Importance of Small Businesses and Start-ups in Social Economy Growth

This assignment discusses the different types of entrepreneurial ventures and their relation with typology of entrepreneurship. It also explores the similarities and differences between entrepreneurial ventures. Furthermore, it examines the interpretation and assessment of relevant data and statistics to explain the influence of micro and small businesses on the economy. Lastly, it highlights the importance of small businesses and start-ups in the growth of social economy.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1& M1: Different types of entrepreneurial ventures............................................................1
P2 & D1:: Similarities and difference between entrepreneurial ventures..............................3
LO 2.................................................................................................................................................6
P3 & M2: interpretation and assessment of relevant data and statistics to explain the way in
which micro and small business influence on the economy...................................................6
................................................................................................................................................7
P4 & D2: Importance of small businesses and business start ups to the growth of social
economy.................................................................................................................................1
LO 3.................................................................................................................................................3
P5 & D3: Traits, skills and characteristic of successful entrepreneurs. ................................3
P6 & M3: Entrepreneurial personality reflect entrepreneurial mindset and motivation........4
LO 4.................................................................................................................................................6
P7 & M4 & D4: Discuss ways through which background and experience can foster
entrepreneurship.....................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is stated as starting a new venture by executing innovative idea into
action with well defined aim of generating huge revenue (Ahn, and Park, 2018). Those are
capable enough to take risk and are accountable to take decision on their own stake are termed as
entrepreneur. Nation growth and development is based on entrepreneur as they contribute large
financial amount for development as well as generate huge job opportunities for employees.
Hence, entrepreneurs achieved higher support from the governing bodies in establishing small
business enterprises which increases their numbers in nation. This assignment covers different
types of entrepreneurial venture and their relation with typology of entrepreneurship. The
similarities and dissimilarities of entrepreneurial venture are stated properly. However,
importance of small business on social economy are studied for future improvements. The
background , skills, traits of two entrepreneurs are studied to better understand how it foster
entrepreneurship.
LO 1
P1& M1: Different types of entrepreneurial ventures
Entrepreneur is stated as an individual who take all the risk and start up a new business in
the open market place. It is takes all the decision regarding the business growth and development
as well as it's operation activity. Entrepreneur come up with those goods and services which are
mostly demanded by customers in the global market but are displayed in the open market in
creative and innovative way. Many times completely new goods and services are launched by
entrepreneurs and create demand for that particular goods in the mind of the targeted customers.
The main motive of entrepreneurs in to maximize huge profit as compare to competitors
prevailing in the open market place.
Entrepreneurial ventures are those businesses with distinguish scope and sizes that are
functioned by entrepreneurs in the internal market with varied purpose. It involves public and
private sector both. Private sector are those businesses which are operating only for profit and are
not controlled by state. They do not work work the welfare of the society. Example of private
sector businesses are, Plumbers, Dentistry, legal services etc. Whereas, public sector businesses
are part of voluntary sector and mainly focus on upliftment of the society. Some of the examples
of public sector are, Health care, Fire services, Law enforcement, education services and so on.
1

In the cut throat competitive world new venture is likely to attain more success and growth in
short time duration because their goods and services are unique and are different from one which
are present in the market. New and start-up's organisation are able to flourish rapidly in the open
market place because innovative products are able to seek the attention of customers easily due
to which huge sales ratio raises tremendously. When the new or the changed products are
appreciated by people in the nation then other entrepreneur get motivated to come up with more
unique and innovative goods in the market (Almahry and Hamdan, 2018). Below are the various
types entrepreneurial ventures which are illustrated as under:
Small business entrepreneurship: This type of businesses are operating in small scale
and are independent in nature. Small business entrepreneurship size is small and are limited. On
the other hand the profit maximization ratio is totally dependent on other sector. Earning
livelihood is the main motive of this type of entrepreneurship because they are operating at low
cost in the market. Some of the examples of small business entrepreneurship are, electricians,
Grocery stores and so on. Example: TSB bank in Barnet is small business which is offering it's
services of bank to the local area effectively. The scope of the bank is to help local people and
community to expand unitedly. By this emerging issues related to finance can be solved easily.
Organization has huge opportunity to grow and develop their bank services in national and
international level. Management are framing strong policies in order to attract large number of
customers towards their services so that huge profit can be gained and business can be expanded
smoothly.
Scalable start up entrepreneurship: This type of business select creative idea and
identify repeatable business model which can be turned into more profits and growth of the firm.
Scalable start up entrepreneurship is recently risen business venture who will be developed in the
selected in market place. In this type of organization entrepreneur do not enter the business in the
vast market because there is no certification of being executed in the market (Anderson and
Bensemann, 2019).
Large company entrepreneurship: This type of business is operated at large scale so
the management requires sufficient amount of funds in order to run the business function in
appropriate manner. Large company entrepreneurship is developed with the assistance of
continuing advancements and offering new and appealing services to the customers as their
preferences and taste which are changing accordingly.
2

