Entrepreneurial Ventures and the UK Economy: A Comprehensive Analysis

Desklib provides past papers and solved assignments for students. This report analyzes entrepreneurial ventures and their impact on the UK economy.

Entrepreneurship and
Small Business
Management

TABLE OF CONTENTS
Introduction......................................................................................................................................6
Part 1 (LO1).....................................................................................................................................7
1. Examine various types of entrepreneurial ventures and also give a comprehensive
explanation on how these relate to the typology of entrepreneurship within your selected
business context...........................................................................................................................7
2. Explore the key differences between serial entrepreneurs, intrapreneurs and owner
managers Your work should be structured in terms of similarity and differences with two
examples......................................................................................................................................8
3. Define public and corporate sectors, demonstrate and investigate variety of entrepreneurial
ventures within the context of public and corporate industry....................................................10
4. Examine the scope, development and growth of entrepreneurial ventures you considered
above. Your work should be critical and consider your own opinion as well...........................10
Part 2 (LO2)...................................................................................................................................12
1. Interpret relevant data and statistics to assess how micro and small businesses have
significant impact on the UK’s economy. You may use specific examples to back your
analysis......................................................................................................................................12
2 Define social economy with one example. Explain how small business and business start-ups
are vital and significant in growth and development to social economy of UK........................13
3. Evaluate the differences small, medium and large businesses make to the economy at
different levels of the economy, such as local, regional, national, etc. by using relevant
statistics......................................................................................................................................14
4. Critically examine how small businesses have an impact on different levels of the economy
in a local, regional, national and international context..............................................................15
Part 3 (LO3 and LO4)....................................................................................................................17

1 Determine the characteristic traits and skills of successful entrepreneurs (Alan Sugar) that
differentiate or distinguish them from other business managers...............................................17
2. Assess how aspects of the entrepreneurial (such as Alan Sugar, Richard Branson, etc)
personality reflect his entrepreneurial motivation and mindset by exploring and examining
different lines of argument relating to entrepreneurial characteristics......................................19
3. Analyze the characteristic traits, skills and motivational drivers of successful entrepreneurs,
supported by specific examples.................................................................................................20
4 Examine and evaluate the different environments (background and experience) that foster or
hinder entrepreneurship.............................................................................................................21
Conclusion.....................................................................................................................................22
References......................................................................................................................................23

LIST OF FIGURES
Figure 1: Role of SMEs in different sector regarding employment..............................................12
Figure 2: Top 10 UK cities by SME contribution (turnover) to the UK economy........................14
Figure 3: Different business ventures and their contribution in economy of the UK....................15
Figure 4: Picture of Alan Sugar.....................................................................................................16
Figure 5: Picture of James Dyson..................................................................................................17

LIST OF TABLES
Table 1: Difference among small, medium, and large ventures......................................................8

Introduction
An entrepreneur takes the risk of financial security and his career for an uncertain venture. The
contribution of entrepreneurs in the growth of any business is vital as without their innovative
ideas and creativity, success cannot be attained. In this report, different types of entrepreneurship
and entrepreneurial ventures are discussed that are interlinked. Entrepreneurial ventures are
established in both public and private sectors; however, they differ as per different resources,
constraints, and various macro and micro factors. Some of the successful British entrepreneurs
are discussed in this report that defines the distinct characteristics that differentiate them from
other business managers. In the end, factors that hinder or foster the entrepreneurial career of the
individuals are discussed along with the role of experience and background of entrepreneurs.

Part 1 (LO1)
1. Examine various types of entrepreneurial ventures and also give a comprehensive explanation
on how these relate to the typology of entrepreneurship within your selected business context
Entrepreneurs and Entrepreneurial Ventures
Entrepreneurs are individuals who initiate to start a business venture by assuming all the risks
and rewards to launch and operate it. Entrepreneurs generally have the business idea of
producing new product or services with a limited number of resources that leads to high success
and growth. Entrepreneurial ventures focus on new innovative products and services to target
high returns along with enhanced growth (Drucker, 2014).
Typology of Entrepreneurship
Small Business Entrepreneurship: These entrepreneurs launch and manage its business
ventures at very small scale with the help of few employees or might be family owned business.
The motive of running this type of entrepreneurship is to make a profit so that the necessary
requirements of the family can be met out. They raise their funds from limited sources like
family friends, or personal savings to manage limited resources of the business venture.
Scalable Start-up entrepreneurship: such entrepreneurs take innovative ideas to find out the
highly profitable and growth-oriented organisation. To initiate such type of entrepreneurship, the
external risk of capital is required to create large business scale and market demand.
Entrepreneurs find out talented people for their business along with venture capitalists that
contribute to the rapid growth of the venture (Aulet and Murray, 2013).
Large Company Entrepreneurship: These entrepreneurs continuously improve their products
and services with innovative methods to their business at a large scale. Changes in customers’
tastes, new entrants, etc. create high pressure on these business ventures to either differentiate
their products from their rivals or acquire innovative companies to gain competitive advantage.
Social Entrepreneurship: Social entrepreneurs are individuals who focus on resolving social
needs and issues through innovative products and services. The goals of these entrepreneurs are

to serve society with quality products rather than to earn high profits for the founders (Estrin et
al., 2013).

