Entrepreneurship and Small Business Analysis Report, UK Economy

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining various types of entrepreneurial ventures, differentiating between small business, scalable startup, large scale and social enterprises, and comparing social and lifestyle entrepreneurship. The report then examines the impact and significance of small and micro-businesses on the UK economy, supported by a PPT presentation. Furthermore, it analyzes the characteristics and skills of successful entrepreneurs, using Elizabeth Goach and Tom Mercer as case studies, and explores how an entrepreneur's personality influences motivation. The report also considers the environmental factors affecting entrepreneurial activity, offering a comprehensive overview of the subject. The report is contributed by a student for publication on Desklib, a platform providing AI-based study tools.

Entrepreneurship and
Small Business
Management

Table of Contents
Entrepreneurship and Small Business Management....................................................................................1
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
P.1 types of entrepreneurial ventrues.......................................................................................................3
P.2 Similarities and differences between social entrepreneurship and lifestyle entrepreneurship............4
TASK 2..........................................................................................................................................................5
P3) Impact of small micro and small business enterprises on UK economy............................................5
P4) Significance of small businesses establishments and their contribution in social growth of UK.......5
TASK 3..........................................................................................................................................................6
P5) Characteristics and skills of Elizabeth Goach and Tom Mercer........................................................6
P6) Effect of entrepreneurs’ personality on entrepreneurial motivation..................................................7
TASK 4..........................................................................................................................................................8
P7) Environmental factors that affects entrepreneurship activity.............................................................8
CONCLUSION...............................................................................................................................................9
REFERENCE................................................................................................................................................11
Books and Journals....................................................................................................................................11

INTRODUCTION
It has been seen over the world that most of the individuals want to start their own
venture rather than of doing job. They invent the process or things and want to apply in the
business along with the risk. Now the government also provides subsidies to the start up.
Basically, the entrepreneur is the individual who invent the process or things to emerge the
product in a new way with the risk in order to attain the set objectives or long term goals of the
enterprise. Entrepreneurs start their business according to their funding capacity.
Entrepreneurship also helps the country’s economy and try to boost it with the help of providing
tax, employment to the needy individuals. Entrepreneurship also improve the living standards of
the entrepreneurs, employees, etc.. in this era, every person wants to start their own venture and
also does not hesitate for taking risk for starting their own way.
TASK 1
P.1 types of entrepreneurial ventrues
There are many types of entrepreneurship. They help in the development of the economy
of the country. Entrepreneurs are the persons who run the business with knowing risk in it.
However, entrepreneurship is categorized as per their size (Schaper and et.al., 2014). They are
mentioned below:
Small business entrepreneurship: There is a overwhelming majority of small business. As this
is easy to operate. Small business entrepreneurship does not require the much money to start.
Examples of small business entrepreneurship are grocery stores, saloon, travel agents,
consultants, etc. they are the one who operate their own business. To run effectively,
entrepreneurs hire the regional people, family or friends. They contribute to the economy of the
nations (Bae, 2014). As they are the one where the entire economy is majorly dependent as these
provides at least 50% employment to the non governmental workers. These are mainly profit
oriented and feed to their family. However, no investors have been attracted to SBEs as these are
build by personal funding of entrepreneur.
Scalable start up entrepreneurship: This is totally different from the small business
entrepreneurship. As they are able to attract the investors to invest their money and lubricate
them to gain the better return on it. These kind of start ups are incorporated after taking in the

