Entrepreneurship & Small Business Management: UK Economy Analysis

This report provides an overview of entrepreneurship and small business management, focusing on different types of entrepreneurial ventures and their relationship to entrepreneurship typologies. It explores the similarities and differences between social and lifestyle entrepreneurship, using real-world examples. The report further examines the impact of micro and small businesses on the UK economy, including their contribution to the social economy's growth. It analyzes the characteristics and traits of successful entrepreneurs like Elizabeth Gooch and Tom Mercer, differentiating them from typical business managers and highlighting how their entrepreneurial personalities reflect their motivation and mindset. Finally, the report discusses how personal background and experience can either hinder or foster entrepreneurship, linking entrepreneurial characteristics to the influence of personal experiences.

Entrepreneurship
and Small Business
Management

Table of Contents
Introduction.....................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship ventures. ..........................................................................................................3
P2 Explore the similarities and differences between Social Entrepreneurship and Lifestyle
Entrepreneurship, including two existing examples of each.......................................................4
TASK 2............................................................................................................................................5
P3 How micro and small businesses impact on the UK economy..............................................5
Covered in PPT............................................................................................................................5
P4 Importance of small businesses to the growth of the social economy in the UK. .................5
Covered in PPT............................................................................................................................5
TASK 3 ...........................................................................................................................................6
P5 Characteristic and traits of Elizabeth Gooch and Tom Mercer and how they are
differentiated from those of business managers..........................................................................6
P6 How aspects of the entrepreneurial personality of Elizabeth Gooch and Tom Mercer reflect
their entrepreneurial motivation and mindset..............................................................................6
TASK4 ............................................................................................................................................7
P7 How personal background and experience can hinder or foster entrepreneurship.& Link
between entrepreneurial characteristics and influence of personal background and experience.
.....................................................................................................................................................7
Conclusion ......................................................................................................................................8
REFERENCES................................................................................................................................9

Introduction
Present report is based on the entrepreneurship and small business enterprises. Report
tells about the different types of entrepreneurs and about typologies. Small business enterprises
plays a big role in the growth of the economy by providing various employment opportunities to
the large number of people and contributes in increasing their standard of living. How past
experiences affect the business operations. Positive experience affect or influence the business
owners to implement innovation or take risk in the business activities and negative experiences
hinder the ability of the entrepreneurs to take risk.
TASK 1
P1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship ventures.
Entrepreneurial ventures are of four types:
 Small scale entrepreneurship: These are one of the most popular type of entrepreneurship
now a days. These are the one which start with a very small amount of capital and does
not have a large amount of employees working under this. Plumbers, carpenters and
electricians are the example of this type of entrepreneurship.
 Scalable start up entrepreneurship: These type of entrepreneurs are those who start the
business with a innovative and creative idea in order to attract a large number of
inventors to invest fund in them.
 Large company entrepreneurship: This type of entrepreneurs are the opposite of small
business entrepreneurs. This type of entrepreneurs invests a large amount of fund and a
number of employees work in this of entrepreneurship. These enterprises use the updated
technology in order to satisfy the changing demands and wants of the customers and
generate a large amount of profit every year.

 Social entrepreneurship: The main and primary objective of this type of entrepreneurs is
to satisfy the demands of the customers or to solve a social problem. This type of
entrepreneurs come in existence just to satisfy or solve a public problem.
There are number of typologies exist in the business environment. The type of business
affect the topology of the business.
There are number of entrepreneurial ventures exist in the business environment these are as
follows:
 Research entrepreneurs: These types of entrepreneurs first do a lot of research in order to
satisfy the dynamic needs of the customers and then execute the business activities.
 Copycat entrepreneurs: As the name implies these type of entrepreneurs copy the idea of
success of the another enterprise. These types of entrepreneurs does not do any kind of
hard work but copy the idea of the other firm.
 Determined entrepreneurs: These type of entrepreneurs are the opposite of the copy cat
entrepreneurs. These type entrepreneurs believes that success can be achieved without
copying the idea of the other firm.
 Accomplished entrepreneurs: These are the successful entrepreneurs who tries to leave
the legacy for the other entrepreneurs.
 Skeptical entrepreneurs: These type of entrepreneurs examine the success of other
entrepreneurs. Try These type of entrepreneurs try to get the answer of the question is
that how success can be achieved or measured.
P2 Explore the similarities and differences between Social Entrepreneurship and Lifestyle
Entrepreneurship, including two existing examples of each.
Social entrepreneurs: These are that type of entrepreneurs who always worry about the future
problems which can rise in the business. These invest a large amount of money in investing up to
date technology and solve many problems and issues related to the business.

