Entrepreneurship and Small Business Management

This study material covers types of entrepreneurial ventures, similarities and differences among them, economic impact of micro and small businesses, and the importance of business start-ups towards social economic growth.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Entrepreneurial ventures........................................................................................................1
P2. Similarities as well as differences among entrepreneurial ventures......................................3
Scope, growth including development of entrepreneurial ventures............................................5
TASK 2............................................................................................................................................5
P3. Economic impact of micro and small businesses..................................................................5
P4. Importance of business start-ups towards social economic growth......................................8
TASK 3..........................................................................................................................................10
P5 Characteristics, skills along with motivational drivers.........................................................10
P6 Entrepreneurial personality aspects......................................................................................11
TASK 4..........................................................................................................................................13
P7 Background and experience.................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is an activity which inspires an individual to set up business to order to
attain business possibility in small businesses (Allen and Truman, 2016). It plays conspicuous
function in recognising employment alternative in enterprise as well as spreading knowledge,
developing skills along with venture management techniques. It is a combination of designing,
launching, developing, running and effectively managing a new business with the objective to
enhance wealth by utilising resources in optimum manner by using innovative ideas. This report
covers types of entrepreneurial ventures in context to public in addition to private sector. It
further includes the ways small ventures impacts on social economy along with importance of
businesses towards social economic growth. It further discusses about British entrepreneur’s
addition to their background as well as experiences that fosters entrepreneurship.
TASK 1
P1. Entrepreneurial ventures.
Entrepreneur: The person who has capacity together with willingness to formulate,
organise, set and manage endeavour by controlling distinct risks with the aim to make huge
revenues. They perform operations to build value, perceiving as well as understanding things in
order to provide innovative products that satisfies needs or demands of the society.
Entrepreneurial ventures: These are the businesses which are managed as well as run
either by a sole person or group of people to deliver valuable products in the competitive market
(Baker and Welter, 2017). Some of the various forms of entrepreneurial ventures are as
elaborated:
Small business entrepreneurship: Herein, individuals perform tasks or activities with
limited resources and at small level in order to feed family members as well as making some
profits. They barely make profits and functions to earn daily livelihood only. These business are
started with less resources and have aim of earning daily revenues only. Grocery stores,
electricians, carpenters and hairdressers are the examples of such entrepreneurship venture.
Scalable startup entrepreneurship: This form of venture focuses on innovations
additions to market research for scalable businesses so that they can sustain future growth. They
perform activities that attracts crazy financial investors towards scalable businesses in order to
hire best as well as brightest so to implement action planning towards business objectives. Scale
1

start business have perfect example of internet businesses such as Online shopping is one of the
example of scalable startup entrepreneurship. These business searches scalable business models
and emphasis on scale that are required for venture capital for rapid expansion.
Large company entrepreneurship: Such entrepreneurship venture puts more emphasis
on providing best addition to innovative goods to the targetted customers. They have finite
business series as well as huge monetary and other resource to effectively manage enterprise of
large scale sized. They have objective of earning more profits and produces commodities on
mass level. Market conditions such as new technologies, new competitors, changes in taste or
demand of customers and legislations influences such ventures to produce new innovations.
Companies like Apple, Yahoo and Microsoft are the examples of large company
entrepreneurship (Boyle and Kelly, 2016).
Social entrepreneurship: These are the society's change agents, mission driven,
resourceful as well as innovators whose emphasis is on production of those services or products
which puzzle out needs or problems faced by society. They mainly emphasis towards creating
products that have abilities to solve needs of society and issues of environment. The
entrepreneurs focus on developing innovative products that converts the leads dynamic universe
towards reinforced topographic points rather than making huge profits. British Council, Funeral
care and Safe Point Trust are the examples of Social entrepreneurship.
