Entrepreneurship Consultancy Report: Small Business Impact and Growth

This report provides a comprehensive analysis of entrepreneurship, beginning with a definition and exploration of various venture types, including lifestyle firms, public sector entrepreneurship, and social enterprises. It then delves into the similarities and differences between these ventures. The report further examines the statistical impact of small businesses on the UK economy, highlighting their importance in job creation and economic growth. It also explores the significance of business start-ups and small businesses in fostering social and economic development at national, international, and regional levels. The report concludes by identifying the key characteristics, traits, and skills associated with successful entrepreneurs, emphasizing the role of mindset and motivation, and how background and experience can influence entrepreneurial endeavors. The report draws on various sources to support its findings.

Entrepreneurship Consultancy
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Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
explain what makes a venture “entrepreneurial”.........................................................................3
Entrepreneurial venture................................................................................................................3
Investigate entrepreneurial ventures and its ranges....................................................................4
Explore the venture similarities as well as disimilarities.............................................................5
TASK 2............................................................................................................................................6
Statistics of small business as well as micro economic impact...................................................6
Importance of business start-ups and small businesses to the social economic growth.............6
TASK 3............................................................................................................................................7
Characteristic traits as well as skills of entrepreneurs who are successful..................................7
Aspects of the personality which is entrepreneural which reflect the mindset also motivation. .8
TASK 4 ...........................................................................................................................................9
How background also experience helps in foster or hinder entrepreneurship.............................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Entrepreneurship defined as set of actives that helps to launching and running new ideas
in a small business as well as taking risk which is financial for the objective of profitability
(Basco,.2019). Entrepreneur brings innovative ideas in the business to lead up towards success.
Thus, its have capacity to willingness, develop then organize and there after manage a venture
related to business in order to make a profit along with risks.
The project report is based on Entrepreneurship Consultancy. The report which will
describe the venture of different types. Furthermore, Assignment will describe similarities, also
difference between the ventures which is entreprenual. Moreover, report will evaluate small
business impact in the economy and asses main aspect of entrepreneur mindset. Lastly, report
will describe the different environment that hinder and foster entrepreneur journey.
TASK 1
explain what makes a venture “entrepreneurial”
Entrepreneur
An entrepreneur is one who likes to starts a new business with new and innovative ideas
and runs the business using minimum resources also planning, and entrepreneur is taking all the
responsible for the risks which arise when run the business activity and also responsible for
rewards which is included in the business venture. Such venture which is enterprenual target
returns which are high and profits with an risk which is of high level (Lo, Huarng and Rey-Martí,
2019.). The Characteristics of taking risk and challenges makes the different form others as they
able to arrange the requirements of capital and resources. Thus, by arranging all the business
activity entrepreneur can control the Marketing, sales and distribution activity.
Entrepreneurship
It is an activity of entry, moving and creating a business which is of new unit. It is
frequently a small business at starting stage
Entrepreneurial venture
It is the initial stage of start up new entities for the purpose of earning profits. These
venture are successful when the demand of product and services is meet the needs and
requirements of customer. Thus, to fulfill the needs of customer entrepreneur make the product
and run the business in the market.
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Investigate entrepreneurial ventures and its ranges
Types of entrepreneur ventures
There are different types of entrepreneur ventures which describe as follows -
Lifestyle firms entrepreneurship - This firms are those when entrepreneur running the business
for the purpose of changing their own lifestyle rather than earning profits and generate revenues.
Thus, this firm run only for the purpose of achieving particular aim and objective that is help to
enhance the income level and providing fund so that lifestyle can be improved.
Public sector entrepreneurship - This types of entrepreneurship successful when the public
support the policy initiatives that create better economic condition and transforming good
economic environment into the nation. Thus, this economic units who support the environment
engaging in creative and innovative activities (Boutillier, 2019).
Social enterprise entrepreneurship - This entity are those who support the society by
implement commercial practices in the business in order to enhance profit and reputation in
society. The entrepreneurship which is social is an activity of entrepreneur as well as start ups,
in which they develop, implement as well as fund solutions which is to social, environmental and
social.
