Entrepreneurship, Small Business, and Economic Impact: A Report

This report provides a comprehensive analysis of entrepreneurship and small business management, examining various types of entrepreneurial ventures including public and private sector initiatives, as well as startup and social entrepreneurship models. It explores the similarities and differences between these ventures, while also interpreting relevant data and statistics to illustrate the significant impact of micro and small businesses on the UK economy. The report highlights the importance of small businesses and startups in fostering the growth of the social economy and evaluates how business size affects economic contributions. Furthermore, it delves into the characteristics, traits, and skills of successful entrepreneurs, contrasting them with traditional managers, and analyzing how personal backgrounds and experiences can either foster or hinder entrepreneurial endeavors. The study uses examples and data to support its findings and provides a detailed overview of the entrepreneurial landscape.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
Examine different kinds of entrepreneurial ventures and relate it with typology of
entrepreneurship..........................................................................................................................1
Explore similarities and differences between entrepreneurial ventures......................................2
Investigate diverse range of entrepreneurial ventures in public and corporate sector.................4
LO 2.................................................................................................................................................5
Interpret and assess relevant data and statistics to illustrate how micro and small business
impact on economy......................................................................................................................5
Explain importance of small businesses and start-ups in growth of social economy..................7
Evaluate differences small, medium and large businesses that make to the economy with
applying relevant data and statistics............................................................................................8
Critically examine how small businesses have an impact on different levels of economy such
as local, regional and national.....................................................................................................8
LO 3.................................................................................................................................................9
Determine the characteristics traits and skills of successful entrepreneurs which make different
from other managers of business.................................................................................................9
In how aspects of entrepreneurial personality reflect on entrepreneurial motivation and mind-
set.................................................................................................................................................9
Explore and examine different lines of argument that are related with entrepreneurial
characteristics............................................................................................................................10
Analysis characteristics traits, skills and motivational drivers of successful entrepreneurs
supported with example.............................................................................................................10
LO 4...............................................................................................................................................11
Examine with example with background and experience can hinder and foster
entrepreneurship........................................................................................................................11

Analyse the link between entrepreneurship characteristics and influence of personal
background with specific successful entrepreneurs...................................................................11
Critically evaluate how background and experience influence positive and negative way.......12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship can be defined as the capacity and willingness to develop, organize and
manage venture with taking any risk to make more profits. It is important as it considered the
ability to improve living standards and wealth for entrepreneurs and businesses as well
(Bogdanova, Kozel and Litvinova, 2016). They also help to make drive change with more
innovation with new products that are enabled to develop significant advantages. In this regard,
the present study is based on the establishment and run business enterprise in London.
In this regard, the present report includes different kinds of entrepreneurial ventures which
is related to typology of entrepreneurship. Furthermore, there are several similarities and
differences between entrepreneurial ventures. Moreover, it consists of interpretation and assesses
relevant data that include in the micro and small business that impact the economy. In addition to
this, it includes the importance and small businesses that make the growth of the social economy.
Along with this, it demonstrates characteristics and traits that make it different from other
managers.
LO 1
Examine different kinds of entrepreneurial ventures and relate it with typology of
entrepreneurship
Entrepreneurship consists of a successful process in which entrepreneurs run their business
by considering financial risks. With this consideration, entrepreneurs willingly take participation
in the economic development of the organization and run operations in a systematic manner. In
order to expand a small business, it is one of the essential requirements to increase the
effectiveness in the country (Albort-Morant and Ribeiro-Soriano, 2016). Mainly two sectors of
entrepreneurial ventures are prsent which are mentioned below : Public sector entrepreneurial venture : These ventures are generally led by the
government of the country and the policies and strategies are also formed by the
government. These ventures basically aim at providing welfare services to the society and
are not concerned with making huge profits.
 Private sector entrepreneurial venture : These ventures are held by individual or group
of individuals who formulate their policies so that the goods and services provided by
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them can help in dealing with customer needs and wants. These are customer oriented
and there main aim is to generate huge profits by their activities.
