Entrepreneurial Mindset and Startups in the UK

The assignment delves into the world of entrepreneurship in the UK, analyzing the growth of startup businesses and the factors that contribute to their success. It examines the relationship between entrepreneurial mindset, intrapreneurship, and cultural influences on startups. The paper also touches upon the importance of education and self-regulation in shaping entrepreneurial intentions and behaviors.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT
1

Table of Contents
Introduction......................................................................................................................................4
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial. 4
P1: Types of entrepreneurial ventures and relation with typology..............................................4
P2: Similarities and dissimilarities between entrepreneurial ventures.........................................6
LO2: Assess the impact of small business on the economy............................................................8
P3: Relevant Data and statistics...................................................................................................8
P4: Importance of small business in terms of social economy....................................................9
LO3: Determine and assess the key aspects of an entrepreneurial mindset..................................10
P5: Skills and traits of successful entrepreneurs........................................................................10
P6: Assessment of entrepreneurial aspects in terms of motivation and mindset.......................12
LO4: Examine the different environments that foster or hinder entrepreneurship........................13
P7: Experience and background in terms of foster entrepreneurship........................................13
Conclusion.....................................................................................................................................14
References......................................................................................................................................15
Appendices....................................................................................................................................17
2

Introduction
In most countries, small and medium enterprises are the ones that account for the largest shares
in the market within the economy. These businesses are therefore known for their entrepreneur
skills and capabilities. The role of an entrepreneur is to keep his business strong and competitive
and generate growth in terms of innovation and profits. The present assignment is an
investigation about the scope of an entrepreneur for establishing a small business. Explanation
about the factors that constitute entrepreneurship and the qualities that make an ideal
entrepreneur is described within the report in detail. Moreover, the factors that foster good
entrepreneurship skills are also mentioned in the report.
3

LO1
P1: Types of entrepreneurial ventures and relation with typology
Business and business activities are the focus of entrepreneurship practice, which deals
with a systematic and creative approach for a particular business. These business activities are
the most creative one, which organizes leads and manages people with the context of fulfilling
different organisation goal. As explained by Bai et al. (2018), effective entrepreneurship can
bring very positive change in the context of organisational goal, which is specific. The main
agenda of different types of entrepreneurial ventures relate with the specific company or a large
number of organisations. Entrepreneurial ventures have its own expansion in different parts of
the world. It has been highly observed that UK gets its own recognition in terms of successful
entrepreneurship ventures. The current economic climate in the UK shows that it is highly
regulated by the presence of small business enterprises. This assignment theref0re dwells on the
qualities that make up a successful entrepreneur. With the qualities of an ideal entrepreneur in
mind, the assignment sheds light on the factors that shape up personalities of successful
entrepreneur. Factors that affect leadership styles of entrepreneurs have been mentioned in the
assignment along with an explanation of the factors that foster entrepreneurial qualities within an
individual.
Small business entrepreneurship In the case of small businesses, it has been observed
that the UK has an effective rate for supporting the future scope of a start-up business. It has
been highly observed that UK has supported a large number of a start-up business in the year
2017-18 withholding 5000 start-up which deals with different organisational concept n UK
(Brooks et al. 2014). Another fact related to these types of entrepreneurship attachment is
employment. Almost 19.8% of total employment is offered by the start-up businesses in UK,
which is higher than the normal employment rate hired by the UK government (Colombo et al.
2014). Some of the start-up business like consulting companies, internet cafes, supermarkets, and
small-scale production has created emerging revenue for their company. The main attraction of
these types of small business is the participants. These companies are founded with a family
business model or with few members. According to Colombo et al. (2014), The Main typologies
4

