Entrepreneurial Ventures, Economy Impact, and Start-Ups Report

This report delves into the realm of entrepreneurship and small business management, examining various types of entrepreneurial ventures, including small, medium, and large-scale organizations, as well as social enterprises. It explores the similarities and differences between these ventures, highlighting their impact on the economy, particularly through micro and small businesses. The report interprets relevant data to illustrate the contribution of these businesses to economic growth and job creation in the UK. Furthermore, it emphasizes the importance of small businesses and start-ups in fostering the social economy. The analysis extends to the characteristic traits and skills of successful entrepreneurs, differentiating them from managers, and explores how entrepreneurial personalities and experiences shape mindset and motivation. The report includes case studies of entrepreneurs like Tom Mercer and Elizabeth Gooch, providing real-world examples to illustrate the concepts discussed.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and explains how they relate to the typology of
entrepreneurship..........................................................................................................................3
P2 Discuss similarities and differences between entrepreneurial ventures.................................5
TASK 2............................................................................................................................................6
P3 Interpret relevant data to illustrate how micro and small businesses impact on economy. . .6
P4 Importance of small business and business start-ups to the growth of social economy. ......7
TASK 3............................................................................................................................................9
P5 Explain characteristic traits and skills of successful entrepreneurs that make them
differentiae from managers. .......................................................................................................9
P6 How aspects of entrepreneurial personality reflect entrepreneurial mindset and motivation.
...................................................................................................................................................11
TASK 4..........................................................................................................................................12
P7 How background and experience can hinder or foster entrepreneurship. ...........................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is the heart of every business. Every large company has started with
small company and led by an entrepreneur. Entrepreneur is an individual person who started an
organisation or small business with a purpose of achieving goals and objectives. He takes all
responsibilities and risks associated with the business and carry out all activities. Entrepreneurial
skills and capabilities are also in demand in every type of business whether it may be small,
medium or large enterprises. Entrepreneurship and small business management are designed to
build entrepreneurial skills step by step (Ahsan, 2020). This will help entrepreneur in enhancing
their skills and development. This report is covers various types of entrepreneurial ventures and
how they are interrelated with typology of entrepreneurship. This also covers similarities and
difference between entrepreneurial ventures. How micro business impact on social economy and
importance of small business and start-ups to the growth of social economy. This report includes
case studies and traits of two entrepreneurs. These are Tom mercer and Elizabeth Gooch. How
aspects of entrepreneurial personality reflects entrepreneurial mindset and motivation. And last it
covers how background and experiences can hinder or foster entrepreneurship.
MAIN BODY
TASK 1
P1 Different types of entrepreneurial ventures and explains how they relate to the typology of
entrepreneurship.
Entrepreneurship provides planning of new ideas and innovation of techniques that can
helps the business in operating its activities. Businesses can be of any type small, medium and
large. There is a huge requirement of entrepreneurial ventures at the time of working in an
organisation. Entrepreneurial ventures focus on providing various services to the people at the
time of working in early stage. Entrepreneurial ventures help to take proper approaches and
methods that are based on development of strategies, setting network on various specified areas
and implementation of plans (Anwar and Ali Shah, 2020). Entrepreneur are made for
introduction of new ideas and innovations and making proper planning in any situation comes in
the business environment. Various types of entrepreneurial ventures are there. These are:
 Small scale organisation: These business are generally maintained and owned by a
single entrepreneur in independent manner. In this sole proprietor have certain

responsibilities and neds to bear all risks by his own. This business contains of generally
carpenters, small outlets etc (Yunis, Tarhini and Kassar, 2018).
 Medium size organisation: Medium size company are those who who increase
investments on various kinds of machineries. The investment will be about more than 4
billion but below 10 billions. The business which is taken in this is Captify is a superior
example of this.
 Large size organisation: Large organisations focuses on increasing there profits by
satisfying customer needs and demands. The biggest example of large organisations are
Tesco, Marks and Spencer etc. They adopt those entrepreneurs who conduct various
strategies and provides variety of goods and services to the customers. They focus on
increasing their profits and revenue while satisfying customers needs and wants (Bakri,
2017).
 Social enterprises: These organisations focus on increasing welfare of the society. For
this entrepreneur apply commercial strategy to focus on company's finance and social
welfare.
There are different types of typologies that are used in business organisation. These are:
 Lifestyle firms: The entrepreneur identifies various ideas and planning strategies to
design the lifestyle of employees in a standard manner. This enhance employees at the
time of attending a meeting or conferences with any other organisation. The examples of
these firms are tour guides and skin instructor.
 Entrepreneurial firm: This is a simple from of company which is based on large
operations and also which consist of capable employees in an organisation.
 Salary- substitute entrepreneur: Salary substitute entrepreneurs are those who
implement various ideas and innovation to make proper structure of the salary of
employees and workers so that it can allotted to the employees in an effective manner
(Bozhikin, Macke and da Costa, 2019). And there can't be any conflicts between them.
P2 Discuss similarities and differences between entrepreneurial ventures.
There are various types of entrepreneurial ventures. As these re discussed in above
question. There is a difference between entrepreneurial ventures. This is mentioned below:
Difference between small business and large business:

