Importance of Small Businesses and Start-ups in Economic Growth

This article discusses the importance of small businesses and start-ups in driving economic growth. It explores their impact on the local, regional, and national economy, as well as their role in providing job opportunities and fulfilling customer needs.

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Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Entrepreneurial ventures and typology............................................................................1
P2. Differences and similarities among entrepreneurial ventures..........................................3
TASK 2............................................................................................................................................6
P3. Impact of small and micro business on economy............................................................6
P4. Small businesses and business starts-ups importance......................................................9
TASK 3..........................................................................................................................................11
P5 Characteristic traits and skills of successful entrepreneurs and differentiate from business
managers...............................................................................................................................11
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset..................12
TASK 4..........................................................................................................................................14
P7 Background and experience can hinder or foster entrepreneurship................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is defined as a capacity to set up, organise and manage a venture while
taking associated risk with an aim to generate value from them. In simple terms entrepreneurship
is process of development of new business as to generate profitability from them in stipulated
time period. In this process, entrepreneur an individual engage in the operation of developing
new business idea, take use of innovation to develop unique services, product and process for
betterment of individuals and serve economy growth (Dees, 2017). In this, report formative
discussion has been made on Complete it, this company operate functioning in United Kingdom
and with their high quality services and products they fulfil need of customers. In this report
formative discussion has been conducted on entrepreneurial typology and ventures in addition to
impact of small and micro scale business on economy. Report also includes start-ups and small
scale business importance in social economy growth. Along with this, project covers experience
and background of entrepreneur that duly hinder or foster entrepreneurship along with trait and
skill of success will entrepreneur.
TASK 1
P1. Entrepreneurial ventures and typology
Entrepreneurship is a function in which entrepreneurs engage in the activities of
developing something new and unique to provide different type of benefits to individual and
nation. These entrepreneurs in entrepreneurship develop a business venture through which they
provide employment opportunities to individual in order to enhance individual’s living standards.
Entrepreneurship also contributes in economic growth of a country. It is identified that small
scale business start-up significantly contributes their contribution in nation, economic growth
that enhances overall GDP rate of country (Bakeman and Hanson, 2012). Along with this, with
the assistance of groundbreaking innovations entrepreneur take advantage of revolutionary
measures to serve market with unique offerings. Mentioned below there are range of
entrepreneur given that further get segregated into two segments:
Public sector:
Entities those who perform their business operations in this sector run, owned and control
by government authorities and institution. These organisations offer their services and products
that are mainly associated to education, healthcare and safety, transportation etc to individual
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with an aim to satisfy their needs rather than generating profitability, along with this, in this
sector entities aim towards enhancing living standards of individuals.
Corporate sector:
Organisation under corporate sector get managed, owned and controlled by individual
and private firms and they have main motive to enhance overall profitability level company
along with maximum market share holding by providing different type of satisfactory products
and services to customers. Public and corporate sector organisation segregated into different type
of ventures which is being defined below:
Scalable Start-up Entrepreneurial Ventures:
Within this form of entrepreneurial venture individual conduct their own scalable
business with an aim to provide high quality products as well as services to consumers. Their
main aim is to enhance profitability level of organisation. It has been identified that in United
Kingdom government provide utmost support to the start-ups as they play a major contribution in
economic growth of country with their innovation and creativity.
Large Company Entrepreneurial Ventures :
Organisation under this sector mainly needs high investment of capital in order to
effectively operate their business operations. Along with this timely requirement of additional
funds are also requires in large company entrepreneurial venture as to maintain their share
market holding capacity. These organisations mainly aim towards expanding their business
service area to generate more profitable income while serving customers needs and demand.
Marks and Spencer and TESCO falls under this entrepreneurial venture sector as they run their
business operations with an objective to internationalize their business while serving in economic
growth of country.
Social Entrepreneurial Ventures:
Entities who conduct their business services in the sector of social entrepreneurial venture
only conduct their business functions with the motive to provide social development and welfare
to individuals and community. For instance Oxfam and save the children’s conduct their business
functions with an aim to provide utmost support and welfare to society with their entrepreneurial
functions.
Small Business Entrepreneurial Ventures:
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In order to conduct business operations in this sector there is not much need of high
investments as these organisations mainly aim towards providing satisfactory services and
products to consumers in order to generate income for livelihood. For example Orient electric
Limited conduct their functioning in small business entrepreneurial venture as they aim towards
offering satisfactory services to consumers. It has been identified that these organisations mainly
perform their functions in manufacturing and construction sector which is very helpful for large
scale entities.
