Exploring Entrepreneurial Ventures and Their Economic Impact in the UK

This report provides a comprehensive analysis of entrepreneurship, focusing on various ventures such as public, private, social, small business, start-up, and large business models. It explores the similarities and dissimilarities between these ventures, emphasizing their impact on economic development. The report delves into the role of micro and small businesses in the UK economy, providing statistical data and graphs to illustrate their contribution to employment and GDP. It also evaluates the essential characteristics and traits of successful entrepreneurs, including an examination of Peter Jones' entrepreneurial personality, and the different environments that influence entrepreneurship. The report highlights the importance of entrepreneurship in driving innovation, creating employment opportunities, and fostering economic growth. The report uses data and analysis of various aspects of entrepreneurship.

Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
LO1. Explore and illustrate the various ventures of entrepreneur...................................................4
P1. Different variety of ventures of entrepreneur:..................................................................4
P2. Similarities and the dissimilarities of ventures entrepreneurial:......................................6
LO2. Impacts on the economy of the micro business......................................................................8
P3. Statistics and data to elaborate the effects of small and micro business on the country's
economy:................................................................................................................................8
P4. Effectiveness of micro business and start-up business for the economic success and
growth:..................................................................................................................................10
LO3. Evaluation of the essential features of mindset of entrepreneurial.......................................11
P5. Characteristics and traits of successful entrepreneur:....................................................11
Peter Jones............................................................................................................................12
P6 Entrepreneur personality reflect the motivation and mind set........................................14
LO4. Examine the different types of environmenmt which influence the entrepreneurship:........16
P7 Background and experience............................................................................................16
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................19

INTRODUCTION
Entrepreneurship refers to the process of the business which involves design, launch and
effective running in the long run of the future. It is important in the creation of the vale of
economy and sustainable economy is to promote by the entrepreneurship. The entrepreneurship
plays the main role in the development of the social and technological management of the
business environment. For the maximum profits of the business entrepreneurship haws the
capacity to manage and maintain the ventures of the business by reducing the risk of the
business. Natural resources, land, labour are involves in the entrepreneurship to make the profits
in the future and present market conditions. It brings various innovation and take the risk of the
business for the success and growth in the long run. The main objective of this file is to enhance
the business like small and micro with for the increse in the country's economy. Variety of
entrepreneur ventures included in the business environment and have various effects on the
country's economy. This report shows the various similarities and the differences of the ventures
and the entrepreneur. Effective and essential working of the business like small and micro leads
to the successful economic growth and success. This file evaluates the statistics and data for
measuring the effects of the small business on the economy. This files shows the characteristics
of the successfulful entrepreneur and measure their activities from other businessman. There are
various environments which affects and influence the success of the entrepreneurship.
LO1. Explore and illustrate the various ventures of entrepreneur.
P1. Different variety of ventures of entrepreneur:
It is very essential for the economic development to increase the business in the global
market. Entrepreneur is one who run the business and focusses to gain the growth and success
of the business in the present and the future. Different kinds of ventures of entrepreneur are
discussed below.
Public enterprises
These are basically the organizations which are controlled with the help of public
authority and are partly or wholly acquired by the state. Some of the enterprises of public are
primarily in the public ownership due to some of the reasons of society. These have high revenue
ratio and turnover. For example TESCO is a well-known public enterprise which is known for its
large supermarket chain and thus operates in more than 10 countries.

