Entrepreneurial Ventures and Small Business Impact on Economy

This document examines different types of entrepreneurial ventures and their relationship with typology of entrepreneurship. It also interprets the statistics of micro and small business impact on the economy.

Entrepreneurship and
small business
management

Table of Contents
Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1) Examine different type of entrepreneurial ventures and relationship with to the typology
of entrepreneurship.....................................................................................................................1
P2) Explore the difference and similarities between entrepreneurial ventures...........................3
Task 2...............................................................................................................................................5
P3) Interpret the statistics of micro and small business impact on the economy........................5
P4) Explain the importance of small businesses and start-up's...................................................8
Task 3.............................................................................................................................................10
P5)Analyse the characteristics traits and skills of successful entrepreneur that differentiate
from business managers............................................................................................................10
P6) Assess the aspect of entrepreneurial personality reflect motivation and mindset..............11
Task 4.............................................................................................................................................12
P7) Examine how background and experience can hinder and foster entrepreneurship...........12
CONCLUSION .............................................................................................................................12
References......................................................................................................................................13

INTRODUCTION
Entrepreneurship is the start-up of small business that is started by an entrepreneur who
has some creative ideas and plan to launch the new business in the market. Whereas, small
business management is the procedure that has been follows by entrepreneur to manager there
business. It is needed for the entrepreneurs to manage the new start-up in terms of decision-
making, managing of employee, financial funds, manage the assets etc. This reports includes the
different type of entrepreneurial ventures and the relationship with the typology of
entrepreneurship. Furthermore, report consist of different statistics that show the impact of
entrepreneurship and small business on the economy of the country (Ahn, 2019). With that
defines the similarities and difference between the entrepreneurial venture also illustrate the
impact of small and micro business in terms of economy. Also includes the personality of
entrepreneurial in terms of motivation and mind set. At the last of the report it covers and
introduces how the background and experience can hinder and foster the entrepreneurship.
Task 1
P1) Examine different type of entrepreneurial ventures and relationship with to the typology of
entrepreneurship.
Entrepreneurial venture is the new business that is started by an entrepreneur with the
high financial risk and innovation in terms of increment of economic and social values. This
business is basically started to generate the entrepreneurs as entrepreneur have there own small
business while it is not mandatory that every small business has the entrepreneur. For example
ventures of mobile phone games, television, real estate etc. Where typology of entrepreneurship
are the different forms by which business will developed more and performed in an effective
manner that enhance the productivity of the business. As it emphasis the living standard and
lifestyle of the people that enhance the growth and development of the economy.
There are different types of entrepreneurial ventures that have diverse growth, scope and
development these are as defined as:
 Social entrepreneurial venture: It is an venture that is developed to enhance the society
in terms of growth and development. This business attains the opportunities of the market
by which the living standard of the public will increased. Social venture works to
enhance the economy of the country in terms of public awareness, skills advancement. It
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is an approach with that funds will be collected to resolve different issues that is
generated in the surrounds by environmental, social, cultural (Atnafu, 2018). This is
formed for a wider prospects as in size, scope, belief for example providing educational
and qualification, provides banking facilities to low reserved areas, provides the funds to
resolve the health issues etc. It relates to the typology of lifestyle enterprise as it provide
the job opportunities to the people and works for the welfare of society with that society
also appreciates the work of business. There are some examples of this venture as like
Nesta, student hubs, The platforms and many others as well. These ventures works as the
social entrepreneur as they enhance the development of the society. These organisation
also works to spread more awareness in the society about the different ongoing changes
in the environment.
 Scalable entrepreneurial venture: It is a venture that is generated for the huge prospects
and it is a model of business in which business measure the growth in terms of repetitive
innovations. Firstly the business will be introduced and expand in horizontal format
where business try to stabilise in the market after that it expand in vertical format by
repetitive changes according to the requirements. It is a model of venture in which
business work to maximise the profit from the angle investors and the capitalists of the
venture and with that economy will be enhanced. They attains all the risk for to get the
profit and they know that there vision and aim could present something different and
unique in the worlds. For example Facebook, google, Instagram, whatsapp, flip-cart, and
many of the online medium of transportation. It work with the typology of structuralist as
maintains the proper structure and then work to improvise the structure with further
advancement. There are some examples as like hussle, sendmybag, cocoon and mant
other as well and they always imparts changes and continuous development in their
business by imparting innovation in their business.
