Report on Entrepreneurship and Small Business Management: UK Focus

This report provides a comprehensive overview of entrepreneurship and small business management, examining various types of entrepreneurial ventures, including small businesses, scalable start-ups, large company entrepreneurship, and social entrepreneurship. It explores the similarities and differences between these ventures, analyzing their objectives, risks, and structures. The report delves into the diverse range of entrepreneurial ventures in both the corporate and public sectors, critically examining their scope, development, and growth. It interprets relevant statistics and data to illustrate the significant impact of small and micro businesses on the UK economy, highlighting their contributions to employment and GDP. Furthermore, the report discusses the importance of business start-ups to the growth of the social economy and contrasts small, medium, and large businesses in the UK. The analysis includes statistical data and graphs that showcase the contributions of micro and small businesses to the UK's turnover and employment. The report concludes by emphasizing the crucial role of start-up businesses in fostering social economy growth, including their impact on job creation and corporate social responsibility.

Unit Title and Number:
Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
P1. Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurial ventures..........................................................................................1
The following are different types of entrepreneurship ventures;................................................1
P2. The similarities and differences between entrepreneurial ventures......................................2
M1. Diverse range of entrepreneurial ventures in both corporate and public sector..................3
D1. Critical examination of scope, development and growth of entrepreneurship ventures......4
P3. Interpretation of relevant statistics and data to illustrate the way small and micro business
impact the economy....................................................................................................................4
P4. The importance of businesses start-ups to the growth of the social economy......................7
M2. The differences of small, medium and large businesses in the UK's economy through the
publication relevant statistics and data. ......................................................................................7
D2. Critical examination of how small ventures have impacted the global, regional, national
and international economy on different context..........................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
The definition of entrepreneurship is the set of a business in consideration of different
risks that are involved such as managerial and financial ones. The ventures of an entrepreneur
can have a different kind of ownership structures and the entrepreneurs need to have certain
characteristics and skills to manage and development of a business. The personal background
and experience can have a very diverse impact on the entrepreneurship can hinder or foster a
business. The different types of entrepreneurship ventures are clearly defined and their effects
and impact as well elaborated. On top of this, the mindset and the skills needed to set up a
business are affected by the personal background and experience which can affect business start-
up.
MAIN BODY
P1. Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurial ventures.
The following are different types of entrepreneurship ventures;
 The small business entrepreneurship: These are the kind of the start-ups business that
is run by the owners and the employers’ number on the business are very low. On top of
this, the generation of revenue by these ventures are not that much, and they keep on
focusing on reaching more client and developments of services and products. Most of
these ventures are run by family members’ setup having friends as their partners.
However, there is a small business that provides innovative services and products whose
growth are exponentially (Drucker, 2014).
 The scalable start-ups' entrepreneurship: these are the types of entrepreneur ventures
business that start up with ideas and its focus is on the providing services from starting
and innovative products. The types of ventures believe that their ideas can change the
world and its ventures focus on capitalists. These ventures look for the brightest minds
for the business and try to set up a scalable business model.
 The large company entrepreneurship: These are entrepreneur ventures which have a
finite life cycle and their focus is on the provision of new services and products to the
clients for longevity and sustainability of the business. The customers' trends and
1

demands are changing are constantly changing as a result of legislation and completion
that have the large organization in the disruptive creation and innovation of new products
for the entire markets both locally and nationally. However, the larger the organization
the difficult the disruptive innovation.
 The social entrepreneurship: These are the type of entrepreneurship venture that
focuses on solving different kinds of social problem by rendering their services or
products. Its greatest focus is on the creation of a better world for the customers and it
can be either non-profitable or profitable hybrid (Scarborough, 2016).
P2. The similarities and differences between entrepreneurial ventures.
Factor The small
business
entrepreneurship
The scalable start-
up
entrepreneurship
Large company
entrepreneurship
Social
entrepreneurship
Objectiv
es and
goals
(Differe
nces)
This kind of
entrepreneurship
who ventures
doesn't have
major goals and
object but the
primary focus on
the lesser growth
and profitability.
These
entrepreneurship
ventures aim at
the provision of
innovative
services and
products
constantly and on
achieving high
profits to its
investors
(Kirzner, 2015).
These types of
entrepreneurship
venture aim at the
sustainable
market by the
development of
new services and
products and on
its markets
strategies.
These
entrepreneurship
ventures aim at the
provision of quality
services and
products for the
belief of making
the world a better
place.
Risks
(Differe
nces)
The risks here are
low but the
completion is
very high with
same size
organization.
The risks here a
very high as a
result of the high
amount of
financial
investment and
The risks here as
the medium as a
larger
organization
business manage
to sell large
The risks here are
not much high due
to support by the
public and
government due to
their vision.
2

