Report: Entrepreneurship, Small Business, and Economic Impact in UK

This report explores entrepreneurship and small business management, examining various entrepreneurial ventures and their relationship to business typologies, including small business, large company, scalable startup, and social entrepreneurship. It details the similarities and differences between these ventures, emphasizing their impact on the UK economy by providing jobs, contributing to GDP, fostering innovation, and empowering women. The report also highlights the importance of small businesses in growing the social economy through technological advancements, market expansion, adaptability, and overall economic growth. It touches upon key aspects of an entrepreneurial mindset, such as discipline, creativity, and time management, referencing successful entrepreneurs like Simon Cowell and Richard Branson, and concludes by emphasizing the significance of these traits in fostering a conducive environment for entrepreneurship.

Entrepreneurship and
Small Business
Management
1

Table of Contents
INTRODUCTION...........................................................................................................................2
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Entrepreneurial ventures and their relation with the typology..........................................3
P2 Similarities and differences between the ventures............................................................4
TASK 2............................................................................................................................................6
P3 How small business impacts the economy........................................................................6
P4 Importance of small business for the growth of social economy......................................7
TASK 3 and TASK 4.......................................................................................................................8
CONCLUSION................................................................................................................................8
References........................................................................................................................................8
Books and journals:................................................................................................................8
2

INTRODUCTION
Entrepreneurs are those who have the capability to build the enterprise and take all the
challenges and risks which comes up in the business(Lenetsky and et. al., 2021). Small
business are usually owned by the entrepreneurs and in the beginning every business is
started with a small business to become a large one. For the development of the UK
economy the development of small business are very important as the GDP of the economy
is dependent on such type of business. Both the entrepreneurship and small business goes
hand- in- hand and the people in UK are dependent on such type of business. To manage a
business which is small and small means that low investment, higher competition and the
owner also have to work for the innovation so that the people can make the use of the
products. The management is different from the large business and for that the entrepreneurs
have to develop the personality for facing and making the business successful. This report
will cover types of ventures, impact of small business on the economy, key aspects of
entrepreneurial mindset and different environments which foster and hinder
entrepreneurship.
MAIN BODY
TASK 1
P1 Entrepreneurial ventures and their relation with the typology
There are different types of entrepreneurial ventures which are present and have been explained
below-
 Small business entrepreneurship- This type of business generally have small
investment in which the families and friends of the person operates(Neumeyer and
Santos, 2020). They does not seek for the larger amount of profits and earns that much
amount of money which is useful for the general living.
 Large company entrepreneurship- The large business are those which have high
investment and high turnover in every year. The business has many employees unlike the
small ones which does not have many. They produce the products and services which are
new and innovative in nature.
 Scalable startup entrepreneurship- Such kind of business is those which comes up with
the new idea and get the investment form the venture capitalist. They produce those
3

products which are not available on the market and aims to provide such things which
can change the world. Social entrepreneurship- They are those which does not aims to make the profits and
provides such kinds of products which will be helpful for the people living in the society.
Typology of entrepreneurship-
 Lifestyle typology- The lifestyle typology is for those which works to make some
changes in their lifestyle. They are not interested in making or earning money but their
main motive is just to change the lifestyle.
 Survival typology- These type of entrepreneurs are very hard working and engage
themselves totally in the work of their business(McCormick and Fernhaber, 2018). Their
main aim is just not earn the money but they also focus on the existence of the business
for the longer term.
 Male typology- This type of entrepreneurs is male and work very hard for the success of
the business. They have the capability of making the decisions in an easy and simple way
without making any complications. They are focused on the success and for that they are
ready to take the financial risk.
 Female typology- The entrepreneurs are the female who also starts their business with
some different vision and objectives. The main focus which te female entrepreneurs
makes on the business is to make some contribution on the society also while also
providing the quality in the products and services(Poczte and Shapsis, 2018).
P2 Similarities and differences between the ventures
Small business entrepreneurship and large company entrepreneurship -
Dimensions Small business
entrepreneurship
Large company
entrepreneurship
Meaning Small business
entrepreneurship are those
business which are
developed to just maintain
their simple and easy
livelihood. They does not
have any high objective
Large company
entrepreneurship are larger in
size than the small business.
Their goal is to develop the
business in larger one while
also having the large
investment and the high
4

or the investment for their
business success(Ji, Zhang
and Wu, 2018).
turnover.
Objective The main objective for the
which the business is
established is to make the
changes which are there in the
market and to work hard and
focus on the daily activities.
Their main objective is to
make as many as innovative
products and develop the ideas
which are different in the
market. They main focus is
also on high profits and good
growth.
Strategy The main strategy is to make
the things flexible with lower
risk and to maintain the
regular cash flow.
Their vision is high and they
always makes the strategy to
achieve good profit and
success.
Scalable startup entrepreneurship and social entrepreneurship-
Dimensions Scalable startup
entrepreneurship
Social entrepreneurship
Meaning They have the different
approach towards their
business and always tries to
make something new and
different which has not been
seen in the market.
Social enterprise with its name
always focus on the society
and tries to produce the
products and services which
are required by the people of
society at a reasonable rate.
Strategy Their strategy is to make the
innovations which are new in
the market and different from
the competitors. For this they
requires funds from the
venture capitalist.
The strategy for the social
entrepreneurs is just to fulfil
the needs of the society. They
tries to make the innovation
also and make the products
which are similar to that
offered by the competitors and
5

