Exploring Entrepreneurship and Small Business

The provided document is a report on entrepreneurship and small business, which first explores distinct ranges of ventures and types of entrepreneurship. It then assesses the impact of small businesses on the UK economy and examines various environments that foster or hinder entrepreneurship.

Entrepreneurship

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
1. Examining different types of ventures in relation to typology of entrepreneurship...........1
2. Exploring similarities and difference between entrepreneurial ventures...........................2
3. Impact of micro and small businesses on the economy....................................................4
4. Small businesses and start –ups contribution to growth of the social economy................6
5. Characteristics, traits and skills required for successful entrepreneur...............................8
6. Aspects for entrepreneurial motivation and mind-set........................................................9
7. Background and experience that foster or hinder entrepreneurship.................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is to start new business by taking financial risks and the one who starts
this business are known as entrepreneur. An individual who has the willingness and ability to
develop, organise and manage firm by taking the risks in order to gain profit is called
entrepreneur. Different types of entrepreneurial ventures are discussed in this report. Focus on
similarities and differences between various ventures in entrepreneurship is mentioned. In
addition to this, relevant data and statistics in micro and small businesses which impact on the
economy has been specified in this report. Moreover, small businesses and start–ups contribute
to growth of the social economy has been mentioned. Different types of traits and characteristics
of successful entrepreneur is described in this state as compared to other managers of
organisation. Motivation of entrepreneurial is reflected by others and experience fosters
entrepreneurship has been covered in this research.
1. Examining different types of ventures in relation to typology of entrepreneurship.
Different types of entrepreneurial ventures can be Small business, Scalable start up,
Large company and Social. All ventures related in typology of entrepreneurship which has been
discussed below
Small Business Entrepreneurship:
In today's world also, there are many small businesses such as store of grocery, work of
plumbers, electricians, agents of travel, carpenters, consultants and many more. They are the one
who runs business individually and also meet employee's directly (Burns, 2016). Most of them
are not profitable easily. Their main motive is to feed their family along with making better profit
in firm. They are not able to attract customers directly but through friends or families, firm is
able to attract more clients. Moreover, small business units are not in more progress with relation
to typology of entrepreneurship as differences are emerging in founder's identity of institution.
Scalable Start up Entrepreneurship:
Scalable business is performing with innovative ideas and through different search for
repeated models of firm. This will result in high profit and growth of business. In relation to its
typology they specify different implications for development of business and later put in to
organisational practices (Goss, 2015). In addition to this, it also helps in building perfect
structure of firm to attract investors in an effective manner. They should also build group which

has to be strong and capable in moving on through difficult situations. Entrepreneurs in this
business are aware that their powerful vision can change the global world. Moreover, through
this they can attract investors rapidly. They are in search of repeated models which helps in
raising scale of business and helps in expansion. Being aware of this they also invite risk factors
in organisation.
Large Company Entrepreneurship:
This business runs with finite values and they grow with innovation in new products that
are helpful enough to attract customers. They are pressurised for using new techniques according
to change in consumer's demand and competitors who have entered newly (Drucker,2014).
Factor that contribute in typology of entrepreneurship is involvement of management for the
capital that helps to continue in new inventions. The companies which are already exists in
market perform in this order to acquire new techniques and also to build varieties in products. In
large companies, they depend on advance technology in order to reduce cost. In context to
execute this wild innovation in business also creates difficulty in it. By receiving outside capital
sources in relation to typology they would reduce cost of production and will lead to higher profit
in business. Many ventures who perform jointly in this business always perform positively.
Social Entrepreneurship:
Here, entrepreneurs work in order to fulfil social needs and for satisfying their service
users. They also work for making world globally better by creating wealth for founders of
company (Storey, 2016). In addition to this working here in this firm can be profitable or not be
in terms of profit as it relates to social enterprise. They do not work for gaining profit but are
more concerned with primarily objectives of society. In relation to this typology of
entrepreneurship, they desire for bringing positive change in society.
2. Exploring similarities and difference between entrepreneurial ventures.
Entrepreneurial ventures work for better development of business and for their growth in
market. Different types of ventures work for delivering different services that are provided to
customers. They perform in relation to consumers’ demand and gaining high profitability in
business. Looking high, entrepreneurs work for achievement of financial goals also. However,
this all ventures work in relation to achieve financial aims but it also involves risk to firm
(Turner and Pennington, 2015). They also prepare strategies to avoid risk factors in organisation.

