Entrepreneurship and Small Business Management Report for UK Market

This report provides a comprehensive analysis of entrepreneurship and small business management, focusing on various types of entrepreneurial ventures, including small businesses, scalable startups, and social enterprises. It explores the significance of business strategy in achieving organizational goals and examines the impact of micro-businesses on the UK economy, highlighting their contributions to turnover, employment, and growth. The report also delves into the importance of small businesses and startups in the growth of the social economy in the UK, discussing their role in increasing productivity and creating social wealth. Furthermore, it analyzes the characteristics and skills of successful entrepreneurs like Elizabeth Gooch and Tom Mercer, contrasting them with those of traditional business managers. The report uses specific examples and case studies to illustrate key concepts and provides insights into the opportunities and challenges within the UK market for entrepreneurs.

Entrepreneurship and
Small Business
Management

TABLE OF CONTENTS
Introduction .....................................................................................................................................3
P1 ....................................................................................................................................................3
P2 ....................................................................................................................................................4
M1................................................................................................................................................4
D1.................................................................................................................................................4
P3.....................................................................................................................................................5
P4.....................................................................................................................................................6
M2....................................................................................................................................................6
D2.....................................................................................................................................................7
M3....................................................................................................................................................9
D3.....................................................................................................................................................9
TASK 4..........................................................................................................................................10
P7...................................................................................................................................................10
M4..................................................................................................................................................10
D4...................................................................................................................................................11
CONCLUSION .........................................................................................................................11
REFERENCE.................................................................................................................................11

INTRODUCTION
There are so many entrepreneurship so they all are playing different roles on depend
entrepreneurship. For an organization to achieve goals successfully business strategy is the most
important thing to make. Business strategy is generally termed as the art of formulating ,
implementing , and evaluating, cross functional decisions that will help in accomplishing long
term goals of the organization.
P1
Then there 5.7 million small business where the 50% of all non-governmental workers.
First is small business entrepreneurship which include grocery stores, hairdressers,
electricians,plumbers,carpenters, consultants, travel agents, internet commerce store fonts etc.
Today in all the world the number of entrepreneurship and startups are still small businessmen
we took a US. They can be anyone in this scenario and they take local employees and family .so
mostly take advantage barely. They just want to make a profit not want to take over an industry
or build a company for business (Carraher and Paridon, 2015).
So they can take benefits of and to attract with other business and areas. Now the second
is salable startup entrepreneurship which is like to invest silicon valley entrepreneurship and
theirs ventures .it simply means that they create a company and their vision and scopes have to
be decided before make a company and before investment. their vision is unique. They divide the
investment money between the financial investors. so they will take the best and try to find jobs
for a salable business models. en they focus on their goals and requirements even more venture
capital to fuel rapid expansion so they'll try to find (Bruni, Gherardi and Poggio, 2014). The
innovation clusters examples are Israel, Bangalore, silicon valley,shanghai etc. that creates small
resolution of businesses and for startups but they always have to take risks at outside returns.
Third is large company that include customer services ,new technologies ,legislation ,new
competitors ,etc. For large company entrepreneurship growth they have to innovate something
new ,they have to offer a new products. that are variants around their core products. Fourths
social entrepreneurship who's goal is to create a products and provide services so that solves
social needs and their problems.

P2
Lifestyle entrepreneurship don't have seek investors so that they are so careful theirs returns
on their investments .they want growth of business so it'll make a nonprofit this the
entrepreneurs don't want to give any options of answers to investors that business how to grow. it
simply means that startup of business has no cost for any initial. many entrepreneurs are focusing
on articles , advertisement of investors so they have business plans. this is good but its not
beneficial if only selects a lifestyle business. the social entrepreneurs helps to create the
connection between societies. they concentrate only the great. so this is the job not only to
produce richness and income but a connection and a greatest (Charness, 2014). They only invest
the amount for their time and their goal is to transforming society in returns. social
entrepreneurship work and is fixed on different several topics i.e, social
disorganization ,inequality ,economy etc. the thing is in social entrepreneurs is to appeal make
greater goods that shows the great quality. one company is find in event that is moving in the
way of different environmental and societal impact .so the company get the comments and
awareness. so the customers want to spend their money in this company. so this is so good for
maintaining long term relationship with customers and investors. so their some discover the
businesses who things greater and quality (Castello, Barbera, and Vaara, 2016).
M1
A diverse range of entrepreneurial ventures to demonstrate such as small business
entrepreneurship, scalable startup entrepreneur ship, social entrepreneur and trading
entrepreneur. The mentioned entrepreneur have different subjects of various entrepreneur. They
all have vision and mission. There are different strategies which is adopted by them in order to
accomplish success.
D1
There is scope, development and growth of entrepreneurial ventures in the UK because in market
of United Kingdom there are many new technology is introduced which different type of
organization can adopt for making product and services according to needs and demand of

