Analysis of Entrepreneurial Ventures & Small Business Impact

This report delves into the realm of entrepreneurship and small business management, exploring various types of entrepreneurial ventures, including small business entrepreneurship, scalable start-ups, large company entrepreneurship, and social entrepreneurship. It highlights the similarities and differences between these ventures, focusing on how they manage business functions to meet customer requirements in competitive environments. The report also interprets data and statistics to elaborate on the significant impact of micro and small businesses on the economy, particularly in the UK, emphasizing their role in job creation and innovation. Furthermore, it discusses the importance of small businesses and start-ups in driving social economy growth through local hiring, diversity, and turnover. The report concludes by examining the characteristic traits and skills of successful entrepreneurs and the ways in which background and experience can affect entrepreneurial performance. Desklib provides additional resources for students studying entrepreneurship.

Entrepreneurship and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Several types of entrepreneurial ventures in regards with the typology of entrepreneurship.
.....................................................................................................................................................1
P2. Similarities and difference between entrepreneurial ventures..............................................3
TASK 2............................................................................................................................................4
P3. Interpret relevant data and statistics to elaborate how micro and small business impact on
the economy................................................................................................................................4
P4. Importance of small business and business start-ups to growth of the social economy.......5
TASK 3............................................................................................................................................6
P5. Characteristic traits and skills of successful entrepreneurs...................................................6
P6. Aspects of Entrepreneurial Personality.................................................................................7
TASK 4............................................................................................................................................8
P7. Different ways by which background and experience can hamper the performance of
entrepreneurship..........................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship related with the all factors of production which perform their various
functions in any business enterprise. In economic term it involves in five factors such as land,
labour, capital, organisations or enterprises on the basis of activities of production system. In the
wide concept of entrepreneurship it can be define as the process of action which is taken by the
formed enterprise so that it affects environment with positive or innovative response in an
effective manner. Whereas, small business management refers to the business activity which is
operated in a independent manner and meet various standard of size in the form of employees.
Therefore, small business management operate various styles and approaches in order to do right
style of management that can give better output for future productivity of business. This present
report will mainly emphasizes on the several kind of entrepreneurial venture and similarities
among them. Along with this, impact of small business on economy with lot of factors will get
covered (Ács, Autio and Szerb, 2014).
TASK 1
P1. Different kind of entrepreneurial ventures in regards with their typology.
It can be define as organisation that places creation and self-interest at its heart in order
to produce social or economic value. There are various types of entrepreneurial venture related
with the typology, which are following as under:
Small business entrepreneurship:
This venture is managed, controlled and owned through the single person. It includes in
grocery stores, electricians, plumbers etc. small business usually hire local candidate and their
family persons in order to manage their all functions and operation effectively. Mainly SBE is
very much productive because it includes in low cost of manufacturing as comparison with other
business enterprises.
Scalable start-up entrepreneurship:
In this venture, entrepreneur creates attractive and innovative ideas with the motivation in
order to change the business world as per requirement. This type of start-up generally looking for
investors who are able to invest money in the business and also able to take profit money from
business. Along with this concept, they hired freshers candidates who has the knowledge about
competitive business environment.

