Entrepreneurship and Small Business Management Report: UK Businesses

This report provides a comprehensive overview of entrepreneurship and small business management. It begins by defining entrepreneurship and exploring its various types, including social and lifestyle entrepreneurship. The report then examines the scope and growth of entrepreneurship, highlighting its impact on the UK economy. A significant portion of the report analyzes the roles of small, medium, and large enterprises, providing data and statistics to illustrate their contributions at local, regional, and national levels. The report also delves into the traits and characteristics of entrepreneurs, differentiating them from business managers. Finally, it concludes by emphasizing the importance of passion, innovation, and self-motivation for entrepreneurial success, referencing examples of successful entrepreneurs and their motivational drivers. The report leverages various academic sources to support its analysis.

Entrepreneurship and Small Business
Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
TYPES OF ENTREPRENEURSHIP:.........................................................................................3
Scope and growth of the entrepreneurship:.................................................................................4
Impact of entrepreneurship:.........................................................................................................4
Role of small, medium and large enterprises:..............................................................................5
TASK 2............................................................................................................................................7
Different types of entrepreneurs:.................................................................................................7
Situational factors, similarities and differences:..........................................................................8
Traits and Characteristics of entrepreneurs and how they are different from business
managers-.....................................................................................................................................9
Characteristics-............................................................................................................................9
Background Experiences of Entrepreneurs- .............................................................................10
Motivational Drivers- ................................................................................................................10
Conclusion-....................................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is the starting of new business with aim of success and growth with the
combination of land, labour and capital that can help in achieving profits. Under this
entrepreneurship it involves an entrepreneur who takes action in the business for success, growth
and taking initiative for change in the environment. Innovation and risk ability of entrepreneur is
an important part of the entrepreneurship in the ever-changing environment and increasing
competition. In this report there are various types of entrepreneurship in the which have various
impact and importance on the economy of the country. It also shows the growth and
development of the ventures of the business in the organization. There are various
entrepreneurship like small business, medium business and large business. Entrepreneurship
means focus on the goals of achieving profits in the competitive markets b beyond the feelings
and emotions of the entrepreneur.
TASK 1
TYPES OF ENTREPRENEURSHIP:
There are two types of entrepreneurship which is used by the entrepreneur for stating the
new business in the markets of UK these are social entrepreneurship and lifestyle
entrepreneurship. An entrepreneur is the one who run and regulate the business with limited
resources for maximizing the profit and increasing the profit for the business. Social and lifestyle
entrepreneurship are part of environment in which entrepreneur run their business. These types
are explained below:
1. Social Entrepreneurship: under this entrepreneurship companies use the different techniques
and methods for starting up their business and entrepreneur try to develop the funds and brings
solution for the social, cultural, or environmental issues. These techniques of entrepreneurship
depend on the size, aim and beliefs of the organization. Under the social entrepreneurship there
is need of investors to invest the money in the organization for achieving the goal and improve
the business. Social entrepreneurship is followed by different ventures these ventures help in
determining the legal rights and taxable amount of the Angel Cars in the UK these ventures are
sole proprietorship, general partnership, LLC, LLP, limited partnership and corporation. Under
social entrepreneurship sole proprietorship have no legal and financial difference between the
owner and business. Sole proprietor is personally liable for the losses and damages (Ateljevic
and Page, 2017). Next venture which included in the social entrepreneurship is partnership it