 Small business: Small business are the first type of entrepreneurial venture. They are
owned by a sole proprietor and focuses on two or three subordinates in an organisation.
They focus on earning personal gaols and objectives and business profits. The main
motive of this organisation is providing basic requirements and needs and wants of
family members. For example- food, clothing and shelter (Brush and et.al., 2017).
 Large business: Large organisation involves various kinds of activities and function in
order to achieve gaols and profits. They mainly focuses on customer satisfaction through
introduction of new products and services. This will helps them in gaining profits and
revenue. The main motive of large organisation is to enhance their business at global
level and achieve their targeted goals and objectives.
Similarities in entrepreneurial ventures:
Small and large medium enterprises are also similar with each others. They have certain
similarity with them as they put their efforts toward the achievement of goals and objectives. The
main motive of both the businesses is increasing living standards of employees or workers
working in business environment. So that they can achieve their personal goals. The similarities
between them is that they work their activities functions in such a manner that there is a
increasing in sales and revenues of the firm in future period. They focus on increasing profit
margins which helps them in increasing growth of the company. These organisation works on the
improvements of products and services sold to customers (Chepurenko, 2018).
Difference and similarity within Survival and Lifestyle firm:
The difference between Survival and Lifestyle firm is that Survival firm focuses on
operating functions for gaining profits. And in Lifestyle firm, they focus on running an
organisation while providing various distinctive goods and services to the customers. Both of the
firms have similar motive for providing better services to the people and target large market by
increasing their profit margins.
Similarities and difference between Social and Profit ventures:
Social organisations are those who mainly focuses on providing welfare to the society.
And Profit ventures, as the name suggest, mainly focuses on earning profits. The similarities
between both the organisations are they focuses on evaluating problems faced by the customers
and work on the improvements of those issues and problems. This will helps them in achieving
there targets and earning profits and revenues for there firm.

TASK 2
P3 Interpret relevant data to illustrate how micro and small businesses impact on economy.
Small and micro business organisation are the organisation which consist of 50
subordinates and who perform functions and activities in a efficient manner (Dheer, 2018). This
will increase the performance of business and also of employees working in a organisation. By
this employees standard of living gets increased and they perform better in the business
environment. These businesses executes their activity and functions at small level and results in
increasing investment of the organisation. Moreover, small enterprises consist of two persons
who carried all the activities and operation of the organisation. They works for the achievement
of personal goals and objectives. And providing basic facilities to there family members. There
are various kinds of entrepreneurs who focus on the sustainability of a business for longer period
of time. Small and micro business focus on the continuous improvement of economy and at the
same time brings innovation and ideas in the market. They enhance economic situations
appropriately and works on the self-improvement of situations (Yaluner and et.al., 2018).
Micro small and medium enterprises provides employment opportunities for the
employees among the people of UK. So this increase the productivity of employees and workers
and results in maintaining living standards. This overall leads to increase in economy of the
country. The growth of micro and small business has reduce the unemployment in the country of
UK. The minimum rate of employment in small and micro firms contributes about 14.6 millions
among which 50% are of private sectors in UK. Although, it is necessary to understand related
examples of UK economy. Economy has faces various challenges because of Brexit (Eller and
et.al., 2020). At the booming down of the economy of UK, people are affecting negatively.
Therefore, micro small and medium enterprises assist the government to resolves this kind of
situation. So, the primary role is to increase in growth of the economy.

