Analysis of Entrepreneurial Ventures and UK Economy Impact

This report provides a comprehensive overview of entrepreneurial ventures, categorizing them into different types such as small ventures, microenterprises, medium-sized ventures, and gazelle ventures, while also exploring social, scalability, and lifestyle typologies. It details the characteristics, skills, and motivational drivers of successful entrepreneurs, using examples like Richard Branson and Mark Zuckerberg to illustrate key traits such as self-motivation and understanding of market offerings. The report also analyzes the impact of micro and small businesses on the UK economy, highlighting their contribution to employment, innovation, and overall economic growth, supported by relevant data and statistics. Furthermore, the report discusses how background and experience can both hinder and foster entrepreneurship, offering a holistic view of the entrepreneurial landscape.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
PART A...........................................................................................................................................3
Different types of entrepreneurial ventures and how they relate to typology of
entrepreneurship.....................................................................................................................3
Differences between entrepreneurial ventures. .................................................................4
Interpret relevant data and statistics to illustrate micro and small business impact on UK
economy.................................................................................................................................6
PART B ...........................................................................................................................................8
Characteristics, skills , motivational drivers of an entrepreneurs with example.............................8
Characteristics of the entrepreneur personality reflect entrepreneurial motivation and
mindset.................................................................................................................................10
Background and experience can hinder and foster entrepreneurship...................................12
CONCLUSION .......................................................................................................................13
REFERENCES .............................................................................................................................15

INTRODUCTION
The entrepreneurship and small business management sequences offer a different learning
experience to the student and fresher who wants to start a new business in the market (Ruef,
2015) This reports reveals the different types of entrepreneurial venture and it relates to typology
entrepreneurship and also shows the similarity and different entrepreneurial ventures. And also
interpret relevant data and statistics to illustrate micro and small business and has its impact on
UK economy and the important of small business and start up to the growth of social economic.
Study identifies the traits and skill of successful entrepreneurial that differentiate from other
business and how the aspects of the entrepreneurial personality reflect the entrepreneurial
motivation and mindset.
PART A
Different types of entrepreneurial ventures and how they relate to typology of entrepreneurship.
Entrepreneurial ventures is focused on providing advisory services to early and mid-
stage companies.
Types of entrepreneurial ventures-
There are various Types of the ventures such as Small ventures , Micro enterprises and Gazelle
venture.
SMALL VENTURES
Majority of the small business are also still small businesses as they are considered to
most profitable as they makes the profits only for living purposes and support their families.
Examples consider to the lack of the business entrepreneurship are grocery stores and
electricians as well as carpenters etc. For the entrepreneur that are based on Stable income
stream venture on a business model with modest reinvestment but with difficulty accomplishing
scale within operations. These kinds of the ventures needs the modest reinvestment but at the
same time it achieves difficulty in operations. Here the path of the growth is small but sometimes
it is considered as the backbones of a community for the services and products (Aldridge and
Audretsch., 2017). Like for example Barber shop, Grocery shop can be termed as the best
example for small enterprise.
MICROENTERPRISES
They are the ventures that have no capacity to reinvest. They are also known as the micro
business as the employs a small number of the employees such as not more than ten people and

also they start their business with the small amount of investment that can be advanced from a
bank or from the other firms . These micro enterprises specialize with providing services and
goods for the local regions. Objectives of the Micro-enterprises are given below
 To improves the living conditions of the people of a nation and also improves their
lifestyle where they live and work.
 To bring the backward areas in front of the national development members also thy
promote regional development from this kind of venture (Viinikainen. and et.al., 2017).
Like for example sole proprietorship, partnership can also be termed as micro enterprise.
In this all single owners work only for sole aim of earning profit. They work for their
growth.
MEDIUM-SIZED VENTURES:
Business model that sometimes come up from an earlier, smaller venture. These are the
ventures that can experience moderate but at the same time planned growth over the time with
lots of opportunities . The growth path of this venture is also depends on the regional growth.
They able to find out the unique market that able to expand the employment opportunities and
in addition to this generate Tax base, discretion ans entrepreneur economy.
GAZELLE VENTURE
They are considered as the Fast-growth ventures which begins out seeking markets for
an exponential growth path. Basically funded by equity capital with a national or global market
highlights for greater expansion capabilities.
They are the kind of the ventures that defines as the High growth company. They are
considered as the high growth company that enhances its revenues at-least 20 percent. Here the
growth period is almost double over a four-year period. They are the companies that are
characterized by the rapid growth rather than the absolute size as their range is from small
companies to the very large companies (Burns and Dewhurst eds., 2016)..
Aggressive growth venture
They are those business which is set up on technological basis. It consists of high risk as
there is higher potential for growth. They are usually funded by equity capital. The purpose of
this type of venture is to earn extremely high amount of profit and gain competitive advantage.
Darktrace is the aggressive growth venture s(Viinikainen. and et.al., 2017)..
Survival venture

