Entrepreneurship and Small Business Management Report: Ventures in UK

This report provides a detailed analysis of entrepreneurship and small business management, focusing on various entrepreneurial ventures and their impact on the UK economy. It explores different types of entrepreneurship, including small business, scalable start-up, large company, and social entrepreneurship, examining their similarities and differences. The report investigates the role of micro and small businesses, analyzing relevant data and statistics to demonstrate their contribution to economic growth, employment, and turnover. It also assesses the importance of small businesses and start-ups in fostering social economy growth. Furthermore, the report delves into the characteristics, traits, and skills of successful entrepreneurs, differentiating them from other business managers and exploring the influence of background and experience on entrepreneurial success. The analysis includes real-world examples and critical evaluations to provide a comprehensive understanding of the entrepreneurial landscape.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
LO 1.................................................................................................................................................1
P1 Different ventures and how it is relate with typology of entrepreneurship............................1
P2 Similarities and differences between entrepreneurial ventures..............................................2
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate understanding
towards public and private sector................................................................................................4
D1 Critically examine scope, development and growth of entrepreneurship ventures...............5
LO 2.................................................................................................................................................5
P3 Interpret and assess relevant data and statistics to demonstrate how micro and small
business impact on economy.......................................................................................................5
P4 Importance of small businesses and start-ups to make growth of social economy................8
M2 Evaluate differences small, medium and large businesses that make to the economy with
applying relevant data and statistics............................................................................................9
D2 Critically examine how small businesses which can impact on different levels of the
economy.......................................................................................................................................9
PART 2............................................................................................................................................9
LO 3.................................................................................................................................................9
P5 Demonstrate characteristics traits and skills of successful entrepreneurs that can be
differentiate from other business managers.................................................................................9
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set...............................................................................................................................10
M3 Explore and examine different lines of argument that are related with entrepreneurial
characteristics............................................................................................................................11
D3 Analyse characteristics traits. Skills and motivational drivers of successful entrepreneurs
which supporting with example.................................................................................................11

LO 4...............................................................................................................................................12
P7 Using example, how background and experience which can hinder and foster
entrepreneurship........................................................................................................................12
M4 Analysis link between entrepreneurial characteristics which influence personal
background and experience to successful entrepreneurs...........................................................12
D4 Critically evaluate how background and experience which influence entrepreneurs in
positive and negative term.........................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship businesses is very important which provide several opportunities for
different entrepreneurs that create meaningful results. In this regard, they are foster local
economies that support with support of different communities. It improve standards of living that
create wealth which is related to make desired results (Yadav and Unni, 2016).
In the present study, different case discussed in which successful entrepreneurs work in
UK. Furthermore, start-up businesses run with more effective operations and functions that
assists to make desired results in the organisation. Different entrepreneurial ventures successfully
worked to increase their profitability with several kinds of products selling in UK.
With respect to focus on the present study, it covers different kinds of entrepreneurial
ventures that are successfully run their operations and functions with typology of
entrepreneurship businesses. Furthermore, it includes data and statistics which shows that how
micro and small businesses grow economy in positive manner. Moreover, start-up businesses
importance considered within the organisation that is successfully develop results in systematic
manner. In addition to this, it demonstrate differences in small, medium and large businesses to
make economy effective with applying relevant information and statistics. At last.
Characteristics traits and skills of successful entrepreneurs explained which is useful to make
desired results in the organisation.
PART 1
LO 1
P1 Different ventures and how it is relate with typology of entrepreneurship
Entrepreneurship is successful process in which entrepreneurs develop, launch and run
their business with taking financial risks. In other words, it is willingness to launch new
enterprise that is more important for economic development to expand global marketplace. The
person who takes entrepreneurship that is known as entrepreneurs.
Types of entrepreneurship Small business entrepreneurship: In today’s time majority of the organisation are
generally small enterprises. Therefore, all companies that small enterprises in which
majority of non-governmental workers. In this kind of small business entrepreneurship
grocery, electricians, plumbers, carpenters, etc. (Laukkanen and Tornikoski, 2018).
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 Scalable start-up entrepreneurship: With this regard, entrepreneurship business start
their company with believing on vision which can make changes in the whole world. In
addition to this, in this of business ventures capitalists and they hire the best staff
members (Read, Sarasvathy and Wiltbank, 2016). Finding scalable business is
accomplish goal. Funding from venture capitalists is needed for grow business in
successful manner. Main example of this kind of businesses are online shopping
businesses, Facebook, Instagram, etc. Large company entrepreneurship: Large companies develop their successful operations
and functions with sustaining innovation and offering new products as well. In this
consideration, new products are developed with meeting customer needs and develop
advanced technology in it. Mainly, this kind of the organisations partnering with buying
innovative products with companies. Main example of the large company is Google,
Microsoft, Samsung, etc. (What is entrepreneurship? Types and importance, 2019).