Different kinds of entrepreneurship Entrepreneurship of small business: In different areas of the market, organizations work
as small business entrepreneurship. Hence, all companies that are small have involvement
in several sectors such as grocery, electricians, carpenters, plumbers, etc. Entrepreneurship of start-up scalable: In this regard, entrepreneurship enterprises also
started to accomplish the vision that helps to make changes in the economy of the world.
Along with this, capitalists of business ventures generally hire staff members those are
best and helps to accomplish objective as well. Funding from the capitalists is generally
needed to increase profitability. For instance, Facebook, Instagram, etc. Entrepreneurship of large organization: Furthermore, large companies successfully
operate their operations and function with innovation and offer new products as well.
With this regard, different businesses working with partnering with innovative products
and services in companies. For instance, Google, LG, Microsoft, etc. (Zacca, Dayan and
Ahrens, 2015).
 Social entrepreneurship: In this kind of entrepreneurship, successful entrepreneurs work
in the business where they creates services and products to deal with issues and problems.
Therefore, the main aim of this enterprise is to provide better services that are not related
to profitability but considering in hybrid and successful business operations.
Entrepreneurship typology Lifestyle entrepreneurship: According to this, entrepreneurs set up their targets to
enhance the level of income. Therefore, they are considering successful functions with
different kinds of operations. For instance, professional blogging, journalists, etc. Profit venture entrepreneurship: In this aspect, entrepreneurs perceive the motive of
earning more profits and revenue. Therefore, majorly they invest money to bring more
significant advantages with financial profits. Corporate sector entrepreneurship: In this aspect entrepreneurs develop functions with
pursuing an economic activity for several members. For example, Tesco is one of the
successful business that deals with entrepreneurship in different areas of the world.
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 Male entrepreneurship : These enterprises are owned and controlled majorly by males
who are more competent and risk taking which can help the organizations to expand and
become large in size.
 Female entrepreneurship : these enterprises are managed and started by the females of
the society who are generally risk avoider and are more concerned with social issues and
providing welfare to the society.
Explore similarities and differences between entrepreneurial ventures
Differences between different entrepreneurial ventures
Basis Small
entrepreneurial
venture
Scalable start-
up
entrepreneurial
venture
Large
entrepreneurial
venture
Social
entrepreneurial
venture
Objectives Small business
considered structured
objectives which
helps to earn more
profitability.
In this aspect,
ventures pursue
aim to deal in
innovative
products that are
developed to
attain more
profits and
revenue from
different
investors.
Businesses
required to
sustaining with
selling several new
products so that
services provided
with using more
marketing
strategies.
Social
entrepreneurs
work for
accomplish their
aim with
demonstrate
positive product
quality to make
more services
better (Zacca,
Dayan and
Ahrens, 2015).
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Issues and
risks
In small businesses
investment is very
low so that there are
less issues and low
risks exists.
With high risks
in financial
investment, there
is more pressure
so that people
will earn more
from this
enterprise
(Bogdanova,
Kozel and
Litvinova,
2016).
In this aspect of the
organisation, risks
is medium because
large enterprises
easily manage sales
with more high
volume. It is also
create brand value
which need to be
take important part
in the organisation.
Risks is not large
but this business
easily get support
from
government.
Along with this,
public support
also exists that is
more important
for the enterprise
(Albort-Morant
and Ribeiro-
Soriano, 2016).
Staff
members
In this kind of
business maximum 50
employees work.
Staff members in
this business
generally work
on requirement
of the whole
business.
There are more
than 1000 staff
members working
in entrepreneurial
venture.
Requirement of
staff members is
generally
depends on
enterprise size
(Albort-Morant
and Ribeiro-
Soriano, 2016).
Similarities among different entrepreneurial ventures
Business
type
This entrepreneurship
business working for
different products and
services that are sold
to customers.
