Entrepreneurship and Small Business Impact on Economy Report

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by examining different types of entrepreneurial ventures, such as sceptical, copycat, research, determined, and accomplished entrepreneurs, and their relationship to entrepreneurial typology. The report then explores the similarities and differences between these ventures, focusing on goals, mindset, value creation, and marketing communication. Subsequently, it analyzes the impact of micro and small businesses on the UK economy, using relevant data and statistics to illustrate their contribution to job creation and market innovation. Finally, the report discusses the contribution of start-ups and small businesses to the growth of the social economy, highlighting their role in societal changes and environmental impacts. The report provides a comprehensive overview of the key aspects of entrepreneurship and small business management, making it a valuable resource for students studying this field. The report is available on Desklib, a platform providing AI-based study tools and resources.

ENTREPRENEURSHIP AND
SMALL BUSINESS MANAGEMENT
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TABLE OF CONTENTS
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INTRODUCTION
The study of the entrepreneurship and the small business management issues mainly
addresses the variety in the business forms and the preparation creating new ideas and
innovations to create a business in the newer processes that will distinguish the business from the
other businesses. The business will make the structures, funds, activities, training, employment
and more of the operations will make the newer generation of the entrepreneurial environment.
The study generates the financial support and economic condition of the society as well as the
social and capital impact on the small businesses and activities that deals with the business
criteria. The overall market needs to target the niche business areas that support and functions
with the turnover with a view to giving the employment opportunities. The Growth of the
business may grow the economy with more of the small business into the economy. The market
will study more of the small business targets and the impacts.
TASK 1
P1 Different types of entrepreneurial ventures and their relation with the typology of
entrepreneurship.
The entrepreneurial operations are done by the one who manages, assumes and works in
order to make the business a successful one with the bringing of new ideas and innovations in the
business. The broader definition of the entrepreneurship brings the founding essence of a
business and any organisation which connects and promises to make a significant difference in
the market to make differences out of the whole big blend of numerous businesses. New genre of
motivation and the operating systems creates the differences in the businesses and make it trendy
with the number of impacts falling on the consumer's, employees and the market itself. There is
huge number of difference in the market and the type of entrepreneurship also varies according
to the business type and skills (Ramadani et al. 2015). The entrepreneurial ventures may be
streamed in the following different segments with the relationship of the typology:
a. The sceptical entrepreneur- These kinds of entrepreneurs seeks the entrepreneurial activities
from watching a business grow. The starting of the business can be examined in order to meet
the inheritance of the success of the entrepreneur who looks into the strategies of making the
business a successful one. With a view to believe in the sceptical approach and the actions of
one's own contribution, it is sometimes required to follow the strategies and the action plans.
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This is because it makes them believe in the mindset and the operations that they start so that it
creates an example for the consecutive to make a business stand.
b. The copycat entrepreneur- This type of entrepreneur sees the success of the others in order to
make the own business an example and better than the copied one. The copying of the business
makes it look apparently same with the fewest differences in the operations as well as industry
operations. There is a difference in the modelling and copying.
c. The research entrepreneur- The entrepreneur here loves to learn with the research outcomes
of the possible scenarios that makes the business as well as the research a great success to get the
problem meet its actions. This is to implement the strategies with the growth of the business. The
research ends with becoming an excuse of taking the action which strives to learn the business.
The key to success is to learn the implementation and its operations.
d. The determined entrepreneur- This entrepreneur needs to make the values of the copying, a
success. He is the one to make the proofs and possible focus on the reality measures of the
market. The determination in the operations helps him grow a business without the help or
copying from others. It is hard to deal with the start-ups to be on the market among the
experienced entrepreneurs. However, it is not too tough to fight in order to reach the success line
and grow the business with more accomplishment of the reality.
e. The accomplished entrepreneur- This type of entrepreneur goes through all the stages of the
business and the building of a business. They are focused with the scaling of the business and its
sources that make it more focused with the legacy that runs in the tradition of his business. An
accomplished entrepreneur makes and finds the figure out with the success and connectivity with
the other business entrepreneurs. He is the one who have seen the struggles and learned to fight
against those in the market with the business freedom.
P2 Similarities and differences between entrepreneurial ventures
The growth of a business takes lots of time to stand from the part of the entrepreneur and
the market. Success is the different issue for each of the business owners and the entrepreneurs.