Private enterprises
These are the organizations or enterprises which are mainly controlled or run under the
ownership as well as management of defined individual. All the decisions related to the company
are freely taken by this individual. Unlike public enterprises, these are not owned by some
government or official organization. These are generally found by some of the entrepreneurs. For
example Dyson is renowned private company which mainly deals in vacuum cleaners as well as
blade-less fans.
Social entrepreneurship: it includes the people make the services and products to fulfill needs
and wants of the customer in the society. The aim of the entrepreneur in the society is not
making the profits but focuses to make the better world. The company which acquire the social
wealth for the people of the country are known as the social entrepreneurship. Health and social
care finalist, training and education finalist, child care finalist are some social entrepreneurship
in UK which helps and support the public by their efforts and activities. For example in UK
Oxfam is the social enterprises works together in the world to remove the injustice of the
poverty. It works to increase the voices of the poorest people of the world.
Small business entrepreneurship: These entrepreneurship focuses to make the profits from
their business only to support their family and wanted to fulfil their needs and wants. Store of
grocery, electrician, plumber, are some examples of the small business entrepreneurship. Spruce
springclean, surelock homes and mailbanger are some example of entrepreneurship like micro
business in the UK.
Entrepreneurship start-up and scalable start-up: The main aim of the entrepreneur is to
change the world in these types' entrepreneurship. The goals and objective of the to identify the
scalable and the repeatable model for the success and the growth (Ayandibu and Houghton,
2017). Some examples of the scalable start up business are Instagram, Facebook, shopping of
electronics from the online websites etc.
Entrepreneurship large business company: under this business the large and the big
companies bring the effective innovations for services and products so that to increase the
success and the growth of the business. Development of the new products for the fulfilment of
the needs and of the customer with the use of the advanced technology. Google, Microsoft and
Samsung are examples of the large company entrepreneurship
Typologies of the entrepreneurship:

Serial entrepreneur: It includes those entrepreneurs which have the new ideas and thoughts of
starting the new business. The serial entrepreneur have the ability to achieve the objectives and
goals of the company from which the company runs their business. Small business
entrepreneurship are related to this serial entrepreneur because the decision and the responsibility
in the small business entrepreneurship are fully on the entrepreneur.
Lifestyle entrepreneur: The focus of lifestyle entrepreneur is to make their lifestyle best as per
the changing technology and environment profit is not the main motive. Scalable and the startup
entrepreneurship are related to the lifestyle entrepreneur because their main motive is to change
the world by their products and services from the different social networking sites.
Classical entrepreneur: The aim of this entrepreneur is to fulfil the needs and wants of the
customer from the developed product and services and the ventures (Jones, and et.al., 2019).
Social entrepreneurs are related to the classical entrepreneur.
Intra entrepreneur: These entrepreneurs are leaders and the employees of the large business
companies and focuses to bring innovations techniques for the growth and success in the
international markets of the business.
P2. Similarities and the dissimilarities of ventures entrepreneurial:
The main aim of the ventures of entrepreneur is to give the service of the advisory to the
company of the medium stage. These entrepreneurial ventures focuses on the new innovations
with the advanced technology which leads to the growth and success of the company in the
different market conditions. There are various dissimilarity between the entrepreneurial venture
which re discussed below:
Basis Small
entrepreneur
Scalable
entrepreneur
Large business
entrepreneur
Social
entrepreneur
Meaning Small business
entrepreneur
focuses to make
the profits to
achieve the needs
and wants of the
family
The scalable
entrepreneurship
explains that the
main focuses is to
make the better
and effective
world by their
Large
entrepreneurship
is the effective
innovation and
development of
the new products
as per the needs
The social
entrepreneurship
gives focuses to
solve the needs
and wants of the
people related to
the social issues

products and
services to the
customers.
and wants of the
customer in the
changing world.
of the country.
Size The size of the
small business is
very small
because they have
limited number of
employees such
as 500 or less.
(Mugler, 2017)
The size of the
scalable
entrepreneurship
is depends on the
increase in the
size of the social
networking.
This business set
up on the wide
range of
organization in
the markets so the
number of
employess are
500 and more in
the large busines.
The size of the
social business
entrepreneurship
is as per their
emp-loytess and
the numberv of
employee is 500
or less.
Fund allocated Funds are
allocated by the
members of the
family, friends
and the small
business loans for
the startup of the
small business.
Funding of the
scalable business
is from the
venture capitalist
for their
successful
operations of the
business (Julien,
2018).
Large business
entrepreneurship
allocate their
funds from
retained their
earning, debut
capital and equity
capital to runtheir
business
successfully.
Allocation of
funds is from the
charity in the
social
entrepreneurship.
Goals The main goals of
the small business
entrepreneurship
is to increase in
the profits for the
fulfilments of the
needs and wants
The goals and the
objectives of the
scalable business
is also yo increase
the profitability of
the company in
the present and
the future market
In the large
business
entrepreneurship
the focus is to
maximise the
profits of the
company in the
long run
The main
objectives and
goals of this
business to
provide the social
welfare and profit
motive is not the
goals of the social