mind in the entrepreneurs that what there vision from the starting day is?, and they strive hard to
attain the vision. They hire the most talented people so that the enterprise will able to make more
innovation in processing.
Large scale entrepreneurship: these are having limited life cycle. Many of the firms grow via
sustaining innovation, providing new and innovative products, advanced technologies,
legislation, etc. so that these entrepreneurship are able to form pressure for disruptive. However,
large scale enterprises requires huge capital for incorporation (Martin, McNally and Kay, 2013).
Some of the large scale enterprises are come from Scalable enterprises.
Social enterprises: These are the enterprises by which entrepreneurs are innovative and make
creative products and services that serve social needs of the community. These enterprises are
mainly designed to develop a world a great place.
P.2 Similarities and differences between social entrepreneurship and lifestyle entrepreneurship:
There are so many similarities and dissimilarities. Social enterprises are those which have
been incorporated for the purpose of society and also wants to serve to the social needs of the
people. On the other hand, lifestyle enterprises are profit oriented and they also concern to profit
making. They doesn’t concern to the social welfare. Lifestyle enterprises are mainly concerned
to upgrade the lifestyle of the entrepreneurs and their employees. But both are formed to make
the innovative and creative products for ultimate profit motive (Wiklund and et.al., 2016). They
both are taking the risk while operating.
Here are the main differences between social and life style entrepreneurship:
Point out on the team rather than individual: Social enterprises are mostly concentrated on
making team and also work within the team. But the life style enterprises are only concerned to
their benefits. They work as an individual. they does not do any philanthropic activities or social
welfare activities.
Perceptions of value: for the life style entrepreneurship, esteem lies in the benefit the life style
entrepreneurs and financial specialists hope to harvest as the item sets up itself in a market that

can bear to buy it. The life style entrepreneur is responsible to shareholders and different
financial specialists for producing these profits. On the other hand, there's likewise esteem in
benefits, as profits are important to assist the cause (Nambisan and Baron, 2013). Value for the
social business person lies in the social advantage to a group or change of a community that does
not have the assets to satisfy its own needs.
Measure of profitability: The Project of life style entrepreneurs are constantly intended to turn
profits that could provides benefits to the partners, shareholders or private financial specialists.
Social entrepreneurs also may take part in revenue driven exercises. Although, they regularly
structure their associations as philanthropies, or they give their benefits to the causes they help.
Approach to wealth creation: Social entrepreneur and the business entrepreneurs are also
appreciated to change the present state of affairs, their missions contrast essentially. The business
entrepreneur is headed to improve inside a business market, to a definitive advantage of
purchasers. If successful, the advancement makes riches. The wander's prosperity is gauged by
how much wealth it makes. On other hand, the social entrepreneurs, wealth creation is vital,
however not for its own particular purpose (Grimes and et.al., 2013). but, wealth is essentially a
device the social entrepreneur uses to impact social change.
But ultimately, they all are linked to the creation of money. Whether, they are concerned to the
social entrepreneurship or life style entrepreneurship, there main motto is to make the wealth that
could be used fro their purposes. Now, there has been a drastic change in the corporate world,
everyone is thinking about the society where they operate their business (Zhang, Duysters and
Cloodt, 2014). These objectives helps to attain the long term objectives of the enterprises and also
assist the enterprises to attaint the sustainable development over the competitors.
TASK 2
P3) Impact of small micro and small business enterprises on UK economy
Covered in attached ppt.
P4) Significance of small businesses establishments and their contribution in social growth of
UK
Covered in attached ppt.

TASK 3
P5) Characteristics and skills of Elizabeth Goach and Tom Mercer
An entrepreneur is a person who takes initiative and risk for handling situation and doing
something great. For this outstanding courage, a risk takes must have specific qualifications. As
per the case scenario, there are two cases related to entrepreneurship activity as Elizabeth Goach
and Tom Mercer (Drucker, 2014). In this regard, various characteristics and skills are analyzed
to operate business activities effectively. However, their quality features can be understood as
follows:-
Positive attitude and risk taker:- In the given scenario, it is recognized that Elizabeth solves out
all issues with intelligence. However, she takes risks regarding business activities with complete
determination. Moreover, taking risk and initiate for applying innovative ideas are considered as
great working efficiency (Schaper and et.al., 2014). However, being action oriented and reducing
risks with full potential affects organization’s effectiveness.
Initiative:- In the example of Tom Mercer, it is analyzed that initiate for doing something
unique and great is one of the most characteristic of an entrepreneur. He takes initiate to produce
breakfast across London. In addition to this, he creates different unique ideas to make product
more efficient. Therefore, he steps up for innovations related to fruit juice and oats to make
products more effective and qualified (Bae, 2014). Thus, being initiative is a positive aspect of
entrepreneur for creating goods unique as well experiences something new in business activity.
Action oriented and passionate:- An entrepreneur has quality of passion that do not stop him for
achieving set goal. It is related to being action oriented as well increasing passion for
entrepreneurship activity. Including this, making decisions and granting extra efforts for
innovative plans. However, it is essential for an entrepreneur to have passion and action oriented
organization for creativity in business operations (Martin, McNally and Kay, 2013).
Competitive:- According to given examples of two cases related to Elizabeth Goach and Tom
mercer, it is identified that an entrepreneur has competitive skills. It influences power and
potential to make products more creative and bring unique that attracts customers at high level
(Goffee and Scase, 2015). Through these cases, it is achieved that preparing planning and
organizing activities according to competition interrelated with market position of organization