of entrepreneurship, practice deals with two major types namely Craftsman entrepreneurs an
opportunistic entrepreneur.
Large Corporations
Growth and sustainability are two different types of attributes, which deals with the scope
of large corporations. It has been taken under consideration that certain life cycle is maintained
in this type of business. New services and products are the main concern of this type of
entrepreneurship practice. Competitive advantage is the main target of the large corporation
system, which deals with service, and productivity of the business. In case of this type of
business, it falls under large business typology (Jayawarna et al. 2014). Established company is
the main part of this type of businesses.
Scalable Start-ups
Quality is the main target for this type of entrepreneurship practice. It has been taken
under consideration that dynamically changes are the main prospect of this type of dentures. In
these particular types of the venture, change in the existing model is required to be taken under
consideration. As explained by Leković and Marić (2016), the main goal of this venture is to
make the goal proper and dynamic with the change of the entire model. Creative aspects are also
focused on this type of venture. Efficient personnel are required to deal with this type of
entrepreneurship ventures. As the name of the venture suggests, ‘scale' is the main goal of this
venture which indicates the total financial investment of the business with the context of capital
funds for the total expansion process. As commented by Bastesen and Vatne (2014), Growth-
oriented owner-entrepreneur is the specific typology, which falls under these types of the
venture.
Social Entrepreneurship
Societal system and people are the main targets of these types of entrepreneurship
ventures. It has been observed that the main aim of this kind of entrepreneurship is to develop
services and products for the betterment process of society. As explained by Morris et al. (2018),
Entrepreneurs of these types of the firm are fully focused on the efficient and effective
production of services for the environment and social. The social entrepreneurship typology
demarcates the limits between private and non-profit organisation. Illustrating the typology it can
be defied that distinctive models of social entrepreneurship can be defined with the goal to
explore dynamic scene of this developing field. This typology investigates how organisations
5

have combined different business practices along with the present salary, techniques as well as
administration frameworks.
Scope of Entrepreneurs
It has been observed that the small-scale business makes more profits and scope than large-
scale business. Selling of service is more reliable and productive rather than manufacturing or
selling a product. The small business earns more result and profit than large businesses.
P2: Similarities and dissimilarities between entrepreneurial ventures
Types of
entrepreneurial
ventures
Attributes Goals Roles Example
Social Society, people, and
environment are the
three specific sectors
for which social
entrepreneurship
ventures deal with.
The main agenda of
this type of
entrepreneurship is to
deal with service and
product for the
betterment of these
three attributes.
Development of both
service and product
which will help to
build sustainable
factor towards the
growth of living
people society and
environmental
condition (Robb and
Gandhi, 2016)
The main goal of this
types of
entrepreneurship is to
synthesize all the
services and products
for the improvement
of society, people and
the environment
The Eden Project,
Jamie Oliver’
Restaurant etc
Micro Minimum investment
and maximum profit
is the main target of
these types of the
venture. It has been
taken under
Generation of
maximum profit from
the established and
specific industry is
the main goal of these
types of ventures
Small business has a
problem with space
but it deals with the
process of acquiring
knowledge related to
the industry
Southern Business
Technologies,
Matefile etc.
6

consideration that
small-scale
businesses have very
small numbers of
employees whose
initial investment
range is also starting
with a very low
budget
Small business less
than 50 employees
Profit and revenue are
the two most
significant factors to
deal with these types
of ventures. Business
entrepreneurship
mainly focuses on the
sustainable
development of own
organisation or
business
Generation of good
revenue and
maximum profit from
the market with the
context of the
competitive
organisation is the
main goal and aim of
business
entrepreneurship
Competitive nature is
the main role of these
types of
entrepreneurship
venture (Wallmeroth
et al. 2018). They
mainly focus on the
quality of the product
which may fight with
the other products of
the present market
Revenue and profit
generation is solely
dependent on the
good productivity
Putney, AnswerLab
etc.
Macro Change is the main
target within the
organisation for these
types of
entrepreneurship
The specific goal of
large-scale
entrepreneurship is to
gain a large segment
of the market by
specifying the market
The main role of
these types of
ventures is similar to
a captain who can
understand both the
strengths and also the
Badger Mining,
Studer Group etc.
7

