Entrepreneurship: UK Economy and Small Business Management Analysis

This report delves into the realm of entrepreneurship and small business management, offering a comprehensive analysis of different venture types, including small business ventures, scalable start-up ventures, large business ventures, social ventures, and Schumpeterian entrepreneurship. It contrasts social and lifestyle entrepreneurship, highlighting their similarities and differences. The report further examines the characteristics, traits, and skills of successful entrepreneurs Elizabeth Gooch and Tom Mercer, assessing their entrepreneurial personalities and how their personal backgrounds and experiences have influenced their entrepreneurial journeys. The report emphasizes the impact of small businesses on the UK economy and their importance in fostering social and economic growth, providing a valuable understanding of the entrepreneurial landscape.

Entrepreneurship
and
Small Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Different types of entrepreneurship ventures and their relationship with typology.........3
P2. Similarities and differences between social entrepreneurship and lifestyle entrepreneurship
................................................................................................................................................4
TASK 2............................................................................................................................................5
Covered in PPT.......................................................................................................................5
TASK 3............................................................................................................................................5
P5 Characteristic, traits and skills of Elizabeth Gooch and Tom Mercer .............................5
P6 Assessment of aspects of the entrepreneurial personality of Elizabeth Gooch and Tom
Mercer.....................................................................................................................................6
TASK 4............................................................................................................................................6
P7 Personal background and experience can hinder or foster entrepreneurship...................6
CONLUSION..................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is a process to improve the business by taking financial risks(Kirzner,
2015). Most of the entrepreneurs start with the small business and put their innovative ideas in it.
This present report is based on Elizabeth Gooch which has started work with HSBC bank and
after the same, they start their own business, EG consulting to use their innovative mind and after
sometime, they change it into EG Solutions PLC which gives more profits to them. Tom Mercer
is also using innovative ideas and started their own business, Moma Foods. The whole report is
based on these two cases and it clarify different questions like; different types of
entrepreneurships, impact of small business on UK economy and its importance in the growth of
social economy.
TASK 1
P1. Different types of entrepreneurship ventures and their relationship with typology
Entrepreneurship means starting up of new venture with most of the innovative ideas and
its basic aim is to earn profits and introduce the new job opportunities for society. It is the

process of introducing new ideas and projects in the market for a healthy competition. The basic
aim is to earn profit by bearing many risks (Fayolle, 2013). The risk can be of failure of business,
arranging of appropriate funds, etc. So, the entrepreneur should made all the strategies and
policies by taking into mind such things. Following are the types of entrepreneurship which are
discussed as below:
Small business venture: Small business ventures are the first step or initial stage of business. In
this, entrepreneur starts its own business at a small level just with an aim to earn profit by taking
all risks and introducing new opportunities. It includes small business like a shop of grocery and
many things. Local stores of United Kingdom whose basic aim is profit are the best suitable
types of small ventures.
Scaleable start-up ventures: These are those types of ventures whose basic aim is just to change
the mind-set of everyone (Ebert and et. al., 2014). Rate of entrepreneur in this venture is low
because success of these ventures is not good as compared to others. EG solutions is a profit
based business and it became the scaleable venture because it changes the vision of society after
getting failure for back to back two years.
Large business ventures: These ventures need a huge amount of investment into them so they
can give their best services. They have to introduce new projects and services so that they can
survive in the market. Their establishment is compulsory for their owners. Tesco is the best
example related to large ventures because it is a super market that explores its business all over
the world.
Social venture: These types of ventures only work for the society. Their basic aim is to just
improve the way of living or standard of life of others. They work for the environment or for
societies. They work to solve the problems or issues of society(.Durst and Runar Edvardsson,
2012). Big society capital of United Kingdom provides adequate funds for social sector for
working on the society issues.
Schumpeterian entrepreneurship: This is a different entrepreneurial venture in which a
traditional company grow a fastly and manage their work to provide more products and services.
Risk factor is high in this but entrepreneur has a power to lead on this situation. Wallmart and
Amazon is example of this which have started as a small store but now they are a great economic
mover in the world.

P2. Similarities and differences between social entrepreneurship and lifestyle entrepreneurship
Following are the similarities and differences within social entrepreneurship and lifestyle
entrepreneurship-
Lifestyle entrepreneurship: The lifestyle entrepreneurship can be termed as a lifestyle that an
individual wants. Some examples of this entrepreneurship in social media, travelling etc. all
those activities of lifestyle are come under lifestyle entrepreneurship.
Social entrepreneurship: The activities which are in favour of society or related to society are
termed as social entrepreneurship. Like helps others and saving the environment etc. Big Society
capital is an organisation which has establish for social development. Barnsley Community Build
is an organisation where they are providing training and employment in the construction sector to
provide employment to young people.
Both these activities, that is, social and lifestyle entrepreneurship have the same goal.
Their main aim is to get success of their own. In social entrepreneurship, they have to think for
society but also, for their profits(Drucker, 2014). In lifestyle entrepreneurship, they have to
achieve the goals of success of their business. Both the activities create some values to their
goods and services. They have to make a positive impact on them.
These both are having some differences regarding the scope, development and growth in
their sectors.
Scope: The scope of social business is to motivate social benefits of society whereas, lifestyle
entrepreneurship is not promoting the social benefits but it promotes only the lifestyle.
Development: By development taking as a base both the activities made a difference between
them. It is because; lifestyle entrepreneurship is a vast growing enterprise. Its expansion is larger
than social enterprise. Social enterprise is a low growing activity because it cannot attracts
people towards it(Dennis Jr, 2011).
Growth: The lifestyle activity grows more than the social activity because lifestyle
entrepreneurship is a profit making activity and social activity is not completely based on profits.