Typologies of entrepreneurship
Entrepreneurship venture include different type of typologies those who conduct their
business operations for different type of motive along with enhancing business profitability.
Mentioned below some certain form of typology is being defined:
Growth firms:
Companies those who perform their operation under growth firm have main motive to
enhance profit generation ratio capability. Within this segment entity take significant use of new
and advanced business ideas in order to enhance their overall profitability as well as
productivity. Along with this entrepreneurs under this under take advantage of new ideas as to
serve consumer needs and demands and aim to offer them immense satisfaction in order to
achieve long term sustainable growth.
Lifestyle Enterprise:
Entrepreneurs in lifestyle enterprise conduct entrepreneurial function having significant
aim to enhance individual living standard and lifestyle by offering them different services and
products. Lifestyle entrepreneurs have significant motive to provide opportunities to local
segment.
According to the evaluation it has been concluded that all the form of entrepreneurial
typologies are linked with each other as to conduct their business operations with having an aim
to enhance organisational profitability, contributing in economic growth and enhancing living
standard of individual by providing them efficient services and products.
P2. Differences and similarities among entrepreneurial ventures
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Differences
Basis Small business Large company Social
entrepreneurship
Scale of
measurement
Entities performing their
business operation in
small scale sector initiate
their business with small
ratio of funds.
In order to conduct
business operation in large
segment investment is
required by organisation in
order to undertake use of
maximum resources to
effectively conduct their
business functioning.
Entities those who
perform their
business operations
in this segment
conduct their
functioning to
satisfy needs of
individuals at local
level.
Aim Organisations in this
segment mainly have an
aim to satisfy their
customers with their
product and services at
small scale.
These entities perform
their business operations
with having main motive
to enhance their
organisational profitability
and productivity.
Social
entrepreneurship
mainly engage in the
operations of
providing
satisfaction to
customers with an
aim to make
significant increase
in their living
standards.
Characteristics Entities operating the
business services in small
scale sector mainly
conduct their functions
and activities with the use
of limited resources.
In order to effectively
conduct their operations
and activities in a smooth
manner organisations in
this sector need raw
material, resources, labour
etc along with periodical
It has been
evaluated that these
organisations does
not conducts their
business operations
for monetary
benefits and
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investment of funds. profitability.
However in order to
conduct their
activities they get
support and
financial aid from
government
institutions to
provide welfare to
individuals.
Similarities
Basis Small business Large business Social enterprise
Assemble the
requirements
Main aim of entities in
this segment is aimed
towards accomplishing
consumer needs and
demands at local scale
as to provide them
satisfaction.
Companies operating
their business
functioning in large
segment are also aim
towards satisfying
needs and demands of
customers at great
extent.
Organisations
performing their
business services in
social entrepreneurship
sector also have an aim
to increase satisfaction
level of individuals
with their offerings.
Society upliftment These organisations
also have an aim to
increase individual
living standards with
their services and
products.
Organisations within
this segment is having
main motive to
provide immense
satisfaction to
consumers along with
enhancing the profit
earning capability.
These entities conduct
their business activities
with an aim to enhance
living standards of
individuals by
satisfying their needs.
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TASK 2
P3. Impact of small and micro business on economy
United Kingdom is fastest economic growth country. In this small and micro business
organisation play a major role as entities are performing their operation in almost all the sectors
and provide advantages and aid to large entities. In accordance with the report of the Department
of Business Innovation and skills it has been identified that in the year 2015 entities forming in
small and micro segment business sector have significant contribution in providing job
opportunities to large number of individuals (Akehurst, Simarro and Mas‐Tur, 2012). This has
been identified that approximately 15.6 million job has been provided by these entities to
individuals that enhances their living standards. Along with this, overall generation of income in
country also increase due to increase job opportunities. It enhances country image in
international market sector, in addition to this it has been evaluated that micro and small scale
organisation with the use of creativity and innovation offer different type of services and
products to consumer that enhances their satisfaction level at great extent that automatically
increases country economic growth effectively.
Small:
In this sector companies perform their operations with having minimum 50 employees in
their workplace structure. Along with this small scale entities are not entitled to generate overall
revenue of more than £5 million. Small scale business organisation play a significant role and act
as economy backbone as this organisation provide job opportunities to local individual that
enhances country living standards.