In the above graph, impact of small and micro enterprise is seen on the UK economy.
This is mentioned below:
 Micro enterprises provides around 19% contribution to the economy. As they increase the
productivity of economy and the country.
 Then Small scale industry contributes more than 23% towards the productivity of
economy. They provides employment opportunities to the economy and helps in reducing
employment from the country.
On the basis of above graph, it has been analysed that SME provides maximum
employment opportunities to the country. By determining person skills and capabilities.
P4 Importance of small business and business start-ups to the growth of social economy.
Small business and business start-ups are started by small entrepreneurs. They generally
focus on achieving their personal goals and objectives. Also they are the one who promotes
towards the productivity of economy of UK. They provides employment to the local people and
reduces unemployment from the country (Ferreira, Fernandes and Ratten, 2017). Small
businesses they are privately owned partnerships, corporation, they have few employee and they
have less annual revenue compared to regular sized corporation, they are well known as small
businesses. According to studies small businesses are very important because they opens
opportunities for entrepreneur and they do creates meaningful jobs which provides enough

satisfaction rather than larger positions in the companies. There are certain importance of small
bsuineses and start-ups on the growth of social economy.
 Betterment of domestic culture: This is essential that profit as well as sales of the
company must be properly managed so that company can attain profits in less time.
market share of company are reduced when there was occurrence of Brexit. it is effective
that all business organisations must be managed effectively for enhancing the work. it is
important to innovate products and services within a company so that it will impact
customers. it is concluded that instructions are properly managed and done proeprly.
social economy must be managed effectively for helping the organizational tenure
(Williams, 2017).
 Poverty alleviation: This can be conducted by offering jobs to different people.
company is able to manage the effectiveness of employees if the work is done in proper
manner. there is consideration of various positive effects on society due to the
functioning of company. There are different type of organization such a small and start-
up who recruit highly talented candidate for increasing sales as well as profit margin of
company in future period of time. it is considered that all start-ups are providing benefit
to new entrepreneurs (Galindo-Martín, Castaño-Martínez and Méndez-Picazo, 2019).
 Increasing job opportunities – Sometimes it becomes very necessary to increase
number of jobs because such kind of opportunities provide their contribution with respect
of social economy. All these organisation they offers many various types of opportunities
to the employment in this way individuals can easily enhance their lives and achieve their
goals in a good manner. The knowledge and skills both are quite useful for attaining
favourable results. In addition ,increasing opportunities of jobs is quite essential to fulfil
the basic needs and standard of living of an individual person, this increasing condition
resulting in countries by enhancing income and subordinates they are focusing on
competitive things or trying to achieve their success due to this growth of businesses are
expanding in other countries too.
 Innovation: Small businesses and starts up they bring innovations of goods for an
individuals, they mainly focus on improvement of goods in the society.

TASK 3
P5 Explain characteristic traits and skills of successful entrepreneurs that make them differentiae
from managers.
Characteristics traits and skills and capabilities of successful entrepreneurs like Tom
mercer and Elizabeth Gooch. This is mentioned below:
Basis Tom mercer Elizabeth Gooch
Traits Innovation: Innovation is the most
important trait of every
entrepreneur. As an entrepreneurs
always a creative and makes new
innovation in his organisation. This
is followed by Tom mercer as he
innovate new ideas and techniques.
Feedback methodology: He takes
feedbacks from his clients and this
helps him in improving his
innovation techniques and
strategies. This will also satisfy his
clients.
Innovation: Elizabeth also uses
this innovation techniques to
create new ideas and strategies that
can helps the company to increase
its sales and customers
satisfaction.
Motivational: Entrepreneur
should be a motivational speaker
because he is the one who
motivates all the employees of the
organisation and determines
whether they are working in a
proper direction or not.
Skills Focused: Entrepreneurs are to be
focused on every task or work they
are doing within an organisation.
Tom mercer focused in the
applications and works he is
performing in his working
environment. This focused helps
them in achieving their personal
objectives and goals.
Hard-working: Hard-working is
Mindfulness: He has ability to
handle complex issues and
problems in well appropriate
manner that results in coming
favourable outcomes.

the another skill that an
Entrepreneur have as this enhance
him in increasing their work
efficiency and motivating
employees (Giacosa, Ferraris and
Monge, 2017).
Characteristics Risk taker- Entrepreneur is capable
of taking risk at the business
organisation. He focuses on various
techniques and strategies that
provides him profits and customer
satisfaction. Risk taking also results
in earning higher profits and
revenues accordingly (Veronica,
Alexeis and Elisa, 2020).
Problem solver: Entrepreneurs can
solve various problems and finds
solutions to the issues which
employees are facing in a working
environment.
Leadership: Elizabeth Gooch is a
very good leader as he encourage
his subordinates in performing
their task effectively and also
helps the clients in generating
improvements in operational
performance. This helps the
subordinates in getting motivated
and directed towards the goals of
an organisation.
Managers: There is also difference between entrepreneurs and business managers. They
focus on executing operations of the organisation in a appropriate way while determining
everyone's responsibility. Managers are not considered as the owners of the organisation instead
they are consider as important stakeholders of the company or organisation. They needs to
manage all business activities ad increase production level. There work is to motivate all
employees (Hillary, 2017).
Entrepreneurs: Entrepreneurs are those who innovate new ideas and products and
services. They works on achievement of personal goals and objectives. Generally they start there
career with small business and later on they become large organisation. They are the one who
takes all risks and perform all activities by themselves. They determines as owner of the

