Entrepreneurial Ventures and Business Management Report - UK Economy

This report delves into the realm of entrepreneurship and small business management, emphasizing its significance in driving the UK economy. It explores various types of entrepreneurial ventures, including small business entrepreneurship, scalable start-ups, large company entrepreneurship, and social entrepreneurship, outlining their objectives and characteristics. The report defines similarities and dissimilarities among these ventures, focusing on aspects like size, structure, aims, and financing. Furthermore, it examines the effects of micro and small businesses on the UK economy, highlighting their contributions to job creation and economic stability. The analysis also differentiates between entrepreneurs and business managers, exploring entrepreneurial traits, skills, and personality. Finally, the report discusses factors that either hinder or foster entrepreneurship, using case studies of Richard Branson and Mark Zuckerberg to reflect on entrepreneur mindset and motivation, thereby offering a comprehensive overview of the entrepreneurial landscape within the UK context.

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Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1 ..............................................................................................................................................1
P1. Description on the various kind of the entrepreneurial ventures and their relation with the
typology of entrepreneurship. ....................................................................................................1
P2 Define the various kind of the similarities and dissimilarities between the entrepreneur
ventures. .....................................................................................................................................3
P3 Description on the effect of micro and small business on the economy of the UK. .............4
P4 Description on the SME and start-up, their contribution in the growth of social economy.. 5
P5 Description on the traits, skills, characteristics of the entrepreneur and differentiate this
with the business managers. .......................................................................................................5
P6 Define the various kind of the entrepreneurial personality which will be helpful iun order
to reflecting the entrepreneur mindset and motivation. .............................................................7
P7 Experience and background which is hindering and fostering entrepreneurship. ................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
The entrepreneurship and small business management plays important in order to drive
UK economy in the comfort manner. With the help of the entrepreneurship the country is able to
use product and services in the effective manner. They are the person who are responsible to
bring innovation to run the activities of the market effectively. With the help of this they able to
earn high amount of profitability. In addition to this report will give major focus over the
working of the small business enterprise that how they take their step in relation to have growth
in the firm. This assignment will be included of various kind of the factors such are as various
kind of the ventures and its objectives which are established by the entrepreneur to run the
activities of business smoothly. The evaluation is need to be done in order to understand the
traits of the entrepreneurs. In addition to this, there is need to understand the working of two
entrepreneurs are as Richard Branson and Mark Zuckerberg this two person are important to
hinder and foster the growth of business enterprise.
P1. Description on the various kind of the entrepreneurial ventures and their relation with the
typology of entrepreneurship.
The entrepreneurs are the main person who are responsible to carry the business function
effectively. This is established by the individual in order to earn long term gains. There are
various kinds of the entrepreneur ventures which has been started by the entrepreneur in relation
to full fill the aims and objectives. In this manner there are various kinds of the entrepreneur
ventures are given such are as-
Small business entrepreneurship- In the initial level every person thinks to start the business at
the small level. In this there is need to invest small amount of fund. This kind of the venture
included the things such are as travel agents, plumbers, small groceries stores and store fronts
etc. the main objective of the individual who are working in this kind of the ventures are to earn
basic livelihood. The small amount of the fund is need to be invested so it can be borrowed from
the friend and any family members. In order to serve customer effectively they need to hire the
local people as staff of their shops. In this kind of the enterprise the owner need to take survey in
relation to find out the needs and expectation of the customers. The customer is need to be in the
focus so that enterprise is able to earn high amount of the profitability and the productivity. The
typology of this business enterpriser is to earn large amount of the profit for the well being of
their family.
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Scalable start up entrepreneurship- This kind of the firm largely involved in the factors like
innovation, this kind of the things attract the investor in the largely manner. The main vision of
this firm is to provide the products which are new to the customers and can change the mentality
of the world with their variety of the products. This kind of the enterprise give their major focus
over the process of the innovation. This plays the vital role in order to earn large amount of the
profitability and the productivity. This will help in relation to have the long term sustainability in
the market. The need and expectation of the consumer are need to be focus so that they are able
to serve them in good manner. With the help of the using of the new and fancy technology they
are able to generate product which can able to gather the attraction of large number of customer.
With the help of using this kind of the typology they are able to generate high volume of profit
to the business enterprise.
Large company entrepreneurship- This kind of the entrepreneurship will give their major focus
over the growth of the business enterprise. The main target of this kind of the firm is to bring
innovation services to the firm. With the help of the technology they are able to bring the
innovation so that firm is able to have the large amount of the profitability and productivity. In
order to have long-term sustainability in the market they need to give their major focus to the
products and services in the market. In order to have the competitive advantage in the market
they need to take various initiatives which will be helpful in order to develop product. This kind
of the enterprise are having many kinds of the rivalries in the market in order to give them good
competition it is essential to provide good quality of the product with the uniqueness only this
kind of the approach are helpful in relation to gather the attraction of various kind of the
customer in the market.
