Entrepreneurship and Small Business Management: Types, Impact on Economy

This report explores the different types of entrepreneurial ventures and their relation to typology of entrepreneurship. It also discusses the impact of micro and small businesses on the economy, including their contribution to employment and tax revenue. The report provides relevant data and statistics to support these findings.

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1 .................................................................................................................................................1
P1 Different types of entrepreneurial ventures and how they relate to different types of
typology of entrepreneurship .................................................................................................1
P2 Similarities and differences between entrepreneurial ventures ........................................4
LO2 .................................................................................................................................................6
P3 Interpret relevant data and statistics to illustrate micro and small businesses impact on the
economy ................................................................................................................................6
P4 Importance of small business start-ups to a growth of social economy............................8
LO3 .................................................................................................................................................9
P5 Determine characteristic traits and skills of successful entrepreneurs that differentiate from
business managers..................................................................................................................9
P6 Assess entrepreneurial personality reflect entrepreneurial motivation and mind set .....12
LO4 ...............................................................................................................................................13
P7 How background and experience can hinder or foster entrepreneurship........................13
CONCLUSION .............................................................................................................................14
REFERENCES .............................................................................................................................14

INTRODUCTION
Entrepreneurship and small business management refers to a sequence of offering a
unique and creative learning experience to an individual who aspire to start their business to
maintain their standard of living in the society. It is an activity which is useful in setting up a
enterprise or businesses that take monetary risk in the hope of earning more profits. This report is
based on two brothers who are successful entrepreneur in UK. This report consist the range of
venture types and its relation to different typology. And suggest similarities and differences
between different entrepreneurial ventures. Further this report analyse the relevant data and
statistics on small and micro business and their impact on the country's economy. Furthermore it
explains the importance and growth of start-ups in the social economy. In this determine the
characteristic, traits and skills of entrepreneurs and how it different from other managers. At last
how they motivates to become a entrepreneurial and how their background and experience can
hinder and foster entrepreneurship (Ramadani and et. al., 2015).
LO1
P1 Different types of entrepreneurial ventures and how they relate to different types of typology
of entrepreneurship
Entrepreneurship
It is an activity and process of setting up a business enterprise that is capable of taking the
financial and monetary risk in the hope that they earn more profits. It provides a new
opportunities and encouraged a person on a grand scale. It refers to designing, running and
launching a new business that is initially a small business. An individual who create business are
called entrepreneurs. This term is not limited to founders of business firms, but it can be applied
to the operators of family-owned firms, franchisees and owners managers who have operators of
existing firms. It gives new opportunities to an individual to implement their new ideas and
thoughts and operated more more profits (Burns, 2016Ratten, 2016).
Entrepreneurial venture
It refers to a business enterprise that place innovation, creativity and opportunism as its
hearts in order to maintain social and economic value. In this a person or an individual are not
focus on the size and structure of an organisation but they mainly focus on that idea which make
a entrepreneurial ventures unique. It includes small, medium and large ventures and they always
1

ready to accept challenge and acquire new business knowledge. It includes various types of
entrepreneurial ventures that are described below. Small business enterprise – It refers to that enterprise that is privately owned and
operated with a limited number of employees and contains low volume of sales. It
generally includes sole proprietorship and partnerships firm. It can be classified on the
basis of sales, profits and assets. These type of enterprise teach the basic principle of
business ethics and entrepreneurship. Examples are hair- salon, yoga studios, boutiques,
carpenters, plumbers, groceries etc. This types of entrepreneurs take advantages of
resources from small business development centre. They bare profits to make their living
and to support their families and friends and they are funded through small business
loans, family members and friends. This type of business less attract the venture capitalist
(Ratten and Dana, 2015). Large business enterprise – It refers to that type of venture that give the opportunities
and ideas for the advancements within the large organisation or already existing firms.
The development and growth of this type of companies seen later on in the life of the
business enterprise. Their main motive is to earn more and more profits and increase the
growth and share of the company. This venture gives the employment to number of
peoples who are unemployed in the society. Large company seen as a adaption to
environment expansions. Often, this ventures are partnering with or purchase new
innovative companies. For examples- Microsoft, google and Samsung. Scaleable start-up enterprise- It refers to that business enterprise that defines a business
model where enterprise is started with unique idea and creative thoughts. This includes
everything that comes under the creating and launching a business. This type of
entrepreneurship have great experience and knowledge of work that help in earning
profitability. It started with a vision that help in changes the world and they raise funds
from venture capitalist and employing efficient employees. Examples are Instagram,
online shopping for electronics, Facebook etc.
 Social enterprise- It refers to an approach by group of people, individuals, and many
start-up companies that help, develop, raise money and execute solutions to problem that
is related to society, culture and environment. They are basically non-profits organisation
but some of them are based on profits with welfare of society. Their only purpose is to
2