Entrepreneurship is also related in context to employee's welfare, their recruitment and in terms
to worker’s compensation (Rainnie, 2016). As per research on these ventures there are some
similarities and also differences in it.
Similarities between entrepreneurial ventures:
Small Entrepreneur Scalable Start Up
Entrepreneur
Social Entrepreneur
 There are limited
customer's in a small
business.
 Scalable performs with
people working under
their start up's program.
 Social business relates
with people of society
and communities.
 This owners work with
low risk factors in firm.
 Here, risk factor in
institutions is high.
 Lastly, Social
entrepreneur is not
concerned with any
type of risk in it.
Differences:
Small Entrepreneur Scalable Start Up Entrepreneur Social Entrepreneur
 Small entrepreneur is
concerned with profit
margin in business.
 They perform in
context to invent new
ideas with innovative
techniques in providing
products and services
to consumers.
 Social entrepreneur
works in addition to
growth of society and
for better welfare of
them.
 Here they are indirectly
related to social
problems and their
motives.
 Scalable does not work
in relation to any social
welfares.
 In this, they are
directly concerned to
society and
communities’ issues.
 Small business units
are performed with the
 Scalable Start Up is
performing not for
 Social Entrepreneurs do
not work for their

aim to achieve their
personal growth.
personal neither for
social but they are
focused in providing
opportunities to their
employee's and for
their welfare which
helps in increasing
their productivity.
personal goal but
perform for social
growth and
development.
Differences Between Male and Female Entrepreneurs:
Male Entrepreneur Female Entrepreneur
 Male entrepreneur working in business
is knowledgeable and experienced.
 Here, female working as an
entrepreneur is worried about firm and
is also not experienced.
 They are more willing in taking
financial risks in business.
 Females are very conservative in terms
of taking financial risk.
 Male are aggressive in working terms.  Compared to male, females are more
enthusiastic in performing business
activities.
 Male feel they have quite more
information about institution.
 In this term, here they want more
information and details about firm.
 When coming to finance, it is easy for
them to take and access capital.
 For female entrepreneur, it's not easy
for them to access more capital in
business.

3. Impact of micro and small businesses on the economy
Small and micro businesses are the backbone of UK economy. They have impact
in terms of growth of economy, in opening new markets and in offering new jobs and also, they
contribute widely in business. (Piperopoulos, 2016). In addition to have impact on economy of
country, they motivate workers to develop new ideas which helps in accepting challenges in
economy standards. According to Mark Gould stone, small business should grow UK economy
which will have impact in broader manner. In addition to this, research also states that 55% of
medium and small enterprise in UK does not stay in market for more than five years. Moreover,
63% of small units’ firm face challenges in market for achieving higher growth. For continue
growth in business for three years 61% owners lack in having self-confidence and also lack in
their ability to develop the business.
Economic Growth: Small and medium size businesses contributes to growth of economy and
welfare of country. In addition to this it helps to grow more in the society where organisation is
established and maintained in it. In 2014, 5.2 million business in UK country and from that
99.9% is small business enterprise and lastly this research is highly concerned with continuous
growth of business in market (Barber and et.al 2016.). Statistical data helps in working more
effectively to achieve the aims. Moreover, it helps in focusing on goods and services that they
are delivering and the manner they are managing as a whole enterprise. There are many
opportunities that helps in recovery of any issues in enterprise. In addition to economy of UK,
Brexit also impacted on it in relation to small and medium size of business.
Reducing Various Issues: Hence, improvement in economy also leads in performing through
theory basis. Activities in business are performed only for the betterment of public and also in
context to provide them qualified services which satisfies them.
4. Small businesses and start –ups contribution to growth of the social economy.
This is to discuss upon the impact of small and medium sized businesses on the growth of
UK’s social economy. In which, it has been found to be extremely beneficial for the overall
economic growth. This is proven by the statistical data of combined turnover gained by both
small and medium sized enterprises of £1.6 trillion in the year 2014. Apart from this, it has
together enhanced the state of employment in the nation by almost 60% in the occupational area
of private sector organisations and 81% of the overall workforce. Lastly, on considering the