Social entrepreneurship- This kind of the entrepreneur are established in order to provide
voluntary services. This is the kind of the social enterprise who is promotions the better welfare
to the people. This kind of the firm are rendering services to the people in order to generate high
amount of the profit. This kind of the enterprise come under the category of non- profit and
profit. There are many kinds of the enterprise who are engaged in providing the frees services to
the people for the well being of the society. This kind of the firm provide better facilities to the
people so that they are able to generate high volume of profitability.
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P2 Define the various kind of the similarities and dissimilarities between the entrepreneur
ventures.
There are the major difference between the entrepreneur venture and it has stated above.
The major difference in this are the size of the enterprise. This is defined in the following manner
are as-
Size and structure- in the small business entrepreneurship the size of the firm is very small. They
are the person who need to take various steps in order to meet the requirement of the customer.
On the other hand it can be said that large organization is running their activities in the
organization of the large size. They are operating their business activities in the huge manner.
This kind of the organization is very helpful in order to have the economic development of the
country. This kind of the venture are helpful in order to generate high volume of growth. In UK
there are various kinds of the organization such are as Tesco, Asda etc are helpful in order to
help the economy to be stable. In case of the small enterprise it is one shop and it is helping the
economy to become stable. In case of the small business enterprise it is the kind of the one firm
and here the all function are to be carried out in order to flow the economy in the good manner.
In addition to this, it can be said that under the Scalabel start up the size and structure does not
matter in the initial stage. In this kind of the enterprise the ideas of the individual are need to be
give the major consideration.
Aims and objectives- each firm is having their own aims and the profitability in relation
to have the expansion of the business activities in the large manner. In the social Enterprise the
firm is largely focused over the contributing effective growth to the society so that the growth
can be developed. They give focus to serving the society in the well manner. They less give
consideration to the market share. The scalable are giving major consideration to bringing the
new ideas into the firm so that they are able to produce those kinds of the product which will
helpful in relation to have the large amount of the profitability. The main aim of this kind of the
firm is to earn the maximum amount of the market share. With the help of this kind of the
technique the firm is able to have the long term sustainability in the market. The each individual
who is operating their business are need to focus on bringing the innovation procedure so that
they are able to earn the high amount of the profitability. With the help of the good kind of the
strategy they are able to operate the function of the business in the good manner. This will be
helpful in order to have the long term growth in the market.
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Source for finance- in order to give initiate to the business it is essential to have the source of
finance so that business can able to grow their activities in the large manner. This is the another
major difference the need of the fund it depends on the size of the organisation and its activities.
In case of the small enterprise they don't need much fund in this relation they used to take loan
from the family and friends. This kind of the firm are not that much famous so that they need
only small sum of investment in the business. On the other hand the enterprise is like large size
they need to invest the large amount of the funds in this manner they need to take the loan from
the financial institution. This firm are need to having the use of the various kind of the
innovation process so that they are able to attract the large number of the customer in the market.
The main aim is to derive long term profitability by delivering good services to the customers.
This kind of the factors will be helpful in relation to derive long term gains. In the case of the
social enterprise they are able to take the funds from the business etc. there main motive is to
promote well being to the society without having profitability.
P3 Description on the effect of micro and small business on the economy of the UK.
Micro-business means a very few people involved in the business related activities. In UK as
per the current scenario, records have been maintained by Office for National-statistics &
Department of Business, energy & Industrial-strategy have maintained their statistical record. In
a micro business there are probably 1 to 9 people work.
Characteristics and nature: The micro business enterprises owners are mostly responsible t
adding more and more values to the economy of the country. They basically provide ample
opportunities in job and also provide convenience to employees incorporated. Along with this
loan facility is also provided to micro enterprises at the time of their startups.
Small business: Small business is known as private corporation who owned by sole proprietors
and they also have very few employees. In this SME employees strength is maximum of 50
employees.
Characteristics and Nature: SME basically involve private ownership. Along with this amount
og investment is also basically low. Also, their employees do not formulate labour-unions
since less individuals are incorporated. And they generally carry their businesses locally.
Medium-business: In medium size firm there are basically 5 to 250 employees with respect to
UK.
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→ Nature and characteristics: In this decision are basically made by both owner as well as
employees. The employees who are involved in this type of business basically empowered.
Contribution of large organizations towards social-economy: -
Large organization are basically more productive because employees received higher payment.
Due to this reason employees work more effectively and efficiently within the firm.