make a better world. It includes and raise funds by government. Examples of social
entrepreneurship are Safepoint Trust by Marc Koska. That works in medical tools and
introduce reusable syringes for underfunded hospitals all over the world(Ratten, Dana
and Ramadani, 2017).
Entrepreneurial Typology
It generally used to explains the academic field to classify the types of entrepreneurship
on the basis of their entrepreneurship types. It includes different types of typology that is help to
increasing the profits and survival of the companies. There are various types of typology of
entrepreneurship that is described below(Piperopoulos and Dimov, 2015). Female typology – It refers to that typology where women entrepreneur handle the whole
business activities like manufacturing, job works, servicing, assembling and other many
functions that are performed in a enterprise to earn profits and sustainability. In this
females are excepted to adopt change, innovate new ideas according to the needs and
wants of the people. They calmly deals in a difficult situation that help in efficient
working in the business by an employees. They are related to scaleable start-ups
enterprises and social enterprises where they raise funds with government assistance and
venture capitalist for their innovation. For every country it is very beneficial to learn and
educate the society while taking a working women example. Male typology- It refers to that organisation where males are the owner of the business
enterprise. They main purpose is to earn more and more profits only. It is belong to large
companies entrepreneur where there are numbers of employees are working and
contribute in achieving the goal and profits for a company. They take decisions regarding
the growth and longer sustainability of a firm (Mamabolo, Kerrin and Kele, 2017). Serial typology – It refers to that typology which is related to scaleable start-up
entrepreneurship. Because it includes those business person that come up with new ideas
and thoughts to start a new business or to expand existing one. They raise funds from
venture capitalist, where many investors are interested to invest in innovative ideas to
earn profits and returns.
 Social typology – This type of typology is connected with an social venture
entrepreneurial where individual work for solving the problems that is related to society,
economy and culture. They are non-profit organisation.
3

P2 Similarities and differences between entrepreneurial ventures
Basis Large company
enterprises
Small
enterprises
Social venture
enterprises
Scaleable start-
ups enterprises
Definition It refers to that
companies whose
aim to earn more
profits and longer
sustainability by
innovating,
develop, modify
products and
ideas according to
the customer
needs and wants.
It involves large
numbers of
employees who
work efficiently
to achieve the
task.
It simply means
those enterprise
whose main aim
to feed their
individual family
and friends. Their
main aim to sell
innovative
products with the
reason to earn
small amount of
profits. It
included limited
number of
employees who
work with limited
resources .
It refers to that
business
enterprise that
mainly focus on
solving the
problems related
to culture, values,
social and
economy. They
work for non-
profit
organisation.
It refers to those
enterprises who
innovate and
create new ideas
to expand their
existing business
or opening a new
enterprise. It
includes venture
capitalist in
raising the funds
for expansion and
explore the
business.
4