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Medium:
Entities that are performing their operation in this sector are entitled to employee
individuals with 50 to 250 ranges in their workplace structure. Along with this medium scale
companies are entitled to gain revenue at range between £ 5 million - £22 million. This has been
evaluated that these organisation mainly perform their operations to provide immense
satisfaction to consumers by fulfilling their basic needs and demand.
Large:
In the sector organisation who require higher rate of capital investments are included and
they are entitled to perform their business operations with having 250 or more than employees in
their premises (Eriksson and Rataj, 2019). Along with companies who are performing their
operations in large scale sector are significantly allow to have more than £22 million revenue
generation capability. These entities are mainly conducting their business operations to generate
profitability expansion to new geographic location and offering employment opportunities to
large scale individual that enhances country economic growth automatically.
Impact of SME and Start-Ups on economy
Local impact:
SMS and start-ups have much significant and positive impact upon country economic
growth and prosperity. Due to increase in the number of small micro scale business entities and
start-ups in United Kingdom it has been identified that these organisation are significantly
contributing in country local economic growth they are not only fulfilling consumer needs and
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demands in innovative and creative manner but also provide extensive job opportunities to local
individual that increases country basic per capita income rate.
Regional impact:
Due to significant increase in the number of micro and small level business organisation
by passing many year, this has been identified that they have significantly contributed in country
regional economic growth. It has been identified that in order to overcome the issue of
unemployment these entities play a significant role as by providing number of job opportunities
SME’s enhances entity regional stability that increases individual living standard.
National impact:
United Kingdom is continuously increasing their economic prosperity and development,
in this small and micro scale organisation are playing significant role, as these organisation
enhanced country regional and local economic growth that automatically increase national
prosperity (Glaeser, Kerr and Kerr, 2015). This has been identified that these organisations offer
wide range of unique services products to customers that increases United Kingdom International
market image. Along with this according to the evaluation this has been identified that small
scale and micro scale business organisation employed more than 5.7 million individual in a year
that enhances Britain national economy growth level.
Economic growth:
It is one of the most important and crucial aspect for any country. In terms with United
Kingdom country rapid economic growth is mainly due to the significant contribution of small
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and micro scale organisation (5 ways that startups are important to the UK economy. 2016).
These entities majorly operating their operations in all the segments and provide benefits to large
scale organisation, customers and nation economy prosperity. Along with this it has been
identified that these entities offer innovative and unique services and product to customers that
enhances country long-term sustainability in international market segment. In addition to this by
offerings numerous employment opportunity these entities are enhancing living standards of
individual day by day. It has been identified that in United Kingdom small and micro scale
organisations are covering 80% of market segment that automatically increases country
economic growth.
P4. Small businesses and business starts-ups importance
Small scale business and start-up organisation conduct their functions in effective manner
and significantly contribute their contribution local, regional and national economic growth. In
addition to this, organisation conducting their business functioning in micro and small sector aim
towards providing satisfaction to customers while fulfilling their needs in demand and enhancing
job opportunities. This has being evaluated in United Kingdom small business and business start-
up act as economic backbone of country as these organisation cover almost all industrial sector.
Along with this it has been identified that by offering unique and innovative services and
products organisation in this segment offer customer satisfaction in creative manner with having
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their significant contribution in GDP and economic growth country image in international market
segment.
This has been evaluated that due to increase in economic growth and prosperity through
small scale business organisation and start-ups government of United Kingdom offer different
type of advantages and benefits to entities performing their operation in this sector. Facilities
related to flexible policies, lower tax rate, export facilities etc are being provided by government
to enhance efficiency of these organisations with an aim to enhance their contribution in
national, regional and international market segment.
Job creation:
Small scale business and business start-up entities not only conduct their business
operation to fulfil consumer needs by offering them unique and innovative services and products
but they also contributes in increasing the ratio of job creation. This can be evaluated by the fact
that approximately 16.3 million individual are employed in this sector in United Kingdom. This
has been identified that micro and small level organisation organisations are providing
individuals with different form of job opportunities. In United Kingdom 60% of private sector is
being covered by small scale and start-ups, these entities that not only enhances country
economic growth but also increases per capita income of individual.
Improve living standard:
Small scale business and start-up organisation by offering numerous job opportunities in
national and local level in United Kingdom enhances living standard of individuals (Epifanova
and et. al., 2015). It is one of the major contributions of this organisation through which
individual get that enhances country International brand image.
