Entrepreneurial Ventures and the UK Economy: A Comprehensive Analysis

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Entrepreneurship and small
business management

TABLE OF CONTENTS
Introduction......................................................................................................................................1
Task 1...............................................................................................................................................2
Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship...................................................................................................2
Explore the similarities and differences between entrepreneurial ventures......................3
Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding
of entrepreneurship in both the public and corporate sector................................................5
Critically examine the scope, development and growth of entrepreneurial ventures....6
Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy................................................................................................................7
Explain the importance of small businesses and business start-ups to the growth of the social
economy.......................................................................................................................................9
Evaluate the differences small, medium and large businesses make to the economy,
applying relevant data and statistics......................................................................................10
Critically examine how small businesses have an impact on different levels of the economy
(local, regional, national) and in an international context.........................................................11
Determine the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers..................................................................12
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set.....................................................................................................................................15

Explore and examine different lines of argument relating to entrepreneurial
characteristics............................................................................................................................16
Analyze the characteristic traits, skills and motivational drivers of successful entrepreneurs,
supported by specific examples.................................................................................................17
Examine and evaluate how background and experience influences entrepreneurs, both
positively and negatively, by comparing and contrasting examples.........................................18
Conclusion.....................................................................................................................................20
References......................................................................................................................................21

LIST OF FIGURES
Figure 1: SME's contribution to the UK..........................................................................................7
Figure 2: No employee business in UK...........................................................................................9
Figure 3: Various ventures of business and their contribution in the UK economy......................10
Figure 4: James Dyson...................................................................................................................12
Figure 5: Alan sugar......................................................................................................................12

LIST OF TABLES
Table 1: Difference among intrapreneur, owner-managers and serial entrepreneurs......................3
Table 2: Characteristics, traits and skills of James Dyson and Alan Sugar...................................13

Introduction
The entrepreneur is the individual who makes money through running or starting the business,
and especially when they involve taking the financial risks. The entrepreneurship contribution to
business growth is important because, without their creativity and innovative ideas, success will
not be attained. The different kinds of entrepreneurship ventures and entrepreneurship which are
interlinked will be discussed in the report. The entrepreneurship venture will be established in
private and public sector both; therefore, they are different in term of various resources, macro
and micro factors as well as constraints. The few successful British entrepreneurs will be
illustrated in the study, which also defines different characteristics which are differing from
others entrepreneur. At last, factors which foster and hinder the career of entrepreneur will be
discussed in the report along with their background and past experiences.
1

Task 1
Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Generally, entrepreneurs have the idea for their business in respect to produce any new services
or goods with limited resources, which leads to effective growth and success. The
entrepreneurship ventures mainly focus on the new services and products in terms of targeting
the higher returns with enhanced growth and success.
Typology of Entrepreneurship
Scalable start-up entrepreneurship: This entrepreneurship takes new ideas in order to find the
growth-oriented and high profitable business (Kuratko et al., 2015). In order to initiate this
entrepreneurship, the external capital risk is needed to create the high market demand and large
business scale.
Social entrepreneurship: This entrepreneurship is an individual who mainly focuses on
resolving the social issues and needs by innovative services and goods. Such entrepreneurship
goals are to serve the society with high product quality instead of earning the profits for the
business.
Large business entrepreneurship: Such entrepreneurship improves in their services and
products continuously with new methods at large scale. The new entrants in the business,
changes in consumer preferences create the resources for the business to differentiate its products
from other competitors in terms of gaining competitive benefits.
Small business entrepreneurship: Such entrepreneurs manage and launch their organization
ventures on not on big scale but on small scale with help of an employees and such type of
business is family-owned business. The main purpose of such entrepreneurship is to gain
maximum profits to meet with the essential requirements of the family (DeTienne et al., 2015).
2

Explore the similarities and differences between entrepreneurial ventures.
The entrepreneurial ventures are possess few differences as well as similarities that are
mentioned below:
Table 1: Comparison between serial entrepreneurs, owner-managers and intrapreneur
Basis Intrapreneurs Serial Entrepreneurs Owner
Concept Such kind of
entrepreneur is an
organization manager
who has the authority
in terms of ode
developing the
innovative ideas and
products for an
organization
successful growth;
therefore they do not
take the financial risk
that is associated with
them.
Such entrepreneurs
bring creativity and
new ideas
continuously for the
start-up of their
business.
Establishment of a
business at great
position, this has been
transferred to the
serial entrepreneurs as
well as other
entrepreneurs to
setups of a new
project.
Such entrepreneurs
own their business
and also manage it
together or either
alone with team
members.
Objective Their objectives are to
bring creativity as
well as new ideas for
successful;
organization growth
and .success.
These entrepreneurs
main objective is to
start the innovative
venture for the
different
entrepreneurs (Mody
et al., 2016).
They put their
contribution to small
enterprises, and their
objective is earning
profits for survival in
the long term.
3

