Entrepreneurship and Small Business Management Report: UK Development

This report provides a comprehensive overview of entrepreneurship and small business management. It begins by defining entrepreneurship and introducing key concepts. The main body delves into the concept of an entrepreneur, providing examples of different types, such as serial, lifestyle, and innovative entrepreneurs. The report then identifies and investigates various types of entrepreneurial ventures, including small business, scalable start-ups, large company entrepreneurship, and social entrepreneurship, highlighting the similarities and differences between them. The report further explores entrepreneurial typology, correlating different types of entrepreneurs with different venture types, providing real-life examples. It also examines the existence of entrepreneurship in the public sector, illustrating entrepreneurial activities with real-life examples, and defines the scope of development and new entrepreneurial ventures in delivering product innovation to the market. Finally, the report critically examines the development and growth of entrepreneurial ventures in the UK, highlighting the influence of technological advancements and the role of SMEs in job creation, concluding with a summary of the key findings. This report is contributed by a student and is available on Desklib, a platform that provides AI-based study tools.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGMENT

Table of contents
Introduction
Main body
Conclusion
References

INTRODUCTION
 Entrepreneurship defined as designing, launching and running the business activities
at the small level. This is defined as willingness and capacity to organize, develop
and manage activities of the entity along with risk in order to make profit. It is an
actual process of starting the business.
 The present report is based on entrepreneurship and small business management.
Henceforth, this report will cover the activities as concept of entrepreneur,
identification on the type of entrepreneurial ventures, similarities and differences
between entrepreneurial ventures.
 Lastly, critical examination will be defined in relation to development and growth of
entrepreneurial ventures within UK.

MAIN BODY

1. Define concept of entrepreneur with some examples of different
entrepreneurs.
Entrepreneur is person who works as to search of something new and exploits ideas into gainful opportunities by accepting the
risk and uncertainty with the entrepreneurs. He is an individual who sets up and grows a business. Thus, different entrepreneurs
defined in following manner as-
 Serial entrepreneur- An entrepreneur that come up with new ideas and starts new businesses. They are the entrepreneur
who will come up with the new idea, start the company and plays crucial role in day to day functioning within the
enterprise.
 For example- Foundation of the business conglomerate Virgin group has established in 1970, 20-year-old Richard
Branson started the mail order record business. Hence, today this entity owns over 200 different companies.
 Lifestyle entrepreneur- This is defined as entrepreneur that sets up the business with purpose of having modification
within their personal lifestyle. They put their major focus on life awards provided to the people for the enjoy and they are
having passion for what they are doing. For example- Ferris is one of the probably the number one poster boy for the
lifestyle entrepreneur movement and defined as Indiana hones for the digital age and in present it listed as one of the fast
company as most innovative business people.
 Innovative entrepreneur- They are the individual who invests in new ideas and commodities and methods of production.
Hence, these kinds of entrepreneur are having the unusual foresight in order to recognize the demand for goods and
services. They always ready to take up the challenge that has associated with little amount of risk.

2. Identification on types of entrepreneurial ventures and investigate the similarities
and differences between entrepreneurial ventures.
Entrepreneur ventures defined as an organisation that places the innovation
and opportunities that mainly put their core focus on business strategy.
Therefore, types of entrepreneur ventures defined in following manner as-
 Small business entrepreneurship- They are the enterprise that set up on
the small level. Thus, number of the enterprise comes under this category
grocery stores, hairdressers, travel agents, carpenters, electrician etc.
 Scalable start entrepreneurship- They are the entrepreneurs who starts
up the business from the day one and the vision could change the world.
 Large company entrepreneurship- The large enterprise has finite life
cycles. These are the enterprise that mainly grows through sustaining
innovation, offering new commodities that are different around the core
commodities.
 Social entrepreneurship- They are the innovators that mainly put their
focus on creating products and services that solve social needs and issues.

CONTINUED…
 Differences and similarities between entrepreneur ventures-
Basis Large Small Social scalable
Objectives This is
enterprise that
aim to create
wealth
formation. Thus,
they ignore
regular income
for while raise
significant
amount with
help of business.
They are the
entrepreneur
who are
interested in to
generate the
regular income.
Thus, they also
have plan to sale
the business at
the tine of
retirement.
The social
entrepreneur
mainly has null
financial aim
and they assist
to bring
improvement in
society with
providing
financial
assistance.
These set seeks
the financial
gain with
innovation.

CONTINUED…
Exist value Under this, owner is
ready to take the
higher risk to obtain
high amount of
return. Under it,
valuation can be done
on the periodic basis
to get the best value
for the business.
The owner to the
entity do not measure
the assets value as the
main aim is to earn
the regular cash flow.
They pay less
attention towards exit
value and the assets
valuation.
They sale their assets
when they can have
the best value to the
skill, interest and
hobby.
Financial resources They acquire funds
from the banks,
issuing shares,
debentures and fund
etc.
They arrange money
by themselves with
family and friends.
Social entrepreneur
gets financial aid
from legal authorities,
volunteers and by
own.
They arrange funds
from their personal
savings.

CONTINUED…
Scope They are the
entities that
have the
capability to
take up the
higher risk.
Therefore, huge
amount of
money, enough
financial options
and enough
financial
options.
These
enterprises are
having
comparatively
limited funding
and low risk of
tolerance. Thus,
market
expansion scope
is medium to
low.
The scope of
social work is
no longer
limited activism.
Thus, it mainly
depends on
retained earning
and desirability
to have
expansion of
business.
The main scope
of scalable
enterprise is to
maintain and
improve the
profit margins.

