Report on Entrepreneurship & Small Business Management - UK

This report provides an overview of entrepreneurship and small business management, focusing on entrepreneurial ventures and their relationship with different typologies of entrepreneurship. It examines the similarities and differences between various entrepreneurial ventures, assesses the impact of micro and small businesses on the economy using data and statistics, and describes the importance of small businesses and start-ups for social economy growth. Furthermore, the report explains the traits, characteristics, and skills of successful entrepreneurs, critically analyzes aspects of the entrepreneurial personality and motivational mindset, and examines how experience and background impact entrepreneurship. The report references Mark Pearson and Roberts Walker as examples of young entrepreneurs in the UK.

Entrepreneurship & Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1) Examine the entrepreneurial ventures and its relationship with different typology of
entrepreneurship..........................................................................................................................4
P2) Explain the similarities & differences between the entrepreneurial ventures......................6
TASK 2............................................................................................................................................8
P3) Discuss and assess the various data and statistics in order to how micro and small
businesses are impact on the economy.......................................................................................8
P4) Describe and importance of small business and start-up for growth of the social economy.
..................................................................................................................................................10
TASK 3..........................................................................................................................................12
P5) Explain the traits, characteristic and skills of successful entrepreneur..............................12
P6) Critically analysis aspects of the entrepreneurial personality and motivational mind set..14
TASK 4..........................................................................................................................................14
P7) Examine how experience and background which are impact the entrepreneurship...........14
CONCLUSION.............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship and small business is important concept which refers to entrepreneur
generating new ideas in order to developing innovative products and services due to achieving
organisation goal and objectives as well as earning more profit. It includes focusing on various
plan and strategies in order to successful operating business and activities. In addition to this, it
includes launch innovative product and services due to attracting large numbers of customers.
The report is about Mark Pearson and Roberts Walker in order to introducing new innovative
products and services which refers to entrepreneurship venture named as Markco Media and
Xcite digital and both are the youngest entrepreneur in UK (Burns, 2016). It is process which
refers to well established organisation in order to serves the many other countries. The paper
consist is different types of entrepreneurial ventures and typology, similarities & difference
between entrepreneur ventures and analysis the statics data of micro and small business. It
includes importance of small business in order to developing growth of economy as well as
background information regarding entrepreneur.
TASK 1
P1) Examine the entrepreneurial ventures and its relationship with different typology of
entrepreneurship.
It includes entrepreneur generating innovative ideas in order to developing plan and
effectively operating business which result as achievement of profit and take high level of risk. It
includes they are more focusing towards the business plan and conversion into reality. Further, it
involves individual taking higher level risk in business in order to effectively earning more
profit. There are majorly four kinds of entrepreneurial venture which are discussed below.
Large company entrepreneurial venture-: It includes organisation innovate the new
product and services for customers which are already exist in the marketplace. This kind of
product & services provided to customers because satisfy the need and requirement (Cole, 2018).
It is essential to entrepreneur to know the demand and need of customers and accordingly serves
the products and services. It is process which refers to used various tool and techniques in order
to gaining competitive advantages. There are various kind of entrepreneur venture like
Facebook, Google, Microsoft and many others.

