Importance of Small Businesses and Start-ups in UK's Social Economy

Entrepreneurship
management and SME

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1. Discuss diverse types of entrepreneurial ventures and briefly explain their relation to the
typologies of entrepreneurship...............................................................................................1
P2. Examine the several similarity and difference between various entrepreneurial ventures
discussed above......................................................................................................................3
TASK 2............................................................................................................................................4
P3. Examine how SME businesses brunt on the economy of UK by interpreting data and
statistics..................................................................................................................................4
P4. Brief the importance of small businesses and start-ups to the progress of the UK’s social
economy.................................................................................................................................6
TASK 3............................................................................................................................................8
P5. Discuss the characteristic, behaviour and skills of entrepreneurs that distinguish them
from business managers.........................................................................................................8
P6. Examine the aspects of the personality that reflect entrepreneurial motivation and mind-
set of entrepreneurs.................................................................................................................9
TASK 4..........................................................................................................................................11
P7. Background and experience of Issa brothers can hinder or foster entrepreneurship.....11
CONCLUSION..............................................................................................................................12
References:.....................................................................................................................................13

INTRODUCTION
Entrepreneurship is the cognitive process of crafting new product or process in the
market or considerably redesigning the existing goods and services or the process of production
by the individuals or unit of individuals (Baker and Powell, 2019). An individual or group of
individuals carrying out the process of entrepreneurship considering both personal and
commercial enterprise risk associated in time period of business life cycle are known as
entrepreneur (Berge and Pires, 2019). The report outlines the distinct types of entrepreneurial
ventures and there offering in UK's economy. Entrepreneurship typologies, similarities and
difference between the entrepreneurial ventures are discussed in report. Impact of SME’s on
UK’s economy is examined using adequate statistics and data. Value of start-ups and small
businesses in development of economy are explored within the report. Skills and traits of two
successful entrepreneur brothers, Zuber and Mohsin Issa are discussed to contrast with other
business managers. OCEAN Model is induced to manifest the personality of the entrepreneurs.
Experience and background of entrepreneur brothers are discussed in report.
MAIN BODY
TASK 1
P1. Discuss diverse types of entrepreneurial ventures and briefly explain their relation to the
typologies of entrepreneurship
Entrepreneurial ventures are one that indulge themselves in business with the innovative
and time serving strategies and with a goal of profitability and high growth (Alessa, 2019).
Entrepreneurs crafts the entrepreneurial ventures with tolerance of risk and ambiguity associated
with new business process and motivation to drive the enterprise to its ladder of success. The
various entrepreneurial ventures are : Small business entrepreneurship: The small business entrepreneurship aims to make
profit for their basic and modest survival and lifestyle (Barnes, S.J., 2020). Small
businesses hold the larger space of the society. Entrepreneurs in small business ventures
are depleted in finance and focuses on increasing profits. Scalable start-up entrepreneurship: Scalable start up entrepreneurship is started with
mindset to change the world with their invention (Yang, Liao and Li, 2021). This start up
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business create a product or a service which are demanded by the market. Entrepreneurs
in this venture look for the rapid gratification and high profit return in the business. Large company entrepreneurship: Large company entrepreneurship is performed by the
large and established company with high amount of finance in hand (Syam and et. al.,
2018). This entrepreneurship developing new product or service according to the demand
of customers and changing technology and also have plan of action to sustain the
innovation.
 Social entrepreneurship: Social entrepreneurship is the charitable and needful ventures
created to solve the social problems and meet the social demands of the public (Barnes,
2020). These ventures are either non profitable, profitable or hybrid ventures. But there
main agenda is to make finer version of world with their social services and products.
Different typologies related to the entrepreneurial ventures are:
Male Entrepreneurship: Male entrepreneurship is business enterprise initiated, innovated,
operated and organised by the male aspirants. More than half of the UK's society is covered by
the male entrepreneurs (Lahti, Wincent and Parida, 2018). Male entrepreneurs are ambitious, risk
takers, money makers and are quick in decision making. Male entrepreneur have more capital to
start a business. Examples of male entrepreneurship are in electronic, chemical, auto mobile, and
construction industries.
Female entrepreneurship: A women entrepreneurship is the business enterprise started,
organised, managed and run by the women or group of women with all the risk and finance.
Female entrepreneurs are the one creating the highest employment for the women in the business
sector (Jurado, Gillam and McCoy, 2019). Women entrepreneurship is basically in food industry,
fashion and textile industry, NGOs, handicrafts etc. Hence this entrepreneurship has become the
motivating factor for the women across the world.
Survival entrepreneurship: Survival entrepreneurship is the venture created to acquire money
for the basic survival of life. The survival entrepreneurs have motive to stay in market for long
period and seek the venture capitalist for their enterprise (Guidi and et. al., 2019). Survival
business thinks of reducing cost to increase profitability with less workers. Examples of this
venture are local grocery stores, vegetable and fruit vendors etc.
Lifestyle entrepreneurship: Lifestyle entrepreneurship is undertaken with objective of
satisfaction of desired lifestyle rather than growth and money. A entrepreneur focuses on the
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