ENTREPRENURSHHIP AND SMALL BUSINESS MANAGEMENT Report Analysis

This report provides a detailed analysis of entrepreneurship and small business management, exploring the impact of various entrepreneurial ventures, including local, social, and global enterprises, on the UK economy. It examines the similarities and differences between these ventures, the role of small, medium, and large businesses in economic development, and the growth and scope of entrepreneurial ventures in both public and corporate sectors. The report also identifies the characteristics and traits of successful entrepreneurs, discussing how experience and background can either hinder or foster entrepreneurial endeavors. Through case studies, the report compares and contrasts different entrepreneurs, offering insights into the factors that contribute to their success. The report concludes by highlighting the significance of SMEs in economic growth and development, emphasizing the importance of entrepreneurial ventures in creating job opportunities and contributing to societal well-being.

ENTREPRENURSHHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION.......................................................................................................................................2
PART 1-......................................................................................................................................................2
Impact of various kinds of ventures.........................................................................................................2
Similarities and differences between entrepreneurial ventures................................................................4
Examine the impact and significance of small, medium and large businesses on development of
economy..................................................................................................................................................5
Examine development, growth and scope of entrepreneurial venture......................................................6
Conclusion...............................................................................................................................................7
PART 2.......................................................................................................................................................8
Scope of entrepreneurship covering one local, one global and one social entrepreneur...........................8
Entrepreneurial characteristics and traits.................................................................................................9
Experience & background of entrepreneur hinder of foster entrepreneurship........................................10
Characteristic traits, motivational drivers and skills of successful entrepreneurs..................................11
Conclusion based on comparing and contrasting both entrepreneurs.....................................................12
CONCLUSION.........................................................................................................................................13
REFERENCES..........................................................................................................................................14

INTRODUCTION
Entrepreneurship is the source to set up a enterprise by considering different obstacles
and risk related to it such as managerial or financial. The current report is based on different
types of entrepreneurial ventures. This study explains impact of various types of ventures on
economy of UK, similarities & differences between entrepreneurial ventures and also defines
impact and significance of small, medium and large businesses on development of economy. IT
also justified scope, growth and development of entrepreneurial ventures both in corporate and
public sectors. Furthermore, this study clarified scope of entrepreneurship covering one local,
social and global entrepreneur and also defines situational factors, differences and similarities. in
Part 2, traits, characteristics, background and experience of different entrepreneur will be
discussed given in Two case study. This assignment analyzes how background and experience
hinder or foster person with some relevant examples.
PART 1-
Impact of various kinds of ventures
Local venture-
Any organization that caters service or products to local population is considered a local
venture (Lee and Ferguson, 2019). It can be locally owned firm or a corporate business with
different locations operating in a specific area. Sainsbury is considering as local venture that is
capable to provide their quality products at local and international level. Company put positive
impact on economy of nation as they cater grocery products according to the needs of consumers
with affordable prices. Firm affected economy of UK, by offering employment opportunities to
local people.
Social venture-

These types of ventures are undertaken by company or firm established by a social
entrepreneur that desires to cater systematic solutions to achieve a social, sustainable objective
(Sarason, Yuthas and Nguyen, 2018). They put positive impact on economy as they are able to
solve several social issues by delivering their well fare services and products to local people.
NHS considered as social venture at local level they provide the best health care treatment to
poor people or needy individual. It put positive impact on economy of UK effectively. In context
of international level, firm delivery the medical care treatment to improve the health of people
who are unable to take better cure.
Global venture-
This type of venture is able to offer quality products or services at local as well as
international level with better quality (Liu and Giroud, 2016). Global venture can be a big
company which have finite life cycle and provide new goods to consumers for longevity and
sustainability of its business. Facebook can be considering as global venture because firm is able
to deliver their services worldwide. By offering their social networking services, Facebook put
positive impact on economy. Organization hires local people at home country and also recruit
individual where they operate business from different locations.
Entrepreneurial ventures relate to typology of entrepreneurship-
Survival firms-
This type of typology is related to local venture as they are able to manager business
growth and success by developing new strategies to gain attention of consumers and retain
potential one for longer.
Social Enterprise-
This kind of typology of entrepreneurship is related to social venture as they have
diversity of health & care provision in United Kingdom. Many of wide social enterprises
normally span out of statutory NHS bodies and workers and patients still consider them now as
fundamentally section of firm.
Managed growth organizations-