high pressure
from investors
results in large
volumes of sales.
volumes as a
result of the value
of the brand.
Employe
e
number
Not more than 50 It depends on the
size and structure
of the business
Employees can be
even more than
1000
It depends on the
size of the
business.
Structure There is no
structured layout
of the
organization. It
solely depends on
the partnership
and
proprietorship.
It is mainly
structured on a
limited
partnership or
corporation.
The structure of
the organization
is often complex
and it can either
be the privately
limited or public
limited company
(Dees, 2017).
Its structure is
based on trustee
organization.
M1. Diverse range of entrepreneurial ventures in both corporate and public sector.
In the corporate sector:
There is a type of organization that is run by private sectors and can either be owned by
the public or individual. They develop marketing strategies with the aim of providing quality
services and products to their clients in order to enhance the longevity and profitability of the
organization structure. Many of the large organization that includes the scalable entrepreneurship
ventures are mostly associated with the corporate sectors on their sustainable development on the
focusing on the developing strategies and competitors on the gains of advantages (Baum et al.,
2014).
In the public sector:
Most of the public sectors' organization are controlled by the government indirectly or
directly. Government tend to invest a lot of amounts on these organizations and strategic help are
provided by the private sectors. These entrepreneurship ventures are established by different
sectors and their aim is to provide quality services and products to their clients. These
3

organizations do not entirely emphasis on the profitability rather than the social welfare and the
development of people.
D1. Critical examination of scope, development and growth of entrepreneurship ventures.
As opined by Kuraiko (2016), the objectives, mission, and vision of different
entrepreneurial ventures are widely diverse that affect the scope of these organizations ventures.
If the entrepreneurial ventures can be able to develop products that can meet the clients’
demands, then they can be able to sustain longevity and profitability. The entrepreneurial
ventures need to shift their focus on the development of services or products in the consideration
of the current demands and trends patterns. According to Storey, (2016), those who need to
develop organizational structures that are effective and are able to enhance communication
having different department need to regulate its activities. The different entrepreneurial venture
growth depends on the quality of services and products, pricing, how they can be able to meet
customers demand and sustainable strategies.
P3. Interpretation of relevant statistics and data to illustrate the way small and micro business
impact the economy.
In every set up of industry, the small and micro business is the highest capture and
contributor to every country's economy (Brenkert, 2017). The number of small and micro
businesses over the last decades has been increasing and has generated high revenue by the
provision of different services and products to their customers. The study of the impact small
business sectors to the economy is extensive and is well-known. In the year 2011, 55% of the
workforce in Sweden from the private sector whereas a result of small businesses employments,
these small businesses also accounted 45% GPD, these are just but a few impacts on the Swedish
economy.
4

Illustration 1: Illustration 1: Fig 1. Comparison of SME's and large business in the
UK.
In the United Kingdom, the number of small entrepreneurial ventures is high touching
every industry sector, and they are more than four and half million small enterprises established
all over the UK. These translate to over 99% increase of all other businesses in the United
Kingdom (Brenkert, 2017). The revenue generated by the SME's has highly contributed to the
GPD of the United Kingdom. Of the businesses in the United Kingdom, 96% is contributed by
the small and micro businesses that have employee number between 0 – 9. These small and
micro businesses have contributed to 33% employment and 22% total turnover.
5

