Entrepreneurship and Small Business: Ventures, Growth, and Impact

This report provides a comprehensive overview of entrepreneurship and small business management. It begins by defining entrepreneurship and exploring different types of entrepreneurial ventures, including small business entrepreneurship, scalable start-up entrepreneurship, large company entrepreneurship, and social entrepreneurship. The report then analyzes the similarities and differences between these ventures. It assesses the impact of micro and small businesses on the economy, highlighting their contribution to job creation, innovation, and economic growth at national, regional, local, and international levels. The report also examines the characteristics, traits, and skills of successful entrepreneurs, exploring how background and experience can both hinder and foster entrepreneurship. Furthermore, it discusses the impact of small businesses on social growth and provides an analysis of the economic climate in the UK, including the effects of Brexit on SMEs. The report concludes by emphasizing the importance of small businesses to the UK economy and their role in driving innovation and growth.

Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO 1 ................................................................................................................................................1
P 1 Different types of entrepreneurial ventures and typology ...................................................1
M 1 Different ventures of entrepreneurial in both public and corporate sector .........................2
D 1 Scope, development and growth of ventures ......................................................................2
P 2 Similarities and differences between entrepreneurial ventures ...........................................2
LO 2 ................................................................................................................................................4
P 3 Micro and small business impact on economy.....................................................................4
M 2 Difference in small, medium and large businesses make economy ...................................5
D 2 Impact of small business on different level .........................................................................5
P 4 Small business and start-ups contribute in social growth ....................................................6
LO 3 ................................................................................................................................................6
P 5 Characteristics, traits and skills of two successful entrepreneurs.........................................6
M 3 Different lines of argument to entrepreneurial characteristics............................................8
D 3 Traits and motivational forces of successful entrepreneur ..................................................8
P 6 Entrepreneurial personality reflect motivation and mindset.................................................8
LO 4 ................................................................................................................................................9
P 7 Background and experience can hinder and foster entrepreneurship...................................9
M 4 Link between characteristics influences of personal background ....................................10
D 4 Positive and negative influences .......................................................................................11
CONCLUSION .............................................................................................................................11
REFERENCES .............................................................................................................................12

INTRODUCTION
Entrepreneur is a person who is working as an employee, founds and runs small business
by taking all risks and rewards. Process of designing and running a new business with innovative
ideas and creation is known as entrepreneurship. It has been described capability and willingness
to develop and manage business venture with risks to make profits (Belz and Binder, 2017).
The present case study based on a very successful entrepreneur that is Joe Woods. Owner
of company have successfully set up IT business. They have to facilitate number of companies
who processes online and credit/debit card payment from vendors.
In this context study based on different types of entrepreneurial venture and typology of
entrepreneurship. It will explore similarities and differences between ventures and assess micro
as well as small businesses impact on economy. It will explain that how small business will
contribute in economy growth. It will explain characteristics and skills of two successful
entrepreneurs.
LO 1
P 1 Different types of entrepreneurial ventures and typology
Entrepreneurial venture is targeting high returns with equally advanced level of
uncertainty. They are focusing on offering new and innovations. It impacts economies and
people in significant manner. With the respect, there are different types of ventures (Birley and
Stockley, 2017). Such as follows:
Types of Entrepreneurial ventures:
Small Business Entrepreneurship: Any of the person who run their own business by
taking all risks. Such as grocery stores, electricians, travel agents etc. They are hiring family
members or local employees. Companies are taking small business loans and fund through
friends or family. Small business entrepreneurs are making profits with taking all responsibilities
individually. These Entrepreneurs cannot take venture capital. (Caliendo and Fossenand
Kritikos, 2014).
Scalable Start-up Entrepreneurship: These entrepreneurs are starting up business
knowing from day one that their vision could change the world. They are attracting investment
from equally venture capitalists. Scalable entrepreneur is focusing on arranging capital which is
required for starting up firm. These entrepreneurs are making up innovation cluster for attracting
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returns from outside. Typology of this type of entrepreneurship is that acquiring more capital for
growth of business (Cavusgil and Knight, 2015).
Large Company Entrepreneurship: large companies' life cycle is unlimited. Through
innovation, offering new goods which are variants around their core products. There are various
factors which creates pressure such as competitors, new technologies, changes in customers’
taste, rules and regulations. Large business is to create new products and sale into new customers
in new market. Typology of this form of entrepreneurship is that create and develop new goods
and services for generating revenues (Cumming and Zahra, 2016).
Social Entrepreneurship: These entrepreneurs are focusing on creating services for
resolving social needs and difficulties. They are running business for either profits or non-profit.