Facebook is considered as managed growth firms because they are able to invest in
further business growth as well as success. By developing new plan and strategies, Facebook
connect more people with their business services in effective manner.
Similarities and differences between entrepreneurial ventures
From above section, different types of entrepreneurial ventures have been discussed that
are related to different typologies. For example, Local, social and global ventures to drive their
business create innovative ideas which is quite beneficial for them as it help to increase
productivity level, profit margin, improve operational efficiency and increase quality. By
creating creative ideas, they can provide better services or goods to their target market who are
seeking for good quality as well as quantity among products (Basole, Park and Chao, 2018).
Within above, ventures employees play vital role as they are considered as one of the most
essential resources for businesses because they are able to enhance productivity by working
towards achieving set aims and objectives of companies. Staffs considered as driving force that
help to build local, social and international ventures more stronger rather than its competitors
available within similar sector with innovative ideas. NHS staff always contributes to improve
living standards of local people by offering health & care services to them. So, it can be said that
employees within every entrepreneurial ventures play important role, on the basis of similarities.
By taking another point, similarities between all the ventures effectively and systematically
described. To run business operation in effective manner and manage activities, every company
needs funds or money. Local entrepreneurial venture collect funds from Bank, they take loan to
run business activities smoothly (Josefy and et.al., 2017). Furthermore, social venture also
collect fund but not from the banks, they organize charity events or shows where people came
from good family background donate money and provide few amount for good cost. By taking
this fund from many people, social ventures use it for community or people well fare. Funding is
another base of similarity along with the above one. It is one of the best ways to deliver goods or
services according to the requirement of consumers and patients.
Differences-
Basis Social ventures Local ventures Global ventures
Organizational
structure
It may be structured
as program or
The organizational
structure is often
International ventures,
organizational

department within a
non-profit & lack
legal definition from
their parent firm. It
can be said that
organizational
structure of this
venture is different
from other as they run
business activities
with the help of
department.
simple and can be
private or public
limited.
structure is
hierarchical. As
different department
within firms help to
manage day to day
activities by taking
right decision. It was
mostly trustee based
companies.
Managerial focus Social entrepreneurial
ventures mainly focus
on public well being
instead of making
money.
They desire to earn
money rather than its
competitors. The
managerial focus of
these companies was
fulfilling daily basic
needs by offering
products as result
increase profit
margin.
Global entrepreneurial
ventures focus on
strength brand image
all over the world by
developing new and
effective plans that
gain attention of
consumers towards
purchasing.
Source of finance They collect funds
from charity.
These types of
companies take funds
from Bank loans.
International ventures
take funds from
business investor.
Examine the impact and significance of small, medium and large businesses on development of
economy
In every sector, small & micro business captures a major part and contributes effectively
in economy of UK. Number of micro & small enterprises is maximizing over time that generates
high revenues by delivering different goods as well as services to target market. They contribute

in economic development by increasing GDP via selling products accordant to the needs of
people (Custódio, Mendes and Metzger, 2019).
Figure 1Numbers of SMEs and Big Companies in UK
(Source: Large business and SMEs, 2020)
In UK, number of small firms are high in various sector and there are more than 5.9
million SMEs are developed throughout the nation, which is almost 99 percent of all companies
in country. Therefore, revenue generated by those firms has high support to GDP of United
Kingdom. Within all enterprises, 97% are recognized as micro business that employs only 0 to 9
individual. Those businesses cater 33 percent of job and 22 % of total turnover.
But on the other hand, large businesses also contribute in development of economy in UK
rather than other (Sharma and Mohan, 2016). By offering and creating employment
opportunities, giant companies are able to contribute in effective manner as it helps to enhance
living standards of people. With the help of providing job opportunity, organizations can make
residential people stronger as they can earn money and then fulfill their needs.
Large, small and medium business play important role in development of economy as
they provide employment opportunities, raise GDP and satisfied consumers by offering quality
products or services.
Examine development, growth and scope of entrepreneurial venture
In Public sectors-