These venture provide basic subsistence for the entrepreneur, these business are not
registered in formal way and do not have any building, limited property, etc. Survival venture
purpose is earn minimum amount of profit on daily basis so that they can survive. For example:
barber shops works as survival firm (Mauer, Neergaard and Linstad., 2017).
Managed growth venture
These venture has a workable business model and seeks stable growth over time, as when
new product launches, periodic entry to new markets. The purpose is to provide reinvestment in
the company, it provides reasonable growth and development which assists continuing business.
For example, Southern Technology Ltd.
Public venture
Public venture are created for the welfare of public. Its purpose is to provide quality
products to the customer at reasonable prices. For example, BBC (Burns and Dewhurst eds.,
2016).
Private venture
These venture are created by the private companies. These venture provides goods of
high quality with high prices. The purpose of private venture is to earn high amount of profit. For
example John Lewis. It is one of the biggest partnership firm which is being doing their business
in United Kingdom
Typologies of ventures
Social typology: Social enterprises can be structured as for profit or non profit organisations.
Social typology have business goals as well as social goals. Social typology provides
income generation opportunities that meet the basic needs of poor people. This typology is
implemented by public companies (Viinikainen. and et.al., 2017).
Scalability typology : Scalable enterprises are financial institutions which have ability to handle
increased market demand. A scalable company can maintain or improve profit margins
while sales volume increases. Aggressive growth venture uses scalability typology.
Lifestyle typology: Lifestyle business are set up and run by the founders mostly with the aim of
earning a specific income. The aim of this typology is to increase the lifestyle or main a
minimum level of standard. Lifestyle typology is often used by the survival venture.
Differences between entrepreneurial ventures.

Small
Businesses
Scalable start
up
Large
companies
Social companies
Goal These kinds
of the firms
do not have
the particular
goals, but
they always
aims to
achieve
growth and
profitability.
These kinds of
the firm have
the main goal
is high
profitability by
providing
innovation
within their
products
constantly
These type of
firms always
tries to sustain
within the
market by
bringing new
services and
products
within the
market
(Viinikainen.
and et.al.,
2017)..
Main goal of these kinds firm
of aim is to give quality
products and services and
Structure There is No
proper
structure but
are of
basically sole
proprietorship
It is either
corporation or
partnership
structure
It depends on
the and quite
complex type
of firm
It is generally trust based
organisation.
Employees Only 10
employees
Based on the
size of the firm
More than
1100
employees
(Mauer,
Neergaard and
Linstad.,
2017).
Here also depends upon the
size of the firm

SIMILARITIES
Number of Staff members varies in all of them as it depends on size and operational areas of
firm.
In order to survive in market start up needs to find out new ways of developing products and
providing services. it allows in innovation and leading in the market.
Interpret relevant data and statistics to illustrate micro and small business impact on UK
economy
Small business has accounted of 99.3% all over the private sector business at the time of start on
2018 & 99.9% were small or medium sized (SMEs). Where as the total employment was 16.3
million and 60% of all private employees.. Innovation and expansion to international markets are
fundamental drivers in boosting productivity among UK SMEs, but have been relatively
underexplored. Estimates suggest that an improvement in exporting alone would add £1.15
billion to annual gross value-added.
Turnover- when economic contribution measuring, it is necessary to know SME has
combined turn over of £2.0 trillion in 2018. in itself it is an significant figure open it is more
impressive when business considered that it amount they assuming on private sector overall
turnover.

Employment- there are many small businesses that do not hire staff but trade
independently for instant SMEs still contribution huge to small business which employee over
16.3 million people in UK, where 60% account of all private sector employees (Burns and
Dewhurst eds., 2016).
Growth- SMEs doing well, when it come to business growth, with employment record
high and 50% of SMEs saying that it increase their operation in this year, where as it shows
positive outlets. In term of growth and success of business, owner of the manufacture business
reported be the most confident one.