Large company entrepreneurship:
In this scenario, large company entrepreneurship usually concentrate on providing new
product with innovative ideas at large scale to their consumers. That's why existing firms adopt
innovative organisations for make the new product in competitive market area (Blackburn, Hart
and Wainwright, 2013).
Social entrepreneurship:
All entrepreneurial ventures focuses on offering good product and services to their
customers in order to satisfy their needs and requirements. That's why they have motive to make
world happy as they satisfying customer needs in an effective manner.
According to this typology term is related with entrepreneurship which is used for
various types of classification such as structure, style of the firm. Therefore, entrepreneurship
ventures related to typology, are given below:
Lifestyles ventures: As per this, entrepreneurs manage their business functions for few
changes in their lifestyle. They normally focuses on the life benefits other than the profit making
system. Therefore, these ventures follow few employees comparatively the another ventures
because entrepreneurship typology involves in all small business.
Survival ventures: This venture is formed with a motive in order to satisfy demand and
requirements of entrepreneurs. These ventures do not have any type of relation with bank or
another firms. Therefore, they manager their all business functions globally with normal assets
for satisfying financial aspects, so that all small business comes in the term of typology.
Managed growth venture: These ventures always concentrate on the increasing growth
of the market in order to produce new product everyday for enhance the long term stability in
market. Therefore, typology entrepreneurship involves in average sized businesses.
Aggressive growth ventures: These ventures are formed at global level for enhance the
growth of firm in the competitive business environment. These ventures always provide good
product in order to attain huge growth. Therefore, typology involves in huge business firms.
P2. State the Sameness and difference between the various types of entrepreneurial ventures.

Types of enterprises Similarities Difference
Small vs large business
enterprises
These all enterprises manage
their business functions in
order to fulfil customer
requirements in competitive
environment.
Large business firms
includes in large investment
of money in order to achieve
goals. Wherein, small
enterprises are formed for
few investment because they
are operating their business
in local areas.
Social vs scalable enterprises Social and scalable firms
regularly works at market
place for offering the better
quality of goods to their
potential consumers (Bosma
and et. al., 2012).
Social firms operate or
manage their business
function with perfect motive
in order to fulfil needs. On
the other side scalable
enterprises also have motive
to create better world in an
effective way.
Lifestyle and survival
entrepreneurial ventures
Lifestyle and survival ventures
in order to earn profits or
accomplish consumer needs in
an appropriate way.
Survival entrepreneurial
ventures works for
accomplish consumers needs
whereas, lifestyle venture
concentrate on the benefits
and good output.

TASK 2
P3. Interpret relevant data and statistics to elaborate how micro and small business impact on the
economy.
Small or micro organisations are very important part of economy in any country in order
to maximise their development in global market. Report is formed with the help of the
government of UK which have discovered that more than 87% of both micro and small business
sector in the contribution of country economy. According to market analysis it has been
evaluated that more than 4.1 million people manages their sectors in UK. It is helpful for
evaluate the GDP of UK by 6.1%. these firms not only creates profits as well develop lot of job
opportunities by offering effective products to the customers. This information is established by
past years in that, it has been analysed that there is an quick change in maximisation of micro or
small business enterprises (Choi and Majumdar, 2014).
Illustration 1: Impact of Economy on UK, 2018
(Source: Impact of Economy on UK, 2018)
As per the above specified graph, it has been evaluated that, when Brexit were happen
then share of micro enterprise in UK a rise by 88.2%. On the other hand, when Brexit is
compare by GLLCP, then it has been analysed that Brexit is more faster than GLLCP by the rate
of 0.6%. Along with this other remaining industries such as medium and large business
enterprises are having same kind of status.

Therefore, it has been identified that business those are coming under the micro level
have wide impact on economy of UK.
Share of business in United Kingdom
In UK thy are having huge number of small and micro enterprises rather than large
business enterprises. The both small and micro firms are helps in maximising employment in UK
with the rate of 2% and provide around 1.4 million of employment there. Therefore, these
business units aid for the country in order to attain foreign currencies and lot of strength of
country. There are some impacts of these business units economy of country, are given below:
Job creation: Small and micro business enterprises plays an important roles in the
developing revenue for the country but also generate different jobs and employment chances.
These organisations makes many jobs for individuals who have different type of doubt regarding
the job. Along with this these firms are very much beneficial for the company productivity
offered by the training. In the addition to this, data is published by UK government which shows
the small or medium enterprises business that helps in creating about 2.50 million job
opportunities. It also shows the women empowerment because in this 50.1% women are working
in this field which helps in creating the strong relationship with UK (Chrisman and et. al., 2012).
Contribution to innovation: Small or micro business enterprises helps an organisation
to innovate new and different contributing and innovating different types of products and
services at marketplace. Whereas, small sector business units supply outstanding and good
quality products to large sector enterprises in order to complete their production procedure
effectively. Both micro and small sectors helps in delivering goods and services for maintaining
stability in country and also offer different job opportunities to people for maximising their
standards of living. Therefore, these both enterprises are very beneficial for for UK in order to
make ranking and innovative country in the world.
P4. Importance of small business and business start-ups to growth of the social economy.
In competitive business environment small businesses or start-up business play a very
important role for overall development of society because they used various factors which are
important for economy these are discussed below:
Local hiring: small-business operates locally, which gives lot of preference for hiring
local people. Therefore, it increases the lot opportunism for everyone in local area with new
techniques, so that it is more powerful for maximising the social economy's development.