Success take times and the different kinds of business will definitely bear some similarities and
differences between them. Any business seeks money and the charities seek the impact on
making the balance south of the social enterprises by the process of self-contribution. This helps
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to work for any charity easily. The graph of the entrepreneurial spectrum focuses on the
sustainable profit, responsibility in case of the traditional charity and enterprises also (Mariotti
and Glackin, 2014). The kinds of business that decides the goals and the patterns of the
entrepreneurship will give the growing trends with the largest and the littlest differences and the
similarities among them. They are:
a. Goals- For a business, it is required to achieve the financial business goals. Therefore, there
can be the same business with same goals residing over the market and also there may be the
hardest competition in between two rival businesses with a difference in the business items as
well as the way of entrepreneurship.
b. Mindset- Different entrepreneurs have different kinds of venture for the business. The
strategies are not necessary to meet the pursuit of money all the time. It is the building of the
business that sums up the entrepreneurship criteria of the similar kind of businesses and the
differences in the decision making impacts of the businesses and entrepreneurs. The mindset of
the entrepreneur may similar to the copying and following of the business strategies as well as
the ways and operations. The differences can be followed with the total difference in the market
combinations.
c. Value creation- The business entrepreneurs deliver the value of the customers with the
pricing, costs and the heavy market co ordinations through the target business and service
offerings. The similarities may merge into the positive impact of buying values of the customers.
The difference may target the communities along the economic value and the creations.
d. Marketing communication- The market communication refers to the blend of similarities and
the differences among the certain traits that includes the aggression, scale, rapid growth of
entrepreneurship and demonstrating of the market orientation. The similarities here work with
both way communication processes that a market should handle in order to grow the positive
relationships with the customers. The differences in the marketing communication may speak of
the one-way type of communication of the entrepreneurs when there is need for the
demonstration of the business. For example, the online marketing and the communication is the
one-way promotion and this grows with the people buying the items more, afterwards. However,
the two processes also include the medium of communication in both ways with the physical
presence on the spot for buying the items.
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TASK 2
P3 Interpretation of relevant data and statistics to illustrate how micro and small business impact
on economy
Small businesses in the UK are the backbone of the market economy that makes the
driving economy a huge growth, opening markets with new ideas, creating jobs in the field of
market and their contribution to this field is vital. For the innovative ideas and the competition
processes, the market encourages the new entrepreneurs to bring in the fresh ideas over the
stimulus that works to the representation of the adaptation of the market. Small businesses are
good and they represent the 99.9 percent of the whole of the market economy into it. Confidence
is the strongly benefited feature that involves the UK market to make an impact on the economy.
This is, however, the wider landscape that makes the business move ahead with the challenges
and the regulations that make the finance processes grow.
The regulations and the research reveal the business operations with the proper
efficiency. This study of the research exhibits the small and medium-sized enterprises. That
considers the challenges of the achieving goal of the market. In 2014, the estimated 5.2 million
businesses in the UK had a thriving with a total of 99.9 percent. The target of the small
businesses grows with a view to targeting the niche market which will help them grow with the
continued growing process of the market and the sales. The medium sized market also knows
that the profit of the market depends on the target market and the entrepreneurs planning for the
market about targets will fix the business return (Brooks et al. 2014). The Investment in the
business and the business owner's concern about the business is just equal to the market return
which they expect of the niche markets. The economic impact falls directly on the business.
More the price, the economy will incur losses. The small market economy encourages the
burgeoning ambitions of the market. The British economy recovers with the outlook and the
paved opportunity will bring the employment processes with the introduction of the small market
economies and the businesses .
Most people of the small business gets aware of the market condition that makes the
annual return of the number of start-up businesses with the trend of showing the attitude of the
better time market. While the economic climate favours the lesser notion of the country's
economy and the small business opportunities. The UK's businesses classify the small or
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medium business criteria which meet the economy meet with a greater position. The healthier
position of the economy will sustain the balances with the introduction of more small and
medium business in the UK. The industry will get more sources to target all kinds of the
businesses that will incur more revenues. The similar items, as well as distinctive markets, will
require incurring profit on the various items that can be made to meet the economy of the market
with the niche start-ups with the entrepreneurial investment on the various sorts of market and
their outcomes (Alvarez‐Garrido and Dushnitsky, 2016). The relationship between the business
entrepreneurs and the consumers become solid with this introduction of the small and medium
markets. This makes the bond stronger in the way of getting more highlighted with the world of
business operations and the system of the business becomes more evident with the facilitator of
the Britain's existing businesses. This making of the market and the starting of the small
businesses do not make any sort of difference in the other markets they have the growth rate
equal to the newest innovations of the business.