Companies under this sector controlled by local and national authority directly or may be
indirectly (Hafezalkotob, 2018). The scope of entrepreneurial ventures affected from vision,
objectives and mission of different of those companies, they can sustain within public sector for
longer period by increasing as well as generating profitability rather than before. Tony Hall and
Tim Davie operating their business in all over the world, as a Chairman and CEO of BBC they
are able to run organization in effective manner. The growth of this firm is increasing rather than
the other company in this sector. It is one of the largest and oldest broadcasting corporations and
was established by a royal charter & is funded by a government approved license fee. By
offering graduates training in technology, production and journalism via their new talent
schemes, organization build strong workforce who are able to contribute in growth and
development of its business.
In corporate sectors-
The scope and growth of entrepreneurial venture within corporate sector is increasing
more and more as recession is decreasing day by day in United Kingdom. People are now able
to purchase quality products in exchange of money either high cost low, they are capable to
invest in companies apart from their own. Increase demand within market, support in
development and growth of entrepreneurial ventures as they seek to buy different products used
in daily basic routine. For example Arcadia Group works under corporate sector as they are able
to grow and develop their business by following right legal structure. Philip Green is one of the
best and most successful entrepreneurs in the world. He is the chairman of above company
operating in retail sector since for so long.
Conclusion
From above analysis it has been concluded that social, global and local entrepreneurial
ventures effectively contribute in development of economy, they put positive impact on economy
of UK, at international and local level. All the entrepreneurial ventures are able to manage and
operate their business activities by taking funds from different sources. Furthermore, it has been
summarized that SMEs contribute in economic growth and development as they offer job
opportunities to residential people by complying with employment rules and regulations which is
quite beneficial for success and growth. Brexit increase the unemployment rate that is not
suitable for society well being. By offering number of vacancies in general store and other

enterprises, SMEs drive towards contribute in human well fare (Dutta and et.al., 2018). In public
and private sectors, different entrepreneurial ventures by developing effective ideas and
innovative products develop rather than before and also grow its business.
PART 2
Scope of entrepreneurship covering one local, one global and one social entrepreneur
Entrepreneurship scope is distinguish into three types mentioned below-
One local entrepreneur-
James Dyson is suitable examples of this category, they are able to grow its business
rather than before. A inventor and phenomenal engineer by any standards, he has taken his
passion for building and innovating a better vacuum cleaner to stratospheric heights, increasing
his fortune through creative creations such as Dyson Ball Vacuum cleaners and Dual cyclone.
Global entrepreneur-
Mark Pearson is the global entrepreneur; he is the founders of Markco Media web based
advertising and marketing organization.
Social entrepreneur-
Martin Riddiford and Jim reeves are social entrepreneurs, with the help of developing
their creative ideas in response to competition from charity solar they are able to support
community by designing lantern to replace harmful kerosene lamps that are so ubiquitous in field
of the world with few accesses to electricity. By offering quality and innovative products they
save environment from harm or air pollution.
Situational Factors-
Martin Riddiford and Jim reeves-
They both analyze the current environmental situation and determine the needs of
innovation. It is one of the situational factor that drive both of them to design new and creative
lamp which help to save electricity and reduce air pollution occur from traditional lamps.

Mark Pearson-
Family background, school experience and work life are included in situational factors
that affect on growth and success of person and contribute to become successful entrepreneur in
all over the world. Mark Pearson born in London and brought up by his mother with money
troubles and family issues. He teach lesion from his life and motivate themselves by analying
family situation which make them able to become successful business man.
James Dyson-
He took his inspiration and motivation from some leading brands, like Hoover, that were
plagued with obtaining losing and clogged over period. To over issue, Dyson managed to
implement some technology from air filter utilized in his Ball Barrow factory spray finishing
place.
Similarities and Differences-
Above, entrepreneurs are able to deliver better quality services and products to its
consumers or client. They are similar on the basis of earning profit, but they are different from
each other as they offer things by developing business plan or conducting different activities with
unique aim. According to their abilities and capabilities, social, global and local entrepreneur
operate their businesses in effective manner with aim, objectives and different organizational
structure.
Entrepreneurial characteristics and traits
Trait-
Elizabeth has charismatic ability through which she has stand along and established her
own venture, so it can be said that Self starter is the specific trait of Elizabeth Gooch. According
to this trait, she is able to know that when something has to be done, it needs to be done by
themselves not by others. She set her own parameter and assures themselves that projects are
following that path created by her. She does not wait for someone to allow them and are highly
proactive.

