Report: Entrepreneurship Ventures, Typology, and UK Economy Analysis

This report provides an in-depth analysis of entrepreneurship, focusing on different venture types and their impact on the UK economy. It begins by defining entrepreneurship and differentiating between entrepreneurs and intrapreneurs. The report then categorizes various entrepreneurship ventures, including small business, scalable startup, large company, and social entrepreneurship, outlining their characteristics, funding sources, and growth potential. A comparison of public and private sector entrepreneurship is presented, highlighting their roles, characteristics, and objectives. The report also discusses essential activities for entrepreneurs, such as planning, networking, and studying market trends. Finally, it examines the significant impact of small businesses on the UK economy, providing statistical data on employment, turnover, and the number of businesses in the private sector. This report serves as a valuable resource for understanding the dynamics of entrepreneurship and its economic significance.

Entrepreneurship and Small
Business Management

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Types of Entrepreneurship Ventures and their Typology............................................................3
Impact of Small Business organization on Economy of United Kingdom..................................8
TASK 2..........................................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
The entrepreneurship is considered as capacity or willingness to make, organize and manage a
venture along with different type of risks to make profit. In simple language entrepreneurship is
all about starting a new business that is consist of different people who are connected to
organization with certain mutual goals (Burns and Dewhurst, 2016). Entrepreneurship refers to
new and innovative idea and opportunities with large developed business. This report is
providing brief of different type of organization to know how they conduct business in market
place. This report is analyzing different type of entrepreneurship ventures and how they are
related to typology of entrepreneurship. Similarities and differences between of various
entrepreneurship venture is also provided in study. For both private and public sector
entrepreneurship is explained. Different type of relevant data is provided to perform an analysis
to know the impact of micro and small entrepreneurship venture on the economy. On basis of
provide data importance of small business and business startups. Information of successful
entrepreneur is provided in report. Different personality traits and skills of entrepreneur are
explained in the study. Reflection of personality traits in individual entrepreneur also covered in
report. The impact and influence of person’s background and experience is analyzed on an
individual entrepreneur.
TASK 1
Types of Entrepreneurship Ventures and their Typology
The entrepreneurship and its types only can be understand by what the entrepreneur and
entrepreneurship exactly means. Entrepreneur is the person who is founder and maker of
organization. Various investments and decisions made by entrepreneur in organization to gain
profit and all the risk in decision making and business is handle by them to make profit in the
end.
There are different type of entrepreneur ventures that are considered in entrepreneurship
ventures. Before getting into this it is important to know about what is entrepreneur and
intrapreneur. Basically the entrepreneur is a person who is the founder of the new organization
and runs the company (Runyan and Covin, 2019). The leader and owner of organization are
consider as entrepreneur but intrapreneurs are the people who are associated with the

organization and helps the entrepreneur to run the organization by contributing with their skills
and knowledge. Entrepreneurs’ of the organization are known as employees. The different
entrepreneurship venture are small business entrepreneurship, scalable startup entrepreneurship,
large company entrepreneurship and social entrepreneurship.
Small Business Entrepreneur
In the market place small type of business entrepreneur are in maximum number and this
organization or business get very low marginal profit. Purpose of this organization to make
enough profit to keep survives in market to manage personal living. Individual business like
grocery and electronics stores and professions like plumber and consultants come into this
category (Volery and Mazzarol, 2015). In the small business organizations the fund is collected
through small business loans and family investment. Small businesses are mainly of personal and
private type.
Growth: possibility of growth in this type organization is maximum in the market place. Cause
of small size implementation of innovation and change management is too easy. For better model
this organization can get easy high marginal profit.
Scope: Scope for small venture is high and have international exposure but only thing
organization need is experienced employees and financial support.
Scalable Startup Entrepreneur
This type of organization starts with a vision to make change in market or world. Funding for
this organizations comes from venture capitalists and they hire best employees for their
organization (Yan and Yan, 2016). For scalable startup business entrepreneur their business
model is dependent on their short term and long term goal. Ones they get settle in the market
place then they need further investors for more growth in future. This type of startup get enough
profit that is required for their growth and market performance. Facebook, Instagram and online
shopping platforms are initially scalable startups. This organizations are normally private
organization cause their purpose is only to make profit.
Large Company Entrepreneur