 Large company entrepreneurial venture: It is a venture that has the largest size, scope,
values, aim and doesn't have any limits. It is a business that is expanded globally and
supply there products and services on bigger level and have a huge fund and capital that
helps to operate the business in effective manner. These are the ventures that changes
there product and services according to the need and demand of the market. Also attracts
the large customers base in terms of new and creative innovation by applying
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technological advancement (Cornwall, 2019). And as it is an expanded business thus
fulfil the need of every market, works with technology, balance with the legislation rule
and regulation, and face the high competition. For example Tesco, Marks and Spencer,
Aston martin, Tesla etc. It include the typology of growth firms as business work for the
betterment of the market and induce new strategies and innovation through they
improvise the growth and development of the business. There are some examples of that
are as follow as digital detox, American sports, microblading and many other as well.
That always imparts more and more technological advancement within the business on
continuous basis.
 Small business entrepreneurial venture: It is a venture that has the major importance in
the economic growth as it have the appropriate amount of employees that are working
there with that has small size, scale, capital. It is a business that need the generation of
fund to get start-off as like family help, loans, loan from friends etc. These are the
business that gain the profit in term of providing the product and services to the
customers in niche market. It is a business that is operated with maximum 50-60
employees with the net profit of around €3.5 million and it can be formed by partnerships
or sole proprietorship and have limited amount of resources as compared to medium and
large size ventures. It includes the business of cosmetics, food and juices, groceries,
consultancy, technicians, electricians etc. For example Digital Detox, Micro-blading,
Personal health apps. Clarasys etc. It also work with the typology of growth firm as to
measure the success and growth they work with more creativity and advancement that
grabs the market consideration. There are some examples as like website consultancy,
car cleaning, voice over, babysitting, Brightstar financial and many other that will
generate their profit within the small venture.
P2) Explore the difference and similarities between entrepreneurial ventures.
Similarities between entrepreneurial venture:
Similarities Social enterprise Scalable
Entrepreneurial
Venture
Large company
entrepreneurial
venture
Fulfils the needs These could work for It also works for to These will also formed
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the society and resolve
the basic need of the
society as like student
hubs.
manages the basic
need of the peoples
and there growth
depends upon the
satisfaction of
customers as like
sendmybag.
to satisfy the need and
want of the customers
and according to that
manage there own
product and services as
like American sports.
Society betterment It works for the vanish
the issues of the
society and provides
the better ways to live
in a society.
It also works for the
upliftment of the
society by providing
the basic advantages to
the customers.
It provide the job
opportunities in the
market and provides
employment that
develops the economy
of the country.
Economic
development
If the society is more
developed and free
from health, financial
issues then it turn to be
the more developed
country.
It has the huge
customer base and
with that provides the
best advancement and
provides job to the
people that all helps to
the development of
economy.
As it provides a lot of
job at all the levels and
provides employment
and applies all the
advancement in the
business that lead the
economic
development.
Examples It includes some
examples as like
student hubs.
It includes some
examples as like
sendmybag.
It includes some
examples as like
American sports.
Differences between entrepreneurial venture:
Difference Social enterprise Scalable
Entrepreneurial
Venture
Large company
entrepreneurial
venture
Purpose This business is The major purpose is The major purpose it
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basically works for the
advancement of the
society and to
improvise the living
standard and lifestyle
of the people as like
student hubs.
to expand there
business as much as
they can by applying
several techniques and
also enhance the
livelihood of the
people (Dana, 2018) as
like sendmybag.
to gain to competitive
advantage and earn
maximum profit by
applying different
innovative strategies
and creative ideas as
like American sports.
Scale It works on local level
to resolve the basic
issues of the people
and satisfy the need of
the society.
This business operates
on high scale as covers
a wide market and
constantly supply there
products and services.
This business works on
larger scale and need a
lot of sources to
expand there product
and services.
Characteristic They needs a lot of
money to generate
there services thus
they collect the funds
from the public and
from the government
as well.
