Entrepreneurship & Small Business Management: Analysis and Impact

This report explores entrepreneurship and small business management, focusing on venture types and their economic impact, particularly in the UK. It details survival, lifestyle, managed growth, and aggressive growth ventures, highlighting their differences and similarities. The report also examines the significant role of small and micro businesses in the UK economy, including their contribution to GDP, employment, and exports, and analyzes the impact of Brexit on small business growth. Furthermore, it touches upon the characteristics and skills of entrepreneurs and how their backgrounds can influence their success. This comprehensive analysis provides valuable insights into the dynamics of entrepreneurship and its economic implications.

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Type of entrepreneurial venture and related to typologies of entrepreneurs.....................3
P2 Differences and similarity in the different type of business .............................................4
TASK 2............................................................................................................................................6
P3 Impact of small and micro businesses on the economy....................................................6
P4 Small business contribution to the growth of social economy after “Brexit”...................8
TASK 3............................................................................................................................................9
P5 Characteristic, trait and skill of entrepreneurial and different from other manager .........9
P6 Background and experience can hinder or foster entrepreneurship conclusion reference 10
TASK 4..........................................................................................................................................11
P6 Background and experience can hinder or foster entrepreneurship conclusion reference 11
TASK 4..........................................................................................................................................12
P7 Background and experience can hinder or foster entrepreneurship ...............................12
CONCLUSION..............................................................................................................................12
REFERENCE.................................................................................................................................14

INTRODUCTION
Entrepreneurship is a process of developing new business with the limited resources. It
includes designing, monitoring and creating a business. At initial level functions of such
businesses are very small. The people who functions such types of business are called
entrepreneurs. Entrepreneurship is a process of running and developing a business in order to
make profits. This report is based on the impact of small businesses on economy and
contribution of small business on the growth of the economy.
TASK 1
P1 Type of entrepreneurial venture and related to typologies of entrepreneurs
Entrepreneurship is a process of starting a business. To grow the new ideas leading to
profitability the growth and small developments are needed. It capacity given to the organization
for developing and managing a business with taking risk in order to make profit. The types of
ventures that are detailed in this report as follows: Survival venture: In survival ventures there is absence of street shops as the name itself
indicates about it. They never maintain relationship with the banks as they don't have
many assets. The purpose of starting this type of business is to maintain the customs and
traditions with increment in business which contains its own competition that are based
on price. The entrepreneurs in survival ventures gets motivated from families to carry
forward the businesses (Drucker 2014). Life style venture – This type of entrepreneur is stable on their income and does business
of different types in different seasons like in winters, they sell woollens and during
summers, the firm offers cotton clothes. The entrepreneurs starts reinvesting the profit
earned as they concentrate on the increments in profit for the future in terms of shifting in
providing services. Managed growth venture- It with the help of business modals stable growth is taken into
consideration and the set up of business is made from time to time by pursuing the same
business. N order to earn more profits the growth is managed by launching new products
and services that are to be given to the consumers. The development of the regional
brands are taken into consideration with a motive of profit earning in the business with a
maintenance of stable growth that are to be made with in the business.

 Aggressive growth venture: The another type of venture is aggressive growth venture
which describes about the technologies that are used and scope of innovation making on
the organisation is taken into consideration. With the help of high technological
innovations the growth and profit earning capacity is noticed. This aggressive growth
venture helps in creating new value for the product by carrying national and international
kinds of consumers to make public acquisition. (Kirzner,2015).
Differences in typology of venture :To explain about the stages of development of
entrepreneurship ventures, with the help of four ventures they have mentioned in the above
report and the processing and focuses on facts have been detailed. Though the ventures are
different and working environment also differs they start concentrate on dimensions of
experience that are taken from individuals business. For the purpose of reinvestment life style
venture is much effective and has wider scope for elaboration with carrying growth of the
business. With the help of managed growth venture, the businesses that have failed earlier, are
reopened with providing the needs in financing to generate the basic cash flow for survival, as
soon as the flow of cash starts the promotion and launching of new product are well executed.
The identity of the business is suggested by management growth venture as they play role for
increasing external shareholder. To define about the aggressive growth venture helps in
enhancement of making identities to the specific and particularly they are stick to the core
character by sharing certain elements.
P2 Differences and similarity in the different type of business
To focus on the set of businesses that are taken into concern for the welfare of the
society, and these activities are undertaken by entrepreneur venture. and value in the market like
aggressive venture innovation in the business and society. These ventures are also work for the
society and expand their business. They do work for the society but having different ways. These
type of venture motivated by the society and they make goal and objective for the society they
also having one more similarity these 4 type venture use innovation in their business and try to
increasing their profit and expend business. They lo us lots of technology like computer, survey
for collecting feedback. Attraction of consumer can be grabbed by launching of new product.
This launched product carries its own value in the market place. This commencement tries and
put effort towards consumers by providing best and satisfying their wants and needs(Kuratko
2016). In this report, the four types of business entrepreneur has been detailed with mentioning

