Entrepreneurship and Small Business Management: Exploring Venture Types, Economic Impact, and Entrepreneurial Mindset

This report delves into the multifaceted world of entrepreneurship and small business management, examining various venture types, their impact on the economy, and the key aspects of an entrepreneurial mindset. It explores the different types of entrepreneurial ventures, including independent, public sector, corporate, social, and academic entrepreneurship, highlighting their similarities and differences. The report then analyzes the significant contribution of small businesses to the UK economy, interpreting relevant data and statistics to illustrate their impact on employment, innovation, and social development. Furthermore, it examines the characteristic traits and skills of successful entrepreneurs, assessing how aspects of their personality reflect entrepreneurial motivation and mindset. Finally, the report explores the different environments that foster or hinder entrepreneurship, using relevant examples to demonstrate how background and experience can influence entrepreneurial success.

ENTREPRENEUSHIP AND SMALL BUSINESS
MANAGEMENT
1

Table of Contents
Introduction......................................................................................................................................4
Task 1 - Explore and illustrate the range of venture types that might be considered
entrepreneurial.................................................................................................................................5
P1: Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship...........................................................................................................5
P2: Explore the similarities and differences between entrepreneurial ventures..............................7
Task 2 - Assess the impact of small businesses on the economy..................................................10
P3: Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy..................................................................................................................10
P4: Explain the importance of small businesses and business start-ups to the growth of the social
economy.........................................................................................................................................11
Task 3 - Determine and assess the key aspects of an entrepreneurial mindset..............................13
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers..............................................................................................13
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset...........................................................................................................................................14
Task 4 - Examine the different environments that foster or hinder entrepreneurship...................17
P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship............................................................................................................................17
Conclusion.....................................................................................................................................19
References......................................................................................................................................20
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Introduction
In the current age, the term entrepreneurship has diverse meanings and is not limited to its
theoretical meaning only. In theory, “entrepreneurship” has been defined as the concept of
building and managing a business venture for the purpose of acquiring profit by undertaking
various risks in the business environment, thereby having the motivation to establish a new
venture. The activity of entrepreneurship contributes in the economic growth and development of
the nation and broadens the prospects of market. Establishment of business has become
comparatively easier and cheaper as the government has given a positive response towards it.
Entrepreneurial ventures are termed as small business enterprises at their initial stages as they are
autonomously owned, are limited in size, have limited employees and have limited turnover,
based on the industry in which they are operating.
The report has been prepared by an individual undergoing training in “Prezzo Manchester
Media City”, who has been assigned to conduct a discussion about various tasks, as a part of the
final selection process. The report focuses on four tasks where the first two tasks provide an
illustration of the various types of entrepreneurial ventures and impact of small business on the
economy respectively. The third task is to determine the characteristic traits and skills of
successful entrepreneurs and its impact on individual motivation level. In the last task, the impact
of different environments in the growth of entrepreneurship has been analysed.
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Task 1 - Explore and illustrate the range of venture types that might be considered
entrepreneurial
P1: Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
As per the records of 2015 Global Entrepreneurship Index, UK has been ranked as the biggest
entrepreneurial country in Europe and holds the fourth position in across the globe. In UK, the
following types of entrepreneurship have been identified:
 Independent/ private entrepreneurship- It is the most widespread type of entrepreneurial
activity where independent firms or private companies perform entrepreneurship activities.
These entrepreneurships have a major role to play in growth of the economy as they generate
employment opportunities as well as value added initiatives. This is the purest form of
entrepreneurship activity. The owners or entrepreneurs generally display extensive
characteristics of an entrepreneur. In UK, majority of the organisations are private
entrepreneurships. Public sector entrepreneurship- In situations when the government bodies or government
associated entities or state-owned companies undertake entrepreneurial activity, it is known
as public sector entrepreneurship. Public sector entrepreneurship companies were formulated
to comply with the privatization programme of the nation to offer effective services to the
individuals. The state-owned companies undertake entrepreneurial activities through equity
participation, joint ventures and management buyouts. Corporate entrepreneurship- The entrepreneurial activities performed by large-scale
corporate companies refer to corporate entrepreneurship. Large-scale companies, for
expansion of business operations are continuously engaged in the diversification of
entrepreneurial activities, which helps them to sustain in the market by launching a new
product and offering new services. Their entrepreneurial activity is carried out for bringing
innovation in the company, carrying out extensive research, calculating risks and investing in
new business opportunities, by creation of work culture, having the potential to endure risks,
uncertainty, failures and experimentation (Lee et al., 2012).
