Comprehensive Report: Entrepreneurship and Small Business Dynamics

This report provides a comprehensive overview of entrepreneurship and small business management, covering various aspects from different types of entrepreneurial ventures and their typologies to the similarities and differences between them. It analyzes the impact of micro and small businesses on the economy using relevant statistics and data, emphasizing the significance of small enterprises and start-ups. The report further identifies the skills and characteristics of successful entrepreneurs, explores the aspects of entrepreneurial attributes and their reflection on mindset and motivation, and examines how background and experience can influence entrepreneurial endeavors. The content includes discussions on social enterprises, managed growth firms, public sector entrepreneurship, small business entrepreneurship, scalable start-ups, large company entrepreneurship, and social entrepreneurship, providing a detailed understanding of the entrepreneurial landscape.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures they relate with conducting the ways of
business...................................................................................................................................3
P2 Explore similarities and difference between entrepreneurial ventures.............................6
M1...........................................................................................................................................7
D1...........................................................................................................................................8
TASK 2............................................................................................................................................8
P3 Appropriate statistics and data to explain micro and small business impact on economy. 8
P4 Significance of small enterprise and start-ups.................................................................11
M2 The difference between small, medium and large sized enterprise...............................13
D2 Impact of small sized business on the different levels of economy...............................13
TASK 3..........................................................................................................................................14
P5 Determine skills and characteristics traits of successful entrepreneur............................14
P6 Aspects of Entrepreneurial attribute reflect on entrepreneurial mindset and motivation15
M3.........................................................................................................................................18
D3.........................................................................................................................................19
P7 Background and experience can hinder or foster............................................................19
M4.........................................................................................................................................20
D4.........................................................................................................................................21
CONCLUSION..............................................................................................................................21
REFERENCES..............................................................................................................................22

INTRODUCTION
Entrepreneurship is process which is consider the design, lunch and run new business at
initial level of business. They have capacity and willingness to develop, organize and manage a
business and business venture faced many risks in order to increase and make profit for the firm.
The presentations will show the various entrepreneur and business venture are link with
conducting the ways of the business type. It will show various types of entrepreneurial venture
and relation with their typologies. Also, it will outline similarities and difference between
different ventures. Report will show relevant data and statistics show the impact of small and
medium business on the economy. It will explain by the importance of the small business to the
growth of the economy. Study will determine by the characteristic and skills of successful
entrepreneur and aspects of personality trait. It will also examine by background and experience
can be hinder and foster entrepreneurship.
TASK 1
P1 Different types of entrepreneurial ventures they relate with conducting the ways of business.
There are various types of entrepreneurial venture which have typology of
entrepreneurship which are as follows:
Entrepreneur
Entrepreneur is the individual person who create and run business bring various risk to
earn money and profit with the business. They play an effective role in the economy for growth
and develop productivity. They are proved successful in taking risk of start-up rewarded by the
profit.
Entrepreneurship
Entrepreneurship refers effective process of starting new business activities. They have
ability develop capacity and willingness to develop organize and manager business venture.
Entrepreneurial venture
The entrepreneurial venture is defined as the organisation which has taken place by
grabbing opportunity of managing innovation and creating promote economic and social values.
Enterprise
It is another word which is used by the business and company which is often by
entrepreneurial ventures.

There are having difference between serial entrepreneur, intrapreneur and owner
manager.
 Serial entrepreneur is an entrepreneur who is continue come with the new ideas and
starts new businesses. The Rod Drury is the famous serial entrepreneur in the technology
space which focused on the software development and other services.
 Intrapreneur is the manager in the company who will take decisions for promoting
products and service at market place. For example: Facebook is the famous intrapreneur
in market place. Its initiatives to rise social media networking and also develop idea into
the prototype.
 Owner manager is person who manage and owns the business and manages together at
the same of work. Spinelli's pizza and subs managers own their business self and manage
all services at market place. For develop and promote products and services at
marketplace.
There are different types of entrepreneurial venture which are as follows:
Social enterprises
The social business and enterprise are organisations which are commercial strategy. They
have personal motive to provide best and effective service to the client with free of cost. The
social enterprise seeks for maximize profit and benefits to society and environment. For
example: NHS is the social services providers they are provide free medical service to their
customers and clients for the business and its growth factor. That have aim to provide best
medical service to customers for better health care. That are provide their all service free point of
delivery. Their each service provides range of health service at free point of use peoples.
Managed growth firms
These are profit motive enterprises are covers in the managed growth firm. They are start
their business by small level and reach out its high growth and success. In that business are
manage their growth as per needs and wants of customers. They are setting their business with
the aim of earn money by business. For example: the Facebook is the social media company.
Manager is starting their business with small level and manage their growth in present and also
in future. That have aim to provide best service to customers with manage growth and profit
increasing profit of firm.
Public sector entrepreneurship

