Entrepreneurship Consultancy Assignment

Entrepreneurship Consultancy
Unit 9: Entrepreneurship and Small Business Management
Student Name:
Student ID:
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Table of Contents
Introduction......................................................................................................................................1
Company overview......................................................................................................................1
Activity 1.........................................................................................................................................2
The examination of different types of entrepreneurial ventures and their relation to the
typology of entrepreneurship.......................................................................................................2
The exploration of the similarities and differences between entrepreneurial ventures...............4
The investigation of a diverse range of ventures in both the public and corporate sectors.........5
The critical evaluation of the scope, development and growth of the different ventures............6
Activity 2.........................................................................................................................................7
The interpretation and assessment of the impact in the economy by micro and small businesses
by using relevant data and statistics.............................................................................................7
The essentialness of small businesses and business start-ups to the growth of the social
economy.......................................................................................................................................8
The evaluation of the small, medium and large businesses that contribute to making the
economy.......................................................................................................................................9
The critical examination of how small businesses affects different levels of the economy......10
Activity 3.......................................................................................................................................11
The examination of how background and experience can hinder or foster entrepreneurship...11
The link between entrepreneurial characteristics and the influence of personal background and
experience..................................................................................................................................12
The critical evaluation of how background and experience influences entrepreneurs both
positively and negatively...........................................................................................................13
Conclusion.....................................................................................................................................14
Reference.......................................................................................................................................15
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Introduction
The economy of a country has been driven by the successful business organisation and here the
contribution of an entrepreneur is very much because they take the initiative to open a new
business as well as to successfully continue the business operation. An entrepreneur is a person
who takes initiative for establishing a new business, takes the risk concerning the success and the
procedure of an entrepreneur is called entrepreneurship (Thompson, 2016). There have some
different types of entrepreneurial venture and typology of entrepreneurship. A successful
entrepreneur has some skills and characteristics. The background and experience of an
entrepreneur influence a lot to become a successful entrepreneur. I am currently working for a
consultancy firm and the name of this firm is Strategy& UK and they consult about various
important factors concerning the entrepreneurship. In this report, I have covered the above
subjects matter broadly for better understanding.
Company overview
Strategy& is a global consultancy firm that was situated in the United States in 1914 by Edwin
G. Booz. The headquarters of this consultancy firm is in New York, New York, United States.
The number of employees in Strategy& is above 3000. They are strategy consultancy firm and
they have many branches throughout the world. In the UK, they are continuing their business
operation with a good reputation and the headquarters is at 7 More London Riverside, London
SE1 2RT, United Kingdom (Strategy&, 2020).
Figure 1: Logo of Strategy& (Strategy&, 2020)
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Activity 1
The examination of different types of entrepreneurial ventures and their
relation to the typology of entrepreneurship
The word “entrepreneurship” is very much important because it defines the procedure of an
entrepreneur and an entrepreneur is a person who takes initiative to make a new business. So, the
procedure of taking risk of whether the desired objectives will be achieved and taking initiatives
is called entrepreneurship (Thompson, 2016). There have some different type of entrepreneurial
ventures that the entrepreneur can present and these are –
Figure 2: Entrepreneurial Ventures (Ţurcan, 2018)
Small and medium enterprises (SMEs) are that types of entrepreneurial venture where the
number of employees is less than the 250 and the annual profit is less than the £50 million. The
contribution of SMEs on the economy of a country is very much high. In 2020, the number of
SMEs in the UK is about 5.2 million and 46% gross domestic product comes from the
contribution of SMEs. Clarion, Pure planet, Oscar, etc. are the common and renowned SMEs in
the UK (Ţurcan, 2018). The large entrepreneurial venture has been comprised of a huge
amount of capital and employees (Almost above 500 employees). This type of venture provides
huge profit than the SMEs because their business operation is more expanded. Tesco PLC,
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Small and
medium
Entrepreneurial
Venture
Large
Entrepreneurial
Venture
Scalable Startup
Entrepreneurial
Venture
Social
Entrepreneurial
Venture

Morrison, Unilever etc. are some of the best examples of the large entrepreneurial venture.
Scalable startup entrepreneurial venture refers to take an innovative idea and search for the
scalable and repeatable business model and that helps to turn into high growth and profitable
company. This venture ensures the profit and growth of a business (Ţurcan, 2018). Finally, the
social entrepreneurial venture has been situated to serve the society and people’s welfare. This
type of entrepreneurial venture aims to increase the interest of the society and for example, Solar
Sister (Ţurcan, 2018).
