Entrepreneurship and Small Business: Venture Analysis & UK Impact

This report provides a comprehensive analysis of entrepreneurship and small business management, covering various aspects such as different types of entrepreneurial ventures, their similarities and differences, and their impact on the UK economy. It assesses the contributions of micro and small businesses, particularly in the context of Brexit, and examines the characteristics, traits, and skills of successful entrepreneurs like Richard Branson and Nandan Nilekani. Furthermore, the report explores how background and experience can influence entrepreneurship, providing practical examples and relevant data to support its findings. Desklib offers similar solved assignments and past papers for students.

Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
Introduction......................................................................................................................................1
LO1..................................................................................................................................................2
P1. Carry out a mini research to examine different types of entrepreneurial ventures and
explain how they relate to the typology of entrepreneurship......................................................2
P2. As part of your research investigation, explore the similarities and differences between
entrepreneurial ventures...............................................................................................................4
M1. Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector............................................................6
LO2..................................................................................................................................................7
P3. Assess and interpret relevant data and statistics in your mini-research, to illustrate how
micro and small businesses impact on the economy...................................................................7
P4. Explain how important small businesses and business start –ups will contribute to the
growth of the social economy after ‘Brexit’................................................................................9
M2 Evaluate the differences that small, medium and large businesses make to the economy,
applying relevant data and statistics..........................................................................................11
LO3................................................................................................................................................13
P5. Carry out a mini-research to determine the characteristics, traits and skills of two
successful entrepreneurs, which differentiate them from other business managers..................13
P6. Assess how aspects of the entrepreneurial personality as discussed in P5, reflect
entrepreneurial motivation and mindset....................................................................................15
M3. Explore and examine different lines of argument relating to entrepreneurial characteristics
...................................................................................................................................................17
LO4................................................................................................................................................18
P7. With practical examples obtained through your mini-research, examine how background
and experience can hinder or foster entrepreneurship...............................................................18

M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs..............................................19
Conclusion.....................................................................................................................................20
References......................................................................................................................................21

LIST OF FIGURE
Figure 1: Growth of SMEs..............................................................................................................7
Figure 2: Contribution of SME to economy of UK.........................................................................8
Figure 3: Contribution of UK to EU after Brexit..........................................................................10
Figure 4: Employment in small, medium and large businesses.....................................................11
Figure 5: Employment opportunities in UK by SMEs..................................................................12

LIST OF TABLE
Table 1: Differences between entrepreneurial ventures..................................................................4