They have the strong
vision and works to
accomplish that vision
and have a better flow
of good and funds thus
manages all the
functions in effective
manner.
They need a lot of
sources to work and
also need a lot of
employees to operated
there business and
government also
interferes in there
business as they
operate there business
on large scale.
examples It includes some
examples as like
student hubs.
It includes some
examples as like
sendmybag.
It includes some
examples as like
American sports
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Task 2
P3) Interpret the statistics of micro and small business impact on the economy.
There are some various type of businesses that plays a very important role in the
economic development (Wallmeroth, 2018). These have the impact on the economy of the
country and defined below as:
Micro Business: It is a small business that consist of 0-8 employees including the owner
and have the revenue of around £1 million. There are 96% business of UK are micro and have
5.6 million business and imparts employment of 33% and turnover of 22%. It includes the
business like catering, electricians. Cleaning, photography etc. There are some examples of
micro business in UK are as Proviz, Issoria etc.
Small Business: It is a business that consist of approx 25-50 employees and have the
revenue of around £6million. As it is a small business thus generated on low scale and with that
helps the country to improves its economy. There are some examples as Brightstar Financial,
LMA recruitment etc.
Contribution on micro business in UK economy:
Impacts: Micro business provides the local economy that enhance the growth and
development of the business. Also helps to increase the economic growth by providing the job
opportunities to the people that might not get the job in other small business. Also foster the
economy and keep circulate the money in neighbours and family.
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(Source: Statistics on small and medium-sized enterprises, 2018)
As per the above statistics it is clears that SMEs have different impact on the growth of
the economy as there are different states of UK in which all the states provides the job to the
people and that positively impacts the growth and development of the economy of the UK ( How
to small businesses affect the economy, 2019).
Contribution on Tax: Micro business get the reduction in tax that increase the demand
and emphasis the business to invest more and hire the employees (Parker, 2018). That provides
the easiness in the business thus company conduct all the activities without any burden or
pressure. Tax reduction allows the business to expand thus they can hire the employees with that
induce more creative and attractive changes in the business. The basic interest on income tax is
approx 20% as if the income is in between £12,501 and £50,000. and 40% tax if the income is in
between £50,001 and £150,000 and additional interest rate of 45% when the income is in more
then £150,000.
Contribution in reducing unemployment: As micro business has the less amount of
employees in there business as they operates with only 0-8 number of employees. Thus it doesn't
affect more but still it governs some of the jobs that helps the UK to attains the employment rate.
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Company reduces the unemployment by providing accuracy in the production of jobs. SME
prevents 70% employment growth to private sector that is 50% of entire population of UK.
Bring innovation and growth: Micro business comes with the creative and attractive
ideas by which it brings the innovation and growth in the UK market. The new and creative idea
bring different product in the market thus that will induce the advancement in the economic
growth of the UK.
Contribution on small business in UK economy:
Impacts: Small business is the major source of UK economy in terms of growth,
development, creation of job. As there are a lot of small business in UK thus they all phase a lot
of competition that creates the challenge for all by which every business try to comes with new
innovations. Thus provides the employment opportunities for the people and that enhance the
economy of UK.
(Source: Role of SME in UK, 2019)
As it is clearly shows from the above statistics that small business have the largest growth
and development in the economy of UK as they insert 99.3% of the employment as compare to
the market analysis. That shows that it has the positive impact on the economic growth of the
company.
Contribution on Tax: Limited of the small company are free from tax payments and
insurance. But they contribute a part of there profit as a corporation tax and currently it is of
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19%. And UK has the quarterly tax pay scheme where small business pay the tax accords to
income generation. The interest rate in 20% on the profit and tax will impart in between £12,501
and £50,000. 40% interest rate implies when income is in between £50,001 and £150,000 ( SME
Growth and contribution in the UK's economy, 2018).
Contribution in reducing unemployment: Small business imparts 2500 jobs to the
people by 2021. and that adds the £1.2 billion in the economy of the UK. With that drive 70%
growth in private sector and has the positive impact on growth of economy. Fiscal policy of UK
reduces the unemployment by increases the rate of economic growth of the country.
Bring innovation and growth: Small business include several business like machine
repairing, healthcare, educational services, food and beverages etc. and as they have a large
competition thus brings all the creative innovation by which growth has been measured. But
Brexit somehow affects the growth of the economy as export value falls down.
