Report: Entrepreneurship and Small Business Management in the UK

This report provides a detailed analysis of entrepreneurship and small business management, focusing on various types of entrepreneurial ventures, including scalable start-ups, small businesses, social enterprises, and large organizations. It explores the relationship between different venture types and the typologies of entrepreneurs, highlighting the impact of small and micro businesses on the UK economy, with supporting statistical data. The report also examines the importance of small businesses and start-ups, and delves into the traits, skills, and characteristics of successful entrepreneurs like Bill Gates and Steve Jobs. It further reflects on how entrepreneurial personalities influence motivation and mindset, while also assessing the background and experiences that either hinder or foster entrepreneurship. Overall, the report offers a comprehensive overview of the entrepreneurial landscape and its significance in the UK.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
PART 1............................................................................................................................................1
P.1 Types of entrepreneurial ventures and their relationship with typologies of entrepreneurs.1
P.2. Different types of entrepreneurial ventures their similarities and difference......................3
P.3. Small and micro business ventures impact on economy of United Kingdom.....................5
P.4. Importance of small business and start-ups.........................................................................7
PART 2............................................................................................................................................9
P.5. Traits skills and characteristics of Bill Gates and Steve Jobs\.............................................9
P.6. Reflection of aspects of entrepreneurial personalities on motivation and mindset............10
P.7. Examining background and experience that hinder and foster entrepreneurship..............11
REFERENCES..............................................................................................................................13

INTRODUCTION
Small and medium business management is one of the crucial approach that can be used
by an entrepreneurial venture in order to achievement of their desired goals and objectives. In
addition to it, the report will be discussed about to different types of entrepreneurial venture and
relationship between their typology. Moreover, the assignment also will be discussed about small
and micro entrepreneurial ventures has made great impact upon economic growth of UK. Small
businesses and start-up's is most essential for the organisational growth and industry in case of
proper development in such areas where something new activities can be executed in relevant
manner. Some personality traits, skills and characteristics of an entrepreneur assist them to
becoming success in their business.
MAIN BODY
PART 1
P.1 Types of entrepreneurial ventures and their relationship with typologies of entrepreneurs
Person who is managing, organising and assuming the risks of any business or enterprise
is known as an Entrepreneur. For the growth and development of national economy,
entrepreneurship plays very crucial part. Unlike any other typology or categories, entrepreneur
are also classified in different types (Barringer and Ireland, 2010). Male, female, serial, and
social entrepreneur are some examples of different entrepreneurs. Various business organisations
whether it is small or large, effectively and efficiently incorporating their business activities.
Different types of entrepreneurial ventures and their relationship with typologies of
entrepreneurs are given below: Scalable Start-up Entrepreneurship Venture: It is a newly emerged type of
entrepreneurial ventures in the market. Providing better quality of goods and services to
the customers is the main aim of this venture (Baum, Frese and Baron, eds., 2014). By
providing differentiated products and services to the customers, it will increase their
growth and development in business. Serial entrepreneurs deals with the scalable start-up
organisation. Start-up entrepreneurship are done by those who has some unique ideas to
start a new business. These start-up's has a great impact on UK's national economy as
there are many new start-up's that are establishing there. Small Business Entrepreneurial Venture: These organisations have limited capital and
are focused on a group of customers as they have small or mini scale organisation.
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Electronic shops, small groceries shops, book shops etc. all these come under this
category. It is done mainly by male and female entrepreneurs who worked very hard to
increase their sale (Brenkert, 2017). These type of ventures has a great impact on national
economy of UK as many youths whether male or female are engaged in these types of
small business entrepreneurial venture. Social Entrepreneurial Ventures: To solve or fulfil the social needs and problems, social
entrepreneurs come up with new and innovative ideas. These ventures work for the
betterment of the world unlike other start-up's whose motive is to earn money. It can be
for-profit, non-profit, or hybrid. This includes social entrepreneur who are willing to
work for their country. These ventures provide products and services that are beneficial
for the societal needs. To increase the country's image and goodwill these organisations
contribute a lot. Large Organisation and ventures :Large organisation are whose has their paid up capital
very high and they target a large group of customers. To earn profits and generate more
revenue by providing goods and services to the customers is the main motto. For
Example, in UK, Tesco, Aldi are some large organisation. To sustain in the market, they
have to focus on the improvement and innovations of their products as the life cycle of
the products is finite (Delgado, Porter and Stern, 2010). They have a great impact on
market as well as on national economy of the country.
