Impact of Small Businesses on Economy

This report discusses the different types of entrepreneurial ventures and their growth and development with relation to typologies of entrepreneurship. It also explores the differences and similarities among entrepreneurial ventures. Furthermore, it highlights the impact of small and micro entrepreneurs on the economy and the importance of small businesses and start-ups in the growth and development of the social economy.

Entrepreneurship and
Small Business
Management (unit 9)

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
1.1 Different types of entrepreneurial ventures and their growth and development with
relation to typologies of entrepreneurship..............................................................................3
1.2 Differences & Similarities among entrepreneurial ventures............................................5
PART 2............................................................................................................................................6
2.1 Relevant Information to illustrate how little and miniaturized businesses impacts on
economy.................................................................................................................................6
2.2 Importance of little businesses & Start-ups on growth and development of social
economy.................................................................................................................................7
2.3 Affect of enterprises on local, national and regional level of the economy...................9
PART 3............................................................................................................................................9
3.1 Skills, Traits and characteristics of Entrepreneur.............................................................9
3.2 How entrepreneurial characteristics reflect motivation & mentality of entrepreneurs. 11
PART 4..........................................................................................................................................12
4.1 How Foundation & experience of entrepreneurs can hinder or foster business enterprise12
4.2-Critically examine by comparing & contrasting examples............................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneur is termed as a person who setup their own company with an aim to gain
higher profits rapidly. They bear financial risk at their own in order to sustain longer at
marketplace. Entrepreneurs basically develops innovative business idea and put their full
potential to attain desired goals (Hills and Morris, 2018). In the present report, B&M company
which is established by two entrepreneurs Simon and Bobby Arora is taken into consideration.
The company offers different variety of Grocery in the market. By the efforts of these two
entrepreneurs, The company is renowned as homewares chain globally. The current report
includes different forms of entrepreneurial ventures with typologies. In addition to this,
differences & similarities between entrepreneurial ventures is also discussed in this report. It will
further discuss about the affect of small and micro entrepreneurs as well as large businesses on
local and national economy. Moreover, skills and attribute traits of entrepreneurs is going to
cover. Lastly, the report provides an analysis of different environment which foster and hinder
entrepreneurship.
PART 1
1.1 Different types of entrepreneurial ventures and their growth and development with relation to
typologies of entrepreneurship
Entrepreneurial ventures emphasise on delivering its services to the business entities
which comes under middle level. Along with this, Entrepreneurial ventures helps business firms
to bring out something innovative and unique within the market. This develops an opportunity
for businesses entities and assist them to attain desired goals within the specified time frame
(Lipset, 2018). Moreover, it also assist in raising economic value and social recognition as well.
There are various forms of Entrepreneurial ventures which is mentioned below:
Classification of entrepreneurship:
There are various categories of the entrepreneurship on the basis of size, purpose, sector
and by growth that are as follows:
Entrepreneurship according to size:
 Small Scale Businesses: This form of entrepreneurial ventures is basically formulated by
single entity who can perform all activities independently. The sole proprietor bears all
the expenses as well as losses and handling responsibilities properly (Mitra, 2019). This

ventures consist of one or two employees. Carpenters, small stores are such an example
of these type of ventures.
 Medium scale entity: A medium enterprise is an enterprise in which investment in plant
and machinery is more than Rs. 5 Crore but not exceed Rs. 10 Crore. The example of
medium enterprise is Captify, John Good shipping and many more.
 Large scale Entity: This ventures perform business activities on a large scale and
generates higher profits. The example of large scale businesses are B&M, Marks &
Spencer and so on. This entrepreneurial ventures offers wide variety of products and
services and consist of huge number of employees in order to perform out business
operations properly.
Entrepreneurship on purpose
Social enterprise: Social enterprise is an organisation which apply their commercial strategy to
maximise improvements in finance, social and environmental well being which includes social
welfare of society.
For profit ventures: For profit social entrepreneurial ventures that are blend with social goals
with the business goals in order to remain competitive in marketplace.
Entrepreneurship by sector:
Corporate sector: Corporate sector is the part of economy made by companies, is a subset of
domestic economy. It excludes the activities of general government, private households and notn
profit organisations.
Types by growth rates:
Survival Firms:
This type of ventures struggles within the market in order to get stability and remain for
longer time period. They faced issues and difficulties as well which are interlinked with earning
of profits. It has been stated that, the revenue of survival firms is limited which is not enough to
fulfil their basic needs. Furthermore, due to limited availability of resources and money they are
not able to achieve their desired gaols within given time period. Some of the examples of
survival firms are grocery stores, bakeries and many more.
Lifestyle Firms:
It is another form of entrepreneurial ventures. Herein, company performs several
functions and operations which is straightly linked to the high profile. In addition to this,