2. Explore the key differences between serial entrepreneurs, intrapreneurs and owner managers
Your work should be structured in terms of similarity and differences with two examples
Entrepreneurial ventures pose some similarities and differences among them as are:
Differences between Entrepreneurial Ventures
Table 1: Difference among small, medium, and large ventures
Basis Small Scale Business Medium Scale
Business
Large Scale Business
Ownership Small businesses are
owned and controlled
by one or few
individuals. Also,
small business venture
can also be family
owned business
(Wright, M. and
Stigliani, 2013).
These business
ventures are owned by
the founder while
managed by some
professionals and
managers hired.
Public invest in the
large scale business
ventures, and
therefore, they
become the
shareholders of the
organisation.
However, public
cannot manage such
large businesses,
therefore, managers
and other skilled
personnel are hired
for operating the
business.
Management The management of
these ventures are in
the hands of founders
or the owner of the
business.
Owners of the
medium size
businesses allot the
managerial activities
to the skilled
personnel. However,
Owners are different
from managers and
therefore, the
management activities
are perform by skilled
managers. However,

he supervises all the
managerial activities.
the report on
operational activities
is provided to the
shareholders.
Customer Base This venture can
cover only local
market, due to
resource constraints.
It can cover some
regional area.
However, high
competition is the
major roadblock in its
growth and
enhancement of
customer base
(Piperopoulos and
Dimov, 2015).
Large scale
organisations can
easily raise good
amount of funds from
public and therefore,
there is wide scope for
the expansion of
business that leads to
high customer base.
Capital Funds can be raised
out of personal
savings of the
founders, as there is
lack of sources for
raising funds.
The survival of this
business is difficult,
as to introduce
innovative products
and services in the
market; there is
limited scope of
capital sources.
There are various
sources of funds that
help large
organisation to offer
technology based,
cost efficient services
and products to the
customers.
Similarity among Entrepreneurial Ventures
Business ventures, whether established at small scale or large, have the objective to gain high
profit so that sustainable growth can be attained. Customers play dominating role in the business
market, and therefore, every business venture strive for excellence to gain high customer base.
Taxes and regulatory provisions of the government are required to be followed by every business
ventures so that they can get success through a disciplined procedure.

3. Define public and corporate sectors, demonstrate and investigate variety of entrepreneurial
ventures within the context of public and corporate industry
There are different types of entrepreneurial ventures in the public and private sector. Public
sector enterprises are mainly set up with the help of government interference. It is established to
offer essential products and services to the society at cheap rates. A good example of Public
sector business venture is the Child Support Agency in the UK that ensures availability of
essential education to some class of people at very low rates.
At the other side, private enterprises are run and controlled by private individuals that are not
government through government interferences (Colombo et al., 2013). However, the UK
government has defined some rules and regulations to ensure effective regulation of private
business organisations. The main objective of this venture is to earn high profit to gain long
standing in the competitive market. For example, Morrisons is a leading supermarket in the UK
that has expanded its business at the international level to gain high growth and profitability.

4. Examine the scope, development and growth of entrepreneurial ventures you considered
above. Your work should be critical and consider your own opinion as well
Lifestyle Venture: These type of business ventures are generally managed by small business
entrepreneurship as it is operated with an aim to maintain a standard lifestyle of the founder.
There is slow growth involves in lifestyle ventures as the founder runs its business with its
professional and knowledgeable skills to improve his lifestyle through high profits. For example,
Consultants provide their consultancy services with their professional skills.
Small profit venture: These ventures involve a little number of employees and require lesser
resources to run and operate. Small business entrepreneurship is mainly suitable for this type of
venture; however, there is the availability of a large scope of growth and development that leads
to large entrepreneurship in the long run (Stenholm and Wuebker, 2013).
High growth venture: These ventures can grab high opportunities for growth as most of the
investors prefer to invest their money in profitable ventures. Large scale entrepreneurship is
required to manage and expand the business at a wide scale.
Social Enterprises: With social entrepreneurship skills, these ventures are established with the
aim of social welfare. Government provide high support to these ventures as it produces
innovative goods and services that ensure overall growth of society. These are generally non-
profitable or charity based business ventures.