customers. It show that there is scope for the entrepreneur in the UK market in order to expand
business and achieve goals.
P3
Impact of micro business on UK economy:
Small business are the back bone of the UK economy. Opening of new market is creating new
job opportunities and this contributes to the economy (Carraher and Paridon, 2015). It is the start
of innovation. They try to compete in the market with new innovative idea with the challenges in
the market. Micro business are good for UK. They required motivation and to be encouraged to
survive or flourish in the market. Many of the micro business are confidently improving the
economy of the UK. In the world of micro business the people will be well aware of the fact that
SMEs is currently thriving in the UK. There has been record number of startup business in 2013
and 2014. there is no sign to slow down the startups. In UK its always a good time to start the
business it is because of the economy climate of the UK is always in favorable to start the
business. Every nation needs the micro business to sustain a healthy economy. It impacts on
economy in many ways-
Turnover – turnover is the first impact and it is used to measure the the contribution in the
economy. It is the most important measure of economy. In 2014 micro businesses has combine
turnover of £ 1.6 trillion in the economy of UK. 47% contribution is made by the private sector
in the overall turnover (Storey, D. J., 2016.).
Employment – small businesses work independently they are not employers. SMEs contributes
in job creation. Small business create many job opportunity in UK. It has been measured that
24.3 million people of UK are employed in small businesses, in which 60% of them are private
sector.
Growth – innovation is the key for the growth of the small businesses. Micro businesses are the
key to growth and to compete in the market. It has been recorded that there was 47% increase in
the growth of small businesses between 2009 to 2013.
Industry- micro businesses are the part of the large industries in UK. Large industry includes
retail , manufacturing and repair of automobiles are the three core activities of economy. It has

been seen that out of every twenty small businesses in UK becomes the large industry.
(Henrekson and Sanandaji 2014)
P4
The importance of small business and the business start ups to the growth of the social economy
in the UK-
social economy is the relation between the economy and the social behavior. Social economy
develops when the need of the people are fulfilled and they are satisfied. The satisfaction can be
through private sector or public sector. The social economy is the economy which does not
include the monetary term , it includes the unique role to make sustainable and proposed society.
Micro businesses plays an important role in the growth of the social economy of UK.
Increase in the productivity - small business uses the combination of labor and capital to be
productive. Small business are mainly consist of the labor. Workers and employment . It
increases the opportunity for the people to work and earn. Rapid increase in the small businesses
increases the productivity and the utilization of the available resources of the country.(Carland,
and et.al., 2015.)
M2
Contribution to social wealth creation- the small business has been opening in too many
numbers in UK. The more and more opening of small business the more and more creating of
employment. Small business are mainly depend upon the work force. They uses less machinery
as compare to large scale industry. Opportunities for the people will bring glory to the UK
economy. As small business are with less investment and generating more profit percentage is
the major factor which increases the wealth of the UK.(Schaper, and et.al.,2014)
New ways to deliver public services- Small businesses with innovative ideas provide the
facilities to the people of UK. The people get there desire fulfilled by the facilities of the small
businesses.(Carland and Carland 2015) They try to deliver the satisfaction to the people of he
UK. They not only satisfy the customer but also maintain the relation with the people. Small
business are more successful in the UK because the have different ways to make the customers
and to make the market for themselves to survive .

Elizabeth was the founder of EG solutions. It was a small company selling software of operation
management. It was small business started by £1000 . It offers to the operating management
services to financial companies. It had turnover of 600000 euro.
Later on in 1993 the new software was launched as a product. At that time the company had 6
employees and some contract employees with the turnover of £1 million.
In 2005 the company changes his name to EG solutions PLC. Elizabeth met Rodney baker-
bates , then CEO of prudential financial services and the things change from there. It increases
turnover with 28% in a year to £4.2million.
In 2006 and 2007 the company had the loss of £700000 and £800000 . after that elozabeth cut
the cost and had the profit to the large scale.
D2
In UK the rate of entrepreneurs raising at an increasing rate. People prefer to be entrepreneurs
and they conduct market research with the help of which they aim at understanding the
opportunities that prevail in the market. It has high scope and development that is made within is
also favourable. In UK there are different type of entrepreneurial ventures that work with an aim
to earn huge profit. There are certain set of goals that are developed by the firm in order to make
sure that the rate of objectives that are being set are achieved. Further, they are also effective
enough to contribute effectively towards the economic growth of the country. There are many
small and large organizations that support enough to deliver employment opportunity. This way
the rate of employment is raising with the help thee entrepreneurial organization.
TASK 3
P5:

the most likely characteristic traits and skills of Elizabeth Gooch and Tom Mercer, stating how
they are differentiated from those of business managers.
Traits an skills of an individual supports for achieving the goal and objectives of the
organization in successful manner. Elizabeth Gooch always payed more focus on strategy,
strategy in terms of business. EG have always aimed at learning from the past. Learning from
past includes like to gain knowledge from the past success or past failure of the in achieving the
goal. She believed in determination (Baker, Grinstein and Harmancioglu, 2015.. Any one can
have great business idea but the few have the determination of accomplishing it successfully. It
is termed as quality that makes the company continue attempting and trying to get which is hard
to achieve. EG ambitious and when her business needed an additional capital fund she decide to
float the company and on alternative investment market, thereby she retained the control on the
business.
Tom Mercer a creative thinker and dreamer. He always spent his time in dreaming about
business ideas (Bruni, Gherardi and Poggio, 2014.). He always tried finding idea for business
from the general life. For eg . He started his first business by taking idea from general life of
himself and then he sold healthy breakfast to Waterloo station. He believed in learning from
rejection because he had taken always some positive from the negative comments he received
about the product he made. A business or company should learn from the feedback whether its is
negative or positive. Tom Mercer having good decision making skills that made him to lead the
company and that also helped reaching the business to top. He having good communication
skills too that made him coordinate with his employees. He believed in taking ideas from the
staff of his company so that he can put some creation and innovation in his company's product.
P6:
Entrepreneurship personality comprises human attitude, ability, motives, characteristic an values
which shapes the person's experiences and actionsElizabeth Gooch very dedicated and
determined towards her goals an objective of the business. She not afraid in taking risks. If a
business not takes the risk then it will never know how t deal with failures . Risks never always
lead to failure many times it proves successful also (Carland, Carland and Stewart, 2015). Being
and entrepreneur she also had the high level of confidence which helped her in the most stress

full situations .She knew that big challenges results in big rewards. She has the mentality that to
be successful entrepreneur one should know how to spot the opportunity when most of the
people see a little possible change. She very much passionate about her business.
Passion encourages a person to continuously go towards the goals the one has set.
Whereas Tom Mercer having crave for the learning and very sharp thinker. One should have
stay sharp and that requires constant learning . Staying sharp, through constant learning enables
entrepreneurs to stay ahead and avoid getting passed. He knew that failure is a part of game. If
one understands that failure is part of being and entrepreneur then he will take those failures to
use them as learning experiences. Real world experiences made him to learn from the failing of
any plan (Castello, Barbera and Vaara, 2016).. Mercer highly adaptable to situation that allows
him to make decisions in the troubling situations and environments. Being an entrepreneur
adaptable to situations give you the ability to respond quickly. Hew having the quality an ability
to sell and promote his product that made him able to let people know about his product and the
business he carrying on. So being an entrepreneur one should have all the quality and
personality like EG and TM to run his/her business and to achieve the objectives of it
successfully.
M3
There are various traits , skills and characteristics that make the entrepreneurs makes
their business successful (Dooley and Kenny, 2014. Some of which can be conclude from the
above discussion are termination , dedication, passion, adaptability, stability, planning wisely
etc. It can also be conduced that being an entrepreneur one should have positive attitude towards
his goals and should never hesitate in promoting his business that mean he should be shameless
promoter. An entrepreneur must always remember that whatever he/ she is making is all about
the customer.
D3
Motivation is always must for the growth of a businesses. An entrepreneur should always
motivate and encourage the employees involved in his business. This helps in achieving the
target more effectively(Schlaegel and Koenig, 2014) . Tom Mercer himself a motivational
person and when his small business MOMA about to fall and got rejected by the many