TASK 2
Covered in PPT.
TASK 3
P5 Characteristic, traits and skills of Elizabeth Gooch and Tom Mercer
Elizabeth Gooch is the most successful female entrepreneur in the UK and they are having
different types of characteristic and skills which has develop them as a successful entrepreneur,
some of them are here;
Characteristic: They are having start their work from by HSBC bank and after it they start their
own business after 8 years, it shows their determination power to achieve a target which makes
their different from the others(Defourny and Nyssens, 2010). She is having a brief knowledge in
finance sector which motivates the to work in the banking.
Characteristic of Elizabeth Gooch: Deep knowledge to manage business which helps her to survive in tough market
competition.
Skills: The lady is having planning and implementation skills which helps them to make
strategies for their future projects. They start their business in just a few amount which she
borrowed from their family members and relative. It shows their believe on their own planning.
 Planning
 Implementation
 Risk taking
Tom Mercer is a founder of MOMA Foods which emphasise on to deliver high quality nutritions
food to travellers and driver which have a need of quality packaged food.
Characteristic: Tom is having a vision for their future which helps them to make a strategy on a
different types of products and in a different sector. They start business in 2006, after completing
their education which shows their depth to achieve their task with proper planning.
Characteristic of Tom Mercer:
 Vision Mission
Skills: Tom is highly determined for their work and they are having capabilities to produce their
production any how. Tom is having a marketing knowledge which is showing in their marketing

tactics which they used in their business(Dacin, Dacin and Matear, 2010). They are focus to
achieve a target in their life by hard work in which they start their work in night to make
production according to make effective supply to their customers.
 Marketing
 Focused towards goals
P6 Assessment of aspects of the entrepreneurial personality of Elizabeth Gooch and Tom Mercer
Elizabeth Gooch are having highly determine to be on a standard level in their life and
they utilise their skills and characteristic to provide employment to others. She achieved their
target position by using their own interpersonal skills, planning, strategies and implementation of
it's to be on respected position. She has a positive attitude on failure and they believe to learn
from them to make better work for next time. As she said to their shareholders to be determined
for their goals, it shows their mind set towards to their goals. She is highly determined towards
goals which makes her successful in her field. Determination has reflects in her attitude which
spread a positivity in their subordinates which is must for her business.
Tom Mercer is also famous entrepreneur which achieved a respectable position by their
hard work and marketing tactics. They start their production and according to this, they made
business contact to make their supplies to them(Chittithaworn and et. al., 2011). They have start
their business in food industry which has a never ending demand and as well as they made their
target on high quality nutritions foods which is a need of the drivers to eat fast and eat healthy.
They built up their relations with TESCO to take some initial raw materials which are waste for
them. They had put their stalls in different areas where they can make large and direct sale to
provide convenience to them. Tom is open to face challenges and take experience of these which
makes them to be risk taker which helped to him grow in business.
TASK 4
P7 Personal background and experience can hinder or foster entrepreneurship
Personal background and experience has a influence on the persons and it emphasise on
the thinking level which decide the success and failure of a person. In the case of Elizabeth
Gooch, she had started their work from HSBC bank and render their services for a year which is
enough to a person to learn how a big organisation works. It motivates them to start their own

personal business. So this is a foster factor for them which leads them to be a entrepreneur and
use their skills to start their own business. History of Elizabeth leads on them and she wants
make her business like a big organisation like HSBC which works on rules and policies.
In the case of the Tom Mercer, he had a vision for their future which helps to him to
develop their business ideas in the actualization. He has stated their career as a city worker which
makes a compulsion for them to start thinking for them to provide better breakfast which
contains all the nutritions which helps them to be healthy to perform their business
activities(Carsrud and Brännback, 2011). So this one helps him to make better work which is a
market demand by this they are leading on the market now.
CONLUSION
The above concluded report is having focus on the entrepreneurship and small business
management which is based on two entrepreneurs Tom Mercer and Elizabeth Gooch both are
having a high position in the market. This report is having factors related to the UK economy
which makes a clarification on the support of SME'S in UK economy and it's importance in to
reduce the threats and increase the UK economy. It has a focus on the characteristic and skills
which are helps to them to start up their small business and takes to it on high levels.

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