Entrepreneurship and Small Business Ventures Report

This report provides a comprehensive overview of entrepreneurial ventures, focusing on the dynamics of small and micro businesses within the UK economy. It examines the impact of these businesses on employment, GDP, innovation, and overall turnover. The report also highlights the importance of startups and small enterprises for social growth, emphasizing their role in job creation, resource utilization, and contributions to local government. Furthermore, it identifies key characteristics, traits, and skills associated with successful entrepreneurship, including vision, leadership, communication, persistence, motivation, and independence, while contrasting these with the roles of business managers. The report also touches on the influence of entrepreneurs' backgrounds and experiences on their decision-making processes. Overall, the report offers valuable insights into the world of entrepreneurship and small business management.

Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Task 1- Covered in PPT...................................................................................................................3
Task 2...............................................................................................................................................3
Impact of micro and small business on nation and international economy.................................3
Importance of start-up and small enterprise for social growth of UK.........................................4
Task 3...............................................................................................................................................5
Characteristics, traits and skills of successful entrepreneurship..................................................5
Reflection of entrepreneurial personality over motivation and mindset of entrepreneurs..........8
Task 4.............................................................................................................................................10
Background and experience hinder and poster entrepreneurship..............................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is all about setting up a new business venture. Concerting an idea into a
successful business venture is a part of entrepreneurial journey. The concept of entrepreneurship
is all about converting an idea into a successful business setup. Henceforth, this report will
provide complete detail about different types of entrepreneurship venture. Relationship of
venture with different typology of entrepreneurship will also project in this report. Different
points create similarities and differences between entrepreneurship ventures will also project in
this report. Impacts of micro and small businesses over the economic growth will also address in
this report. This report will also project about the importance of small business and business start
up in the growth process of economy will demonstrate in this report. Characteristics associated
with successful entrepreneurship will also project in this report. Aspects related to entrepreneur
personality which also channelizes into motivation of entrepreneurs will also address in this
report. How the background and experience of entrepreneurs influence the decision-making
process of entrepreneurs will also indicate in this report.
Task 1- Covered in PPT
Task 2
Impact of micro and small business on nation and international economy
Firm that employees people between 50-250 and have limited resources, products and
services to fulfill needs of particular segment people is known as small enterprise. On the other
hand micro enterprise has only 0-10 employees or managed by single individual and its family
members to earn sufficient amount of profit margin (Borquist, B. R. and de Bruin, A., 2019).
There are various small and micro businesses in UK and across worldwide therefore it is
backbone of economic of particular country as it generates lot of opportunities for people to live
better live. Various impacts of small and micro business operation on UK economy are as
follows:
Employment generation: Small and micro business have contributed in generation of lot of
employment opportunities in UK that is approximately 16.3 million. It has provided employment
opportunities to 60% people that belong to private sectors of UK. Many people have get job
through establishment of small scale enterprise across worldwide.
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Addition in GDP: It helps in generation of maximum revenue through exchanging products and
services for specific amount of profitability (How Important Are Small Businesses to Local
Economies, 2018). So, it has contributed towards adding of revenue to GDP of UK and different
countries by selling maximum number of products as per customer’s requirements. Almost £2.0
trillion that is overall 52% of private sector turnover so it has contributed in generation of
revenue and enhancement of living standard of people.
Innovation: Small and micro business helps in bringing new innovation and creativity within
organization as they are directly connected with needs of wide range of people that are residing
in particular society. Thus, it contributed in increasing competition level and standard, quality of
products and services for fulfilment of requirements of individual.
Turnover: Micro and small enterprise are booming at fast stage and providing employment to
less than 10 employees or 50. It can also be stated that 5 million businesses belong to small and
micro enterprise that are contributing towards 19% of turnover in private sectors. Therefore, it
can be illustrated that small and micro business have contributed in increasing overall turnover
and manufacture of products and services for fulfilment of people needs that are living in UK
and various countries (Boosting UK productivity with SME growth).
Importance of start-up and small enterprise for social growth of UK
Start-up and small enterprise are most essential for growth and expansion of local
communities or people that live in particular society as they help in bringing new products and
services for providing best experienced to existing customers. Various importance of small and
start up business for social growth of UK can be explained as:
Employment to local people: Start-up and small business hires and recruit employees that
belong to local communities so that best services can be provided to few individual. Therefore it
provides job opportunity to people that is not hired by large organization thus boosting their
living standard and disposable income (Rypestøl, 2017). So, it can be stated that start up and
small enterprise helps in social growth and economic development of UK through reducing
unemployment level.