company and responsibility of performing all activities. They needs to influence all workforce
working in an environment.
P6 How aspects of entrepreneurial personality reflect entrepreneurial mindset and motivation.
Entrepreneurial personality is a characteristic of human qualities. There are various
experiences that are related to an individual person. It is important to understand various kinds of
factors that are mentioned below:
Lifestyle is very superior that takes appropriate decisions by the entrepreneur. They
posses experience and problems and faces various kinds if hurdles in working life (Ivanovich,
2020). Entrepreneurs need to focus on different risk associated with the business activities. This
will helps them in
the main purpose of entrepreneur is to satisfy needs and wants of the individual or employees
working in an organisation. This will helps them in making appropriate decisions and increasing
productivity of the business and employees both. This results in increasing profits and revenue of
the organisation and employees will be retain for long time in the business.
Family, career and future of children is also structured by background. In addition, it is
important for children to understand what is good and what is bad for them. It is given by family
members or parents of those children. This will helps children in learning new things by their
parents.
There is a high requirement of entrepreneurial motivation and mindset. The entrepreneurs
needs to reflect positive with employees (Lounsbury and et.al., 2019). It is considered that
entrepreneurial personality is an aspect that is reflecting upon motivational level and mindset of
an individual. It is very essential that all the entrepreneurs must have effective motivational ways
to manage their business activities. There is need to develop effective techniques to manage
stress and attain goals and targets. If people have positive impact over their work, it will help in
managing work in a more proper manner. there are several ways to carry out work in efficient
manner and conduct the business tasks properly. staff members are provided with efficient
working abilities so that there are no problems in managing the work. there is need of effectively
maintaining the work so that performance of staff can be managed properly. it is essential that
entrepreneurs must be able to manage their work and achieve targets. there is importance of
increasing motivational level as it helps to manage the functioning and developing skills that will

help to manage whole process of business activity. it is also required that all the management
work is properly developed so that goals are attained in less time.
TASK 4
P7 How background and experience can hinder or foster entrepreneurship.
The ability to evaluate and exploit information can be considered as one of the important
characteristics of an entrepreneur. The efficiency of entrepreneur can be judge by his ground of
knowledge and of his working in an organisation (Lumpkin, Bacq and Pidduck, 2018). This can
be derived from educational background and previous work experiences. The personality of
entrepreneur can be derived from three broad terms. Theses are Locus of command, Need of
achievement and Risk taking personality. As need of achievement can be a sustainable trait and
seen in every entrepreneur. This can be done from aiming and achieving of higher level of profits
and revenue. Then risk taking personality is also considered as one of the most important skills
that a person have. As entrepreneur is the one who takes all risks associated with business
activities. The locus of command is a index of businesses expectations and success (Parente and
et.al., 2020). Also there are various kinds of challenges that are faced by various entrepreneurs
discussed in this report.
Tom mercer is a graduate from Cambridge university and was a management consultant
and have leadership and innovation techniques to innovate new ideas and creativity. This will
helps them in identifying new ideas and techniques. On the other hand Elizabeth Gooch is the
seventh most successful entrepreneur in UK. She is the founder of EG solutions. It is small
company which is selling operations management software that helps clients to generate
improvements in operational performance and efficiency. She also takes risks of here business
activities performed by her employees and thus results in top female entrepreneur of the country.
It is important for an entrepreneur to change as per the dynamic environment. Because as per the
changing environment entrepreneur can able to attract customers and people about their produces
and services sold. So this will helps the entrepreneur in gaining profits and revenue. The ability
of entrepreneur to take risk depends upon the age, motivation and business experience. Risk is
associated with the need of achievement of goals and objectives. Both of the entrepreneurs are
risk oriented and focus on achieving their profits and revenues (Pucci, Nosi and Zanni, 2017).