Lifestyle firms basically performs those operations that fulfils their passion and raise their
standard of living effectively. The example of life style firm includes ski instructor, golf and
tennis pros, wine bars and tour guides.
Scope, growth, development and its relationship with the typologies of entrepreneurship
The development and growth of entrepreneurial ventures is raising continuously by the
passage of time. The development of ventures is related and depend on the typology. There are
basically two types of typologies that is female and male entrepreneurs. One of the main reason
behind development of typologies is mainly these entrepreneurs. It can be better understand by
the help of an example. For example, it is said that Male entrepreneurs put their unconditional
efforts and full potential for the growth of companies that results out positively and thus the
financial performance of an organisation improves (Burns and Dewhurst, 2016). In addition to
this, it is determined that capability of taking risk is more in Male entrepreneurs and they take
decisions within the given time period which directly promotes growth and assist companies to
achieve their desired goals in an effective manner. Moreover, it is also determined that Female
Entrepreneur also contribute towards development of firm as they put their full zeal so that
organisation can earn higher profits. It has been stated that Female entrepreneur are more
focusing towards their work and carries multitasking behaviour which is the main reason behind
success and growth of companies. Along with this, female entrepreneurs are more concerned and
devoted for the business activities that enhance the performance of an organisation in a defined
manner. From the above discussion and explanation, it is shown that there is affirmative
relationship among these entrepreneurial typologies that leads towards growth and development
of entrepreneurship as well as firms.
1.2 Differences & Similarities among entrepreneurial ventures
Differences among Entrepreneurial Ventures
Small Business Entrepreneurship Large Businesses Entrepreneurship
 This entrepreneurship ventures consist
of two employees or more than it that is
owned by the sole proprietor as per
their needs (Dana, 2018).
 Large scale businesses have greater
than 250 staff members who perform
all activities and functions in a proper
manner. This type of entrepreneurial

 The aim of small ventures is to satisfy
their basic needs along with the needs
of their family. It involves needs such
as food, shelter, cloth and so on.
ventures is managed and controlled by
professional partners.
 The goal of large scale entities is to
enhance their business globally and
gain higher profits that automatically
increase its brand image as well as
market share.
Similarities between Entrepreneurial Ventures
Apart from likenesses, it has been stated that there are also some similarities between
entrepreneurial ventures. The similarities between large scale and small scale entrepreneurial
ventures are as follows:
 one of the major similarity among these ventures is both put their hard work and efforts
so that they can earn higher profits (Ferreira and et. al., 2017). Along with this, their aim
is to raise living standards and improve social status as well.
 The another similarities is both companies identify needs of customers and then carried
out its activities so that they can satisfy more customers and increase their sales.
 Furthermore, it is determined that income gain by small as well as large entrepreneurial
ventures is contributed towards the growth & development of societies that directly affect
on the national income and economy of the country.
Similarity and difference in survival and lifestyle firms:
The major difference in survival and lifestyle firms consist that survival firms only exist
to gain reasonable profitability on other hand life style firms passionate to give distinctive
products and services to consumers. The similarity in both kind of firm that they exist to serve
defined target market needs and for earning profitability potentially.
Similarity and difference social and for profit ventures:
The major difference in both the firms that social firms believes in welfare of society and
for profit firms determined to gain the profitability as they exist to earn profitability. On other
hand similarity in both firm that social firms find out problems of people to find best solution
against it and for profit organisations also work for find out problems of consumers.

PART 2
2.1 Relevant Information to illustrate how little and miniaturized businesses impacts on
economy.
Miniaturized enterprises consist of 50 employees or less than it who perform activities
effectively in order to raise their living standard. This businesses works on a small scale and
invest small amount in their business. On the other side, small business involves two staff
members or more than it and works to fulfil their basic needs that is food, shelter and so on.
Most of the Entrepreneurs initially start their businesses on small and micro level wit a
motive to gain profits and sustain in market for longer time period. Small and Micro
Entrepreneurs contribute towards the development of economy by bringing creative as well as
innovative idea in the market (Julien, 2018). This improves the conditions of economy
effectively. In addition to this, micro enterprises also assist in improving standards of people
living in societies and thus improves their social status. These enterprises emphasises on
producing those innovative goods and services in market that brings positive change in people.
This can be understand properly by an example. For instance, the economy of United Kingdom
is facing a lot of difficulties and declines due to BREXIT. Along with this, UK economy
crashing down that affect negatively on people also. At this time, Small and Micro Enterprises
assist government to face situations and condition s in a appropriate manner. Moreover, it helps
economy to remain sustain and effective in these situations. Therefore, SME's contributes a
major part in the growth and development of economy.

