Entrepreneurship and Small Business: Impact on UK's Social Economy

This report provides a comprehensive analysis of entrepreneurship and small businesses in the UK, examining their various types, similarities, and differences, as well as their impact on the UK economy. It delves into the role of SMEs and start-ups in driving the social economy, highlighting key statistics and trends related to employment, turnover, and regional distribution. The report also differentiates between managers and entrepreneurs, outlining the essential skills and characteristics of successful entrepreneurs and exploring how personal backgrounds and experiences can influence entrepreneurial motivation and mindset. Furthermore, it identifies factors that either foster or hinder entrepreneurship, providing a holistic view of the entrepreneurial landscape in the UK.

Entrepreneurship and Small
Business

Table of Contents
INTRODUCTION ..........................................................................................................................3
1. Different Types of Entrepreneurial Ventures..........................................................................3
2. Similarities and Differences of Entrepreneurial Ventures.......................................................5
3. Impact of small businesses and entrepreneurship on the economy of UK..............................7
4. Importance of small business and start-ups in the growth of social economy.........................8
5. Characteristics and skills of a successful entrepreneur and difference between manager and
entrepreneur.................................................................................................................................9
6.Aspects of the entrepreneurial personality that reflect the motivation and mindset...............11
7.The entrepreneurship hinder or foster by background or experience using examples...........12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
‘Entrepreneurship’ refers to a method or process which managed or launched by individuals to
manage their business and industrial firms. In entrepreneurship entrepreneurs take risk and invest
their capitals for make profits. This report will present different types of entrepreneurial schemes
and show how they related with topology of entrepreneurship. It will also show the similarities
and difference between entrepreneurial ventures. It will critically examine the scope,
development and growth of entrepreneurship. This report also focuses on impact of
entrepreneurship on economy for that they also show relevant data and statistics and it also
explain the importance of small business and starts-ups for the growth of economy. This study is
evaluating different business like small, medium and large how their impact on economy. This
report also differentiates manger and entrepreneur on the basis of skills and characteristics and
also explain the successful skills and characteristics of entrepreneurs (Burns, 2016). It also
analysis the link between entrepreneurial characteristics and the influence of personal
background and skills and it critically evaluate how background and experience influence and
motivate entrepreneurs positively or negatively by comparing and contrasting. It also analysis the
characteristics, qualities, skills and motivational factors of successful entrepreneurs. It also
assesses the entrepreneurship aspects which reflect personality, motivation and mind-set and in
the end of the report it explains different environments that foster or hider entrepreneurship.
1. Different Types of Entrepreneurial Ventures
Entrepreneurship is most important term in the purpose of development, it is depending on
individual entrepreneurs. It is beneficial for country’s economy, the social and political
environment provide stability to entrepreneurs. It is not much easy it is complex concept which is
based on different entrepreneurial ventures. There are various types of entrepreneurial venture
which relate with topology of entrepreneurship such as small business, scalable start-up, large
company, social, business, trading, corporate, agricultural, entrepreneurial, intrapreneurship, and
managerial entrepreneurship (McKeown, 2017).
The following types of entrepreneurship are involved in the typology of entrepreneurial ventures:

Small Business Entrepreneurship: This type of business not make big profit. This business run by
individuals for personal fulfilment they don’t want to create big company in industry they just want a
small profit for earnings or feed for family. In small business entrepreneurship investment amount is
not that much high they are funded by personal saving, small loans or family and friends. This
business is run by independently without any restriction on anyone. There is no legal structure
required (Kuratko, 2018). For example, small business entrepreneurships are grocery store,
hairdressers, travel agents, plumbers, carpenters, tailor, tutor, electricians and mobile repair etc.
Scalable Start-up Entrepreneurship: In this type of business entrepreneurs knows from the
starting that their idea can change the world. In this category all innovative and new ideas are
take part and start new business. Their vison is high and they want to change in a world. They
attract investors by their vision and ideas. They hire best and skilful employees for their
company. Their most important task is research to marketing for effectively promoting and
delivering their idea so the investors and consumers will attract towards their business and
product or services. These organizations hire brightest mind and they are try to set scalable
model business in industry. For example, Scalable Start-up entrepreneurships are UBER,
TESCO, Amazon, and Peter Jones etc.
Large Entrepreneurship: This business already established their market and customers. They have
large organizations and also supportive investors and stakeholders. They also have couple of years’
experience so they try to compete with new start-ups and innovative businesses. For that they
develop new products and services to attract new customers and market. Customers or consumers
taste is change by time to time according to market product or services. Large business tries to fulfil
customer requirements by providing them a products or services that related to their expectation
(Aadland, and Aaboen, 2018). They are make difficulties for new and start-ups businesses. They
also try to buy new and innovative companies. For example, Large entrepreneurs in UK are Lauren
Graff, Alan Sugar, James Dyson etc.
Social Entrepreneurships: This type of business focus on social problems and its solutions. They
try to provide product or services that can solve consumer’s social problems. These organizations
focus on providing best services for consumers so they can create better world for everyone.
They can be done this for-profit, non-profit and hybrid. For example, some Social
entrepreneurships are The growth company, Amey, Baby lifeline training, and Point and
Sandwick Trust etc.
The other typologies in entrepreneurships are as follows:

Business Entrepreneurships: In this entrepreneurship entrepreneurs required to initiate their ideas
with business ideas to develop their business and company.
Trading Entrepreneurship: In this type of business entrepreneur not develop their own ideas they
are buy shares, trades or products from different distributers and entrepreneurs and sell them to
local customers in high profits.
Corporate Entrepreneurship: In this type of entrepreneurship company must follow legal
structures. They also try to maintain balance between corporate information and regulations. In
this entrepreneur must follow the laws and government limitations.
Agriculture Entrepreneurship: These type of entrepreneurs completely depends on farmers and
agricultural activities (Block, 2020). They also dependent on manufacturing of crops. In this they
sell crops directly or indirectly to make profit.
2. Similarities and Differences of Entrepreneurial Ventures
Factors Small Business
Entrepreneurship
Scalable Start-
ups
Entrepreneurship
Large Company
Entrepreneurship
Social
Entrepreneurship
Goals &
objectives
In This
organization they
don’t have specific
goal. They just
want sell their
product as soon as
possible for profit.
Their main
objective is to
develop some
products and sell
them for earning
money.
This organization
goal is to provide
innovative ideas
and product in the
market. Objective
of this type of
organization is to
earn profit for their
investors and
change the world
by their innovation
and idea.
Its goal is to
become leader of
the market and its
main objective is
to rise its
profitability in
industry and
growth in market.
They want to lead
in market by trying
to fulfil customers’
requirements and
need.
Its main goal is to
provide solution of
people’s social
problems.
Objective of this
type of business is
to earn profit by
solving
consumer’s social
problems. It also
includes hybrid
and non-profit
organizations.
Risks They don’t have
much high risk but
they have
They have high
risk because
investors invest
They have
medium risk
because they
Their vision is to
help people by
their product and

competition with
same size of
organization.
Sometimes they
also have financial
and security risks.
high amount in
business and they
have pressure to
give profit to
investors by
reaching high sales
volume. They also
have economic,
design, capability,
funding,
maintenance,
research and
operation risk.
manage risks
smoothly. They
manage risks
easily because of
their brands have
high value in
market. They have
some risks from
new competitors
may be they can
provide best
product or services
from them.
service. That’s
why they don’t
have much risks
because
government and
public support this
type of
organization due to
their vision.
Employee
Numbers
They don’t have
much employee
they just have 30-
40 employees.
In this
organization
employees
numbers are
depends on their
structure and size.
In large company
their large number
of employees are
work. In these
organizations more
than 1000
employees work.
In this
organization
employees
numbers are also
depends on their
size.
Structure This type of
business comes in
sole proprietorship
and they don’t
have proper or
specific
organizational
structure. Usually
this kind of
organization run at
house with
They mainly have
Private limited,
corporations, or
limited partnership
structure. They
also have
partnership and
sole trader
structure (Kier,
and McMullen,
2020).
The large
company structure
are complex and
mainly public
limited and private
limited company.
The social
companies are
mainly Non
government
organization or
trustee based
organization.