about their effects, focus and structure of carrying organisation. In this report the lifestyle
entrepreneur is widely focused as they enable the entrepreneur to meet the basic needs in terms
of financing.
Survival entrepreneur Lifestyle entrepreneur Managing
entrepreneur
aggressive
entrepreneur
This type of
entrepreneur
concentrate on the
growth of the business
from increasing their
day to day efforts.
On the basis of weekly
and monthly
operations the growth
is taken into
consideration.
With in one or two
year the growth and
profit of the
businesses is earned
In case of
aggressive
entrepreneur
the profit is
made between
two to five
years of
commencemen
t of business.
The products that are
present to them are
sold
They maintain the
sales by focusing on
stocks.
Mind storming
strategies are opted by
managing
entrepreneur.;
On the basis of
sociability
activities are
concentrated.
Do not follow any
kind of business
structure
Business is carried
with opted styles.
Functioning and
centralisation of
activities of business if
taken into
consideration.
Techniques
that are based
on the market
are taken into
consideration
by aggressive
entrepreneur.
This type of venture
Collecting information

through
TASK 2
P3 Impact of samll and micro businesses on the economy.
In UK economy Small and micro business plays a wide and expanding role. It is give the
contribution in growth, new market opportunities and opening new jobs for the UK people. They
also increase competition in new ideas and challenge. These businesses are help to increasing in
economic growth strongly. In one research finding 55% entrepreneur not surviving more than 5
year. In 2014 5.2 million business is converted Sm Es in UK so it shows the organization are
continuously grown in today market In UK all type of business ruining but small area business
cover 44.1%of all business and large type of business cover only for 9%and medium size
business is covering 46.1%. So we can think in UK most of area covering by the mediums and
small size business they give also contribution in exporting. Small firms exported goods which
was valued at $1.4 billion and the contribution for the sales trade contributing 39.5% in export of
business. The condition of UK economy is shown in the graph with hall type value of business.
In the GDP sector of UK economy carries lots of value in small sectors it can be seen. In UK
most of person doing small business and also increasing in the investment sector so that through
increase GDP sector (Schape and et.al.,2014).
Carrying 40% of small business employment Small sector is having 40% mediocre
business size carrying employment of 12%. A wide contribution is made by businesses in small
sector in UK economy. It helps the economy with a contribution of 33%. 14% of business is
carried by medium size and large business carries 53% of turnover. With an extra contribution of
21% is made by large business, compared to this small businesses cannot be underestimated in
terms. 99.3% are is covered by small businesses, hence, UK generated with increment in
productivity of labour and practise of management by carrying 99.3% in small and medium size
companies and organisations.

Illustration 1 : SMEs contribution in UK economy growth on 10 cities
(sources : Catherine Paddock 2016)
In this graph take ten cites of UK and define small and medium size business give contribution in
the contribution in economic growth. In London cites give the 41% contribution in 2015 but it is
continued grown and 2020 it can reach the 42% and also increase growth. They take other cities
Sheffield and this city's small and micro industry also give the 2015 31% contribution in the
economic growth and it also increasing so in 2020 it give the 32%% contribution so it increases
in 1%. Then they take Manchester company and their contribution in 2015 29% and it is
regularly increasing it also can reach in 2020 31%. Like that Tyneside also give the same
contribution but it increases 1% in 2020. Then they also take Bristol and it gives 23% of
contribution and it can increase by 7%. So this type they take to Leeds city and masseur their
contribution 17% and it grown and 2020 till reach by 30%. Then they take to Glasgow city and
also find their small sector business contribution 26% and can grow by 30%. Then he takes
Edinburgh city and take result of contribution was 24 and increasing in 2020 1%.so they taking
also to city Cardiff and there result is 24% so it can grow by 1%. These types they take result and
explain the contribution of economic growth in UK.