means two or more persons help in achieving the goal and profits of the business. All the parters
take both legal and financial responsibilities of social, cultural, and environmental issues and
takes the company to the growth and success.
2. Lifestyle entrepreneurship:Under this entrepreneurship a person establishes their business as
per the purpose of their lifestyle not for the profit basis. An entrepreneur gives more importance
to the life reward in the business and do the business according the passion of their choice. These
entrepreneurs do not want an investor for investing in the business, but they invest their own
money in the business. This entrepreneurship is not bounded by the location they could conduct
the business wherever they want (Audretsch, 2017). Ventures like sole proprietorship and limited
liability company(LLC) could start the business on their own lifestyle by the entrepreneur
because they do not have limited legal and financial restrictions in this entrepreneurship.
Partnership ventures are sometimes not involved in this entrepreneurship because there is limited
liability and partnership have liability on both partners.
3.Large company entrepreneurship: large entrepreneurship focus on the success and growth as
a long term in the business environment. Large companies have to face lots of problems due to
globalization and digitalization. It refers to the developing the new ideas, techniques, innovation
for achieving the profits of the company.
Scope and growth of the entrepreneurship:
Scope and growth of entrepreneurship is depending upon the attitudes and abilities of the
entrepreneur by how innovative their measure and the ability of risk taking in the company.
Angel cars of UK focuses on the quality rather than quantity this will improve the growth of the
business and scope as well. The strength of Angel Cars in UK is its entrepreneur’s ability to give
best services to their customers which are available in other business in the competitive market.
Impact of entrepreneurship:
Innovative and dynamic companies of the UK increasing the growth and return
opportunities through finance such as EIS and secured debts fund. Small and medium
entrepreneurship plays an important role in providing employment opportunities to the people of
UK. These SMEs cover 98% of businesses in the UK private sector which will help in increasing
the growth of the economy (Rawhouser, Cummings and Newbert, 2019). The contribution of

these SMEs in the economy of the UK is very important because it correlates between the sector
and economy will exist.
Role of small, medium and large enterprises:
Small, medium and large entrepreneurship plays an important role in the contribution of
the economy in different levels of the economy like local, regional and national it will increase
the growth of economy in these levels. Here we can discuss these levels by applying the data and
information.
SMALL ENTERPRISES:In the small entrepreneurship the directory of UK provides the free
advertising services to the business from 2002. 99.3% business of the UK are cover by the small
business. Small business are less than 4% and there is 10 to 49 employed in every company of
the small business. There are various small businesses in the UK these are Angel cars, D L
consultants, meet yoga coaching, DCTV, Red bus bistro and many more (Ruef, 2015). This
small business has greater impact on the local, regional and national level of the economy. At
local level small business have greater importance because these business gives services to the
local people of the country but without crossing the local boundaries. If small enterprises achieve
the most of the profits at the local level then it will increase the business to regional level and
national level and it also expands the size of the business to medium size and large size business.
The small business survive to the rate of 79% by increasing the funds of the enterprises. In the
small business enterprises there are various government schemes, grants, loans, contact which is
provided by government of the UK. Small enterprises is explained by the below graph in the UK.
MEDIUM ENTERPRISES:According to the statistics of the government of UK 0.6%
businesses of the UK are under the medium-sized businesses. This medium-sized business
include 50 to 249 employees which help in generating profits per year This will increase the
medium-sized business with increase in profit margins from this it will increase the size of the
business. The performance of medium-sized business is different at different levels of the
economy (Shepherd and Zacharakis, 2018). The growth of medium enterprises is depended upon
the creative and problem solving ideas and communication skill of the entrepreneurs. Medium
business contribute in improvement in standard of living, increase in GDP and decrease the rate
of unemployment. Medium size business also expand their business to the national level by

transportation this will brings growth in economy and increases the profitability of the
businesses. This will also improve the creativity idea which gives right and new solutions for
moving business to the national level.
LARGE ENTERPRISES: Large business enterprises of UK like TESCO, Amazon, Unilever
Vodafone has large production and supply over local, regional, and national level and it will
increase the growth rate of the UK (Siegel and Wright, 2015). It also contributes in the
employment opportunities of the UK. Entrepreneur of this business deals in big way by
innovative and creating skills at local, regional and national level.
Illustration 1: Business by region
(Source: Business Statistics, 2018)
The above graph shows the number of business per 10000 residents in 2018 in the countries of
UK. This graph shows that the no. of business is different in each country of UK and their
contribution towards the growth of the economy is also differed from country to country.
According to the relevant data and statistics of the UK analysis by the government it shows that
growth and development of the country is also increased. Entrepreneurs with their skills and
experimental ideas leads the business and the nation towards the profitability. Development and
growth of the business at local, regional and national level is also by the ideas and
entrepreneurial skills of the entrepreneurs (Siqueira, Webb and Bruton, 2016). Large enterprises
have a vast area of business where they can show their skill and efforts for achieving the profits
and success of the business. Large enterprises also helpful in providing employment opportunity

for the people of the UK. There are various large business companies in the UK which are
famous not only in UK but across the world as well. Their contribution in GDP of UK is 80%
and helps in development and success of the UK. Some of the largest companies of UK like
Vodafone, Amazon, Unilever and many more have major contribution towards the growth and
success of the country and also affects the economy of the country. Unilever have $50.982
billion revenue in the UK and it has the most successful business. Unilever also takes part to
improve the sustainable development of the UK. Vodafone also plays an important role in the
contribution of growth in economy of the UK because it has the 9th position in the list. Revenue
of Vodafone is over 446.571 billion.
TASK 2
Different types of entrepreneurs:
(covered in ppt)
Situational factors, similarities and differences:
(covered in ppt)