The public sector companies are governing by the central government, local and public
corporation. These types of organisations are listed in government norms and delivers their
services for the society welfare and safety. For example: Metropolitan police which is territorial
police force and is responsible for enforcing law in the Metropolitan Police District, which
presently consists of the 32 London boroughs.
Thus, there are different entrepreneurial offering different type of services according own
interest like social welfare, public protection, profit making, etc.
Typology of entrepreneurial venture
Small business entrepreneurship
Small business entrepreneurship teaches the basic principles of the entrepreneurship.
They are look at the major steps which are starting new business. This include financing,
marketing and managing employees at workplace. That types of business have objective to
understand aspects of meeting customer needs and creating innovative products and services. In
this business have more than 2 numbers of employees. This firm are generally operating the sole
proprietors and partnership firm. For example: John Lewis is the partnership firm.
Scalable start-ups entrepreneurship
The scalable start-ups entrepreneurship is taking an innovative business idea for running
the business at high growth and profit for the business. It is temporary designed organisation.
The scalable business is able to increase revenue without any adding any high cost of
incremental cost. For example: construction business is the scalable business.
Large company entrepreneurship
The large company entrepreneurship is the best and effective who are managed their
growth and services at marketplace. That business is generally believed to refer the develop new
ideas and opportunity in the business for high growth. The business is focus on continuous
improvement on the basis of markets needs and changing customer expectation which is
managed with the help of marketing information system which leads to improvement in
organisation profit and also enhanced for faced competitive position. For example: McDonald is
the large organisation.
Social entrepreneurship
Social entrepreneurship is basic level for doing business for the social welfare which has
combine commerce and social issues for improve lives of peoples. The social entrepreneurship is

recognizing social problems for achieving social changes by principles, process and operations.
For example: NHS is the social firm which is provide free medical service to customers.
P2 Explore similarities and difference between entrepreneurial ventures.
The similarities different entrepreneurial are as follows:
 All entrepreneurship venture hire employees form the local market for better productivity
and growth of business at marketplace. For example: NHS, McDonald are hire their
employees from the local market.
 The social, public and private entrepreneurial think creative for positive business growth.
With the help of this customers are highly attracted towards the business. Like: Facebook
and
 All entrepreneurial venture has need investor for expanding business in the global
market.
 The main focus of all ventures is getting higher level of customers attraction for
improving goodwill and increasing profits of firm.
 All are thinking for creating positive brand name at market place by providing better
product and services.
Those are the similarities of entrepreneurial venture. Each entrepreneurial venture also has
difference which are describes are as follows:
Managerial skills
Managerial skills are the basic needs of the each and every types of entrepreneurial
venture. This includes the planning, communication, motivation, decision making and problem
solving are includes in the managerial skills. For example: In the survival entrepreneur like John
Lewis partnership firm is the forecast the business to really exist with the business and its growth
factors. Survival business is not highly concerning with the managerial skills like they are make
planning for growth in market with establishing business. The lifestyle entrepreneur is mainly
focused on achieve goals and objectives of company. Like small retails stores are considers in
the lifestyle company which has managerial skills and also work on their communication level
skills for communicate effectively with employees for give information about strategies and
process of work. Managed growth entrepreneurs are highly focused on managerial skills like
Facebook is managed growth company. Company use the effective communication skills, take
effective decision-making process for achieve growth at marketplace. Aggressive growth