P4 Contribution to the growth of social economy by the start-ups and small businesses
The growth of the social economy becomes highly benefited with the contribution of the
start-up and the small businesses on the social economy. This runs with the societal changes,
their contribution in business growth as well as the activities that are related in terms of making
the business process a worthy to be connected with the mass in a huge amount. The social
economy this way or the other makes concern about the environmental impacts and their
contribution. The impact of the business at the same way, may fall inversely in a ratio of positive
and negative aspects over the society (Guerrero et al. 2015). The introduction of new business
will give the functional opportunities. The employment of the employers and the contribution of
the general mass over the business will make a business stand in the society with the equal
coordination of the essential growth of the companies in the marker. The small businesses may
turn to grow with greater aspects and requirements and this may lift the employee's position to
work with better efficiency in the over field of sales and marketing. The significant
environmental impose may fall on the business to meet the difficulties and comply with the
studies that agrees to meet the echoed and progressive impacts that make the performances
active. The organisations require assisting the areas to improve the business operations with the
motivation of the society with which the business will run.
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The implying of the organisations have many progressive steps to carry the stakeholders
engagement on the business, the sustainability impact and the effective management argue to
reduce the sustainability with benefits to the achieved targets with the smaller business entities
that are fewer issues with the impact of wider supply chains (Ismail et al. 2016). The real
damaging of the environment may cause the disturbances and the mass of the society may not
support a business on the ground. However, the results and timeouts should be noticed and kept
in mind so that the outsourcing and the damaging environment may be repaired with the medium
production of the raw materials that makes the operations and the activities with the practices of
the global economic business operations. The diminishing returns of this small business may,
initially, incur losses, however, the operations and the training processes of the employees, as
well as the potentiality of reorganisation and the corporate functions with the social media
relations, will make the business growing.
There are around 5.2 million organizations working in UK in 2014 from which 99.9% of
private division organizations and around 60% of the private part occupations so they are viewed
as the foundation of the UK economy. As indicated by the Confederation of British Industry
(CBI) little and smaller scale venture will conceivably infuse about €20 billion in the economy in
around 2020. They likewise contribute in the advancement, business and the flexibility of UK
economy. Little and small scale venture are the essential wellspring of materials, thoughts,
process and administration that numerous bigger endeavours can't add to (Madsen, 2013). They
are significance since they add to a steady and monetary condition and the advancement of the
economy. They are likewise significance for neediness diminished, expanding trades,
diminishing imports, creating government, wage age, and so forth. Little and small scale
organizations likewise make UK more focused which pulls in the guests and financial specialists
and adds to the decent variety to towns and urban areas.
TASK 3
P5 Characteristics, traits and skills of successful entrepreneurs, which differentiate them from
other business managers.
Good entrepreneurs always differ with that with the business managers. The special
feature of the entrepreneurs excites the prospect of the business and the success fosters o the
personal traits with significant characteristics of the ideally possessed start over the business and
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their future orientation over the relevant researchers on the business that he focuses on. The
characteristics and the skills that successful entrepreneurs get easily differentiated from the
business managers are:
1. Motivation- The motivation that the entrepreneurs get from the full orientation of the
enthusiastic resources that pursuit the profit. The high energy levels are sometimes
important to target the increase in the market share. The self-motivation extends the
business tenure and the risks are managed well with facing the challenges.
2. Creativity and persuasiveness- Successful entrepreneurs have the creativity at a higher
level with the persistent quality of the business that tirelessly goes promoting and making
it grow.
3. Versatility- Company workers usually set to take up the internal procedures and the
processes with the natural processes of cash flow and the sales that takes the revenue all
the time and the business skills make the talents and professionals to make more contacts
from the business growth.
4. Business skills- Entrepreneurs are naturally capable of the internal systems of the
business, procedures and the ways through which a business runs. They are more
conveniently focused to the cash flow, sales and the contacts that will help them to meet
the professional network of the skills that make them professional every time they contact
a person for generation of the business ideas.
5. Risk tolerance and decisiveness- The entrepreneurship is risky and the assumption of the
research on the business of market concept makes the small scale industries to make the
perspectives more usual with the customer purchases through the transaction of the
responsibility as well as the decisions.