P4 Small business contribution to the growth of social economy after “Brexit”
On 23rd June 2016 “Brexit” is introduced in UK. This initiated a big problem for the
entrepreneurs of the UK. It is because all the investors and share holders are not able to identify
the governments motive behind this. This created a huge negative impact on the economy of the
country. Small business was largely affected by the fall in GDP. While, constructing reports it
has been seen that small business are much more affected by this in comparison to the large
business organisations. The current growth rate of UK is down from 0.7 %.
Overall 0.5% growth has been welcomed as a sign of the UK characteristic, trait and skill
of entrepreneurial and different from other manager economy increase much better economic did
not jut fall down. UK having lots of confidence and growing at 0.2%higher then in right now
expected that time overall figure was 0.5% decline and right now UK current growth rate is
down from 0.7 %in.
Small business are going on surprise because they are basically facing the problem in
operational field as compare of long term business so it can through they easily take the loan and
from bank and improve the diversification in the UK market. Decreasing in GDP mean the
economy going on the decrease and it is directly impact on the small and micro size business
they facing problems. 'Brexit' not come in UK then GDP data is not increases still pound in a
week and its directly benefit of manufacturing industry in UK. Brexit is not come then small to
small size business also serving the business related problem like sandwich shop not sale
properly and not having space area. So it’s come and solves their problem and they also increase
growth of GDP. It also doing impact on the small and medium, size business and they increasing
in financial condition and try to providing proper support in finance because Small business give
the lots of contribution in the UK economy and the so they need to increasing turnover of that
business. It is give the help of innovation sector and develop the growth of business (Karanja
And et.al.,2013). This is also providing lots of technology, marketing strategy and stop passive in
business.
It is also doing impact on manufacturing industry. They also are doing impact on the
motor vehicle because 40%part contribution give in the economic. So its need to improvement
because 14 businesses fail out of 20 so they need to technology and innovation, finances it
providing all things. Because financial factor is the blood of manufacturing company so they
need mostly. It can through the founded easily.

TASK 3
P5 Characteristic, trait and skill of entrepreneurial and different from other manager
An entrepreneur all has many character stick such as-
 Predefined goals and objectives – It is very important for the entrepreneurs to prepare
well structured plan and policies before starting new business. Goals and objectives
should be well defined so that they can make maximum profit out of it.
 Identify the opportunities : Identifying opportunities and make optimum utilization of
them is very necessary for the entrepreneurs to run successful business practices.
 Commitment : Gaining trust and loyalty of the customers is very important for any
business no matter they are small or big. This can be possible by delivering goods and
services of premium quality.
 Risk taking attitude: Whenever new businesses enters in the market it is very important
for them to have quality to take risk.
Qualities of an entrepreneur-
 Innovative and creative
 Passionate
 Self confidence
 Loyal to their customers
 Motivated
It is very important for a successful entrepreneur to encompass the above qualities in
order to run business practices successfully in the market.
An entrepreneurial such kind of skill having-
 It is very important for the entrepreneurs to have high level of motivation so that they can
work effectively and efficiently in order to increase their profit sharing ratio.
 Effective communication skills are very important for the organisational members so that
they can convey their messages and informations correctly to their employees. Whenever, conflicts occur within the organisation it affects the working of all the
employees who are working in that organisation. It is very important for all the members
to maintain positive working environment in order to maintain the sustainable position in
the market.
Difference between business manager and entrepreneur

Business manager Entrepreneur
Mangers perform business practices for their
customers.
An entrepreneur performs business for their
own.
Managers works for the organisation. The entrepreneur is the one who is owner of
the organisation
Salary and bonus. Profit sharing ratio.
Business manager is also focused on the
ongoing process and operation
Entrepreneur is focus on the business start-up
Business man is also formal employee of the
organization
Entrepreneur is not formal employee he is
informal in the organization
P6 Background and experience can hinder or foster entrepreneurship conclusion reference
Background and experience plays very crucial role while functioning business practices.
It is important because it increases the capacity of taking risks and helps in increasing the ability
to perform business. Some people have internal skills to perform business activities in such cases
it is important for them to develop technical and interpersonal skills so that they can perform
business in all the circumstances. Most people who perform business have suitable background
which helps them to allocate resources and make optimum utilization of them. Concept of
performing business activities varies from person to person so it is important for an individual to
develop a well planned structure of the business before initiating it. According to some theories
and models business is an ongoing practise which goes from generation to generation and only
one who acquire the background of business can perform it efficiently, these theories states that
performing business depends on the nature, experience and background of the individual.
They have emotional like not easily upset, then they have developed in self confidence in
self and other. Every entrepreneur is innovation and having good quality of imagine then they
give experience and create in other and self. Personality trait among self employed and
entrepreneur are extensive. One hand describes a person who is achievement something new and
archives the target. These type an entrepreneur personal trait and personality set the other mind
setup.
An entrepreneurial having good nature and enjoying cooperative life, have trustfully
nature all aspects describe the person are self concentration and bargain person. They having