partnerships.
Attributes In this type of
organization main
purpose is to
create product
which is attract
people and also
maintain
competition.
Generations of
profit and growth
is main factor of
this type of
entrepreneurships.
Their main
concern is to buy
its competitors and
lead on their
market. They also
try to maintain tier
image in market
and try to update
their product by
doing necessary
changes.
Their main
attribute is help to
public by
distributing service
with the profit or
non-profit.
3. Impact of small businesses and entrepreneurship on the economy of UK
Small scale businesses and start-ups are known to be the backbone of any country. They are the
business who target the local street and local people as well, these small scale businesses mostly
provided the daily routine products like- milk, vegetable, groceries etc. These businesses and
start-ups hit the economy of any country and the economy of UK as well. Due to this kind of
small business and start-ups it has generated the employment for thousands of people many
people who don't want to do job and have to start their own business this has helped the
economy to grow more. SMEs has been a very important part of UK's economy as it is boosting
the economy every year. The reason behind it, is globalisation due to that now the retailers and
businessman can sell their products to different countries. SMEs of UK has provided
employment to 16.3 million people and it has contributed 25% in the total economy of UK.
SMEs plays a vital role in the innovation and motivating other people, it has brought the new
form of old traditional market and developed the modern new market which fulfils the need and
demand of the customers. 90% of UK business are small in nature. Start-ups and small
businesses mostly run by the sole traders. The growth and failure directly affect the economy.
Small businesses are getting increased every year in UK. Micro businesses who have 0-9
employees, have captured 96% of the UK market. These businesses are providing 22% revenue
to the economy and 33% of employment. In the starting of the year 2020, 5.9 million small

business and start-ups has been started and employed 0-49 employees in each business and
contributed half of the economy and GDP. Gross employment generated by SMEs in 2020 is
16.8 million, whereas the turnover was 2.3 trillion euros along with that UK economy has 3.5
million sole proprietors. Trading is also has been a new business in UK and the young generation
has become crazy for it, so in the 2020 UK has 2.0 million traders who are actively participating
the trading. Many small businesses are running in partnership, 7% of the total small businesses
are in partnership. London has 35% of private sector of UK. These small business helps the
large sector business also, because the large firms are giving the tender of their products to these
business and they are selling the products of big firm. Most of the SMEs are developing in
construction and necessary products. There are only 8000 large business running in UK with
48% of turnover (UK Small Business Statistics, 2020). These SMEs has given a big opportunity
to women as well now they can run their own business and contribute to the economy. 17% of
the small businesses are run by the women in the year 2018, 31% women are indulged in
teaching and 37% women are working in health service sector. Women has contributed 85
billion euros in the economy with the help of small businesses and start-ups.
4. Importance of small business and start-ups in the growth of social economy
Small businesses and start-ups are maintaining and taking the growth of social economy further.
They are giving an identity to the community, because the small business target the engaged
street and small localities (Parry, 2020). The small businesses are opened as a grocery store,
medical shop, vegetable and milk product, saloon, yoga clubs etc. who wins the trust of the
people because the business owner also live in the same locality. Same as start-ups help the
social economy to grow because it brings innovation to the market. As these start-ups put more
focus to the technology and research and development along with they generate new job
opportunities for the people. Earlier people were not give importance to R&D but now start-ups
has changed the market trend, before opening any small business, owners do the research to
know what kind of product is being preferred by the customer, their needs and wants and try to
satisfied them. Apart from this, sometimes few start-ups get famous among people and they
started using their products so it helps the economy by paying higher tax as per their income.
Small business and start up like- transportation, construction, hospitality etc. has given
employment to less educated, semi and unskilled people of the society. Many small businesses
and start-ups who get the popularity among society do many CSR activities for the development

of the society and environment in which they are operating. In such activities, these businesses
and start-ups provide education to slum area and poor students apart from this they conduct
many campaign activities to generate awareness among people by doing this they are helping the
economy to get increased in the coming future. These SMEs and start-ups are creating
competition in the market, as they are flexible in nature and it can operate anywhere whether it is
a big city or a small town village which is giving tough competition to the large firms as well.
They are giving an opportunity to society to learn because many times the start-ups get failed.
Many women are getting enrolled in start-ups so that they can earn side income and give time to
their family as well. The reason which is giving the motivation to people to start their own
business is that they can be an owner of their own business and working for themselves so they
can put their whole effort for the success of the business and start-up on the other hand if they
work for other company they get fix salary and sometimes they get bonus but it totally depends
on their performance and start-up gives them the opportunity to enjoy the entire profit it
benefited the economy and increase the revenue and income of government as well.
5. Characteristics and skills of a successful entrepreneur and difference between manager and
entrepreneur
A successful entrepreneur is a person who have unique idea and have potential and ability to take
risk (Bartik , 2020). Here is some trait, characteristics and skills of a successful entrepreneur -
Entrepreneurial spirit
For being a successful entrepreneur it is must that a person has entrepreneurial spirit to change
the market trend and bound the people to render the services and products which the they are
offering to people. Entrepreneur must have the ability to bear risk and failure it will only
become possible when the person has the spirit to overcome the failure and get success.
Powerful work ethic
Successful entrepreneur gives first preference to their work only they’re the one who come first
in their office and go at the last, and they don't feel bad on working on holidays and weekends.
This trait made them successful entrepreneur. They are so passionate towards their business if
they don't come to their workplace but even though they think about their work only (Shabbir,
2019).
Motivation