Corporate entrepreneurship and social entrepreneurship- The major similarities in both of
the terms are in relation to the product and services. In this the corporate entrepreneurship are
focusing over the profitability and productivity of the enterprise. On the other hand social
entrepreneurship focusing over the social values of the business.
Social entrepreneurship and scalable entrepreneurship- They both give their major
innovation in relation to enhancing the process of innovation. Scalable entrepreneurship gives
their major focus over to produce something new in order to upliftment of society in the large
manner. The main object of social entrepreneurship is to create the more amount of the social
values in order to enhancing the function of business in effective manner.
Small business entrepreneurship and corporate entrepreneurship- The corporate
entrepreneurship work as to bring modification in the existing products by bringing the large size
of innovations in the products. The small business enterprise work in order to produce the limited
products with the help of fewer innovations.
Contribution thorough employment- in the small enterprise there are less number of
the employees are engaged. As compare to the micro enterprise they are giving major focus over
the providing good product to the customer by giving employment to the large number of
individuals. This kind of the factors are helpful in relation to grow the GDP of the enterprise.
Impact on the economy- the growth of the economy can be measure with the small
management enterprise. In this the small business enterprise are giving major focus over to
encourage the innovation process. In order to enhance the economy of the country it is essential
to encourage the process of the innovation so that they can able to develop the creativity which
will be helpful in order to generate high volume of growth to the business enterprise. The small
business enterprise are also helping to the firm who are operating their business at the large
scale, this kind of the activities are responsible to have growth and development of the country in
the large manner. With the help of this kind of the activities the firm is able to develop the
economy profile of the country.
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Flexible with changing situation- Due to the technology and factors in relation to bring
the competition in the market. The condition of the environment are changing rapidly and it is
affecting the growth of the enterprise in the large manner. The small medium enterprises is
having the main object in order to fulfill the needs of the customers. In case of the large
enterprise they take some time in order to respond the changes due to high investment.
P4 Description on the SME and start-up, their contribution in the growth of social economy.
Explaining Brexit: When UK took withdrawal from the European Union then this overall
procedure a common term is allotted that is Brexit.
Differentiating small businesses and start-ups:
Start-ups Small business
Main focus is on growth of business Growth rate is comparatively limited
Try to make innovative products and services
in order to increase customer base
Try to deliver products that are more
traditional.
Many risky decisions need to be made by firm Small business many risk
Due to separation of UK from the European law the major changes can be seen which are highly
affecting the social economy. The performance of UK economy is affected in the highly manner
due to there is an issue in relation to the Brexit. In this manner the purchasing power of
consumer is also affected in the harsh manner. This kind of issues has also work as to have
decline in the rate of GDP. There is need to have full track record of economic system of UK.
The organization is having negative impact on the growth of the economy. In this it can be said
that by starting the new business the fir is able to make direct contribution to the growth of the
firm. The small scale business helps the enterprise to have major contribution in facilitate of the
innovation. This is the procedure which will be helpful in order to attract the large number of the
customers. Due to this the standard of living of the people can be enhanced. This kind of things
are helpful in order to have social development in the country. The small business enterprise are
also helping to the firm who are operating their business at the large scale, this kind of the
activities are responsible to have growth and development of the country in the large manner.
With the help of this kind of the activities the firm is able to develop the economy profile of the
country. With the help of the working of the small business enterprise they can bring innovation
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services to person which will be helpful in order to have large contribution in the economic
development in the country.
P5 Description on the traits, skills, characteristics of the entrepreneur and differentiate this
with the business managers.
The entrepreneur has differed kind of the skill which are differed from the individuals of
the organization. In this manner there are various kinds of the entrepreneurs who need to take the
initiative in relation to provide good services to the people with the help of innovative ideas. This
kind of activities are helpful in order to promote economic development in the country. There are
two of the famous entrepreneurs such are as Richard Branson which has taken the various
initiative in order to have development in the organization named as the virgin. With the help of
his ideas and skill he has taken the various initiative with the help of which they have expanded
their business in the large manner. On the other hand there is another person has been taken
whose name is Mark zuckerberg has taken the various initiatives in order to connect the whole
world together with the help of Facebook application. In this relation the entrepreneurs are need
to have various skills and characteristics which will be helpful in order to make the organization
more profitable. In this manner these are defined as the following manner are as-
characteristics and traits-
Plan everything- This is one of the major characteristics of the entrepreneur is that he
need to plan everything in the better manner. The Richard branson has started with the small size
of the enterprise but in the very shot span of time and with the help of the innovative ideas he has
developed his business activities effectively. By taking various step they make the business more
profitable. In the case of the manager they pre-plan all the activities effectively. The manager use
to given task to the workers so that they are able to take the initiative in order to accomplish the
task in the timely manner.