ventures leaders (Leković and
Marić, 2016)
weakness of the
corresponding market
Table 1: Similarities and Dissimilarities of entrepreneurial ventures
(Source: Created by Author)
LO2
P3: Elaborating the current scenario of small-scale business in UK
Small-scale business in the UK has its own significance in terms of entrepreneurial
ventures. It has been highly observed that maximum youth has started their start-up business in
the year of 2017 and 2018. As mentioned by Morris et al. (2018), almost 5000 start-up
businesses have taken place in the UK during this year. The economic and political condition of
the country is highly sustainable in terms of starting the business related to small size capability.
As a result, the major contribution in terms of growth and profit is acquired by the small-scale
business. As stated by Colombo et al. (2014), legislative factors and political factors are going
with the systematic approach of small-scale business as these types of businesses are generating
a large amount of revenue for the government.
Figure 1: Share of enterprises in the UK private sector, 2017
8

(Source: smallbusiness.co.uk, 2018)
In terms of small-scale start-up businesses in UK, it has been reported that a record number
of businesses have started in UK with more than 650000 business in the main region of UK
(ukbaa.org.uk, 2018). According to the data presented by Centre for Entrepreneurs, it has been
observed that this particular number has crossed the record of the previous year. These particular
statistics have a great impact on the economic condition of the corresponding country. After the
tourism industry, the UK government earns revenue from this particular sector. Total GDP of the
country is also dependent on the extreme growth of the start-up business (ukbaa.org.uk, 2018). In
the race of newly set up for the start-up businesses, Birmingham Boasting has set a record with
more than 17,000 new entrepreneurs in small-scale businesses. Leeds and Glasgow have also set
a record by involving 7,645, 9,416 and 7,845 thousand of entrepreneurs respectively
(ukbaa.org.uk, 2018) [Refer to appendix 1]
It has been also taken under consideration that at about 27 million people are completely
employed under the range of small and medium scale of businesses in all around the UK
(Prosser, 2018). Both men and women are parallel interested in starting the businesses in terms
of small-scale businesses. It has been highly observed that the major growth factor of the
businesses related to this particular sector is earned due to creativeness and innovativeness. In
the case of small-scale business, it has been also observed that operational and strategic area is
significantly measured in terms of creativity and good production rate. 25.75% of the total
employment rate is measured with small-scale business in the UK, which is a great factor for the
GDP of UK (telegraph.co.uk, 2018).
9

Figure 2: Businesses by industry in the UK, 2017
(Source: smallbusiness.co.uk, 2018)
In the case of a technical firm, this report also shows an effective result in the sector of
growth. It has been reported that 60% technical firm has launched in The UK which is
comparatively high than last year. Incorporation of new technology firm has reached in 4238,
which is 76 percent high than the previous year (Prosser, 2018). The broader aspect of this
business is related with the small-scale entrepreneurship, which rises with 40 percent by
launching technical industry in the UK (Prosser, 2018). Regional and local business has a great
impact on the total revenue of the country. In the case of international aspect, UK is also
considered as one of the best countries in terms of small-scale entrepreneurship practice.
10

Figure 3: Number of businesses per 10,000 resident adults, 2017
(Source: smallbusiness.co.uk, 2018)
P4: Importance of small business in terms of social economy
Small business enterprises are growing by huge numbers every day and are thriving in the
current economic climate. As of 2014, the turnover for small businesses has been around 1.6
million pounds (smallbusiness.co.uk, 2018). Moreover, small and medium businesses have the
capacity to provide employment to a large number of people and most of these jobs revolve
around the private sector. Hence, it can be said that SMEs play an important role in generating
employment opportunities within the UK. SMEs have reportedly given employment to 24.3
million people among which a hefty 60% lies within the field of the private sector
(smallbusiness.co.uk, 2018).
In terms of industrial growth, small business enterprises are the leading powers that have
overtaken even bigger businesses. As has been suggested by Davis et al. (2016), small and
medium business enterprises have contributed to an increase in the number of sales within the
market from the release of new products and services. Apart from this, most SMEs are
innovative in their approach and utilize resources to produce out-of-the-box products. Due to
small businesses, competition has grown within the local market and citizens of UK are able to
afford new innovative services with respect to lifestyle, health and retail sectors (Edwards-
Schachter et al. 2015). The presence of a large number of small and medium businesses has
fostered diversity within various geographical regions and has contributed to a boost in the
economy of regional markets. Smaller businesses have the advantage of flexibility compared to
11