There have some different types of the typology of entrepreneurship and the entrepreneurial
ventures are highly correlated with these. Some of the typologies are expressed here-
Figure 3: Typology of Entrepreneurship (Casson and Buckley, 2016)
When a person takes initiative to open a new business and operates the business individually
then this type of entrepreneurship is called individual entrepreneurship. The capital, as well as
the capacity of this type of business, is low (Casson and Buckley, 2016). Corporate
entrepreneurship refers to creating a new product by using innovation in an existing business. It
helps to get a competitive advantage as well as sustainability. When a business organisation has
been created, funded and controlled by the govt. then this type of entrepreneurship is called
public entrepreneurship. Finally, when an entrepreneur takes initiative to open a new business
and that influence to change the living standard of the targeted customer by using the innovative
product then this entrepreneurship is called lifestyle entrepreneurship (Casson and Buckley,
2016).
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Individual
Corporate
Public
Lifestyle
Entrepreneurship

So, it can be easily said that there has a relationship between the entrepreneurial venture and
typology of entrepreneurship. SMEs are highly related to the individual entrepreneurship because
an individual can produce a limited number of resources as an owner can provide limited capital.
Again scalable startup entrepreneurship is related to corporate entrepreneurship because of
creating a new product to get competitive advantages by using innovation (Casson and Buckley,
2016). An entrepreneur takes many initiatives to capture the market properly. For creating a large
business organisation, there needs huge capital and that is only possible by the govt. and issuing
share. Again the social entrepreneurship has a huge contribution to change the lifestyle of the
society and also other entrepreneurship influence here a lot. So the relationship between them is
very much high and the above discussion shows that (Casson and Buckley, 2016).
The exploration of the similarities and differences between entrepreneurial
ventures
The world has been changed day by day with the help of the entrepreneur because they produce
new ways of life throughout the entrepreneurship. An entrepreneur can produce different types of
ventures as per their needs and scopes. There have some similarities and differences among these
entrepreneurial ventures (Ţurcan, 2018).
Similarities: The main aim of each type of ventures is to increase their interest. Most of the
ventures have been created to earn a profit so that they can achieve their organisational
objectives. At the time of choosing the best ventures that will be run, the entrepreneur always
tries to increase their interest by using their available resources as well as scopes. All type of
ventures contains risk though that can varies from one to another. Every venture has been
situated to meet the needs of the customer so that they can successfully continue their operation
and again they engage in different CSR activities from a different perspective (Ţurcan, 2018).
Though the business operations, as well as business procedures of the different venture, are not
the same they have a common goal to achieve their objectives. An entrepreneur always seeks to
invent a new way of business and that has been presented through different ventures.
Differences: Though from a different perspective, there have some similarities among the
different ventures but there also have some differences. The purpose of the different ventures
isn’t the same because social entrepreneurship has been situated for the betterment of the society
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but other types of venture don’t cover it (Ţurcan, 2018). Again required resources of different
types of ventures isn’t same because SMEs have limited resources than the large business and
also the number of employees of different ventures isn’t same and for example, SMEs covers
250 employees and large entrepreneurship covers above 500 employees. Again the number of
targeted customer of all the ventures isn’t the same because large venture covers most of the
people in a territory. The fund collection method is different for different ventures. SMEs can
collect limited fund and large ventures can collect huge fund for meeting their needs and social
entrepreneurship can collect funds from the donation. Finally, the risk of different ventures is
different from each other (Ţurcan, 2018).