Entrepreneurship venture typology
Typology refers to categorization of things on the basis of form, plan, structure as well as
style. Entrepreneurial typologies are inter related with entrepreneurial ventures. Using such
concept, managers segments the market and target audiences that will help them to attain higher
profits. Some of the entrepreneurial venture typologies are as classified:
Male typology: Under such typology, decision making is within male entrepreneurs to
perform business activities. While running the enterprise and managing activities, male staff is
only allowed to share their views or suggestions. Male typology is closely associated with small
business ventures as male members have potentiality to take initiatives and have responsibility to
earn livelihood for family members which strengthen their decisions for running small
businesses.
Female typology: Herein, female entrepreneurs takes lead role to manage the enterprise
as well as promotes management by effectively controlling business activities. Female
2

entrepreneurs generally have high patience level which helps them to analyse all circumstance
and smoothing their decision making to manage business functions. Social entrepreneurship
ventures are related with female typology as female entrepreneur understands the needs or
requirements of society and make decisions accordingly that helps in solving social problems.
Managed growth typology: Under this typology, all the information, ideas, views are
exchanged among female in addition to male entrepreneurs in order to operate enterprise
effectively. Both entrepreneurs discuss all problems and understands each other views to reach
on final decisions. Such typology is interrelated with large company entrepreneurship as it
provides equal chances to both to make entrepreneurial judgements.
P2. Similarities as well as differences among entrepreneurial ventures.
Differences between entrepreneurial ventures:
Basis Small business Scale startup Large company Social
entrepreneurshi
p
Definition Small business
entrepreneurship
operates at small
level with limited
resources as well as
technology (Burns,
and Dewhurst,
2016).`
Scale startup
entrepreneurship
apply appropriate
strategies,
procedures along
with plans to lead
the universe
towards improved
place.
Large company
entrepreneurship
functions with
finite business
cycle to cope up
the changes in
market by
launching
innovative
products
according to the
requirements.
Social
entrepreneurship
develops funds as
well as implement
solutions to solve
social along with
environmental
issues.
Key Features  No
government
interference.
 Limited
 Attracts
venture
capitalists.
 Focuses to
 Works in
finite
business
round.
 Solves
social
problems.
 Emphasis
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resource
requirements.
changing
the world
into finer
topograph
ic point.
 Builds
innovative
products
in large
quantity.
of
satisfying
society
requireme
nts by
providing
demanded
products
(Hägg and
Kurczews
ka, 2016).
Objectives To earn daily
livelihood.
To draw attention
of venture
capitalists
towards funding
for innovative
ideas.
To enhance
customer
satisfaction by
delivering
preferred
products through
advanced
technologies.
To solve social
problems addition
together with
increasing well-
being of society
through
delivering
innovative
products.
Examples Grocery shops,
plumbers, artisans
and hairdressers are
examples of small
business
entrepreneurship.
Online shopping
is best example of
scale start-ups
business.
Yahoo, Microsoft
as well as Apple
are best example
of large company
entrepreneurship.
British Council,
Safe Point Trust
and Warby parker
re examples of
social
entrepreneurship.
Apart from differences, some of the similarities among entrepreneurial ventures like
small, large, scalable and social are the followings:
 All entrepreneurial ventures have motives for existence.
4

 Such entrepreneurial ventures aim to provide employment opportunities to distinct types
of people. All these ventures have huge workings and for this they employs people either
from local areas or from outside areas. These ventures employs collection of resources to
get the activities done.
 Each entrepreneurial venture faces some or other issues or problems such as
environmental changes, technological changes, funds requirements and many more while
operating enterprises in competitive market. Ventures like small, large, scalable and
social while executing operations faces issue concerned with procurement of funds,
changes within technology and environmental changes which hampers working of all
these ventures.
 All entrepreneurial ventures implements plan of action to build powerful brand place in
the dynamic marketplace (Henry, Hill and Leitch, 2017). Various action plans are
devised by all the ventures so to make their position in the market and gain recognition.
 Entrepreneurial ventures like small, large, scalable and social manufactures products to
satisfy needs of individuals. They produce commodities after analysing market demand
and accordingly frame marketing strategies.
Range of entrepreneurial ventures to Understanding of entrepreneurship in different sectors.