larger businesses and are therefore able to give more employment to people and generate more
profits. Thus, SMEs have the power to influence larger business too in terms of adaptability and
resourcefulness (Mauer et al. 2017).
Small business is not for profit in social economy. It helps in economy growth in the world.
It is non profit organisation. It focuses on the benefit of the society and the people overall. They
do not earn much of profits to the shareholders or its owners. It helps in growing the economy of
the country. Such companies get special privileges such as special laws and rules. It is never
motivated to earn any kind of profits.
LO3
P5: Skills and traits of successful entrepreneurs
Figure 4 : Skills and traits of successful entrepreneurs
(Source: Edwards-Schachter et al. 2015)
Entrepreneurship is a concept that surpasses the mere confinement of business
management. Entrepreneurship urges a person to start a business through new levels of
innovation and creative abilities. A successful entrepreneur has strong leadership qualities, a high
degree of self-motivation and a strong sense of fundamental integrity and ethics. As stated by
Rarick and Han (2015), a leader is the one who is more than tenacious and hold the ability to
influence and guide individuals. In this regard the example of Jeff Bezos can be mentioned. He
12

possessed the quality of Open Mindedness that resulted in the development of one of the most
popular e-commerce website. Here it can also be mentioned that an entrepreneur has to be a Self
Starter so that he followed as a leader by the employee. Similarly, a leader has intense
personalities and is motivated to undertake new opportunities and challenges (Mauer et al.
2017). An entrepreneur also plays the same role of challenging a new business set up and starting
a new venture with help of a group of individuals. Consequently, a high degree of self-
motivation and integrity is required like in the case of Bill Gates. The success of Bill Gates as an
entrepreneur is marked with the characteristics of an ability to fail so that they can learn from
their mistakes. This demands a high level of discipline and confidence. They do not lose hope
due to failure and are hard-core believers of the statement ‘Failure is the pillar of success. They
can take the best decisions even in worst cases. Edwards - Schachter et al. (2015) have stated
that they tend to have a competitive spirit and understand the values of the strong peer network.
They have the capability of working in groups and developing teams out of low-skilled
individuals.
Managers are mostly individuals who take responsibility for running an institution
whereas entrepreneur builds up new business and facilities. Managers mostly work with ongoing
operation and entrepreneurs are always start-up masters. According to Rarick and Han (2015),
the role of managers includes planning, organization, directing, motivating and coordination. On
the contrary, entrepreneurs develop new opportunities by gathering all resources required for a
productive venture. Managers mostly work according to principles of organisations that they are
working for whereas entrepreneurs work for their own business and woki according to own
principles.
Point-of-
Difference
Entrepreneurs Managers
Function Creating enterprise a supervising all tasks
including adjustment of financial risks
Responsible for controlling and
administering an organization
Focus Start-up Ongoing operations
Primary Achievement Power
13