status of growth, near about 37% SME’s have been found to engage in innovative practices.
There was a direct impact of Brexit on economy of UK. Opportunities provided to employees
also has a great impact on economy. In addition to this, after Brexit, economy of UK reflected in
positive way with the support growth of small enterprises and start-up business which already
exists in the same economy of UK country. Requirements of limited customers was fulfilled by
this small organisation and with new start-ups in same region of economy. After Brexit,
management was improved themselves to raise their scale which also resulted in increased pay
scale of employee's in company (Parker, 2018). The economy was poorer before but now it is
becoming richer which has resulted into increase profitability and productivity of organisation.
Economy of UK leads to higher achievement as compared to other economy. To be a meaningful
and respectful substance in economy can set up in global achievement factor with the help of
representatives. Economy of UK also concerns with huge amount of quantity and larger
Illustration 1: Entrepreneurship and small business unit
Source 1: (Burns, 2016)

institutions for finance executions in market. Somehow, this economy is based on small business
to develop them higher. Factors that led to the contribution in growth of UK economy are as
below:
Income: Small business helps in contributes to development of UK's economy. This results in
best and higher income of an individual working in small unit which provides more chances to
deliver products and services with better quality to consumers (Rousseau, 2018). Start-ups and
small enterprise increase their fund continuously for better development of community and also
for employee's who are working in the same organisation. This advantages in positive manner
socially and also provides satisfaction to their needs. Later, things affecting to them is positive in
every way.
Employment: Different activities performed in business enterprise carry out various types of
managerial operations in it. Employment also impacts as employee's working in firm has a great
part in providing services to customers. It also supports in decreasing unemployment rate in UK
economy (Henry and et.al 2016). This can be done through opportunities based on employment
provided to them who are existing in the same region.
UK Economy: By raising financial status of UK, it's economy can be recovered from worst
impact of Brexit. This will happen only with help of small and start-ups business in country.
Impact of Brexit on UK economy: Brexit effected in major area, during membership of UK
union and in its literature shows that Brexit will reduce per-capita of UK's income. Being in this
economy it has worst effect on economy (Allen and Truman, 2016.). In survey of 2017, literature
found that in long term of economy, Brexit will affect badly and will make UK poorer in terms
of economy. Hence it will also add to expand barriers in immigration process and to trade. In
august, Institute for Fiscal Studies also reported by economic council that Britain has faced
challenges and difficulties as they can't get benefit of membership. In January, 2017 one the best
chief economist and executive director described that downturn in instant economy of UK will
result inaccurate (Kuratko, 2016.). This research also supported in findings best practices and
knowledge that suggests food prices and supplies it with less security under Britain trading
arrangements.
This is to discuss upon some vital pros and cons of Brexit on UK economy that are as
stated below-