Social entrepreneurship: It works for the welfare of the society and community so that
the living standards of the people can be uplifted. This type of businesses come up with those
innovative goods and services which are benefiting the society as a whole.
Typology of entrepreneurship: The entrepreneurial ventures are closely interconnected
with distinguish typologies that are elaborated beneath:
Male: This type of typology is prohibiting female members in decision making process
of the company. Male entrepreneurship is majorly male dominated organization and are running
the business more effectively in cut throat competitive world. Large company entrepreneurship is
placed in male entrepreneurship because they are working more hard and focus on coming up
with innovative idea so that huge profits can be maximized.
Female: In today's world female candidates are motivated to perform better in the
business. It is because female are more calm and patience as compare to male. So female
entrepreneurs are more capable to operate the business smoothly in the competitive world.
Scalable start up entrepreneurship is covered under female entrepreneurship because they are
select creative idea and identify repeatable business model which can be turned into more profits
and growth of the firm. Entrepreneur do not enter the business in the vast market.
Managed Growth: In order to accomplish success in the competitive market place this
type of entrepreneurship is managed and handled by both male and female in equal ratio
(Ateljevic, 2018). The development of the business can be done in short time duration which is a
positive mark for the business. Better and appropriate decision for new business expansion is
done in organized manner because both men and women are working parallelly. Small business
entrepreneurship are engaged in managed growth because they are operating at low cost in the
market. Less resources are required any both male and female can run it easily in the market
without government interference.
P2 & D1:: Similarities and difference between entrepreneurial ventures
Small business, Scalable start up, Large company and Social entrepreneurship are various
entrepreneurial ventures. They all are having some similarities and differences that are
showcased as under:
Basis Small business Scalable start up Large company Social
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entrepreneurship
Characteristics There is no
government
interference in
small business.
As well as limited
or less resources
are used in this
type of business.
This type of
business put more
emphasis on
venture capital so
as to flourish the
organization at
tremendous scale
in short time
span.
It changes
according to the
variance in
customers needs
and demand. It is
ever ending
process in the
open market
place.
This type of
business is
working for the
welfare of the
society so that are
supported by
governing bodies
so that living
standard of the
people can be
raised.
Roles In order to gain
huge revenue
their role is to
utilize their
resources
effectively in
order to earn
profit.
Their role is to
search repeatable
and scalable
model that can be
turned into more
profitable for the
firm (Barba-
Sánchez and
Atienza-
Sahuquillo,
2018).
In order to
maximize their
level of
expectation it's
role is to serve
end users with
high quality
goods and
services.
Social
entrepreneurship
main role is to
build awareness
regrading their
goods which is
designed for
benefiting the
community
people in the open
market place.
Objectives The objective of
this type of firm
is to earn
livelihood.
The objective of
this type of
businesses to to
mould their
business in such a
way so that it can
Large
organization
objective is to
full-fill the
requirements of
the customers by
The objectives of
social
entrepreneurship
is to increase the
satisfaction level
of social group
4

be profitable for
the company.
using advanced
technology.
by providing
them products and
services of social
welfare.
The similarities are illustrated beneath:
Basis Small business Scalable start up Large company Social
entrepreneurship
Motive It's main motive
is to meet the
needs of the
customers
Their main
motive is to tun
their innovative
idea into more
profitability so
that best goods
and services are
offered to the
client.
This companies
main motive is to
bind customers
over the years by
meeting the
demand of the
customers in the
set time duration.
Their motive is to
work for the
betterment of the
society people so
that their living
standard can be
raised.
Growth and
development
Small form work
day and night to
grow and expand
their business in
the local region
(Cole, 2018) .
They come up
with innovative
idea and identify
repeatable
business model
which can be
turned into more
profits and growth
of the firm.
By meeting the
demand of the
client huge profit
can be maximized
which can be
further used for
growth and
development of
the business.
By resolving the
issues of the
society business
can easily grow
and develop over
the years.
5