This type of entrepreneurship is performed by a well settled organization and through this
process they try to launch a new product in the global market. This type of entrepreneur ventures
are good with their core products but to get more profit they try innovation in company business.
In order to develop new product this organization needs new and innovative technology to make
the effort successful (Albort-Morant and Ribeiro-Soriano, 2016). The companies like google,
Microsoft and Samsung comes in this category. This type of entrepreneur are also considered as
private entrepreneur ventures.
Social Entrepreneurship
Social entrepreneurship ventures are established of found by the entrepreneur with purpose of
solving different social problems and issues. Often this organizations are known as non
profitable organizations. The only purpose of organization is to serve the people and society to
make world a better place. Some of these organization provide free service to the customer and
some of this take operation charge to keep providing efficient service to peoplev(Ateljevic and
Page, 2017). Social entrepreneurship venture are funded by government and charity collected
from different sources. NHS and Red Cross United Kingdom are non profitable organizations
that are considered as social entrepreneurship ventures.
Similarities and Differences Between Various Entrepreneurship Ventures
Public Sector Private Sector
Role Work of these organizations is to
provide better services to customers
and citizens for free of minimum
charge to make the services deliver.
Role of private organization is to earn
maximum profit by selling its product
to the consumer and provide them with
best suitable services for relevant
amount of service charge and added
profit.
Characteris
tics
 This organizations are
owned by the government
and all the required funds
are provided by
government.
 Management of
organization is performed
by government officials.
Public sector organization
or entrepreneurship is
financially independent
The private organization are owned by
a group or individual(Welter and
Gartner, 2016)
. All the funds required fund to
the company are collected
through different procedures
that are mainly consists of loan
and by sell shares of company.
 Management of organization
are done by company authority
that is same to the public sector

because it has not any
problem of fund acquisition
(Brush and Greene, 2015).
 This are used to cooperate
and allied with other public
sector companies.
 This organization helps the
government to implement
their plan with maximum
efficiency.
organization.
 Private sector organizations are
bounded with the limitation of
funds because all the fund used
by the organization comes from
profit that is earned by
conducting business.
 Mostly this organization works
alone and only perform allies
and cooperation to get higher
profit.
 Only work to improve
company profit.
Objectives Objective of this organization is to
serve the citizens of country.
Objective of private sector
organization is to earn pure profit from
its actions.
Size Size of public organization based
on its goals and target audience.
Mostly work on national level.
Size of private organization is also
based on the target audience. Also it
can work on international level.
All organizations or entrepreneurship ventures performs different activities that are
important for success of business. This activities are similar to all. This is consist is marketing
activity of entrepreneur. The entrepreneurship is a process that is used to design, launch, and run
a new business. Often this new business are small in size and people who are developer of this
small organization are known as entrepreneur (Allen and Truman, 2016). There are different
activities need to be done by entrepreneur and this activities are essential for entrepreneur. These
activities are- planning the product, brainstorming the next business, mentoring someone, make
the business strategy, study the human behavior and networking. These activities make the
entrepreneur more effective with a new business, this is important for the organization to work
on their product to stay competitive in market. All the entrepreneur need to do is to work on new
and innovative business ideas to improve the business of their company in competitive market.
They also need to provide guidance to the employees to keep them up to date with the goals and
targets of organization. Entrepreneur the leading edge to the organization and it is their
responsibility to plan the next move of organization in the market place. They also need to study
the behavior of employee and customer to meet their need and run the organization efficiently.
Networking and reading activities are also important for entrepreneur(Rey-Martí, Porcar and
Mas-Tur, 2015). The networking is basic need for the growth of organization and study help the