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 Social entrepreneurship- Entrepreneurs operating in the social enterprises or other
organisations whose core aim is to achieve their social objectives as well as ensure that the
organisation continues operating in the long term, are known as social entrepreneurship.
Their mode of operation is similar to corporate entrepreneurs, thereby adapting
entrepreneurial principles for management. Their focus is to accomplish the social ROI,
instead of the financial ROI. Academic entrepreneurship- These entrepreneurs are found in institutions offering higher
education services and research and development services. Academic entrepreneurs are
engaged in commercialisation and innovation of research and development goods and
methods (Hayter, 2011). The main motto behind the academic entrepreneurship is to increase
intellectual property rights like copyright, patents and trademark and commercialise them
through licensing of technology, sale of IPs or establishment of new firms.
In addition to these, other variants of entrepreneurs are serial entrepreneurs, nascent
entrepreneurs, lifestyle entrepreneurs, necessity entrepreneurs, technopreneurs, infoprenuers,
agripreneurs and eduprenuers. The different types of entrepreneurial ventures are:
 Lifestyle venture- These organisations offer their owner a stable income and their approach
towards management of business and maintaining their position in the market is through the
application of a business model. These ventures do not aim at expanding, reinvesting or
growth of their organisation. They are limited by resources, operate from one particular place
and the workforce is also fixed.
 Survival venture- A survival venture offers assistance for fulfilling the basic needs, thereby
helping the owner to survive economically. These ventures are not always registered, have
limited assets or no assets. Their mode of operation is based on cash basis and they are not
associated with banks. As these companies aim to offer help to owners and fulfil their
monetary needs, they do not have any funds for investment.
 Managed growth ventures- These organisations follow workable business model with the
aim to acquire stable growth. These ventures enhance their performance and increase their
share in the market by entering new markets regularly, introducing new products at times,
increasing the staff numbers at a stable rate and offering more facilities. They continuously
keep investing for development of the local and regional brands.
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 Aggressive growth venture- An aggressive growth venture is highly based on technology and
has capability to bring healthy innovation. Equity capital offers the necessary fund to these
organisations (Kiss et al., 2013). The ventures focus on international and national markets
and make the most of the available opportunity.
P2: Explore the similarities and differences between entrepreneurial ventures.
The differences between different entrepreneurial ventures, namely public enterprise, private
enterprise and social enterprise has been provided below:
Basis of
difference
Social enterprise Public enterprise Private enterprise
Ownership Either these types of
enterprise are privately
or they are publicly
owned, but differ on
their purpose of
operation (Montgomery
et al., 2012).
The entrepreneurial
enterprises are controlled
by the government of the
state, local or central.
These enterprises are
owned by private
individuals.
Function Their main function is to
identify the issues faced
by the society and
resolve them through
their entrepreneurial
practices, thereby
meeting their social
objectives.
The government
establishes new
organisations or get into
partnership with private
organisations for
providing better quality
services to the citizens of
the nation.
The entrepreneurs of
these enterprises
identify business
opportunities and
utilise them by
introducing new
products and services,
thereby enhancing the
quality of life as well
as incurring profits
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(Casson, 2013).
Method of
operations
The necessary funds
needed for executing
their business operations
are acquired through
donations. These
enterprises do not aim to
incur profit and through
the application of
sustainable business
model, they aim at
increasing longevity and
assistance to the society.
Revenue generated from
the public through
activities like duty,
penalty, tax, fund raising
and others provide the
necessary funds for the
company (Berry, 2015).
Their core objective is to
ensure that the
community receives high
quality services as well
as incur profits. They try
to maintain a balance the
rate of economic
development as well as
help it grow in the long
run.
Funds are acquired
through personal
investment, taking
loans, issue of
debentures and shares
and others.
Maximising the profit
margin and growth of
the company is their
core purpose, which
they achieve by
offering new products
and services to the
society for improving
their lifestyle.
Purpose To eradicate the social
issues of the community
To serve the citizens and
fulfil their demands and
requirements
To generate profits
and improve the
quality of life
Table 1: Difference between Social Enterprise, Private Enterprise and Public Enterprise
(Source: Created by the learner)
Apart from the above mentioned differences, the enterprises share the following similarities:
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 While executing their business decisions, all the business organisations initiate by
recognising business prospects available, analysing them and converting them into a
rational business activity. Through their business idea and entrepreneurial ventures, they
eliminate the various issues prevailing in the society.
 All the enterprises have the characteristic of undertaking risks as the commodities and
services offered by them are innovative; thereby posing the threat of being rejected or not
being accepted by the consumers and the society.
 The driving forces of these organisations are passion and self-motivation, further
supported by the vision to bring noteworthy changes by elimination of traditional
practices and implementation of contemporary methods (Simmelink, 2012).