Creating the competitive advantage- With the help of the innovation and idea they are
able to create the competitive advantage in the market. These things are not happened in the case
of the business managers, they never overlook the activities which are assigned to them. Their
work is in relation to manage the task of the business effectively. In the case of the Mark
Zuckerberg he is taking various steps in relation to take the innovation process in the manner
which was helpful in order to capture the huge market share.
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The skills are as-
Risk taking- the both the entrepreneur are need to be capable in order to take various
kind of the risk which will be helpful in order to promote the activities of the business in the
large manner. With the help of taking the big risk in the organization they become capable to
fight with the activities of the firm in the easy manner. The risk is the crucial factor in relation to
enhanced the profitability of the firm in the market. This thing cannot be happened in the case of
the manager they are the person who are not allowed to take the risk. The manager is the outsider
person of the business enterprise they play only those activities which they can play on the safe
manner. Their responsibility is to perform the function which are given to them.
Innovation- The entrepreneurs plays the major role in order to bring the innovation in the
market. With the help of the innovation they are able to operate the business function effectively.
In this manner they need to set the rules and have to focus on the innovation process so that they
are able to generate high volume of the profit. For the people the Facebook was the new kind of
the innovation which was helpful to them in order to connect the whole world under the one roof.
The business manager are not responsible to carry the function of the business in the innovative
manner. They do not give much consideration in order to bring innovation to achieve the targets
of the profitability.
P6 Define the various kind of the entrepreneurial personality which will be helpful in order to
reflecting the entrepreneur mindset and motivation.
Personality of individual is posses in them and it remains for throughout the life. All the though
process and behaviour patterns are affected by its social attitude.
There are five broad dimension which are as follows
Extroversion: It involves being concerned related to something. These type of people are mainly
highly social and assertive.
Agreeableness: This type of are highly possess excellent skills and like to make social
conection.
Conscientiousness: Cateogry people are mostly predominantly focused related to their goals.
Neuroticism: This type of people are highly depressive and emotional related to their decision
and task
Openness: They are very creative and flexible related to their decision.
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Therefore to become a successful entrepreneur it is important to be extrovert because the can
gather different people for their business.
The entrepreneur has the ability to effectively influenced and motivate the employees in
order to manage with the actions, skills and characteristics of the person. With the help of the
motivation they encourage the employees to perform the activities in the best manner. In this it
can be seen that the person is generally motivated with the help of the story of some person.
There are two entrepreneurs are as Richard Branson and Mark Zuckerberg who is taking various
initiative in order to develop their idea in the early stage with the help of the dedication and the
handwork he is able to capture the position in the market. The journey of the success of the
Mark Zuckerberg is not that easy he has taken various step in this he has been ignored many time
by the top level of the enterprise. Due to his hard work he was capable to build the empire which
bring lots of success to them. The motivating factor will be helpful in order to develop the core
strength of the person so that he is able to take the decision of business in the good manner.
In this it can be seem that there are many kinds of the individuals who have the capability to
conquer the world but due to loss of planning and job, they do not take any step which will
helpful to them for promoting success to the business enterprise.
P7 Experience and background which is hindering and fostering entrepreneurship.
The experience plays the crucial role in order to undertake the various activities in the
firm. This kind of the factor will be helpful in order to process the innovations o that
organization can able to grow the business activities in the large manner. The entrepreneurship is
not the easy task in this there are various kinds of the factor are given which will be helpful in
order to give the success to the firm. This kind of the activities become difficult for the
organization to carry the business activities effectively. In this it can be noticed that due to the
lack of knowledge the firm is unable to cope with the activities of the firm, the main motive of
this firm is to take various kind of the initiatives which will be helpful in order to attend the long
term profitability of the business. In the case of Richard Branson has stated that he is the person
who was suffering from the Dyslexia in this he has the problem in relation to read or write the
things in the proper manner. This thing has affected the person in the harsh manner. This also
impact on the growth of business enterprise. But he is the person who have lose his hope and
creates its disadvantage in the advantage manner.
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CONCLUSION
Hereby it has been concluded that entrepreneurship and small business management
plays important in order to drive UK economy in the comfort manner. With the help of the
entrepreneurship the country is able to use product and services in the effective manner. The
present report is inclusive of the various activities such are as the working of the small business
entrepreneurship has helped in growth of the UK economy. There are two entrepreneurs who has
taken the various initiates in order to develop the growth of the business those are Richard
Branson and Mark Zuckerberg. The entrepreneurs play the major role in order to bring the
innovation in the market. With the help of the innovation they are able to operate the business
function effectively.
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