Industry- Small entrepreneurship account of huge 99.5% of business in every main sector
small business have their highest volume in personal services. Such as wellness and beauty and
also professional services like financial services or consulting services. Where as the medium
and small sized business have mutually good relationship with countries overall economy. SMEs
contribution are very important for the economy health and the small business growth is impact
by the UK economy (Aldridge and Audretsch., 2017). By seeing the vision of the UK economy
as an most innovative economy and also it is an challenge over to put the UK to lead in (AI) and
the data revolution and the part of the industrial strategy the government also vesting £725m in
research and development. And now the business are been reward for more innovation and
which motivate to explore AI possibility in the workplace. It focuses mainly on the data and
technology that helps the small entrepreneur to which help to make more informative decisions
over it hinder entrepreneurship.
PART B
Characteristics, skills , motivational drivers of an entrepreneurs with example
A successful entrepreneur know that how to arrange money for business and where they
should invest money. Many people have money but they do not have ideas and investment plans,
but entrepreneur can help them to provide ideas and investment plan (Aldridge and Audretsch.,

2017). Not every people can be entrepreneur, A successful entrepreneur have some
characteristics, skills and motivational drives. There are two successful people who become
successful entrepreneur in young age. First Sir Richard Branson who is British businessman and
investor, IN 1970 Richard have found Virgin Group and their are more then 400 companies in
this group. In the age of 16 he become a entrepreneur and the other successful entrepreneur is
Mark Zuckerberg , who is an owner of Facebook Application. This is one of the famous social
media platform which is used by almost every purpose in the world.
Characteristic of entrepreneurs
Self motivation - self motivation is Important trait of the entrepreneur if anyone wants to be
successful business man then they need to be push themselves and they have to be find there
way where they can fit. They a only responsible for their success, they have to make plan for
business and according to the they have to move forward , no matter if they are getting payback,
they should wait for the moment when they will be successful entrepreneur so they should keep
motivate them and keep forward without look back.
Understand what You are offering - To become a Successful entrepreneur they should know
first that what they are offering to a people and how it can be fit in the market. Whether it is any
service or any product , entrepreneur should know that where they will fir in (Barton, Schaefer,
and Canavati., 2018). It means that if they are offering any product in the market then they
should investigate about it and they should analyze potential market for it. Back up plane is also
necessary because if that product doesn't successful in the market then they can use that backup
plan.
Take Risk-Every successful entrepreneur know that without taking any risk they cannot be
successful in Business. If anyone one to be a successful entrepreneur then they should learn to
take risk in the business because if they will play safe and they do not want to take any risk
related to the investment then they cannot be owner of business. It is not just about taking risk
without knowing the risk they have to understand what risk can occur and they have to make
back up plan for it.
Skills need to become a successful entrepreneur
Time Management- A successful entrepreneur know that what is impotence of the time in their
life , they have to make proper scheduler for time and they always do their work on time (Burns

and Dewhurst eds., 2016). No one can lead toward the success without Time Management and
time allocation methodology that gets the work done.
Strategic Thinking - Entrepreneur always make proper strategies and plan for their business
they know that where they have chance to be successful. Strategic thinking help to archive
opportunity for business growth. Entrepreneur figure out creative solution for the problems.
Strategies Thinking is the tool to make any person to be a successful entrepreneur.
Communication - Communication is important in every industry , without communication no
one can be a successful in their life a good communication skills helps to achieve organizational
goals for entrepreneur (Clark, Newbert and Quigley., 2018). Communication skills always
matter for an successful entrepreneur with a good communication skills they can co9nvence
investor to invest in their business. Good communication helps entrepreneur
Finance Management - Finance Management plays important role in business because this can
make or break business. Entrepreneur mange the finance for their business they know very well
where they have to use finance and where they can get finance for their business.
Motivational Drivers of successful entrepreneur
Teamwork- people like to work in a team. They also like the environment where business run a
group activity which helps them to solve problem but as an interdependent entrepreneur they
have to choose their own strategic partners and they have to make their teams and recruit
employees for business (Davis, Hall and Mayer., 2016). It means entrepreneur have to to people
who have skills , talent and personality who can work to make their business successful.
Entrepreneur should know that company's team is just like family but they should remember as
well that there is no family who li8ve without occupational disagreement
Money- There are many example of the Successful entrepreneur who make lot's of money
withing a years. It seems possible if any one have good idea to become a reach overnight. But
good ideas also need money to make it true , without money nothing is possible . There is
nothing wrong in pursuing money
There is nothing incorrect in pursuing money But if the allurement of wealthiness is the only th
ing which can driving them ,the risk can become frustrated if they do not make profit in the year
Traits of entrepreneurs
Flexibility

