Entrepreneurship & Small Business Management Report: UK Economy Impact

This report provides a comprehensive overview of entrepreneurship and small business management, focusing on the different types of ventures, including small business entrepreneurship, scalable startup entrepreneurship, large company entrepreneurship, and social entrepreneurship. It highlights the differences and similarities between various ventures, emphasizing their contributions to the UK economy. The report analyzes the impact of micro and small businesses, providing relevant data and statistics. It also explores the importance of startups and small businesses in driving economic growth within the UK, covering aspects such as turnover, employment, and innovation. Furthermore, the report examines the characteristics of successful entrepreneurs, contrasting them with managers, and analyzes how the entrepreneurial personalities of Tom Mercer and Elizabeth Gooch reflect their entrepreneurial mindsets and motivations, including their backgrounds and experiences.

Entrepreneurship &
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
P1 different types of ventures......................................................................................................3
P2 Provides the differences and similarities between ventures of entrepreneur.......................4
P3 Focus on relevant data as well as statistics to focuses business of micro and small impact
the UK's economy........................................................................................................................6
P4 describe the importance of start-up and small business to the growth regarding the
economy growth within the UK.................................................................................................7
PART 2............................................................................................................................................9
P5 Explain the characteristic of the entrepreneurs who are successful that distinguish them
from other entrepreneurs..............................................................................................................9
P6 Explain how aspects of the entrepreneurial personality of Tom Mercer and Elizabeth
Gooch reflects their entrepreneurial mindset and motivation...................................................10
P7 examination of background, experience and their impact on entrepreneurship...................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is known as a way through which business can be setup through
focusing on various risks that are associated to the finance and management department. The
ventures of the entrepreneurial have several ownership structure as well as entrepreneurs require
some of the skills and characteristic regarding the management and development of a business.
The background related to the personal and experience also have the diverse effects on
entrepreneurs that can prevent firm's business. Present report focuses on t he differences and
similarities between ventures of entrepreneur. It Focus on relevant data as well as statistics to
focuses business of micro and small impact the UK's economy. Report explains the describe the
importance of start-up and small business to the growth regarding the economy growth within
the UK. It Explain the characteristic of the entrepreneurs who are successful that distinguish
them from other entrepreneurs Furthermore, examination of background, experience and their
impact on entrepreneurship (Alonso, Bressan and Sakellarios, 2017).
PART 1
P1 different types of ventures
Entrepreneurial ventures can be defined as a firm that focuses on opportunism and
innovation in order to focuses on social or economic value. Entrepreneurial ventures are also
highly related with the characteristic of entrepreneurial.
There are various types of the entrepreneurial ventures that are given below
Small business entrepreneurship- These are the kinds of the startup business that can only run
through the owners as well as number of the staff members are very less. In addition to this
revenue generation are not much as these are the firms that consistently focuses on getting more
developments and more clients regarding its goods as well as services. This type of businesses
can be run by their friends and family members as a partner. Thus, different small businesses
gives the products or services that are innovative and at the same time grow rapidly.
Scalable startup entrepreneurship- These are the types of the business that focuses more on
innovative ideas as well as focus on giving innovative products or services from beginning.
These entrepreneurs believes that their ideas and thinking can change the world in addition to
this they can search investment. These are the firms that looks for the brightest mind as well as
set up the business.

Large company entrepreneurship- These firms focuses on the giving new products as well as
services to the consumers for longevity and sustainability of the business. The customer's
demands and trends are changes eventually in addition to this competition that forced the large
firms so that they creates new products regarding new market. Thus the large size of the firm
makes the innovation difficult.
Social entrepreneurship- To solve different type of social problems through delivering their
services or products this type of entrepreneurship is used.
The firm Focuses on creating a better world for the individuals as well as hybrid or non-profit
and profit. Here the individuals are more willing to take risks as well as efforts so that they are
easily creates the positive changes within the initiatives.
An entrepreneur that also seeks to address within such availability that considered as the root
causes behind such emblems that are associated with society. It is an entrepreneurship that is
considered as a way to connect the purpose of the life, help individuals as well as make
differences within the world.
P2 Provides the differences and similarities between ventures of entrepreneur
Dimension Private Public Social
Roles To generate high amount
of profits
To serve the
public by
fulfilling their
requirements
The role focuses on the society by
doing social welfare.
Structure The structure is
considered as a complex
and large through top
management.
The structure is
considered as
large as well as
formed through
government.
The strucutre can be set either by
firm or by company
Size The size is basically large
as well as depends on the
operating at the global
level
Size is large but
also they are
operating at the
national level
(Tandelilin and
The size rely only on objectives.