Relation of these ventures with entrepreneur typologies are as follows: Social Entrepreneur: Social entrepreneur are those who are working with the
organisation for the betterment and upliftment of the society. There are many such
organisations in UK which has a great impression on the national economy as they work
effectively and efficiently. Serial Entrepreneur: These entrepreneurs are those who start-up's a business to fulfil
the needs of the customers by their unique and innovative ideas. They establish the
business and delegate the responsibility to other and starts a new venture. It can be related
to scalable start-up entrepreneurship ventures.
 Female Entrepreneur: These entrepreneurs generally works in every field like small
scale, large scale, scalable start-up and social ventures etc. Further they are effective in
decision making and directing employees.
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P.2. Different types of entrepreneurial ventures their similarities and difference
From the above discussion upon all types of entrepreneurial ventures. They all are doing
their business functionalities for serving different kinds of products and services in their
separated industry (Drucker, 2014). It has been assessed that, all the entrepreneurial ventures has
different types of typology which is related to their ventures in specific industry. In this section,
some essential differences and similarities could be find out among them and the information
regarding to this is as followed:
Similarities:
It can be said that, there are majorly four types of entrepreneurial ventures are currently
existing in the United Kingdom market. These four small ventures are, small venture, scalable
start up venture, large ventures and social entrepreneurial ventures. All these types of small,
large and scalable start up ventures are similar with each other in respect of their aim, vision and
mission in the industry.
Similarities
Large scale ventures Small scale ventures
The major objectives of the large scale
businesses is to increment in profitability and
productivity of company at high level.
The prime aim of these ventures is to raise its
market share by offering unique and innovative
products and services as per its specific
segmentation.
The price aim of small scale venture is that, to
increment in profitability and productivity of
the business unlike large scale ventures.
Small business also has aim to increment in
market share of the business by introducing
innovative products in industry (Durst and
Runar Edvardsson, 2012).
Male entrepreneur Female entrepreneur
Male entrepreneur is same like the female
entrepreneur in respect to achieving of their
business goals and objectives.
Female enterprise are as similar as male
entrepreneur in industry in respect to gaining
achieving their organisational goals and
objectives and also profit maximisation.
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Another similarities between male and female
entrepreneur venture is that, to having motive
to increment in productivity and profitability of
the business in industry in relevant manner.
Unlike the all their typology, small and large,
male and female have same vision and
objectives in order to doing business in
industry in specific manner.
Lifestyle ventures businesses similarities Serial entrepreneurs venture similarities
Life style venture are as smiler serial
entrepreneur venture in context of their
specific aims and objectives in industry
(Goffee and Scase, 2015).
The work respectively in terms of making
innovation within their existing product and
services in effective form.
Serial entrepreneurs are as similar as male
and female entrepreneur in order to their
leadership approaches in business.
The serial entrepreneur is as similar as social
entrepreneur with respect to their way of
doing business and purpose of business as
well.
Differences
In case of differences, lifestyles ventures are
adverse from all kinds of ventures in industry
in terms of their products and services which
is introducing by them towards their clients
in market.
Serial entrepreneur are antithetic from the
social entrepreneur in order to their mission
and purpose of doing business in industry.
Differences:
Differences
Social entrepreneurial venture Scalable entrepreneurial venture
Social entrepreneurs are those persons, who
doing business for developing innovative
products and services in order to doing
Scalable enterprise has major aim of doing
business to invention of new products and
services which has potential to changing the
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business for satisfying social needs of
peoples.
Social ventures is totally antithetic from each
small entrepreneur regarding to their purpose
of doing business, motive, vision and
mission. They have major objectives to
delivering services for execution of people's
welfare programs towards communities and
society of the nation.
world at broad level (Goss, 2015).
Scalale ventures has potential to establish new
business according to their unique though
process and as per their target audiences they
deliver their new and unique products and
services as per its requirements in market.
P.3. Small and micro business ventures impact on economy of United Kingdom
From the analysis, it has examined that, small, micro and medium entrepreneur has made
great impact upon economic growth of the United Kingdom. Micro business venture= less than 12 workers & turnover under £3 million Small business venture= less than 55 workers & turnover under £12 million
 medium business venture= less than 200 workers & turnover under £45 million
The small business organisation has been separated into sole traders and partnership as well.