 Social entrepreneurship: Social entrepreneurship is the organisation in which
entrepreneurs creates services and products to solve social issues and problems. Main aim
of this type of entrepreneurs is to make world better and not earning profit. This
businesses can be non-profit or hybrid (Ramadani, Gerguri-Rashit and Fayolle, eds.,
2015). For instance, Marc Koska which is work to redevelop medical tools.
Typology of entrepreneurship Lifestyle entrepreneurship: In this aspect of entrepreneurship, entrepreneurs set up their
goals with aim to increase income at particular level (Wang and Liu, eds., 2016).
Therefore, lifestyle entrepreneurs related with professional blogging, journalists, etc. Profit venture entrepreneurship: In this kind of business, entrepreneurs have motive to
earn profitability. Therefore, they invest money with several staff members to bring more
financial profitability (Laukkanen and Tornikoski, 2018).
 Corporate sector entrepreneurship: Corporate entrepreneurship develop their operations
and functions with several kind of economic activity for serving several individual
(Yadav and Unni, 2016). In this aspect, Tesco is successful corporate sector
entrepreneurship business in UK.
P2 Similarities and differences between entrepreneurial ventures
Differences and similarities between different entrepreneurial ventures
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Basis Small
entrepreneurial
venture
Scalable start-
up
entrepreneurial
venture
Large
entrepreneurial
venture
Social
entrepreneuria
l venture
Goals
and
objective
s
Small entrepreneurial
ventures not
considered any
structured goal
because they are
working for small
amount of profit.
In this kind of
ventures have
aim to provide
innovative
products that are
constantly
develop to
accomplish
profitability
from several
investors.
In these kind of
business require to
sustain within the
market with selling
new products and
services with using
different marketing
strategies
(Laukkanen and
Tornikoski, 2018).
They are
working with
aim to
demonstrate
quality in
products to
make service
better.
Risks In this business very
low amount of
investment has been
considered so that risk
is very low. However,
there is majority of
competition exist with
same size of
organisation.
Due to high risk
in financial
investment, there
is a lot pressure
on business.
Hence, they earn
more from their
enterprise.
In this business,
risk is medium
because large
enterprise manage
their sales with
high volume to
create own brand
value (Ramadani,
Gerguri-Rashit and
Fayolle, eds.,
2015).
Risks is not
large because,
they are getting
support from
government. In
addition to this,
public also
make support
which is
essential for
social
enterprise.
Employe
es
There are not more
than 50 employees
work.
Staff members
depends on
requirement of
the company.
More than 1000
staff members
work in this kind of
entrepreneurial
Employee’s
requirements
depends on size
of the
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venture. enterprise.
Similarities
Kind of
business
This is
entrepreneurship
business so that they
work for new
products and services.
They are also
work to provide
innovative
products and
services to
customers.
In this business,
new products and
services developed
that is important to
increase
profitability of the
organisation.
They are also
working to
solve social
issues and
problems with
demonstrate
effective
products and
services
(Laukkanen and
Tornikoski,
2018).
Motive Small
entrepreneurship
business has motive
to develop business in
different areas (Jones
and et.al, 2018).
They are also
work to increase
effectiveness in
the organisation.
They work to
develop operations
of the business in
positive manner.
Social
entrepreneurial
ventures have
motive to
increase their
own
sustainability in
different areas
of the world.
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate understanding towards
public and private sector
Public sector businesses is directly controlled by government in which higher investment is
needed as compare to private businesses. On establishment of this type of business, it is essential
for them to emphasis on social development and welfare. Hence, quality of products and services
depends on the customer’s needs. In addition to this, in corporate sector individual owned their
business with taking more effective products and services so that profitability will be increased.
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With this regard, sustainable development program run to focus on competitors with earning
competitive advantages (Yadav and Unni, 2016).
D1 Critically examine scope, development and growth of entrepreneurship ventures
In order to consist views of Read, Sarasvathy and Wiltbank, (2016), every business has a
different mission, vision, and objectives. Therefore, it affects to the venture’s scope,
development, and growth. If businesses develop their products they are easily meet with
customer demand successfully. Hence, it will assist to sustain for a long time that helps to
generate profitability. Entrepreneurial ventures required to focus on development by getting
more investment. However, Wang and Liu, eds., (2016) critically argued that there is more scope
of entrepreneurial ventures because with the help of increasing communication different types of
enterprises will easily work to fulfil their customers’ requirements. Sustainable strategies also
followed to make more growth in the business. On the other hand, Jones and et.al, (2018)
critically examine that growth of the organisation successfully develop functions within the
organisation.
LO 2
P3 Interpret and assess relevant data and statistics to demonstrate how micro and small business
impact on economy
Turnover
In UK economy, small and micro businesses take important part which is more effective
for growth of the country. In this consideration, one of the important metrics that helps to spring
mind is turnover that assists to measure economic contribution. Small and medium sized
enterprises combined their turnover of around £2.0 trillion in year 2018. There is 52% of private
sector’s turnover which create positive impact on economy of UK.