et.al., 2019).
Dimension Micro Medium small
Roles Role is to operate within
local area as well as
serves public
To contribute
withi GDP
through
expanding
within other
areas.
To provides the products as well
as services to the public
Objectives Here within micro firm
the objective is to earn
more profits and provides
services to the
individuals.
In Medium-
sized firm
objectives is to
earn huge profit
by offering the
services that
are high
quality.
To genrate revnue and contribute
within GDP of nation.
Similarities in ventures
 Ventures gives the employment to the society and also aids within improvong
their social life by accomplishing their requirements.
 There are various similarities between the ventures as all of them contributes to GDP of a
country. All of them gives the objectives regarding earn more profits as well as provides
services and products to the people. Thus is provides all he ventures except public pay
tax to the government. Thus social enterprises also have the motive to gain the long term
profits and provides generating revenue regarding the welfare of the society.
 It is also evaluated that various ventures follows a particular laws and structure as well as
regulations. Thus micro,small as well as medium ventures main objectives is to expand
within various market and to earn huge revenues (Rippa and et.al., 2016).

P3 Focus on relevant data as well as statistics to focuses business of micro and small impact the
UK's economy.
(Source: UK SME Data, Stats & Charts. 2020)

Within the every industry the small ,micro business also contributes highly and captures
high economy of a nation (Alonso, Bressan and Sakellarios, 2017). Over the time the number of
the Small and micro businesses is
UK SME Data, Stats & Charts, 2020

UK SME Data, Stats & Charts. 2020enhancing over the time that generates high revenues
through giving various products as well as services to the consumers.
Within the Nation there are various small business are considered as high in various industries
as more than 4.5 Sme are established within Nation that captures all the business within the
Nation. Thus, the revenue that can be generated by such kind of the business have also high
contribution and also around 99% are also focuses as employs of micro business around 0 to 9
workers .Also business gives 33% of the employment ad 22 % regarding the total turnover as
well as gives around 37% employment turnover the United Kingdom (Rippa and et.al., 2016).
The micro and small business can also be categorized as non-innvotator, innovator,non exporter
and exporter. These are business that can able to generate revenue with innovation or without
innovation as well as many products (export) as well as get currencies ( foreign) and also gives
the contribution to the economy regarding the United Kingdom.
P4 describe the importance of start-up and small business to the growth regarding the economy
growth within the UK
Small business gives its contribution to the economies such as by bringing the innovation to the
community as the significance regarding the small business within the big cities and rural areas
are also represents the economic benefits as various towns as well as villages, a small businesses
impacts to enhance the customer experience.
Importance of business start up and small businesses

such as Turnover,growth,service industry,employment and contribution. According to the
UK small business administration focuses 99.9 percent of the UK business. Small business
focuses to the local economies of the United Kingdom as it also aids stimulate the growth of the
firm by giving the opportunities regarding the employment. Small business also attracts talent
that can invent the new products and implement new solutions regarding the ideas which are
existing. Many large businesses benefits from the small business that also have the same
community as these large firms rely on the small business regarding the completion of several
functions. Most of the small business also have the ability to take the quicker actions regarding
the changing economic climates. It is also focused that very small business are also needs to
understand the requirement of the community. It is also a customer orientated process. Various
consumers of the UK remain loyal to their small business that can afloat when the tough times
further focuses on strengthen the economies of the U.K. Small revenues are focuses on the less
revenue as compare to the larger corporations (Alonso and Bressan, 2016).
Small business are not every time stays small as various large corporations started of their
businesses and also becomes the major players within the international and national
marketplace.
When the costumers focuses on the small business as they are also significant to give their
money back to the local community of the United Kingdom. As it can able to generate the high
level of the revenues that means the business have to pay the taxes which are higher that involves
UK local taxes. A SME also increases the property values all over community while generating
the taxes regarding the local UK government. The small business also influence on the growth
of the local economy as well as also takes the collection of sales Tax. Local business of the
United Kingdom also charges sales tax rely on their location that can be considered as the
special taxation focuses on the products that are unique that can attracts the additional consumers
(Tandelilin and et.al., 2019).
PART 2
P5 Explain the characteristic of the entrepreneurs who are successful that distinguish them from
other entrepreneurs
Elizabeth has qualities that provides her to give the confidence to started her own
business for that stand alone within market. There are various differences between the
Elizabeth and managers leading basically an entrepreneur or a leader. Elizabeth left her job