Scalable Entrepreneurial Venture-: It is another kind of venture which refers to brings
the new product and idea in order to achieving organisation goal and objectives. It includes each
and every business model conducting effective planning due to convert in reality. It considered
as focusing on recruiting and talented candidate in order to effectively performing business
functions and activity. It includes ample numbers of example such as Amazon, Instagram and
many more.
Small business Entrepreneurial Venture-: It includes various small businesses are
conducting in the market in order to successfully operating business which refers to fulfil the
need and demands of customers in proper way (Dana, 2018). It is process which refers to most of
organisation analysed external environment in order to in order to introduce business in the
market. It includes various business operation such as plumber, carpenter and many others. It
includes organisation brings the new idea and product due to enhancing profitability and
productivity.
Social Entrepreneurial Venture-: It considered as most of business work for the society
so they are establishing for both profit and non-profit organisation. It includes organisation
developing creative product and services which refers to providing quality product and services.
Moreover, it is process which refers to various small business are set up such as doctors
providing treatment for patient so trust concept are involved.
It includes most of entrepreneurship are run effectively in the market as well as using
various kind of organisation typologies. It includes such typologies used various measures such
as effectively establishing business in the market. There are various kind of business typologies
which are mentioned below.
Aggressive growth ventures-: This kind of typology which are introducing new and
latest technology in order to developing new products and services for customers. It considered
as main purpose which refers to developing healthy relationship with customers as well as they
are loyal towards the organisation. It includes enterprises attracting large numbers of customers
and retain for the longer period of time (Davidsson, 2016). It is essential to focusing on business
profit so accordingly attained success and growth in the market.
Lifestyle Venture-: It is another kind of venture which are effectively satisfy need and
demands of customers as well as focusing on new market trend, customer taste and preferences.
It includes focusing on various tool and activities which result as expanding their business

operation in another country. This kind of business organisation does not recruiting large
numbers of employees so effectively operating business activity and and focusing on lifestyle
ventures.
Managed growth ventures-: It is venture which refers to conducting business across the
globe and managed effectively. The main aim for this venture in order to establishing in order to
operating business in another country. In addition to this, it is process which refers to hiring and
recruiting large numbers of workforce due to effectively managed business activity and
functions. It includes this kind of venture providing training for employees in order to enhancing
the skill and capability of workforce (Doern, 2016). It considered as developing innovative
product and services for customers.
Survival Ventures-: It is business model which refers to organisation identify the need
and requirement of customers and accordingly providing product & services. It includes most of
business deliver the quality product so enhancing standard of living in community. It is
enterprise refers to entrepreneurs putting lot of effort and survives and managed due to set the
business model.
Typology of entrepreneurship: -
Entrepreneurship venture determines different types of typology which leads to the
development of business along with different business activities. It is further been explained as
below: -
 Life style typology: - In accordance with this typology it is formed by companies which
are used for enhancing the standard of living for doing business operations at local level
in an appropriate manner. Besides this the lifestyle entrepreneurs also provides certain
opportunities to all the individuals like in the form of job opportunities.
 Growth firms: - With the help of all growth firms business operations get enhanced in
order to increase the size of business as well as their profits. To build up the level of
customer satisfaction innovative ideas get developed and growing the operations by
working with small as well as large business organizations.
P2) Explain the similarities & differences between the entrepreneurial ventures.
Entrepreneurial ventures refers to those which are start up or run their own business in
order to increasing profitability. It includes organisation starting business model so need time,
money and assets. It is essential to conducting market research which refers to know about the

market trend, demands and customer preferences. It includes government imposed various rules,
regulation and legislation for organisation. It includes businesses adhered to follow such rules
and regulation in order to smoothly conducting business activity and operations. Entrepreneurial
used various tool and techniques in order to effectively managed business activity and know
about the market threats and opportunities (Fayolle, 2018). Business models has greater
contribution regrading towards economy and formulating new strategies in order to gaining
competitive advantages. It includes entrepreneur taking higher level of risk in order to
effectively managing business activities as well as take challenges and achieving success. It
involves they are focusing towards the goal and objectives in order to accordingly make
arrangement such as skilled employees and defined path in proper way. It includes
entrepreneurial ventures plays important role in order to attained goal and objectives as well as
helpful for economy due to generating more profit.
Differences Scalable
entrepreneurial
ventures
Large
entrepreneurial
ventures
Social
entrepreneurial
Meaning It is ventures which
refers to start business
model with some
specific purpose and
goal in order to brings
the new ideas and
thoughts (Hoppe,
2016).
Large ventures refers
to offering new
product and services
for customers in order
to beat the competitors
from marketplace.
It is kind of ventures
which refers to
analysing the
individual needs and
demands of customers
in order to serves the
best practice for
customers.
Examples Amazon, Instagram,
Twitter and Facebook.
Google, Microsoft and
Samsung.
Save the children, Red
cross and Cancer
research in UK.
Objectives The main objectives of
this entrepreneurial
It is process which
refers to those
It is social business
which refers to

