Entrepreneurship & Small Business Management

This report explores the impact of different types of entrepreneurial ventures on the economy of UK. It examines the characteristic traits and skills of successful businessmen that differentiate them from others. It also explains the importance of small businesses and business start-ups to the growth of the social economy. The report includes a case study of two entrepreneurs named Elizabeth Gooch and Tom Mercer respectively.

Entrepreneurship &
Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................4
MAIN BODY...................................................................................................................................4
TASK1.............................................................................................................................................4
P1: Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship......................................................................................................4
TASK 2............................................................................................................................................7
Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...............................................................................................................7
Explain the importance of small businesses and business start-ups to the growth of the social
economy......................................................................................................................................9
TASK 3..........................................................................................................................................10
P5. Determine the characteristic traits and skills of successful businessman that differentiate
them from other businessmen...................................................................................................10
P6. Assess how aspects of the entrepreneurial personality reflect mindset and motivation of
entrepreneurs.............................................................................................................................12
TASK 4 .........................................................................................................................................13
P7. Background and experience can foster and hinder entrepreneurship.................................13
CONCLUSION .............................................................................................................................14
REFERENCES:.............................................................................................................................15
Books and Journals:..................................................................................................................15
Online .......................................................................................................................................15

INTRODUCTION
Entrepreneur is someone who searched for an existing opportunity and then capitalize
upon the same in order to deliver goods and services which can live up to the expectations and
requirement of present day market trends and specifications. Basically these individual identify
the need and demand of the market and introduced their different business activities in order to
satisfy the discover needs(Acs and et. al., 2018) . They are responsible for performing all those
activities which help them in managing and run the business along with risk management which
brings drastic change in the economy. According to the types of business these are different
types of entrepreneurship has been seen in the economy. This report is going to give information
on the impact of Brexit on the small and medium enterprise of UK along with the impact of
different types of entrepreneurial venture on the economy of UK. This report also address the
impact of micro, medium, small and large enterprises. In addition to this, this report also
determine the different key factor of an entrepreneurial mindset along with the examination of
different environment which hinder or foster the entrepreneurship.
MAIN BODY
TASK1
Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Entrepreneurial venture may be define as an organisation which pursues the different
opportunities and perform different activities in order to achieve maximum profit and sustainable
growth in the market. Different types of entrepreneurial venture has been discussed below:-
 Small business entrepreneurship: basically these are the privately owned business
which comprises sole proprietorship, corporation and partnerships. In the small business
enterprise the owner of the business posses limited number of resource like employee,
capital and many more. In the economy of UK Marshfield bakery is being considered as
one of the example of small scale business. This is a bakery shop which manges its
limited resources in a well effective manner(Brush and et .al., 2019).

 Scalable start up entrepreneurship: basically these types of entrepreneur came with an
interesting and innovative idea in the market which have the potentiality to change the
world. Different types of uncertainties and problem have been faced by these
entrepreneur in order to run their business in the competitive market. Just because of this
they have more chances to face the failure in the market. In order to achieve a successful
position or sustainability in the market they have to conduct a proper market research
which help them to identify and analysing the different market trends. For example like
BULB which is scalable start up in UK. With the help of their innovative idea they are
able to provide renewable electricity in UK.
 Large scale entrepreneurship: in these types of venture the employee strength is very
high with complex organisational structure in comparison to other venture. Basically
these types of venture operate their different business operations on the large basis. Just
because of this they need large number of employee along with the huge capital
investment(Dalevska, Kravchenko and Kwilinski, 2019). They can adopt the different
market trend in a very frequent manner and produce their goods and services according to
the need. For Example like British Airways.
 Social entrepreneurship: Entrepreneur of these venture are associated with provide
different type social services to the society. They majorly engaged in producing the
goods and service which satisfy the social requirements and problems of people.
Basically these venture paid more focus on providing there services to the needy and poor
people. Gravity lights in UK is being considered as the most appropriate example of
social entrepreneurship in UK which provide light to those people who are very poor.
Typology of entrepreneurship
 Male entrepreneur: These entrepreneur have the ability to take the high risk which
assist them to attain higher profit from the competitive market. The ability of taking
quick and appropriate decision help the overall venture to stand in the market for a long
period of time along with more profitability. Therefore, they are more oriented towards
the large companies which included high risk and huge investments.
 Female entrepreneur: basically these entrepreneur manage their enterprises or venture
in a very well responsible manner and just because of this these entrepreneur are less risk
taker in nature. Generally, female entrepreneur required support to start their business and