 All the enterprises are dedicated and believe in stable growth through effective strategies
and planning.
 The innovative approach adopted by them in their business activities offers high scope of
growth and development for them and helps them acquire government support as well.
Moreover, public, private and social entrepreneurial ventures vary on the basis of their size of
operation as well. Based on this factor, they are classified as large, medium and small-scale
enterprises. During their initial stage of operation, majority of the firms are termed as micro
enterprises as they operate with limited resources and workforce accounting to ten individuals at
the most. On the other hand, small enterprises start with a maximum of fifty employees and
larger number of customers. The medium scale companies have large customer base with a
maximum of 250 employees.
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Task 2 - Assess the impact of small businesses on the economy
P3: Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.
In order to help the nation grow economically as well as globally, small business enterprises and
micro enterprises are required. These are either privately or publicly owned and are managed by
either individuals or group of individuals. Despite the fact that they operate through limited
resources and offer employment to a limited number, statistics have revealed that they have a
significant impact on the economy of UK. In the beginning of 2016, the small business
enterprises in UK comprised of approximately 99.3% private enterprises and 99.9% of medium-
sized enterprises. The total amount of employment generated by SMEs was 15.7 million, out of
which 60% belonged to the private sector. The micro and small business enterprises have turned
out to be highly beneficial for both the national and local community, as 2.5 million out of the
total 5.5 million have been registered for Value Added Tax (VAT) or Pay As You Earn (PAYE).
As per the records of the UK government, the current threshold for VAT registration is £85,000
(Gov.uk. 2018). This shows that a large number of the organisations in UK are incurring huge
profits, which is helping them to pay taxes effectively.
England acts as the headquarters for 88% of the SMEs in UK, out which 33% are based in
London and South East. Among all the cities, London has the least number of SMEs and
contributes only 45% of the employment in UK. Furthermore, south-west of England has the
highest number of SME bases, contributing 70% in the employment sector. Wales has the second
highest number of SME bases, approximately 70 percent of them. Among these, 94% of the total
approximate number, 170,000 organisations are micro enterprises, creating employment for 31%
of the total working population. These organisations are mainly involved in the service sector,
namely hospitality, retail, financial, business and transportation services and construction
industry. Northern Ireland has also shown high number of SMEs establishments, thereby
generating 80% of the total employment. Among these, 50% of them are micro business
enterprises,9.5% are small business enterprises. The small business enterprises generate around
9% employment for the country. In Scotland, the SMEs offer 53% of the entire job opportunities
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and contribute 99% of the organisations. In 2004, the turnover of these organisations accounted
to approximately £70 million. Maximum of the SMEs based in Scotland are involved in finance
and business sector.
In Birmingham, there has been an increase in the number of SMEs by 32% since 2010,
generating 27,000 new jobs, out of which majority of them are engaged in manufacturing of
freight and jewellery. In case of London, the SMEs have increased by 41% since 2010, offering
employment for 85,000 individuals. Among these, majority of them are involved in the
professional financial services, like legal services, insurance services and intermediation and
trusts. Leeds has shown an increase of 30% in the number of SMEs since 2010 whereas
Liverpool has shown an increase of 27%, thereby generating 30000 and 4500 new jobs
respectively. In case of New Castle and Manchester, the SMEs have increased by 51% and 24%
since 2010, thereby generating 37,000 and 10,000 jobs respectively (Small Business. 2018).
Hence, based on the above data, it can be concluded that SMEs have helped in the growth of the
economy by creation of job opportunities, improvement in standard of living, promotion of
creative and innovative business ideas, removal of disparity in income and generation of
revenue.
P4: Explain the importance of small businesses and business start-ups to the growth of the
social economy.
Social economy comprises of various organisations, associations, cooperatives, foundations,
social and mutual enterprises aimed at reducing the level of inequality in the organisation,
increasing social inclusion as well as generate economic value (Oecd.org. 2018). These
organisations mainly comprise of small, micro and medium size enterprises. These help the
society by offering them job opportunities, reintegration of the labour market and vulnerable
individuals and marinating environmental sustainability.
The SMEs have increased the speed of economic growth of the UK economy by contributing in
the gross domestic product (GDP) of the country. In majority of the nations, the SMEs account
for 60%-70% of the employment. As large-scale firms are scaling down their operations and
outsourcing them, the demand for SMEs has highly increased. In addition, the SMEs contribute
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in increasing production, thereby having a corresponding increase in the economic growth of the
nation. The level of competition prevailing in the market, the entry and exit of small enterprises,
are factors having a direct impact on the growth of SMEs. With the advent of SMEs, the amount
of innovation in UK has increased. They are the source of innovation for UK economy, as 90%
of the small business enterprises are engaged in innovative business activities. SMEs ain UK
have helped in reducing the level of poverty through creation of job opportunities, thereby
creating source of income for the individuals, further resulting in an increase in the output. In
case of developing nations, SMEs help in generating export revenue.