Traits and Characteristics of entrepreneurs and how they are different from business managers-
(covered in ppt)
Background Experiences of Entrepreneurs-
(covered in ppt)
Motivational Drivers-
(covered in ppt)
Conclusion-
From the above studies we have summarized that with passion, aim and abilities like taking risk
and bringing new innovation into the market he will stay and serve for a long time in the market.
They should be self motivated and keep their managers and team motivated so that they work up
to their full potential. In this project references of entrepreneurs like Neil Daly, James Dyson and
Dave Roberts are taken and their experiences of life towards entrepreneurship, motivation and
how it helps in achieving the expected goals.

REFERENCES
Books and journals
Ateljevic, J. and Page, S. J. eds., 2017. Tourism and entrepreneurship. Routledge.
Audretsch, D., 2017. Entrepreneurship in Germany. The Blackwell Handbook of
Entrepreneurship, pp.107-127.
Gast, J. and et.al., 2017. Coopetition of small-and medium-sized family enterprises: insights
from an IT business network. International Journal of Entrepreneurship and Small
Business.
Rawhouser, H., Cummings, M. and Newbert, S. L., 2019. Social impact measurement: Current
approaches and future directions for social entrepreneurship research. Entrepreneurship
Theory and Practice. 43(1). pp.82-115.
Ruef, M., 2015. Sociology of Entrepreneurship. Emerging Trends in the Social and Behavioral
Sciences: An Interdisciplinary, Searchable, and Linkable Resource, pp.1-8.
Shepherd, D. A. and Zacharakis, A., 2018. Conjoint analysis: A window of opportunity for
entrepreneurship research. In Reflections and Extensions on Key Papers of the First
Twenty-Five Years of Advances (pp. 149-183). Emerald Publishing Limited.
Siegel, D. S. and Wright, M., 2015. Academic entrepreneurship: time for a rethink?. British
Journal of Management. 26(4). pp.582-595.
Simatupang, T.M., Schwab, A. and Lantu, D., 2015. Introduction: building sustainable
entrepreneurship ecosystems. Int. J. Entrepreneurship and Small Business. 26(4).
pp.389-398.
Siqueira, A. C. O., Webb, J. W. and Bruton, G. D., 2016. Informal entrepreneurship and industry
conditions. Entrepreneurship Theory and Practice. 40(1). pp.177-200.
Welsh, D.H., Tullar, W.L. and Nemati, H., 2016. Entrepreneurship education: Process, method,
or both?. Journal of Innovation & Knowledge. 1(3). pp.125-132.
Welter, F. and Gartner, W.B. eds., 2016. A research agenda for entrepreneurship and context.
Edward Elgar Publishing.
Powell, G.N. and Eddleston, K.A., 2017. Family involvement in the firm, family‐to‐business
support, and entrepreneurial outcomes: An exploration. Journal of Small Business
Management. 55(4). pp.614-631.
Leitch, C.M. and Volery, T., 2017. Entrepreneurial leadership: Insights and
directions. International Small Business Journal. 35(2). pp.147-156.
Doern, R., 2016. Entrepreneurship and crisis management: The experiences of small businesses
during the London 2011 riots. International Small Business Journal. 34(3). pp.276-302.
Bogdanova, S.V. And et.al., 2016. Management of small innovational enterprise under the
conditions of global competition: possibilities and threats. European Research
Studies. 19(2). p.268.
Walsh, G.S. and Cunningham, J.A., 2016. Business failure and entrepreneurship: Emergence,
evolution and future research. Foundations and Trends® in Entrepreneurship. 12(3).
pp.163-285.
Online

Business Statistics. 2018. [Online]. Available Through:
<file:///home/user/Downloads/SN06152%20(5).pdf>.