ENTREPRENEURSHIP AND SMALL BUSINESS ENTERPRISES: Report Analysis

This report provides a comprehensive analysis of entrepreneurship and small business enterprises. It begins by defining entrepreneurship and categorizing various venture types, including small business entrepreneurship, scalable start-up entrepreneurship, large company entrepreneurship, and social entrepreneurship, highlighting their objectives and characteristics. The report then explores the similarities and differences between these ventures, focusing on factors such as size, structure, aims, and objectives. A key section examines the impact of micro and small businesses on the UK economy, discussing their contributions to employment, economic growth, innovation, and their ability to adapt to changing situations. The report also addresses the significance of small-scale enterprises in social development. Finally, it delves into the features, attributes, and abilities of successful entrepreneurs, differentiating them from enterprise managers and exploring how entrepreneurial personality, background, and experience influence motivation and business outcomes. The report uses examples of entrepreneurs like Mark Zuckerberg and Richard Branson to showcase these qualities. The report provides a detailed overview of the UK's entrepreneurial landscape.

ENTREPRENEURSHIP AND
SMALL BUSINESS
ENTERPRISES

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
P1 Types of entrepreneurial ventures and their relationship with typology and
Entrepreneurship.........................................................................................................................1
P2) Similarities and difference between Entrepreneurial Ventures............................................2
P3) Impact of micro and small business on the economy of UK ...............................................3
P4) Establishment of small scale enterprises' significance in social development of country....5
PART 2............................................................................................................................................5
P5) Description on the features, attributes and ability of the two successful entrepreneur which
make him different from other enterprise managers...................................................................5
P6) Entrepreneurial personality reflect entrepreneurial motivation and mindset.......................6
P7) How Background and experience can hinder or foster entrepreneurship.............................7
CONCLUSION................................................................................................................................8
REFERENCE...................................................................................................................................9

INTRODUCTION
Economy of the United kingdom is widely driving by two principle, which are
Entrepreneurship and the other one is the management of the small business. With the help of
increased entrepreneurship activities the country the company is able to use new products and
services which are developed by country's entrepreneur, and on the other side the development in
small business activities in UK, the country is earning huge revenue and sources of employment
from this section. It was recorded that there were 5.5 million private sectors of small business in
UK during the start of 2016, it is also recorded that the number of employing business was also
increased by 14,000 and the increase in self employed was around 84,000 with the annual growth
of +3%. This report will be focus on ventures of entrepreneur and impact of SME on economy
after Brexit. Other than this several characteristics of skills will be discussed which assists
entrepreneur to become successful and the quality of two entrepreneur Mark Zuckerberg and
Richard Branson which foster and hinder their business will be discussed.
PART 1
P1 Types of entrepreneurial ventures and their relationship with typology and Entrepreneurship
Entrepreneurship can be defined as the setting of small business by an individual in order
with the objective to make profit and develop a source of earning. In order to this there are
different types of ventures which are started by entrepreneurs to achieve their aim and objectives
for the success (Bae and et.al., 2014). These are some entrepreneurial ventures: -
 Small business Entrepreneurship: - These entrepreneurial system is the most common
way for starting up a new business. This ventures include small stores and business such
small grocery stores, travelling agencies, small shops, small restaurants and others. These
small ventures are majorly open in relation to make small profit and wages for living. The
set aims and objectives of these ventures are not so high in relation to the development
and profit making these small business make small amount of profit on daily or regular
basis. Further these ventures hires local individuals as an employee for very small wages.
For the setting up and starting of these ventures funds are initially arranged with the help
of small banks loans or from the help of family and friends (Baker, Grinstein and
Harmancioglu, 2015). In this small business enterprise the entrepreneur survey by
himself about the need and strategies for setting up of business. Makor typology of the
small business is to earn profit for livelihood.