Types of typology
Established company - This company are those who already exist in the market for long period
and make innovative ideas for the purpose of earning profits. For example, Tesco is the one of
the firm who establish as business which is small-scale and only deals in selling groceries
products. But in current scenario Tesco deal in different types of products such as financial
services, toys, books, furniture, software and many more.
Large size social company – The social company which is of large size is usually invest huge
amount in the business to run in the market. This group are usually huge group like NHS. It is
the biggest social enterprise who work on globally (Lee,.2019). NHS serve the various types of
medical services such as medical, hospitals, dental etc. This is the biggest social group that
provide the social services in many states like Scotland, Wales, etc.
Small size social company – This ventures are small entity which is run and established by
social entrepreneurs who have new and innovative ideas. These entities provide the solution and
idea for the society in order to achieve social and sustainable objective. This business provide the
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helps to society by providing the Funeral Planning services. Thus, enetprenure make the
innovative and establish this idea into the business for achieving huge success. These all is the
social activities which is managed by the social group and it has all started with a new start-up
Explore the venture similarities as well as disimilarities
Similarities in between entrepreneur
 Ideas which are creative, one of the similarity because without creative idea entrepreneur
cannot execute their business (Dunne and McBrayer, 2019).
 Continues innovation is also one of the similarity because it is necessary to innovate
continuously for increase large number of customer base.
Differences
Basis Public sector
entrepreneurship
Lifestyle firms Social enterprise
entrepreneurship
Survival firms
Organization
structure
In this venture
Hierarchical
structure being
followed
Flexible
organisational
structure follows
in lifestyle firms
Ownership
structures being
followed under
this venture.
Structure of this
firm are not much
complicated it is
flat.
Goal The goal of
public sector
company is that
provide the best
services to the
customer in order
to satisfying and
fulfill their needs.
The aim of life
style firm is that
running the
business for the
purpose of
changing their
own lifestyle
rather than
earning profits
and generate
revenues (Hägg
and Kurczewska,.
2019).
The goal of social
entrepreneurship
is that they serve
the best medical
services for the
public. Thus, the
goal of serve the
best innovative
services in order
to maintain the
sustainability in
the environment.
The aim of focus
towards the
substantial
profitability and
growth.
Sources of Sources of funds Own fund and Sources of funds Own fund, banks
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finance include credit,
venture capital,
donations, grants,
savings,
subsidies, and
taxes
fund raise from
peers and friends
are main sources
are public capital,
public donations,
various
organization
support.
and other
financial service
industries help
them to fulfill
their fund
requirement.
TASK 2
Statistics of small business as well as micro economic impact
The micro and also the small firms plays a major role in the contribution of UK economy.
THE main reason of promoting the small business is that it helps to provide the employment
opportunity. Due to promotion of the small business as well as business which is micro the
employment ratio will increase of the Country UK it will happen because of rise in growth rate.
There are some fact which describe the affect of business which is small in the economy.
 The business which is small provide employment opportunity to the workers in the UK ,
Small sector which was 16.3% and 60% which is all from the private sector (Essel,
Adams and Amankwah, 2019).
 Small business provide the 8802 Employment opportunity in the UK. It enhanced with
contribution of business which is micro as well as small-scale 2017 to 2018.
 The accumalted turnover of the business which is small and micro business is around 2
trillion pond.
 The actual turnover of small business is record 590 billion in 2018. It describes that how
small business develop their business in all over the world.
 In 2018, there were around 5.5 million business, small did contribution towards the GDP
of UK.
 Micro as well as small sized business stated in 2018, covers 99.3% which is a great
contribution towards the economy of UK.
Importance of business start-ups and small businesses to the social economic growth.
Social economy is refers to non profit activity that help to analyse how consumer
behavior is influenced by differer social issues, ethics, morale and other philosophy. Thus, social
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economy examined the activity of population and community in order to make better solution for
the social, economical and environmental issues.
