Entrepreneurship Report: Micro and Small Business in the UK

This report provides a comprehensive analysis of entrepreneurship, focusing on different venture types and their typologies, including local, global, social, scalable start-up, serial, and lifestyle entrepreneurship. It examines the similarities and differences between these ventures and assesses the impact of micro and small businesses on the UK economy. The report explores the importance of small businesses in achieving workplace goals and objectives. Furthermore, it identifies successful entrepreneurs, their characteristics, and how entrepreneurial personalities reflect on motivation and mindset. The report also considers factors that hinder or foster entrepreneurship, offering a detailed overview of the UK business environment and its implications for economic development and employment. The report concludes with a discussion of the positive impacts of small businesses on society, GDP, and employment opportunities, highlighting their significance in the overall economic landscape.

ENTREPRENEURHSIP

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
P1 Types of entrepreneur’s venture and their typology...............................................................1
P2 Similarities and differences between different ventures........................................................2
P3 Interpret and assess relevant data which impact on micro and small business on the
economy.......................................................................................................................................4
P4 Importance of small business to accomplishment of desired results at workplace................5
PART 2............................................................................................................................................5
P5 Example of successful entrepreneurs and determines their characteristics and skills............5
P6 How entrepreneurial personality reflect on entrepreneurial motivation and mindset............6
P7 Background and experience which hinder foster entrepreneurship.......................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship consider several kinds of innovations and creativity at workplace to
develop target market and maintain effectiveness. With this regard, aims and objectives of
entrepreneurs determines to operate successful operations and functions in different areas of the
world (Bae, Qian and Fiet, 2014). Present report considers different kinds of operations to cope
up their effectiveness in the market. In addition to this, entrepreneurs make their efforts and
attainment to target new people at workplace. In respect to analysis the present report, covers
different kinds of entrepreneurship ventures that consider their part to make high profits and
revenue at workplace. Furthermore, it analysis similarities and differences between different
types of entrepreneur’s venture in the market.
PART 1
P1 Types of entrepreneur’s venture and their typology
In respect to develop effective functions and operations, there are different types of
business exist that consider effective results with development of economic value and results.
Furthermore, they take important part in the accomplishment of goals and objectives at market.
GDP economy consideration develop successfully so that entrepreneurship create opportunity to
attain effective results (Miller, Steier and Breton Miller 2016).. Following are different types of
entrepreneurship business exit in the UK market:
Local entrepreneurship: Local entrepreneurship consider their operations and functions to
develop target market in successful manner. They consider regular development in the business
to ascertain quality of entrepreneurs in small businesses such as local grocery retailer,
hairdresser, etc. They consider operations and functions to run their activities and
entrepreneurship program to increase profits and revenue as well. Their main motive is to
increase profits and revenue through implement innovations. In this regard, typology involved to
attain systematic functions through consider several activities in it.
Global entrepreneurship: In the global entrepreneurship, there are different activities
consider to run operations and functions successfully. At global level activities determines to hire
people and increase their effectiveness with several operations and functions. Profitability of the
organisation also managed with identify customer demand and market trends. Their main motive
is to determines functions to compete with different competitors in market. Therefore, they are
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able to attain more significant advantages in their operations and functions. In addition to this,
their typology involve that is keep security and effectiveness in the market to attain more
significant results at workplace.
Social entrepreneurship: Furthermore, social entrepreneurs consider their operations and
functions through implement new elements in existing products. In the business environment,
entrepreneurs determines and assess society requirements (Bae, Qian and Fiet, 2014). As results,
they consider functions and operations to attain more significant results at workplace. It is the
best way to maintain profitability and effectiveness at workplace. Along with this, in the society
there is wide issue occurs due to building profitability and outcomes in systematic manner.
Scalable start-up entrepreneurship venture: Along with this, scalable start-up
entrepreneurship determines their motive to complete innovations and creativity with includes
new and effective functions. This is because, they entitle skilled workers so that new customers
could be targeted in systematic manner. With consider new products and services, qualitative
elements implemented successfully at workplace. As results, it will focus on develop vision and
profitability as well.
Serial entrepreneurship: This kind of entrepreneurs work to develop outcomes and
results for future development. They consider their business to start new business and undertake
more successful business development. Main typology involved that is innovative and creative
features that assists to attain more successful advantages at workplace.
Life style entrepreneurship: In respect to develop effective results, lifestyle entrepreneurs
focus on the development program that assist to obtain systematic work performances.
Therefore, they are easily able to handle risk capacity (Miller, Steier and Breton Miller 2016).