Entrepreneurship is categorised within diverse sections as per the needs or purpose of
business. It is important for all ventures as to introduce innovative products in addition to
maintaining profitability. Public sector is aggregation of public undertaking delivering public
services. In contrary, corporate sector is concerned with private organisations in addition to
business houses. Various range of businesses within entrepreneurial ventures are social
entrepreneurship, large company, scale startup and small business entrepreneurship. All these
plays prominent functionalities in corporate as well as public sector by contributing generated
revenues for development of nation, infrastructure growth together with economic development.
Scope, growth including development of entrepreneurial ventures.
Entrepreneurial ventures are performing operations with faster speed that helps them to
attain growth addition to developing economic situations pertaining within a nation. People are
developing keen interest to make huge investment in innovative businesses addition to younger
generations who are focusing on grabbing opportunities to start own business rather than looking
for jobs which increases growth of small as well as scale start up entrepreneurship. As such
5

entrepreneurship covers diverse business activities which enhances their scope. They account
approximate to . 52% revenues that states the development of such entrepreneurship in
appropriate direction. On other hand, large company ventures, production is done on bulk
quantities that helps in capturing huge UK market shares that shows growth of such ventures. In
the international market. More than 700 million large businesses are functioning in distant fields
or areas with the scope to expand operations in distinct activities. Moreover, growth also helps in
developments of large ventures. By considering social entrepreneurship ventures, they are
providing employment facilities to more than 1.44 million individuals with the aim to satisfy
social requirements as to improve living standards which states that the venture is growing
within diversified scope to attain developments at great height (Social entrepreneurial venture
growth. 2019).
TASK 2
P3. Economic impact of micro and small businesses.
Small business are those business which are independently owned and have limited size.
The revenue of these business is dependent on the industry they are working. Similarly, micro
business are those business that are vibrant in nature and annual sales as well as assets that are
valued at less than $250,000 per year and with fewer than five employees. Micro together with
small businesses fosters development of economic condition by making contributions towards
raising national income of the country. Such businesses functions in such way that results in
overcoming drastic circumstances for examples, decreasing national income, changing business
and inflictions in inflation addition to deflation rates. They strengthen the economic system by
carry forwarding business actions in effective manner. These business concerns are more stable
than other ventures and are not much affected from frequent economic changes as they have
limited size as well as scope for expansion. Entrepreneurs of such businesses have talent along
with skills that are used for influencing people, advising government authorities as well as
enhancing sales of business (Kuratko, Hornsby and Hayton, 2015). The objective of Small
together with medium enterprises is to improve lifestyle of society along with attuning business
goals in short durations.
After occurrence of Brexit, it was analysed that such organisations have contributed in
the development on UK economy. Entrepreneurs of such businesses have taken part in providing
6

their views and formulating strategies together with implementing action planning that impacted
on margin of business profit by increase in economic growth. As result, such businesses have
gained growth and developed their ventures.
Impacts of small and micro ventures are as shown:
Illustration 1: Impacts on economy. 2019
( Source: Impacts on economy. 2019)
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Illustration 2: SMEs statistics showing contribution for employment. 2019
(Source: SMEs statistics showing employment shares. 2019)
Illustration 3: Statistics for SMEs contribution on employment and reveue generation. 2019
(Source: Statistics for SMEs contribution on employment and reveue generation. 2019)
8

Illustration 4: Economic impacts of SMEs. 2019
( Source: Economic impacts of SMEs. 2019)
As per the above statistics, all businesses such as small, micro, medium and large
contributes towards economical development. The ventures with no employees contributes
14.8%, micro organisations with more than 9 employees contributes 18.9% where as small firms
having employees between 10 to 49 are contributing in 23.4%. in contrary, medium ventures
who have employees ranging from 50 to 249 contributes 29.2% towards growth along with
development of UK economic conditions (Matthews and Brueggemann, 2015). Small
entrepreneurship contributes in 40 per cent while medium sized organisations in 52 per cent to
provide employment practices across United Kingdom which results in positive impacts towards
improvement in economy. The small and micro businesses hugely contributes on development of
economies through bringing innovation as well as growth. These business impacts on driving
economic growth by opening opportunities of employment that reduces poverty in the nation as
more people will be employed and can generate more income. Other than this, small and micro
businesses provides information about the pertaining changes in the local market that results in
making relationships with other nations impacting on more exchanges of foreign reserves among
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distinct nations. Similarly, the both business also focuses on developing their surroundings and
for this they make investments to develop the roads, dams and so on that impacts on
development of infrastructural facilities resulting in upliftment of social status. All such impacts
result in increasing employment opportunities, raising living standards, improving infrastructural
facilities and increasing foreign exchanges between different countries.