Another entrepreneur is Tom Mercer, is the founder of MOMA foods, he is passionate
person. After facing number of issues at time of beginning his business, he always tries to work
hard to achieve his dream. Passion is one of the most effective and significant trait of him, that
he has. He is successful because he loves what they do and never give up the situation.
Characteristics-
In context of Elizabeth Gooch, after performing in HSBC for 12 months she left her job
and decide to start her own business, she is able to take risk and manage small business. This
ability has demonstrated her as an independent and self oriented person. It make her different
from a manger because he never an independent individual in nature and always depend on top
authority for taking approval in context of several activities. She is capable to innovate
something new and produce the new one. She is an innovative person and that is why
understanding demand of sector.
In second case, Tom also has some specific characteristic which make him a successful
business man. He has produced sample of his item knowing that someday outcomes will come
for assure. This ability has proved that he was very risk tolerance person.
Experience & background of entrepreneur hinder of foster entrepreneurship
There are several factors that impact on success and growth of entrepreneur to great
extent. These elements not only affect decision-making procedure but also influence personal as
well as professional life (Leal-Rodríguez, Albort-Morant and Martelo-Landroguez, 2017).
Culture, Education, economic condition and traits is several components that have high impact
on entrepreneurship. Knowledge and experience are two most important factors that contribute in
raising personality of person. Experience & background help individual in becoming a mogul.
For example, Elizabeth background foster her for her success, she belong to poor family
background. She started work for HSBC bank at the age of 18 and after 12 months she work for
a consultancy organization that aid big companies find better solutions to utilize their workforce.
She borrows money from friend and family members as a credit card. So it can be said that
Elizabeth Gooch is able to become a successful entrepreneur by learning from his previous poor
background, that foster her to make her own decision in context of starting own business name as
EG solution.

In case of Tom Mercer, his experience fosters him to start his own business name as
MOMA foods. He is lucky to have come entrepreneur traits within themselves based on what he
have succeed to overcome his hinders and finally succeed in life. He learns from his experience
and spent most of his days dreaming up business idea, but one in specific seemed to stick with
him. While working as a management consultant, he always feels pressure to work on time. As a
city employee, he needs to woke up early in the morning and prepare meal for themselves. He
feels it is quite difficult to manage daily work routine with preparing meal. At that movement
business idea comes into his mind and he think to start his own business as provide food services
to city staff. He personally feels and experiences the pain of working person and decides to start
his own business. Before going to work, Tom would blend smoothies with healthy oats for
breakfast in his flat, but this took efforts and time as well and he was often late for job as a
outcome. Then, it suddenly struck him that his issue was actually a innovative or business idea.
This kind of experience, foster Tom to gain better outcomes after starting his own work.
Characteristic traits, motivational drivers and skills of successful entrepreneurs
Decision making skills-
It is one of the most essential and useful skill of successful entrepreneur that make a
person good business man. After working in HSBC bank Elizabeth Gooch take decision to start
own business. By taking good experience she is ready to open own consultancy firm by named
EG solutions PLC.
Communication skills-
This skill among successful businessman hinder him or her to lead and gain better
success by identify point of view from other person. Tom before implementing his business idea
communicates with colleagues and friends. With the help of communication ability he can be
able to communicate its clients to determine their needs.
Creativity-
It is another trait of entrepreneur who is successful in his or her professional career. Tom
is a creative person, while making breakfast he find out a new business idea which is quite
beneficial for him as it help him increasing profitability and aid to build up his own business.