Entrepreneurship and Small Business Management: Venture Report

This report analyzes entrepreneurial ventures in the UK, focusing on the consultancy firm Ove Arup & Partners. It explores different types of entrepreneurship, including small business, scalable startup, large company, and social entrepreneurship, and examines the competitive landscape of the UK market. The report discusses the importance of venture capital, brand equity, and the challenges faced by small and medium-sized enterprises (SMEs). It provides suggestions for new startup businesses, including funding options like family and friends, banks, and crowdfunding. The report highlights the positive attitude towards entrepreneurship in the UK, the role of SMEs in job creation and innovation, and concludes with recommendations for SME funding and market positioning. The analysis includes key capital leaders in the venture business and the experiences of entrepreneurs in the UK market, emphasizing the importance of leadership and strategic decision-making. The report also references various academic sources to support its findings.

Entrepreneurship with the region of UK boundaries is one of the primary reason for economy
development at a fast pace. The government raises most of the funds from these ventures. Moreover, the
unemployment phase and level elimination of the level of poverty is carried out by these various ventures.
They result in job creation and employment creation for the needy ones. They are the main body that
generates fund both domestically and internationally basis. They have a reach within the international
boundaries which brings in much of the foreign capital.
The chosen company which is Ove Arup & Partners (arup.com, 2019). As a consultancy firm, the firm
should focus on the capital, investment from the general market. There exists four kind of
entrepreneurship namely, Small Business Entrepreneurship, Scalable Start-up Entrepreneurship, Large
Company Entrepreneurship and the Social Entrepreneurship. Within the region of UK there is a presence
of huge competition within the market. As the UK consumer market is mostly comprise of a number of
rival firms there exists a perfect competitive market. Much of the scope relies upon the generation of
venture capital (Cumming et al., 2017). It is the interest of shareholders and public to invest into the start-
up firm.
Figure: UK VC activity
Source: Created by the researcher
In UK, entrepreneurship is considered as a good carrier option. Financial obligations and labor supply is
much more favorable. The attitude of UK citizen towards the speed of venture development is positive
(Burns et al., 2016). The key capital leaders in the venture business of UK are as follows:
Figure: VC capital leaders
Source: Created by the researcher
P1. Different Venture Firm’s:
Small business entrepreneurship: However, the scope lies for growth for the small firms but there exists
a number of economic factors for the firm such as restrictions on the range of the products, low brand
equity and goodwill, deficiency in terms of the capital generations, such firms hugely rely upon the local
markets. Example, Retail shops.
Scalable Startup Entrepreneurship: They are most proficient because of believe in their vision. Such
venture seeks for investors who have alike vision and together they contribute and generate business.
Example, Silicon Valley.
Large Company Entrepreneurship: They are the innovators. They generate most competition, offering
new products and variants. They are the business leaders and aims for new product segment. Example,
Amazon.
Social Entrepreneurship: Such ventures aim to deal with social problems by creating goods and services
that solve the customer needs. Example, Gravity-light.
They contribute a lot to the economy and most of the UK growth results from this startup firms business
they yields. This ventures create job opportunities, eliminates the unemployment level, increase in
productivity and also incurs generation of money from the international markets.
Unlike the social entrepreneurship body, the other three ventures aim to generate revenue and innovation
in their business activities. The social entrepreneurship aim to solve the economic problems that takes
place within the economical region of the UK market. They aim for the consumer satisfaction.
How they related to the typology of Entrepreneurship: The business objective that they serve is
initiating business within the market. They introduce innovative products with the aim of earning money
and making use of it for making the business firm rise in the further innovative process. They acquire the
visionary trait that is the sole characteristic of the venture firms, the vision that they carry within their
business undertakings. The Entrepreneur sole activity involves creating new products and commodities
and delivering it within the economy for the consumption purpose. This fact elaborates how they are
linked with the typology of Entrepreneurship
P2. The similarities and differences between entrepreneurial ventures: They differ in terms of
business activities and vision. Large venture firm aims at making more profit by introducing more
innovative products and giving more competition within the market. Where social nature-based venture,
aims at solving economic issues that are related to consumer products. Venture firm like that of scalable
one makes use of similar vision in contributing towards their business activities. They aim towards profit
making like that of other venture firms. On the other hand, a small venture firm focuses much on the development of the brand
goodwill and contributes much on acquiring a significant proportion of the market. The similarity lies in the fact that many of the
ventures, most of them aim for profit making and occupying a significant portion of the consumer market. One of the primary
similarity that is given importance is within the fact that the venture is mostly responsible for creating employment opportunities
within the economy.
Another general similarity lies in the fact that they all operate upon the investment of the shareholder’s fund. The difference lies
in the business activities and objective; the different ventures aims at providing various services to the economy.