A successful entrepreneur always stay motivated towards its goal and make other people
motivated to achieve their individual goals and targets. Motivation helps the entrepreneur to deal
with the failures, because motivation can change a simple person to an extraordinary person.
Motivated entrepreneur always become a role model for other persons who are working under
them.
Competitive edge
Many new companies and start-ups are introducing in the market every year. So every
entrepreneur thinks that they can perform better than others this thought is increasing the
competition in the market. Competitiveness in the market make other persons and businessman
a chance to grow faster.
Creative
Creativity is the main fundamental behind the success of any entrepreneur. Any start-up get
success only when it has a unique idea and people have not got it before. So the entrepreneur
should be creative and always have the ability to bring the solution of unfavourable events and
situations (Chienwattanasook, 2019).
Direction
Successful entrepreneur should pursue a clear sense of direction, as the market trend is getting
changed every day so the entrepreneur must know in which direction they should take their
business so that they don't face any kind of loss. Entrepreneur should set the clear target for
themselves. They don't have to focus on long term goal only but they need to give similar
importance to short term goal and profit.
Discipline
The common element which all the entrepreneur possess is self-discipline. If the entrepreneurs
are disciplined towards their work to perform on time whether they like it or not, they will get
the sure success. Self-discipline consists self- reliance and self-control.
Ability to learn
It is a very important skill of a successful entrepreneur that they learn from their mistakes and
from the experience of others as well, because it is very difficult that the start-up gains popularity
quickly among the people it is a long process and take time (Kringern, 2020). They should learn
from the mistakes committed by others so that they don't repeat the same in future and make
their business to the height of success.

Difference
Entrepreneur Manager
They convert their unique idea into business
and earn the profit and faces all the risk.
Manager is a person who work for salary they
don't participate in the profit.
The main motive of entrepreneur is to expand
their business.
They focus on the day to day activities and
make sure that their team perform the task and
targets on time.
Entrepreneur always ready to take risk. While manager avoid taking risk.
They don't need to get high qualification and
education to be an entrepreneur just a unique
idea is enough to run a successful business.
They have to be highly qualified and educated
to reach at the position of manager.
6.Aspects of the entrepreneurial personality that reflect the motivation and mindset.
The personality of entrepreneurial is paramount for the success of any organisation and should be
able to handle the risk or failure connected with it. There are various traits of entrepreneurial that
effect the success or failure of business for example if an individual is innovative or curious than
it should bring ideas that are different from others and make the business a successful venture
(Kouakou, and et.al 2019). On the other hand, If a person lacks in the creativity than it might
possible that it will effect the business in the long run. Lets discuss more in detail with the help
of two known entrepreneurs of UK.
Philip Nigel Ross Green is a well known British businessmen, the chairman of Arcadia group,
which is a retail based company and includes Burton, Dorothy Perkins, Evans and Topshop etc.
Philip left the school at a very early age and started working on the petrol station with his
mother. Despite being born on middle class family, he went to learn basics of the business in a
shoe warehouse and at the age of 23 he started a business of selling and importing of jeans.
Risk tolerance – He borrowed very large sum of fund, than make a few investment himself and
spent the money to take over the cheap companies, as they were not doing well in the business.
Further, Philip change the situation in a positive way, paying off all his debt and than he double
the money he actually put in, in a couple of years (Nadelson,and et.al 2018).

Visionary – The most aspiring move came in 2004, to make an offer for the Mark & Spencer
and put much of its investment from his banks. Philip has the ability to become the first class
retailer and powerful in terms of the financial ability. However, he become unsuccessful in
taking over the Mark and Spencer. Success is beautiful, but the failures is a way of growth and
where change happen.
Inspiration – He involves in many charity related work where he helped a lot of unprivileged
people and provides support to those who need a help from the poverty. Philips charity works is
truly a inspiration to others, as he also made a huge investment and donated a large sum of
money in the hospital for the cancer patient.
Alan Michael Sugar is the biggest British businessmen and founder of the electronics company
which become highly successful. He came from a poor family, hence in his school life he started
working for a green grocer to earn some money.
Hard working – Alan at the age of 16, left the school and started a business of selling cars &
electronics. He is already blessed with business skills, later he originally started his own
company as an export or import with the name of Amstrad limited (Shepherd,and Patzelt 2018) .
Over the years, the company worked as manufacturing units also and become of the leading
marketers of providing the supreme quality or low price products like car stereos or radios.
Creative – Alan always try new things and includes innovative techniques in the production
process which automatically become fruitful for the business as it cut costs considerably. The
business double its growth in the early 1980s by entering public on the London Stock Exchange.
The company introduce to brought out the affordable portal computers of the models of PC like
640 or PP6512 in the market.
Perseverance – Alan produced the system called the Amstrad Mega PC but the cost of the
system however was very high and miserably failed in the market. Along with this, the Pen-pad
was also an unsuccessful attempt for the company (Ghalwash,Tolba, and Ismail, 2017). Later, he
paired up with the Terry Venables to acquire Tottenham football club in 1991 but it become
really unlike among the fans because his motto is entirely to make business investment and not a
sporting venture. Despite the fact that he failed many times but his characteristic has been
developed.