Pros-
 UK is not required to pay the membership anymore which was earlier estimated to be
around £200 billion.
 The customers are also benefitted from the removal of certain implied polices involved
Common Agricultural policy, etc.
 In addition to this, without EU, the international trade has been much easier for Britain
where they can now refer to trade directly with India, US as well as China.
 This has led to a greater number of opportunities in vibrant marketplaces with a deeper
pool of talented resources.
Cons-  Although, there together exists some concerning aspects of Brexit where the cross
border administrative burden will be more with huge cross border costs as well. Also, there exists a greater extent of uncertainty to the large-scale organisations
where they are frightened by the chances of recession due to such higher transition.
5. Characteristics, traits and skills required for successful entrepreneur.
To be a successful entrepreneur one needs to possess following characteristics, traits and
skills in addition to achieve innovative knowledge.
Strong Money Management: To be a successful entrepreneur one needs to know how to
manage money in business. Moreover, becoming more profitable, it takes time and does not
results immediately (Colpan and Jones,2016). Till this, business capital is not more and needs to
be used very carefully. Planning in terms of present and future obliges to obtain more fund which
can be useful in emergency case.
Passion and Motivation: Compared to other traits this is most important to become successful
entrepreneur. They must be capable of handling cash flow and maintaining their passion and
motivation. Entrepreneur should also have the power of motivating employee's in terms of
working more and putting higher efforts in it.
Flexibility: Dedication in work is very important as it helps in being flexible in business. Being
not flexible may lead to failure (Leyden and Link, 2015). For being successful, entrepreneur
must always accept customization that increases clients’ satisfaction and their needs in market.

Productive: To be more productive and enhanced in providing goods and services in market
leads to better entrepreneurship. They should know about correct way of being productive and
enhanced. Different productive tools and ways must be used in a way to create plans for success
in business.
Managing staff: They must be aware about managing staff in right way and to treat them well.
Selection of people must be done correctively. At initial stage of growing business, an
entrepreneur are only managers so they must play their role effectively (Gaddefors and
Anderson, 2017). They should learn how to encourage and grow their staff at every level of
business.
Focusing on customers: The ability to focus on consumers must be optimised. In relation to this
if there are no customers then they have no business ahead in market. Products and services
provided to customers must satisfy their needs. On this customer needs and requirements, they
need to study or else they can ask direct questions to clients for feedback to reach their
requirements.
Planning effectively: In business, planning is initial stage. Once entrepreneur has entered into
market they need to build firm with limited resources which includes money, time and their
relations. All processes require better planning which results in higher profitability. In order to
maintain business effectively, they should plan everything and must keep all solutions ready for
upcoming issues in future (Martín-Rojas and et.al, 2017). To be successful, entrepreneur must
have a plan for their business, and also remain capable of handling different situations with every
possibility in it.
Identifying strengths and weaknesses: An entrepreneur as an owner of business can't be always
perfect in market. They should have the ability of identifying their own strengths and
weaknesses. In addition to this, they should know where they can perform strongly and where
they are weak in business. This will help in making decisions in respect to firm and employee's
they are hiring for enterprise.
6. Aspects for entrepreneurial motivation and mind-set.
In order to become successful, entrepreneur have basic qualities like making policies,
taking actions, becoming independent to make business more developed and active. Here are
some aspects which makes individual a successful entrepreneur.

Desire to do innovative things: In order to maintain quality in products they always try new
and innovative things to become more successful and advanced (Burns, 2016). An entrepreneur
is working hard to bring flexibilities in them and to achieve higher profit in business. They
always desire to work innovatively and perform every action effectively. This reflect mind-set of
new performer in business positively.
Make Policies: Entrepreneur also make different policies in context to maintain quality of goods
and services which are delivered to clients. They make policies in production process, delivering
goods and services, profit margin, accepting risks and many more.
Independent: They are independent as they perform individually as a new entrepreneur and in
addition to this, they also work for better accomplishment of their business. As a performer, well
qualified person has entered in market who does not needs any guidance from anyone (Goss,
2015). In achieving objectives with different critical situations, they are responsible for their own
growth and development. They want to be independent as they are not depending on other
sources.
Make resources available: Next concept is of availability of different resources in business. As
an independent they are aware of maintaining resources in firm as to provide goods and services
on proper time to customer's in market. These resources include various materials used in
production, funds for investment, enough staff scale and many more.
Actions: As they are more productive towards work and are capable of taking actions related to
any issues in organisation. Entrepreneur takes risk in business and can perform actions if needed.
They are self-dependent and have confidence in themselves and can take actions for better
growth and development of business.
Encouragement: Entrepreneur always encourages their employees to work more which helps in
resulting higher profit and production (Drucker, 2014). They motivate themselves and also staff
in order to achieve objectives for organisation. Encouraging workers and attracting more
customer's is very much important for development of business.
Networking abilities: In order to maintain business standard, entrepreneur is connected to their
family, friends, colleagues and more people which increases their network which helps in
promoting products and services. This is the key to success for entrepreneur which supports in
attracting and increasing clients for their products.