within HSBC after 12 months because she wanted to start her new small business. This focuses
her that she is a freedom oriented and independent personality. But Manager in term of the
managers is never considered as an independent person.
Apart from that Elizabeth is an innovator and thinking out of the box as because of this she is
well aware of the growing demand within firm and started the consultancy firm. As Within the
case of the Manager he is not enough brave to take the risks regarding the new innovations ad
new growing demands within marketplace (Burns and Dewhurst, 2016.). After some time within
the middle level of the Businesses journey faced loss in two consecutive year but at the last firm
has succeeded to get the profit as due to this incident ,Elizabeth evolved the unique quality while
facing this situation.
Later she has decided to modify the organization as earlier it was software firm but after
modification it is consultation firm. It represents the characteristic of vison of of Elizabeth that
can be lacking within the characteristic of Manager. While in the case of Tom, he also faced
various problems at the beginning of his business . According to case study tom has distributed
product's sample around 1 year by assuming that one day result will came in positive sense.
Thus quality of Tom lay emphasis that Tom is highly risk tolerance person while on the other
hand this is a kind of quality absent within the manager. According to tom he was so sure about
his products that are launched within market hat surely products launched by him hit within
marketplace (Alonso and Bressan, 2016). The quality of Tom focuses that he has skills called
rare business skills but also this rare quality is absent within the characteristic of the manager.
Tom also shows that he has persuasive characteristic as within the time of recession,Tom took
his business to the several store and also this considered as large occasion regarding the Tom's
business.
P6 Explain how aspects of the entrepreneurial personality of Tom Mercer and Elizabeth Gooch
reflects their entrepreneurial mindset and motivation.
First and foremost Elizabeth has some of the qualities that makes her different from
others as she was the one who stand alone as well as started her own business as some of the
differences among the Elizabeth and managers.
Bravo within nature- Elizabeth is always consider as an innovative personality and thinking
out the box as she is a creative personality as she was very well aware that by rising the
demands within the marketplace she started the consultancy firm.

Perseverance- After starting the business such as within middle there is a loss in the business
within two year (consecutive). But a last She has succeeded to take the profit as with the help of
this Elizabeth's evolved her Unique quality regarding business.
Visionary
Apart from that Elizabeth has definite to modification the organization as earlier it was software
firm now it is consultation firm. It represents that Elizabeth has a vision.
While within case of Tom also faced several numbers of problems when he is starting business
(Jones and et.al.,2018).
Risk tolerance
When Tom disturbed his sample of products knowing that one day the result will come within
the positive sense. As this quality also represents that Tom was person who tolerated the risk.
Rare businesses skills
When tom was started business he was sure that product he was introduced as well as sample of
product distributed will gives a hit as all the products are of High quality and By implementing
such skills represents that he had a skill that is know as the rare business skill.
Persuasive
When nation faces recession , focusing on the strategy that Tom can pull his businesses to the
several stores and also it represents Tom's persuasive skill.
P7 examination of background, experience and their impact on entrepreneurship
Elizabeth Gooch
Within the UK, Elizabeth Gooch is the one of the most outstanding Entrepreneur. She
started EG solution that sells operation management software so that companies can improve
their operational efficiency. She is the educated person and have completed her education from
the well-known college. She learnt many things during her studies that learning has supported
her to get success in her life. She worked as banker in HSBC bank in the age of 18. It was the
young age but she got amazing experience of banking industry and financial management
activities there that experience has helped her to take right decisions in near future. After 12
months of banking experience she joined consultancy firm and worked around 8 years in this
field. Eight year is such a long time and after understanding this field she has started own
business EG solution in the age of 26 (Jones and et.al.,2018). Her family was very supportive
and when she proposed them to start own business then family has given fund to do the same.

Her experience has helped her to reach to the turnover of 600000 in its first year. But later on
business was not making much profit and she was in trouble.
Elizabeth met with Rodney and he advised her to concentrate on software work rather
than consultancy. She worked in banking sector hence she utilized that experience in the new
business and have managed capital well to grow well. She floats firm to AIM, this strategy of
her has helped her in controlling over opportunity costa and getting more funds for further
expansion.
Manager Mercer
He is great example of successful entrepreneur; he has completed his education from
Cambridge university. he worked as management consultant in the Bain and Co in London.
Since his childhood he was dreaming for opening own business. His determination towards his
dream has helped him to gain success. He realized that many fast food companies are here but
lack of firms are paying attention of offering healthy dishes. Tom started working on this project
with friends and gradually he understood that this is great business idea. Support of friends has
encouraged Tom to continuously work on it. He made continuous interaction with consumers
and had worked hard. He received feedback from the consumers that motivated him to go ahead.
This encouragement has supported him to open a company(Read and et.al., 2016).
He was young and had support from family. This background has helped him to feel
happy and given boost to continue working on that business. In the year 2009 he had made team
of 25 people and all these were students those who wanted income sources. He learnt from his
experience about needs of consumers and what ideas can attract customers towards the business.
He made modifcations in its business ideas by looking at preferences of buyers that has made
him successful. He is having risk taking capabilities that is the reason he continuously
experiments things and make modifcations in existing planning. This trait of him has helped
Tom to get success in the food industry(Kuratko, 2016).
CONCLUSION
From the above study it had been concluded that Ventures contributes to GDP and
provides services and products to the people. It also motive to gain the long term profits. United
Kingdom has around 4.5 Sme are established captures revenue also high contribution gives
around 37% employment turnover able to generate revenue innovation or without innovation. It
focused on Small business bringing the innovation within the big cities and rural areas