situations entrepreneurship
Examples Hairdressers,
electricians,
carpenters,
plumbers,
consultants are
some of the
examples of the
small business
Facebook,
shopping online
through the social
networking sites,
Instagram are
include in the
business of the
scalable
entrepreneur
Theses
entrepreneur have
the large business
and google,
Samsung,
Amazon are some
of the business of
the larger
entrepreneurs
Safe point trust
and the Oxfam are
social
entrepreneurship
which have no
aims to create the
profits rather it
provides the
welfare facility to
the people
(Kuratko and
Morris, 2018).
Similarities between the entrepreneurial ventures:
There are various similar things of the venture of entrepreneurial are the motive of all the
entrepreneurship are to earn the maximum profits for the success and growth of the company in
the present and the future. They all focus to provides the effective and efficient services and
products for the people of the country. Satisfaction of the customer the basic similarities of the
entrepreneur. Business like start-ups and small both have the few team members in their
business, and they did multiple roles. They both have the lean management model in their
business because their decisions and the actions are faster.
LO2. Impacts on the economy of the micro business.
P3. Statistics and data to elaborate the effects of small and micro business on the country's
economy:
Business like micro and small refers to those business which are very small and focuses
to achieve the profits of the company. Small and the micro business entrepreneur have the
greater impact on the economy by the effective growth and innovative products and services for
the people of the UK. They provide the various opportunity of the employment to the people of
the UK. Theses small companies have important role in the growth and success of the economy.

The contribution of the small business entrepreneurship on the employment is about the 45% and
33% in the GDP in the UK. Most of the people of the UK are engaged in the small and medium
business which are generally ventures less than the 250 employees. In 2019 out of the total
business of the UK 5.82 million business are small with the employees of the 0 to 49. Small
business of the UK provide the employment opportunities of the three fifth of the total
employment of the UK. In the small businesses the total number of employment is about 16.6
million. The small business have the greater impact on the economy of the UK is described with
the help of the data graph which shows the relevant data and information of the UK (Ramadani,
and et.al., 2015).
UK Small Business Statistics (2018).
From the above graph it can be concluded that in the 2016 from the total business of
private sector in UK 99.9% are the business of medium and small sizes. The rate of the
employment in the small business is about 15.7 million from the total 60% of employment of the
private sector in the UK. The graph shows that the total turnover of the small and the medium
size business in the UK is about the 33% and 14% of the total turnover. establishment of the
small business in the UK which helps in the contribution towards the increase in the growth of
the economy. There are 5.8 million business of the small and the medium in the starting of the

2019. With expansion of the business towards the global markets there increase in the level of
the productivity of the company of the small and the medium size business. The entrepreneur of
the small business plays an essential role in the growth of the economy of the UK (Turner and
Gianiodis, 2018). In the UK the small business are fully responsible for the 15.2 million jobs of
the UK. By the new and effective innovation techniques small business gets height in the market
and get the advantages of the competition in the different market situations. The government of
the UK provides the financial support to the entrepreneur of the medium and small size business
for the increase in the economic success and growth. The growth and the success of the small
and the medium entrepreneurship is very important for the economic success of the UK.
P4. Effectiveness of micro business and start-up business for the economic success and growth:
Small business and the start-up of the business plays an important role in the growth of
the economy. It focuses on the needs and wants of the people as per changing demands of the
people in the current market situations. These small business are the essential for the
employment of the people of the UK. There are lots of benefits in the growth of the economy
from the small and the medium size business. There are lots differencers in the small, medium
and large business because their size of capital, employess are different from each other. The
main contributors in the growth of the UK economy is the new and advanced techniques of the
innovations, opportunity of the employment and adaptability. It brings various innovation in the
products and the services to fulfil the requirement of the customers. Innovative process of the
production leads to increase in the productivity and enhance the growth of the UK economy. In
the UK the small business provides various jobs opportunities to the people of the UK and
reduces the unemployment of the country. Small business creating the opportunities of the job
because of the effective production of the goods and services as per the needs of the customer in
the UK (Schaper, 2016). The dealing of the small business is also to the large business
companies because they provide the large variety of resources and complete the activities of the
business which the larger company cannot done. Small business gives the jobs to those people
which the larger companies does not employ them. Contributed toward the creativity of the
business by bringing improving the ideas and the thoughts of the business. The small
entrepreneurship are the main aim in the growth of the economy of the UK by giving higher
employment, through developed products and services, advanced technology, better and
effective use of the resources. Development of the agricultural, manufacturing sectors small