P4) Explain the importance of small businesses and start-up's.
Small businesses and start-up's are the major importance to growth of social-economy.
Social-economy: It is a relationship between the economic and social behaviours and
includes that how social factors like belief, ethics, values of customers influenced by the
economy factors like interest rate, inflations rate, deficit rate etc. It is formed by the
diversification of the enterprises as institutions, cooperative and foundation where all the
entrepreneurs shares same belief and values (Frederick, 2018). There are different pillars of
social-economy are as:
Mutuals: These are the enterprise that provides both type of insurance as life and non-
life, provides different schemes of social-security and services of social nature as human needs
and aspirations. The main aspect of mutuals is to work for non-profit term as they are worked for
the people and fulfil the common needs of the peoples. Around 70% insurance company are
work as Mutuals.
Foundation: It is an analysis of business that creates the values to the product and
services that enhance the productivity of the business that turns to measure the growth-oriented
approach of social-economy. With that also analyse the cost that business creates by social value
and benefits in terms of profit.
Charities: It is the form of social-economy that is performed under voluntary sectors as
entrepreneur will governs some of there profit in terms of charity for the betterment of the
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society. It is non-governmental activity in which government doesn't participate in between that
charity and it performed by both the sector as public as well as private.
Associations: As social-economy is an importance of the small business and start-up,
they grant the funds to the society as to be self-sustained and that can be done by NGOs
company, and cooperatives (Hallam, 2018). It is managed by the self interest of the business as
per there profit and turnover. As there is an equal understanding of all the subordinates thus it is
a mutual decision-making of all to perform as consideration of social and economic aspect.
Small and start-up's business supports the foundations and charities in the society as it is
good to revert back something to the community. These business make strong connections with
the people and then try to change and develops the society in an effective manner.
Small business as like Brightstar financial that provides the helps and support to the
peoples and it is the most bright company of UK and they manage their business with the help of
50 employees. They support the mental health of the citizens as recently they organised the event
named as “ mental health awareness day” thus they support the foundation. They also works for
the charity to prevent the country from different issues related to mental health also brings the
positive change in the society.
Start-up's business as like Igloo energy they create energy to the new generation as in
today's scenario business keep on changing on continuous basis thus it is typical and important to
keep conserve the energy and power for future. Thus Igloo works for that as to develop the
society and brings the positive change in the society. They also works as the charity and the
foundation like they £310 kilowatt energy in a year.
There are difference and various importance of start-up's and small businesses on the
growth of the social-economy that are as defined below as:
Importance of start-up's on growth of social-economy
Start-up's are the new business of the entrepreneur as they have the new idea and creative
form to open the new business that is completely different from the other ongoing business in the
market. Start-up's plays the important role in the charities and foundation as they works for the
betterment of the company and with that generalise the profit. Thus to gain the growth they
works for the society and try to attains the attention of the market. They also generates the job
opportunities in the market and gives the job to all who need that and contains all the educational
background people. Also improves the lifestyle of the people as they are always focused about
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the future and for that implement the required changes in that (Jovanović, 2018). Also helps to
protect the environment and bring positive change in the society as they are always committed
towards the goal and objective of the business with that slows down the carbon footprint and safe
the environment by maintain the population index.
Importance of small business on growth of social-economy
There is a significant sector of SMEs in UK which comprises of various companies like
Soft wire, Pave stone and many more. Currently, 47% of revenue is generated by SMEs as they
play a large role in boosting the economy that results in increasing the productivity of nation. In
a developed country, SME's plays a significant role in creating job opportunities in various
sectors like manufacturing, IT services etc. UK is technologically advanced country and new
innovation brings new products and services within the market. SME adapt changes itself in a
dynamic environment in a competitive era where changes are must for an organisation. The aim
of SMEs is to meet the needs of clients. The role of SMes is to provide opportunities to large
number of entrepreneurs with greater job satisfaction. Due to lack of capital, they are not
expanding their business beyond a limit. UK has diverse population and has best developed
infrastructure across the globe and the standard of living of people is high .
Environmental protection: it is the act through which company must prevent some of
the functions to control the different factors as to control the environment and for this company
must implies the best of their to control the carbon footprint.