P4. Importance of business start-ups towards social economic growth.
Social economy is defined to combination of various enterprises including associations
addition to mutual. Social Economy aids distinct facilities such as income tax exemption, patent
applications, Venture Capital assistance, IPR protection and technology development
programmes to deal with challenges along with large sized businesses dominance. Some of the
importance of business start-ups for social economy are as follows:
Employs local workers: As small as well as business start-ups stimulates economic
growth thorough catering employment opportunities to local residents who are not employed by
large sized businesses. These attracts as well as hire talent who have skills or potentiality to
implement new solutions as well as invent innovative productions with existing ideas. Thus, they
contribute in upliftment of growth of social economy by bringing innovations in community
where business operations are performed.
Adapting climate changes: Small business addition to start up organisations have the
ability to quickly respond as well as adapt changes pertaining with economic climates as they are
customer oriented together with possessing capabilities to understand community needs and
delivering such needs strengthens social economic growth (Mugler, 2017). Thus, such businesses
play important role in accumulating revenues for the growth as well as development of social
economy during economic crisis.
Increases awareness: During drastic challenges or issues are faced at international
economic level, such organisations provides information to general public and draws attention of
larger customer base to increase sales as to add profits. Hence, such small and start up businesses
are important to increase awareness among general public to to develop the social economic
conditions.
Social economy is said to formation of various enterprises as well as organisations. The
main pillars of it are cooperatives, associations, social enterprises and paritarian institutions. For
example, list of cooperatives are Unaitas Sacco Society Limited, and S- group. The social
10

enterprises are Goldie Blox, Lush and Adobe Systems. Start ups and small business plays
important role in assisting valuables whose implementations results in social economic growth.
Start-up businesses attracts more venture capitalists for their developments which acts as key for
social economic developments. In present timings, there are uncountable charity institutions and
foundations that contributes huge in social economic development. In UK, there are around
16000 charitable foundations that are supporting in boosting social economic growth. Some of
charitable foundations are AARP foundation, Ford foundation, Welcome Trust, City Bridge
Trust and many more that contributes their proportion of revenue, employs general people,
resolves social and environmental problems, and develops infrastructure and communication
facilities that boosts up growth of social economy.
Small, medium addition to large businesses.
From above chart, it has been analysed that small, medium together with large sized
businesses contributes in growth of economy to large extent. All these businesses develops
employment opportunities and facilitates infrastructural facilities which strengthens foreign
relationships that improves cash flows between nations which increases national income together
with economy at huge speed (Omorede, Thorgren and Wincent, 2015). Considering the graphical
data, it can be stated that small sized ventures contributes 40 per cent and medium sized ventures
contributes approx 50 per cent where as large sized organisations in more than 60 per cent to
take the economy on the path of developments together with growth.
Small businesses impact on different economic level.
Small business plays critical role towards development of economic level at different
phases. Some of the impacts are as discussed:
Local impact: Such businesses functions with the objective to cater products and
services as per the local customer’s demand or requirements. By understanding demands of
different homogeneous segments, they satisfy demands of targeted audiences in effective
manner. Other than this, they employs local residents together with adapting climate changes and
paying taxation amounts to local government. Hence, small business impacts in positive manner
on economic local level.