person to come up with new ideas and strategies for their business. This is how the operations of
different public and private organizational re same and certainly different from each other.
The different actions of organization and entrepreneur are based on the current market
conditions. As per change in the situation and condition of market entrepreneur take relevant
action to meet organization needs. For example if a new technology comes in the market and
competitors of company are implementing those technology (Oviatt and McDougall‐Covin,
2015). According to this condition leader or owner of organization will take action to adopt the
latest technology in company this is how the actions and operations of entrepreneur are
dependent on market conditions.
There are different examples of taking over a new business organization by an entrepreneur. One
of the most famous example is of “What’s app” was took over by Mark Zuckerberg to get higher
profit from this application.
Impact of Small Business organization on Economy of United Kingdom
There is huge impact of small business organization in the economy of Unite Kingdom.
There were around 5.5 million small business organization in United Kingdom in ear 2016. In
the private sector small business organization are counted for 99.3% of all private sector. There
in United Kingdom small business organizations are providing 60% of whole private sector and
the figure of employment is around 15.7 million (Zacca, Dayan and Ahrens, 2015). The turn over
generated by private sector in economy of UK was 1.8 trillion and that is 47 % of private sector.
Figure 1 Overview of Employment, annual Turnover and Business in Private Sector

Source: Steven White, 2017
As the graphical representation is provided above explains the importance of small business in a
country. This above data provided is of United Kingdom and it is providing different details of
small medium and large organization in economy of United Kingdom. In the figure information
of contribution of different sized organization is provided that is including employment, turnover
and businesses. It shows that 48 % of employment created in UK is from small sized
organization (Kuratko and Morris, 2018). The contribution of medium and large organizations is
consecutively 12 and 40 % that is so low compared to small sized organization group. When its
come to turnover then 33 % of all is generated the small organizations and percentage figure for
medium organization is 14 % and 53 % of large organization. when the number of business is
considered in United Kingdom then there are 99.3 % organizations are small business
organizations and rest of percentage is holds by medium and large companies and their
percentage is 0.06 and .01 %.
In all different countries there is major role of small business organization in economy. This
organization are slightly different from the core business and large size organizations cause the
business patter of small business is faster than large and medium businesses. Small organizations
are independent of different factor of global factor because their target market is limited and
customers prefer them cause of fast operation and ease of accessibility (Fayolle and Gailly,
2015). Because this organizations or entrepreneur ventures are small in size they are not affected
by political factor and growth of this venture is high because they need little time to implement
change in their business.
The main advantage of small business enterprise is they are creating meaningful opportunities of
employment for citizens of country and that is how this organization are helping the economy of
country. Contribution of small organization is bigger than ever because different characteristics
of small business are ideal to earn high profit. The economy of country is partly divided in the
local business criterion and it is highly dependent on success of local businesses(Siegel and
Wright, 2015)
. There are 99.3 % organizations are small business enterprises and if anything happens wrong
with this small business it directly affects the economy of country. These small entrepreneurships
are also important for social changes in country.

TASK 2
Notes: people who likes to learn new things are normally known as open minded. They
are willing to learn new things. For a successful entrepreneur it is important to stay aware of new
things and technology to keep the organization running with high marginal profit. These
entrepreneurs are good at learning and they know how to keep getting information about differ
factors of market. This openness help them to learn various skills and information from different
peoples and sources.

Notes: To become a successful entrepreneur in the market it is important to stay aware and
awake every time. This thing help the person to get in touch with different current trends in
the market place. This is important for them to work as per the market condition to take
advantage of good condition and minimize the trouble by ignoring problem or work with
contingency plan to keep the organization competitive in international market. Openness for
ideas, talent and risk reflect their ability to work as an entrepreneur in the international
market. This is not easy for anyone to become successful entrepreneur.

Notes: the behavior of person is an important thing for organization. The environment of work
place is depended on behavior and character of entrepreneur or leader. Being energetic,
talkative, and assertive are personal quality of an entrepreneur. Energy and positive mindset
of leader or entrepreneur drives the success of organization. It is important for employees to
keep in touch with leader of organization and this positive behavior help the employee to stay
motivated and encourages to perform best in their job. This is important for an entrepreneur
to work as motivation in the organizations to motivate other and set example form them. The
extrovert personality and ability to talk with confidence need to be reflect from their
personality.

Notes: There are many people in the organization who are on different small positions and they
do not possess high power in organization but they are also valuable to the organization. It is
important for leader to make them feel special by considering their suggestion in the
company. Employees get motivated by positive and supportive behavior of leader. Other
important qualities that comes in this trait are warm attitude, friendly, compassionate and
cooperative. Also leader need to be kind, affectionate and sympathetic with lower order of
employees. This is basic quality of entrepreneur that reflects from their personality. They are
always ready to accept new ideas and innovations in organization and it is important for
technical and management growth of organization.