Furthermore, this
business also
work to deal
with innovative
products and
services that are
provided to
public (Albort-
Morant and
This
entrepreneurship
venture working
for new products
and services which
helps to enhance
more profits and
revenue in the
organisation.
They worked to
solve issues and
problems with
dealing more
effective
products among
different areas of
the world.
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Ribeiro-Soriano,
2016).
All the entrepreneurs are generally established so that they can earn huge profits by
providing the customers with the goods and services they want. Also all the businesses work on
the principles of perpetuity which means that they exist in the market for a long-period of time.
Also all the companies aim at being successful so that they can expand in other markets which
can help them in earning large profits and also help in increasing the market share. Innovation is
another similarity in all the organisations so that they are able to provide better goods and
services to the customers which gives them a competitive advantage in the market.
Investigate diverse range of entrepreneurial ventures in public and corporate sector
Generally, public sector organization is under in government so that their high investment
exists as compare to other organizations. In this kind of enterprise, in this aspect, business
emphasis the development of social effectiveness and welfare of people as well. Therefore, the
quality of products and services in the most important element that fulfils customers’ needs and
requirements (Zacca, Dayan and Ahrens, 2015). Along with this, the corporate sector of the
organization owned with more effective products and services which is profitable to enhance
profits only. It helps to earn sustainable development in the country. Critically examine scope,
development and growth of entrepreneurial ventures
As per the views of Katz, Hanke and Alpi, (2016), each enterprise consists different scope,
objectives, etc. It develops a significant advantage that also affects its scope and growth as well.
When businesses easily deal with products, they are meet with the demand of customers
successfully. In addition to this, longer-term profitability exists that generates more flexibility.
On the other hand, Rezaei, Dana and Ramadani, (2017) critically stated that communication is
the way that helps to lead with fulfil customers’ needs and requirements. With this aspect,
communication assists to make more growth in business.
LO 2
Interpret and assess relevant data and statistics to illustrate how micro and small business impact
on economy
In the economy of the UK, micro and small enterprise consist important role that helps to
earn more profits. With this regard, turnover helps to take part in economic contribution. From
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the research, it has been identified that in 2018 there is massive 99.9% in which 5.7 million
enterprises in the UK are small and medium-sized. SME are generally defined as the business in
which up to 250 employees working together.
Figure 1 Growth of UK businesses in private sector
Source: (UK SME data, states and charts, 2019)
In the present chart, it has been shown that many of the people are working as self-
employed, contractors, etc. From 2001 micro-business contain a number of employees more than
120. Furthermore, small business consists of more than 130. 25% of UK companies deal between
2000-2018.
In London, the highest ratio of SME is generally calculating that can be compared with
several numbers of organizations in each region of the country. In the country, 1563
organizations working for 10,000 adult residents that are above the national average.
6

Figure 2 Numbers of UK businesses in private sector among small and micro businesses.
Source: (UK SME data, states and charts, 2019)
SME is the fastest industry in the UK which consist of 74% organizations in the UK.
They provide different services in different areas of the world. It is also determined marketing to
architecture, veterinary practices that are a total of 15% of all businesses.
7

Explain importance of small businesses and start-ups in growth of social economy
Start-up and small enterprises consist most important and major participation that helps to
make positive results in the social economy. With consideration of small enterprises, in different
areas such as rural areas and large cities. It will assist to develop economic benefits that
continuously increase effectiveness at the workplace. In the village, small businesses survive
with serving more profits and reduced population (Bogdanova, Kozel and Litvinova, 2016). It
assists to develop unique contribution in small businesses that helps to earn more employment
within the country.
Increase employment of local workers: With the help of small and micro business, local
workers of the country get employment facilities. It assists to increase the standard of living of
people that is the most important consideration nowadays. Furthermore, employment also aids in
managing economy balance which considered positive outcomes at the workplace. On the basis
of this, local workers will easily take participation to make innovative products. Moreover, local
workers will take participation in economic development which assists to lead successfully in the
country. It is also important to manage a program that ascertained significant advantages
(Rezaei, Dana and Ramadani, 2017).