Diversity: small businesses also have more flexibility, so that it can be started by anyone.
That creates the more divers in the term of lot of functions, activities, culture and corporations in
an effective manner. Therefore it is easy for the economy in order to learn lot of things by these
factors which enhance the growth of firms.
Turnover: it gives the chance to learn, gain, recover and remake plans which is very
much beneficial for the future development in order to make new things. Apart from this small
businesses firms are based on the economy which make them strong in a good manner. On the
other side, businesses start up some times behave as an entrepreneur in the market place in order
to give customers satisfaction and also they are responsible for accomplish their consumer needs
in an effective manner (UK Small Business Statistics. 2018).
Impact on the small-business and micro on UK economy:
Small business heavily impact on the UK economy positively this is because small
business plays a very important role within t6he economy of world by contributing the scenario
of employment with the very good results. Apart from this small business also playing essential
role in order to development of the economy in an effective manner. Therefore, small business
have good impact on the UK economy in an appropriate manner.
Small business has ability to increase the economic growth of economy and they also
develop lot of new job opportunities in order innovate or expand the UK economy business
effectively. Apart from this small-business has good relations with the economy in a better way.
So that Small business always has the good impact on the UK economy.
TASK 3
P5. Characteristic traits and skills of successful entrepreneurs.
It is important to know about that every business man put his or her efforts in their
business activities for maximising the level of skills and capabilities. It is also necessary for
entrepreneur that should think about the risk, higher level of confidence and it should be adopted
in an effective manner. There are 1 successful entrepreneur and their traits or skills also
mentioned under:

Alan sugar is one of the most successful British entrepreneur, who was born on 24 march
1947. He was the chairman of Tottenham Hotspur, he also appears in the BBC TV series which
has been broadcast annually since 2005.
Skills of an entrepreneur:
Firstly, curiosity is the very good skills in which entrepreneur resolve the new problems
and reveal potentiality from the niche opportunities and innovate. On the other side of time
management an entrepreneur must have the skills of planning, defining, execution that all are
needed in an good manner. Along with 5this every entrepreneur always think positively in order
to develop unique strategy to increase the growth and development of business in an effective
manner. Therefore, these skills are very much helpful for making good businesses and maximise
entrepreneurial skills in an effective manner.
Characteristic of Alan sugar:
Innovative Thinker: Alan sugar is also known as innovative thinker whose interest in
media, politics and politics advise. He also developed their TV program BBC it was very famous
in order to lead all people as well as productivity of entrepreneurship skills.
Passionate: It is necessary for an entrepreneur to have lot of ideas excepting their
business life. Alan sugar is passionate even he sold his remaining interest in the consumer
electronics company was their largest business venture. He put on their innovative thoughts on
various things which are useful for an entrepreneur.
Skills of Peter Jones:
Confident: He was very confident in order to accomplish their desired goals and
objectives in an effective manner. And he also helps individual to encourage them towards their
working performance.
Time management: It is very helpful approach that helps every individual in order to
manufactures qualitative results with in the specific time frame. Alan sugar manages their duties
as an investor and also identified the organization in order to support other individual.
According to above mentioned skills and characteristic Alan sugar was very good
entrepreneur as compare to the others because he believes on the important things to execute
every work with same passion in an appropriate manner (George and Bock, 2011).