Source: Impact on small businesses, 2017
By analysing the above graph which is based on the affect of small business on the
economy of United Kingdom. It is interpret that :
 The Micro businesses contributes around 19% towards the development of UK economy.
 It has also been observed that overall contribution of small businesses on United
Kingdom economy is around 24% which is a major part and impacts positively on
economic development as well as growth.

By analysing the above graph, it is determined that small and micro business contribute
towards employment but they are not able to retain in market for longer time period. By the
assistance of this businesses, the national income of UK increases which is use inn the
development of the economy. It is analysed that small businesses faces challenges in order to
gain growth in market. In addition to this, small and medium enterprises offers many
employment opportunities in market that leads to improvement in living standard of people.
Illustration 1: 2018 SBA Fact Sheet United Kingdom, 2020

From the second graph it has been summarised that SMEs provides the employment and
business opportunities to people that is very much significant in development and enhancement
in positive manner. It has been analysed that employment opportunities rises continuously year
by year. it is conclude that structure of small and micro businesses is easy as compare to large
enterprises. In small businesses, taking decision is easy and no conflict is arise as compare to
other large organisations.

2.2 Importance of little businesses & Start-ups on growth and development of social economy
Social economy is deciphered as mixed economy that involves features and characteristic
of private as well as public sectors (Karabulut, 2016). It analyse how social values, norms and
ethics affect on behaviour of customers and shape their purchasing trends. This are non profit
organisation and works with a motive to improve social situations and conditions of the
economy. It is a voluntary organisation that works on both national as well as international
boundaries.
Moreover, this type of organisations majorly contributes towards the economic system of
United Kingdom. It also help government to raise funds and develops the economy in an
effective manner. The significance of Start-ups and small businesses are as follows:
Increasing Job Opportunities: Increase in number of start-ups as well as small
businesses raise the number of employment opportunities that contribute positively on the
development of social economy. Small businesses and Start-ups offers job opportunities in
market in order to select skilled and effective employee who carries out their business activities
effectively and reaches company to a leading position (Ratten, 2016). The skills and
competencies of workforce is properly utilised so that they can gain positive results. In addition
to this, giving opportunities of job to a person fulfils its basic needs that not only improve
employee conditions but also improves the conditions and national income of an country. By the
assistance of these employees, Start-ups and small businesses gain success and remain in market
for longer time frame. Along with this, small companies expand their business in other countries
by the help of its talented workforce.
Innovation: Start-ups and small businesses brings innovative as well as creative
offerings within the market. They emphasise on developing those goods and services that
improves living standard of people of society and thus improves their social status also. By the
assistance of start-ups, social economy gets higher growth and development. Start-ups brings
creativity by investing money, efforts and time with an aim to gain profits. By the help of

innovation, an organisation gain competitive advantage at marketplace and achieve high success.
This directly contributes towards the development of social economy in a proper manner.
Betterment of Domestic culture: It is determined that sales and profit level of
companies has decline because of BREXIT. It reduce the market share of large number of
organisation prevailing in UK. Start-ups as well as small businesses develops creative & unique
products after analysing the market trends and needs of customer so that they can fulfil it and
gain high profits (Storey, 2016). They contribute a portion of profits towards the development of
social economy.
Poverty Alleviation: By giving the job opportunities to people, these entrepreneurs
reduce the poverty level of a country. They emphasise on satisfying basic human needs of people
living in societies that positively affect on social economy. Due to this, social status of people
increases that directly that directly improves poverty level of an economy. Start-ups and small
businesses recruit effective candidates and use their skills to enhance sales and profitability of
companies.
2.3 Affect of enterprises on local, national and regional level of the economy
The small, medium and large enterprises impacts on local, national and regional level of
the economy. Small and Micro enterprises provide employment opportunities to local individuals
and encourage them to perform business activities effectively so that they can generate higher
profits and increase its presence in other countries also. Medium scale enterprises focuses on
developing infrastructure and perform business functions as well as operations properly that
affect positively on the regional level of the economy (Theodoraki and Messeghem, 2017). In
context to national level, large enterprises put their full potential in order to expand their business
globally and contribute towards the development of societies as well as conditions of national
level of the economy.
PART 3
3.1 Skills, Traits and characteristics of Entrepreneur
Traits, skill as as well as characteristic observed in Simon & Bobby Arora and Richard
Branson are as follows:
Simon and Bobby Arora Richard Branson
Traits  Innovation: The ideas as well  Innovation: Richard Branson