National - Small business provide many opportunities as they provide the employment and
develop the economy by improving GDP. Thus, small business provide the help to the nation in
different ways such as - provide job opportunity, encourage the employees for the innovation,
reduce poverty, increase GDP by making product in nation which leads the demand of domestic
product, increase import etc (. Scuotto, Serravalle, Murray and Viassone,2019). Thus, this small
business expand the economy by generating high profits. Such example of small business like
amazon, flip cart.
Interactional - Small business expand their business in all over the world. Thus, it contributes to
the international economy by providing the employment opportunity and reduce the poverty.
Therefore, small business provide 600 million job opportunities globally that helps to increase
the demand of product and with new technologies in order to develop economy.
Regional – Business which is small is also important for the regional level because when firm
makes innovative product according to the demand of customer. It helps to attract the regional
customer as happy customer because for the purchase of the product in home town of the own.
TASK 3
Characteristic traits as well as skills of entrepreneurs who are successful
Entrepreneurial mindset is always thought creative and make product which satisfy the customer.
Mindset is described the way in which they take challenges and risk as they have ability to see
thinks different from the other.
Characteristics
Creating new venture - Entrepreneurship is refers to creating new ideas and innovation
(Kunaka and Moos, 2019). Thus, Richard Branson have ability to make creative products in
order to satisfy the needs of customer. Thus, entrepreneur always produce innovate that makes
the different from the manager because manager are not able to creating new ventures.
Strong network ability – Being and entrepreneur having the potential of communication as they
build the strong network. Thus, peter Jones have ability to build the network as they consult with
adviser, Employee and investor when they start their business it makes the different from other
because manager only consult with higher authority.
Traits
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Self motivation - An entrepreneur should have trait of self motivation and confidence. Thus,
Richard and perter they both are motivated towards their work and make the business successful
with this trait.
skills
Profit potential - Entrepreneur have ability of risk taking when they make something innovative
and produce something. Thus, peter Jones have ability of enhance the profit by making some
innovative Product which satisfy the customer. So to achieve the huge profit peter Jones the level
of profit as per the risk level is measured of the company. Thus, this skill is different form the
manger because manger are not bale to manage the risk and identify the level of profit.
Aspects of the personality which is entrepreneural which reflect the mindset also
motivation
Openness - In this stage, it described that high openness among the entrepreneur are very
creatives and they focus on tackling the new challenges (Ladge, Eddleston and Sugiyama,
2019). Entrepreneur who are high in these traits tend to be more creative and adventurous as they
more curious about to increase knowledge. On the other side, low openness described that people
not accept the changes easily and they do not enjoy new things.
Conscientiousness - in this stage, it described that high Conscientiousness people are organized
and they spend lot of time on preparing the projects and pay attention on the details. On the other
side, low Conscientiousness describe that people dislike structure and scheduling they cannot
mange their work properly.
Extraversion - in this stage, it describes that high Extraversion entrepreneur Enjoys meeting
new people and Finds it easy to make new friends. On the other side, low Extraversion indicates
that people not like to met new people and they Dislike being the center of attention.
Agreeableness - In this stage, it described that high Agreeableness entrepreneur tend to be more
cooperative and low Agreeableness tend to be more competitive and they cannot support their
members.
Neuroticism - In this stage, it described that high Neuroticism describe that people who have
high in this trait they are more Worries about many things, Feels anxious and those who have
low trait they are Emotionally stable and easily deals with difficult problems.
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TASK 4
How background also experience helps in foster or hinder entrepreneurship.
Peter Jones : Peter is the one of the most successful and famous entrepreneur of United
Kingdom. Mr Jones has invested in different sector of businesses such e-commerce, Properties,
telecommunication and many more. At the age of 16 Mr Jones founded his first tennis academy
and before the age of 20 business in computer sector. Furthermore, at the age of 28 he became an
active member of the Siemens Nixodrof and was expanded his computer business in whole
Untied Kingdom. In 1998 Mr Jonas founded a telecoms company which is known as Phones
International Group which is having more turnover of more than 150 million pounds.
