneurial typologies are associated with several types of entrepreneurship
ventures in specific country (Von Graevenitz, Harhoff and Weber, 2010). There are several types
of working in the UK who can be classified into male, female, serial, social and scalable.
Scalable start-up entrepreneurial venture: Scalable start-ups are those businesses which
conduct motive to establishment of new and innovative ideas or thoughts by which they can meet
their desired goals and objectives to change the world by introducing advanced products. These
types of entrepreneurs are coming in the UK's market serial wise and furnishing variety of
advanced products as per people's demand.
Small business entrepreneurial venture: Small businesses are those which are running
their business activities at small and micro level in industry. Small business needs limited
volume of capital and fewer employees to run it (Stokes, Wilson and Wilson, 2010). So, it also
has fewer numbers of customers who might be targeted by its owner. Small business can be
electronics book, barber, plumber, consultancy services, etc.
Large organisation and ventures:There are large number of organisations and ventures
operating in UK which has potential to generate revenue for the business at broad scale. Ample
amount of capital is needed to run a large scale of business and it also has number of employees

in the firm. In the UK's market, large companies in retail sector are like Tesco, Aldi, Asda, etc.
Large organisation is offering a variety of innovative products at broad level which has potential
to generate a large amount of profitability and productivity for the business in order to gain
sufficient amount of money that makes contribution of country’s economy.
Social entrepreneurial venture: Social entrepreneurial ventures are those which is
working for designing and delivering some essential products and services which has potential to
satisfying people's social needs effectively (Stephan and Uhlaner, 2010). Social workers running
for their business functionalities not for earning money for profitability, they have major aim for
working to execution of social welfare activities. Ample amount of social entrepreneurial
ventures are running in UK market which is serving several types of social care services at free
of cost.
P.2. Different types of entrepreneurial ventures and their similarities and differences
From the above discussion, in UK, there are multiple number of different types of
entrepreneurial ventures running in the market and generating small amount of revenue in
market. All above mentioned entrepreneurial ventures are working in their specific industries in
market. So, from the analysis, it has seen that all they have is multiple types of similarities and
differences which are as follows:
Differences:
Differences
Large scale organisation Small types entrepreneurial ventures
The major difference is that large scale
organisation needs broad level of capital and
numerous employees to run it in industry in a
well manner.
Large scale of organisation is following
specific types of corporate culture to
completion of their working in a perfect
manner.
Small types of entrepreneurial ventures need
small amount of capital and small numbers of
employees to running its functionalities (Pott
and Pott, 2012).
Small types of does not follow a specific way
of working in order to completion of business
task, they follow random types of cultural
approaches to running business.

Social entrepreneurial venture Scalable entrepreneurial venture
Social entrepreneurial ventures are working for
social welfare activities and they need
voluntary employees for operating its business
functionalities (Nanda and Sørensen, 2010).
They work for not profitability and have vision
to changing the world in equal manner.
Scalable start-up's running for introducing new
ideas and innovative products which has
potential for earning large amount of
profitability.
Scalable business work for earning profitability
and changing the world by their innovative
thoughts.
Similarities
Small business entrepreneur Large business entrepreneur
Small entrepreneurial ventures are delivering
new products and services which has potential
to satisfy each customers.
Small business has aim to increment in revenue
and profitability of the business.
Unlike small ventures, large businesses also
offering various types of innovative new
products which can fulfill customer's needs
effectively (Monitor, 2012).
Large scale of organizations are also running
for earning high amount of profitability.
Social entrepreneurial venture Scalable entrepreneurial venture
Social entrepreneurs has major aim to find out
innovative products and services which could
fulfil social needs and necessity of each of
their client.
They have major aim to making changes in the
society by delivering various services to
Scalable entrepreneurial ventures also running
for designing new products and services which
can satisfy its customer's needs properly.
Scalable entrepreneurial venture also offering
those kinds of products which is prime aim to