and product value. Therefore, it is necessary for an entrepreneur to be competitive and producing
goods and services in market in respect of consumer intentions.
Thus, above mentioned characteristics and skills are useful for an entrepreneur to initiate
for creating unique in product quality. In this regard, it is suitable for entrepreneurship activity
as well considers as effective form operating business activities.
P6) Effect of entrepreneurs’ personality on entrepreneurial motivation
An ideal entrepreneur is able to enhance business organization more effective and
increasing quality services of goods. However, his skills related to setting up and organizing
entity affects business and competitive strategies. In this process, it generates different
motivational tools and efficiencies for creating innovations (Wiklund and et.al., 2016).
Therefore, impact of entrepreneurs’ personality on entrepreneurial motivation can be described
as follows;-
Zeal to create extra innovations:- An entrepreneur has passion to generate better working
efficiencies and increasing extra efforts for business operations. It is interrelated with creating
innovations and using new techniques for effective productivity and profitability (Nambisan and
Baron, 2013). For example; after getting success in creating innovations for better breakfast
services for Tom and mercer, he encourages more for using extra uniqueness in product qualities.
Along with this, it is determined that entrepreneurial motivation is key tool for making products
more effective and enlarging better quality services for business operations.
Increasing competitive strategies:- Entrepreneur’s personality related to taking risks and
competitive advantages encourages him for better working qualities. In accordance to this,
business operations and competitiveness get enhanced efficiently for creating innovations and
motivating all performers for expansion of enterprise. Thus, fame for innovations and better
quality services is interrelated with extra efforts for efficiency and effectiveness of entity.
Creating strong work ethics:- For effectiveness in business operations, it is essential for an
entrepreneur to making working ethics more powerful. It is interrelated with working efficiencies
and innovations for product qualities. In this regard, attractive personality related to making
decisions for business operations affect organization’s effectiveness at large scale (Grimes and
et.al., 2013). For instance, through these given two cases, it is recognized that working ethics for

better quality services and innovative roles for entity’s effectiveness impacts on social and
ethical values. Hence, strong working ethics leads to motivate entrepreneur for creating
innovations in business prospective.
Additional advantages:- Increasing in entrepreneurship stimulates other people of country for
setting up new business and creating innovations in performance. It is interlinked with country’s
effectiveness as well that affects different other sectors such as employment, education, social
awareness and so on . Therefore, nation’s effectiveness get enhanced at large scale (Zhang,
Duysters and Cloodt, 2014).
Hence, having entrepreneurial skills and characteristics impacts on different motivational tools to
increase quality efficiencies. In addition to this, great level of confidence and zeal occurs for
better working performance and enhancing quality services that incareses innovations and
something extra unique in product qualities. Hence, entrepreneurs’ skills and personality affects
business performance and varieties of quality features for unique innovations in business
operations. In this process, entrepreneurial motivation and quality skills performs effective role
for organizations’ growth and adequate contribution in country’s economic growth. Moreover,
through given cases’ examples, it is evaluated that Elizabeth Goach and Tom Mercer skills and
their thinking regarding business operations motivated for better work performance (Bikse,
Rivza and Riemere, 2015). Hence, entrepreneurs’ personality and working styles leads them for
taking initiative to being risk taker and implementing quality services for organization’s growth.
TASK 4
P7) Environmental factors that affects entrepreneurship activity
Entrepreneurship activity is an approach for taking risk and initiate for setting up new
entity and creating innovations related to business operations. In accordance to this, different
environmental factors get affected to operate business activities. New innovations and varieties
of uniqueness is obtained for implementing quality services. Several positive and negative
aspects are emerged for organization’s effectiveness. In this regard, increasing in employment
aneducation sector get impacted through creating innovations in business operations. However,
expansion of business entity through enhancing business and competitive strategies get increased
effectively for competitive advantages. Moreover, risk assessment and handling situations skills