There are some nature and characteristics of the partnership and sole enterprise is as following:
Partnership:
 Partnership is the outcomes of agreement has been made between two of more parties in
respect to carrying out business activities in industry in respective manner.
 The quality of partnership venture is to generating high level of profitability and sharing
therm as per its appropriate proportions within the business (Hillary, ed., 2017). In partnership approach, business is governed by all partner's decision and vision. Apart
from it, their profit proportion will be distributed as per proportion of their investment.
Sole proprietorship:
 The sole business owner makes all decision as per their own sense. The Sole business owner possess all the liabilities which is associated with the
businesses.
Private company:
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In private company, there is less liability than any other business venture, so its all members and
stakeholders of the company bear less risk and responsibility.
From the analysis, it has examined that, there are numbers of small and medium size of
organisations are running in United Kingdom (Jeston and Nelis, 2010). All these types of small
and micro entrepreneurial ventures are making contribution in case of proper increment in nation
income of the country. Moreover, it is also found out that, small and micro businesses are
making contribution in order to increment in gross domestic product value of the nation at great
level. Furthermore, with the assistance of relevant data and statistics the impact of small and
micro business ventures can be assessed effectively. Following tables are interpreting that small
and micro business impacts upon economy of the nation.
Table :1. Total employees in UK
Country Total businesses %SME
UK 15.8 Million 65
From the above analysis, it has identified that, multiple numbers of employees are
working in different-different kinds of small and micro companies in UK. It has recognised that,
in country, there are total employees are 15.38 million workers and all they are working for
various types of organisations in the nation. Out of them, 65% peoples are working in small and
medium size of businesses in industry (Kelley, Singer and Herrington, 2012). 10.27 million
peoples in total employees of the nation is working for development of businesses and also
making efforts to improving growth rate of the company in industry in respective manner.
Table: 2 Total Enterprise in UK 2015-2016
Country Total businesses %SME
UK 5.6 Million 92.2
From the above table showing is that, there are numbers of business organisations are
running in UK and making contribution in development of the country's national income and
GDP growth as well. The total businesses are running in UK which is 5.6 millions enterprises
and out of which, approx more than 5.2 million are small and medium business can be. The
implies that major market are developing with the help of small and medium businesses in the
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nation, So it can be stated that, small and medium organisations are very necessary for the UK
country in order to appropriate development within economic growth of the country in respective
manner.
Table: 3 Gross Annual Turnover 2016
Nation Gross Annual Turnover %SME
UK £1.9 trillion 47
From the above tables displaying, it has been examined that, the above table is showing is
that, small and medium scale enterprise are making contribute in order to increment in the gross
annual turnover of the UK at greater manner (Naudé, 2014). From the analysis. It has figured out
that,£1.8 trillion pound are being generated by all types of organisations which is running in the
UK. However, out of which £84.6 billion pound was contributed by small, micro and medium
enterprises in the country in respective form. So it can be said that, it is good enough value to
examining that, small and micro business is making contribution for increment in gross annual
turnover of the UK.
P.4. Importance of small business and start-ups
The leaving memorandum of leaving European Union by United kingdom which is
known as BREXIT in the country.
Threats Opportunities
Falling down the economic growth of the
United Kingdom.
It is making impact in the corporate sector of
the United Kingdom.
It makes negative effects on the developing
countries which is dependent upon UK.
Opportunities has been arisen in several
business investment sector, after Brexit, UK
has become one of the preferable market for
developing countries.
Developing in agriculture services by
decreasing agriculture subsidiaries in the
country (Olusegun, 2012).
After Brexit, it has identified that, small and
micro business are increasing in the country.
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From the assessment, it has examined that, small and micro business are playing vital role
in case of developing of economic growth of the country in respective form. Small and micro
business are comping up in the market by introducing variety of innovative products and services
in industry. So it can be said that, most of small and medium size of businesses are increasing the
employment and annual income of the country at broad level by serving small types of products
and facilities in industry. So they are very essential for the country to developing of nation.