As per the above graph, the number of micro and small businesses is relatively higher
compared to larger businesses in the United Kingdom. Micro and small businesses earn 37% of
the UK turnover and provide employment to up to 48% throughout (Schaper et al., 2014).
Illustration 2: The share of businesses in the UK
According to the graph above, micro and small businesses can be grouped as non-
innovator, non-exporter, innovator and exporter. These businesses yield revenue whether they
6

have innovation or not and most of those who export products gets foreign currencies and highly
contributes to the economy of the United Kingdom (Burns, 2016).
P4. The importance of businesses start-ups to the growth of the social economy.
For the maintaining development and growth of the social economy, the start-ups'
businesses have great influence in several countries all over the world. These start-ups businesses
have often introduced innovative ideas of both services and products that meet certain
requirements of people as compared to other businesses. However, start-ups businesses are
capable of capturing the market very fast and also manage the generation of high revenue over a
short period. In the entire process, the businesses that provide high tax are the most helpful in a
county social economy growth. In order to be able to run a business, the start-ups business hire
people who are able to increase the level of employment in a country (Baum et al., 2014). There
have been many start-up businesses that cannot be able to provide the employees’ salaries as a
result of capital and end up employing lesser skilled employees’ whose salaries are much lower
which is helpful in decreasing the rate of the unemployment problem.
Many start-ups are associated with different types of CSR activities related to social,
environmental and economic problems to enhance brand value. In this procedure, those
businesses provide education to the people in rural areas or people with poor financial
background. Those people can use that education in future to get work that is also helpful in
economic growth. Apart from this, there are a high number of start-ups businesses are
established in different industries in the UK, which have high contribution in the GDP of a
country.
M2. The differences of small, medium and large businesses in the UK's economy through the
publication relevant statistics and data.
In the UK, the number of medium and small business is very high as compared to large
businesses organizations. The medium and the small-sized businesses have greatly captured large
part in every countries industry and economy of the United Kingdom. However, as compared to
the large business, they earn high revenues by the provision of quality services and products as a
result of their brand value. Most of the large UK businesses have been established in different
countries helping it earns foreign currencies. The large businesses organizations have different
operation activity and the number of employees is very high as compared to small and medium-
sized businesses. Large organization spent a high amount on CSR activities in every country
7

(Brenkert, 2017). The medium and small sized businesses their focuses is entirely on providing
innovative products customer and gain enhancement and attraction for the business growth.
These businesses also export large volumes and deploy a larger number of employees that have
helped reduce unemployment in the UK.
D2. Critical examination of how small ventures have impacted the global, regional, national and
international economy on different context.
The micro and medium-sized businesses in the UK have diverse effects on the economy
at a different level in the country. According to Drucker (2014), on the local level, the small
business can compete with the same size of the business by the provision of quality services and
businesses and by meeting the customers’ demands effectively. These businesses aspire in
employing people with lesser skills for lesser salaries as compared to larger businesses (Kirzner,
2015). In national level, organization can grow to various areas of a nation and also enhance
revenue generation which enables them to provide higher tax for development of the country. In
global and international level, many of the small organization export its goods and services and
set up branches in various countries. This is helpful in earning foreign currency which
contributes to development and growth of the country.
CONCLUSION
Types of start-up businesses can be of different types including the micro, small medium
and large. The micro and small business capture the larger part of the business industry and
contributed o the largest part of the countries' economy. The entrepreneur needs to have a certain
level of mindset and skills in order to set up and start up a business to run to be able to manage
different business risks ranging from financial to managerial.
8

REFERENCES
Books and Journal
Baum, J. R., Frese, M., and Baron, R. A. eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Brenkert, G. G., 2017. Entrepreneurship, ethics, and the good society. In Entrepreneurship
(pp.85-128). Routledge.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Dees, J. G., 2017. 1 The Meaning of Social Entrepreneurship. In Case of Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago Press.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Scarborough, N. M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Schaper, M.T. And et.al., 2014. Entrepreneurship and small business.
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.
Online
9