along with this they take lot of time in decision making. They are very creative as well as
innovative in nature this help them not only in earning in higher profit but also in
attaining long term stability in the market. These entrepreneur are more oriented towards
the social enterprises(Doern, Williams and Vorley, 2019) .
 Survival entrepreneur:Basically these entrepreneur are those which run their business
in order to satisfy their basic need and wants. These entrepreneur more focus on small
business or start up which assist them to earn their livelihood. Less amount of risk has
been taken by these entrepreneur. In order to take high risk market research as well as
huge investment is being required.
 Lifestyle entrepreneur: the main motive of these entrepreneur behind starting up a
business is to maintain their lifestyle. Basically these entrepreneur is more oriented
toward the small, medium and large enterprises.
Explore the differences and similarities between the entrepreneurial ventures
Differences
Scalable start ups and social entrepreneurial ventures
Basis Scalable start ups Social entrepreneurial
ventures
Purpose The main purpose of these venture is
to earn appropriate profit by
spreading their innovating and
excellent ideas all across the
globe(Drobyazko and et .al., 2019) .
The main purpose of these
enterprises is provide goods
and services to the needy and
poor people of the society.
They run their business to
solve the social problem and
not to earn profit.
Ideology They came in the market with unique
and innovative idea which can make a
drastic change in the global market.
The ideology of these venture
is directly related to the
welfare of the society.
Large and small-scale entrepreneurship

Basis Small scale business Large company
Scope Entrepreneur of these ventures
generally don't take the high
risk they more focus on the
stability of the business. Due
to this they enjoy the high
success and growth.
Entrepreneur of these venture
take more and more risk to
earn the higher profit. With the
help of this they can expand
their business in the new
market(Fitz-Koch and et .al.,
2018) .
Risk taking These entrepreneur are less
risk taker in nature and just
because of this the expansion
and operational activities of
the business is quite stable.
Entrepreneur of these venture
have the ability to take high
risk. There main aim is earn
higher profit which reflects
positively on their different
operational activities.
Similarities:
Scalable start ups and social entrepreneurial ventures
 Entrepreneurs of both the ventures not only generate the job opportunities in the market
but also helps in improving the GDP or economic conditions of the nation. Different types of problems, uncertainties and challenging situations has been faced by
entrepreneur of both the venture. As they are more passionate about their work, this help
them face the problem and achieve a successful position in the market.
Large and small-scale entrepreneurship
 Entrepreneurs of both the venture came in the market to earn higher and higher profit.
With the help of this they can achieve a successful growth as well as position.
 The mindset of both the entrepreneur is very creative and innovative in nature which
helps the venture in operating their different business functions in a very effective
manner(Fu and et .al., 2019).

TASK 2
Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.
Micro business and small business impact positively on the economy of the country.
These enterprises not only contribute in developing the gross domestic product of the UK but
also help in developing the economic condition of the UK(Nicolaou, Phan and Stephan, 2021).
These enterprises develop the different job opportunities for the people of UK along with this,
this also brings dependencies like innovative and financial within the organisation. With the
help of relevant data and statistics the impact of each type of business has been discussed below.
Small Business:- basically these are privately owned enterprises in which the maximum
number of employees can be recruited is 50. It is very important for the owner to understand the
criteria so that they don't confuse with it. They are responsible for sharing the profit as well as
the losses independently.
The impact of small business enterprises on the economy of UK has been analysed from
the above figure. Interpretation of the data has been discussed below:-
 From the above statistics it is identified that more that 24% has been contributed by the
small business. The number of percentage is very big.
 The gross domestic product of the economy of United Kingdom is also increase.

 Generally the custom duty of the goods and services has been increased by the
government of UK which not only help them in maximising the revenues but also help
developing the economic growth rate(Sahut, Iandoli and Teulon, 2021).
 The employment opportunities for the resident of UK has also been increased. Around
1.6 million people get the job from SMEs which means that contributes around 60% of
the job.
 It also helps in increasing the competition as well as innovations which helps the country
to become a leader in the international market.
 By generating the competition this result in increasing the export of goods and services .
This result in increasing the revenue for the government of UK.
From the above discussion it has been analysis that small business enterprises play a very
important role in providing different opportunities for the development of the country. So
because of this government of the UK have to paid more focus on small business.
Micro business :- In these types of business the owner of the organisation cannot recruit
the employee more then 10 people. Basically these are very small size enterprise like stalls, street
food etc. These types of business generally require less amount of capital to start the business.
They also play a very important role in developing the economy of UK.
From the above figure it has been discussed that:-
 With the help of these enterprise employment have been generated for those people who
have proper skill and knowledge.
 The owner of these enterprises generally don't have to pay taxes on their income.