creating an environment where peoples can
develop themselves at sustainable level.
helping people and living sustainable lives.
P.3. Small and micro venture impact on economy of United Kingdom
From the relevant data and statistics assessment, it has been found that number of small
and large ventures are running in UK market and generating small volume of revenue and
profitability in industry. Small, micro and medium sized enterprises could be defined by:
 Micro entrepreneurial ventures: Less than 12 employees & Annual turnover under £2
million
 Small entrepreneurial ventures: Less than 40 employees & Annual turnover under £9
million
 Medium entrepreneurial venture: Less than 300 employees & Turnover under £60 million
Small and micro business venture can be classified into sole traders, partnership and private
company (Landes, Mokyr and Baumol, eds., 2012).
Sole traders:
Sole business trader is owner of the firm who is major decision maker for their business.
Sole business possess all liabilities which is related to the banks in industry.
Partnership:
Partnership is the outcomes of an agreement which is being made between two or more parties to
establishment of a business.
They share their expertise and resources while running their desired business functionalities.
Private companies:
Private companies has liabilities among each employees and stakeholders of the business which
is needed to filfil.
Table 1: Total Enterprises in UK 2015-2016
State Whole companeis %SME
United Kingdom 5.5 million 93.3
From the above data and states of total business running in the UK. In UK, there are 5.5
million of companies are running in the industry and out of which,93.3 were SMEs business. It

implies that, most of the major market share is occupied by the small and medium organisations
in UK, which is generating large amount of revenue and profitability within the business, so it
makes great volume of contribution for economic development of the nation (Klein, Mahoney,
McGahan and Pitelis, 2010).
Table 2: Total Employment in UK
Country Total person employed %SME
United Kingdom 15.7 million 60
From the above analysis of relevant data of total employees in the UK, it has examined
that, 15.7 million total employees are working in different-different types of organisation in UK
and 60% of total employees of the country are working in the small and medium size of
companies in nation (Kirzner, 2015). So it can be said that, SMEs are offering more job
opportunities to those peoples who are not getting job in large organisations. So they are making
efforts to reducing unemployment in the country which boost up economic growth of the nation
in effective manner.
P.4. Importance of small businesses and start-up's
The necessity of different types of start-up's in United Kingdom has been increase after
Brexit incurred in the nation. The United Kingdom has decided to leaving European Union by
signing on a memorandum.
Opportunities
 After Brexit incur in the UK, ample amount of new business opportunities has been
arisen in the country in case of development of its industrial sector.
 It has noticed that, betterment in agriculture services by minimising agriculture subsidies
in UK. There are numbers of small and start-up's are arising in the country after Brexit incurred
in state (Drucker, 2014.).
Threats:
 It makes effect upon growing rate of economic development of the country. It makes impact upon reducing corporate sector of the business.
Increment in Innovation: Small and medium size of organisation are implementing strategy to
making innovation within their existing and new products that has potential to invent innovation

in the firm. Most of SMEs are entering into business industry by delivering new products
according to demands and needs of clients. Moreover, increasing in the competition level in
market, in encourage SMEs businesses to modification in its services and goods as per customer
demand, which enable business to meeting their desired goals and objectives.
Reducing Unemployment: Employment is one of the major issues for every country and it
makes negative impact upon economic growth of state. From the above analysis, it has examined
that, 60% of employees are working in small and medium size of companies in the country. So
thsie person who are not getting jobs in large scale of organisations, are offering to having job in
small scale and start-up's business in appropriate form, so it is reducing the unemployment rate
of the UK effectively (Delgado, Porter and Stern, 2010). Unemployment will lead to boosting up
economic growth of the country in relevant format.
Increasing standard of living: Small business are offering various types of new products which
is demanding of peoples as modern time's needs. So peoples are being utilised of some effective
products which is assisting them to completion of their day to day short task in easy way. So
consumers are demanding more and more for adding innovation in existing products of the
business to building them more advanced in the industry. Which has potential to satisfy each
customer's needs properly and also raising living standard of country's people at great level.
PART 2
P.5. Traits, skills and characteristics of Bill gates and Steve jobs
A entrepreneur is a person who works in the business rather than an employee in order to
completion of business function's in respective manner. They won risk and major barriers of the
business which can be reduced by utilisation of their interpersonal skills and traits that can be
used by them to gaining desired success within business (Brenkert, 2017). In terms of Bill gates
and Steve jobs both persons have their won some interpersonal and intra personal skills and traits
which enabling them sufficient to facing all types of adverse circumstances of the business which
baring at initial stage of their business sectors. With the assistance of these characteristics and
skills, Bill gates and Steve jobs both persons has addressed critical circumstances of their
business where other person usually give up.
Skills:
Innovative:Bill gates and Steve jobs both persons were innovative in context of thinking
and producing new products as well. They came up in the market by bring effective innovative

