Entrepreneurship, Small Businesses, and Economic Impact Report

This report provides a comprehensive overview of entrepreneurship, exploring various types of entrepreneurial ventures, including small size social ventures, established organizations, large size social ventures, and high growth companies, along with their typologies such as survival firms, lifestyle companies, social enterprises, and managed growth firms. It highlights the similarities and differences between these ventures, focusing on aspects such as funding sources, creative ideas, managerial focus, skills, and technology investment. The report also examines the impact of small and micro businesses on the UK economy, the importance of start-ups, and the characteristic traits, skills, and motivational drivers of successful entrepreneurs, differentiating them from business managers. Furthermore, it discusses how entrepreneurial personalities and backgrounds influence the success of ventures. The report covers the role of innovation and technology in business growth, and the significance of effective communication and managerial skills in different types of ventures. Finally, it provides an analysis of funding sources, technology investments, and the overall managerial focus of various entrepreneurial ventures, providing a detailed comparison between different venture types.

ENTREPRENEURSHIP
AND SMALL
BUSINESSES
MANAGEMENT

Executive summary
The present report has covered types of entrepreneurial venture and types of typologies
which is related to entrepreneurial venture. It reflects similarities and difference between
entrepreneurial ventures and also shows some relevant data of small and micro businesses impact
on UK economy. The current report has discussed successful entrepreneurs, small businesses,
start up businesses, characteristic traits, skills and motivational drivers of successful
entrepreneurs which is different from managers. This report was discussed about three successful
entrepreneurs.