Regional Impact: Start up businesses together with small sized organisations contributes
in regional development of social economy through improving living standards of community
11

associates by rendering employment opportunities and impacts in positive manner on social
economic growth.
National impacts: As such businesses performs functions only at local or regional level
with the aim to earn predicted profits which results low national impacts on social economy
(Ratinho, Harms and Walsh, 2015).
International impacts: Such businesses earns limited capital and implements plans to
improve local economic conditions only which shows that low or no contributions are made at
international level.
TASK 3
P5 Characteristics, skills along with motivational drivers
Entrepreneurs are the person who have inbuilt traits, motivational factors along with skills
which distinguish them from some other business concerns. They have willingness addition to
capacity to bring forth innovations that leads their businesses towards attaining predetermined
goals.
Difference between Entrepreneurs and business managers:
Entrepreneurs Business managers
These people have high vision ans well as
bears financial risks.
These people works on salary basis and do not
bear any type of risks.
Entrepreneurs key motivation is their
achievements.
Business managers have key motivation of
their powers and positions.
They focuses on starting as well as expanding
business ideas.
They focuses on smooth busies functioning.
Entrepreneurs are informal and casual in their
role.
Business managers have to become formal and
strict in their roles.
The nature of entrepreneur is to take risk for
driving the organisation further.
The business manager have nature of risk
averse who performs activities to maintain the
status quo of the entity. Hence, can not afford
risks.
The reward for entrepreneurs foe their efforts The reward for the business manager are the
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are the profits that the business earns. remuneration or salary that they draws from
the company.
The British entrepreneurs who have attained success in the competitive business
environment are J.K. Rowling and Peter Jones.
Characteristic traits: Following are characteristic traits of selected entrepreneurs:
 Stubborn persistence: Successful entrepreneurs are stubborn to do the things that they
have decided to perform. J.K Rowling along with Peter Jones have characteristic trait of
stubborn persistence that shows their stubborn behaviour to do the perceived activities
without changing their mindset. Passionate: Successful entrepreneurs have energy to execute operations with extreme
passionate level. Peter Jones addition to J.K. Rowling are full of passion that helps them
to put their efforts in businesses along with this they work hard to gain beneficiary
results.
Skills: Skills are mentioned to abilities of a person to carry forward tasks to attain determined
results within specifies time and energy. Key skills of J.K. Rowling together with Peter Jones are
the following:
• Social skills: These skills facilitates communication addition to interaction with other
people. Both entrepreneurs have such skill that helps them to build social rules along with
relations through communicating in verbal as well as non verbal manner.
• Resiliency skill: Resilience is the ability to overcome uncertain or unplanned
circumstances in effective manner. All entrepreneurs are blessed with resiliency skill that
results in attaining growth even when circumstances are not favourable. For example,
J.K. Rowling and Peter Jones carefully manages businesses in every situations even in
high ups or high downs that differentiates such persons from other businessmen.
Motivational drivers: Some of the key motivational drivers that motivates the entrepreneurs to
attain goals within defined period of time are as described:
 Helping others: Entrepreneurs have the drive to help others to achieve their own goals.
Entrepreneurs such as Peter Jones addition to J.K. Rowling keep their eyes in all
directions in their space area so to compliment others that benefits their business along
with another also.
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 Growth and accomplishment: Activities are performed by entrepreneur to attain growth
in competing universe along with accomplishing set idea towards objectives.
Entrepreneurs such as Peter Jones addition to J.K. Rowling keep their eyes in all
directions in their space area so to compliment others that benefits their business along
with another also.
P6 Entrepreneurial personality aspects
Entrepreneurial personality is a combination of characteristics, skills, attitudes, cognition,
abilities and values that plays prominent aspects in shaping their actions addition to experiences.
The personal characteristics of an individual such as stubborn persistence and passionate drive
their the working in order to perform some thing new. This changes their mindset by analyzing
the needs of innovation and for this they contacts with diverse people that create motivation
among them to become an entrepreneur. In context to understand entrepreneurial personality,
evaluation of Ocean Personality Model is done. Such personality provides guidance for
communications, interactions as well as building relations among interested personalities.