company like McDonald is highly invest to improve their managerial skill by giving training and
development program to their employees.
Technology investment
Technology investment is very important for growth of entrepreneurial venture. The
survival entrepreneur is not high invest on the technology but most of the time they require this
for analysis the market. Life style entrepreneur is use technology for payment against of
customers purchases. Managed growth entrepreneur is use and high investment on the
technology uses for research and development process and also market analysis. Aggressive
growth company is use technologies are highly use technology for taking orders and payment
modes.
Rewards
Rewards system is help to motivate the employees for giving hard contribution to achieve
goals and objective of company. The survival entrepreneur is given motivation to their employee
by giving some positive comments in front of whole staff members. Lifestyle companies are
giving rewards to their employees in some times. Managed growth entrepreneur maintains their
rewards program because they want always managed their growth at marketplace with
employee’s hard contribution. Aggressive growth entrepreneur is giving rewards to their
employees for positive growth of company. They are use financial and non-financial rewards
system.
M1
Diverse the range of entrepreneurial venture.
Public sector
It involves the organizations which are controlled as well as monitored by the
government in both the way directly and indirectly. The government contribute higher level of
investment in that types of company's investment. The main focus public sector organization on
the social welfare and development rather than increasing the profitability and productivity of the
firm which is provide the free services to customers. The main objective of this type of the
organization is to providing the higher choice goods and services to the customers. For example:
Metropolitan police which is territorial police force and is responsible for enforcing law in the
Metropolitan Police District, which presently consists of the 32 London boroughs. The
organisation is 9th largest public sector employer which 31075 fulltime employees and 2763

special constables. The firm is responsible for police performance in the capital for which it sets
out strategic direction and allocate resources across London in its Crime Plan and police. The
organisation plays an essential role for criminal justice system.
Corporate sector
It includes the organization which recognized as the private firms. This type of
enterprises is owned by the private peoples with the aim of increasing the profitability of the firm
and expand the business operations globally. Corporate sector firms design the various marketing
strategies for providing better quality product and services which ensure the successful growth of
the firm. For example: Debenhams which is a British multinational retailer which operates under
format of department store in Ireland and UK. The company has grown to 178 locations and has
successful growth history since 18th Century. The company has differentiated segments like
Women, Men, Debenhams Home, etc. The firm has online as well as offline presence which
reflects its market share and customer base. However, the focus of retailer is to provide quality
products to its shoppers to manage individual loyalty and trust.
D1
The scope, growth and development of the different entrepreneurial venture. The survival
entrepreneur is having the high scope and growth in the market because it has come up with the
different new ideas and also create the various job and employment opportunity for the peoples.
The development of this is so high if idea will not fail. The lifestyle has the high scope, growth
and development at the market place. This is the basic needs and wants of customers. Customers
are highly attracted towards the business for managing their growth. The managed entrepreneur
has scope in marketplace with high growth but not development because for the further
development company have make new product and service at marketplace. Aggressive
entrepreneur have high scope because of customers are highly attracted towards the product and
service. They grow in market high by satisfying needs and wants of customers at marketplace.
TASK 2
P3 Appropriate statistics and data to explain micro and small business impact on economy.
Micro corporate is having major impact on country's economy as the growth in self-
employment and micro business is having fewer staff that is less than 10 and it is not the drag on

national productivity that the critics can claim, according to the small business organisation
(Zacca, Dayan and Ahrens, 2015).
Affect of Micro Business nn the economy
Using the ONS (Office for National Statistics) statistics from the size of UK business that
means 95.49% of business in the economy of UK is come in the meaning of Micro enterprise.
UK's government apply the meaning of EU in context of microenterprise as it is the business of
which the yearly based turnover should not exceed the Euros 2 million. To come under this
category of micro entity it shall look up to two conditions from the following:
 Turnover of the company should not be exceed than $6,32,000.
 Total of the statement of financial position should not be higher than $3,16,000.
 In last their average number of employees should not be exceeding to 10.
Small business impact the economy to the extent of high degree by being the owner of company
is always be difficult as they are frequently umbrageous by the large corporation and
conglomerates. They are not generating the revenue as it is generated by the large corporations
but at the same time they are contributing in the success of the country's economic growth
(Eijdenberg, Paas and Masurel, 2015).
Affect of small business on the country's economy
In United Kingdom, all over the country, the total number of small sized business is 5.6
million in 2018 starting. As contrasted to previous year, total population in the business sector
fell by 0.5% that indicates the 27000 business fell down. While the employment rate in private
sector enhanced by 2%. This comparison is being attributable from number and the smaller non -
employing business decreasing by 1% but at the same, larger employing business rise by the 2%.
That is 23000.

