Entrepreneurship & Small Business Management: Growth and Impact

This report provides an analysis of entrepreneurship and small business management, focusing on various types of entrepreneurial ventures, their similarities and differences, and their impact on the UK's social economy. It explores the role of public, private, and voluntary companies, as well as survival, high-tech, and lifestyle firms. The report includes data and statistics on the impact of small businesses and startups on the UK economy, highlighting their contribution to employment rates and GDP. It also discusses the characteristics, traits, and skills of successful entrepreneurs, and how their backgrounds can influence their entrepreneurial endeavors. The study further investigates the diverse range of entrepreneurship in both the public and corporate sectors and scope, development and growth of entrepreneurial ventures.

Entrepreneurship and Small
Business Management
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Table of Content
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 Types of entrepreneurial ventures and typology of entrepreneurship....................................3
P2 Similarities and differences of entrepreneurial ventures.......................................................5
M1 Diverse range of entrepreneurship in both public and corporate sector...............................6
D1 Scope, development and growth of entrepreneurial ventures................................................6
LO2..................................................................................................................................................7
P4 Importance of small business and start ups for growth of social economy..........................8
LO3..................................................................................................................................................9
P5 Characteristic, traits and skills of successful entrepreneurs..................................................9
P6 Aspects of entrepreneurial personality reflect on motivation and mindset..........................11
LO4................................................................................................................................................12
P7 Background hinder or foster entrepreneurship.....................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15
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INTRODUCTION
Entrepreneurship and small business management can be understood to be widely one of
the most widely grown concept among new horizons world for keen active evolving factors
of business within world. The report will be analysing various types of entrepreneurial
ventures and typology scenarios where there are larger goal formulation diversity, and also
study will be widely analysing focus on various impacts of start ups and small business on
social UK economy. The report will further bring various data and statistics of impact and
employment rise within varied scenarios and what are the most profound skills among
entrepreneurs. Study will be also analysing discussion of varied aspects of innovative
impacts on smart productivity scenarios and overall functional growth among successful
entrepreneurs. There will be also determinants analysis developed on how entrepreneurs
background hinder or foster business growth objectives which will evolve on new domains of
stronger working growth .
LO1
P1 Types of entrepreneurial ventures and typology of entrepreneurship
There are various types of entrepreneurial ventures which can be divided and segregated
based on functional aspects of wide productive services and new innovative products which
enable diversity and varied goals to be framed among business scenarios. Types of
entrepreneurial ventures can be segregated based on varied functional paradigms which are s
follows:
Public companies: The public companies are wide in working scenarios where capital
investment is wide within working scenarios and also shares are open for public to invest in
where there are large growth avenues for further expansion. Public companies are open
among people to invest shares in where there are varied goodwill measured , capital invested
widely and also there is large technical innovation underlined. The public companies have
wide expansion on varied domains of stronger working innovation synergy, higher growth
scenarios to be actively developed on and larger new technical strength. Example : Tesco is
one of the biggest public company within UK retail sector whose productive supply factors
are stringently wide, and also active targetted growth parameters are analysed (Henrekson
and Sanandaji, 2020).
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 Private companies: The private companies are firms where shareholders are the
capital investors in framing positional service metrics, high keen growth worked on
and also wide use of varied capital range can be put in potential utilized domains. In
private companies no outsiders can invest within shares as shares are not open for
public to invest in and also only internal shareholders have functional role to take
active part among decisions. The private companies are also highly innovative and
functionally advanced when it comes to bringing on new skills and parameters of
efficacy at roles where there are stronger determinants of new goal formulation
within varied services. Aldi is an example of private company in UK having large
number of capital structure and goodwill horizons widely worked on varied domains
of stronger synergy aspects (Anderson, Wennberg and McMullen, 2019). Voluntary companies: The voluntary companies refers to firms whose main purpose
is to create social impact within society, rather then profit paradigms where the
varied parameters of services are based on new growth aspects of larger new
functional innovative diversity. The voluntary companies are widely active for
bringing on change within society and better living scenarios, where Red Cross is one
of the biggest voluntary company at world level.
Ventures based on typology Survival firms: The survival firms are small in size where they are focused on cutting
costs and tightening profit margins where growth mode is limited to be worked on
and also company business goals are interrelated with structure factors. High tech firms: The high tech are large in size where there are varied large number
of innovations and new keen efficacy paradigms for overall growth scenarios and
keen working productivity and diversity aspects. The high tech firms have large
capital range to be formed on, where there are keen scenarios to be analysed on
which will keenly bring on digital functional diversity at stronger range of new
functional innovation.