It is start-up to create funds and apply resolution to societal and society issues. Typology of this
form of entrepreneurship is that improving changes in society. This thought is applied to variety
of companies with different sizes, purpose and values.
M 1 Different ventures of entrepreneurial in both public and corporate sector
Small entrepreneurs are providing goods and services for public for making profits. There
are other entrepreneurs who are running business only for providing services for solving social
needs of peoples this kind of enterprisers called as social. This business is working as public
sector. Large enterprises are creating new products for generating revenues and contributing in
the economy (Dees, 2017). These are working as corporate sector.
D 1 Scope, development and growth of ventures
Large companies are growing their business through creating new products and sale of
new customers in the new market. Scalable enterprisers growing and developing by acquiring
more capital. Small entrepreneurs are taking loans from friends or family. Social entrepreneurs
are running business only for solving social problems. The scope of large companies is to
making more profits and revenues.
P 2 Similarities and differences between entrepreneurial ventures
Differences Small business Scalable business
Financial goals Goals of small business is
profits maximization.
Goal of scalable business is
to increase growth.
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Potential growth There is limited potential of
growth of small business
(Drover and et.al., 2017).
There is high potential
growth of scalable business.
Risk In the small business, there is
low risk.
In scalable business, there is
high risk to start up business.
Similarities
Strategies Small enterprisers are making
strategies for creating innovative
products.
These are also making
policies for creating
advanced goods.
Profitability Small entrepreneurs are
providing products and services
for making profits.
Scalable enterprisers are also
providing goods and services
for making profits.
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Differences Large business Social ventures
Financial Goals Goal of business is to generate
high revenue(Edwards-
Schachter and et.al., 2015).
Goal of venture is resolving social
needs.
Measuring profits Profits measurement is
beneficial for shareholders.
These ventures are working only for
bringing social changes.
Risk There is high risk in generating
revenues.
There is low risk for profits making
Similarities
Customers demand Large business provides
services according to
customers conditions.
Social business provides services for
customers’ needs.
Resources Human and financial resources
are requiring business.
In social venture, it is most important
resources.
LO 2
P 3 Micro and small business impact on economy
Small and medium sized business has fewer than 250 employees and it has turnover of
less than 25m pounds. Brexit has potential to basically rewrite rule book governing companies in
UK. There has been no shortage of serious business. Brexit impacts on large organizations which
is focusing by academic and media (Jin and et.al., 2017).
In this country, there are some 5.7m SMEs, which account forever 99% of private sectors
firms and 60% of total private sector employment. 73 % of private sector job creation which
account of SMEs in UK. According to major government survey, 10000 SMEs are impacts by
Brexit. Government implements the regulations to these business relating effects of Brexit on
their future strategic purposes.
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From the above graph, it can be interpreted number of person employed in SMEs in UK
in 2015 that is 140 has to decrease 130 employed in 2017 (SMEs Performance Review, 2017).
Small businesses are giving possibilities to achieve financial freedom, promote
innovation and create employment opportunities. They are generating wide mixture of new
employment possibilities. It is easy to understand importance of neglect to look closely at the
statistics. Small businesses are an engine of growth that allows both citizens and authorities to
get products and services because it is needed for development. Through better giving jobs,
improving productivity of Small medium-sized enterprises contributing to the economy. By
directly exporting as well as importing and selling to firm, SMEs able to internationalised.
Small businesses are creating innovative and ideas for working hard to changes their
industries. They have increased substantially through invention and new technologies. Through
decrease the barriers, they want to enter in large market. In the UK economy, SMEs and its
entrepreneurs support of economy. SMEs is measure of economic health and values to economy.
The reason of survival of small business is to tax break by government to encourage
employment, research and development. Through offering free advice, support and networking
possibilities. Nowadays, SMEs expand their business into new countries with the help of online
selling and marketing. They have to create opportunities through using technologies such as 3D
printing. These possibilities are impacted on economy of UK (Taylor. 2015).
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Illustration 1: SMEs performance review
Source: (SMEs Performance Review, 2017 )

It is commitment for giving support of SMEs by improving trading environment. It
means creating possibilities of education and employment which afforded by small business.
Economy of UK has a productivity trouble. Small business is created opportunities for increasing
productiveness of economic system. Therefore, SMEs considered policy maker for improving
ration of UK economy.