Ocean personality Model: Such model considered as taxonomy of five personality traits
that are as follows:
 Extraversion: People with such traits have excitability, assertiveness, emotional amounts
and talkativeness. Considering such trait, Peter Jones along with J.K. Rowling have
positive emotions and likes to interact with others to talk and share views in context to
manage business and handle uncertain situations. In addition, they meets different people
to understand their perceptions and apply them to make profits. With stubborn
persistence personality trait, entrepreneurs contact with huge people and shares their
views for to to innovate new things and carefully handle situations. By getting effective
thoughts, the motivation level increases and it drives then to become an entrepreneur that
is different from others.
 Openness: Such trait describes varied interests, intellectual and broad thinkers who
learns new things addition to enjoy new experiences and scores high openness.
Entrepreneurs such as J.K. Rowling together with Peter Jones posses intellectual curiosity
that helps them to try new things along with tackling new challenges to achieve
objectives. With passionate trait, an individual start thinking big according to the
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circumstances pertaining. They start enjoying new experiences as well as makes
benchmarks to achieve high openness that motivates their mind sets and they begin their
activities to become entrepreneurs who are different from business managers.
 Conscientiousness: People with such trait are closely linked with consistence, planning,
controlling as well as ambition. J.K. Rowling together with Peter Jones posses high
conscientiousness level as they plan ahead, mindful of deadlines and posses goal oriented
behaviours. They spends most of their time in preparing plans, completes essential action
right away, have set schedules that helps them to control impulses. When a person has
huge passion to do something innovate, they start planning and controlling situations.
Having high conscientiousness level motivates an individual to make goals and plan
activities and later direct others that boost their mindset and motivation for becoming
successful entrepreneur.
 Agreeableness: Such trait defines the manner in which an individual gets close to
another person. It includes attributes such as kindness, pro-social behaviours, trust and
altruism. Entrepreneurs such as Peter Jones and J.K. Rowling are compassionate, helpful
nature and cooperativeness that results in caring about others and assisting to those who
requires advices. They high agreeableness that reflects positivity along with inflated
morale degrees to help others. Having characteristic personality of stubborn persistence,
to get things done, a person start trusting others, cooperatives with others and assist
others who need advices to accomplish workings. Buy doing so, their mindset gets
influences and motivation increases that makes that successful entrepreneurs.
 Neuroticism: Such trait reflects emotional stability, sadness, low confidence and
moodiness. J.K. Rowling along with Peter Jones have low neuroticism level that states
that they are emotionally stable, relaxed, effectively deals with stress and are more
confident that helps them to keep others calm at workplace. The personality characteristic
of passionate and having low neurotic ism level shows that a person can deal with all
types of stressful circumstances that makes them confident to make other calm which
motivates their mindset and motivation for becoming entrepreneurs.
Thus, evaluated personality traits reflects high motivational level addition to clear mind-sets
of British entrepreneurs to attain success in their businesses.
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TASK 4
P7 Background and experience
Experience together with background influences an individual to learn new life phases by
dealing with unsure, critical and uncertain circumstances in hard-hitting styles. Entrepreneurs
with supportive background helps them to attain excellent experiences by grabbing opportunities
to develop themselves with their business decisions.
Background including experience of respective British entrepreneurs are as elaborated:
J.K. Rowling
Background: Such personality tool birth on July 31, 1965 at Yate, Gloucestershire. J.K.
Rowling wrote fantasy stories and had interest in reading books and novels. Her mother was
science technician and father was aircraft engineer. Later, her interests developed in listening
rock music. Rowling has passed numerous exams and achieved A-Level in French, German
along with English. She was a bright and competent student and having good literature
knowledge that influenced her to write harry potter series.