 Lifestyle ventures: The lifestyle ventures are business set up firms where founders
run businesses widely with aim of sustaining definite level of income and creative
services for better functional diversity scenarios on larger aspects (Audretsch,
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Lehmann and Schenkenhofer, 2020).
P2 Similarities and differences of entrepreneurial ventures
There are various factors of similarities and differences among entrepreneurial ventures
which can be analysed based on stronger vision formation , reach among target consumers
and also to actively work on diversity aspects which further enable to productively function
on stronger working reach.
Similarities of entrepreneurial ventures can be understood among public and private
companies which are as follows:
 Public companies and private companies are widely advanced in bringing on varied
advanced services, new synergy of innovation and also to keep up goodwill factor and
revenue growth within varied efficacy aspects . Shareholders of both public and
private companies have keen role where decisions of company business growth are
widely kept on, and they have fundamental diverse focus on digital scenarios on
larger aspects which will also keenly work on growth work productivity
phenomenon’s. Both types of firms are wide in size which builds on new keen
functional expertise paradigms, to yield focus on active scenarios where large capital
range are used.
 However differences between public and private companies are based on the fact that
public companies shares are open to people for investments which makes goodwill
productive and also widely active for larger efficacy scenarios. The public companies
do not allow shareholders to take any active part inn decisions, whereas in private
companies the shares have wide active working aspects under larger reach where
share holders are active decision makers. Public companies are widely focusing on
larger vision formation scenarios of efficacy aspects, and also to keenly factor on
growth scenarios on longer term.
 The voluntary companies on other hand are limited in structure and capital
investments among varied aspects and services goals where functional diversity is
also limited to reach high segregated audiences. Voluntary companies as compared
to public, private companies have limited reach and new skills which are required
among varied functional productivity aspects through which quest horizons are
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actively analysed. The main goal of entrepreneurs opening up the voluntary
companies is based on larger target motivation where new skills and potentialities are
worked on for technical innovation (Olanrewaju, Hossain, and Mercieca, 2020).
M1 Diverse range of entrepreneurship in both public and corporate sector
There is range of entrepreneurship ventures within public and corporate sector
which are as follows:
 Lifestyle ventures: The lifestyle ventures can be understood as business set up,
where founders run business primarily with aim of sustaining definite level of
income and provide new creative services which brings betterment and functional
innovation.
 Social entrepreneurial ventures : The social entrepreneurship can be
understood as an evocative approach where various innovative services, smart
cultural paradigms take varied actions widely for stronger goodwill horizons
 Typology of entrprenuiual ventures are highly correlated with entrepreneurs,
managers and owners where they can be analysed based on varied paradigms of
new functional innovation, diversity and up scaled growth scenarios for
generating revenue and competitive business.
D1 Scope, development and growth of entrepreneurial ventures
The size of public ventures are large and development scope is also wide where
private companies scope is also wide due to high capital investments, the voluntary
companies are small in size as compared to public and private companies.
LO2
P3 Data and statistics of small business start ups impact on growth of social economy
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Small and medium sized business are extremely important for overall productive growth
within economy where from local to small tech firms majority of companies in UK are
SMEs. There are 5.4 million micro businesses within UK where there are high growth
technical expertise worked on and large push given to employment percentage parameters.
Small business , start ups have given huge push to various people working growth
opportunities where keen goals and efficacy are worked on for recognised larger growth
domains. SMEs account for 99.5% of businesses across every UK industry where it is also
recognised as vital aspect on larger technical grounds with wide productivity push to income
opportunities. Currently SMEs employ around 16 million people, contributing to around
60% of main jobs in UK where start ups growth has given high push to open up widely
within all industry aspects. Higher employment rates: UK increased levels of employment rates and new
working scenarios opportunities have been analysed to be widely actively grown on
varied scenarios where various people have been widely employed based on their
skills and expertise paradigms. The employment rates within recent time has given
active push to coming up of various start ups, new keen scenarios of work growth
within varied industry paradigms and also to yield focus on scenarios which are
efficiently wide (Apriana, Kristiawan and Wardiah,2019). SME s have also been
actively indulged for bringing on keen growth aspects of stronger diversity which has
given keen growth in new keen arenas of competitive domains which will promote
larger vision. Talent within varied diversity of ideas have been widely grown within
new quest horizons where UK has been widely growing towards larger creativity,
keen quest horizons and also functionally be active towards diversity aspects.