get developed through this activity. In this process, environmental factors as internal and external
are affected regarding business operations and innovative ideas for creating better performance
(Barreto, 2013).
In this way, according to given case scenarios, it is determined that Elizabeth Goach and Tom
Mercer new innovations created unique and positive atmosphere that impacted different factors.
For example; employment and economy of nation get enhanced through recruiting applicants for
job performance. However, it is recognized that new innovations in business organization’s
operation effect positively for enhancement and different innovations (Mukherjee, 2016). Apart
from this, on the contrary, it is analyzed that for taking risk and implementing plans, there are
several risks analyzed that affects business operations and its product quality. However,
inefficient fund and uncertain goal remains unable to reach out set target. It is difficult to get
determined succession for enterprise’s efficiencies. In accordance to this, environmental factors
get affected through these tools that are related with organizations’ sustainability and market
values related to product efficiency. Thus, applying entrepreneurship activity for business
operations impacts on quality services and effectiveness that for business and competitive
strategies to aware society with innovative goods and services.
Hence, it is needed for entrepreneur to have patience and implementing determined activities
according to decided tools that motivates him for innovation. In this regard, social welfare and
interest towards attractive things get enhanced at high level. However, entrepreneurship activities
are able to take initiate and preparing planning for better working efficiency (Drucker, 2014).
Therefore, proper innovative techniques can be applied and initiates for organization’s
development at high level to sustain its good reputation as well maintaining attraction of people
towards goods and services.
CONCLUSION
The report is concluded that entrepreneurship is an activity for taking risk to operate
business activity more efficiently. In this regard, different entrepreneurial ventures and their
significance are presented. However, various characteristics and skills of an entrepreneur is
obtained through this assignment to gain better quality services and effectiveness of
organization. In addition to this, case scenarios of Elizabeth Goach and Tom Mercer are

considered that presents significance of entrepreneurship activities for innovative ideas regarding
business operations and sustaining good reputation of product services efficiently. Moreover,
impact of entrepreneurial activities on motivational tools for creating innovations are determined.
Along with this, impact of small business units on economic growth of UK is presented as well
their role model for nation’s various sectors’ efficiency. Hence, crucial roles of entrepreneurship
activity on nation’s economic growth is gained effectively through this report.

REFERENCE
Books and Journals
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Schaper, M.T. and et.al., 2014. Entrepreneurship and small business. Entrepreneurship Theory and
Practice. 6(2). pp.7-9.
Bae, T.J., 2014. The relationship between entrepreneurship education and entrepreneurial intentions: A
meta‐analytic review. Entrepreneurship Theory and Practice. 56(2). pp.217-254.
Martin, B.C., McNally, J.J. and Kay, M.J., 2013. Examining the formation of human capital in
entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of Business
Venturing. 676(2). pp.211-224.
Goffee, R. and Scase, R., 2015. Entrepreneurship in Europe (Routledge Revivals): The Social Processes.
Routledge.
Wiklund, J. and et.al., 2016. Entrepreneurship & Wellbeing. Journal of Business Venturing. 6(5). Pp.90-
99.
Nambisan, S. and Baron, R.A., 2013. Entrepreneurship in Innovation Ecosystems: Entrepreneurs' Self‐
Regulatory Processes and Their Implications for New Venture Success. Entrepreneurship Theory and
Practice. 8(5). pp.1071-1097.
Grimes, M.G. and et.al., 2013. Studying the origins of social entrepreneurship: compassion and the role
of embedded agency. Academy of management review. 897(3). pp.460-463.
Zhang, Y., Duysters, G. and Cloodt, M., 2014. The role of entrepreneurship education as a predictor of
university students’ entrepreneurial intention. International entrepreneurship and management journal.
78(3). pp.623-641.
Bikse, V., Rivza, B. and Riemere, I., 2015. The Social Entrepreneur as a Promoter of Social
Advancement. Procedia-Social and Behavioral Sciences. 185, pp.469-478.
Barreto, H., 2013. The Entrepreneur in Microeconomic Theory: Disappearance and Explanaition.
Routledge.
Mukherjee, K., 2016. The Psychology of the Successful Entrepreneur. International Journal of Advanced
Engineering and Management. 679(1). pp.25-32.