Key features There main
feature is to
customer
segmentation
while providing
rich product
content to the
people. Large
companies are
also provide
loyalty programs
to their potential
customers.
Key feature of
small business
entrepreneur is
earn lower
revenue and
printability that
covers small
market area
where they
provide
employment to
make a small
team who help in
earning the profits
and sustainability.
Social enterprise
key feature is to
make clear vision
or mission about
the welfare of
society, economy.
And they reinvest
their profits into
achieving the
public welfare.
Key features of
this type of
entrepreneurial is
that acquire low
consumer
acquisition cost.
This organisation
need few people
to operates with
high margins
profits.
Purpose of
existence
The main purpose
of existence is to
earn more profits
and longer
sustainability.
Purpose of
existence is to
feed their family
members by
earning regular
profits.
The main purpose
is to earn the
social welfare of
the society by
making
innovative ideas.
The main purpose
of existence is to
innovate ideas to
expand and
explore the
business or
existing
enterprises.
Examples It includes Exxon
Mobil, Wal-mart
and General
motors.
Examples of
small enterprises
fairydogparents,
the basketry etc.
The Big Issue,
Jamie Oliver's are
the best examples
of social
enterprises.
Cocoon and
Bizzby is the
examples of
scaleable start-up
business
enterprises.
Similarities between entrepreneurial ventures
5

 They all work for the longer sustainability in marketplace by using their resources with
the utmost potentiality and abilities (Antoncic and et. al., 2015). The entrepreneurial
venture uses the available resources in operations and maximize their utilization in order
to improver their productivity. For instance, human resource are used by the
organisations in the most effective manner.
 They all focus on welfare of society, every entrepreneurial venture works and have some
corporate social responsibilities in relation to rendering what they have taken from the
society. The CSR activities which are conducted by the entrepreneurial ventures large or
small is in favour of the environment and welfare of society.
 All types of entrepreneurs are worked for profits according to their needs. This is the
major similarities between all entrepreneurs ventures. The entrepreneurs who are of small
size are working with the motive of earning enough for surviving in the marketplace. On
the other hand, the large or medium size entrepreneurs aims to surviving in market even
if they are earning losses but are profitable in future course.
 All the entrepreneurs are competition of each other and faces themselves in the market
while operating. In order to be competitive and sustain in marketplace each firm make
their goods and services unique from one another with one unique selling point.
LO2
P3 Interpret relevant data and statistics to illustrate micro and small businesses impact on the
economy
Micro and small business plays an important role in developing the economy of UK by
using innovative ideas and advanced technology. It creates employment in the country to
unemployed people. This chart explains the employment size band and turnover size (Naldi,
Achtenhagen and Davidsson, 2015) (National office of statistics, 2020).
6

By using this data, it has been explained that enterprises in UK provide many job
opportunities to the people who are not working yet and they need money. In small enterprises
entrepreneur gives jobs to limited number of people approx 49 to 50. But in medium enterprise
they provide the employment to approx 99 to 100 peoples. The annual turnover of small business
enterprise is around 4,14,780 and medium enterprise is around 574,960 (National office of
statistics, 2020). In UK small and micro business place a great impact as they are the main and
important source of earning more income and generate the economy on high level. It can be
positively contribute the economy of the country in a following ways this can be discussed below
(National office of statistics, 2020).
Tax contribution – Small and micro business get the tax benefits as compare to large
business organisation as the size of their operations are small which is the building block of a
economy. Small and medium scale operations cover 70% of the marketplace and enhance the
position of economy amongst world’s economies. Therefore, the government provides some
subsidiaries to the small sized operations. In United Kingdom, small and micro business
contributes minimum amount of tax because their spending and financial resources are no strong.
In this large organisation contributes more and supports the small and micro business. In this
7

small and micro business can impact less as compare to the large organisation, because they earn
limited amount of profits due to which they contribute less on tax.
Innovation and growth- the major part of small and micro business is that they produce
and manufacture the innovative ideas and products and sell it to the customers. This will attract
more consumers and enhance the sales with more proficiency. The UK economy is benefited by
the small and macro environment factors as these businesses adds huge income to the economy
by serving their innovative goods and services gaining attention of more people and changing
them into potential buyers. As UK is one of the best country and knowing for innovation because
of this many new small business take advantage of this and open their outlets with some
innovative ideas that gives the best opportunities to earn more and more profits by selling their
products to the peoples. This factor contributes more on the economy of the country because they
operate their business on innovation techniques without any innovation there is no growth. There
innovation attrcst more customer base and helps in earning more profits this will improves the
economy of the country.
Generation of revenue- It refers to that process and activity on the basis of which
company can sell its products and services in the market to earns profits. For small and micro
business they generate their sals by providing innovative and unique products to its customers at
a reasonable price so they will earn more profits. The profits units which are earned by small and
macro businesses are the results of their sales and revenue units. This automatically increases the
percentage of overall revenue units of the whole UK economy. The higher the sales of macro and
small businesses the more revenue levels will rise of the economy.
Provide employment opportunities – small and micro business environment helps in
providing the employment to the local people where the business has been operate. Therefore,
the members in the society live their best life and spend their income to purchase what they want
to purchase and make their goodwill. In UK there are many small and micro business has been
established after the Brexit and all this benefitted the nation economy.
Optimum utilisation of resources – Small and micro business enterprise use the
resources without wastage and optimally use it due to this their cost of production is low. And it
helps in enhances their profit margin and it contributes large in the economy of the country.
8