Introduction
Entrepreneurship and Small Business Management covers all the aspects of business and its
related activities with the help of skills and abilities of an entrepreneur. The current report will
focus on exploring and illustrating the types of ventures as well as its differences and similarities.
It will also focus on assessing the impact of small business enterprises on economy by assessing
the relevant data and statistics. The report will support to identify the traits, characteristics and
skills of Richard Branson and Nandan Nilekani to differentiate them from business managers.
Last task of the report will help to examine various environments that foster or hinder the growth
of an entrepreneur.
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LO1
P1. Carry out a mini research to examine different types of entrepreneurial ventures and explain
how they relate to the typology of entrepreneurship.
Entrepreneurship can be defined as the creative approach with respect to business activities so
that people in an organization can be organised and managed to achieve the common goal.
Entrepreneurial Ventures provides advisory services to mid scale organizations at their initial
stage. They have main focus on remodelling of business model to resolve the major issues that
hinders their growth. There are many types of entrepreneurial ventures which are explained as:
Serial Entrepreneurial Venture
Entrepreneur who comes up with new and innovative ideas for setting up of new business are
known as serial entrepreneurs. Irrespective to other entrepreneurs, serial entrepreneur after
implementation of ideas assign responsibility to other and switch to new venture with a new idea.
It has been identified that ventures set by serial entrepreneurs perform much better than any other
ventures.
Social Entrepreneurial Venture
Social entrepreneurship utilise start up organizations for developing, funding, as well as
implementing solutions to resolve the environmental, cultural and social issues. Unlike corporate
or traditional businesses, social ventures have high focus on maximizing profit in terms of social
satisfaction rather than gain in terms of monetary values (Scarborough, 2016). These are mainly
non profit organizations, non-governmental or voluntary organizations whose major motive is to
work for welfare of the society.
Public Entrepreneurial Venture
Such type of ventures is set up to lead change in context to public realms. Public Entrepreneurial
ventures work in favour of public’s interest with the support of government who is responsible
for major of the decision making. The combined objective of such type of ventures is to focus on
benefits of society along with maximisation of profit gains. The activities and actions of Public
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Entrepreneurial ventures have high focus on alignment of legal as well as political rules and
regulations for its effective functioning.
Private Entrepreneurial Venture
The combination of ideas from one or more individual to form an enterprise can be defined as
Private Entrepreneurial Venture. Main motive of such type of ventures is maximisation of profit
by bringing more and more innovation in its products and services. High risk is associated with
Private Entrepreneurial ventures which can put positive as well as negative influence on the start
up.
Scalable Entrepreneurs
Scalable start-ups are responsible for new and innovative ideas for scalable business model for
the higher growth and profitability of an organization (Holmén et.al.2015). Such type of ventures
enters into a new market and has main focus on enhancement of wealth and profit margins.
Entrepreneurial Venture Set By Female
Ventures set up by females with major motive of growth and equality with respect to men in the
society. Such types of ventures are set up with high enthusiasm and focuses on maximising profit
so that they can serve society as much as possible.
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P2. As part of your research investigation, explore the similarities and differences between
entrepreneurial ventures.
Similarities as well as differences between various entrepreneurial ventures are explained below:
Table 1: Differences between entrepreneurial ventures
Attributes of Ventures Social Entrepreneurship Business Entrepreneurship
Characteristics Social Entrepreneurship has high focus on
betterment of people living in a society as
well as environment.
Business entrepreneurship
whether it be the serial, scalable,
or set up by female, has main
characteristic of generating
revenue as well as profit.
Roles Their major role is to adopt and innovate
new products and services for the
betterment in context to three areas that
includes society, people and environment.
Since the major focus of
business entrepreneurs is to
generate more revenue and
profitability, their role is to gain
competitive advantage in the
market (Scarborough, 2016). To
acquire the same, they indulge
into development of quality
product to acquire the maximum
of customer attention.
Objectives Major objective of social entrepreneurship
is to develop effective products that would
impact the existing conditions of the
lifestyle of the people. They have high
focus on enhancing the environmental
issues such as pollution so that human can
be prevented from health hazards.
To generate higher profit
margins and revenue, their main
objective is to acquire maximum
of market share. They have no or
very less focus on serving the
people for the welfare of society.
Similarities between Entrepreneurial Ventures
 The major aim of all the ventures is to gain growth and development for the betterment of
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an organization.
 All the ventures have lower or higher risk to enter into a new market
 All the ventures whether it is the social or business ventures have high focus on
developing strategies so that desired objective can be achieved (Schaper et.al.2014).
 Business and Social venues for the achievement of goals and development of strategies,
provides training to resources at each and every level of business activities.
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M1. Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector.
An entrepreneurial venture operates their business with high risk factors in order to gain high
returns. A venture operates in both public and corporate sector with various purposes. Ventures
that operates in public sector are mostly non profitable and are led under the super vision of
government policies (Morris et.al.2015). They have no objective of making many profits rather
they focus on enhancement of society o raise the living standard of people living in a society.
There are many ventures that works for welfare of society are Red Cross or NHS. A venture in
corporate sector sectors follows the practice of investing funds to the start ups for their own
future growth. Corporate entrepreneurship focuses on developing new products and services so
that they can gain maximum profit and revenue.
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