as creativity brings in market
by this two brothers is
innovative and new in market
which is the reason behind their
success.
 Feedback Approach: It is
determined that simon and
Bobby Arora take reviews from
customers in order to make
improvements in their offerings
(Klapper, Biga-Diambeidou
and Lahti, 2016).
offers innovative as well as new
products and service in market that
is accepted by people in market
rapidly.
Skills  Focused: Simon & Bobby
Arora is focused towards their
work due to which they gain
higher position as well as
success in market.
 Motivator: This two brothers
motivates and encourage their
employees in an effective
manner that increases their
performance and productivity
level.
 Mindfulness: He has the ability to
handle issues and criticism in an
effective that brings out positive
results.
Characteris
tics
 Risk-taker: They believe in
taking risk as they bring new
and innovative products in
market.
 Problem Solving: They solve
 Leadership: Richard Branson is
one of the renowned leader as he
encourage all the staff members to
effectively perform task. Along
with this, he handle and manage

the issues and problems in an
effective manner that affect
positively on their employees.
teams in a proper manner.
The differentiation between Successful Entrepreneurs a well as Business Managers is defined
below:
Dimensions Entrepreneurs Managers
Focus They emphasise on bringing innovative
and new product in the market that
assist them to remain in market for
longer time frame.
They focus on carrying out business
activities as well as operations in a
smooth and effective manner.
Status They are the owners of business and
bear all the risk and losses.
They are the stakeholders of
businesses as managers are not owners
of an organisation.
Motivation Attainment of desired goals and to earn
higher profits motivates them to work
with full potential.
To perform business activities and to
raise productivity of an organisation is
motivation for Managers.
Entrepreneurial mindset:
Entrepreneurial mindset is the way of thinking which assist in overcome from the
challenges and accept responsibilities for gaining potential outcomes.
Types of mind set:
There are differ kinds of entrepreneurial mindset which includes the passion first as it is
natural to opt business that based on market needs and strength. The second mind set is every
thing is possible that helps in gaining the extraordinary results. The third is 100% accountability
is helps in giving one of their best efforts in situation which is out of control.
Importance of entrepreneurial mind set:
Entrepreneurial mindset is very much potential in the development of confidence and
helps in gaining the opportunities as well as not afraid from taking risk. It helps in setting goals
and milestones for self improvements in much easier manner for gaining potential outcomes.

Distinctive characteristics of successful entrepreneurs:
There are no. of distinctive characteristics of entrepreneurs that are creative mind set,
passionate for their goals and objectives, optimistic in thinking and future oriented in achieving
their objectives. They are very much flexible and resourceful that helps in thinking out of box
and potential in order to remain competitive in marketplace .
Distinctive characteristic traits of those successful entrepreneurs differentiate from
characteristic traits and skills of typical business managers.
There are huge difference in the characteristics and trait of successful entrepreneur that
create distinction from managers as manger is a leader within the established business who
oversees work of other employees within department. In contrast entrepreneur is an individual
who recognize the problem of consumer and find out best solution for it. Further entrepreneur
take risk on other hand manager is limited to some extent in regards of risk.
3.2 How entrepreneurial characteristics reflect motivation & mentality of entrepreneurs
Entrepreneurial Personality is termed as human qualities, characteristic, motives and so
on that is mirrored with requirements and experiences of a person. In order to get an
understanding about entrepreneurial personality, there are some essential factors that is required
to be discussed are as follows:
Family: The future as well as career of a child is totally shape by background & members
of a family. It is essential to give direction and proper guidance to a child so that they gain an
understanding about what is wrong or right. This will help them to take better decisions and gain
success in future (Brustbauer, 2016). In addition to this, behaviour and attitude is also shape by
the family members. At every stage, guidance of family members or elders is required in life that
assist a person to gain success and growth in life. The values, norms, culture, ideas of family
plays vital role in shaping future in a proper manner.
Lifestyle: A good lifestyle directly leads to better decision making. If it is talked about an
entrepreneur, if he experiences problems and passed through hurdles in life, it is not possible for
them to take high risk and perform business activities properly, its main focus is to satisfy his
basic human needs. Moreover, it would not be possible for them to take effective as well as
better decisions.