orderly, dependable and responsible nature having its mean entrepreneurial are dutiful,
achievement oriented and efficient. A ventures having emotional stability like not easily upset
happy such kind of person have lots of self confidence and stress fee mind they think positively.
Imagination and independent minded and intellectual nature person are ready for new different
type of experience and generating innovative ideas and crate innovation in their business. So
entrepreneurial personality set customer and employee mind perception. It is give the motivation
in employee for developing self skill and personality (Storey 2016).
A venture every achievement also gives the motivation in employees because it shows
the innovation planning and using new methodology skills. Every entrepreneurial not motivate
through the profit they use of resource, new technology and quickly generate an idea and
providing link between the having ideas and implementing that idea. Entrepreneurial is had goal
oriented skill then they fully focus on t achieve to target and objective of self and organization.
The having communication charter then easily listing the employee and organization problem
then full fill their resource and solution. These types of characteristic also give m, motivation to
achieve self and organization aim. They having passions and self believing traits it can also
motivate the mind setup and personality because in business entrepreneurial take the decision so
both trait are give motivations and increasing help to develop personality. If an entrepreneurial
having leader ship skill then they can motivate the employees and give particular direction to
achieve goal, and also they having some personal relation then it helps to increase business
relation and expand the business.
TASK 4
P6 Background and experience can hinder or foster entrepreneurship conclusion reference
Background and experience plays a very important role. This is developed they capacity
of doing business and taking risk ability. Some person is having qualities they make too
entrepreneur but family background is not support then that condition is not going. In this case
say some background experience is very important in entrepreneur life. Like a person have
experience and qualities of make entrepreneur but her, him family background not support to the
then how they. Started about new business. These in other case a person don't have any quality of
doing business but her, him family background and member are always doing business then they
support and increase the confidence they can do business and give money. So in this condition

doing business is very easy and they have to quality of taking risk and succeed because
experience person easily give the guidance. Doing business all are depended on the experience
and background a person hinders or foster. A business man wants the son and daughter also join
they business and almost are doing this but whose background is not related to the businesses
then every condition they were going on demotivate (Nguyen and et.al.,2015).
2TASK 4
P.7. Background and experience can hinder or foster entrepreneurship
For hinder and foster of an entrepreneurship, there is background and experience of a
person play a most essential role in terms of boosting their entrepreneurial quality more
effectively. This define about their ability of managing business and risk taking qualities of the
person as well (Schaper, Volery, Weber and Gibson,2014.). Few persons is conducting this kind
of capabilities which make them successful entrepreneur. Family background is most necessary
part for entrepreneur for support them to more effectively develop their entrepreneurship skill
and efficiently run the business as well. If a person is having entrepreneur skill but their family
are not supporting them which can give negative impact of entrepreneur life. He/she would not
able to start a business effectively. In another side of this situation, if a person are not having
entrepreneurship skill and his family is supporting them in that condition that person would be
able to do business in successful manner with the guidance of their families. Successful
entrepreneurship can be effective when a person are having strong background and experience in
their life and they are liable for doing business in the market effectively. Their experience and
background can hinder and foster of entrepreneurship skill of the person. If their family are not
supporting them properly to start a new business then there is demotivate feeling would be
placed in that condition.
Technology also playing a leading role in the business to communicate each people with
their administration effectively(Karanja and et.al., 2013). It is helpful for the business to gather
relevant data which is related to employees within the corporation. Labor must be skilled in
terms of easily find out appropriate job in the market. Brand equity is also necessary for each
business to effectively running their business in the market. Each customer belief on the brand
loyal product and services and according to this approach buy the products and services. This is
most essential for each business.

CONCLUSION
From the above analysis, report concluded that several kinds if entrepreneurship like life
style entrepreneurship venture, management entrepreneurship and so on. This research defines
about to great impact of small and micro business on the UK country's economy. From this
report, it defines about different kinds of contribution for growth of the social economy factor
after “Brexit” and it is defined about different kind of entrepreneurship personalities
management. A skilled entrepreneur help to proper motivate their employees in the business to
effective work at the workplace. This report also define about difference between manager and
entrepreneurship and their role and responsibilities within the business as well. Ultimately, this
report describe about to entrepreneur's background and experience can hinder and foster the
succession of a person as entrepreneur.

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