Motivation
Approach to task Informal Power
Status Owner Employee
Reward Profit Salary
Driving Force Creativity and Innovation Preserving the status quo
Risk tolerance High risk tolerance Low risk tolerance
Table 2: Difference between managers and entrepreneurs
(Source: As influenced by Autio et al. 2014)
P6: Assessment of entrepreneurial aspects in terms of motivation and mindset
An entrepreneur is that person who can use innovative techniques repeatedly to bring out the
best in his business. As per the opinions of Autio and et al. (2014), the personality of an
entrepreneur should be such that it inspires a positive mind-set within workers and staff. In this
regard the OCEAN theory of personality trait can be considered. As per the theory an
entrepreneur should be Open enough to be able to take risks and formulate business ideas that
will be able to push the envelope in terms of creativity and content (O’Shea et al. 2017). In case
an individual has been brought up in, a closeted environment full of prejudices and pressure from
parents, that particular individual will not be able to metamorphose into a successful
entrepreneur. Since being an entrepreneur requires an open mind to create ideas, it is necessary
for the individual to have freedom of thought and expression (Julien 2018). For instance, Walt
Disney was a farm boy who used to work at an art studio and served as a creator of small-scale
newspapers and magazines. Walt, however, had immense creativity at his disposal and possessed
a vision. He also had a determination to be a successful animation designer. With his hard work
and determination, Walt was able to translate his dream into reality when Universal Pictures
released the first Disney film.
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Figure 5: Ocean Theory of Personality
(Source: Durupinar et al. 2017)
According to Rekha et al. (2015), the external environment also plays a major role in
shaping up the personality of an entrepreneur. Thus an individual need d to be Conscientious
that will make them organized, thorough and methodic in their approach. The ability to take risks
and to transform risks into opportunities requires a thorough approach to make sure that all the
aspects are taken onto consideration. To gain from those opportunities is something that should
come from within the entrepreneur by making use of a methodological approach. Apart from this
another trait that can to be taken in to consideration is the Extraversion. As per this trait the
personality of an individual depends on the external environment that he lives in. While
introverts get their energy from within themselves, extraverts get their energy from interacting
with others. Hence, Durupinar et al. (2017) have commented that the mindset to plunge into
challenging circumstances in order to create something meaningful starts from the childhood
phase only. For example, Oprah Winfrey was a person who grew up in very rough conditions
during her childhood. She had to grow up in poverty and hunger for the most part of her life and
was a victim of sexual abuse within her own family. It was her will and determination to go
beyond the ordinary and mundane that has made into the person that she is today. Her success as
a television show host can be largely contributed to her mental strength and determination to
outdo her current circumstances. Winfrey's life experiences came in handy when she was faced
15

with problems and it is her awareness about her surroundings that has helped her take certain
decisions like plunging into a career
The relationship between the personality of the entrepreneur and the mindset of that
individual is undoubtedly positive. Apart from possessing a creative mindset and a daring
personality, an entrepreneur should also have a different approach when it comes to problem
solving and decision-making thus the Agreeableness of the individual comes into play on this
regard (Durupinar et al. 2017). In this context, education and experiences play a vital role in
determining the kind of path that will be chosen by entrepreneurs for taking decisions.
Neuroticism is likewise one of the important traits that is to be followed and is known as
Emotional Stability This measurement identifies with one's enthusiastic solidness and level of
negative feelings. The trait also takes into account the attributes incorporate being testy and
tense. The people who have this trait tend to suffer from the negative feelings in general.
LO4
P7: Experience and background in terms of fostering or hindering entrepreneurship
Every entrepreneurship approach has its own style and approach towards the growth of the
business (Wallmeroth et al. 2018). The different decision-making process, as well as different
formation, is followed with the small-scale business, which varies from business to business. It
has been highly observed that life experience and education are the positive catalysts for the
formation process of individual and the team personality (Morris et al. 2018). In the case of
entrepreneurship statement, it has been also observed that these factors are also effective. It has
been highly observed that some traits like self-management, self-motivation and specific
coordination are highly needed for every entrepreneur. These factors are coming through the life
experience and education for the corresponding sector (Jayawarna et al. 2014). Risk-taking
factors are also considered as one of the greatest segment in terms of entrepreneurship. This
particular factor comes from the previous experience, which can be mitigated through the life
experience.
‘Risk' is considered one of the effective words in case of entrepreneurship practice
(Jayawarna et al. 2014). Every business has its own risk, which cannot be assessed before
starting the business, In case of this particular situation, tremendous opportunity, as well as
challenges, can be asked before getting into the business. Richard Branson is considered one of
16