Table of Contents
INTRODUCTION...........................................................................................................................2
P1 Different types of entrepreneurial ventures that relate to typology of entrepreneurship........2
P2 Similarities and difference between entrepreneurial ventures................................................4
P3 Small and micro businesses impact on economy within relevant statistics and data.............8
P4 Importance of small businesses and business start up to growth of economy........................9
P5 Characteristic, skills, traits and motivational drivers of successful entrepreneur that is
different from other business manager......................................................................................10
P6 Entrepreneurial personality reflect entrepreneurial mind set and motivation......................12
P7 Background and experience hinder or foster entrepreneurship............................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
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INTRODUCTION
Entrepreneurship is heart of each and every business, large organization started out small
business control or lead by businessman. Entrepreneurship sequence is designed to build
businessperson skills step by step. The present report is based on different types of
entrepreneurial ventures and also explain their relation with different types of typologies. This
study clarifies the differences and similarities between entrepreneurial ventures and also explain
SME's businesses affect on UK economy (Dew and et.al., 2018). It justifies importance of start
up businesses and small businesses in growth of social economy. Moreover, this study shows
characteristic, skills and motivational drivers of successful entrepreneurs which is different from
business manager. This report explains entrepreneurial personality reflect entrepreneurial mind
set and motivation and also justify successful entrepreneurs background, experience that foster or
hinder them.
P1 Different types of entrepreneurial ventures that relate to typology of entrepreneurship
Entrepreneur- Entrepreneur is someone who practices initiative by managing business
to take benefit of any opportunity. In other words' entrepreneur is a person who take any venture
decision and decides how, what and how much of services and products will be manufacture. A
person takes many risks to run a business in marketplace known as risk taker. Entrepreneur
controls and monitors business functions and activities.
Entrepreneurship- It is the procedure of launching, designing and running new or
existing businesses, which is often a small business. The people who make these businesses are
known as entrepreneurs. It has been described as willingness and capacity to organize, develop
and managed a business along with many risks in order to make money.
Entrepreneurial venture- A person or individual who outset and run their business with
limited planning and resources and is responsible for overall rewards and risks of her/his
business venture.
Enterprise- The enterprise is business or firm, often medium and small ones, it is a task,
a willingness to take on new tasks, an undertaking venture. New start up business is an example
of enterprise, someone taking opening to start new business is known as enterprise.
Types of entrepreneurial ventures-
 Small size social venture- The majority of ventures in today's world is still small
businesses, in UK many organizations are small businesses and they employ 50% of all
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non governmental employees. They are generally just profitable, but they make money
only to balanced living standards and support their families. For example, Funeral care
is considered in small size social venture, they operate over than 1,000 funeral homes and
is the biggest funeral director in UK. In addition to their funeral home operations, they
run repatriation facilities; cemeteries and crematoria etc.
 Established organization- The company that is established as a mean for achieving
outlined business objectives has been refereed to as well established firm (Schimmer,
Geschuhn and Vogler, 2015). Established companies mostly run their business
individually, for example, TESCO is well developed company, operate their business
activities and functions effectively.
 Large size social venture- Large firms through sustaining creation or innovation, offer
new goods that are different around its core product. Large companies manufacture their
new products in order to meet or fit with changing consumer needs and modern
technology. For example, NHS is considered as large size social business venture, they
serve their services in many countries for the purpose of improving health of people's.
 High growth companies- High growth firm is any organization whose business
generates high revenue and significant positive cash flows. High growth and succeed
firms earn profit more than the other companies which maximize at significantly quicker
rates than all over economy. For example, Google is well developed and the most
successful company in the world. They serve their services at worldwide and earn profit
more and more rather the another.
Types of typologies-
 Survival firms- Medium size companies and non subsidiary small firms is included in
survival organizations. Survival firms provide basic support for businesses-person and
her/his family. Funeral care is one of the survival firm that may or may not be formally
registered and have very few assets.
 Lifestyle companies- Lifestyle ventures is a business run and set up by its founders
basically with aim of sustaining specific level of income. They provide better services to
their customers and earn profit and enjoy specific lifestyle. TESCO is considered in
lifestyle firm because they manufacture clothes and other products according to current
trends.
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 Social enterprise- Social firm is a company that utilize commercial strategies to increase
improvement in social, financial and environmental well being. NHS is performed for
well being development and improvement.
 Managed growth firms- Those companies who are growing faster than their competitors
and broader economy is called managed growth firms. Google is an American
international technology organization that is specialized in internet related products and
services.
P2 Similarities and difference between entrepreneurial ventures
Bases of
similarities
Small size social
venture
Established
organization
Large size social
venture
High growth
companies
Funding from
some venture
capitalist
Small size
venture run their
business and
serve service with
the help of
collecting funds
from their friends
and families
members. They
also gathered
funds from other
business capitalist
or money
investors.
Well established
companies take
funds within any
difficulty
situations or for
the purpose of
expand their
business.
Large size
venture funding
from banks and
investors which
helps to achieve
their desired goal
and business
objectives.
High growth
firms or business
ventures
implement new
high tech
technologies in
their business
which required a
lot of financial
budgets. Thus, for
new high tech
technologies, high
growth firms also
take some loans
from banks just
like large size and
other companies
do.
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Creative ideas Small business
does some
creativity and
create new ideas
in business to
make it successful
in marketplace
just like the other
firms.
Established
companies also
create creative
ideas which is
very essential for
business growth.
Large size
organizations
often creates new
ideas and
manufacture
products
according to it.
They offer
customers
different or
unique products
with the help of
creative ideas.
With the helps of
making creative
ideas these types
of venture will
grow more and
more rather the
others and place
business at high
platform.
Strong willed
entrepreneur
In small size
venture person or
business owner
have strong
willed power that
help to build
business and
make them able
to serve services
effectively.
Well established
companies also
run with the help
of strong willed
and minded
person.
Large size
organizations
generate high
revenue and
increase profit
because of strong
minded person
who make ideas
or take decision
as business
growth.
High growth and
successful
companies work
effectively and
perform at high
level because just
like the another
ventures they also
create new ideas
make perfect
plans Via strong
minded person.
Constant
innovation
Small size
ventures in some
extent does
innovation in
their business
Established firms
invest few of
money to
implement new
technologies in
Large size
ventures
continually
innovate
something new
Just like the other
ventures high
growth companies
also does
continual
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under their
budgets.
business just like
small size
business.
because they have
good financial
budgets.
innovation but
they have high
financial budget
more than the
another ventures.
Differences Between entrepreneurial ventures-
Bases Survival Life style Manged growth Aggressive
growth
Managerial focus Survival firms
focus on growing
their business
more than now.
Small or survival
companies earn
profit just to
fulfill the basic
needs.
Life style firm
also need to grow
business, but their
focus is to earn
money.
Managed growth
companies such
as Google focuses
on earn profit and
expand their
business at
international
level. Their
managerial focus
is different from
the other business
ventures.
Aggressive
growth companies
focus on using
new technologies
in their business
and improve
products quality.
Managerial skills Small size
ventures take
good decision it is
one of their
managerial skill
which helps to
grow and earn
profit because
they do not have
Lifestyle venture
are willingness to
learn something
new and different
from the others.
These types of
ventures does
some creativity in
their business as
Effective
communication is
one of the
managerial skills
which is essential
for business
growth. Large
size companies
perform including
Aggressive
growth
organizations
motivate workers
for enhance their
performance
which helps to
increase profit
and generate high
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funds much than
another ventures.
compare to small
size businesses.
effective
communication
because with the
help of this they
can find out the
best solutions
rather than small
organizations.
revenue.
Sources of
finance
Small size
venture take
funds from their
family and
friends.
On the other side
lifestyle venture
do not collect
funds from
friends they take
loan from
business
investors.
Managed growth
organizations
gather funds for
business growth
and earn profit
via bank loans
and make
agreement based
on partnership
which is one of
the best source of
funds used by
large firm rather
than the others.
Aggressive
growth
organization
gather funds via
partnership and
investors who
invest money for
new technologies
and upcoming
things.
Technology
investment
Small ventures do
not implement
any technology in
their business
they only create
some ideas.
Life style venture
such as TESCO
invest money in
technology
because they need
to fulfill the
needs of
customers.
These types of
companies invest
a lot for
implementing
new technologies
such as Google
always come up
within new
They invest
money in new
technologies as
the purpose of
rapid growth in
marketplace
rather than the
others.
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technologies
because they
invest a lot as
compare to
another
entrepreneur
ventures.
`Organization
structure
Small ventures
does not have
large business
structure. They
just have the flat
organization
structure.
Hierarchical
structure refers to
life style venture
because they
considered in
large ventures.
As compare to
other ventures
managed growth
such as Google
organization
follow
hierarchical
structure which
reflect their
business
operations
efficiency.
Divisional is one
of the
organization
structure followed
by aggressive
growth company
which is quite
different from the
another
entrepreneurial
ventures.
P3 Small and micro businesses impact on economy within relevant statistics and data
Micro businesses- It is usually defined as small business employing only nine people in
firm or less. In other words non domestic customer is defined as micro ventures because they
employ less than 10 workers and has a one-year turnover or balance sheet. Medium size
companies contribute 47% of revenue to UK economy, they play role as boosting productivity of
business, but still need support to enlarge their business in marketplace and increases impact. In
UK small business run effectively and hire less qualified people in firm which helps people to
survive their lives. Medium size organizations provide good offer to people's which help to fulfill
the basic needs of their lives. They contribute for improving UK low productivity as much higher
than the another country after Brexit. Medium size firms hire new people and give good salary
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which is quit good enough for them. They do not contribute as much as than small business but
still be beneficial for economy growth.
Small businesses- Small businesses are backbone or back support of UK economy,
opening new markets, driving growth and create jobs therefore its contribution is important
rather than the another. In UK there are 5.6 million small businesses run effectively and start new
business more and more. They consistently grow as compare with past few years, small ventures
give high contribution in economy growth. They accounted for 99.3% of all the private sector
businesses at beginning. Small businesses offer 16.3 million job or employment opportunities to
economy which helps to maintain their living standards. SMEs earn more than £2.0 trillion and
generate high profit revenue. After Brexit people will face many difficulties in their lives they
will not be able to fulfill their basic needs, small businesses support at this moment they hire new
and low qualified individual. They make some innovation in their business which is beneficial
for business expansion. With the help of innovation they offer the best services and products to
customers which helps to generate revenue and increase profit. High profit means good salary
that balance lives of people in economy more and more.
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Illustration 1: SME's Contribution
(Source:SMEs in the UK, 2017)