provide it in reasonable cost.
Risk The risk in the scalable
business is higher as the
innovations and technology
which they bring for the
development of new products
might not be liked by the
people.
The risk for the people is not
high as they are doing for the
welfare of the society but they
have to face the financial risk.
TASK 2
P3 How small business impacts the economy
The impact on the economy of UK which the micro and small business provides is high and the
government of the country also provides the support to these business for the establishment and
success of the business as their impact is directly on the GDP of the country. The positive
impacts which the micro and small business makes to the economy has been discussed below-
 Provide jobs- The development of the small and micro business helps in the
development of the jobs or employment opportunities to the people of UK.
Unemployment is the main issues for which many countries are suffering and the
government has provided the entrepreneurs some benefits and incentives so that people
come forward for this(Yadav and Roxy, 2019).
 Contributes in the GDP- The GDP of the country indicates the position of the country
in terms of the finance and other things which are there in the GDP. The micro and small
business makes the innovations for which the products and services are provided to the
people at a very reasonable rate such innovations are also contributes in the GDP. The
contribution which the business makes is around 47 % of the revenue and helps in
increasing the productivity.
 Helps in making new innovations- It is a well known fact that the small business makes
and tries to develop the products which are different from the other competitors. The
6

innovations which they are make are according to the market environments and the
presence of other substitute products(Skran, 2020). They bring new technology and new
ideas which are for the best for the country and the people who are living there.
 Empowering women- The micro and small business if started by the women then they
become strong in terms of the finance and other things. The government of the country of
UK is providing the full support and some additional benefits to the women who are
starting their own business. This shows the empowerment of the women and the women
outlook is also changed in the society.
P4 Importance of small business for the growth of social economy
The small business and startup companies are making good amount of contribution in the
economy of the country and that too in the social economy. Social economy is the
relationship between the economy and the behaviour of the society (Gu and et. al., 2018).
The importance of small business and the startup for the growth of social economy have
been mentioned and discussed below-
 Advance technology- The technology which is used and maintained by the startup and
small business are new and advanced in nature. Star up have their main focus in to
provide the products and services which are unique and new for the people and for this
they make a good investment on the technology in their business. Bigger companies
which have developed their business in the initial stage as the small business have been
developed because of the technology in their business activities.
7

 Open new markets- If the business whether it is small or big or the new startup which
always tries to make the expansion of the business tries to start their business in the new
markets after the business is successful in the other markets(Wu and et. al., 2020). The
technology for which they make the investment are those which might create the
opportunities for them to make any new expansion whether it is the same country or
some another.
 Adaptability- It has been seen the big business which generally aims differently and the
objective are not always related for the local markets but for the other countries as they
tries to make the business in the global markets. But the small business and startup tries
to adopt to the needs and wants of the people so that they can serve in the local markets.
 Economic growth- The growth for the country is measured in terms of the revenue they
are earning and the exports which the small business and startup companies are capable
of doing it. They provide the products and services which will be best for the economy
and for the people and also makes the boost in their production of goods and services
(Salerno, 2019).
TASK 3 and TASK 4
Covered in PPT
Slide- 1
8

Slide 2
9

• Discipline- The other trait of the entrepreneurs is the disciplined nature which needs to be
there in their daily life because from them only the employees also learn many things.
The disciplined nature of Simon Cowell has made him such a great entrepreneur which is
known by everyone.
• Creativity- To be creative in the ideas and the approach which they are using needs to be
a trait in the entrepreneurs. Richard Branson is creative in the ideas and objectives which
he makes.
Slide-3
So for that they need to think in the strategic ways which Richard always believes and develops
the objectives of the company in this ways only.
• Time management- Considering every entrepreneur they are the one who knows how to
manage the time and to do the work in a timely manner. Simon Cowell thinks that the
people who know how to manage the time are the one who can bring success to the
business.
Slide- 4
10

If the individual is able to make the control on such things then the capability of doing the things
will also increase. Richard Branson was able to control such things which is why he become
the successful one.
Extroversion- Extroversion is the skill or learning which the entrepreneur learns from the other
people which is somewhat helpful for them also for the success and some new ideas. They
have to become social and have to develop the outgoing nature which has been made by
Simon Cowell.
Slide-5
11

Neuroticism- They are the people who are emotionally unstable in their thoughts and does not
know how to control such things. They are the people who does not interact with people
because of their people which they have.
Slide-6
12