All these successful entrepreneurs consider typology to maintain connection with
different businesses. Therefore, local business easily run to attain more profits and revenue at
workplace. They are also getting high return from the activities to ascertain innovations and
creativity.
P2 Similarities and differences between different ventures
In respect to consider effective results, there are different entrepreneurship consider their
important place in the business success. There are several kinds of enterprise exist that take place
to established operations and functions in systematic manner. They all possess some similarities
and differences to operate successful results in the business environment. Furthermore, it is
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beneficial to make high growth and creative advantages at workplace. Venture established to
develop growth and economic development at workplace. Therefore, global business, local
business and social businesses al consider their operations and functions to maintain innovations
and creativity. As results, they all are consider their part to maintain security. They want to get
more profits and revenue to attain more significant results at workplace. As results, they are able
to generate positive impact with different strategies and attain significant results. In addition o
this, they consider working pattern to maintain long term targets at global place. Earning and
profit motive is the main advantages to the entrepreneurship firms that helps to attain more
significant results at workplace.
Beside this, there are several dimensions exist in which collective results will helps to
focus on the creative functions and operations. In this regard, it is important to attain more
significant results at workplace through business able to gain their profitability in systematic
manner. Local business requires high amount to consider new operations and innovations at
workplace. On the other hand, to social businesses there is less amount needed to cope up with
several activities in the business. In order to attain desired results at workplace. In this way,
different business considers distinguish demand of money to consider their effectiveness at
workplace. Therefore, it is important to focus on some attractive elements in the business.
Furthermore, increasing profitability and positive outcomes at workplace determines through
government agencies to make concentration at international level. Therefore, issues and
problems will be solved to maintain effective results at workplace.
Along with this, there are different aspects consider that helps to maintain effectiveness at
workplace. In this regard, it is essential to lead with the business environment and consider
distinctive contribution in the country economy. Goals and objectives of the business has been
ascertained to implement different activities at workplace.
Similarities between serial entrepreneur with lifestyle
Serial entrepreneur Lifestyle entrepreneur
Skilled employees required at workplace Human resources needed to focus on the
innovative with high skills
Creative and innovative features Innovative development of skills
Differences
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They consider new ideas and features for the
business development and attain more desired
results at workplace.
They focuses on the reward system through
people will be attracted and attain more
significant advantages.
P3 Interpret and assess relevant data which impact on micro and small business on the economy
In order to focus on the creative results, it is important to consider micro and small
businesses at workplace. In this way, economy of the nation consider huge impact through
contribute growth in business environment. Along with this, clear vision needed to attain more
systematic work performance at workplace. Large businesses consider clear vision to obtain
more useful information in the business. There are different ways in which organisation could be
classified in systematic manner (Miller, Steier and Breton Miller 2016). In UK, small business
consider more creative work performances. In this way, performance after Brexit is continuously
expanded by 0.5%. One major impact of this business on economy is developed as in 2014 there
is estimated 5.2 million businesses concern to make high growth in the UK. Therefore, standard
also maintain to focus on benchmark and practices as well. From this, most of the private sector
around 60% take part to develop employment activities in SME. They also arising their
significant implications for economy development. Furthermore, government also conduct
survey and more than 10000 small business also take support from them. Around 23.4% SME
businesses grow and ascertain their growth in year. They also involved innovation so that profits
and revenue could be easily develop. From England around 15.4% small businesses take part to
make high growth and effective results as well.
For instance micro, small and medium sized enterprise. In this regard, private businesses
consider their outcomes through earning more profits and revenue at workplace. It is the best
way to develop target market and attain more desired results as well. They consider sole
proprietorship to obtain financial statement to evaluate successful results. Beside this, public
business consider their outcomes to develop facilities and systematic performances in systematic
manner. Partnership enterprises consider their operations and functions to earn more profits and
revenue. Hence, following aspects has been implemented at workplace that impact on SME:
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 Contribution with employment opportunities: It is the major aspect which helps to
focus on the more recruiting in the business environment. In this context, it is important
to identify employment opportunities to operate in the small business in all over the
world (Shepherd, 2015). In addition to this, big enterprise consider more people while in
SME there are only 250 workers required. Hence, micro enterprise provide employment
for more people which create significant impact on the results.
 Economic impact: In respect to undertake growth and opportunities of the nation, SME
play very important role in every country (Reuber, Knight and Zhou, 2018). In this
regard, it is important to look towards the innovations and creativity which bring
important consideration at workplace. Furthermore, it makes sure that opportunities also
developed in the large consideration to focus on the systematic results.