P3. The new startup business firm should focus on building brand equity at a first glance as such that the investors are likely to
invest on firms that have a well renowned goodwill. As most proportion of the people from the consumer market views VC as a
risky investment (Yang et al., 2017). The growth within the interest of venture capital has seen funding competition and change
in behavioral preference. As a consulter firm some of the suggestion are as follows:
Family and friends- Ask your nearby ones for fund, very often it is addressed as a negative thing but one should think in
business perspective.
Banks and professional lender bodies: For a startup firm the bank is always ready to contribute upon having a proper analysis
of the project. The bank offers the capital and that too at a very surprising interest rate.
Crowd-funding: Ask for a suitable company for funding, the firm should be a well performing firm.
Joint venture- Form partnership with other firms who may be interested in the business proceedings of your firm. The business
partnership can be formed o partnership deed.
The small business firm serves as the backbone of the American economy. Most proportion of the small business firm is mainly
responsible for creating new job opportunities. Most of the small business firm encourages competition and bring about
innovation within the market. It is also found that fifty-five percent of the SME is not able to survive within the market for more
than five years of time period. The business firm also face a considerable number of challenges in terms of growth achievement
(Sainidis et al., 2016). About sixty-three percent of the SME’s believes that it is very difficult to penetrate and grow within the
UK region.
However, sixty-one percent of the owners claim that confidence lacks in making the firm grow positively. In the year 2014, an
estimation was made that about 5.2 million business prospects will take place in the UK. Among such about 99.9 percent will be
SME’s. However, most of the well-known business firms are also a part of contribution by the owner of the SME’s. Over the
past years it is found that 60% of the SME business units gathered external fund varying from business start-up loans or
government basis loans. This has not only brought about outside capital within the economy but has also shown a phase of
development of the American economy.
Figure: UK Venture Capital (VC) business according to sectors
Source: Created by the researcher
P4. Many start-up and SME’s tend to arrive at the doorstep of banks to gather loans and grants. However, it is a long process and
requires a lot of formalities to go through which is a time consuming process (Afrifa et al., 2016). The SME’s should head
towards the other local ventures and try to form partnership by means of partnership deed. In the region of UK during the era of
2016, 99.3 percent of the private sector business were formed and 99.9 percent was composed of the SME’s. In comparison there
are about 25-27 million business that overall accounts for 60 – 80 percent of all US jobs.
Figure: Employment, Turnover and Business of SME
Source: Created by the researcher
Most of the UK development and innovation in the region takes place because of the SME firms. The
region is below the poverty line much of the reason is because of the presence of the SME firms.
At last it is being concluded that the existing as well as the new SME firms required adequate funding from the financial
bodies such as national or local banks. Their support plays a very vital role for the firm’s survival (Brown et al., 2016).
Moreover, the SME firms can focus on a number of key criteria for ensuring position within the market, they are as
follows:
However, the problems can be dealt by the below mentioned standards:
 By improving the quality of consumer goods and services.
 By strengthening the marketing pitch.
 Supporting the efforts of the import export supply chains.
 By having a commitment towards the quality of the commodities.
 Try to gain news prospects and then conversion of this prospects into leads.
 Reducing the selling price and enter into the competition.
 Focus towards consumer demand.
 Proper framing and implementation of plan.
 Understanding the changes within the market.
The experiences gathered from working in the starting phase has enabled the entrepreneurs to head forward with
confidence. The experiences gathered in UK market is considered to be of valuable asset, as one acquires the ability to
carry on business in the foreign market. The experiences help in in better understanding of the market. The presence of
huge competition and fast changing demand of the consumer, enables an individual to carry on business activity
smartly. Entrepreneurship is an act of leadership, experiences gathered pave the way for an individual to lead future
business. The experiences helps in understanding the importance of brand equity, goodwill of the firm and scope that is
located within the market. The experience in other term makes an individual smart and carry out business decisions
strategically. The market undertaking has helped to understand the perception of the different consumers, industry
working patterns and the economic as well as political factors that hampers the normal being of the business to a great
extent. However, UK entrepreneurship is open to everyone but very few is able to stand in the race that is because of
lack of vision and leadership qualities. Being an entrepreneur within the region of UK, the potential and the capabilities
increases if an individual moves strategically.
References
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Finance, 15(1), pp.21-44.
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abroad’. Environment and Planning C: Government and Policy, 34(2), pp.207-227.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Cumming, D.J., Grilli, L. and Murtinu, S., 2017. Governmental and independent venture capital investments in Europe:
A firm-level performance analysis. Journal of corporate Finance, 42, pp.439-459.
Lasserre, P., 2017. Global strategic management. Macmillan International Higher Education.
Sainidis, E. and Robson, A., 2016. Environmental turbulence: impact on UK SMEs’ manufacturing
priorities. Management Research Review, 39(10), pp.1239-1264.
Wapshott, R. and Mallett, O., 2018. Small and medium-sized enterprise policy: Designed to fail?. Environment and
Planning C: Politics and Space, 36(4), pp.750-772.
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