ventures which refers
to developing
innovative products
and services.
enterprises in order to
set up for enhancing
profitability and retain
skilful manpower
(Irene, 2017).
establishing for serves
the society and raise
fund in order to
making profitability as
well as performing
business activity and
functions.
Similarities Scalable
entrepreneurial
ventures
Large
entrepreneurial
ventures
Social
entrepreneurial
Profitability It considered as
enterprises introducing
new innovative
products and services
and focusing for
increasing the profit.
It includes
entrepreneurial
generating profit due
to sale product and
services as well as
conducting market
research in order to
serves the best
practices for product
and services.
It involves social
entrepreneurial which
refers to focusing on
social welfare and
serves the society as
well as raise fund due
to generating
profitability (Jena,
2020).
Need It is kind of
entrepreneurial which
refers to hiring and
recruiting skilful staff
in order to effectively
performing business
activity and
operations.
It is enterprises which
refers to assessing
need of customers in
order to accordingly
hiring capable
employees due to
effectively operating
business model.
Social entrepreneurial
is process which refers
to analysed the new
need of business and
accordingly used the
advanced techniques
and tool in order to
better way to serves
the society.

Therefore, it includes various ventures which are run by the entrepreneur in order to
attained growth and development. It includes entrepreneurial ventures which are established in
order to achieving organisation goal and objectives. It utilised various tool and techniques due to
effectively operating business model as well as enhancing profitability and productivity. It
considered as analysis the internal and external environment factors because gaining competitive
advantages.
TASK 2
P3) Discuss and assess the various data and statistics in order to how micro and small businesses
are impact on the economy.
Each and every enterprise plays vital role in order to effectively improving business
performance and progress for country's economy (Julien, 2018)(Kansheba, 2020)(Kirsten, 2018)
(Ratten, 2016)(Shadibekova, 2020). It is process which refers to greater contribution towards the
economy as well as analysis needs and wants of customers and accordingly fulfil the demands of
customers. It is important for enterprises in order to focusing on different tool, technology and
techniques to achieving organisation goal and objectives (Kirsten, 2018). There are ample
numbers of progress and success in different field such as social, technology, agriculture and
many others. Small, micro and medium enterprises have greater impact on country's economy
which are mentioned below.
Micro business-: It includes various kinds of business are depends on the basis of size
and profit are operating business functions (Kansheba, 2020). It considered as various activities,
business functions and operations so no need of expert advice in order to successful run the
enterprises. There are ample numbers of micro business such as coffee shop, cyber cafe, event
planning, photography and many more. It includes various small and medium enterprises are
taking higher level of risk kin order to effectively attained organisation goal and objectives. It
considered on market situation and condition so accordingly serves the best product and
services.

 Micro business has capturing market share as well as serves the ample numbers of
product and services.
 It includes individual establishing this business in order to effectively satisfy the personal
need and demands.
 It includes this kind of enterprises provides various substitute products and services in
order to enhancing profit and customer base.
Small business-: Small business refers to those which are started by single individual. It
includes operating business by individual in order to effectively operating business as well as
capturing huge market share and profit (Ratten, 2016). It considered as size of employees in the
micro,small, medium and large sized business so accordingly operating business functions as
well as utilised various distribution channel such as various intermediator are used so
accordingly performing business activity and operations. which result as earning more profit.