Effective utilization of resources: Small and start-up enterprise have limited resource and
capital to cater needs of different individual so it tries to make effective or optimum utilization of
available resources so that best services can be given to customers. Due to limited operation
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resources can be easily managed and utilized for attainment of particular objective thus it
contributed towards protection of environment and natural resources of particular country.
Contribution to local government taxes: There are many small and start-up business in UK
that are growing at fast speed by meeting needs of various individual therefore they pay high tax
to government (Fischer, Mauer and Brettel, 2018). Therefore such fund or money is used by
government for welfare of local people or communities so that they can get products and services
at reasonable rates.
Increasing competition: Due to continuous growth and expansion of small and startup business
competition level in UK have increased therefore large companies are finding difficulty in
meeting needs of people. More and more firms are planning to make modification or adding in
products and services to that needs of people can be satisfied beyond their expectancy. Therefore
increase competition has provided opportunities to people to select best quality products at
reasonable rates.
Ethical practices: Small and start-up business follow ethical practices in order to grow and
survive in competitive market for long period of time (Yadollahi Farsi., Moradi and Zali, 2019).
Such companies ensure health and safety of individual while manufacturing different range of
products and services so that no harm can be caused to customer or employees of organization.
Task 3
Characteristics, traits and skills of successful entrepreneurship
UK has an effective corporate culture. Government in United Kingdom give huge
emphasis to promote corporate sector as it contributes in form of economic growth in United
Kingdom. Due to government supports in United Kingdom entrepreneurship culture has also
emerged which transformed into top entrepreneurs comes from United Kingdom to dominate the
world. Entrepreneurs contribute in the economic growth of country with the support of their
business ideas. Entrepreneurship is all about converting an idea into a successful business model
that also involve innovation and creativity as a part of business practices.
Characteristic, skills and traits of successful entrepreneurs
Entrepreneurs carry a different mindset as compare to normal human being in society.
That unique mindset of entrepreneurs allows them to generate effective revenues out of the
business operations.
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Vision: Entrepreneurs conduct all their business operations on the basis of the set vision of
entrepreneurs. On the basis of the objectives of the entrepreneurs related to business they plan all
operations of business so that they can move forward the business of entrepreneurs towards
growth and success. Vision is an important factor and tool that drives all efforts of entrepreneurs
towards achieving success in business. Vision of entrepreneurs can be linked with any social
issue or any challenge part of the society (Ács, Szerb and Autio, 2016). The most common part
between all successful entrepreneurs is they carry the specific vision to address any specific issue
or challenge of society from their business practices. For example entrepreneur Kim Antoniou
started Kafoodle with the aim to help chef’s list ingredients and empower dinner to understand
whets the food exactly about.
Leadership: Impressive leadership is among the top personality traits of all successful
entrepreneurs and business persons. Entrepreneurs are recognised as the future of the corporate
sector. With the support of leadership style and quality entrepreneurs able to take all important
decisions that can lead the business of entrepreneurs. Leadership is always among the top
priority to get success in the business entrepreneurs run (Kerr and Kerr, 2016). Leadership is all
about moving forward to achieve the objectives behind the business operations. For example
entrepreneur Richard founded aerospace company and owns healthcare company that deals with
professional sports player. His leadership style supported him to grow in the business with the
support of all stakeholders’ part of the business.
Communication: Communication is always a basic requirement to operate a business venture. It
is important for the business man to convey the business idea in front of all different stakeholders
on the basis of effective communication skill. This can be stated as a key skill or personality
trait successful entrepreneurs possess. On the basis of effective communication skill
entrepreneurs get to deal effectively with all different stakeholder part of the business venture.
Entrepreneur always face an issue related to limited resources. Especially at the initial stage of
business they require funding to start the business. Effective communication skills allow
entrepreneurs to communicate the business idea with different investors (Aparicio, Urbano and
Audretsch, 2016). Communication skill also enables entrepreneurs to motivate all employees’
part of the organisation towards achieving the business objectives. Entrepreneurs also possess an
attractive sense of humour that also allows them to make an interesting conversation with all
different stakeholder associated with business. For example entrepreneur Chay is good known
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for its communication skill and sense of humour. The communication skill of entrepreneur made
him able to communicate effectively with all his stakeholders and employees.
Persistence: Persistence is also a crucial personality trait successful entrepreneur poses.
Persistency is defined as putting the continuous efforts towards achieving the business
objectives. All successful entrepreneurs face plenty of failures especially in the beginning of the
business due to many reasons such as lack of resources, experience and other relatable issues that
resist the business success of entrepreneurs. Irrespective to any number of failures successful
entrepreneurs put constant efforts to achieve growth in the business. This can be projected as
among the common personality trait successful entrepreneurs carry.