Employment
Majority of the businesses are not employers but different sole traders who work
independently small businesses contribute large participation in job creation in UK. Small
businesses are generally employ over 16.3 million people in UK where more than 60%
employees work in private sector employment.
Growth
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In order to demonstrate growth of small businesses, in UK there is high record. In this
consideration, 50% of SME enterprises stated that they expand their operations to make positive
results in the country.
Figure 1 Small businesses contribution in term of turnover, employment and growth
Source: (The role of small businesses in the UK economy, 2019)
From the above picture, it has been analyse that in UK economy majority contribution
considered by manufacturing businesses which is 32%. In this regard, professional and scientific
organisation consist 14%. Accommodation and food services is very less that is -25%.
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Figure 2 UK SME Data, Stats & Charts
Source: ()
According from the research, it has been analyse that in business department in which
energy & industrial strategy implement which is start in 2018 with massive 99.9% of 5.7 million
enterprises within the UK that are small or medium size organisations. These SMEs, demonstrate
which have up 250 staff members in UK which 16.3 million people working over there. As
mentioned previously in 2018 there are more than 5.7 million enterprises within the UK. This
figure continuously increased day by day so that it consist more private jobs for employees.
From the graph, it has been analysed that 99.9% of all UK businesses classed in SME in which
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0-249 staff members work over there. 0.6% are medium sized enterprises where 520-259
employees work here.
P4 Importance of small businesses and start-ups to make growth of social economy
Small and start-up businesses contribute major part in growth of the social economy. In
this consideration, small firms are more important in rural areas and large cities as well because
economic benefits of shopping continuously developed. In villages and town, small enterprises
only business which can survive with serving and reduced population. It helps to provide unique
and personal experience so that small businesses develop several kinds of employment
opportunities to serve better in large corporations (Thorgren and Wincent, 2015). Employing local workers: Small organisation contribute in local economies with more
employing workers. It brings more growth and innovations in community where
businesses are successfully established. It also assists to stimulate growth with dealing in
larger corporations. Small enterprises also tend with invention of new products with
implement new solution with existing ideas. Many of larger corporations depends on
completion in different functions of organisation (Ramadani, Gerguri-Rashit and Fayolle,
eds., 2015). Adapting with changing climates: In UK, small businesses also process with respond
quickly to make changes in economic climates. This is because of they are customer
oriented and understand needs of community easily. Many local customers are also
remain loyal so that in economic crisis they can further strengthen local economies. Contribute to local government with taxes: Moreover, small business is also important to
contribute their part to local government with taxes. In this consideration, when
customers thriving to small businesses they can also improve taxes for government
(Laukkanen and Tornikoski, 2018). As a result, it can be stated that small business is
backbone of taxation department. This is because, they focused on unique projects to
improve and attract additional customers.
 Grow small business to large corporation: Small businesses also look to grow in
national and international marketplace. With national and international marketplace,
growing large businesses often remain in the community that stimulate the local economy
(Read, Sarasvathy and Wiltbank, 2016).
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M2 Evaluate differences small, medium and large businesses that make to the economy with
applying relevant data and statistics
In UK, there are several small, medium and large organisation contribute participation in
developing positive operations and functions. In this regard, larger part of every industry
contribute in economy of UK. This is because, large organisation earn more revenue with
providing quality of products and services with positive brand value. Many of the larger
businesses in UK develop their operations in different nations which make desired results to earn
foreign currency. Along with this, larger organisation considered different kinds of operational
activities that assists to employ higher candidates to increase CSR activities in the business. On
the other hand, other small and medium sized enterprises work to develop innovative products to
gain more customer attraction (Rae and Wang eds., 2015).
D2 Critically examine how small businesses which can impact on different levels of the
economy
In UK, small businesses work to develop economy stability in the country. With this regard,
at regional level, they compete with other businesses to deal in quality products and services.
Therefore, demand of customers can be easily fulfilled (Ács, Szerb and Autio, 2016).
Furthermore, businesses are also focusing to hire staff members with less amount of salary
because of lack of finance. It is reducing unemployment. On the other hand, at national level
organisation can be easily expanded operations in several areas to increase revenue and
profitability which enable to provide higher taxes as well. At global and international level
products and services sold in different nation to earn foreign currency to contribute growth of the
nation (Wang and Liu, eds., 2016).
PART 2
LO 3
P5 Demonstrate characteristics traits and skills of successful entrepreneurs that can be
differentiate from other business managers
In order demonstrate different characteristics, traits and skills of successful entrepreneurs,
it can be stated that business operations increase growth. With setting up enterprise, different
process needs which considered by an entrepreneur to complete needs in which lack of capital is
first demonstrate (Blackburn, 2016). Entrepreneurial mind set also refers as the specific state in
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