7.The entrepreneurship hinder or foster by background or experience using examples.
Personal experience or background have huge impact on the business as it can make or break the
entrepreneurship. The personal background mainly involves family, friends, financial
background and many others while if talking about the personal experience, if its good than a
person is not afraid to take the risk of setting up business or vice versa (Bignotti, and Le Roux.,
2020). The following paragraph will elaborate the topic with relevant examples and also show
how it can effect in a positive or negative ways.
Philip Nigel Ross Green is a retail businessman and become a successful in life. As his father
died at the age of 12, he was inherit to take up the family business so in his early age he
somehow manage to handle the responsibility. He than started his first business of importing
jeans from far east to London retailers. As Philips is also a sports person and a huge fan of
football and also a supporter of Tottenham Hostpur. Hence, this brought him to engaged in the
Everton Football Club because of its close relation with the chairman Bill Kenwright, however
he has no strong intention of investing in club (Achtenhagen, Ekbergand Melander, 2017). He
also came in the limelight when he started donations for instance, green donated a huge amount
for new beds at the Royal Marsden cancer hospital, spent for relief charity at an Alexander
McQueen dress at Naomi Campbell's. All this social work will bring positive changes among the
people and this initiative of Philip is definitely
a become the strong point for his business. Apart from the fact that the failure of acquiring M&S
is reflect the pressure but despite this unsuccessful attempt Philip manage to handle the ups and
downs that his business experience.
Alan Michael Sugar is another big name in the business world in UK as he manage to found his
first venture at the age of 21. As he belongs to a very low income background, he built his own
cycle from an old frame because his family could not afford it. His achievements towards
business services is recognized and awarded the Rank of Knight Bachelor in 2000. Michael also
become the part of famous TV show 'The Apprentice' in the BBC news. Therefore through all
the hard work he faces during his childhood that made him the strongest or hard working person,
hence he mange to become a famous personality among all the business person in UK. As its all
his passion towards his work or ambition to become the successful person in his life that he dare
to start his firm at an early age (Del Bosco, Chierici,and Mazzucchelli, 2019) . He also lived a
happy married life and has three children. Alan also founded many other business ventures like

Viglen Ltd., Amsprop and Amsreen, in which his sons helped him to manage or run some of
those business enterprises. His constant support from the family make him to take the risk in the
business which ultimately a paramount tool for any enterprises because the risk factor is essential
part for learning perspectives.
There are both the pros and cons for the background or experience in any business. While for
Philip its tough for him to settle in his life because of his father's death in his early age and need
to work so he started his job as shoe importer. It may bring negative impact in his business as he
failed to meet its profit criteria over the few years. While because of the difficulties he faced in
the past, he take the risk and built the most successful venture in his life. Moreover, Alen also
faced so many hurdles at his early age and would effect its enterprise as he may lack some
business professionals ethics and may downgrade its value (Meglio, Destri,and Capasso, 2017).
On the other hand, Alen manage to learn innovative skills and become more passionate in his life
that helps in his business.
CONCLUSION
It has been concluded that, the above report explains about various types, growth, development
or scope of the entrepreneurial ventures and their connection with it typology along with the
similarities or its difference in both the private or public sector. Further, the report make the
interpretation of data or statistics to show how small, medium or large businesses impact on the
local, regional or national levels of economy. Its explore the various lines of argument which
relates to entrepreneurial characteristic and by taking the examples of two businessman of UK,
Philip and Alen, and their personality trait which reflect the mindset or motivation of
entrepreneurship, again analyse their traits, skills and drivers of successful businessman. Lastly,
the report elaborate the experience or background can foster or hinder the entrepreneurship both
in a positive or negative ways.

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