The investigation of a diverse range of ventures in both the public and
corporate sectors
Entrepreneurship refers to the procedure of entrepreneur and that comes from the new idea and
necessities. An entrepreneur tries to introduce a new idea and concept in the business as well as
the production process. The govt. of a country takes many initiatives for the betterment of the
people and also for changing the lifestyle of the people. The main aim of public sector
entrepreneurship is to serve people and maintain peace in the country (Bulloch, 2017). The
public sector entrepreneurship provides better services at an affordable price and they don’t think
about the profit highly. The govt. of a country works as an entrepreneur for the public sector
entrepreneurship. In the UK, there have various public organisation and these are operating for
the betterment of the people like Govt. digital service, Govt. internal audit agency, National
Health Service (NHS) etc. Commonwealth Development Corporation or the CDC group was
established by the govt. of the UK in 1948 as an enterprise of development finance. But now the
total portfolio of the investment in 2019 is £5.2 billion. CDC is a social entrepreneurship venture
because the purpose is to ensure the betterment of the people (CDC Group, 2020). Again in the
corporate sector, the entrepreneur tries to find out the new idea and concept so that it can ensure
the highest interest. The business organisation use innovation for tracking the current trend of the
world. An entrepreneur tries to ensure a competitive advantage by creating a new idea and
concept (Bulloch, 2017). For example, Tesla recently presented the electric car to capture the
electric car market though they weren’t situated to produce electric car initially. They find out a
new way and present this to the customer. Again Tesco PLC can be a great example because they
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started their business in the UK in 1919. Presently, they are the 3rd largest business organisation
in the retail sector. They continuously upgraded their business for sustainable development.
The critical evaluation of the scope, development and growth of the different
ventures
Every entrepreneur choice the best type of venture by analyzing their scope and also find out the
appropriate way to accomplishing their objectives. If there have an opportunity to produce large
business organisation then the entrepreneur will think about the large business and it is also for
the SMEs (Bulloch, 2017). Again if there have an intention and scope for the betterment of the
people then the entrepreneur will think about the social entrepreneurial venture. The
development and growth of different entrepreneurial ventures depend on the various factors like
the appropriateness of making a business decision, the condition of the overall business
environment etc. (Bulloch, 2017). For example, Tesco PLC introduces online selling facilities
and that enhance their business growth. They take appropriate decision at the appropriate time
and that helps them a lot. If there have no scope of online selling then they can’t introduce online
facilities, as a result, the growth and development of Tesco PLC may not be happened and all
these things have been covered by a successful entrepreneur. The entrepreneur creates an idea for
discovering the business scope and the way of development. So the scope and growth of
entrepreneurial venture depend highly on the entrepreneur (Bulloch, 2017).
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Activity 2
The interpretation and assessment of the impact in the economy by micro and
small businesses by using relevant data and statistics
The business organisation is the blood of a country because it drives the economy of a country.
The world has been changed day by day and the lifestyle of people has been simplifying
continuously and here the contribution of the micro and small business is very much high
because of the number of these businesses. The impact of these businesses on the economy of the
UK is very much high because it covers 80% of the total GDP in 2019 (£2.87). It is estimated
that the UK has more than 5.7 million SMEs and that creates 15.4 million employments in 2019
(Fairbairn, 2019).
Figure 4: Contribution of different forms of businesses in the UK (Fairbairn, 2019)
The above graph shows the 99.3% of employment has been covered by the contribution of the
micro and small business. Again it has a huge impact on the GDP of the UK. Unemployment is
the greatest problem of a country and that is the biggest hinders of the growth of the economy
that’s why every country of the world tries to solve this unwanted problem. Micro and small
business of the UK has been solved 35% of the unemployment problem in the last year
(Fairbairn, 2019).
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The essentialness of innovation is very much high because it helps to drive the economy faster.
The recent survey shows that 33.58% of the innovation has been covered by micro and small
business. Again the essentialness of meeting the social needs is also very high and here micro
and small business contribute 35.55% of the total needs (Kao, 2019).
The govt. of a country tries to increase its revenue to meet the expenditure and tax revenue is the
important one. In 2019, the micro and small business of the UK provides 40% of the total tax
revenue and that is very much high. Again people can get a way to living in the world happy
with the help of micro and small business because it requires little resources to start. Self-
employment concept is very much important for every country and has been covered easily by
the micro and small business and except not for the UK (Kao, 2019).
The essentialness of small businesses and business start-ups to the growth of
the social economy
The growth of the social economy highly depends on small businesses because it ensures many
important factors for the social economy. The social economy is the concept of a cooperative,
not for profit and voluntary activities within communities, across national economies, and
internationally. The small business provides many advantages like it requires less capital, effort,
risk etc. People can easily start a small business without much effort. The concept of self-
employment has been facilitating greatly with the help of small business. The business start-up is
also very much important for the growth of the social economy (Pirolo, and Presutti, 2018).
As a person easily start a new business that’s why it helps to reduce the unemployment rate of a
country. People can improve their economic condition by starting up this type of business. The
population of the world has been increasing day by day but the employment opportunity hasn’t
been increasing that’s why the rate of unemployment has been increasing day by day and here
the contribution of the small business and business start-up is very much high because it helps to
reduce this problem (Pirolo, and Presutti, 2018).