Figure 1: Booming Growth of SME's
(Source: Small businesses driving record UK employment levels, 2017)
Birmingham, Newcastle, Hull, Liverpool, The City of London, Leeds, and Manchester
which are considered to be top performing SME sectors cities. These cities together create a total
of 25,000 jobs by the year 2021, contributing £1.2 billion around to the economy (Small
businesses driving record UK employment levels, 2017). This lead to United Kingdom to
becoming most popular sector for booming SME around 5.6 million.
As small business is considered to be supportive for the growth of economy of UK that
drives development, opening of new market and creating the opportunities for employment bt
providing jobs to the local people of the country as contribution of them is very important for the
growth of economy. It plays an important role in UK economy as nearly 27 million small
business of UK are generating about the 50% of Gross Domestic Products. They also bring more
growth and vitality in the field of economy and socio-economic development & its related all the
aspects, they create the job and increase the living standard of society.

In Southern England, the number of organization per person is more than the elsewhere
in the UK. In fact, nearly in every fifth of all SMEs is operating in construction, compared with
less than 1% in the mining, Quarrying in the utility sector.
It impacts the country's economy as it creates the job opportunity for the entrepreneurs and
also at the same time gives the job satisfaction than positions with the larger, traditional
companies. It fosters the economy, keep the money closer to home and also supports the
neighbourhood and communities (Korsgaard, Müller and Tanvig, 2015).
P4 Significance of small enterprise and start-ups.
Social economy
Social economy has been defined by the rich diversity of organizations and companies
that is institutions, cooperatives, social enterprises, mutual associations and foundations who
share the common features and values. From the perception of macroeconomic, it prevails that
social organizations are like charities rather than the business accountable to create the
employment opportunities. It is true that these businesses are considered to be as accountable for
UK's current employment conditions & rates, as they are contributing from the voluntary and
community sector. In fact, it is being suggested that social enterprises are doing well rather than
playing crucial function in the overall economic growth of nation (Cucculelli and Bettinelli,

2015). In United Kingdom nearly 9% of the small business population are in the social
enterprises and roughly 1.44 million people are employed by the social enterprises,
approximately 4,71,000 UK is having the social enterprises, 99,000 social enterprises is having
the employees and remaining does not deploy the employees.
Creation of employees
Small businesses are very important as they play essential role in the growth of economy
they make over 95% of the total jobs in all over enterprises and account for 60 to 70 % job in all
over the economy. It is said to be reportable that overall market share of small firms in the
context of employment, the sectors loom large in the overall employment and also contributes in
the important source of employment (Zacca, Dayan and Ahrens, 2015).
Innovation
Innovation is very essential for the sustainable growth and also require for the
development of the economy. Many core conditions enable the innovation as well as encourage
the nation's economic growth. Innovation is a factor which is considered to be survival for the
firm that gives creation of value, growth and employment in fact it all happens at the enterprise
who operate their company in local, regional and national level. Small business always does the
innovation and that results in growth in social economy by creating employment, increase the
standard of society as well and the innovation is the potential of an economy (Karadag, 2015).
for example A group of inventors from the Global Good in Seattle have created the innovative
refrigerator that keeps the vaccines safe even in the lower power outages and this refrigerator is
being termed as MetaFridge. This innovation is done by Bill Gates.
Local improvement
Small Organizations are extremely important for the growth of economy of nation as
business gives both the goods and services as business create the job opportunities for the local
economies that brings the growth, innovation & invention for the society and environment where
the business operates and it stimulates the economic growth and attract the talent who develop
new products and ideas for the solution (Lackéus and Williams Middleton, 2015). Small business
is generally considered as customer centric and realize the needs of the societies. Thus,