P4 Importance of small business start-ups to a growth of social economy
Social economy refers to that economics that focuses on the relationship between
behaviour and attitude of social and economic factor. It includes those factors that included
social values, norms, ethics,emerging trends and philosophies that influence the buying fashion
and the consumer behaviour. It is formed by a rich diversity of an enterprises such as mutuals,
associations, foundations etc (Mengel and Wouters, 2015). In UK, there is Brexit because of this
the economic condition is not so good and it also affect the demand and supply of products. In
this small business and start-up helps very well to increase the economy of the country and it
also provide employment to the unemployed persons. Small business and start-ups using
innovative ideas and thoughts and deliver it to the customers as per their taste and preferences. Employing local workers- Small business and start-ups contribute to countries economies
by bringing innovation and growth to a society in which it operates. It also helps in
providing opportunities to unemployed workers who may not be employable by larger
organisation. It attracts new talent and skills that provide solutions to existing problems.
The small and macro businesses contributes to the whole economy by creating jobs for
the local people who are unemployed. They bring out new talents and skills of individual
which develops new opportunities and opens new doors, also increases the confidence of
individuals. Turnover – Small business and start-ups keeps an economy strong. It also gives the
chance to learn new things, recover and rebuild which is beneficial for longer
sustainability. It also contribute in national economy while increasing the turnover.
Entrepreneurs keep the market alive that helps in earning more revenues and growth
(Gielnik, Zacher and Schmitt, 2017). The economy turnover increases as the growth and
expansion of small business and start-up's. They create jobs for local people and which
gives them higher purchasing power and abilities. Once people have money they start
spending it and its result is increased flow of money and turnover of the economy.
 Environment protection– small and start-up business helps in the environment protection
in a way that they produce those innovative goods and services that does not harm the
people who live in the society and the resources. These both business provide a healthy
culture and use limited technology and resources for making the goods. The small
business and start-up's innovate and Invent, by which they search for new ways which are
9

more effective of doing business and safer for the environment. This is how small and
start-up's helps environment of economy to be less polluted and safe for the long run.
LO3
P5 Determine characteristic traits and skills of successful entrepreneurs that differentiate from
business managers
Bobby Arora
He is one of the British billionaire entrepreneur who work as a trading director of B&M
retail chain since 2005. He was born in January 1972 and his brother describes as a “born
trader”. It includes some characteristics, traits and skills that help to become a successful
entrepreneur that are as follows (Ferreira, Fernandes and Ratten, 2017).
Characteristics Creative and Innovative- To became a successful person every person needs to be think
creative or innovative and a better ways of doing things. To be successful Bobby Arora
thinks out of the box that found better ideas and options for start their business that
cannot be done anywhere in all over the world. At this time their main aim is to done
innovative things that help many peoples not to make money. In this point managers are
different because they are the employees of a business enterprise and they only think for
completing the task on time not for overall success of the company.
 Risk takers- To be successful, it is essential to take risk at all level and find the
opportunities in them to earn a profits. Bobby Arora is one of the best example of risk
taker and he is a trading director of B&M and their business moves were based on
innovation, taking risk and feeling comfortable. A manager of a business are not able to
take risk and they have nor right to take risk in difficult situation because they are the
employees of a company and entrepreneurs are the owner of a company(Klapper, Biga-
Diambeidou and Lahti, 2016).
Traits Motivation- For every successful organisation there is a need of motivation. In this an
entrepreneur bring enthusiasm for doing everything to earn a profits. Because of
passionate about work Bobby are willing to put in the long hours and work hard and by
seeing the willingness of work, employees are also motivated and work with productivity
10