Experience: J.K. Rowling is a screenwriter, philanthropist, novelist and producer. She lived a
tough life and seen many ups and downs during her success phases. Rowling worked as
researcher together at the position of bilingual secretary at the time she had the idea to write the
Harry Potter Series. She has also experienced many tough situations but succeed in launching
Harry Potter series along with Cormoran Series. She had supported and launched own charitable
institution named as Lumos. She was awarded with the title of “Most Influential Women in
Britain”.
Peter Jones
Background: Peter Jones was born at Berkshire, England on March 18, 1966. He had keen
interest in media, mobile phones, leisure, property, television and retail that influenced him to
become an entrepreneur along with television presenter. His father was engineer while mother
was house maker. Peter was car enthusiastic who motivated him to own several cars together
with luxury sports car. He was raised and born up by his mother within tradition culture and
religion of Ojibawas.
Experience: During the early days, Peter Jones set up new business related with computers. He
later set up a cocktail bar and suffered a loss that influenced him to sell it to company known as
IBM. He later entered into the venture of Phones International Group, an online retailing to sale
16

wine together with champagne. Later, he opened an institution to teach capabilities of
entrepreneurs across UK. Such personality worked as Commander of Order Of British Empire
that made him one of the wealthy person. Peter Jones worked in television shows such as
American Inventor, Tycoon, Dragons' Den and many others. Through his TV shows he drew
attention of billion fans and had earned millions from diverse business interests initiating from
making computer to progressing into media, leisure and shows.
Duncan Bannatyne:
Background: The entreprenur was born on February 2, 1949. Th family was belonged to poor
class. The personality in his childhood had lived in one room with the parents and worked in a
foundry. He attended schooling from Dalmuir Primary School and with his hobbies and talents
won special place in Clydebank High School after passing the Eleven plus exam. The personality
had worked as local cabinet maker and later joined Navy where he received dishourable
discharge and amusements.
Experience: Bannatyne spent his career from moving to one job to another. He was
trained as agricultural vehicle filter and traveled to huge companies for repairing tractors. He
worked as deckchair attendant, hospitality porter and ice cream seller which his parents didnt
liked. He also started his one of business of ice cream van but later sold it to found a nursing
home business. With this, he expanded his health clubs within UK and more surrounded cities.
He gained popularity from his businesses and was further became philanthropist, entrepreneur
and many more.
Craig Handle
The personality took birth at Wales, UK in the year 1977. He belonged to poor family and grew
up in the city of Wales. The education was completed from the local school of Wales. Craig had
upbringing in family of Spanish, Irish decent and America. In the teenage stage, the person
started the new business of selling products at the end of call. Craig made a deal with some
company for buying and selling spaces on the call but due to low education about it and limited
experience, failed in fixing proper structure and system. Here, his family also didn't supported
him to continue such job that is not as per his expertise Later, the personality planned and
initiated working with other company where the investment got locked in some unnecessary
17

dealing that resulted in failure. This demotivated Craig to make more dealings. The personality
experiences failures in various business that fostered their entrepreneurship.
Impact of background as well as experience on successful British entrepreneurs
Positive impacts: During the success phases, entrepreneurs faces struggles and problems
which motivates them to innovate unique ideas different from others. For example, Peter Jones
had faced problems related with setting up computer business where as J.K. Rowling faced
numerous issues during her success life related with working on series of Harry Potter. Both
failed in implementing their actions but did not loose hope as both had high patience level along
with resilience skills which made them powerful to never give up even in tough problems that
showed positive impacts.
Negative impacts: At struggling phases, entrepreneurs faces numerous problems which
limits their working and influences them to change their path. In context to British entrepreneurs
such as Peter Jones and J.K. Rowling, both faced various problems that put their life into
depression and reduced their capabilities to think ahead which resulted in negative impacts.
CONCLUSION
From the presented report it can be concluded that business ventures irrespective of their
size and scope plays prominent functions in economic growth as well as development.
Entrepreneurial ventures are categorised as small business, social entrepreneurship, large
companies in addition to scale start-ups that are inter related with male, female together with
managed growth typologies. Business start-ups are more important in social economic growth as
they employs local workers, adapts climate changes and increases awareness of people regarding
changes in international market.
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