Introduction innovation: It has examined that, variety of small and medium businesses
are running in the UK and serving multiple types of products and services. They come up in the
market by launching unique and different kinds of products which has potential to satisfying
each customers needs in market (Pott and Pott, 2012). So often times, small business owner
make major focus on recognising some critical issues and circumstance which is facing by
people in communities. So it helps them to generating new idea and invention of innovative
things which assist peoples to resolving their current issues in industry. So innovation is
important for development of products and country as well. Innovative products is being
launched by most of small and medium size of ventures in UK.
Reducing unemployment: From the appropriate analysis of statics and data regarding to
contribution of small and micro business in the country's development. It has found out that,
more than 65% of the employment has arisen from small and medium business in nation.
However, due to globalisation, several types of serial and scalable businesses are arising in the
country and start up ventures are offering job to peoples in various sectors. New start-up's are
offering several types of jobs offers to country's people at high level. Which is reducing the rate
of unemployment in UK at great manner. Thus, it can be said that, all types of small and medium
size of business ventures are minimising employment issues for the country which boost up
goodwill of the UK across the world in respective form.
Increasing standard of living: Increment in the standard level of country's peoples has
greatly impacted by small and micro business contribution in industry. Small business owner
makes major focus upon development in such products and services, which has potential impact
on increment in living standard of population of UK (Preuss, 2011). Small business are
delivering various types of innovative products and services at broad level, which attract
country's people to purchase those products which can boost up living standard of the peoples
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and also resolving their issues in industry in sufficient manner. Thus, small and start-up's are
making contribution of proper development of country's economy.
Contribution towards national economy: From the above analysis, it was identified that,
large numbers of small business and start-up's are running in the UK market. After, Brexit the
numbers of these business has increased at great manner. More than half growth of GDP of UK
has raised with the help of small business contribution. They are generating small types of
revenue but altogether they have potential revenue to making contribution of country's national
economy evolution.
PART 2
P.5. Traits skills and characteristics of Bill Gates and Steve Jobs\
An entrepreneur is an individual which has opportunities to run a business by working in
it more than an employee to its proper development (Sahut and Peris-Ortiz, 2014). It has fond out
that, an entrepreneur faces several types of adverse challenges, difficulties, risk and issues at the
initial stage of the business. However, an entrepreneur work hard for resolving all issues and
using of their skills and interpersonal skills in order to accomplishing apex achievement within
the corporate sector. Each entrepreneur has different types of skills, characteristic and traits
which assist them to make themselves effective from other rest of the world. Bill Gates and
Steve Jobs can be examined in this sector in case of skills, characteristics and traits which is as
following:
Characteristics:
Self confident: From the assessment, it has recognised that, a successful entrepreneur
must have effective confident level which assist them to maintain their value of business and also
development of their business as well. Proper self-confident level assist an entrepreneur to
change the way of thinking and also manner of working for the business in industry (Samwel
Mwasalwiba, 2010). Thus, it can be said that, Bill Gates and Steve Jobs, both persons has been
faced lots of failure and never got demotivated while running of their business functionalities in
proper way. Their self-confident level were high which has helped them to sustain in competitive
industry in respective form.
Persistence: The characteristic of persistence can be found out within a successful
personal and an entrepreneur as well. A successful entrepreneur must be persistent about their
goals, aims, vision and mission and working with respective manner might assist them to pursue
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their entrepreneurial goals and objectives in effective ways. Both persons, Bill gates and Steve
Jobs was persisting their desired goals and objectives within their business environment.
Persistence nature defines about getting expected growth in business.
Skills:
Innovative: A successful entrepreneur must have innovative skills which makes them
different from other rest of business owners in industry (Sarasvathy and Venkataraman, 2011).
Innovative idea helps an entrepreneur to thinking about unique products and services which can
assist the communities peoples to solving their various issues and increasing living standard of
peoples. Bill Gates and Steve Jobs both person were innovative in case of their specific business
industry, which assist them to achieving desired aims and objectives.
Leadership: Successful entrepreneur must be an efficient and good leaders in terms of
leading their business functionalities within the industry in proper manner. With the help of this
approach, entrepreneur might influence their subordinates and executives at workplace to
completion of their each difficult task in easy manner. Bill Gates and Steve Jobs both has been
considered as great leaders of organisation in order to leading it in prefect form.
Traits:
Passionate: A successful entrepreneur must be passionate with the taking of their work
within business. This personality trait assist them to making more attention in business
functionalities and improvement within them as well. So they will enjoy their job within the
business which they like most to do. In these terms, Bill Gates and Steve Jobs both persons were
greatly passionate towards their business activities, which helps them to achievement of desired
aims and objectives.