and efficiency. Managers are different from entrepreneur because get motivated after
seeing the entrepreneurial hard work, and according to that manager motivates to do work
efficiently.
 Flexible - This trait helps an entrepreneur to adapt the changes according to demand of
a market and customers. Rapid advancement in technology create a new opportunities.
Bobby is one of the successful entrepreneur that swiftly customize their goods offerings
to satisfy their customers. He is very flexible who welcome new ideas and suggestions of
other people. This trait of entrepreneur is different from managers of business because
they do not flexible in nature who adopts change to a changing world (Mugler, 2017).
Skills Networking- To become a successful entrepreneur Bobby grow a network that facilitates
business opportunities, find sub contractors, partnership deals and future employees. It is
very helpful in exploring the horizons of PR and transmitting the valid message on all
fronts. Managers are different from entrepreneurs because they are the employees of a
business enterprise who only convey the message to their subordinates not their
entrepreneurs.
 Finance- Finance is an important source for every business enterprise. Handling all the
monetary term helps in achieving the targets. Bobby has a good finance handler that help
in earning more revenues. In this situation entrepreneur appoint a finance manager who
handle all the resource funding to earns a high profits and more growth.
Simon Arora
He was born in November 1969, and studied law at Cambridge university. He worked as
an analyst for McKinsey, Barclays and 3i but in 1995 joined hos younger brother business B&M
as a CEO.
Characteristic Self- confidence- Every successful entrepreneur do not doubt themselves. They do not
confuse confidence with arrogance. Confidence in Simon is very high they do not doubt
their decisions. They only focus on the success of their business. He is not arrogant, this
help in earning more and more profits. Managers of business are different from
entrepreneurs because they are the employees who follow the rules and guidance of an
owner and they are not much confident on their decisions as compare to a businessman.
11

 Vision – Simon has a clear vision and always keep an eye on the big picture. It is about
the strategic planning. Managers are different from entrepreneurs because they only have
the vision of earning monetary value but an entrepreneurs have the vision for a high
standard of living with lots of money (Ghio and et. al., 2015).
Traits Adventurous – Simon is always ready to take risk and he is very adventurous to adopting
the change and do a innovative things. This help in becoming a successful British
entrepreneurs. Managers are totally different from entrepreneurs because they are not
much adventurous to adopt and do innovative things.
 Decisiveness – Simon makes and takes decisions according to the goals and their
deadline. This will help in completing the task on time with very effective form. They
decide what is important to company. Managers are different from entrepreneur because
they take those decisions which the entrepreneur tell them. Because entrepreneur are the
owner of the company (Eijdenberg, Paas and Masurel, 2015).
Skills Communication – Simon has very effective in conveying the message to their clients,
customers, partners, peers, prospects etc. that help in earning more respect, increasing
brand image of their company, earning more profits and revenue. Manager are different
from entrepreneurs as they only communicate with their subordinates and top
management (Block and et. al., 2015).
 Time management- This skill is essential to become a successful entrepreneur. Simon
carefully prioritize planning, execution and iteration which is important. Right
management of time helps in achieving the goal with productivity.
P6 Assess entrepreneurial personality reflect entrepreneurial motivation and mind set
Personality of an entrepreneur reflects an entrepreneurial motivation and mind set. To
explains it by using ocean model which is very effective that is explained below.
Ocean model also known as big five personality trait, five-factor model that helps in explaining
the personality of an individuals (Zacca, Dayan and Ahrens, 2015). Openness- People in this trait likes to learn and adopts new things and enjoy every new
experiences and have a wide variety of interests. Bobby and simon both have open minds
12