M 2 Difference in small, medium and large businesses make economy
SMEs are currently successful in the UK. There have been record of Start-up businesses
in both 2013 and 2014. SMEs are large and integral part of UK economy with 99% of all
Britain's businesses classified as small and medium. Turnover of SMEs of 1.6 trillion pounds at
start of 2014. They are still making large contribution to job creation in UK. Small businesses
are one of key drivers of innovations and growth (McAllister, 2017).
Large businesses of UK are deeply darkening about economic prospects in 2017. 350
companies expected UK economic situations to drop during next 12 months. Only 8% awaited
slights improvement and no expectation an important up tick.
D 2 Impact of small business on different level
Small business effects different level such as national, regional, local and international in
the economy.
Regional level: The impact of small business is development of regional economy. The
implementing policies regarding market of small business. (Kellermanns and et.al., 2016).
Local level: The impact of small business that is increasing employment and income.
With the help of income, it increases high level of standards levels.
International level: The effect of SMEs is that GDP contribution in global economy.
National level: The impact of SMEs is to increase national income of country.
P 4 Small business and start-ups contribute to social growth
In order to concentrate on past year information, small business leaders which showed
more confident about prospects for their own business at end of 2016. They are optimistic about
future of industry. SMEs have increased revenues growth projections for third quarter in row.
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They are forecasting revenues growth 2.3% in next 12 months reporting by Growth Tracker who
is commissioned by Enterprise Nation and Amazon UK (Richter and et.al., 2016).
SMEs leaders remains concerned regrading impact of rising supply costs, higher pricing
and inflation. Currency movement are top of list. Pound fell to its lowest level in 30 years in
aftermath of EU referendum on 24 June 2016. Weaker pound is beneficial for exporters and
importers are already rising prices. British farmers produce goods and sell into market prices
increase. They are also increasing their business in the UK. Price of frozen peas is rising because
farmers have opportunity to sell and produce in European market. Online business has also felt
pressures of increasing costs. Most of technology, a lot of start-ups comes from the US. SMEs
can do preparation for changes and develop their business in next two years. (Sheffield, 2017).
Small business owners are seismal news that UK has voted to leave EU. UK is permitted
to independently forge its free trade agreements. Some expect this to be short term problems as
real UK economy is basically strong. The impact on small business from GDP is broad range
because they are force of UK economy. The impact of GDP on overall activities of business,
buying behaviour of customers of small enterprise. Weakness of GDP which means that smaller
enterprise may efforts to keep directionless. Small businesses are doing so well after Brexit by
rising technology.
LO 3
P 5 Characteristics, traits and skills of two successful entrepreneurs
Jo Wood Entrepreneur:
Josephine Wood is successful entrepreneur in terms of television personality. She is
former wife of Rolling Stones guitarist Ronnie Wood. She accompanied him regularly on tour
looking after his wardrobe and diet. She has designed clothes and set up restaurant. Now she is
famous television personality and English model. Jo Wood has also launched their own organic
perfumes and body care products which named Jo Wood Organic. By being model, she has won
many awards and becoming great television personality.
Philip Green Entrepreneur:
Philip Nigel Ross Green was born in 15 March 1952 is a British Businessman and
chairman of Arcadia Group, retail company that includes Topshop, Topman, Burton and outfit.
Green has involved in various arguments throughout his professional career. Green is becoming
powerful force on high street following turnaround of British Store Home. After his father death
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and leaving school, he has inherited their family business. He has also worked for shoe importer
before travelling to US.
Characteristics and traits of Entrepreneurs:
Passion and Motivation: It is most important attribute of successful entrepreneur. Philip
Green is passionate for creating new innovations in their company. Jo Woods is also passionate
for their television appearances. She has created fashionable dresses, because passionate for this
work. She has also set up restaurant by knowledge. (Lee, Sameen and Cowling, 2015).
Confidence: An entrepreneur should be confident for make businesses succeed. They are
doing business by more confident. Both entrepreneurs are confident for their work. Jo Wood has
more confident in designing dresses, establish restaurant and modelling.
Competitive: An entrepreneur will highlight their own company's track records of
success. They are more competitive for growth and success of business (Mauer, Neergaard and
Linstad, 2017). Philip Green is taking high competitiveness in BHS department. Jo Wood is
more competitive in designed cloths and set up restaurant.
Responsibility: An individual should take responsibilities and duties in business for
being successful entrepreneur. Therefore, Jo wood and Philip Green has taken all responsibilities
is becoming businessperson. Philip has taken responsibility after his father death. Jo Wood has
also taken duties for own and their family.