Explain the importance of small businesses and business start-ups to the growth of the
social economy.
Social economy plays a very vital role in the formation of the business association which
not only helps in attaining the higher profit but also help in achieving the set objectives with in
the set time limit. Small business and start-ups play a very important role in developing the
economy of UK. At the time of Brexit different types of challenges and threat has been faced by
the nation. Both the enterprises play a very significant role in changing the business environment
and to overcome from the different challenges. With the effect of Brexit, different types of
complexities and difficulties have been face by the entrepreneur in order to run their business.
This also increases the competition in inside and outside the entity which directly reflects on the
productivity of the firm. Along with this Brexit also affect in positive way for both the firms.
With the help of advance technologies employment opportunities has been increased for the
people of UK. In relation to both the firms important benefits have been discussed below:-
Adopts innovation: To stand in the market for a long period of time, adopting of new
technologies is being considered as one of the main benefits (Vallaster and et .al., 2019). By
gaining advance and innovative technologies by the both the firm they can they can enjoy the
long term sustainability in the competitive market. Along with this advance technology also help
in increasing and attracting the new customer base for the company.
Opportunities for local residents: both the venture not only help in developing the
different types of opportunities for the local residents of UK but also help in developing the
economic growth of the nation. To achieve all the objectives of the business, firms always recruit
those individual who have excellent skills and talent. This not only saves the cost of training but
also help them to attain high success and growth in the competitive market.
TASK 3
P5. Determine the characteristic traits and skills of successful businessman that differentiate
them from other businessmen.
In order to achieve the growth and success of a businessman, they require amazing and
desired combination of skills and characteristic traits through which they are able to achieve the

desired outcomes of the company (Bauman and Lucy, 2021). The report includes a case study of
two entrepreneurs named Elizabeth Gooch and Tom Mercer respectively. The following are the
discussion of their characteristic traits and skills which makes them famous and gained a great
reputation in the marketplace.
Characteristics of the Elizabeth Gooch and Tom Mercer:
 Passionate: This is an important feature of a great entrepreneur which should be present
in every businessman because this kind of person are goal-oriented and passionate about
their work. They put required efforts for accomplishing the growth and success of their
business. It is make them unique from others because of their features to make profits.
 Hard work: It is essential and vital characteristic of a successful businessman. Both of
the entrepreneurs Elizabeth and Tom have these characteristic. Apart from this, their
features, quality and endeavour convert their dream into hard work which reflects the
work and success in the business. Both entrepreneurs believes that hard work pays off
and they prove it by making dream into reality. It make differentiated from other
entrepreneurs in the market as they dedicated towards work and do hard work with an
intent to reach desired results , growth and success through their business operations.
 Persistence: As various entrepreneurs are comfortable with the chances of failing, it does
not mean they give easily on their dreams. Rather, they see failures as opportunities to
grow, develop and learn (Dana, 2021). In case of Elizabeth, she has flip the table very
effectively by learning from mistakes, continue to ask questions and persist until they
achieve the targets.
 Curiosity: Successful businessmen have a sense of curiosity that enables them to
frequently look for new chances to grow, rather than settling for what they identify,
curious businessmen ask challenging questions and diagnose various avenues. In case of
Tom Mercer, he did not give on his venture inside the railway station but he looked
forward to grow and develop his venture in a more efficient way.
Skills of Elizabeth Gooch and Tom Mercer:
 Risk-taking skills: It is one of the most required skill in any entrepreneur in order to
calculate and learn risks. Both entrepreneurs are having this skill in order to take risk for
the betterment of their business. Both are knowing very well that taking risks can create
fundamental opportunities to grow a business to the next level.

 Leadership skills: Having this skill will help businessmen to encourage and motivate
their colleagues, employees and other staff members. It will also deliver a positive impact
on the individual and overall productivity and performance. Along with this,
entrepreneurs are able to achieve the success and growth of the business (Pan, Zhang,
Song and Ai, 2018). This skill must be present in every businessman which will help
them to communicate and influence others to do work in an effective way. Both the
entrepreneurs use this skill to communicate the activities to their staff members and direct
and lead their employees.
Traits of Elizabeth and Tom:
 Confidence: It is the fundamental trait in both the entrepreneurs as they are able to tackle
critical situations and interacting well with their employees. Entrepreneurs make
significant decisions to operate the business smoothly.
 Disciplined: It is a vital trait that helps entrepreneurs to perform their roles and
responsibilities in a structure and appropriate way. By performing in this manner, it
assists them in the accomplishment of the objectives and aspirations of the business in a
certain time. Both entrepreneurs use this trait as per the demand of management and does
not plan any tool for it.
P6. Assess how aspects of the entrepreneurial personality reflect mindset and motivation of
entrepreneurs.
In the case study 1, Elizabeth has some attractive quality through which she has stand
alone in her career and began her own business name EG Solutions Plc, while Tom Mercer is
just a graduate who began his career with launch of MOMA Foods. Both are the influencers who
can convince anyone with their personality and skills to introduce own business. The following
are some aspects of both entrepreneurs which reflects their mindset and motivation, as well as
which makes them differentiated among others in the market. OCEAN model is used to reflect
their mindset and motivation:
 Openness: This individuals consists imaginative insight and power as it supports in the
business development. Individuals who have openness in their work are very flexible in
their nature and have wide range of interest while having creative mindset (Rudenko and
et.al., 2018). Tom Mercer having this kind of personality as he puts his creative ideas in
the food business. He is very impulsive and spontaneous in his work.