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 Scalable Start up Entrepreneurship: - This type of business is based on the ideas and
objective which has a potential to attract investors to provide fund for the development
and setting up the business. The main vision and objective of this business to provide new
and innovative idea which has the potential to change the world with their products and
services. Because, of their foresighted vision these entrepreneurs hires most professionals
to carry out their work. For the development of these type of entrepreneurship several
activities carry out where different entrepreneur can put their ideas (Bird, 2015). This
main typology of this kind of business are to provide the best innovative ideas which can
help in the development of the society and to provide their customers with the best
possible services.
 Large company Entrepreneurship: - In this type of entrepreneurship their focus is on
the development of whole organisation. This type of venture works for the development
of business at huge level. In relation to the development this entrepreneurship are focused
to the compatibility in the market. In context to maintain their compatibility in the market
these organisations generally acquires other small business in their company, or by the
development of further new and innovative products and services as compared to their
competitors to serve their customers (Bruni, Gherardi and Poggio, 2014). These business
ventures mainly concerned about the big deals and making of big profit.
 Social entrepreneurship: - Main work of these business venture is not to make profit but
for the welfare of the society. As, it is very much clear from the name these business
entrepreneurs work in direction to develop new business and innovative ideas for other
and help other in order to develop their business. These social entrepreneurship can be
considered as the non-profit or profit making venture. In United kingdom many of the
organisation are working as a social entrepreneurship to serve other entrepreneur in order
to develop their business (Carland, Carland and Stewart, 2015). These ventures are also
supported by the government and other charity function in order to rise their funds and
other activities.
P2) Similarities and difference between Entrepreneurial Ventures
The major difference entrepreneurial ventures are discussed above on the basis of their
set up, other than this, entrepreneurial ventures can be further classified on the basis of the size
of their business.
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Size and the Structure:- As in the small business entrepreneurship venture the size and
range of the business is very small in order to meet and satisfy the basics of the owner or
entrepreneur. On the other side, large businesses are of huge size and deals or operates on huge
business which is making huge profit with large amount of investment. These large entrepreneur
generates large amount of employment for a particular region where it is situated and for the
others. These ventures put huge impact on the rate of employment of the country and on the
economy of the country (Carraher and Paridon, 2015). In UK many of the organisation are
working as large entrepreneurial venture such as Tesco, Asda and other multinational company
which is providing lots of employment to the country. Whereas, on talking about the scalable
start up entrepreneurship the size of the venture does not matter because it works not on the basis
of size, these ventures works on the basis of innovation and innovative ideas for business set up.
Aim and objective:- Different entrepreneurship can also majorly classified on the basis
of their aim and objectives due to which the entrepreneur had set up the business. On the other
hand social businesses have their aim to serve other to develop their business. These businesses
can also be classified on the basis of their sources of finance (Castello, Barbera and Vaara,
2016).
P3) Impact of micro and small business on the economy of UK
There is the big impact of the other small business in the UK company. The difference is
that impact of large organization is easily observed but the attempt of the small organization is
not been seen. As after the British the economy of the UK declined which had effect on the small
business (Cherny and et.al., 2016). This happened because the small businesses having the effect
on the lives of the people. The impact of small business on the UK is as follows: Contribution through employment- Some of 250-300 employees used to work in the
small organization. As compare to large organization, micro organizations are more
which gives employment to the people which help in increasing the GDP of the country.
There were millions of small and medium sized organization which operate in the
country (Dooley and Kenny, 2014). By the small ratio also we can see the impact of the
small organization in the UK company.
 Economic impact- The increase in the economy growth of the production as compare to
the growth being done in the previous of other time of the production. These small
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businesses encourage innovation which helps the economy of the country to grow. The
small organization encourage the people Impact of micro and small business on the
economy of UK (Drucker, 2014).
There is the big impact of the other small business in the UK company. The difference is that
impact of large organization is easily observed but the attempt of the small organization is not
been seen. As after the British the economy of the UK declined which had effect on the small
business. This happened because the small businesses having the effect on the lives of the
people. The impact of small business on the UK is as follows: Contribution through employment- Some of 250-300 employees use to work in the
small organisation. As compare to large organization, micro organizations are more
which gives employment to the people which help in increasing the GDP of the country
(Fayolle and Liñán, 2014). There were millions of small and medium sized organisation
which operate in the country. By the small ratio also we can see the impact of the small
organisation in the UK company. Economic impact- The increase in the economy growth of the production as compare to
the growth being done in the previous of other time of the production. These small
businesses encourage innovation which helps the economy of the country to grow. The
small organisation encourage the people to work and the help in growing the economy of
the country. In large organization as many functions of the big organizations are carried
out by medium sized business which is termed as outsourcing. They help them at time
when the economic growth goes down. It increases the level by employing them into
various businesses (Hmieleski, Carr and Baron, 2015).