6. Flexibility and open-mindedness- The entrepreneurs need the steady and fast vision for
making the strategies as well as ten directions of the business operations. The better ways
to connect to the initial plans of the flexibility and the open-minded nature will always
give the unknowns with the tweak of plans and progressions of the market system.
P6 Assessing aspects of the entrepreneurial personality which reflect entrepreneurial motivation
and mindset
Entrepreneurship is the easiest way of taking money from people without annoying them
without their consent. This can be the hardest definition that can reveal the art of making money
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on the business ground. This makes the business stands on the whole of the market and makes
the ways for the people to get benefited by the business items and the developments of the
greater mistakes that make the summarized operations done quick (Madsen, 2013). The
reflection of the motivation that works within the entrepreneur and makes the sense of
intervention of the legislature, employment and contracts that can be an issue for the reflection of
the mindset which grows with the better functioning and making of better ideas. The motivation
works with the works of the competitors and the better workers that make it more visible with
the interesting thoughts of the entrepreneurial mindset.
There may be reasons for the stranded contracts that gets terminated with the whole of
the summarized pay-slip issues that benefits nothing of the seeking of the security with the
developmental criteria which succeeds the practical transformation that ought to be the
accustomed improvement in the business field (Zahra et al. 2014). The demonstration of the
business and the tendency of the employee terminations. The mindset operations should handle
all the factors of management processes which will resolve the employee training as well as the
productivity increase of the buses and rise will be followed by the overall operations of the
business will make a stand with the whole team management on the demonstration ground.
TASK 4
P7 Examining relevant examples obtained through your mini-research, how background and
experience can hinder or foster entrepreneurship
This is very evident that experience plays a very important role in the development of a
successful entrepreneurship. It can be said that background or upbringing of the person plays an
important role in building up an effective entrepreneur skills in the person. It can be said that
personal background helps the person to build his perception and the need of being an
entrepreneur. Thus, the background of the entrepreneurs helps in the development of successful
entrepreneur mind. A person getting proper education and knowledge at an early stage of life
will help him to recognize what benefits him the most and on how the person can develop
himself as a successful entrepreneur (Drucker, 2014). The birth of having effective entrepreneur
skill is built on the pillars of the education received by the person at an early age. The kind of
disciplines and rules in which he has stayed in the early age also affects the perception of the
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person mind on different factors. The person living in a disciplined family with proper education
will become obedient and educated enough to start up an effect entrepreneur career.
Thus, it has become evident that personal background affects the development of people
mind which will ultimately affect the entrepreneur's career in the coming future. It can be said
that there are various aspects which get affected through the personal background of the person.
Considering the personal aspect it is very important that we consider the economic aspect two
capital is one of the most essential components which is needed in order to start a proper
business which will help the person in building up an organization Monetary resources are one of
the most needed ingredient that an entrepreneur needs to start a business become successful if the
person belong from poor background he may face problem while gaining the capital for the start-
up firm. This hinders the progress of successful entrepreneur because the person cannot gather
the amount of monetary resources which is needed in the company for starting the business. The
availability of raw materials and labour are other factors which affect the entrepreneurship of
person.
Cultural background is also a factor which may affect the entrepreneurship of person in
various places. There are some psychological factors which will affect the entrepreneurship. The
need of achievement is the first factor which will ignite the success finding will of the
entrepreneurs to create a proper mental setup which the entrepreneur will have while starting up
a new business. Motive and objective of the person for being and successful entrepreneur is
another factor which will affect the entrepreneurship of person. If the entrepreneur has strong
and high motive it is very evident that the entrepreneurship will succeed even though there will
be some ups and downs. These are factors that may either hinder or foster the development of an
effective entrepreneurship (Kuratko,2016). Thus, it is very evident that considering all these
factors is very important in order to achieve significant goals as an entrepreneur.
CONCLUSION
The fostering of the economic impact on society and the growth of the entrepreneurship
discusses with the development in the segmentation of the market and the smaller parts of the
business to grow with the experience of the financial conditions. This also talks about the
entrepreneurial environment and the plans that make the preparation of opportunities for the
employees which will affect positively with the growth in all the ways of business and
employment as well. The Social economy also depends on the social media connectivity of the
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business on the basis of the integrate and damaging environmental considerations that can be
benefited by the online criteria and the connection to the vast number of people, all over the
world watch the small target of the business. The psychology of the entrepreneur targets the
motivational policies which will make his business grow ore with the challenges and support
from the environment and from the other businesses.
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