P4 Importance of small businesses and business start up to growth of economy
Important of small businesses-
Small businesses contribute to economies by bringing innovation ad growth to social
economy in which ventures is established. They also support stimulate or local economic growth
by offering the best employment opportunities to each individual who may or may not be
employable by biggest firms. 27 million Small businesses in UK generate 50% of GDP, they
contribute to growth. They work in several essential areas of socioeconomic and economic
development. After Brexit many people loss their jobs and face issues or difficulties to survive
their lives. SMEs is ones who helps to overcome people within impact of Brexit and play
important role as life saver (Hillary ed., 2017). They offer people a lot of employment
opportunity and helps to survive in lives and make them able to fulfill the needs of their families.
Small business will be able to develop good consumer relationship which is one of their key
benefit, they generally lean staffing that is as advantage for them. They are important for
economy growth which in results effect economy is huge. They are quick because small business
adopt changing marketplace situations and goods innovation quickly
Businesses start up importance in growth of social economy-
Start up ventures may be small organizations but they play important role in growth of
social economic growth. They create jobs more which means high employment and more
employment reflect as improved economy. Start up businesses mainly focuses on creating their
image in marketplace better than the others in which they make all the efforts and manufacture
innovative products and services with the help of employees or group of people. Not only that,
new businesses also contribute to UK economic dynamism by prodding invention and injecting
competition. Innovations is one of the main driving force of start up ventures behind economic
development and improvement and also increase productiveness in knowledge based society.
They are very important for economic growth and development of nation or any country.
P5 Characteristic, skills, traits and motivational drivers of successful entrepreneur that is
different from other business manager
Entrepreneurial mind set define particular state of mind which orientates human conduct
towards businessperson outcomes and activities. Individual with this mind set are often draw to
innovation, opportunities and new value creations (Huggins, Prokop and Thompson, 2017).
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