Task 3
P5)Analyse the characteristics traits and skills of successful entrepreneur that differentiate from
business managers
Entrepreneurs are the people who help in finding the problem and recognise the solution
of a problem. They take financial risk and convert the ideas into new products and services with
the aim of earning profits in an organisation. The manager assign the task among the
subordinates in according to their specialised skills so that they work with full efficiency and
great potential. This help to improve the profitability and productivity of an organisation and
thus provide growth opportunities to a business.
The characteristics, traits and skills of Tim Steiner and Nitin Passi are as follows:
Characteristics and skills of Tim Steiner are as follows:
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Passionate: Tim Steiner is very passionate towards the works that help in fulfilling the vision
and mission of an organisation.
Vision: Tim Steiner achieve the long term goals and prepare a strategy to achieve the
path of success. The visionary help in keeping the entrepreneurs motivated and inspires them to
work hard beyond their potential.
Creative and Innovative: Tim Steiner is innovetive in nature who is always curious in
finding the solution of a problem. Through strategic planning, manager defines the scope of a
project within a limited time and budget.
Characteristics and skills of Nitin Passi are as follows:
Determination: Nitin Passi has completed his task within a limited period of time.
Determination help the entrepreneurs in focussing on their task that provide the path of
overcoming the failures by providing innovative products.
Courageous: Nitin Passi is very courageous in nature who like to take risk and provide
the innovative solutions to the problems and also handle the complexities very calmly.
Communication: Effective communication help the employees to clear about the goals
and objectives of a company and assure the clients about the quality of the products within the
organisation.
One of the major difference between entrepreneurs and managers is that entrepreneurs are
risk takers and innovative by nature but the manager are risk avoiders who is responsible for
controlling and administering the overall functioning of an organisation. Another major
difference is that they have leadership traits and also have competitive spirit. But the manager
provide guidance and lead the whole team.
Basis Manager Entrepreneur
Meaning A person is responsible for
controlling and monitoring the
activities of an organisation for
the accomplishment of a goal.
An individual who takes risk
and setting the business with
its own capital with the motive
of making profit.
Innovation A manager implement the plan
that is prepared by the
entrepreneur.
An entrepreneur is innovative
by nature who invent goods in
order to meet the changing
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needs of customers.
Risk Manager does not bear the risk
associated in a business
enterprise.
They are regarded as risk
taker.
Traits They are good leader who lead
the whole team in an effective
manner.
They have leadership traits and
also have competitive spirit.
P6) Assess the aspect of entrepreneurial personality reflect motivation and mindset.
Entrepreneurial personality:
It represents the characteristics, traits, capabilities which exists in a successful
entrepreneur (Julien, 2018). Simon and Bobby Arora is CEO of retail chain B&M, they are very
enthusiastic and risk taker. This made their business successful even after so many ups and
downs. They never escaped themselves from any new obstacle and keep facing challenges in
every stage. This made them a market leader to establish B&M as a high profit earning company
which ranked in top 50 companies by 'The Sunday Times'.
An entrepreneur is always self motivated, this may influence other people to take
initiatives to try some new things so that they can be pioneer in what they do or in their stream.
An entrepreneur is a risk taker, they always take failures as a lesson and come forward from that,
so an entrepreneur can change mind set of people that success can be achieved even after so
many trials and failures. An entrepreneur is flexible to adapt any change that means they do not
afraid to adjust if any degree of uncertainty arises in the organisation so it may motivate people
in a way that changes are necessary to accept and adaptation of Change can lead to success for
long term (Kerr, 2018).
Entrepreneurs posses so many personality characteristics, skills and traits which help
them in differentiating from others. OCEAN model can be utilised in order to set motivation and
positive mid set in entrepreneurs. Five aspects of this model is explained as below:
Openness: This factor is related to idea generation and adventures. This aspect is directly
associated with creativeness and eagerness. This assist entrepreneurs in taking appropriate
decisions in business and to develop habit of learning.
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Conscientiousness: This factor is related to dependability and behavioural flexibility.
This factor assist entrepreneur in focusing their target so as to get overall efficiency in
completing their tasks.