As per according to the evaluation this has been identified that business start-up and small
business entities have significant contribution in United Kingdom economic growth and
development by their contribution in individual living standard and job employment
opportunities. These organisations not only serve customers with best but also facilitate country
economic prosperity.
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TASK 3
P5 Characteristic traits and skills of successful entrepreneurs and differentiate from business
managers.
Entrepreneur is considered as an individual who initiate new business with uniqueness and
creative. They prefer various risk elements as well as considerably drive towards developing
values from them through assuring higher profitability and enhance satisfaction from clients
effectively and effectually (Choi and Majumdar, 2014). Moreover, the company Energy and
Industrial Strategy advised firm that for attaining its objectives and obtain success into
entrepreneurs; it should has some unique characteristics, skills and traits. Also, this distinguishes
them from another business manager. Therefore, some characteristics, skills and traits of
successful entrepreneur such as Liz Wilson is discussed below:
Liz Wilson: She is the owner of Ma Baker and very much passionate towards baker, home
cooking and teacher. So, with her creative ideas she became an award winning as well as
successful entrepreneur which accomplish the customer’s requirements in effectual and
appropriate way.
Entrepreneurs Characteristics Skills Traits
Liz Wilson Passion: It is considered as a
one of the most crucial
characteristics which has been
hold through Liz Wilson. With
having respective
characteristics she encourage
business growth while
assuring their longer
sustainability. Where as
business manager are not
having passion to do
something new they only
follow what its senior
authority say. This
differentiates them from
business manager.
Innovative thinking: It is a
vital skills that Liz have as
this innovative thinking
guide hew towards meeting
consumers requirements as
well as accomplish firm’s
effectually. In respect of
organisation’s manager, this
has been determined that it
do not has this skills as their
nature is to limit any
modification into firm’s
structure. So, this
differentiates them from
business manager.
Confident: This traits has
been effectively possessed
through Liz Wilson which
permit her to appropriately
perform business practices
with higher confidence.
Venture where she
performs activities is
dynamic as well as in this
respect customers
requirements are changing
dynamically. With
assistance of effectual
confidence she opt new
ideas which create new
opportunities for assuring
business development.
Therefore, this makes here
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different from business
manager as it ensured
regarding their choices
because of which they may
execute it in effective way.
Hard worker: This
characteristic of Liz Wilson
aids her to perform their work
with full efforts. As it allows
her to develop sense of
confidence internally.
Whereas, in respect of
business, they only do their
work as per the order to its
seniors. So, this differentiates
them from one another.
Keen learner: It effectually
have belief upon learning so
that she able to bake new
things. On other side
business manager focuses
towards usages of inflexible
management style that bound
them to perform changes into
their work.
Decision making skills:
This is regarded as an
effectual skill as this aids
to make proper decisions.
With the help of this skill
Liz Wilson can able to
make quick decisions. So,
this differentiate them
from those possessed by
business manager as they
have pressure of their
superiors as well as per
that it make any decisions.
Difference between characteristics of successful entrepreneurs and mangers
Entrepreneurs Managers
It do not perform for an intent of profitability as its
main aim is to do something creative and unique for
serving the community in effective way.
It basically performs its task for salary as well as has
intent to enhance profit.
They are eager to obtain new things as well as basically
tend towards innovation as to obtain new opportunities.
It basically prefers changes and innovation as an issues
and its nature is to restrict new modification.
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.
All entrepreneurs have its own traits which simply distinguish themselves from another
entrepreneur’s works at work area. Moreover, this may be considered that these traits generally
support entrepreneurs to defeat its competitors as well as gain competitive advantage in effective
way (Chrisman and et. al., 2012). So, Energy and Industrial Strategy firm executive advise firm
to utilise the OCEAN model which is mainly utilised to explore personality of entrepreneur
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which specifies its characteristics and skills effectively. Therefore, the OCEAN MODEL is
discussed below:
Openness: It is a kind of personality that specifies the individual’s behaviour which is
always open as well as active for learning new things based on the business needs. By
considering some example of entrepreneurs like Liz Wilson, Bill Drayton and Ren Zhengfei.
This may states that whole of these entrepreneurs are highly open in grabbing new things as it
believes that through performing in such a way helps them to seek new opportunities effectually
with advance skills.
Conscientiousness: It is an personality traits aspects that simply states disciplinary
behaviour as well as ambitious of people towards the task they perform. By considering some
example of Liz Wilson, Bill Drayton and Ren Zhengfei, this has been determined that respective
entrepreneurs were more disciplined which support them to success in its particular area as well
as achieve growth effectively into entrepreneurial venture in appropriate way.