Many entrepreneur venture out third own business because they get tired from the
demand of traditional works. With the more high positions the demand increase more.
Responsibility like overtime work, listing to boss and clits also increase. But being your own
boss in the world of the entrepreneur free them from those resistance. They can work freely and
own hours. Whenever they feel like they want to work they can set their goals or
responsibilities. But they should aware that entrepreneurship is mor4e demanding , specially in a
starting of entrepreneurship, working own hours does not wean that they can work anytime
whenever they want (Dimitratos and et.al., 20167). They should work harder if they have make
proper plan and strategies for work they should give their best for business. If they will work
hard any give their best for4 company then n they will get reward for this , some people get this
reward so early and some take time. It is all depend on them that how much time they are giving
on business.
Characteristics of the entrepreneur personality reflect entrepreneurial motivation and mind-set
Every successful entrepreneur have some characteristics which helps therm to achieve
success in their life (Eddleston And et.al., 2016). If any person who want to be a entrepreneur
then they should follow characteristics of the successful entrepreneur so they can make their
mindset to become a entrepreneur and they can also make budget to start their business and they
can also know where they should invest their money to achieve success in their life. There
entrepreneur venture is begin with them only , it is challenging to become an entrepreneur but
this can give them reward and success. This can be explained with the help of big Five
personality trait model.
Openness: For an entrepreneur curiosity plays important role , Inquisitiveness is a most commo
n among the Successful entrepreneur it is important for entrepreneur to keep tie mint active, and
they should examine how the other people and world are working and where the thing tie with e
ach other. This will make their ability strengthen to watch things with a fresh prospective. They
should acquire from the who have already achieved success in this profession and examine their
accomplishment and lives. They have to note every single thing which can made them great. If t
hey are doing and task then they should make question and try to find solutions for that. They ca
n take inspiration from successful people for worth creation.

Consciousness: Entrepreneur passion can lead people to outset their own business, committedn
ess can help them to keep going to achieve objective and also allow them to preserve through
every dilemma (Farhangmehr, Gonçalves and Sarmento., 2016). Ability to withstand reputed reje
ctions and disappointment are the part of entrepreneur 's life. They should deflect the rejection
because this can demotivate they should use this to fix flaws in the ideas of business. They shou
ld focus on the today not yesterday ,mistakes help people to learn and do better next time in same
task. Entrepreneur should focus on compare today with the attitude. This will help them to kee
p going forward they will be motivated.
Extraversion: It is important for entrepreneur to despite challenges , because every successful
entrepreneur maintain a cheerful attitude. Being a optimistic is all about approaching
possibilities to be explores. They should is problem as an learning opportunities. They should
build their confidence and use those problem as a learning and try to find out solution for those
situations (Jabeen, Faisal and Katsioloudes., 2017). Be optimistic know that in every business
problems occur and every problem have their positive solution. A successful entrepreneur
always know how to9 handle situation, new entrepreneur should learn from them.
Agreeableness: Entrepreneur always an effective leader for their company. They should guide
and empower them to achieve objectives most important thing is how they are supporting their
team to achieve those goal. Fist objective of the successful entrepreneur is to share their vision
with the team and inspire them in their own ways (Jin and et.al., 2017). They should
communicate with team members through the communication. By the involvement and
developing focus. Entrepreneur increase their chance of realizing their vision of a greatness.
They should create their vision and compelling call to action and model it consistency.
Neuroticism: Entrepreneur is always challenging It is important for them to create their mindset
and develop strategies. It is more challenging g because in a entrepreneurship demand and
problem always appear during work. If they will battle with that then it can help their thinking
so they can solve those problems (Obschonka and Stuetzer., 2017). They should make strategies
to overcome those problems. They should note their challenges come during the work and list
those challenges they have face . they should ask themselves
that list all the thought and facts on them , development of the time line to come out from this ba
rrier.