 Flexible with the changing situation- As do the profession innovation and the
competition in the market, in today's dynamic environment which affects the economic
stability of the economy. In large organizations, because of higher investment and large
market area they take time to respond to the changes. At the rime of crises the small
business enterprises can make the economy stable by generating small profits (Mudalige,
Ismail and Malek, 2016). As the large business required the large revenue to be handled.
As the production requires time, money, human and capital; to rise from the crises. So the
small organisation requires small capital, less employee, money and less infrastructure
place for the businesses to start. Through these points it can be stated that small business
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organization has huge contribution in the UK economy. They can be considered as the
backbone of the UK. to work and the help in growing the economy of the country. In
large organization as many functions of the big organizations are carried out by medium
sized business which is termed as outsourcing. They help them at time when the
economic growth goes down. It increases the level by employing them into various
businesses (Entrepreneurship skills, 2017).
P4) Establishment of small scale enterprises' significance in social development of country
It is considered thet small scale organisations play crucial role in country's development
in social and economic forms. However, increasing in government fund, employment, effective
product services are determined. In addition to this, nation's other sectors also get affected as;
technological, cultural, employment, economic etc (Zhang, Song and Zhong, 2016). Thus, it can
be said that an ideal entrepreneur plays key role in any nation's effectiveness also affects
development of other countries globally.
PART 2
P5) Description on the features, attributes and ability of the two successful entrepreneur which
make him different from other enterprise managers.
The entrepreneurs play the essential role in terms to carry out the business activities in
most effective and efficient manner. He work in manner to implement the overall business
strategy ion order to have success of the organisation. They take initiative efforts to gain the
productivity and profitability of the firm (Schlaegel and Koenig, 2014). In the market there are
various kinds of the entrepreneurs who are having different role and responsibilities. Here are
some features of the expert entrepreneurial are as- Positive attitude- He should be the person who work in the manner of positive attitude.
With the help of this approach he can easily influence the people of the organisation.
They have different role in order to handle the every condition of the firm. The positive
attitude of the entrepreneur leads them have prosperity of the business enterprise. This
attitude of working can inspire the other people of the firm (Zhang, Song and Zhong,
2016). Risk factor- The risk factor is essential in terms to have growth in the market of the
business. He must be capable to take the risk face challenges of the current market. There
is no chance to grow the profit of the firm if they are not ready to take endangerment. The
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current market is rapidly growing with the term of innovation in the product due to this
entrepreneur take risk to have more business opportunity. He should be capable enough
to accomplish the task of the organisation (Bae and et.al., 2014). Self confident- The entrepreneur should have the competitive nature so they can easily
corporate their work during the times of work load. The self confidence brings the ability
or quality to perform the each complicated task in well productive manner. They can
motivate the other person in business organisation to perform their best within the given
framework. In addition to this the government is taking efforts in order to make policies
regarding establishing the new business ventures.
 Effective competitor- With the help of the good skills he can be prefect competitor in
order to perform the business activities in the well productive manner. The entrepreneur
should have the quality to compete with the rival market. He should develop the business
strategy in a manner which help them to develop the working of the whole organisation
(Bird, 2015). He must have innovative approach with this he can easily cope up with the
forces of current market.
P6) Entrepreneurial personality reflect entrepreneurial motivation and mindset
Entrepreneur has the ability to effectively influence and motivate the individual through
its actions, skills and characteristics. It has been noticed that by having an effective consideration
of key entrepreneurial values the issues can be overcome. It is necessary for person to ensure that
proper use of motivational theories is being taken into account. Along with this, personalized
success need to be advanced properly so that better motivation can be attained (Bruni, Gherardi
and Poggio, 2014). As same the Richard Branson has also focused on personality development to
ensure that better opportunities can be promoted. The key factor of the entrepreneur is the
mindset of the one to change the world and his position where he is and where has to go in life.