Skills of entrepreneurs:
Personal Branding: Jo Woods is television personality as well as an entrepreneur. Philip
Green is British businessman and chairman of Arcadia Group. It is retailing company
headquartered in London. Personal branding is important skill which is required for doing
business. It is helping to become successful entrepreneur. It is different from managerial skill in
the company. Entrepreneur focuses on business succeed. (Richter and et.al., 2016).
Relationship building: It is important skill for becoming a successful entrepreneur.
Through giving motivation, benefits and rewards, increasing relationship with employees. It is
important to build relationship with workers. This skill is differed from managerial abilities. It is
essential that Philip Green should build relationship with their employees.
Risk taker: Both entrepreneurs are risk taker for success of business. When Jo wood is
living in New York, she has created fashionable clothes for particular company. She has taken
risk for setting up own restaurant. Philip has also taken risk to manage their family business after
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his leaving boarding school. He became Chief Executive of company which name is Amber Day.
Now, he is businessman of retailing company (Storey, 2016).
Positive attitude: It is also important skill of entrepreneur. Jo Wood has positive attitude
when she was done different work like dress design, restaurant and launching her own organic
products. Green has also positive attitude when he was doing their own business. This ability is
differed from managerial skill.
M 3 Different lines of argument to entrepreneurial characteristics
In order to argue that successful entrepreneur should be motivated and passionate for own
work than they are motivating others. They should get new ideas and innovation in their business
for future growth. Entrepreneurs should manage all financial aspects for development of their
businesses. They should develop their skills and traits for growing of companies. Both
entrepreneurs should take responsibilities and duties for their business success (Turker, 2018).
D 3 Traits and motivational forces of successful entrepreneur
Jo Wood is developing their personal branding, so that she is becoming famous television
personality as well as entrepreneur. Another entrepreneur is Philip Green who is chairman of
retailing company and businessman. It is also increasing personal branding which help to
become successful entrepreneur. Wood and Green both are having risk taking skills and positive
attitude for their business success.
P 6 Entrepreneurial personality reflect motivation and mind-set
Entrepreneurial is totally differed from manager of the company in terms of personality,
skills and traits. Entrepreneurs mind set contribute in their success. Personality has been
increased by mindset. Enterpriser's personality is reflected on motivation and mindset in success
of business. Philip Green is businessman of retailing company. He is to create and innovative
ideas for development of their business(Zhao, 2016). Green has focus on their vision that is
growth of business. He has to manage their company in appropriate manner. Jo Wood has also
creating thoughts for their business.
Entrepreneurs are creating strategies for business succeed. In order to that, Jo Wood is
creating plan of actions for selling the designer clothes. Through developing confident skill, she
is making strategies and policies for restaurants and selling organic products. Another enterpriser
that is Philip Green who is operating retail company, so that he is also making polices and
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creating personality which is reflecting motivation. Therefore, this skill is reflecting on his
personality and mindset. They have more innovative and creative skill. (Jin and et.al., 2017).
Entrepreneur are implementing strategies for growth of business and using appropriate
networking. In terms of Wood and Green both are using appropriate net working for
development of business. Jo is using net working for selling of their products and Green is using
system for expansion of their business. Using the networking, it is essential that measurement of
return on investment. Hence, entrepreneurs are getting networking activities.
Both the entrepreneur is controlling on their vision. It is important that implementing
strategies is useful for vision of company. Therefore, Jo Wood and Green has quite sure and
confident for control of visual modality. It is also essential that increasing determination skill for
success of business. Entrepreneur should take risk for establish vision, mission and goals of
business(Huggins, Waite and Munday, 2018).
An entrepreneur must creative and innovative for increasing power of their brand. Wood
knows about modelling and television information which is reflection on their motivation level
and their mindset for becoming successful entrepreneur. It helps for success of business.
Enterpriser is increasing confident level and creativity. Powerful brand is increasing personality
and mindset of entrepreneur.
For being an entrepreneur, it is important that focus on energy and what is good for
business. With the help of focus, Jo and Green is make efforts for success of their business. It
helps to understand brand power, clear mindset, motivation and personality. Both are focused on
that what are things goods for success of business (Kuratko 2016).
Green is operating retail company, so that he makes efforts to maintain and control of
quality of goods and services. An entrepreneur make effort that employees are working on
quality, so that they are motivating to them. It is always important to maintain and control of
brand for success of business. For control of brand, it is essential to clear mind-set, creative and
advanced. Therefore, Wood is ensured that using the best material for design cloths and food
quality for their restaurant. They have interest to maintain quality control. It is difficult for
keeping and controlling of quality.
An entrepreneur is taking ownership of business. With the help of personality, mind-set
and motivation, Green take ownership of firm. Entrepreneur have more confident, creative,
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