Small Businesses and Entrepreneurs in the UK: Impact on Economy and Growth

1
Table of Contents
Introduction................................................................................................................................2
Conclusion..................................................................................................................................9
References................................................................................................................................10
List of Figures
Figure 1: Contribution of businesses in employment and turnover...........................................4
Figure 2: SMEs in various sectors.............................................................................................5
List of Tables
Table 1: Similarities and differences between entrepreneurship ventures.................................3
Table 2: Difference between small, medium, and large businesses...........................................7

Introduction
This project covers small businesses and entrepreneurs. Small businesses may boost an
economic growth. These businesses create jobs and boost income. Tourism, IT, and
technology offer jobs and boost any nation's economy. Several variables impact small
businesses. This report is about small businesses in the UK. Its major objective is to identify
tiny startup growth variables. The function of a SME entrepreneur will also be discussed.
There are different types of entrepreneurship ventures out there. These are-
Social Enterprises
Scalable Entrepreneurial Venture
Large Company Entrepreneurial Venture
Small Entrepreneurial Venture
Lifestyle Entrepreneurship
Innovative
Entrepreneurship
a. Entrepreneurship venture types and relationship between typology of entrepreneur
Entrepreneurs create and operate tiny businesses with minimal resources, taking risks and
reaping rewards. Entrepreneur enterprises are operated by individuals or groups to provide
superior services. Administrators lead local and global programs. Individuals or groups may
launch numerous entrepreneurial enterprises. Then:
Social Enterprise: Social enterprise aims to create new goods for social benefit. It's not
profit- driven. This initiative aims to help society. These companies provide social services.
Their main target is to render services which will decrease or eliminate social problems It's a
non- profit since it doesn't make money. They're found throughout the UK.
Scalable Entrepreneurial Venture: It draws investors with innovative ideas. Innovative
scalable startup. Vision to provide people something fresh and transform world. It recruits
seasoned experts since it has a global goal. High growth prospects. Silicon Valley
entrepreneurs programs1 must be implemented to provide administrators a platform to
discuss ideas. Such businesses provide customers unique and inventive items. In the UK, new
business concepts and technologies have emerged. Large company entrepreneurship focuses

on firm expansion.

Large company Entrepreneurial Venture: This type of entrepreneurship focuses on firm
expansion. Entrepreneurs deliver high-quality goods and services to customers. Through it,
they want to boost their businesses' earnings and sales. This enterprise cares about market
competitiveness and is always competitive. To get additional consumers, they buy new
companies and create new product strategies. Its kind is a major target market firm.
Similarities and differences between entrepreneurship ventures
Factors Social
enterprises
Scalable
ventures
Large company
ventures
1 Goal
& Objective
To serve the
people in need
To provide
innovative
products to
achieve high
profitability
To sustain in the
business and
maximize
wealth of the
company
2 Risk Low risk High risk Average risk
3 Structure Trustee based Corporation and
partnership
Complex
organizational
structure
4 Profitability Measured on
solving particular
problem that
affects society.
Measured on
profits based on
monetary return
Measured on
profits based on
monetary return
5 Customer
Interaction
Personal/
Electronic
Personal/
Electronic
Electronic
6 Ownership Single
organization or
society
Single or
multiple
entrepreneurs
Thousands of
shareholders
Table 1: Similarities and differences between entrepreneurship ventures