and adopts the change according to the requirement of the market. Openness in thinking
helps them to think innovatively and creatively and builds self confidence in their minds
so that they both achieve the task on time and success in their business. The high score in
openness enhances the mentality and thinking level of individuals which gives them
power to work and operate in best effective manner and be efficient. Conscientiousness- This trait peoples are reliable and prompt. They behave in an
organised, methodic and thorough. Simon and Bobby both have high degree of this trait.
They set rules and plans the activities so the task can be completed on time and in a very
reliable manner (McGowan and et. al., 2015). It includes the effective communication
and helps in building a strong network with other clients and customers to enhance the
productivity and proficiency in a enterprise. The entrepreneurs can effectively achieve
their motive and objectives by working according to the plans which are developed in
beginning of any activity they undertake. Planning is building block of a business and its
success. Extraversion- This type of people are very active to interact with other peoples and this
type of traits are energetic, talkative and assertive. Both Bobby and Simon have extrovert
in nature as they create network and communicate their thoughts easily with clients,
customers etc. Because of extrovert nature both create a big and vast network with other
clients in this way they will increase their work efficiency and successful in their
business in UK. The entrepreneurs were able to potentially develop and maintain long
term relationships within and outside the business, it enhanced their capabilities to be
more productive in present and in future at the time of emergencies. Agreeableness- This type of trait people are very friendly, cooperative and
compassionate. Both Bobby and Simon have motivates their employees and themselves
to become a successful entrepreneurs. This step of this model includes the characteristic
of decisiveness and adventurous where both take quick decisions that helps in success of
their business and become one of the successful enterpriser in the UK. The self
motivated and agreeable attitude of entrepreneurs develops positive environment in their
business environment increasing the efficiency of the individuals working in the firm.
 Neuroticism- It refers to an emotional instability. This type of trait includes moody and
tense nature. Both Simon and Bobby have low on this trait because they both are strong
13

and emotional stable. This helps both the entrepreneurs to manages their time and make
a decisions to a difficult situation to generate more revenues and profits. Both the
entrepreneurs were self motivated and take rapid decisions but with utmost clarity of
their thoughts and ideas and lack in their trait.
LO4
P7 How background and experience can hinder or foster entrepreneurship
Peter Jones and Richard Branson both face and experience some challenges and problems
that can hinder and foster entrepreneurship. To become a successful entrepreneur this report
analyse the background and experience(Henry, Foss and Ahl, 2016).
Peter David Jones was born on 18 march 1966, and lives in Beaconsfield. He is very
passionate about cars and because of this he owns several classic and luxury sports car. He is one
of the best British entrepreneur who are interested in television, mobile phones, leisure, retail and
property. From the very young age he would sit in his father's office and that time imagine to
running a multi-million dollar business. At that time peter wants to understand how business
worked and discover. After inspiring from his dad he opens and purchase many business
currently he owns a broad range of businesses that employ more than 1000 employees. They
always helps and encourage young people to enhance the economy and company growth. The
background of Peter David Jones helped and foster his growth and career. Peter David Jones
developed the dream of becoming a successful entrepreneur in a very little age and helping his
father in his business gave him huge experience. He used his past experience, knowledge and
educating in becoming a successful and potential businessman and his background has a positive
impact on it.
Richard Branson is one of the famous investor in the UK and he is a founder of Virgin
Group and owned around 400 companies. He is the only investor in UK and all over the world
who build eight separate billion dollar companies in various countries all over the world. He has
no interest in study so he started by promoting to local businesses. After sometimes he thinks to
open a recording studio named “ Virgin Records”. Further he opens a Virgin Airlines. One day
Richard going to Virgin Island to meet his girlfriend, at that time his final flight was cancelled
because of some reason. At that time he thinks to purchase a private air plane that take Richard
14

to the Virgin Island. This all make him successful business enterpriser in the UK (Al-Damen,
2015).
CONCLUSION
From the above report, it has been concluded that entrepreneurship is an important
element to grow the economy and encourage the new talent and skills in the society. It explains
the different types of entrepreneurs with their typology that generate more profits and
sustainability. Further it differentiate the different entrepreneurs according to their features and
purpose that help in contributing and find similarities in them. It provides the data to small and
medium enterprise how they contribute in economy of the country to became a better economy
also show the importance of small business in social economy. It explains the personality of an
entrepreneur as per the characteristics , traits and skills by using ocean model. At last show their
experience that hinder or foster to become a successful entrepreneurs.
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