Entrepreneurial Ventures and Small Business Impact on the UK Economy

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ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT
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EXECUTIVE SUMMARY
This report has laid the emphasis on entrepreneurial ventures and the impact of the small
business on the levels of the economy. This has been included the relation of topologies
with entrepreneurial ventures and showed the difference between different entrepreneurial
ventures. This report has highlighted the characteristics of the successful entrepreneurs by
showing their background and experiences which hinder or foster their businesses and
impacted the entrepreneurial ventures as well as it has presented the key aspects of the
mindset and motivation of the entrepreneurs by reflecting their personality.
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Table of Contents
EXECUTIVE SUMMARY............................................................................................................. 2
LIST OF FIGURES.......................................................................................................................5
INTRODUCTION........................................................................................................................6
SCENARIO 1.............................................................................................................................. 7
Examining entrepreneurial ventures and their relation with topology................................7
Exploring differences and similarities between ventures.....................................................9
Investigating the range of entrepreneurial ventures to demonstrate understanding
entrepreneurship in the public and corporate sector as well as examining their scope,
development and growth...................................................................................................10
SCENARIO 2............................................................................................................................ 12
Interpret and assess relevant data and statistics for illustrating the impact of micro and
small business on the economy..........................................................................................12
Explaining the importance of small businesses and start-ups for the growth of the social
economy.............................................................................................................................14
Evaluating differences between small, medium and large businesses...............................15
Critically examine the impact of small businesses on the levels of the economy..............16
SCENARIO 3............................................................................................................................ 17
Determine the traits and characteristics of successful entrepreneurs which differentiate
them from business managers...........................................................................................17
Assessing how aspects of the entrepreneurial personalities reflect motivation and
mindset.............................................................................................................................. 18
Exploring lines of argument related to entrepreneurial characteristics and analysing traits
and characteristics, skill and motivational drivers of entrepreneurs..................................20
SCENARIO 4............................................................................................................................ 21
Examining how background and experiences can hinder and foster entrepreneurship....21
Analyse the link between entrepreneurial characteristics and influence of experience and
background of successful entrepreneurs both positively and negatively...........................22
CONCLUSION AND RECOMMENDATION................................................................................23
REFERENCES........................................................................................................................... 24
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LIST OF FIGURES
Figure 1 Business in the UK.................................................................................................... 11
Figure 2 Business contributions in the UK..............................................................................12
Figure 3 McClelland's Motivational Theory............................................................................17
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INTRODUCTION
This report carries the whole introduction about the entrepreneurship and entrepreneurs as
well as entrepreneurial ventures. The purpose of making this report is to learn about various
entrepreneurial ventures and their relation with the topologies and for understanding the
levels of organizations this report will investigate the different range of entrepreneurial
ventures including private and public sectors. This must be get cleared by showing the
statistical data by illustrating the businesses impact on the economy of the UK and will also
examine the impact of small businesses on the levels of the economy. Moreover, it will
present the key aspects of the mindset and motivation of the entrepreneurs and reflect
their personality.
The purpose of this report is to show how the entrepreneur’s background and experiences
can hinder and foster their businesses and what are their traits and characteristics. This
report will continue on the chosen business Connect ventures, it is a small business venture
with having 5 partners firm for humanizing the investment portfolio of the quality over the
quantity. It has started in the year 2012 and average investment is in between $500,000 to
$10 million and invested in 26 companies in the UK. The company is a specialist in digital
media, consumer mobile and e-commerce.
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SCENARIO 1
Entrepreneurial ventures: Entrepreneurship is the structure of stages which includes
administrating, designing, launching and planning a private venture. This is the study of
creating and processing new businesses and the businesses which are willing to develop and
establish are known as the entrepreneurial ventures (Burns, 2016).
Entrepreneurs: Entrepreneur is an individual who is willing to run the business instead of
becoming an employee of another business venture. The individual has the ideas, skills and
innovative thinking capability which help in establishing a business (Burns, 2016).
Examining entrepreneurial ventures and their relation with topology
There are many types of entrepreneurial ventures and some of them are as follows:
Small entrepreneurship: small enterprises are comprised of the family members, friends or
20-50 people who work together for fulfilling their basic requirements. These include small
ventures of grocery shops, carpenters, local street shops or stores in the malls and the
capital invested in these businesses are from the savings, family or friends (Burns, 2016).
Large entrepreneurship: large enterprises are comprised of more than 250 members. Their
main purpose is to increase the profit and fulfil their all luxury needs by offering new
alternatives and innovations to the market and is bound to the government, legislation and
consumers predilections (Burns, 2016).
Scalable business start-ups: scalable start-ups are created for bringing higher enhancement
and modification in the economy of the world. These businesses focus on the financial
investments for the growth and development of the people and the company (Burns, 2016).
Social entrepreneurship: social enterprises are comprised with the people whose main
focus is to help the people and earn money for fulfilling the requirements of the helpless
people and these are called the social workers and include the NGOs and charities (Burns,
2016).
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VENTURES RELATED WITH THE TOPOLOGY ARE:
Serial entrepreneurs: a serial entrepreneur plays an effective role in the functioning of the
business as these are the people who are engaged in raising the start-ups of the businesses
with innovative ideas and thinking (Chen et al., 2018).