P6. Aspects of Entrepreneurial Personality.
Entrepreneurial personality differentiate from other individual which helps to accomplish
their target in an effective manner. There are some benefits or knowledge for an individual in
order to shape their personality:
Opennesses: An individual who are fast learner for some new things so that they can
enjoy various experiences and can generally score higher level in the opennesses. It involves in
various factor like imaginative, insightful and other interest. Therefore, it results comes in better
way for achieve goals in an effective manner.
Extraversion: This types of individual are very good in their energy in order to effecting
others. This benefit includes in energetic factor with attractive energy. It also helps other people
with positive energy in order to attain targeted goals and objectives within the particular time
period.
Agreeableness: In every businesses, entrepreneur should have this kind of personality as
it helps them to operate their business activities and also generate new and innovative ideas for
expanding business. For this, it is important to have positive determinant quality and effective
communication skills because it helps company to provide good and services according to the
consumers need and want. It is necessary for businessperson to have this attribute in order to
inspire their team or team members and also motivate or encourage others to do the same. It will
helps them in order to accept future demand and accomplished their targets at a given period of
time.
TASK 4
P7. Different ways by which background and experience can hamper the performance of
entrepreneurship.
Entrepreneur is a person who initiate, design and run their business effectively and
efficiently. These are the individual who generate their own ideas for establishing a new business
or venture. An entrepreneur is also called innovator who are capable for transform their ideas in
to successful services or goods. Entrepreneurship qualities are includes in the taking risk,
honestly generate plan or ideas and management. In this, Muhammad Yunus is a good
entrepreneur and their characteristics or knowledge will get discussed below:

Education: This is the basic factors which influence people to educate themselves for
having various opportunities. It has been analysed that if a person have money then they will get
good education and also improves their skills accordingly. These type of people create a quite
originative mindset where they can start innovating opinion from a quite young age. For
example, Muhammad Yunus was born in 28 June 1940 in Chittagong, Bengal and he is a social
entrepreneur and civil society leader. Therefore, he was awarded with the Nobel peace prize for
founding the Grameen bank with concept of micro credit or finance.
Social Networks: According to this factor, entrepreneur can enhance their business by
providing advertisement which attract customers and maintaining good relations with other
people then there is a expectation that people may increase more knowledge. This broadly
happens due to social networks which is founded by their family members. People increase their
learning skills through social networking and gaining experience by observing various group in
environment.
Family support: This is very effective background support by which any entrepreneur
can develop their skills and expand their business at higher level globally. During the time of
entrepreneurial struggle family is the one who always support them positively in an effective
manner.
Availability of resources: There are lot of resources like financial, technological and
family support with the help of these resources an entrepreneur can develop their innovative
ideas and also able to meet their desirable goals in the perfect way.
Cultural factors: In the present scenario there are lot of innovations which are not
supported by the culture but in the other side there are lot of entrepreneurs who have to take
several decisions in order to match the cultural ethics with the effective profit.
Therefore, it has been analysed that knowledge and social network are very beneficial
key for an entrepreneur in order to attract other people for attaining the desired goals in an
appropriate manner (Kirzner, 2015).

CONCLUSION
According to above representative report it has been analysed that, the concept of
entrepreneurship includes in lot of factors like risk, innovation, management so that they can
transfer their idea with other people that can improve the whole world. Entrepreneurship means
to have innovative ideas for running their businesses effectively. There are various kind of
business venture like small, micro, large and medium every firms of economy in the country.
Therefore, it is necessary for entrepreneur to adopt better skills and knowledge related with
qualities in order to take decision in a good manner. So that all size, shape of entrepreneur has
been also discussed with their benefits for accomplish the goals and objectives.