The social-economic growth has been increasing with the help of the small business because
people can start a new business as per their desires and serves its product to the customer, as a
result, the living standard of the people has been increasing. Again a country can maintain peace
and enhance the living standard of the people with the help of increasing GDP and here the
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contribution of this type of business is very much high. The small business provides 40% of the
total tax revenue of the govt. that’s why the govt. can do something for the betterment of society
(Pirolo, and Presutti, 2018).
Again small business start-up helps to introduce a new idea and technology and that can be an
issue of the betterment of the people. For example, the idea of green innovation has been getting
popularity day by day and that is the part for the growth of the social economy. The new
business start-up comes with a new idea and model that’s why the existing idea and model has
been obsoleted and that provides higher outcomes and reduces many barriers (Pirolo, and
Presutti, 2018).
So, it can be easily said that the small business and business start-ups help for the growth of the
social economy in a greater way.
The evaluation of the small, medium and large businesses that contribute to
making the economy
The wheel of the economy of a country has been run with the help of the various business
organisations. An individual can easily start a new business with a little amount of capital and
again when there have needs of more capital and resources then they start a new business based
on partnership and finally when there have needs of higher capital then govt. of a country come
forward and invest capital for the betterment of the people (Schwindt, 2019). In the UK, there
have above 5.7 million SMEs and this number of SMEs show the significance of running a
wheel of the economy. Unemployment problem is a curse of an economy and here the
contribution of SMEs is very much high because in last year 35% unemployment problem has
been solved with the help of it and again it provides 40% of the total tax revenue of the UK govt.
(Schwindt, 2019). Again people can easily formulate SMEs that’s why the self-employment has
been facilitating. Again 35.55% of the total needs of the people of the UK’s have been covering
by the SMEs. Also, the contribution of the large business organisation is very much high because
it has a huge impact on the economy. Statistics show that 49% of the total business revenue has
been covered by a large business organisation. Again large business has a huge impact on the
lifestyle of the society because they serve almost all people in a territory (Schwindt, 2019).
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Finally, it can be said that the contribution of the small, medium and large business to drive the
economy is very much high.
The critical examination of how small businesses affects different levels of the
economy
The contribution of small business in the economy is very much high because the number of
small business in a country is much higher than the other types of business. People can lead their
life with the help of small business easily because it needs less capital. When a country is
fulfilled with the small business then the poverty rate automatically has been reduced and also it
helps to make the economy more stable (Roberts, 2019). Small business helps to enhance the
local development by developing the living standard of the people and also that helps to increase
the GDP of a country. Firstly, people start a small business and then try to enhance the business
operation. There have so many business organisations that they started their business in a limited
area but presently they are leading business organisation in the world like Unilever, CDC, Tesco
PLC etc. When a country has been filled up with resources then they export its resources for
increasing their revenue and here the contribution of small business is very much high. Firstly,
the small business ensures local development and the local development ensures national
development and also internationally (Roberts, 2019).
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Activity 3
The examination of how background and experience can hinder or foster
entrepreneurship
The success of a new business depends on the expertise of the entrepreneur because an
entrepreneur decides what the business procedure should be. There have some factors that
influence entrepreneurship in a greater way. As the business has been operating based on the
decision and action of the entrepreneur that’s why the background and experience of the
entrepreneur influence a lot (Thompson, 2016). Every person learns many important things from
the environment as well as the culture of that person and that is also applicable for the
entrepreneurship and also there is a common dialogue prolongs that once an entrepreneur
becomes a perpetual entrepreneur. An entrepreneur can learn many important issues from their
background (Wadhwa et al., 2019). For example, Bangladesh is a developing country and most
of the people in this country are living in below the poverty line and an entrepreneur has been
taken initiatives for the development of the people of Bangladesh and for that the entrepreneur
has been established Grameen Bank so that the people of Bangladesh can change their living
standard and the name of this entrepreneur is Dr Muhammad Yunus. For the biggest
contribution, he got Nobel Prize in the category of peace. He faced many obstacles for
establishing Grameen Bank as the most of people in the rural area was uneducated (Broich,
2019). He took many initiatives so that the people can get the advantage of the micro-credit
policy. For his success, the background and culture had a huge impact because he properly
understood the needs of the people and also realized the situation and again he properly
understood how the people could change their living standard (Wadhwa et al., 2019).