business have the high contribution so that the growth of the economy is also increased by this
contribution in the production of the finished goods are also done by the small business in the
UK business. Small business plays the important role in providing the services to the primary
sectors of the country. Small business focuses on the creation and development of the jobs for
the local people of the UK and Government of the UK provides the financial supports to the
small business entrepreneur so that they could manage and increase their efforts in the business
activities and enhance the growth of the social economy (Saleem, 2017). The productions of the
patents are very large as compared to the large business organization because they give full
freedom in the effective innovation of the products and services. The needs and wants of the
society can be fulfilled by the small business in the competitive markets. Small business are the
services focused because they live in the society which they have to serve.
LO3. Evaluation of the essential features of mindset of entrepreneurial.
Features of electronic storage system ensuring security of data
P5. Characteristics and traits of successful entrepreneur:

Peter Jones
Characteristics
 Disciplined: Peter is very discipline person, he always ensures to complete work on time
and he always ensures to meet organizational goal in systematic manner. Business
managers have to behave professionally rather than disciplined hence they are different
from entrepreneur.
 Confidence: He is very confident person which makes them able to be stick on their
decision. He evaluates things properly and confidently implement these ideas.
 Open minded: peter is open minded person which makes them different from other
business managers. This quality of him has helped him focus more on new opportunities
and finding new ideas for the growth of business unit. Business managers are not
required to be open mind. They work as per the guidance given by higher authorities.
Skills
 Curiosity: Peter jones finds immediate solution of every problem, he has curiosity to
know about new things. He always finds new opportunities which can give him success.
Business managers work on pre-defined process as they do not show curiosity in their
work.

 Strategic thinking: Peter Jones has skill to think critically, he always reveals opportunities
which supported him to grow well in his career. He always finds new solution and find
out better scope in his work. Business managers need not to think critically they are
appointed to manager the allotted work only.
 Communication: Peter has good communication skill; he ensures to coordinate with all
stakeholders timely. He ensures that investors, employees, managers all have necessary
detail so that their interest remain maintain in business. If perter does not have that skill
then it would be difficult for him to retain stakeholders and maintain their interest in
business.
Richard Branson
Characteristics
 Determination: Richard Branson is the successful entrepreneur who is very determinant
towards his work. He always make decision after evaluating pros and cons. He has
thinking that everything is possible hence accept each challenge with enthusiasm.
 Strong work ethics: Richard Branson believes in following working ethics strongly. He
never compromises with ethics in order to generate more profit. This quality of him has
made him unique from other business managers. He ensures that expectation of each
stakeholder gets met and each stakeholder get satisfied.
 Risk taking ability: Richard has ability to take risk and take right action to resolve such
risks. Entrepreneur ensures that company implements new ideas but each new things
comes with some risk. But Richard always takes risk and ready to manage that risk as
well. This ability of him make him able to get success in his life and work better for
others.
Skill
 Sales skill: Richard has skill to sell products to consumers easily. This skill has helped
him to established a successful business. Business managers just push people to sale
products, it is not necessary to have sales skill among them.
 Presentation skill: Richard has good presentation skill, he can present himself in front of
large audience easily, this skill of him help him to attract new investors. Business
managers have to present themselves in front of small people hence they need not to
present company’s detail to investors hence they are different from others.