LO 2
P3 & M2: interpretation and assessment of relevant data and statistics to explain the way in
which micro and small business influence on the economy.
Economy of the nation is able to grow at contentious rate because small and micro
business are creating more job opportunity in the global market. They are playing a vital role in
raising the national income to a large extent. Economy of the nation can flourish when all type of
businesses are running smoothly.
SME affecting on national economy:
Employment generation: In the open market place more job opportunities are created by
small business. They provide employment to those people who are not hired by top companies.
Small and micro business hire skilled and capable employees in their business because they want
staff member who can work hard with full dedication (Ferreira and Gondim, 2017). Through this
workers support firm will be able top gain long term sustainability. More employment raises
economy at rapid scale that indirectly uplift national income by resolving issues related to
unemployment in the country.
High flow of cash: In the international market flow of cash increases this is possible
because of small and micro businesses which are operating in the global market. Whenever, a
new venture is opened it directly assist to ring more financially resources for the nation. The
gathered monetary value can be further used by governing bodies for the strengthen the economy
of the country.
SME affecting on international economy:
Infrastructure development: Economic state of the nation is flourishing because of the
contribution of small and micro businesses. The assembled amount is used by the UK authorities
in the development if infrastructure by building bridges, schools, institutions and roads.
Economic Development: SME account over 95% of the enterprise and create huge job
opportunities for economic Co-operation and development economies. But due to the dawn of
industrial changes and globalization and contribution of SME raises the economies of scale
decline.
6

With the help of diagram the impact and influence of small and micro businesses can be
easily captured. The explanation of the graph is as under:
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From the above it can be diagram it can be concluded that employment of the nation has
been raised by small and micro businesses over the years. Small and micro business has created
numerous job opportunities in the nation due to which poverty line has decreased to a large
extent (Ibidunni and Ogbari, 2017). From the above mentioned data it can be understood that
40% is contributed by small business in UK for upgrading employment rate. Small business are
creating 10 to 49 of employment due to which poverty has reduced to a large extent. And the
output per worker is 40.00. While large organization is contributing 100 to 249 employment and
60.00 is the output per worker.
P4 & D2: Importance of small businesses and business start ups to the growth of social economy
Over the years social economy are growing this is because of contribution of new
venture. It is very essential to new start up businesses are supported by governing bodies of the
nation so that emerging issues associated with social economy can be overcome gradually. The
upliftment of country can be done by using the accumulated revenue from new venture in better
way. Many challenges are faced by UK after Brexit. On the other hand it is concerned with
British exit form European Union.
The differences between small, micro, medium and large organization are as follows:
Basis Small
organization
Micro
organization
Medium
organization
large
organization
Meaning Firm having 10
employees and
working
effectively and
efficiently to meet
the set gaols and
objectives in the
market place.
It refers to those
organization there
less people are
working and there
is no government
interference.
Those company
where 100
workers are
working to satisfy
the demand of the
customers.
This type of firm
has more than
500 staff
members and are
working for
maximizing huge
profit. As well as
coming up with
innovative goods
to meet the needs
of the customers.
Example Guest house, Catering services, Small toy shop, Tesco, Zara,

grocery stores,
hairdresser and
many more
Websites Design,
Courier services
and many more
small paper store,
water bottle small
scale industries
and so on.
Tesla etc.
Brexit has affected large businesses to a large extent due to which management are
unable to operate their businesses effectively in the open market place. All this has affected their
overall productivity and profitability sharing ratio tremendously (Julien, 2018). Economic
fluctuation has less influenced small and new start up businesses . But the new venture has
helped nation to deal with the economic crisis taking place and continuously supported them. To
raise the efficiency of the country it is very essential to improve their social economy as it
directly assist in resolving the barriers that are impacting the nation. Huge employment are
created by small organization for the nation people which is beneficial for the country as well a
the economy. The points which are discussed below from them the importance of both can be
better understood. They are showcased as under:
Providing end number of job opportunities: New venture build huge job opportunities
for the society people. In order to start up business creative idea is needed which is possible
because of entrepreneurs. New venture does not have work forces to implement business
activities and recruit fresh candidate that assist in attaining long term sustainability. By this
national income can be raised that aid in improving social economy.
Increasing awareness: in the cut throat competitive world organization are facing many
economic challenges that are affecting the day to day business activities at rapid scale. In order
to survive and sustain in the competitive market place it is very essential to create awareness
among public barriers of social economy. On the other hand huge number of people get attracted
towards the issues towards social economy then it can be uplifted rapidly (Kuckertz and
Prochotta, 2018).
Motivating for new and innovative products: in the era of intense competitive world
new venture can be opened with the help of innovative thinking which is either never developed
in the market or is unique as compare to existing goods and services available in the market.
People of UK are more pushed towards the product and services which are unique in nature.