 Conscientiousness: These businessmen are goal-oriented and have their original
thoughts in the work. These businessmen have greatest plus points which are their
excellent behaviour with others and abilities to deliver a great work. They are effective in
their roles and in order to make plans for something beforehand. Elizabeth is having this
kind of personality which reflects their motivation and entrepreneurial mindset in her
business. She is effective in planning and communicate her thoughts in a well manner to
stakeholders.
 Extraversion: These kind of businessmen are known as extroverts as they easily fell
emotional in front of others. They believes that they should involve their subordinates in
the process of decision-making. Also, they likes to become the point of attraction in the
social gatherings.
 Agreeableness: These kind of businessman reflect the personality of being trustworthy,
affectionate, kind and sympathetic (Saleh and Manjunath, 2021). They are very polite
and cooperative in order to interact with the employees and other stakeholders and most
consider in the social behaviour.
 Neuroticism: These kind of entrepreneurs are weird and emotionally explosive as they
are not able to hide their feelings and emotions in front of other members. They also
reflect the introvert personality which is fit for a great entrepreneur.
TASK 4
P7. Background and experience can foster and hinder entrepreneurship.
In the case study of Elizabeth, it can be observed that without technical knowledge, it is
very hard to conduct and implement the right model of business to the market. It is found the
implementation of this fact in the case study 1. After meeting with Rodney Baker-Bates, she
realised that it is the time to convert the enterprise from consultancy to software company.
Besides, Elizabeth should have some instinct quality which foster her to go beyond her
level. She has this type of quality of their own. Depending on this quality, Elizabeth has left the
job and launched her own business and appreciating risk of her own.
In the case study 2, Tom Mercer has struggled a lot in his career and in order to develop
his own venture. As the entrepreneur does not have any place or location to do business
activities, he has began his business in the railway station even when it is quite difficult to

conduct business inside that location (Zhang and Acs, 2018). He came out and installed his
venture outside the place of railway station. Apart from this, Tom has various entrepreneurship
skills through which he has succeed a lot in his career and get a location in super shop at the time
of recession. This opportunity has foster the venture of Tom Mercer.
CONCLUSION
It has been concluded from the above discussed report is that entrepreneurship refers to
an activity which is done by a person to begin a venture or business. It is realized that there
different types of entrepreneurship ventures which are mentioned in this report. Along with this.
It is mentioned with similarities and dissimilarities in their working pattern and nature.
Moreover, small business enterprises delivers a fundamental impact on the UK's economy as
small and start-up organisations plays a very significant role in the growth and development of
an economy. Furthermore, it is assessed that there different characteristics, traits and skills
reflects the identity and working pattern of an entrepreneurs which describes how and why they
are different from other businessmen. Lastly, the background and experience of both the
entrepreneurs Elizabeth and Tom has been examined which fostered or hindered their
performance as individual.

REFERENCES:
Books and Journals:
Acs, Z.J and et. al., 2018. Entrepreneurship, institutional economics, and economic growth: an
ecosystem perspective. Small Business Economics. 51(2). pp.501-514.
Brush, C and et .al., 2019. A gendered look at entrepreneurship ecosystems. Small Business
Economics. 53(2). pp.393-408.
Dalevska, N., Kravchenko, S. and Kwilinski, A., 2019. Formation of the entrepreneurship model
of e-business in the context of the introduction of information and communication
technologies.
Doern, R., Williams, N. and Vorley, T., 2019. Special issue on entrepreneurship and crises:
business as usual? An introduction and review of the literature. Entrepreneurship &
Regional Development. 31(5-6). pp.400-412.
Drobyazko, S and et .al., 2019. Entrepreneurship innovation model for telecommunications
enterprises. Journal of Entrepreneurship Education, 22(2), pp.1-6.
Fitz-Koch, S and et .al., 2018. Entrepreneurship in the agricultural sector: A literature review
and future research opportunities. Entrepreneurship theory and practice. 42(1). pp.129-
166.
Fu, H and et .al., 2019. The entrepreneurship research in hospitality and tourism. International
Journal of Hospitality Management. 78. pp.1-12.
Nicolaou, N., Phan, P.H. and Stephan, U., 2021. The biological perspective in entrepreneurship
research.
Sahut, J.M., Iandoli, L. and Teulon, F., 2021. The age of digital entrepreneurship. Small Business
Economics. 56(3). pp.1159-1169.
Vallaster, C and et .al., 2019. Ethics and entrepreneurship: A bibliometric study and literature
review. Journal of Business Research, 99, pp.226-237.