Motivation: Motivation is among the key personality trait of entrepreneurs (Nabi and et.al.,
2017). Successful entrepreneurs always look motivated irrespective to any challenge or issue
related to the business start up. Motivation plays an important role for entrepreneurs in getting
success in business. Motivation skill of entrepreneurs also allows them to motivate all employees
in company towards achieving the objectives behind the business operations. For example
Entrepreneur Tania Boler and other successful entrepreneurs in United Kingdom always looks
motivated in any complex situation which also allows them o face any critical situation in
business.
Independence: Entrepreneurs are also independent in nature. They do not seek any support from
any external authority and entity. Successful entrepreneurs carry the mindset which do not allows
them to give up even in worst business situation and position. This is an important personality
trait successful entrepreneur’s carry that also drives success of the business they carry.
All the above qualities and skills reflect the successful entrepreneurs across the globe.
Difference between entrepreneurship and business manager
Characteristics, skills and
traits
Entrepreneurs Business Manager
Vision Entrepreneurs carry the vision
of converting a business idea
into a successful business
venture.
Business manager run all their
activities on the basis of the set
vision behind the business.
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They do not have their own
vision in respect to conduct
operations of the business.
Leadership With the support of effective
leadership skill entrepreneurs
able to entertain growth in the
business.
Business manager do not
necessarily carry the effective
leadership.
Decision making Decision making of
entrepreneurs allows them to
achieve success in the
business.
Successful entrepreneurs do
not hesitate to take risk in the
business (Kraus and et.al.,
2019).
Managers are not known for
effective decision making skill.
Managers follow the normal
approaches to take decisions.
Managers take risk only when
it is essential for the company.
Issue solving Entrepreneurs take personal
involvement in solving any
issue related to business.
They take the personal interest
in solving all issues.
Manager do not personally
involves in solving issues.
They follow the regular
process to deal with the issue.
Independence Entrepreneurs are a sole entity
in most of the case.
They do not seek for any
support in respect to conduct
business functions.
Manager carry the entire team
that can support in taking all
important decision related to
business.
Managers carry the huge team
of professionals that provides
constant support in moving
forward to achieve all
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objectives behind the business.
Reflection of entrepreneurial personality over motivation and mindset of entrepreneurs
Entrepreneurship personality is defined as different aspects related to character of
entrepreneurs. All the factors related to the characteristic of denoted as the personality of
entrepreneurs.
Impacts of entrepreneurship personality on motivation
Personality of entrepreneurs impacts in the following ways over motivation and mindset
of entrepreneurs.
Take Responsibilities: Entrepreneurs needs to take all responsibilities associated with the
business organisation. They are the highest authority in the business which drives them to take
all important decision in business that also needed taking responsibility about all decisions taken.
Taking responsibility of all decisions they have taken as a part of the business is a key factors
influenced with the motivation of entrepreneur (Audretsch, 2017). Taking responsibility of
whatever actions have conducted and decision have taken is an important part of the business.
This also allows entrepreneurs to ensure proper accountability overall success and failures of
business. For example entrepreneur Tania Boler always take responsibility against whatever
decision she is taken in respect to conducting business operations.
Clear Intent: Motivation of successful entrepreneurs drives them to carry the clear intent in
respect to conduct the business. At the initial time of business successful entrepreneurs face
plenty of failures due to many reasons like lack of resources, inexperience and many other
factors. In such a situation they always look clear about going forward in business irrespective to
any number of failures in business. Entrepreneur Chay Blyth faced many failures in the initial
time of business. He always had a clear intent to go forward in business irrespective to any
number of failures he faces.
Stay Focused: Entrepreneurs look always focused towards the aims and objectives behind the
business. High motivation enables entrepreneurs to stay focused towards the goals and objectives
behind conducting the business operations (Acs and et.al., 2018). Focus is an important too that
drives entrepreneurs to put continuous efforts towards achieving the success for the business
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venture. Motivation plays an important role to remain the successful entrepreneur stick to the
goal on a constant basis.
Keep Going Attitude: Entrepreneurs carry the attitude of keep going towards entertaining the
success in the business. Attitude plays an important role for entrepreneurs to entertain success in
business. Motivation allows them to keep going no matter what the actual position of the
business is. They always make necessary changes on the basis of the leadership and decision
making that can provide benefits to the business venture and they always go forward towards
achieving the goals and objectives of business.
The above mentioned points are among the key factors that reflect about the high
motivation level in the personality of successful entrepreneurs.