Which leads in up- gradation of their social economy as compare to other nation because this
type of businesses leads in enhancement of revenues for firm in the global market.
Enhancement of domestic business culture: In the international market the overall
productivity and profitability of the organization has cut down because of Brexit. It has created
numerous barriers for organization in the UK market successfully over the years. In this small
and new venture turned to be benefiting the society because they are serving those products to
the customers which are needed by them. Upliftment in sales volume has turned out to be
positive for the firm and gradually maximized revenue that is contributed by start up businesses
in social economy.
Hence, from the above discussion it can be concluded that small business are playing a
vital role in growth of the social economy. Small business has helped UK to a large extent in
overcoming challenges created by Brexit (Kuratko and Morris, 2018).
LO 3
P5 & D3: Traits, skills and characteristic of successful entrepreneurs.
Skills needed by successful entrepreneurs:
 Decision making skills: To be successful entrepreneur it is essential for both Ben
Jefferies and Jenny Costa to have decision making skills. This is because through this
entrepreneur can compete with their rivalry in the open market place. This ability of
making best decision in adverse condition helps entrepreneur to grow and develop their
business smoothly.
 Problem solving skills: As entrepreneur bear all alone profit and loss of the business it is
very have this particular skills in them. To overcome the barriers of existing firm both
Ben Jefferies and Jenny Costa should have problem solving skills. By this customers
quarrier can be resolved and quality services can be offered to them.
Traits needed by successful entrepreneurs:
Confident: It is another trait which should be their in Ben Jefferies and Jenny Costa.
Business can grow their new venture when they are confident and has faith that their idea and
decision are effective.
Disciplined: This is the best trait which should be there in an individual who are starting
a new business in the market. Through this gradually Ben Jefferies and Jenny Costa can reach to

their goal in the set time duration. Disciplined helps the entrepreneur to perform their business
activities smoothly (Laudano and Caputo, 2018).
Characteristics needed by successful entrepreneurs:
Risk taking: Entrepreneur is one who take risk. New venture can be opened in the
competitive market by taking risk. It is the success ladder for both Ben Jefferies and Jenny
Costa. More risk more growth opportunity and success in the global market.
Passionate: Business may fail or succeed in the market. Entrepreneur should not give up
their passion to come up with innovative idea. The zeal and passion in Ben Jefferies and Jenny
Costa turned them into successful entrepreneur. Passion should not be given up despite of failure.
The negative comments should be taken as positive and make improvements accordingly.
Differentiation of characteristics of successful entrepreneurs with business manager:
Characteristics/skills Entrepreneur Business managers
Communication Free flow of communication is
adopted by both Ben Jefferies
and Jenny Costa in their
business. Employees can
easily share their grievances
with them easily.
Formal communication
channel is adopted by business
manger. Through well defined
communication structure the
problems of employees are
delivered.
Critical thinking They are expert in critical
thinking and are spend more
time in the external
environment. By this
opportunities prevailing in the
market can be captured easily.
They follow the instructions
given by the top management.
Any extra thinking is not used
in the decision. The set
information are delivered to
the lower level employees and
work are performed
accordingly (Linton and
Solomon, 2017).