Maintaining quality control: Entrepreneur working as an owner in small business enterprise
they always focus on maintaining control on quality. They are responsible for achieving higher
growth and profit in organisation. Trained and effective entrepreneur always expand their
business along with control of quality in goods and services (Storey, 2016). They try to control
with new techniques and modern concepts which also increases efficiency of business and helps
in attracting more customers. .
Commitment: Entrepreneur being an independent owner always focuses on maintaining their
status of business. They are committed to their work in accordance to improving efficiency of
organisation. Entrepreneurs try to expand business by launching new products and services in
market. Commitment towards work, employee's, customer's, managerial operations is always
maintained by entrepreneur in firm.
7. Background and experience that foster or hinder entrepreneurship.
In order to become a successful entrepreneur, they face many challenges in their life.
These phases may affect them in hindering or fostering their entrepreneurship which helps in
leading their business in market. They can be foster through their family background and
experiences (Turnerand Pennington, 2015). factors which hinders or foster them can be caste,
region, impact of family, and many more. Many families like Sindhi, Baniya, Khatri etc owns
their business initially which leads them towards hindering their entrepreneurship. According to
changing facilities and techniques in business it results in fostering their entrepreneurship.
Family Background: Different families are involved in various types of businesses. These
families have different mind sets depending on size, status and caste of family. Here, background
of families provides sufficient sources to foster entrepreneurship. Families are always supportive
but sometimes they act opposite in terms of not providing support to entrepreneur which may
hinder them towards developing their entrepreneurship (Rainnie, 2016). Educated families are
always prioritised development and growth of business. But on other hand, if there are people
who are uneducated fails to provide support and demotivate in fostering entrepreneurship.
Experience: Entrepreneur as an owner is always specified with higher expectations and
experience. They have more knowledge which helps in increasing their potential in business and
in maintaining production process. In future they are more advanced in achieving their objectives
(Piperopoulos, 2016). They always try to gain high profit margin and make different policies and

strategies to foster growth of business. In addition to this, also actions are taken by them for an
organisation if needed in future. With a positive impact in business they are always ready to
accept challenges in business (Martín-Rojas and et.al, 2017.). Moreover, experiences and
knowledge of an entrepreneur helps in taking more advantage in business and considerably
facilitates innovation.
CONCLUSION
Entrepreneurs and small business owners are risk takers in their work. Different types
of entrepreneurial ventures are discussed above. In addition to this, similarities and differences
between various ventures are specified and these helps to increase growth and development of
business. Small business and start-ups have significant impact on economy. Relevant and
statistical data is used to know that UK country has moved positively in terms of economy level
after Brexit. In order to this, capabilities and skills of entrepreneur are mentioned which helps in
developing business. Lastly, background and experiences are two major role player which fosters
entrepreneurship. This is to summarize the above undertaken report that has firstly explored
distinct range of ventures and the type of entrepreneurship in it. It has been followed by an
assessment where the impact of small business on UK economy has been explained to further
evaluate the key features of an entrepreneurial mindset. Lastly, different type of environments
has been examined that are greatly responsible to foster or hinder the act of entrepreneurship.

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Online
Entrepreneurship And Small Business, 2017 [Online]. Available Through
<https://www.wittenborg.eu/mba-entrepreneurship-innovation.html>.