In case of UK, the importance of small businesses and start-ups in the growth of the social
economy can be given with reference to the initiatives taken by the government. In UK, out of
five, one of the business enterprises have a social mission to accomplish, which is helping UK
become the biggest centre for social enterprise in the global platform. Based on the above ratio, it
can be interpreted that the social enterprises in UK contribute £55 billion every year to the
economy, by complying with the enduring economic plan of the UK government. The UK
government has established a social investment bank, namely Big Society Capital that has
already offered support to 100 ventures in UK, investing £180 million in total. Social enterprises
formulate various CSR initiatives to foster social development (Gov.uk. 2018). To give an
example, a brewing organisation, one of the finalists in the Chivas Venture had decided to donate
their proceeds to “Prostate Cancer UK”. In the same manner, start-ups have offered employment
to individuals suffering from ill health, disabled employees, offered food services to homeless
citizens, taken initiative to ban use of plastic in the nation, thereby contributed in the growth of
the social economy of UK. The main reason behind the growth of social economy in UK is due
to availability of social finance, increase in social investment and high number of social
enterprises.
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Task 3 - Determine and assess the key aspects of an entrepreneurial mindset
P5: Determine the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers.
A successful entrepreneur must have certain characteristic traits and skills. These skills and traits
make these entrepreneurs stand out of the other business owners (Zaridis and Mousiolis, 2014).
To name a few successful entrepreneurs in the world, names like Oprah Winfrey, Larry Page,
Bill Gates and Mark Zuckerberg comes up. The main reason of an entrepreneur’s success is their
ability to think out of the box and their decision-making ability. They know how to face
challenges and adapt to difficult situations.
Characteristic traits of successful entrepreneurs:
Motivation – A motivated entrepreneur can efficiently motivate their employees employees
(Caurkubule and Rubanovskis, 2014). Self- motivated is a trait that is required by any
entrepreneur to be successful. A business goes through various phases. There are many ups and
down in a business in terms of profitability. In times of low phases, it is necessary to keep cool
and motivate the employees along with him. Oprah Winfrey has gone through tough times in her
life. She has never backed out from any tough situations both in personal as well as professional
life.
Creativity – Creativity along with innovativeness is a trait that a successful entrepreneur must
have. There is very tough competition in any industry or sector. Therefore, to compete with the
competitors it is necessary to bring changes in the product or services (Burns, 2016). The
innovativeness of an organization helps it to become more profitable. Steve Jobs is a personality
who has shown to the world what a creative mind can do. In the times of Windows popularity, he
has made product of Apple and its operating system iOS stand apart from other competitors.
Vision – A successful entrepreneur must have a clear and long-term vision. A successful
entrepreneur should always look at the big picture. Mark Zuckerberg while making Facebook has
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seen the potential of it in long term. This is the reason behind why he is considered to be one of
the top entrepreneurs in the World.
Risk tolerance – Risk taking ability is an essential trait that an entrepreneur needs to have to
become successful (Hvide and Panos, 2014). Sometimes in business, decisions are tough and
hard to make. People who have the ability to take risk and make a decision are more often to
become successful entrepreneurs.
Skills of a successful entrepreneur:
Time Management – Time is an essential aspect in everyone’s life. Managing time in an
efficient way is the skill of a successful person (Morris, 2015). To achieve the objectives of an
organization in a certain time the employer must divide tasks to the management giving a
particular period of time. This particular skill is important to become successful and run a
successful business.
Business Planning – A successful entrepreneur must be a success business planner. He should
have a look out in all the departments and would be able to multi-task in required situations. An
effective business plan leads to profitability and generate revenue. The business plan
incorporated by Steve Jobs, which relate to innovation has become successful without any
argument.
Teamwork – Teamwork is an essential skill that not only employer but also every employee
must incorporate. To make an organization reach the heights of success teamwork is the most
effective skill required.
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset.
A successful entrepreneur goes through various tough situations in life. The contributions made
by an entrepreneur helps in development of the community and the economy of the country. The
various factors that an entrepreneur goes through are the culture, background, education and life
experiences that help them in encountering tough times. Entrepreneurs never become successful
by coincidence. Determination and handwork including key characteristics traits and skills
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makes an entrepreneur successful. The factors that were mentioned like culture, background,
education and others contribute in development of entrepreneurs. Culture helps in incorporating
key values, beliefs and morals, education helps in learning that can be implemented in personal
or professional life, family background that also helps in incorporating different values play an
essential part in the development of characters that is needed in an entrepreneur.