the great entrepreneurs and the successful businessperson who defines the risk perspective with
proper significance (Brooks et al. 2014). Oprah Winfrey is also considered as one of the
successful entrepreneurs who are well aware of one of the most influential women in the whole
world. The concept of the risk is completely related to the structure of the entrepreneur with
generates maximum opportunity and challenges for all the individuals related to the business. It
has been highly observed in terms of a start-up business that risk is associated with every start-up
business and every man and woman who is willing to make their business must be aware with
the associated risks for the corresponding start-up business.
There are many risks which are associated in the working of the business which affects the
profits of the business. Such factors are very such essential to be studied before going forward.
These factors such as:
1. Aging group
When there is aging in the population of the country, it affects the entrepreneurship of the
country. Thus it is necessary to increase the employment percent among the old persons and
also increasing the age of retirement.
2. Constitution of the population
The gender proportion also affects the entrepreneurship of the country. Due to gender
difference, there is great impact on the entrepreneurship. It is very important to segregate
between the genders differences of the organisation.
3. Economy which avoids the capital
This factor also affects the economy and entrepreneurship. When there is less funds of funds
then there is huge influence on the entrepreneurship. For example: if taxation policies and
GDP rate of country is in favour of entrepreneur then it also influences their work and
contributes in increasing their profitability. It has been analysed that current GDP rate of
united kingdom is approximately 2.62 lakh crores which is favourable for them.
4. National culture
Cultures differ in every country. The constitution of culture also affects the business scope
of any entrepreneur. This is also one of the risk factors which can influence the
entrepreneurs. National culture of USA is quite democratic and easily accepts new
entrepreneurial ventures which is a favourable condition for entrepreneurs as they can
enhance their profitability with supportive national culture. Family is the another factor that
17

comes under national culture. It can be said if an entrepreneur has a educated family then
they will surely get help in taking right decisions. Along with this, family members also
guides entrepreneur in businesses work if they also belongs to business background.
Ethnicity is considered as the social group of specific country like USA to which
entrepreneur is belonging and owns common culture. This can be seen as the foster factor
for entrepreneurs as with the help of supportive social group entrepreneur can succeed and
enhance their profitability.
Conclusion
It can be now concluded from the above study relationship between entrepreneur and
entrepreneurship practice is considered as one of the most important factors for a start-up
business. Several types of entrepreneurship ventures are taken under consideration, which makes
the similarity with typologies of the entrepreneurship. It can be also concluded from the above
study UK is considered as one of the greatest countries for making growth with the
entrepreneurship ventures. Both the revenue and GDP of the country is highly dependent on the
small-scale business of the particular country. Both the attributes related to small-scale
entrepreneurship, large-scale entrepreneurship, business entrepreneurship is considered with
specific roles and goals of the corresponding organisation.
18

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Newspaper Article
Prosser, D. (2018) UK Technology Startups Hit All-Time High. Forbes [Online] 6 Apr.
Available at: https://www.forbes.com/sites/davidprosser/2018/04/06/uk-technology-start-ups-hit-
all-time-high/#248ea7265d85 [Accessed on: 15th November 2018]
Websites
ukbaa.org.uk, 2018 UK business 15th November, 2018 Available at:
https://www.ukbaa.org.uk/news/uk-sees-record-numbers-new-startups-2016/
smallbusiness.co.uk, 2018 Small Business 15th November, 2018 Available at:
https://smallbusiness.co.uk/businesses-entrepreneurs-rise-linkedin-2539673/
telegraph.co.uk, 2018 The Telegraph 15th November, 2018 Available at:
https://www.telegraph.co.uk/finance/businessclub/11692123/Britain-hits-record-number-of-
startups-as-more-aspiring-entrepreneurs-take-the-plunge.html
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Appendices
Appendix 1: Growth in start up business in UK
(Source: https://www.gov.uk/government/publications/uk-digital-strategy/3-the-digital-sectors-
making-the-uk-the-best-place-to-start-and-grow-a-digital-business)
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