Upbringing: The culture or environment given to a people also matters in shaping future
and in gaining success. The people whom they meet, communicate as well as interact affect on
the abilities and qualities of an individual. In addition to this, upbringing also affect on nature,
attitude and behaviour of a person. If it is talked about an Entrepreneur, if his/ her upbringing is
flexible it will builds positive attitude and behaviour of an entrepreneur (Kuzmina, 2017).
Apart from this, adoption of OCEAN model also helps in testing entrepreneurial
personality. This model is discussed in detail below:
Openness: This factor describes the willingness of an entrepreneur to bring innovative
things, to be vulnerable and to imagine thins outside the box. It also involves other traits such as
originality, creativity, Insightfulness, curiosity and so on. A person low with openness to
experience like to meet new people and engage in brining creativity.
Conscientiousness: It is defined as the control level of an individual that assist in making
better and immediate actions (Brush and Greene, 2015). This type of people prefer to follow all
the rules as well as policies that help them to attain their desired goals in a easy and proper
manner.
Extraversion: They are the people who is talkative and interactive in nature. Along with
this, they draw energy by communicating with other people that assist in gaining higher
opportunities. This type of personality in an Entrepreneur helps to interact in society and gain
opportunities that will affect positively on their businesses.
Agreeableness: Hereby, it describes compassionate, friendly as well as cooperative
nature of a people that affect positively on the mindset of other people. It involve other traits
such as Trust, patience, politeness and so on.
Neuroticism: It describes emotional stability as well as general behaviour of a person or
it is defined as ability of a person to handle issues and circumstances. This type of personality
assist entrepreneurs to deal with circumstances in a proper manner.
Entrepreneurial characteristics and situational factors:
In entrepreneurial characteristics includes the external factors such as motivation,
education, societal norms, culture and family support that is very important characteristics of an
individual in gaining desirable outcomes. Due to rise in unemployment in the business
environment it is very important to raise the possibilities of entrepreneurship in business world in
order to reap important outcomes.

PART 4
4.1 How Foundation & experience of entrepreneurs can hinder or foster business enterprise
The way of achieving growth and success of an entrepreneur is different from one
another. Small business has different motive to take decisions as compare to medium and large
enterprises. It varies according to the size, nature of businesses. Education as well as experience
of a person plays vital role in shaping the future of an individual and teams. One of the most
essential traits which is required in each and entrepreneur are self-motivation, coordination, self-
management, time management and so on (Goffee and Scase, 2015). This factors is developed
by the education level and experience of an entrepreneur. The other important factor that is
needed in entrepreneur is taking high risk.
Every business is associated with some type of risk which is not easy to identify before
implementation of activities of new business. Entrepreneur faced various issues and challenges
before initiate business in market. Simon and Bobby Arora, a successful business manager and
renowned entrepreneur has taken risk that is the reason behind the success of their business in
market. Richard Branson, a successful entrepreneur and also known as famous leader perceive
risk as an opportunity as well as challenge due to which he gain success in market rapidly. In
order to deal; with risk, it is important for an entrepreneur to be flexible and dynamic so that they
can easily deal with the changing environment which did not affect on their business
performance. In addition to this, analysis of risk assist entrepreneur to achieve business success
and growth in an effective manner.
Richard Branson:
Richard Branson is an international entrepreneur who dropped out at the age of 16 to start
the youth culture magazine called Student. In the year 1969 Branson living in a London
Commune which is surrounded by British music and drug scene at that time he got the idea to
expand their business venture known as Virgin group.
In context of Simon and Bobby Arora, they are very much motivated and always eager
to solve problem of people. The risk taking ability of them helps them to become the successful
entrepreneur that is very much important for economy to gain employment opportunities
positively.

4.2-Critically examine by comparing & contrasting examples
It is determined that Simon & Bobby Arora motivate its employees by giving them
rewards and incentives as it affect positively on employees due to which their efficiency and
productivity level increases. But this sometimes affect negatively on those employees who did
not get output as per their performance or the inputs they put for achieving organisational
objectives (Kuratko and Morris, 2018). On the other hand, Richard Branson encourage its
employees by offering benefits such as Holiday packages, Health Insurance and so on this
develop positivity in staff members but impact negatively on those subordinates who want
benefits in monetary terms. Thus, every entrepreneur has different way to motivate and
encourage people in an effective manner.
CONCLUSION
From the above study, it has been analysed that entrepreneurs bring innovative and
creative products as well as services in market that affect on the economy in a positive manner.
The relationship among entrepreneurship practice and entrepreneur is essential for effective start-
up business. After analysing the study, it is considered that United Kingdom is one of the
greatest countries in order to gain high growth in entrepreneurial ventures. All different forms of
Entrepreneurial ventures basically focuses on unfulfilling their basic needs and to gain profits. In
addition to this, Small and Medium Enterprises affect on the growth of economy whether it is
state, regional as well as national level. Moreover, Increases in start up businesses and small
business raise higher job opportunities, brings innovation and decline the level of poverty from
the countries.

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