Extraversion: This type of personality traits generally shows the entrepreneur’s extrovert
attitude which states that they are frank as well as may simply explain the manner of performing
task adequately (Decker and et. al., 2014). Enclosure of respective personality traits assists the
entrepreneurs to utilise their available skills lucatively which ultimately increase its ability of
accomplishing success effectively and fastly. Moreover, it also explain that entrepreneurs has to
be social enthusiastic, confident and many more which has affect upon person. Entrepreneurs
may opt this trait as it assists them to determine solution for issues which is being faced through
them into its own life and business.
Agreeableness: these personality traits within people states that how effectually they
cooperate with its team members or other individuals with whom they are working with to attain
success. By considering some example of entrepreneurs like Liz Wilson, Bill Drayton and Ren
Zhengfei etc. it have been determined that whole three of these are more co-operative people
who shares effectual relation with whole business related individuals which ultimately assists to
attain success rapidly. Also, it have been determined that whole of them appropriately utilise
various social networking techniques modes which supports them to gain success towards its
firm. As with the help of this entrepreneur can develop various new corporate relationships in
more efficient manner and also enhance social networking. So, that numerous people get to know
about their business and invest them for gaining profitability and attain business objectives.
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TASK 4
P7 Background and experience can hinder or foster entrepreneurship.
As Energy and Industrial Strategy firm executive states firm that entrepreneurship is
eagerness to undertake risks with intent to solve the problems faced through society at large scale
(Fassin, Van Rossem and Buelens, 2016). In this respect, this is broadly known that educational
background as well as experience of people which have affects upon entrepreneurship. In this
respect, the consultant provided to firm with the help of local entrepreneur example such as Liz
Wilson which is a successful local entrepreneurs and operating a micro bakery named as Ma
Baker in London, UK. The experiences and background of this entrepreneur is described below:
Background: Liz Wilson is a teacher, passionate baker and home cook. It accomplished
the course of Bread Angel’s micro bakery in a month of july, 2013 whereby she developed
likelihood towards dealing with bread. It provided her to establish her own small bakery as well
as settled into London in year 2015. Moreover, she received 5 star on her bread school constantly
for whole bakery classes that is provided through her on internet.
Experiences: The experiences that Liz have are she were volunteered into various
cooking as well as bakery school. Also, in year 2014, she became the first runner up into home
baker category in World bread awards. Therefore, this may be observed that before setting up her
own small bakery to year 2015, Liz Wilson has gain various experiences that made her a
successful entrepreneur.
Career background: She was originally from Australia, her background is in film
marketing, performing for both Universal picture as well as paramount. Moreover, hw career got
changes after having a child. As after children she shifts in work of education for adjusting into
with kid’s holidays moreover, she was specialist reading teacher in Key stage 1 and also worker
with children who were rebellious for reading, speaking and writing. In addition to this at the end
of year 2014, she initiated her full time bread adventure as well as it have been the most
surprising period of her life.
Therefore, her passionate towards home cooking and bakery boost her to do Bread Angel’s
micro bakery course. And set up her own bakery and also received 5 star on her Bread school.
All these education and experiences foster her to become an successful entrepreneur (George and
Bock, 2016). So, her bread adventures foster her to become success in the field of bakery.
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Some more examples of entrepreneurs such as Ren Zhengfei, Tom Mercer and others which
experiences and background hinder and foster them to become successful.
CONCLUSION
As per the evaluation it is concluded that entrepreneurs assists entrepreneur an individual
engage in the operation of developing new business idea, take use of innovation to develop
unique services, product and process for betterment of individuals and serve economy growth.
Moreover, there are some entrepreneurial ventures such as large, small, social and other and few
typology like growth, lifestyle and etc. Also, all ventures have some differences and similarities
on the basis of characteristics, objectives and so on. With the help of some statistics, it has been
also interpreted that micro and small business have impact on UK economy. Start-up and small
business entities have significant contribution in United Kingdom economic growth and
development by their contribution in individual living standard and job employment
opportunities. Apart from all this, it has been also summarised that entrepreneurs are different
from business manager. Also, the background and experiences also hinder and foster to become
successful entrepreneur.
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REFERENCES
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George, G. and Bock, A. J., 2011. The business model in practice and its implications for
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Glaeser, E.L., Kerr, S.P. and Kerr, W.R., 2015. Entrepreneurship and urban growth: An
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