P6 & M3: Entrepreneurial personality reflect entrepreneurial mindset and motivation
An entrepreneur exhibits a kind of personality which help them in making and
maintaining relations with other people who can help in achieving their targets and also help in
building loyalty over a longer period of time. Their mindset and motivation are affected with
their personality through which all their actions and activities are directed which help them in
becoming successful entrepreneurs. They need to have some required qualities and skills that can
help them in establishing a successful business so that higher profits can be earned. A person can
use OCEAN model so that the required characteristics to become a successful entrepreneur can
be known which will help in directing their mindset in such a way that they can adapt to the
specific skills and traits. The OCEAN model is explained as follows:
 Openness: It is related to an entrepreneur having an open mindset which help them in
preferring variety, aesthetic sensitivity, active imagination, intellectual curiosity and
attentiveness to inner feelings. All these components are important for an individual to be
open towards a various factors so that risk can be taken and new and innovative ideas can
be implemented (Malecki, 2018). Openness helped Ben Jefferies and Jenny Costa to
become a successful entrepreneur as challenges can be accepted which will help them in
becoming competitive in the market and earn more profits through their ventures.
 Conscientiousness: It relates to a character which helps them in focusing on their targets
and goals that they want to achieve through their business. This help Ben Jefferies and
Jenny Costa in not getting distracted by any other activities which could affect their
profits and their efforts in the business.
 Extraversion: It related to the extroversion of a person which help them to easily make
relations with other people which is important for a business in order to create a client
base so that the business can be expanded which can help in achieving their goals on
time. Being energetic, talkative, assertive and social are required for an Ben Jefferies and
Jenny Costa to succeed in their business and make a loyal client base in the market.
 Agreeableness: It relates to having a character through which they can become
cooperative, trustworthy with their employees which help in creating an inclusive work
environment in the company which is important to promote new and innovative ideas in
the company. It also help Ben Jefferies and Jenny Costa in developing a friendly

atmosphere in the company so that company objectives are achieved within time and
budget.
 Neuroticism: It is important that the entrepreneur keeps control on their anger, anxiety,
stress and bad mood so that a good coordination among all the staff members can be
established. This is important characteristic which helps Ben Jefferies and Jenny Costa
in becoming a successful entrepreneur and work well with the staff members.
LO 4
P7 & M4 & D4: Discuss ways through which background and experience can foster
entrepreneurship
Experience and background of the entrepreneur directly or indirectly motivate them to
come up innovative idea. This has helped them to flourish in extreme condition. JENNY
COSTA (RUBIES IN THE RUBBLE) and BEN JEFFRIES (INFLUENCER) are having good
experience which have aid them to be the most successful entrepreneurs (Marom and Lussier,
2018). Back ground and experience of both of them are illustrated as under:
JENNY COSTA (RUBIES IN THE RUBBLE)
Background and experience: She is graduate in mathematics and Economics and later
worked as Odey Asset management in London. Rubies in Rubble was founded by her when she
failed by her career in finance. Rubies is a award winning condiments brand. They work for
creating a market for rejected crop and ensure that nothing is wasted.
BEN JEFFRIES (INFLUENCER)
Background and experience : This great personality did not completed his education
and was dropped out of university. He was a professional player and was Australian rugby
league coach. He was born in Sydney. In the age of 23 Ben has led influencer through numerous
round of investments like, McDonald, Apple and etc. In the year 2018 this great personality was
named as Media Week's Rising Star and the BMW's UK Tech founder. According to Ben he try
to study the changes in online customers behaviour so that advices can be provided accordingly.
Impact of background and experience on entrepreneurs are discussed as under:
Positive impact: Both the entrepreneur was good in study and later on started their
career in other field. The failure encourages them to come up something better and unique in the

near future. Ben had leadership quality and Jenny had good knowledge of finance which helped
them to be successful entrepreneur.
Negative impact: Both of them were average student. Ben and Jenny were unable to
understand their potential capability in the early days due to which it took more time to become
successful entrepreneur across the globe (Mazzarol and Reboud, 2017).
CONCLUSION
From the above it can be concluded that there are distinguish entrepreneurial ventures
prevailing in the open market place. The similarities and differences among entrepreneurial
ventures are studied in order to make the concept more clear regarding them. To better
understand the contribution of small and micro businesses pie chart has been used because with
the help of this easily relevant and authentic information can be captured. Deep evaluation
regarding how small businesses and business start ups helps in growth of social economy is done
so that necessary improvements can be done in the loop holes. The mandatory skills,
characteristic and traits of entrepreneurs are determined so that weak skills can be improved with
the phase of time. Additionally, main focus is done on entrepreneurial personality reflecting
entrepreneurial motivation and mindset so that others can be encouraged to come up more
innovative and creative idea. The background two great personality that is Marks Zuckerberg
and William Chase is understood in order to assure other that entrepreneurs can build despite of
any condition.

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