3. Description on concept of entrepreneurial typology and correlate differ type of
entrepreneur to different types of entrepreneurial ventures with example.
Entrepreneur typology defined as to
explore personality traits and typologies
that can lead to higher propensity of
business in order to become an
entrepreneur.
Correlate differ type of entrepreneur
to different type of entrepreneur
ventures as-
There are various types of entrepreneur

4. Can entrepreneurship exist in public sector. Discussion on range of
entrepreneurial activities with use of real life examples.
 Yes, entrepreneurship exist in public sector as it is publicly owned
by the legal authorities. Therefore, it carries some right which is
governed by public authorities or government
 In case of entrepreneur, they are individual or person who starting
the business at their own risk. As if they holding 49% shares still
they are considered to be the entrepreneur as they are the part of the
organization In case of social entrepreneur they are committed
outside the government rules such as NGO's.
 It is one of the phenomenon associated with the entrepreneurial
activity. This is defined as process of designing, launching and
running the new business activities effectively with the help of
undertaking innovative facilities. This can be attained by resolving
the issue which the people are facing in respect of environmental,
social and economic factors.

CONTINUED…
 For example- Nominet UK which is founded by Dr.
Willie Black and 5 other member on 14th May 1996.
Nominet is mainly considered to be the non profit
company which main purpose is to deal with the
disputes which is faced through internet or determine
fraud in any of the transaction.
 The innovation in this perspective is that they helps
people to keep safe and not wait government order to
bring any changes. They carry the right to work in legal
norms and bring changes in form of social
entrepreneurship

5. Define scope of development and new entrepreneurial ventures in delivering
products innovation to market.
 Scope refers to attaining the proper goal which is initiated by business in order of proper planning and executing
the task to achieve targets within the stipulated time.
 The term venture in respect of development is examined on the bases of investment which is done by individuals,
group or any business to avail more profits. As by investing their money in certain project, it enhances the
stability of the organization and also provides various financial benefits.
 The term innovation refers to bringing new ideas in exiting product or creative thought in respect of promoting
the products which provides more business to organization As this concept is mainly adapted by companies to
attract the interest of customer towards their products and services.
 New entrepreneurial can promote innovation in organization in respect of providing a quote that no idea is the
bad idea As the superiors had to respect the idea given by employees in organization This helps them to enhances
their skills and also provide space to discuss the ideas freely. Entrepreneurship provide free 15% of the paid time
to employees to think or experiment their ideas to give some productive outputs. As the person who innovated
new ideas and are succeeded is appreciated with rewards and the person which fails to prove his innovation is
also appreciated. This motivates them to never give up and try to achieve success in near future
 Through this aspects they can deliver more productive results in market and also retain the employees interest for

CONTINUED…
For example- Entrepreneur can be
defined as person who put some extra
efforts to establish the business. In today
era, the entrepreneurial activities of
famous entrepreneur Richard Branson
does not need any introduction.
He is the founder of the virgin group. In
the journey of his working, he took risk to
diversify the business activities of virgin
group in 10 industries. There were so

CONTINUED…
 The motivation can be done on the bases of giving liberty to be
their own leaders. By this perspective they are liable to face their
own risk and also had to bring innovation in their products and
services.
 By attaining the post of leadership, they had to think out of the set
box and by this more ideas is to be initiated which is to be
implemented at the work place.
 Thus, it brings scope to new enterprise. This is continue efforts to
bring long term innovation in the market. Therefore, entrepreneurs
are the driving force of the country.
 If entrepreneurship are choosing the digital platform to promote
their business, they had to more innovative in respect of promoting
the business online. As customer are attracted if they find unique
concept in the products and services which the company are
offering

6. Critically examine the development and growth of
entrepreneurial venture in the UK.
 As per the views of Dees, (2017) entrepreneurial growth means an
organisations plan to achieve its objectives of growth and expansion of
business through its quality, quantity as well as its turnover.
 In UK there are various reasons which have influenced entrepreneurial
growth one of the major reason behind it is technological development in
UK.
 As UK is developed country and is technically advanced which has
provided opportunities for various entrepreneurs to start their business in
UK in which technology has played an important role.
 Entrepreneurs in UK make use of current technologies for enhancing their
business operations like marketing and distribution.
 Due to use of technology like digital marketing and use of social media
apps like Twitter, Facebook, Instagram etc has made them easy to provide
information to customers.

CONTINUED…
 It could be noted that SME is creating lot of opportunity
within marketplace.
 As since 2010 SME is creating over 73% of job into
private sector out of this 2.8 million of new jobs were
from 40% SME employer, 34% from the non-employer
and 27% from larger business.
 There is still some of the productivity gap between local
authority level and regional gap.
 It could be stated that most of productivity will be of
local authorities will be typically 5 times is greater than
least.

CONTINUED…

CONCLUSION
 Hereby, it can be concluded that entrepreneurship is term that
defined as capacity and willingness to develop, organise and
manage all business activities to make profit.
 The present report is based on entrepreneurship and small business
management that aids to bring out better and efficient services.
 Hence, report has covered concept of entrepreneur and type of
entrepreneurial venture. Lastly, report has examined the
development and growth of entrepreneurial venture in the UK.

REFERENCES
 Burns, P. and Dewhurst, J. eds., 2016. Small business
and entrepreneurship. Macmillan International Higher
Education.
 Kirzner, I.M., 2015. Competition and entrepreneurship.
University of Chicago press.
 Kuratko, D.F., 2016. Entrepreneurship: Theory,
process, and practice. Cengage Learning.
 Venkataraman, S., 2019. The distinctive domain of
entrepreneurship research. In Seminal Ideas for the Next
Twenty-Five Years of Advances (pp. 5-20). Emerald
Publishing Limited.
 State of small business. 2019. [Online]. Accessed

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