Social entrepreneur: social entrepreneurs are the persons who establish their business by
aiming to help the people by solving their problems related to society and operative social
change (Chen et al., 2018).
Female entrepreneur: a female entrepreneur is any woman who establishes and
accomplishes any enterprise or business. For becoming a successful entrepreneur women
are entering into a greater number of workforces, gaining experiences and gaining
managerial skills (Leitch et al., 2018).
Lifestyle entrepreneurs: these are the persons who have the intention of not gaining profits
as they want to modify their lifestyle professionally as well as privately. They do not have
any physical appearance of their location as they do their work form the internet source and
laptops (Chen et al., 2018).
Male entrepreneur: a male entrepreneur is any man who establishes any business for the
purpose of gaining profit and sustainability in the market. There are more male
entrepreneurs than female entrepreneurs (Chen et al., 2018).
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Exploring differences and similarities between ventures
The key similarities and differences between Serial entrepreneurs, male and female
entrepreneurs are as follows:
VENTURES SIMILARITIES DIFFERENCES
Serial entrepreneurs  They have the ability to
manage the time and
advance the business
quickly
 They form strategic
relationships (DeSantola
and Gulati, 2017)
 They start a business
through new idea
generation
 They work with partners
and people by using the
platforms (DeSantola
and Gulati, 2017)
Male entrepreneurs  They start a business for
having more control and
autonomy (DeSantola
and Gulati, 2017)
 They focus on their
personal as well as
professional satisfaction
 They make a decision
easily as their businesses
are focused towards
cost and economy
 They are willing to take
the risk and are task
oriented
Female entrepreneurs  They concerned about
hazards in the business
 They are risk takers and
tolerance
 They are highly
motivated and has
management quality
(DeSantola and Gulati,
2017)
 They become an
entrepreneur for
achieving the dreams of
their husbands
 They focus on forming
social contribution
 They do business mainly
in the service and retail
orientation (Leitch et al.,
2018)
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Investigating the range of entrepreneurial ventures to demonstrate
understanding entrepreneurship in the public and corporate sector as well
as examining their scope, development and growth
PUBLIC SECTORS
Public sectors are comprised of the public services and business and are part of the
economy. Public sectors include the public goods and services by the government which are
the enforceability of law, military, public roads, bridges, telecommunications, water and gas
supply etc. (Alford and Greve, 2017). Public sector entrepreneurship is the set of measures
developed and adopted by the national and regional authorities for supporting the self-
employed businessman for starting their new business and helps in developing networks
(Alford and Greve, 2017).
CORPORATE SECTORS
Corporate sectors are formed by companies and are part of the economy. This includes
secondary, primary and tertiary sectors which are used to form a private company ( Alford
and Greve, 2017). Corporate sector entrepreneurship is a set of development, growth and
innovation as well as the process of developing business, products and services practices for
generating and creating value and revenue (Alford and Greve, 2017).
Entrepreneurial ventures for understanding entrepreneurship in corporate and public
sectors as well as their growth, scope and development:
SMALL ENTREPRENEURSHIP
The small entrepreneurship includes the small businesses, for example, Hayley Barna is an
entrepreneur and the co-founder of Brichbox. She owns the cosmetic private company as
the corporate sectors include the process for development, innovation and growth of the
company by generating revenues and creating values (Obschonka and Stuetzer, 2017).
SOCIAL ENTREPRENEURSHIP
The social entrepreneurship includes the charity, NGOs and the business ventures having
the purpose of helping and solving the problems related to the social issues, for example,
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Alan Sugar, he is a famous social personality and business magnate (Dees, 2017). He is a
politician also and now become a social worker and helps in development, growth and
scope for the helpless people (Dees, 2017).
LARGE ENTREPRENEURSHIP
The larger entrepreneurship includes a wide range of products as well as many people who
work together, for example, Donald Fisher, co-founder of Gap. Donald Fisher was an
American philanthropist and businessman who founded The Gap clothing stores. This is a
corporate company and an innovative company which pushes into reassure stakeholders
and entice customers for development, growth and scope of the enterprise (Obschonka and
Stuetzer, 2017).
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SCENARIO 2
Interpret and assess relevant data and statistics for illustrating the impact
of micro and small business on the economy
The entrepreneurial ventures and business start-ups are developing very fast and
contributing to the growth of the economy. The manufacturing and industrial centres are
abolishing and there is a need to appoint the people for the industries includes steel,
manufacturing, coal mining etc. (Bajorek et al., 2016).
The enterprises are becoming more focused towards cutting the jobs and increasing the
number of self-employed people for providing benefit to the UK (Bajorek et al., 2016). In
the year 2018, small business rate was moderate by comparing the rate in the year 2017 but
the rate of micro businesses increased up to 96% and the revenue increased by 21% the
corporate businesses hire 33% (Bajorek et al., 2016).
Figure 1 Business in the UK
(Source Bajorek et al., 2016)
In the year 2018 in the UK, corporate sectors were 5.7 million by comparing to the year
2017 which gets depressed by 27000. The medium and small businesses were having only
250 employees in the year 2018. In the UK year 2018, there were 2.2 million companies
raise by 63% all over the economy as compared to the year 2000 (Bajorek et al., 2016).
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