The above graph shows the size of employees in different business model which result as greater
contribution towards the economy.
 It is process which result as graph shows the employees size in micro, small, medium and
large business model so it help to increasing productivity of company.
 It includes small businesses bring new innovative products and services.
 It considered as analysed market condition and situation and gaining competitive
advantages.
 It considered as focusing on progress and performance of enterprises in order to
successful attained goal and objectives (Shadibekova, 2020).
Hence, it considered as above analysed the small and micro business in order to greater
contribution towards country as well as essential to know and aware the market condition and
situation. It includes various market trend business model adapting effectively in order to
performing business activity and functions. It is further been explained as below: -
Impact of small business on UK economy: -
 At local level: - As per the current situation UK government is supporting different
business organizations especially in the case of small and micro sectors. It becomes easy
for entrepreneurs to perform all the business operations in accurate way. In relation with
micro businesses it enhances the growth of country by supporting the gross domestic
product of every country.
 At regional level: - Companies are developing positive implications in context with the
regional economy of country with the help of maintaining turnover rate of asset. It refers

to the right turnover of business because it is easy for them to operate all operations in
appropriate way.
 At national level: - Due to the implementation of unique and innovative ideas it is easy
for country to provide better opportunities. At the same point of time it also increases
economy level which leads to enhanced revenue for businesses with the help of initiating
right asset.
P4) Describe and importance of small business and start-up for growth of the social economy.
Social economy is the process which refers to the combination of private and public
sector. In reference of economy, it includes government imposed norms, rules and regulation in
order to affect the enterprises accordingly serves the best product and services for customers.
The aim and purpose of this kind of business model such as increasing standard of living
as well as providing quality products and services. It includes organisation focusing profitability
and productivity of company and retain customers for longer period of time. Most of
organisation operating business both national and international level (Fayolle, 2018). There are
ample numbers of social economy which pillars which are discussed below.
Four pillars in the social economy:
Mutual-: It is pillar which shows wide range of product and services for customers in
order to fulfilling their need and wants. It considered as economy serves the various services in
order to attracting large numbers of customers due to earning more profit.
Foundation-: It includes non-profitable business which are helpful for various institution as well
as charity. It considered as religion, culture, education and many others.
Charities-: It involves various charitable organisation in order to economic growth &
development. It includes this kind of enterprise raise the fund so helpful to increasing profit.
Association-: It is group of individual which are developing healthy relationship between
the other individuals. It involves such as co-worker, friendship and many others. There are
various importance of organisation and ventures which are mentioned below.
Innovation-: It includes business and new start-up focusing on innovative new products
and services in order to increasing customers base which result as increasing profitability of
business. The managers and leaders developing action plan in order to know about the need and
demands of customers and accordingly providing products and services (Hoppe, 2016). In
addition to this, It considered as offering unique product and services which refers to serves the

best quality product and services. It considered as set up new start up in order to offering
innovative products and services in order to satisfy the need and wants of customers as well as
greater contribution towards the economy.
Employment opportunities-: It includes various business venture generating job
opportunity for society in order to reducing unemployment rate of economy. Further, it
considered as organisation hiring capable and able person because they performing business
activity effectively.
Decreasing Poverty-: It involves business and venture focusing in employment
opportunities due to effectively operating business activity as well as providing quality products
and services (Irene, 2017). It includes developing contribution and success of country's economy
and reducing poverty. Further, it involves enterprises properly allocated resources in proper
manner so effectively attained organisation goal and objectives.
TASK 3
P5) Explain the traits, characteristic and skills of successful entrepreneur.
It includes each and every individual have different nature, attitude ,belief and opinion so
accordingly operating business effectively. A successful entrepreneur refers to focusing on their
goal and objectives in order to developing effective plan. It includes enterprise utilised various
tool and techniques in order to effectively compete with the external environment.
Skills Mark Pearson
Delegated-: It is one of the
youngest successful
entrepreneur. It includes
focusing on work as well as
delegated work and authority
to his subordinates in order to
effectively operating business
operations (Jena, 2020).
USP(uniqueness)-: It
considered as entrepreneur
brings the new idea in order to
Robert Walker
Influencer-: It is an individual
who influencing to others in
order to taking decisions
effectively and efficiently. It is
hard worker, honest so
performed business properly.
Curiosity-: It includes
excitement of something in
order to learning new things as
well as curiosity in order to
explore new opportunities