 Flexibility changes with scenario: In order to focus on the economic stability, it can be
stated that UK maintain systematic results with consideration of effective results. In this
regard, it is important for the SME to create their plan and take consideration as per the
customer needs and requirements (Naudé, 2014). Along with this, as per obtain
information, capabilities also increasing to maintain high profits and revenue to remain
stable in the nation.
P4 Importance of small business to accomplishment of desired results at workplace.
In order to develop systematic results, start-up businesses obtain their performance
through focus on the effective functioning and operations as well. It is the best way to attain
desired goals and objectives in the business to undertake more systematic performances (Naudé,
2014). There are some importance undertaken in the enterprise which consider positive impact
on the accomplishment of desired results in the business. They are as follows: Increase employment opportunities: Small business determines effective results to
ascertain more significant advantages at workplace (Naudé, 2014). In this way, small and
medium enterprise play major role in the business success and country as well. Along
with this, it assists to create more revenue and profitability in term of foreign fund and
contribution as well. Hence, market share will be developing in successful manner. Improvement in the society performances: With the help of the more contribution in the
business through money and financial resources, different advantages has been take place
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(Schaper, 2016). In this way, improvement of the society also undertaken to make
successful operations and functions with economic conditions.
 Increase GDP: Start-up enterprise also consider their effective results to increase
opportunities and development program as well. It is the best way to make several
changes in the economy with ascertain creative activities. In addition to this, more
opportunities will be increasing that helps to attain more significant advantages in the
country (Fayolle and Gailly, 2015).
PART 2
P5 Example of successful entrepreneurs and determines their characteristics and skills
Successful entrepreneur consider their maximum participation in the business to focus on
the creativity and effectiveness. In this regard, innovative ideas and views helps to increase
thinking capacity and ascertain operations in successful way. Further, there are two successful
entrepreneurs has been selected Mark Zuckerberg, and Steve Jobs. They consider important part
to maintain effectiveness and attain systematic results at workplace. Traits and skills helps to
maintain dynamic culture and mechanics at workplace (Bae, Qian and Fiet, 2014). Following are
certain skills and traits has been implemented that required in successful entrepreneurs:
Characteristics and traits:
 Planning and developing: Successful entrepreneurs consider their part through create
planning and development activities to ascertain effective results at workplace. In this
regard, it is essential maintain effective leadership ability and lead with brand as well.
Zuckerberg and Jobs both create plan to maintain their operations and functions as
innovative aspect. Therefore, it will help them to attain desired results in the business
(Miller, Steier and Breton Miller 2016).
 Ascertained with competitive advantages: In order to develop effective functioning it is
important to focus on the innovations and creativity. In this regard, Zuckerberg and Jobs
consider their part to maintain effective results at workplace. With the help of the
competitive advantages will be attain to ascertained creative results.
Skills:
 Risk taking: In order to focus on the effective functioning, every entrepreneur need to
focus on the risk taking capabilities (Abrams, 2017). In this way, they consider effective
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results at workplace. In order to focus on the systematic results, it is important to take risk
in the business. Therefore, it will help to attain more significant results within the market
(Klotz and Neubaum, 2016).
 Focus on the goals and objectives; Furthermore, another skills required in Zuckerberg
and Jobs, is focus on ultimate goals and objectives. This is because, when they consider
concentration only on the goals and objectives, they are able to deliver creativity at
workplace and attain more significant advantages as well.
P6 How entrepreneurial personality reflect on entrepreneurial motivation and mindset
In order to focus on the personality, it can be stated that entrepreneurial motivation and
mindset helps to attain more systematic work performance in the business. In this regard,
personality helps to focus on the individual with different characteristics which includes lifestyle,
culture, bringing innovations, etc. All these consideration helps to attain more systematic work
performance in the business (Klotz and Neubaum, 2016). Entrepreneurship also need to obtain
creative results and functions which influence to the personality and attain more significant
results at workplace. There are different stages included that assists to maintain effectiveness at
workplace. On the basis of OCEAN strategy, different activities considered at workplace (Baum,
Frese and Baron, 2014). They are as follows: Openness: With this regard, it is important to focus on the culture, originality and
experience as well. This is because, with consideration of the individual performance, it
can be stated that profitable outcomes develop at workplace. SME can gather relevant
information at workplace that assists to attain more significant advantages at workplace. Consolidation: Furthermore, it is also important to focus on the accomplishment of goals
and objectives that undertaken on the basis of effective results. Furthermore, tendency
also increases that consider main aim to attain systematic results at workplace (Baum,
Frese and Baron, 2014). Extroversion: Furthermore, extroversion activity helps to accomplish desired results in
the business. In order to focus on the systematic results, Zuckerberg and Jobs both
possess their consideration to focus on the desired outcomes. Accommodation: In addition to this, effective strategy also considered to compassionate
instead of the suspicious activities. Therefore, it is important to make innovative ideas
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and opinion that helps to attain more systematic work performances (Siqueira, Webb and
Bruton, 2016).