The mindset of an entrepreneur develops due to lots of brainstorming. The factors discussed
above play an important role. The background and upbringing of a family plays an active part in
the development of an entrepreneur. In a family where risk taking has never been demonstrated,
it is likely that an individual who has been brought up in the family will lack risk-taking ability.
It is also seen that risk-taking ability is developed when an individual faces many challenges. A
creative and innovative mind also leads to entrepreneurial ability (Knight, 2012). The culture of
an individual comes into play when an individual incorporates the beliefs and values of the
culture. These values and beliefs can always be implemented in the entrepreneurial venture. A
self-motivator never backs out from any challenges. This self-motivating ability comes in handy
while experiencing or setting up an entrepreneurial venture. Challenges faced in life helps in
development of this ability of self-motivation. This not only helps oneself but also helps the
employees to follow the employer in terms of motivation and a person who can motivate oneself
can always motivate others. Motivation generally increases the productivity of an individual.
Education also plays an important role in building and developing mindset of an individual. If
entrepreneurial education is taken from beginning then it is ensured that an individual will have
the abilities and skills to manage a business. A mindset is also built in respect to the education
taken by the individual. Positive attitude is also developed in the individual through education.
Experience of an individual is a critical aspect that helps in overcoming all situations. People
those who have harsh experiences in life and have seen a lot and knows how to encounter most
of the problems. Dealing challenges practically is an effective way to learn in life. These
experiences build and develop a mindset that eventually makes the individual a successful
entrepreneur. Lifestyle has also some roles in developing mindset and influencing motivation.
Positive lifestyle leads to positive mindset where as negative lifestyle leads to a negative mindset
(Foo, 2011).
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There are several examples that stand out in the crowd of entrepreneurs and have made their life
successful in the entrepreneurial ventures. Walt Disney, J.K.Rowling, Madam CJ Walker and
Steve jobs are to name a few whose development of mindset has taken place due to various
aspects such as family background, culture, education, lifestyle and others.
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Task 4 - Examine the different environments that foster or hinder entrepreneurship
P7: Examine, using relevant examples, how background and experience can hinder or
foster entrepreneurship.
The background, experience, society beliefs, perspective of the individuals, religion, caste, creed,
race and other social factors are responsible for hindering of fostering of entrepreneurship. To
give an example, Eric Ripert, the co-owner and head chef at Le Bernardin spoke credited three
of his mentors for his successful culinary career, among which the entrepreneurship skill was
acquired by his mother (Maughan et al., 2016). As mentioned, his mother acknowledged him
with examples of well-known leader to instil in him the urge to become one of them. In addition,
the ownership of various boutiques helped Eric in learn the art of leadership and achieve his
goals. The impact of various social factors has been discussed below:
 Culture of nation- The nation where the individual belongs should offer them a supportive
environment for carrying out entrepreneurial activities. The government of the nation should
formulate policies that can support the entrepreneurial activities and ensure equality in
income distribution. Character trait- In order to become a successful entrepreneur, the individuals should possess
certain characteristics and skills. In addition, they should be self-motivated and have the
passion to take risks for achieving success (Kerr et al., 2017). Educational background- The education received by the entrepreneur and the education
system prevailing in the nation is also responsible for infusing in the individuals the skills of
entrepreneurship and providing them the necessary training required (Bae et al.,2014). Economic situation- The economic health of the nation can foster or hinder entrepreneurship
as the availability of resources, raw materials, availability of labour, development of
infrastructure and availability of capital are factors affecting the establishment of business
(Ayoade Ezekiel et al., 2017).
Furthermore, individuals are motivated and discouraged towards entrepreneurial activities by
various risks and rewards. Through their entrepreneurial activity, they can address the social
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issues, thereby foster development. Features like working independently and as per the suitability
of one’s routine encourages individuals to become engaged in entrepreneurial activities.
Alternatively, the involvement of risk and investment are factors that de-motivate them.
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Conclusion
In the given report, the trainee has offered a discussion on entrepreneurship and small and
medium sized organisations with reference to the United Kingdom. The report has provided
factual data to represent the growth of SMEs in UK and their contribution in the economic
growth and development of the country. Additionally, the report has offered various examples
and thrown light on the characteristic traits of a successful entrepreneur. The significance of
SMEs in UK has been discussed in detail with reference to various cities like Wales, London,
Scotland, Manchester, to name a few. The role of social enterprises in the UK economy has also
been discussed.
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