companies, he encouraged himself and his MOMA team to do work with more potential and then
after 4 months the team had grown up and made a comeback in market with improved quality of
product.
TASK 4
P7
Personal background of an entrepreneur effects the business in many ways. Personal
background can hinder or foster the entrepreneurship. Elizabeth Gooch is founder and CEO of
the company ED solutions and she is very passionate about her business that makes her grow her
business efficiently. She was ambitious and passionate about her work that made her
entrepreneurship successful. On the other hand in case 2 Tom Mercer, a graduated of Cambridge
University,was a management consultant with Bain and Co. in the city of London. He was very
dedicated toward his work. Further it utilize its time in very effective manner (Hmieleski, Carr
and Baron, 2015). Further it can be stated that entrepreneurship is activity which assist owner of
the business in generating innovative ideas and creativity in order to carried out business
operations and function.
From both the case it has been assessed that with the help of various knowledge and
interpersonal skill an entrepreneur can compete in competitive market. Along with this, it
characteristic help entrepreneur in survive in competitive market. Further there are some
entrepreneur activity which help in facing the challenges without getting demotivate. It is
important to adjust business and its activity according to the ups and down which take place in
market due to economic condition and changes in government policy (Zhang, Song and Zhong,
2016)..
Further there are many challenges which company faced at the time of carrying out
business operation. All challenges a entrepreneur need to accept and manage all work
accordingly. There are new technologies in market which can be adopted in order to make
quality product and services. Further at the time of carrying out business activity there are
several type of skill which can be developed itself. Hence, from the case of Elizabeth Gooch and
Tom Mercer is has been identified the way personal and background and experience can hinder
or foster entrepreneurship.

M4
There is link between entrepreneurial characteristics and the influence of personal
background and experience to Elizabeth Gooch and Tom Mercer. entrepreneur with their new
organization formation and enterprise activities are handled as an significant factor in order to
development of the business (Schlaegel and Koenig, 2014). Pretender who start new business
can be motivated from their personal background and experience. Elizabeth Goolch always pay
attention on strategy and she never get demotivated whenever any loss occur in her business. On
the other hand in case of Tom Mercer it can be stated that entrepreneur is about creating a new
realities and transposing old ideas in new situation.
D4
The characteristic traits, skill and motivational drivers of Elizabeth Gooch and Tom
Mercer. They both are self motivated who never get disappoint from the loss which they face in
business. Further both possess skill which an entrepreneur must have in order to achieve
success.
CONCLUSION
Summing up the present report it can be concluded that Elizabeth Gooch very dedicated
and determined towards her goals an objective of the business. She not afraid in taking risks. If
a business not takes the risk then it will never know how t deal with failures. A business or
company should learn from the feedback whether its is negative or positive. Tom Mercer
having good decision making skills that made him to lead the company and that also helped
reaching the business to top. He having good communication skills too that made him
coordinate with his employees
REFERENCE
Books and Journals
Bae, T.J. and et.al., 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship Theory and
Practice. 67(2). pp.217-254.

Bae, T.J. and et.al., 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship Theory and
Practice. 67(2). pp.217-254.
Baker, W.E., Grinstein, A. and Harmancioglu, N., 2015. The Role of Entrepreneurial
Orientation in Overcoming Known and Unknown Barriers to Entry in Foreign Markets. In
Proceedings of the 2010 Academy of Marketing Science (AMS) Annual Conference. 76(6).
pp.96-97.
Bird, B., 2015. Entrepreneurial intentions research: A review and outlook. Internafional Review
of Entrepreneurship. 56(3). pp.143-168.
Bruni, A., Gherardi, S. and Poggio, B., 2014. Gender and entrepreneurship: An ethnographic
approach. Routledge.
Carland, and et.al., 2015. Seeing what's not there: The enigma of entrepreneurship. Journal of
small business strategy. 7(1), pp.1-20.
Carland, J.C., Carland, J.W. and Stewart, W.H., 2015. Seeing what's not there: The enigma of
entrepreneurship. Journal of small business strategy. 6(1). pp.1-20.
Carland, J.W. and Carland, J.C., 2015. A model of potential entrepreneurship: Profiles and
educational implications. Journal of Small Business Strategy.8(1), pp.1-14.
Carraher, S. M. and Paridon, T. J., 2015. Entrepreneurship journal rankings across the
discipline. Journal of Small Business Strategy. 19(2). pp.89-98.
Carraher, S.M. and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 87(2). pp.89-98.
Castello, I., Barbera, D. and Vaara, E., 2016, January. Legitimizing Entrepreneurship Identities
through Failure Narratives. In Academy of Management Proceeding. 8(6). pp.15535.
Charness, A.N., 2014. The Role of Practice and Coaching in Entrepreneurial Skill Domains: An
International Comparison of LifeSpanChess Skill. The road to excellence: The acquisition
of expert performance in the arts and sciences, sports, and games. 89(5). pp.90-99.
Cherny, V.V. And et.al., 2016. Tryptophan 207 is Crucial to the Unique Properties of the
Human Voltage Gated Proton Channel, hHv1. Biophysical Journal. 89(3). PP.601.