At a very young age he used image him as a successful businessman. He used to study do
certification programs for tennis, after complete his program he opened his own tennis academy.
Later Mr Jones was attracted towards the computer technology. He researched about every thing
about the computer field and made up his mind to start a business in computer sector, After
determination and handwork of around 10 year was successful in business expansion in entire
UK.
Richard Branson: Mr Branson is the biggest business tycoon of United Kingdom. He was born
on 18 July 1950 in England. The struggle at school because of dyslexia and drop the education
system in 16 years of age, After that Richard initiated a magazine based on young culture name
Student and sold around 8000 pounds of magazines for free for advertisement. Richard begins a
mail order record company “ Virgin” which helped in funding for his magazine. The
performance of the magazine was moderate but it was enough to expand the business, so he
builds a recording studio in the year 1972. Mr Branson expanded his business again but now in
travel sector, The Virgin Atlantic airline, Financially afloat the company was and the Virgin was
even strugglin to survive. This crushed Branson with loss, He introduces a station named Virgin
Radio, which was his second recording company, The recording station was a huge it in the
market and Virgin Group expanded their market in more than 35 countries around the world and
expanded his business in many sectors such as train company, mobile phones, space-tourism
company and many more
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CONCLUSION
It has been concluded that Entrepreneur brings new as well as innovative ideas to
business. This report is based on the Entrepreneurship consultancy. Therefore, report has
highlighted about the various types of the ventures of the entrepreneurial and their typology
relation of entrepreneurs.
Along with this, the dissimilarities as well as similarities which is in between venture
which is entrepreneurial has been defined to carry out the activities to enterprise effectively.
This report has also discussed business which is small impact which is on the economy
which included micro also, small businesses affect on the economy and the crucial of the
business which is small towards the economic growth to the growth of economy. Furthermore,
the study has highlighted about the main things in the growth of mindset of the entrepreneur.
Lastly, experience and also the background which is used for the foster as well hinder
businessmen ship.
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REFERENCES
Books and journals
Basco, R.2019. What kind of firm do you owner-manage? An institutional logics perspective of
individuals’ reasons for becoming an entrepreneur. Journal of Family Business
Management.
Boutillier, S. 2019. The economics of the entrepreneur and the banker historical roots and
contributions to the management of innovation. European Journal of Innovation
Management.
Dunne, T.C. and McBrayer, G.A. 2019. In the interest of small business’ cost of debt: A matter
of CSR disclosure. Journal of Small Business Strategy.29(2). pp.58-71.
Essel, B.K.C., Adams, F. and Amankwah, K. 2019. Effect of entrepreneur, firm, and institutional
characteristics on small-scale firm performance in Ghana. Journal of Global
Entrepreneurship Research. 9(1). p.55.
Hägg, G. and Kurczewska, A. 2019. Who is the student entrepreneur? Understanding the
emergent adult through the pedagogy and andragogy interplay. Journal of Small Business
Management. 57, pp.130-147.
Kunaka, C. and Moos, M.N. 2019. Evaluating mentoring outcomes from the perspective of
entrepreneurs and small business owners. The Southern African Journal of
Entrepreneurship and Small Business Management. 11(1). pp.1-11.
Ladge, J., Eddleston, K.A. and Sugiyama, K. 2019. Am I an entrepreneur? How imposter fears
hinder women entrepreneurs’ business growth.Business Horizons.
Lee, B.2019. Human capital and labor: the effect of entrepreneur characteristics on venture
success.International Journal of Entrepreneurial Behavior & Research. 25(1).pp.29-49.
Lo, F.Y., Huarng, K.H. and Rey-Martí, A.2019. Entrepreneur subsidiary of business groups from
emerging markets: a multi-level perspective. International Entrepreneurship and
Management Journal. 15(2). pp.471-483.
Scuotto, V., Serravalle, F., Murray, A. and Viassone, M. 2019. The Shift Towards a Digital
Business Model: A Strategic Decision for the Female Entrepreneur. In Women
Entrepreneurs and Strategic Decision Making in the Global Economy (pp. 120-143). IGI
Global.
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