Opportunities Such entrepreneurs
are providing the
various opportunities
for business
expansion and growth
along with their
knowledge, tactics
and ideas.
Such entrepreneurs
have started up the
opportunities for
different
entrepreneurs because
this will takes
business expansion
and establishment the
responsibility.
Such an entrepreneur
has the tactics to
control the business
and managing the
business; thus, also
various growth-
related opportunities
are there for business.
Example For example,
Lockheed Martin
started one of famous
project that is Skunks
Works along with
Kelly Johnson help
that involved the
creation of new model
of aircraft (Park et al.,
2015).
Such as, Richard
Branson one the
popular entrepreneur,
that has founded
Virgin group and
record business which
offer the services
related to travel,
airlines etc.
For instance, the
person who is
employed at self level
at restaurants, small
shops of bakery, etc is
known as owner
managers.
Similarities between Entrepreneurial Ventures
The venture either is being established at either on large or small size has an objective in order to
gain higher profitability to attain sustainable growth. The consumer plays essential role within
market of business, and hence, each venture strives mainly for an excellence in order to achieve
higher consumer base. The regulatory provision and taxes of the government are required of
getting followed through each venture to achieve success by disciplined procedures.
4

Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector.
Entrepreneurial Ventures are of different kinds such as- public or private sector. The enterprise
of the public sector business is mainly set up with government interferences help. This has been
established in terms of offering the needed services and products to society at a very low rate
(Rawhouser et al., 2017). Also the main example of such sector business is HMRC in the UK
which is the non-minstrel department in which the government is responsible mainly for the
taxes collection, some forms of state payment and other regulatory regimes administration by
including a national minimum wage.
The private enterprise at another side is controlled and run through a private person who is not
governed by government interferences. Therefore, the government of the UK has defined some
of the regulations and rules that ensure effective private business regulations. This venture main
objective is to gain maximum profits in respect of achieving long term in competitive
advantages. For instance, Tesco is a large chain of the supermarket in the UK whose main
purpose is to enhance business at large scale in respect of gaining high profitability and growth
(Kuratko, 2016).
5

Critically examine the scope, development and growth of entrepreneurial ventures
Social Enterprises: Such ventures have been established with social welfare aim. The
government will provide huge support to such ventures because this will produce innovative
services and goods which ensure the overall society growth. Such type of ventures is mainly
charity based or non-profitable business ventures.
High growth venture: Such entrepreneurship grabs the higher growth opportunities because
mostly all investor is preferred to do invest its amount in the more successful ventures. Also the
large entrepreneurship is mainly required to grow as well as manage its business on large scale.
Small profit venture: Such ventures include the few employees and also need fewer resources to
operate and run the business. This is suitable mainly for such type of business ventures;
therefore, large development and growth scope availability is there, which leads to the large
entrepreneurship (Alsos et al., 2016).
Lifestyle Venture: Such a venture is managed generally by the small size business
entrepreneurship because this is further operated with an aim of maintaining the founder
effective lifestyle. In this slow growth is involved because the founder will run its business with
their knowledgeable as well as professional skills in context of improving their effective lifestyle
by gaining maximum profits and benefits.
6

Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy.
The medium or small size enterprise is such ventures by which individual limit is being
identified below the certain level. Also in the UK, the main economic decline is in the 2008 year
that has to lead to economic and social conditions instability as well as also impacted business
environment adversely. Therefore, a medium and small enterprise is there which contribute to
economic environment stability and improvement (Storey, 2016). The UK government has also
recognized the medium and small enterprise main role in UK economy development and growth
as well as also give huge opportunities for these ventures successful development. Loans at a low
rate of interest or waive off interest, several loan schemes, subsidies etc. are the main support of
a government that is available for medium and small enterprise in terms of gaining the
sustainable growth. Also, SMEs is being considered as UK economy backbone because this
ensures the high turnover and emplacement opportunities, which leads to a business environment
and social development.
Figure 1: SME's contribution to the UK
(Source: SME’s Dominate the UK Private Sector in, 2015)
Comparison with the 2017 year, small enterprise population in private industry is reduced up to
0.5%; therefore, increment in employment level is there up to 2%. The small business accounted
7