ESBM Project: UK SMEs, Lifestyle and Growth Firms Analysis

This project fulfills the requirements of ESBM Project Requirement 1, focusing on definitions of entrepreneurial activity and social economy. It explores the differences between serial entrepreneurs, intrapreneurs, and owner managers, providing references. The project includes an analysis of the im...Read More

ESBM PROJECT REQUIREMENT 1
EVIDENCE LIST
WHAT IS REQUIRED HOW MANY
 Definitions of
entrepreneurial activity
with reference
 Definition of social
economy with references
Entrepreneurial activity is an enterprising human
activity in search of value generation by
discovering and leveraging new goods, processes or
markets through the development or extension of
economic activity. The phenomenon related to
entrepreneurial enterprise is entrepreneurship.
The social economy consists of a wide variety of
firms and organisations, such as cooperatives,
mutual, unions, trusts, social corporations and
parity institutions, sharing shared principles and
characteristics: the primacy of the individual and
the social aim over wealth, voluntary and open
membership, collective government and the
combination of members' and/or consumer
preferences.
 Explain 3 differences
between the serial
entrepreneurs,
intrapreneurs and owner
managers with references
Serial intrapreneurs Owner
manager
Serial
entrepreneurs
are the ones
who develop
dynamic process
of creating
incremental
wealth.
This is the
change
initiative
taken within
a going
concern by
different
people who
are working
in the
organisation.
The owner
managers
are defined
as ones who
manage and
control
business
activities
and tasks
properly.
There is These It includes

presence of
financial gain,
innovation and
independence in
entrepreneurship
enhances the
rewarding
capacity of
company as
well as
autonomy
the
management
of profits
and income.
They face high
risk
It includes
moderate
risk
There is
huge risk
while
managing
the business.
Paste a data into your project and
explain impact of micro, small and
medium size organisations on
UK. Micro: In the case of size, they are very small and
where the number of workers is smaller, the sales are
around £ 2 million. These corporations' numerous
operations and roles are very limited. They are
launching new concepts and plans in the markets that
will continue to increase profits and money.
Small: Relative to a medium-sized business, the
number of workers is very small. The profits of those
firms was about £ 6.6 million. Such an agency has
various tasks and roles and, relative to the micro
entity, they are the largest. The primary aim of such a
company is to increase the income generated by the
business.
Medium: The number of workers of medium-sized
companies is less than 250, with annual revenue of
about £ 25.9 million. These companies have broader
roles and commercial operations than micro and small
businesses. The primary aim of these corporate
associations is to accomplish operational objectives.

There are mainly four areas of the economy that the
effect of SME's can be determined are as follow:
(Source: Effects on different location, 2015)
International and National Area: Small
medium enterprises have great impact on the national
area. This helps in creation of economic growth. This
is done by maintaining business functions of the
company. By the huge capital, this will be created in
development of economy.
Local Area: In this type of small & medium size
organisations, there are more effects. The main
responsibility of these organisations is to give various
opportunities for people to get jobs. This helps in
building economic growth.
Regional Area: SME's have huge impact on the
regional area. According to this, there are different
benefits and problems by the manufacturing of goods
and products of the company. This helps in delivering
quality products to people.
 Define what is lifestyle
with reference
 Define what is growth firm
Lifestyle entrepreneurship simply means you create a
business around the kind of lifestyle you want. It's not

with references
 examine their differences
in terms of their sources of
funding and the reasons
why they are set up
(interests)
that you work in your business and then come home
and live. Your business supports your life and allows
you to create freedom while making an impact in
people's lives
Life style firm Growth firm
These are made for
making an impact
upon live of people.
Main objective of
them is to manage
the growth and
profitability
These get finance
from banks and
piggy funding.
These get funds
from banks and
investors
If company is not
able to provide the
interest rate to bank
then business has to
close.
There is need to
manage the banks
and investors
properly and timely
funds must be given
back to the bank.
Define what is meant by entrepreneurial activity and social economy(
In a market context, entrepreneurship projects can be seen in various ways. These are
grouped into the public and private sectors which on the basis of their goals, are specified.
Depending on the scope of company activities, the boundaries of investment are also
limited. In order to have a better view of their operations and intentions, it is necessary to
distinguish between these businesses. Manufacturing goods and services to meet the aims
of growing profit and satisfying consumers is the primary motivation of those companies.
There are two forms of business enterprises, such as Business Entrepreneurship, which is
geared at profit making, and the other is Social Entrepreneurship, which is concerned with
changing people's lives.
The impact of small business on the United Kingdom's collective economy
Impact on taxes and income: it becomes very relevant in the UK when it helps to generate
certain kinds of taxes and wages, plus it has to be represented as helping to create several
possibilities. There is a clear correlation between taxation and revenue, as the income level
would grow as they raise revenues.