The background and experience help to make a man passionate to do something. Every initiative
may not be successful but an entrepreneur doesn’t be frustrated but takes experience from his
failure. The cultural and educational background helps a lot for fostering entrepreneurship.
People can analyze and evaluate some issues with the help of educational background properly
(Wadhwa et al., 2019). Dr Muhammad Yunus was the student of economics that’s why he learnt
this issue properly and took the necessary step successfully for meeting his desires. He started
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the procedure of Grameen Bank in a specific area but by using his experience, he expanded it
throughout the country successfully (Broich, 2019).
Thus strong determination, educational background experience, and far away from thinking
capability, passionate and also so many implicit characteristics and skills foster an entrepreneur's
dream to be successful and that can be easily understood from the case of Dr Muhammad Yunus.
The link between entrepreneurial characteristics and the influence of personal
background and experience
An entrepreneur is a person who takes initiative to make new business and also takes risk of
whether the desired objectives will be achieved. There have some different characteristics of an
entrepreneur like self-confident, highly motivated, risk-taker, passionate, creative etc. and every
successful entrepreneur preserves these characteristics. There have highly linked between these
characteristics and personal background and experience of a successful entrepreneur (Lucas,
2018).
Jeff Bezos is a successful entrepreneur and he established amazon that is the biggest online
market place in the world. For his success, both background and experience have a huge
contribution. Jeff Bezos previously works at Fitel and that is telecommunication enterprise as a
department’s chief and also he worked at the banking sector and again he worked at D.E. Shaw
& Co. As a result, he had a huge experience in the business sector as well as superior educational
background and he finally took initiatives to establish a new business and that was amazon
(Broich, 2019).
Again Sergey Mikhaylovich Bri was the president as well as co-founder of Google and his father
was a mathematics professor and mother was a researcher at NASA. Bri was graduated from
Maryland University at mathematics and computer science and also he had a huge knowledge
about IT. He worked in different sector and with the help of Larry, he established Google by
using his background and experience. He took a huge risk because he was determined about this
(Broich, 2019).
So, it can be easily said that the background and experience are very much essential to become a
successful entrepreneur.
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The critical evaluation of how background and experience influences
entrepreneurs both positively and negatively
Background and experience are very much essential to become a successful entrepreneur because
it helps to preserve the characteristics of a successful entrepreneur. Without the appropriate
background and experience, no one can become a successful entrepreneur in most cases (Lucas,
2018). From the case of Dr Muhammad Yunus, Jeff Bezos and Sergey Mikhaylovich Bri that has
been described above, it is clear that the background and experience helps a lot for their success
as an entrepreneur. They have a good background as well as experience to establish a new
business successfully. Background and experience help a lot to increase the determination of the
entrepreneur and it is very much important to become a successful entrepreneur. Again the world
has been becoming more competitive and here the contribution of the strong background and
experience is very much high to overcome different barriers as well as to get a competitive
advantage (Lucas, 2018). All the necessary characteristics of the successful entrepreneur can
strong with the help of these factors. When a person has a good background and experience then
this person can predict the future successfully and also can increase the accuracy level of any
decision. But all entrepreneurs don’t have enough background as well as experience, as a result,
the chance of success decreases. Background and experience increase the level of confident but
sometimes overconfident can be a reason for failure and also increase the level of reluctance to
analysis something (Lucas, 2018).
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Conclusion
In conclusion, it can be easily said the essentialness of the entrepreneur to drive the economy of a
country is very much high because they take initiatives to open a new business as well as to
successfully continue the business operation, as the wheel of the economy of a country has been
run with the help of the various business organisations. An entrepreneur can present different
types of ventures by analyzing their desire, need and scope. The success of a new business
depends on the expertise of the entrepreneur because an entrepreneur decides what the business
procedure should be and here the contribution of the background and experience of the
entrepreneur is very much high and also that depends on some of the characteristics of a
successful entrepreneur.
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Reference
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III. Casson, M., and Buckley, P., 2016. Entrepreneurship. Cheltenham (UK): E. Elgar.
IV. Fairbairn, T., 2019. Entrepreneurship and Small Business Development: A Pacific
Perspective. Journal of Small Business & Entrepreneurship, 19(4), pp.355-365.
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River Press.
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