Adapting with deal change the climate: Furthermore, another important consideration is
dealing with a changing climate that is important for small and micro-businesses. In the economy
of the country, this activity takes a more important role in a systematic manner. Therefore, it is
essential to adapt more effective results at the workplace. When a small businesses run in the
country, they can easily know about climate change. As a result, it is important to set unique
outcomes to earn more profitability (Brush, and Greene, 2015).
Contribution within local government: Moreover, small businesses highly contribute
their participation within local government. This is because it assists to make innovative products
with more creative functioning in the organization. In addition to this, the government will easily
take their consideration with local people who support to earn more with more investment (Katz,
Hanke and Alpi, 2016). Local government will also invest money when a small business
provides more profitability with their business. As a result, it is important to attain more effective
results with economic development. On the basis of different levels of requirements, the
government will easily contribute their participation in the business (Richter, Kraus and Syrjä,
2015).
8

Increment in small businesses to make it large enterprise: Another important
consideration of small and micro businesses is that they can easily take participation to make it
large. In this regard, several kinds of opportunities grab by small businesses which is important
for the organization. Furthermore, employment facilities also develop successfully that provides
effectiveness in the business. When the organization being a large part, they will easily lead
successful business operations and functions (DeTienne and Wennberg, 2016).
Innovation : SMEs in order to become successful in the market try to bring innovations
in their products and services so that they can reach to a large number of customers. With the
aim of expanding their market share they introduce various creative and innovative ideas in the
market which can help the companies to survive in the competitive market for a longer period of
time.
Contribution in taxes- SMEs exists in many large numbers in UK. It states that in every
city and locality there are many enterprises such as these and the part of revenue they generates
goes to pay the tax. More the level of revenue more it will incur the amount of tax which is
beneficial for the government of the country as the revenue generated will be put in for the
development so that they can maintain the flow of economy in various ways through different
methods.
Evaluate differences small, medium and large businesses that make to the economy with
applying relevant data and statistics
Within the UK, small, medium and large organisation consist important role and
participation to work in the business operations and functions. Therefore, larger part in each
industry contribute positive part in the UK. Furthermore, business also earning more revenue and
dealing with quality of products and services. It helps to create positive brand in whole world. In
order to take desired results, it can be stated that foreign currency also earned by the organisation
which helps to take important place in the different areas of the world (Bogdanova, Kozel and
Litvinova, 2016). In addition to this, every business promote CSR activities which helps to make
innovative products and services easily.
Critically examine how small businesses have an impact on different levels of economy such as
local, regional and national
Within the UK, small and micro organisations continuously focuses to make stability in
the nation. In this aspect, at regional level they are continuously dealing with different products
9

and services with competing several members (Albort-Morant and Ribeiro-Soriano, 2016). As a
result, customers’ demand easily fulfilled by members. In addition to this, hiring staff members
with less amount of salary so that they can easily manage their finance. It helps to diminish
unemployment. Beside this, at national level operations are also expanded easily in different
areas to enhance revenue to develop profitability. At global level different kinds of products and
services easily sold to contribute major part in the country (Zacca, Dayan and Ahrens, 2015).
LO 3
Determine the characteristics traits and skills of successful entrepreneurs which make different
from other managers of business
In order to meet with successful entrepreneurship businesses, it can be stated that several
organisations will get growth to operate business operations. In this consideration, process is
undertaken that helps in maintaining need of finance. With this aspect, it can be stated that
entrepreneurial mind set is also useful which is referred as different opportunities to set
innovation functions (Wang and Liu, 2016). In this consideration, Duncan Bannatyne is one of
the perfect example of successful entrepreneur. He started his business with selling ice cream
from a van which is second hand. He also entered in breakfast and bed in nursing home industry
which is subsequently developing with 30 such kind of properties. After this, he had taken 36
million to enter into fitness club. Many of the organisations are also formed because successful
entrepreneurs can easily do better job. Creativity is also important which that helps to make
connection among different entrepreneurs. It helps to make solution towards different issues and
problems easily (Piperopoulos and Dimov, 2015).