Every successful entrepreneur have a high internal focus of control. They should trust
their ability to determine their success in the business entrepreneur should have almost
pathological needs to control their own faith. They only have to see their own actions and they
have to make own decision , despite what life through at them it can make them or otherwise
break them. They have to take all the responsibility for their work and things they are doing for
business. They have to understand that they are only in complete control of their response to
the experience life throws at them. They should develop confidence in themselves so they can
achieve goals in their life.
It is important for entrepreneur to create a network with the people who can helps them
contribute them in their business (Viinikainen and et.al., 2017). If they have an idea but it is not
necessary to have a money as well. They have to find someone who can help them financially
which will helps them to make grow their idea. They should make strong connection with
friends , family and investors. Who can helps them financially. Money always needed to convert
any idea to reality. They should make a good relation with them and take help to them when
they needed.
Entrepreneur should care about their mind an body as much they are caring for their
business because if they will care about themselves then they can create more ideas and
strategies for their business (Mauer, Neergaard and Linstad., 2017). It is important for
entrepreneur to take proper rest and sleep to give relaxation to their mind. They should do
exercise like run in the morning , GYM so they can make themselves physically fit. Personality
always matter for an successful entrepreneur. How they will treat their body , this will affect on
their mind. If they are physically fir and giving proper time to body for relaxation then they can
become a successful entrepreneur. Every successful entrepreneur always take out time for
themselves and their family member because they have their p[personal life to, if they are
working that does not mean that they cannot enjoy their life like other. It is important for care
about Their personality and healthy life. It is important for them who want to become a
entrepreneur then they should relax their mind and they should focus on their personality as well.
Background and experience can hinder and foster entrepreneurship
Peter Jones-
Peter Jones is a British entrepreneur, he was born in 18 march 1966, Joan grew up in mai
denhead, and attained desborough school there, Joan has interest in television, mobile phones, m

edia. As Jones not struggle for financial problem as Jones parents supported Jones, when Jones w
as only 16 year old he setup the business and made personal computer of own brand name in mid
-twenties, and after that he started the cocktail bar in windsor which was based on one of the fil
m cocktail, But however he lost £200,000 after determinant to sell it to the IBM and jones ones f
ails in twenties and jones was force to go back to at home with the parents. After some time agai
n he came back with new next investment phones in international group in April 1998 because o
f moral and financial support of his family (Lynch. and et.al., 2017)
Simon Cowell-
Simon Cowell is an television talent show judge, businessman, A&R executive,
television producer and entrepreneur. He was born in 7, October 1959 in London and study in
windsor technical college.. In 1983 he formed fanfare records with lain burton and start selling
exercise videos and music Simon had first hit song in 1986 by Sinitta. However in 1989 the
company went under and Simon become bankrupt (Obschonka, and Stuetzer,2017). After that
Simon found job in BMG as an A&R consultant, and he started his business in music by creating
novelty records In 1995 he persuaded two actors from UK television drama series & signed with
and record the song, by recording song he reached no. 1 position in UK and remain at top for
seven weeks and became best single selling in 1995. He has learnt from his first bankruptcy that
there are many decisions which can create problem in this industry hence he has taken care of it
and have taken right decision in the future by learning from his failure. He was very educated
and this education has supported him to move ahead in life and gain success. His family was
supportive all the time and have given moral support to Simon. That is the reason that he always
behaves motivated and take risk and gained success.
CONCLUSION
As per the above report has been analyzed various types of entrepreneurial ventures
together with their re;relationship growth with typology of an entrepreneurship. And also
provide example in both public and corporate sectors. This report has been cover the impact of
business on the international, national level and social economy and this report provide impact
of micro, small medium and large which make to the economy. This all has been used in Part 1 ,
In part to report has analyzed characteristics ,skills and motivational driver to become a
successful entrepreneur and report has been also provide example for this. It has been cover the
various characteristics of the entrepreneur personality which reflect entrepreneurial motivation

and mindset. This report has been provided biography of Richard Branson who was successful
entrepreneur in young and also provide Biography of Mark Zuckerberg who is owner of
Facebook, and also has been provide the information that how they are inspiring others to
become a successful Mark entrepreneur.

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https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium-businesses-
in-the-uk