Poverty effect: This feature has a larger impact on economic growth because there is such
an element in the nation that change is very slow. They help to alleviate hunger or benefits
from the economic system by providing more employment and resources in the economy.
Identify and explain 3 differences between serial entrepreneurs, intrapreneurs and owner managers
(You should consider using academic resources to explain the differences between the
serial, intrapreneurs and owner managers. At least three differences are accepted. )
Serial intrapreneurs Owner manager

Explain two characteristics features of each of the following: Micro, Small medium size
organisations and social economy
In essence, there are three forms of company that exist and operate in the UK. These integrate
bigger, smaller and massive projects in size. For example, numerous companies, tiny, small
and gigantic, are resolved as below:
Micro scale: Payments are small if an accident of magnitude should arise and the agreements
are about £ 2 million as the number of staff is smaller (Defourny, and Nyssens, 2010). The
numerous operations and components of these organisations are exceedingly limited. They
are propelling new thoughts and plans in the commercial centre that will help amplify
rewards and cash.
Medium: The number of members of the medium-sized organisations is under 250, with
annual deals of approximately £ 25.9 million. These companies have capabilities and
corporate operations larger than the smaller scale and smaller businesses. The basic point of
these market groups is to reach in less time authoritative aims and destinations.
Small: In relation to the medium undertaking measured, the quantity of members is smaller.
These organisations' deals amount to about £ 6.6 million. There are numerous exercises and
works in such an association and they are greatest as compared to the miniaturised scale
substance. The fundamental purpose of such a corporation is to maximise the revenue earned
by the enterprise.

Examine the relationship between Life style and Growth firms on one hand and micro and
medium size firm on the other
In the other hand, lifestyle companies are meant to sustain the lifestyle of an entrepreneur.
Profitability is the primary focus, and this model of business leads to gradual development.
That is not to suggest that seven-figure income (or more) will not be created by lifestyle
firms. Yet where the primary priority for growth companies is, well, growth, lifestyle
companies as a whole take a less ambitious approach to profitability, especially if the
company owner retains his or her chosen lifestyle (Dacin, Dacin, and Matear, 2010). Since
growth companies are so hyper-focused on growth, business owners would usually have a
comprehensive forecast of sales for the next few years in a business plan And growth
entrepreneurs can feel they need outside funding to help achieve ambitious targets, depending
on the company's details.
Produce and interpret a current data that shows the impact of small and Micro business on the
economy
In order for the economy to survive, small, medium and large companies are essential. Their
existence, which can not be prevented, is critical. Small and medium businesses have been
seen to have made an immense contribution to making the economy competitive since
BREXIT.
Local level- The biggest contribution of micro and small companies is to provide people
living in the UK with job opportunities (Bruton, Ahlstrom, and Li, 2010). They also take
action to educate those people to gain money on a daily basis.

Regional level- This is about taking growth to a large degree in the economy. The primary
aim is to determine the market's needs so that initiatives can be carried out to satisfy them.
Keeping the infrastructure great is the primary priority.
National Level- Micro and small business organisations make plans at this level by
understanding UK social, economic and environmental progress. This includes rising
exports and imports, poverty eradication, prospects for jobs, etc.
Explain two reasons it is believed that small organisations play significant role in social economy
The impact of small business on the United Kingdom's collective economy
Impact on taxes and income: it becomes very relevant in the UK when it helps to generate
certain kinds of taxes and wages, plus it has to be represented as helping to create several
possibilities. There is a clear correlation between taxation and revenue, as the income level
would grow as they raise revenues.
Poverty effect: This feature has a larger impact on economic growth because there is such an
element in the nation that change is very slow. They help to alleviate hunger or benefits from
the economic system by providing more employment and resources in the economy.
Improvement of UK global commercialism: the United Kingdom labour union reported
exclusively to the EU prior to Brexit. But after the effects of Brexit, the manufacturing sector

and some of the other industries are affected. The legal authority develops linnet policies to
address these impacts, which continue to create international commercialism
Job opportunities: In providing ideal prospects or benefits for people, these businesses play a
vital role. They help to expand and evolve economically in a productive and successful way
(Bosma, and Levie, 2010 ). These distinct benefits are tracked by an individual and society
as equitable distribution of income, reduction of poverty, increase of living standards, and
certain other benefits.
Enhancement of social security: The government of the United Kingdom has greater control
over business and can set its own laws. As they achieve productive service value, this success
is responsible for maximum social welfare or security for the local areas and community in
person.
Reference list
Bosma, N. S. and Levie, J., 2010. Global Entrepreneurship Monitor 2009 Executive Report.
Bruton, G. D., Ahlstrom, D. and Li, H. L., 2010. Institutional theory and entrepreneurship:
where are we now and where do we need to move in the future?. Entrepreneurship
theory and practice. 34(3). pp.421-440.
Dacin, P. A., Dacin, M. T. and Matear, M., 2010. Social entrepreneurship: Why we don't need
a new theory and how we move forward from here. The academy of management
perspectives. 24(3). pp.37-57.
Defourny, J. and Nyssens, M., 2010. Conceptions of social enterprise and social
entrepreneurship in Europe and the United States: Convergences and divergences.
Journal of social entrepreneurship. 1(1). pp.32-53.
Delgado, M., Porter, M. E. and Stern, S., 2010. Clusters and entrepreneurship. Journal of
economic geography. 10(4). pp.495-518.
Harris, M. and P. Patten, K., 2014. Mobile device security considerations for small-and
medium-sized enterprise business mobility. Information Management & Computer
Security. 22(1). pp.97-114.
Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new

frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Schaper, M. T. and et. al., 2014.Entrepreneurship and small business.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
Unger, J. M. and et. al., 2011. Human capital and entrepreneurial success: A meta-analytical
review. Journal of business venturing. 26(3). pp.341-358.