 Higher GDP: The small businesses has given high push to new growth opportunities
and business scenarios with increased GDP parameters, where there is continuous
push to economy parameters of larger vision and targeted growth objectives which
will keenly bring on targeted growth objectives. With high GDP growth aspects, UK
has been seeing active rise among targeted working phenomenons which will
potentially also keenly bring on new horizons where new quest horizons are widely
stronger. There is also more quick response coming on larger scenarios which will
keenly evolve on larger paradigms of productive new synergy determinants where
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there are learning opportunities for people on diverse aspects which gives push to
stronger vision and productive image formulation on larger scenarios. The UK
economy has been actively gaining large goodwill among world scenarios due to
wide number of start ups, micro businesses to be wide which has given productive
image on varied scenarios of keen strengths (Malerba and McKelvey, 2019).
P4 Importance of small business and start ups for growth of social economy
There are various factors of small businesses and start-ups for growth of social economy
where there are large technical scenarios analysed, competitively wide to be actively
impacting larger vision formational aspects to keep motivation aspects widely active on
stronger scenarios. It can be understood with functional innovation and diversity
determinants in start ups, businesses are actively focusing on keen scenarios which are
widely developing on keen goals and expertise goals where active exploration are there. Larger employment opportunities: The start ups and small businesses have given
huge rise to business working opportunities in growth aspects where larger targetted
growth objectives are there, for strong employment enhancement among audiences
which keenly brings on new employment synergy. There has been wide rise seen up
within new working scenarios where varied employment opportunities enhance
productivity paradigms to develop keen growth technical standards and also for
targeted growth paradigms on larger domains. SMEs have actively yielded focus on
varied new competitive aspects within business scenarios where new leveraged
growth objectives can be analysed, keen functional targeted growth goals which
keenly promote new quest horizons widely and also talents are actively explored.
The opening up of start-ups within UK has widely given quick risen on varied
horizons , keen determined horizons where varied new functional scope is large and
also social economy is constructed to be actively innovative (Sergi, Popkova and
Ragulina, 2019). Increased competitive factors within economy: Start ups and new small businesses
opening up within economy has given wide rise to competition factor where stronger
vision and larger targeted growth aspects are analysed. Increased competitive
domains have also opened up quick rise to varied quest objectives where varied new
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keen parameters of innovation is explored. The increasing number of small businesses
within UK economy has also brought diverse focus on stronger competitive factors
of new functional diversity and for productive new work growth synergy where
active focus on quest horizons are productively analysed. UK economy is also one of
the most progressive world economy within world where social factored on
objectives can be keenly analysed.
 High keen growth of talent within social economy: There is also active keen growth
in various sections of social economy by coming up of new innovative business start
ups and larger formational scenarios on stronger working growth objectives. The
push coming from various new start ups and social enterprises, has been recorded
growth on diversity aspects within ideas and talents into business. There has been
also promoting diversity growth within varied industry domains which can be
analysed widely for researched productive efficiencies, and larger technical business
development (Venkataraman, 2019).
LO3
P5 Characteristic, traits and skills of successful entrepreneurs
Entrepreneur is an individual that decided to start and operate new business by offering
innovative, unique products and services to customers so that it can earn large profit margin.
There are several skills, characteristic and traits present in successful entrepreneurs which make
its differentiate from other individual (Korte, 2018). Therefore, in order to understand key
characteristic, traits and skills present in successful entrepreneur we will going to take example
of Zuber and Mohsin Issa, two UK billionaire brothers that have made lots of money by
establishing petrol station. Such as:
Good communication skills: It can be stated that most essential traits and skills that is present
in entrepreneur is effective communication that helps it to easily share or exchange ideas, view
and opinion to others individual that are working in enterprise. So, both Zuber and Mohsin Issa,
have effective communication that helps them to easily share new idea of business to employees,
stakeholder or investors and customers so that company can easily grow and expand its operation
in competitive market.
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Innovative skills: Another skills, traits or charatertsicks present in successful entrepreneur is
highly innovative and creative skills that help them to find unique idea to meet customers
expectancy. Like both brothers have initially decided to operates single petrol forecourt that
quickly expanded with more than 5200 petrol. Thus there innovative and creative skills helps
them to find new – new method to fulfil customers requirements (Shaw and Sørensen, 2019).
Decision making skills: Successful entrepreneur have capabilities to take time decision so that
enterprise can grow and survive in highly competitive market condition. Such as Zuber and
Mohsin Issa have taken decision to invest their capital in one of the most profitable petrol
business, then with changes in customers trends it have saw opportunities in supermarket thus
decided to establish ASDA. So, entrepreneur have strong vision qualities and analytical, decision
making skills that contribute in taking better decision for growth and success of enterprise.
Risk taking ability: To start and operate business venture involves huge amount of financial risk
thus entrepreneur needs to have capabilities to bear associated risk in order to earn and enjoy
large profit margin. For examples: Both brothers named as Zuber and Mohsin Issa have take
huge amount of financial risk in order to establish and expand their petrol and supermarket
business in retail sectors of United Kingdom.