Furthermore, J.K. Rowling is one of the famous for authoring Harry Potter series of books
which is also later launch in movie series. She was first author of this book and wealthiest private
citizens in the UK. In order to become successful entrepreneur there is one of the important trait
that is disciplined in which individual focused to make their own business work. In this regard,
distraction must be removed from the goals so that tactics can be successfully helps to
accomplish desired results at workplace. The entrepreneur also get success in their business with
open minded skill (Walsh and Cunningham, 2016). Ideas are constantly generated that is
important for people and potential for new business. They are also possess ability to look
everything around to focus towards goals. Flexibility is certain degree which need to be manage
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and run successful business goals. Passion towards products and services helps to accomplish
mission to motivate that drive with success in systematic manner (Anggadwita, Luturlean and
Ratten, 2017).
Difference between entrepreneurs and business manager:
Basis Entrepreneurs Managers
Meaning They are the owners of a company and
they are responsible for making their
company successful by their efficient
decision making power.
They are the employees of the
company and they are responsible
for managing the activities and
operations of the company.
Features Entrepreneurs are the risk takers and
they have clear vision which helps
them to grow and succeed and
establish a successful business.
Managers are the risk avoiders they
works for salary and they do not
take any decisions without
consulting the business owners.
Emphasised They focus on establishing a business
start-up as they have higher aims. They
do this through innovative and creative
thoughts, ideas and concepts.
Managers focus on the ongoing
business operations and handling the
day to day functions and operations
so that smooth functioning can be
established.
Motivational key The achievements of an entrepreneur
are due to their motivations which help
them in taking effective decisions.
Managers motivate the employees of
the company so that they can work
efficiently and also maintain good
culture at workplace.
Examples Joanne Rowling is an example of
successful entrepreneur.
Charles (chad) Holiday of Royal
Dutch Shell plc is an example of
good manager.
In how aspects of entrepreneurial personality reflect on entrepreneurial motivation and mind-set
Entrepreneurial personality of each individual is most important element that assists to deal
with organisation successfully. It also helps to motivate staff members with issues. Therefore,
less risks associated in this which is more effective for the organisation. Entrepreneurial
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personality perceive characteristics which assists to individual which generate new ideas and
implementing it to enhance revenue (Walsh and Cunningham, 2016). Furthermore, ideas are also
required to meet with work that is demanded constantly to make sustainability. J.K. Rowling and
Duncan both successful entrepreneurs who takes different kinds of risks to deal with profitability
and assess opportunities as well. It generate effective results with helps to manage risks that
included within the organisation. Transparency is also exists that assists to accomplish desired
goals at workplace (Carraher and Steinberg, 2016).
In addition to this, Rowling takes risks and possess capabilities as well so that they need to
be focused to attain targets in systematic manner. She also faced different issues and problems to
become successful entrepreneurs but focus is needed to attain targets in systematic way. In this
regard, changes are also made with taking marketing strategies to get perfect accomplishment in
goals and targets (Nikolopoulos and Dana, 2016).
Explore and examine different lines of argument that are related with entrepreneurial
characteristics
Successful entrepreneurs have several characteristics and traits that help them to earn more
profits. With this regard, successful entrepreneurs have different risks which assists to
accomplish desired goals. Rowling is very energetic and passionate about their work which helps
to deal successful growth. In addition to this, in different areas of the world nowadays harry
potter movie is more famous. She is also working that create strategy which is successful to learn
attitude (Ibidunni, Peter and Ogbari, 2017). Furthermore, Duncan is also looking towards taking
feedback with innovative products. These kind of products and services assists in maintaining
feasibility among different people.