ideas that can changed peoples lives and living standard at great manner. Both the persons has
innovative thinking which enables them to making influencing upon people's mind. So it assisted
them to gaining their desired success in industry.
Leadership:Bill gates and Steve jobs both persons were great leader in their business
sectors. With the assistance of their effective leadership styles they have influenced their
workforces to working hard for the business and also meeting desired vision and mission
objectives of the business.
Characteristics:
Self confidence: Self confidence is one of the best characteristic of Bill gates and Steve
jobs, because it allows them to creating confidential value to their business initiatives which is
taking up by them into business. Self confidence enables them to making creative and big
decisions for the business (Baumol, 2010).
Persistent: A successful entrepreneur must be persistent towards their desired aims and
objectives in order to pursuing their organisation achievements. Bill gates and Steve jobs both
persons were persistence about vision and mission statements of their organisations.
Traits:
Passionate: The personality traits of an entrepreneur defines that, they must be
passionate towards their desired business activities in industry. They should enjoy their work in
ventures which they want to implement in industry. Bill gates and Steve jobs were passionate
about their desired goals and objectives.
Risk takers: Successful entrepreneur should be risk taker. Risk taker traits enable them to
facing critical condition of the business by which they can sustain in competitive business
environment in relevant form. Bill gates and Steve jobs both persons were risk taker.
P.6. Reflection of aspect of entrepreneurial personalities on motivation and mindset
It terms of examination of reflection, that gives fiver personality theory and model which
can be utilised to assess the entrepreneurial personalities of Bill gates and Steve jobs both
persons in effective way.
Extraversion: It can be said that, an entrepreneur must be extraversion in order to
generating high amount of energy level of interacting with some essential people who assist them
to arising energy by social interaction with peoples of communities. In case of lower
extraversion, who tend to produce energy by themselves. In case of Bill gates and Steve jobs

both individuals were extrovert in terms of interacting with peoples to displaying their ideas in
more effective ways.
Agreeableness: A successful entrepreneur must be agreeable in order to completion of
various tasks of the business in respective form. They tend to produce interest to taking care of
other within the business in order to building positive values among them. In case of Bill gates
and Steve jobs both were agreeable, so they present themselves with diligently and politely in
front of their sub-ordinate executives (Baum, Frese and Baron, eds., 2014).
Conscientiousness: A person who has high level of Conscientiousness can make a good
representation of some crucial areas where good impulse control and good directed behaviours.
These types of entrepreneurs consume more time in preparation of accomplish essential tasks
first. They pay attention to attaining their desired goals and working according to schedules of
the business. It has been seen that, there are numbers of issues that can be used. Bill gates and
Steve jobs both persons are following conscientiousness in order to preparation of respective
schedules by which they might complete their desired goals and objectives.
Neuroticism: Neuroticism is a trait of personalities characteristics, by which entrepreneur
can engage with other in the business by understanding of sadness, moodiness and emotional
instability. Higher level of neuroticism can enable a person to emotionally unstable. oth Bill
Gates and Steve Jobs persons were lower in neuroticism by personality. They sufficiently control
their emotions in the business and make difficult decisions.
Openness: The trait feature defines that, an entrepreneur must be openness in order to
thinking about to business development at broad level. Openness enables an entrepreneur in
order to accepting adverse situations of the business. Both Bill Gates and Steve Gates were very
creative and openness in terms of completion of various difficult decision of the business.
P.7. Examination background and experience that hinder and foster entrepreneurship
Successful entrepreneur ample amount of difficulties, problems and issues at initial stage
of entrepreneurial venture. In order to accomplishment of their desired goals and objectives, they
have to face some adverse situations, where other persons give up (Barringer and Ireland, 2010).
Sn they have to faces several types of issues that can be used in such a manner so that
effectiveness can be used in such a form. Both Bill Gates and Steve Jobs individuals are facing
several types of issues in regarding to their specific business. Most of the issues and barriers are
generating from the background, family and societal support, this is the nature of their