P.6. Reflection of aspects of entrepreneurial personalities on motivation and mindset
In terms of proper examination of reflection of personalities of an entrepreneur, the big
five personality theory and model will be utilised to assess the entrepreneurial personalities of
Bill Gates and Steve Jobs both persons (Schaper, Volery, Weber and Gibson, 2014). The model
is consisted of give types of personality traits that must be acquired by an entrepreneur. The
model as following:
Extraversion: It defines about excitability, sociability and assertiveness and wide amount
of sentiment expressiveness. An entrepreneur who possess the extraversion have potential to
making development in such areas where something new activities can be possessed within the
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business environment in sufficient form. They have potential for generating their energy by
making interaction with social peoples of the communities. Who has low extraversion tends to
generate energy by themselves in order to completion of business exercises.
Agreeableness: This type of personality trait of an entrepreneur reveals about kindness,
affection and other polite behaviour that can increase their interest on business activities. This
helps them to raising up interest to taking care of other employees at workplace as well as
helping them in their crucial circumstances. Bill Gates and Steve Jobs both persons have
agreeableness personality trait which assist them to well behaviourist with their subordinates at
workplace.
Conscientiousness: An entrepreneur must be well conscientiousness which assist
themselves to increasing their level to become more thoughtfulness in order to impulse control
and goal direct behaviour must be applied for them. These types of entrepreneur take more time
in case of completion of their each tasks and preparation for it as well (Stokes, Wilson and
Wilson, 2010). Bill Gates and Steve Jobs both persons were fully conscientiousness in order to
preparation of business schedule for completion of each task on time.
Neuroticism: neuroticism is a personalities' trait which defines about to sadness,
moodiness and emotional stability. More neuroticism more the individual will be emotionally
unstable. Lower the neuroticism, the individual person will be able to more stable emotionally.
Bill Gates and Steve Jobs both persons have low neuroticism, which help them, they were very
effective in managing their emotions and stress perfectly.
Openness: This is an also effective personality trait which must be possessed by a
successful entrepreneur. Openness in thinking and the way of doing thing help them to
generating more interest with working upon their entrepreneurship in respective from. For being
an entrepreneur, an individual must be openness in order to thinking about to new ideas and
innovative products. Bill Gates and Steve Jobs both persons have openness mind in order to
accepting challenges and thinking about unique products as well.
P.7. Examining background and experience that hinder and foster entrepreneurship
A successful entrepreneur faces wide range of challenges, issues and difference in order
to accomplishment of their organisational goals and objectives. They face several types of issues
and adverse situation where other normal people give up in that situation. They must have
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potential for bearing various types of adverse circumstances within entrepreneurship in respect to
accomplishment of their desired goals and objectives (Verreynne and Meyer, 2010).
Bill Gates and Steve Jobs both faces several types of difficulties from their background, family
and social support etc. they belong from non-business man background family. With the
assistance of their risk taking and passionate characteristic, they have better survived in those
adverse situations where other peoples take action to give up. Some essential factors which must
be taken into account in case of proper gaining of desired goals and objectives. These factors are,
skills, traits, family support, experience and education level etc.
Both personalities' family background has been partly hinder and partly foster their
growth and development in such situations. Both persons have got appropriate family support to
execution of their business activities within the business environment in sufficient form. At the
initial stage of their business, they have to face society criticism pressure has made negative
impact upon their concept and business project. So it can be said that, their personalities traits
and skills helped them to achieve desired growth in their desired sector in respective manner.
Hence, it implies that, booth the entrepreneur faces too many difficulties within their lives, which
has hinder their growth and they tackle some efficiently renowned entrepreneurs.
CONCLUSION
From the above analysis, it can be concluded that, variety of entrepreneurial venture and
their typology are relating to their business functionalities. Variety of different types of small and
medium entrepreneur are working in UK and they have differences and similarities within their
business sector. In addition, it, the report also concludes about small and micro entrepreneurial
venture has made great impact upon economy of UK. Small businesses and start-up's is most
essential for development of the country. There are some traits, characteristic and skills which
must be possessed by an entrepreneur. Some personalities traits of Bill Gates and Steve Jobs
both persons reflect the issues of the business within the business environment.
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