Analysis characteristics traits, skills and motivational drivers of successful entrepreneurs
supported with example
Duncan and Rowling successfully deal to set up their business which run very fast and
contribute major part in the country. With different skills and traits, more growth achieve within
the whole world. Moreover, she is also develop certain strategies that are related marketing in
different areas of the whole world. In addition to this, different people give feedback for the
business and its products and services. As a result, feedback is one of the important consideration
for successful entrepreneurs (Galloway, Kapasi and Sang, 2015).
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LO 4
Examine with example with background and experience can hinder and foster entrepreneurship
Bannatyne spent a lot time to move from one job to another. He had continuously trying
to return Clydebank in which he trained for agriculture in all over the world. From 1974, when
he got licence of HGV and it helps to earned standard of living with taking several jobs such as
deckchair attendant, hospital porter, ice cream seller, etc. In addition to this, he had also worked
for charity works in recognition for their work with charities in meals. In Romania, also invested
more amount for people who are suffered from HIV and AIDS. Currently he is living in Portugal
with his wife and children. When he had expanded his health clubs, he had moved towards
different areas. In this consideration, business career began with moving from ice cream van. It is
main business which is expanded continuously that is sold after founding nursing home
(Achtenhagen and Brundin, 2016).
Rowling was born in July, 1965 in England. She also adopted her name with incorporate
grandmother’s name with taking latter initial. While struggling support from her daughter
encouraged her become successful entrepreneur. Therefore, social welfare is also important
so that she was travelling on a train from London in 1990. Main idea for the Rowling has to
become successful entrepreneur came after her divorce (About J.K. Rowling, 2019). The
book was started with several series in chronicling the life of young Harry. Collection of
five fables mentioned in this book series released on November 4, 2008. Culture of UK is
adapted from the history of Britain and the people based from their has made various
contributions in art, music and television. Education is considered important in UK and the
facilities for education are good in the country. People there are concerned for the future and
that impacts and reflects the behaviour of an individual who wants to be an entrepreneur.
The culture there is open minded which makes it easy for the people their to choose their
line of career and follow their passion which is not possible in many countries. On the other
hand economic condition of the country is not at par due to the impact of Brexit. It has
changed many norms and policies which has affected the businesses of the country. Their
culture has helped them to follow their path which has helped them to enhance their skills.
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Analyse the link between entrepreneurship characteristics and influence of personal background
with specific successful entrepreneurs
Bannatyne is successful entrepreneur with passionate about his work. He accomplished his
objective and goals to attain positive results. With taking different solutions for business,
personal background help him to being successful person. He also looking for different kinds of
new business. In this respect, it is essential that development support which helps to attain
significant advantages. Furthermore, Rowling also moved towards successful story of Harry
Potter so that she get more success and positive outcomes with development support personal
interest with successful program increase effectiveness that is useful to deal in different areas of
the world. On the basis of her personal interest in this story, she get more effective results
(Cumming, Hou and Firth, 2016).
Critically evaluate how background and experience influence positive and negative way
Every entrepreneur possess skills and traits that make him successful. Therefore,
background and experience of each individual mainly impact on entrepreneurship program
which need to be implemented to solve issues and problems. They are involving different
activities that increase more profits and revenue. They are efficient and effective so that business
will run easily with different kinds of goals. In addition to this, from the age group of early,
Bannatyne and Rowling successfully lead to their business which will helps them to attain
positive results (Gast, Kallmünzer and Arnold, 2017).
CONCLUSION
From the above report, it can be stated that entrepreneurial ventures considered in different
kinds of businesses which determined more revenue and growth in systematic manner. In order
to lead successfully, it can be stated that successful entrepreneurs will take part in small
businesses so that they will easily take part to make economy growth of the country. In addition
to this, report summarised about micro, medium and large businesses that are continuously
focused towards accomplishment of business goals in systematic manner. In this way, they are
continuously grow up from 2000 with providing more revenue. With the help of taking
participation of local workers, small and start-up businesses will easily grow. Moreover, it
articulated that government also take participation that make more contribution in country’s
14

development. In this way, it is important to lead and getting successful positive advantages at
workplace.
15

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