Task 4
Background and experience hinder and poster entrepreneurship
Background and experience play an important role for entrepreneurs to achieve the
growth and success in the business they have undertaken. Most of the successful entrepreneurs
belong to middle class background which also resulted into limited resources and experiences to
get success in business (Manso, 2016). This also resulted into initial level failures in business for
entrepreneurs. All failures entrepreneurs face allows them to learn new skill and gain knowledge.
Successful entrepreneurs never give up on their goals irrespective to any number of failures.
Typical background of entrepreneurs allows them to understand the real market situation and
also the traits that can support entrepreneurs in getting success in business.
Experience of the entrepreneurs allows them to take critical decision in business which
further channelizes into growth opportunities for the entrepreneurship business. Experience
drives them to understand about the needs of society. Most of the successful entrepreneurs
belong to poor family which drives him to understand the needs of local people. Dark
experiences due to failure in business allow them to learn new dimensions of business and
market. It can be projected that background of entrepreneurs allows them to understand the needs
of the society and peoples (Bruton, Zahra and Cai, 2018). This also allows them to observe the
real life issues they can address with the support of any dynamic business idea. All successful
entrepreneurs comes from United Kingdom like Chay Blyth, Richard Brain and others have
mentioned in many interviews that background and experiences they possess always supported
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them in taking crucial decisions that can support growth to the business ventures. Due to
background and experiences they are able to understand the needs of the society better.
CONCLUSION
This report projects about different types of entrepreneurship venture such as social
enterprises, scalable enterprises, large company and small business entrepreneurship. Similarities
and differences between entrepreneurship ventures have also concluded in this report. Various
key pillars related to social economy like mutual’s, foundations, and charities has also discussed
in this report. Background of entrepreneurs supports them in taking important decisions in
business. Background and experience of entrepreneurs also allows them to address all needs of
market and customers.
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REFERENCES
Books and Journals
Acs, Z. J. and et.al., 2018. Entrepreneurship, institutional economics, and economic growth: an
ecosystem perspective. Small Business Economics. 51(2). pp.501-514.
Ács, Z. J., Szerb, L. and Autio, E., 2016. Global entrepreneurship and development index
2015 (p. 1). Springer.
Aparicio, S., Urbano, D. and Audretsch, D., 2016. Institutional factors, opportunity
entrepreneurship and economic growth: Panel data evidence. Technological forecasting
and social change. 102. pp.45-61.
Audretsch, D., 2017. Entrepreneurship in Germany. The Blackwell Handbook of
Entrepreneurship. pp.107-127.
Borquist, B. R. and de Bruin, A., 2019. Values and women-led social
entrepreneurship. International Journal of Gender and Entrepreneurship.
Bruton, G. D., Zahra, S. A. and Cai, L., 2018. Examining entrepreneurship through indigenous
lenses.
Fischer, D., Mauer, R. and Brettel, M., 2018. Regulatory focus theory and sustainable
entrepreneurship. International Journal of Entrepreneurial Behavior & Research.
Kerr, S. P. and Kerr, W. R., 2016. Immigrant entrepreneurship (No. w22385). National Bureau
of Economic Research.
Kraus, S. and et.al., 2019. Digital entrepreneurship. International Journal of Entrepreneurial
Behavior & Research.
Mainela, T., Puhakka, V. and Wakkee, I., 2017. International Opportunities and Value Creation
in International Entrepreneurship. In Value Creation in International Business (pp. 55-
80). Palgrave Macmillan, Cham.
Manso, G., 2016. Experimentation and the Returns to Entrepreneurship. The Review of Financial
Studies. 29(9). pp.2319-2340.
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Nabi, G. and et.al., 2017. The impact of entrepreneurship education in higher education: A
systematic review and research agenda. Academy of Management Learning &
Education. 16(2). pp.277-299.
Rypestøl, J. O., 2017. Regional industrial path development: The role of new entrepreneurial
firms. Journal of Innovation and Entrepreneurship, 6(1), pp.1-19.
Yadollahi Farsi, J., Moradi, M. and Zali, M. R., 2019. Opportunity domains: Invisible boundaries
of entrepreneurial opportunities. Cogent Business & Management, (just-accepted),
p.1709395.
Online
Boosting UK productivity with SME growth [Online]. Available Through:
<https://esrc.ukri.org/news-events-and-publications/evidence-briefings/boosting-uk-
productivity-with-sme-growth/>.
Mariah Brown, How Important Are Small Businesses to Local Economies, 2018, [Online].
Available Through:< https://smallbusiness.chron.com/important-small-businesses-local-
economies-5251.html>.
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