 Neuroticism: In addition to this, experience also need to develop so that issues will be
overcome with unpleasant emotional activities at workplace. With the help of the same
extra benefits, targets and outcomes ascertain in proper way.
P7 Background and experience which hinder foster entrepreneurship
With this regard, it is important to focus on the reward and drawbacks which consider for
entrepreneurship. This is because, it helps to attain more systematic work with skills and
capabilities as well. It also ascertained with the organisation development that signifies to focus
on the targets and goals as well. Entrepreneur experience and their education level increases
performance in systematic manner to target new people. There are several activities denotes by
Zuckerberg and Jobs as well. Zuckerberg consider their participation through focus on the
innovative characteristics and ascertain more creative results at workplace. Performances of
entrepreneurial venture is main consideration which need to be focused to attain more systematic
work performance at workplace (Eesley and Miller, 2018). As results, it will assist to attain more
significant advantages. In addition to this Zuckerberg possess capabilities to interact with each
person at workplace in the whole world. Hence, he got success with innovation of Facebook.
From the help of family motivation, he got more success and encouragement towards the
entrepreneurship venture.
Furthermore, he was successful business man because operations and functions have been
developed successfully at global environment and attains more systematic work performance at
workplace. In addition to this, they are also able to take risk and attain more systematic results at
workplace of international environment. In order to develop effective results, Zuckerberg need to
concentrate on the development of the desired results. This consider on the business development
so that enterprise will get effective functions (Demil, Lecocq and Zott, 2015). With this regard,
environment development maintains systematic results in the company. Along with this, targets
and objectives consider that assists to set effectiveness.
In addition to this, Zuckerberg need to concentrate on the innovations and creativity so
that targets and aims will be attain in systematic manner. There is different consideration
included to focus on the new productivity. There are different activities and targets will be
ascertained to several results that could be attaining in specific manner. In this regard, new firm
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will be developing to consider effective results. There are different aims and objectives will be
attaining in the business environment (Read, Sarasvathy and Wiltbank, 2016).
CONCLUSION
From the above report, it can be concluded that entrepreneurship consider effective
functioning. With the help of the innovative functions and operations, there are several activities
organised at workplace of the small business. In this consideration, different businesses have
been explained in the market. Furthermore, there are different kind of impact has been seen on
the basis of innovative and creative characteristics. On the basis of effective consideration, it can
be stated that new business will be develop at workplace. Moreover, there are two successful
entrepreneurs consider to focus on the new functions and operations. With this regard, it is
important to develop more profits and revenue at workplace.
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REFERENCES
Books and Journals
Abrams, R.M., 2017. Entrepreneurship: A Real-World Approach. Planning Shop.
Bae, T.J., Qian, S. and Fiet, J.O., 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship theory and
practice, 38(2), pp.217-254.
Baum, J.R., Frese, M. and Baron, R.A., 2014. Entrepreneurship as an area of psychology study:
An introduction. In The psychology of entrepreneurship (pp. 33-50). Psychology Press.
Demil, B., Lecocq, X. and Zott, C., 2015. Introduction to the SEJ special issue on business
models: business models within the domain of strategic entrepreneurship. Strategic
Entrepreneurship Journal, 9(1), pp.1-11.
Eesley, C.E. and Miller, W.F., 2018. Impact: Stanford University’s economic impact via
innovation and entrepreneurship. Foundations and Trends® in Entrepreneurship, 14(2),
pp.130-278.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of Small Business
Management, 53(1), pp.75-93.
Klotz, A.C. and Neubaum, D.O., 2016. Research on the dark side of personality traits in
entrepreneurship: observations from an organizational behavior perspective.
Entrepreneurship Theory and Practice, 40(1), pp.7-17.
Miller, D., Steier, L. and Breton‐Miller, L., 2016. What can scholars of entrepreneurship learn
from sound family businesses?. Entrepreneurship Theory and Practice, 40(3), pp.445-
455.
Naudé, W., 2014. Entrepreneurship and economic development. International Development.
Ideas, Experiences and Prospects.
Read, S., Sarasvathy, S.D. and Wiltbank, R., 2016. Response to Arend, Sarooghi, and
Burkemper (2015): Cocreating effectual entrepreneurship research. Academy of
management Review, 41(3), pp.528-536.
Reuber, A.R., Knight, G.A. and Zhou, L., 2018. International entrepreneurship: The pursuit of
entrepreneurial opportunities across national borders.
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