With his life he also takes rhe responsibility of the other to change there life. He is well
motivated to take risk within business so that better ways can be identified in respect to
accomplish key goals and objectives. If person get success in risk taking situation then it will
affect the motivation level in personalised manner (Carraher and Paridon, 2015). In addition to
this, it can be said that dedication towards work is also a key factor which allows accomplishing
key goals and objectives. With a help of effective dedication towards ownership and business the
Mark Zuckerberg can have sustainable development. When the person is self motivated by
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himself that he/she can change the world. Self-motivation is a factor which allows to have
continuous efforts so that better opportunities can be taken into account.
One of key aspect that every business man has is that their past failures has motivated
them significantly in order to have continuous development. With an assistance of such values
the overall outcome in respect to businesses has been advanced. Idea generation is also a key
strength that increases the morale (Cherny and et.al., 2016). By having a differentiation activities
the issues can be overcome effectively. It has also been identified that ways to increase profit is
also key aspect that an every entrepreneur is aware about. It means overall study can be
advanced effectively in order to accomplish objectives. He/she must have proper understanding
about the employee’s values so that overall outcome can be accomplished. Factors like manners,
good behaviour, good character, personality, individuality also need to be referred by the person
in order to have better motivation. It also helps in developing entrepreneur skills in desired
manner. It leads business to impressive level of success. With an application of methods the
issues can be resolved so person also need to ensure about such aspect in desired manner for
continuous development.
P7) How Background and experience can hinder or foster entrepreneurship
It has been noticed that background and experience level plays a critical role in
development of individual so person must consider such aspects properly to meet the standards
of entrepreneurship. By taking the training from all the things what goes around him he keeps on
thinking about all rhe factors he can change and make it better. Background and experience have
huge impact on the entrepreneurship because might be it can happen that both the aspects do not
support the innovation and the skills of the individuals. The hurdles may come in the way but
they keep on moving with the fact that they will learn and grow with this. In addition to this, it
can be said that entrepreneurship might affect the success of firm so support of innovation and
skills is significant to consider (Dooley and Kenny, 2014). However, it has also been witnessed
that idea generated under entrepreneurship does not suit the experience level. It creates a barrier
in application of activities and affects the growth of organisation. Along with this, lack of
information also impacts the overall outcome so management need to ensure that such measures
are properly taken into account. Designing of activities must be according to experience level of
past operations is significant because it assists in meeting objectives. If experience is not being
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referred by the managers then it might be possible that they face same kind of barriers in the
future.
In addition to this, it can be said that Richard Branson is one of successful entrepreneur
who has always considered experience as critical aspect. He was suffering from the Dyslexia
which has created great issue in his life because of barriers in reading and writing habits (Fayolle
and Liñán, 2014). In order to overcome such issue he has participated in diverse activities. He
always considered previous activity hurdle as an advantage for further activity. Same kind of
approach was employed by him in the business and always considered experience significantly.
It is also one of key reason that Richard Branson Company is having most of experienced
employees. Moreover, he is well focused towards use of Guerrilla Fighter techniques that is
using every single weapon against their competitors. Richard also focused on calm and
motivated aspects in order to deal with the issues.
CONCLUSION
In order to have innovative approaches the organization should have effective and expert
entrepreneur. He should take efforts to develop and implement the effective planning and
strategy of the business enterprise. From this it has been concluded that an effective entrepreneur
with the good skills and quality of performance can develop the overall working pf the
organization. This report is also inclusive of the social entrepreneurs who is quite different from
the other business organization. The main object is to understand the need of the customer and
tries to full-fill them to have the effective growth of the business.
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REFERENCE
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<http://skillspanorama.cedefop.europa.eu/sites/default/files/EUSP_AH_Entrepreneurial_0
.pdf>. [Accessed on 12th August 2017].
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