personalities to addressing all difficulties of the business in respective form. With the assistance
of their risk taking and passionate personality traits, thy will be able to better understand the
major issues of their business function's and according to them, made better decision by which
business performance can be improved within the business environment. They have gained
proper growth in the technological sector by having sufficient knowledge in this sector, which
allow them to sustain in the IT sector in better way.
Some factors of their personal traits and personality characteristics assists them to
resolving business issues in perfect manner. The positive part of their background is that, their
family support boost up their personalities and addressing issues of the firm. Apart from it, it can
be said that, Both Bill Gates and Steve Jobs person's personal experiences about IT and
technological sector encourage them to gaining sufficient success in their particular business
sector. At the initial stage of the business, they were facing criticism from society and
communities people nearby them. Hence, it can be said that, some essential aspects of their
background and experiences helps them to gaining sufficient amount of success in order to
gaining sufficient form of their services. Both persons have faced too many issues and
difficulties at the initial stage of the firm to tackle them effectively and become a successful and
renowned entrepreneur.
CONCLUSION
From the analysis, it is concluded that, variety of entrepreneur are working in the UK in
their separated industries in market. Different types of entrepreneurial ventures are working in
industry and they have some difference and similarities. In addition to it, the report also
concludes about small and micro business has made great impact upon economic development of
the UK. Numbers of unemployment has been reduced by small companies in nation. Apart from
it, it is also concluded that, small business and start-up's is very essential for the businesses in
order to gaining sufficient amount of money. Some personality traits, skills and s characteristics
of Both Bill Gates and Steve Jobs persons' assist them meeting their desired business goals.

REFERENCES
Books and Journals
Barringer, E. and Ireland, R.D., 2010. Successfully Launching New Ventures. Pearson.
Baum, J. R., Frese, M. and Baron, R. A. eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Baumol, W. J., 2010. The microtheory of innovative entrepreneurship. Princeton University
Press.
Brenkert, G. G., 2017. Entrepreneurship, ethics, and the good society. In Entrepreneurship (pp.
85-128). Routledge.
Delgado, M., Porter, M. E. and Stern, S., 2010. Clusters and entrepreneurship. Journal of
economic geography, 10(4), pp.495-518.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Klein, P. G., Mahoney, J. T., McGahan, A. M. and Pitelis, C. N., 2010. Toward a theory of
public entrepreneurship. European management review, 7(1), pp.1-15.
Landes, D. S., Mokyr, J. and Baumol, W. J. eds., 2012. The invention of enterprise:
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Monitor, G. E., 2012. empreendedorismo no Brasil. Relatório Executivo.
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Handeln und rechtliche Aspekte, Heidelberg.
Stephan, U. and Uhlaner, L. M., 2010. Performance-based vs socially supportive culture: A
cross-national study of descriptive norms and entrepreneurship. Journal of
International Business Studies, 41(8), pp.1347-1364.
Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Von Graevenitz, G., Harhoff, D. and Weber, R., 2010. The effects of entrepreneurship education.
Journal of Economic Behavior & Organization, 76(1), pp.90-112.