Extroversion: This aspect explains that entrepreneur are supposed to stay energetic so as
to persuade other working people. This help entrepreneur in making good relationship with their
employees and decreasing organisational employee turnover.
Agreeableness: This aspect describes that entrepreneur are required to cooperate their
employees so as to maintain proper coordination between them. This help them in obtaining
suggestions from employees which can be beneficial for the organisation.
Neuroticism: This factor is related to personal emotions such as anxiety, envy,
frustration etc. Under this aspect entrepreneur behave in an adverse manner during some
situation, which should be avoided so as to keep good and healthy working atmosphere in the
business.
Task 4
P7) Examine how background and experience can hinder and foster entrepreneurship.
Tim Steiner: Timothy Steiner was born on December 1969 is a British businessman and
the co-founder and CEO of Ocado, the British online supermarket. He got degree of bachelor's
in economics, finance and accountancy from Manchester University. In 1989 Tim married to
Belinda, who is working for public relations in Hampstead. He has four children and after 24
years of marriage Tim got separated from his wife in 2013. After two years he started living with
his junior Patrycja Pyka. Steiner was appointed as Bond trader in Goldman Sachs in London.
With two friend Jonathan Fairman and Jason Gissing, Steiner founder Ocado. When both of his
friend left Ocado due to Heavey fall in stock price of Ocado, this hindered Steiner and he
decided to take risk for further expansion in his business. That were the biggest changing point
for Ocado when they diverted from online grocer to selling of intellectual belongings (Lee,
2018). Steiner worked in a supermarket in his initial college days, so he understood all the
internal working of supermarket and understood the problem faced by people. So he took
decision to open a supermarket with distinct characteristic which is an online super market,
through this platform he solved problem of customer by taking the problem as an opportunity.
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Steiner believed that their new partnership with M&S will bring new growth and opportunities in
Ocado, by this he added value, innovation and goodwill to his company Ocado. Steiner fostered
himself by continuously putting efforts on innovation and service quality. As of present Ocado is
having licensed contract with Morrisons in UK, Sobeys in Canada, Group in France and the
second largest supermarket chain Krogers in US and benefiting their stakeholders by giving them
high return and quality products. The passion towards works and his innovative and creative
mind lead him to establish Ocado as a successful venture.
Nitin Passi: Nitin Passi was born on November 1982 in Cheshire, is a British
entrepreneur and founder and owner of fashion retailer Misguided. He took degree of business
management from Newcastle university. In 2008 Nitin established Misguided in a factory in
Manchester with £50,000 loan from his own dad. He was motivated to start a online retail by
analysing growth in this industry. His family fostered him, so that he continued to work hard and
as resultant he paid off his entire loan within a period of six months. He went for for his first
celebrity endorsement with Nicole Scherzinger which doubled his sales in a single year. The
main hindrance faced by Nitin were that every competitor introduces new variety of clothing
every week (Morris, 2018). This were a challenge for him so he reinvested every single pence
earned by him and tried to reach customer through social media and took feedback so that he can
introduce new fashion design of clothing as per the requirement of customer. Currently he is
having £250 millions and emerging as a brand loved by big celebrities and eminent personalities.
With the help of courageous mind and effective communication skills Passi launched his own
brand which is known as celebrity brand in present scenario. Determination skill of Passi lead
him to touch heights in the business.
CONCLUSION
It has been concluded from the above report that entrepreneurs are those who are the
owner of there own business and with that they have the start-up that is generated with the new
and attractive ideas. There are different type of entrepreneurial ventures and have the typology
which entrepreneurship. Also concludes the difference and similarities between the
entrepreneurial ventures. Furthermore, includes the statistics that show the impact of small and
micro business ion economy. After that includes the importance of small businesses and start-ups
15

with that entrepreneurial personality that reflects motivation and mind-set. At last conclude the
background and experience that hinder and foster entrepreneurship.
References
Books and Journals
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Cornwall, J.R., Vang, D.O. and Hartman, J.M., 2019. Entrepreneurial financial management: an
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Dana, L.P., 2018. ENTREPRENEURSHIP & SMALL BUSINESS.
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Morris, M.H. and et. al., 2018. Distinguishing types of entrepreneurial ventures: An identity‐
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Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
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