Differences between traits and characteristic of manager and successful entrepreneur
Entrepreneur take financial risk with an
motivate to earn huge return or outcome by
delivering services as per expectancy of
customers
On the other hand, manager take several steps,
associated business risk with an main aim to
enjoy salary, more incentives etc
Growth, diversification and strong brand image
, enhancement in profit margin are some of the
key motivating factors that influenced
enterprisers
Whereas, manage are motivated when they are
given more power, authority and promotion in
financial terms to work for growth and
expansion of business
Thus, it can be stated that main focus of
successful entrepreneur is on expansion of
business operation (Oghuvwu, 2018.).
While manager is responsible for ensuring
smooth operation of business so that end
objectives can be achieved.
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P6 Aspects of entrepreneurial personality reflect on motivation and mindset
There are various entrepreneurial personality which reflect on motivation and mindset
among employees where there are new functional innovation analysed, strong active display of
larger vision formation which enables motivation and mindset evolving scenarios widely.
Aspects of entrepreneurial personality reflect on various aspects, which have been widely also
understood to be strongly impacting keen specialised working arenas on longer run. Skills of
entrepreneurs have strong emphasis on varied developed horizons where there are keen
functional paradigms evolving towards innovation, diversity aspects and also for keen active
diversification within varied industry domains.
Entrepreneurs strong vision and talent management: The entrepreneurs with their skills and
personality growth parameters are strongly vision oriented and talent management is potentially
reflected, through which there is active work growth objective framed. Entrepreneurs
personality are reflectively diverse where new skills such as motivation, active new growth
paradigms of larger informative aspects of vision and talent growth are worked on for primitive
diversity at goal for overall efficiency. The talent management has active role for entrepreneurs
where successful businesses are framed by analysing keen growth aspects, leveraging targeted
motivation aspects for overall productivity to be factored on.
Strong vision and formation of successful enlarged technical domains: Strong focused vision
and overall productivity are also highly important for successful enlarged functional domains
expertise, on which there is active display of innovation and larger functional scope segments. It
can be also analysed that there is new keen stronger vision perpetuated among larger working
horizons where technical domains are actively analysed, and also functional diversity is widely
grown. New businesses with strategic planning of resource utilisation, training to be given
among employees are able to competitively produce new metrics of keen technical standards
((Wiklund, and Zahra, 2019).
Best training motivation and focused mindset: The best successful entrepreneurs have wide
role to provide best training motivation among employees by being active towards new keen
strengths and overall productive display of larger vision formulated scenarios. It can be also
analysed that with focused mindset, overall working horizons growth there is active display of
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keen quest goals, such as for bringing on new motivation standards among employees and also
for stringent vision on longer run. It can be also widely put on varied aspects where efficacy to
bring innovative mindset focused motivation is largely strong. It can be also researched where
there are best successful entrepreneurs whose role and new keen scenarios of larger technical
strength is wide within targeted frames.
 ISSA brothers are skill minded, vision oriented growth avenues and have been also
dynamically growing within working scenarios, for producing new range of larger goals
which has successfully build ASDA as one of the fastest growing retail company.
LO4
P7 Background hinder or foster entrepreneurship
The background of entrepreneurs have strong impact on overall productivity aspects
where it can hinder or foster entrepreneurship business domains, which can be in detail analysed
for gaining functional strength within varied aspects and also to keenly evolve on competitive
paradigms. There are various examples of entrepreneurs, whose skills and diversity aspects
have strong functional standards goals through which there is stringent innovation worked on.
 Zuber and Mohsin Issa, entrepreneurs of Asda are widely diverse in their thought
procedures and innovation business horizons where their skills and evolving new quest
horizons has given quick push to one of the best company within retail sector. The varied
new avenues of their working skills enables us to analyse that their initial period of
targeted vision formation has enabled widen productive scenarios for overall growth
objectives. Their background have strong impact on bringing on varied horizons skills,
larger vision determining goals and to actively also work on key criteria. The
entrepreneur horizons have been actively enhancing working vision and stronger
focused synergy of creative growth within ideas and business efficacy goals where
technical growth has been also productively wide ((Nambisan, Wright and Feldman,
2019). The issa brothers enable us to analyse that background, factors of education enable
us to functionally enhance larger aspects of varied aspects to keep up efficacy goals and
build backgrounds which impacts overall strengths.
 Jack Ma , CEO of ALI BABA is one of the world's renowned entrepreneur whose
expertise technical vision to form e- commerce company has given quick shift to growth
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