Lifestyle entrepreneurs: These type of entrepreneurs are the opposite from the social
entrepreneurs these type of entrepreneurs start a business in order to change their personal
lifestyles. These types of entrepreneurs like to take risk and enjoy what they do.
The similarity and differences between these two are as follows:
Similarity Differences
 The main of both the entrepreneurs is to
make a profit from the business
operations.
 Managers of both type of entrepreneurs
try to make a coordination among all
the business activities.
Social entrepreneurs does not give more
emphasis on the ROI. On the other hand
lifestyle entrepreneurs give much emphasis on
the ROI.
Social entrepreneurs do all the activity or effort
to increase the profit of the business. On the
other hand lifestyle entrepreneurs try to take
risk in the business operations in order to learn
something new.
In the economy of UK there is a lot of entrepreneurs scope. Because entrepreneurs plays
a vital role in increasing the economy of a country and increase the standard of living of the
people by providing number of employment opportunities. An entrepreneur can grow at a faster
speed if it fulfills or apply the concept of corporate social responsibility. Fulfilling social needs
means implementing all the concept of business or do the business with the idea of social
development in the mind. If the entrepreneurs wants to achieve the success than it should deliver
quality services to the customers. There is a vast scope of entrepreneurs in the economy.
Government of every nation also provide many support to the small business entrepreneurs in
order to boost up the economy of the country. Entrepreneurs not only provide quality services
to the customers but also provide or create employment opportunities for the people of the nation
and try to increase their standard of living. In the economy of every country there is a vast scope
of small business entrepreneurs

TASK 2
P3 How micro and small businesses impact on the UK economy.
Covered in PPT
P4 Importance of small businesses to the growth of the social economy in the UK.
Covered in PPT
Differences in small, medium and large businesses to make UK economy.
Small business enterprises are those who start the business activity or undertake the
business operations with very small amount of investment. The numbers working in these
entrepreneurs are also little. These type of entrepreneurs start the business activity with an
innovative and creative idea and try to make a product which can well satisfy the needs and
demand of the customers.
Large business entrepreneurs are those who start with a large amount of capital and
undertake the business operations on a large basis. These entrepreneurs do the transactions on
international basis and helps the firm to earn foreign currency with doing international
transactions.
Medium business entrepreneurs are those which does not start with a small amount of
capital nor include international transactions. These entrepreneurs provide services to both small
and large business entrepreneurs.
All these three entrepreneurs plays a big role in growth of the economy o
f a country. Government of the country undertake various actions or plans in order to support
these entrepreneurs.
How small businesses have an impact on different levels of the UK economy .
Small business enterprises plays a big and important role in the growth of the economy.
Small business does not undertake the business operations but also contribute in the social

development of the country by providing employment opportunities and increasing the standard
of living of the people. Small business enterprises contribute a lot in the economic growth of the
UK. Small business enterprises provides a opportunity to investors to earn high by investing in
their business activities. These enterprises effect the economy of UK on a large basis by creating
the wealth of the country. These enterprises starts with a innovative idea and attracts large
number of investors in investing the fund.
TASK 3
P5 Characteristic and traits of Elizabeth Gooch and Tom Mercer and how they are
differentiated from those of business managers.
The main characteristics of these entrepreneurs is that the business owners of these
entrepreneurs didn’t get afraid from the failures but they learn from there mistakes done in the
past in order to perform well in the future. If in place of these there will be some ordinary
manager than he or she will definitely lodes the confidence to undertake business operations in
future. But not in the case of these enterprises. These enterprises tries their best and learns a
new thing from their mistakes in the past. If a business manager wants to run its business
activities in the long run than he has to be ready to face many challengers arise in conducting the
operations. Success and failures both are the part of the business like two sides ogf the coin. so
every managers tries to understand the concept of success and failures in the business and should
always try to perform its best in the future situations.
Both Elizabeth Gooch and Tom Mercer have traits of being a successful entrepreneur.
For example after lot of issues and obstacles she said that there must be strong determination in a
individual. It all about to have and carry a positive attitude and a person should learn form its
past mistakes and try to not do repeat same in future. Further Tom Mercer, after facing lot of
failures and recession he did and gave his best in order to achieve its goals and objectives. Full
determination and creative business idea help Tom in achieve the success.

P6 How aspects of the entrepreneurial personality of Elizabeth Gooch and Tom Mercer reflect
their entrepreneurial motivation and mindset.
From both the above cases it can be concluded that the mindset of these entrepreneurial
personality was very positive because they didn’t lose hope from the failures of the business and
always tries to perform well and well in the future activities. Positive mindset is one of the main
quality needed to become the successful enterprise because it is the positive mindset which helps
the person to maintain the confidence and helps in perform best in the future operations.
Different lines of argument relating to entrepreneurial characteristics.
There are number of characteristics which should be there in the every entrepreneurs to
be successful. These are as follows:
 Risk taking ability: One of the main characteristics of successful entrepreneurs is there
risk taking ability. Enterprise can never achieve success without taking risk.
 Confidence: manger of the enterprise should have the confidence about all the decisions
taken by them. Lower confidence can proof hinder the success of the enterprises.
 Full of determination: Full of determination helps the enterprises to stay strong in the
every business situation and not to lose the hope.
 Accept the failures: To be successful business owner should accept the fact that failure is
a lot a part of business operations.
 Continuous learning: Continuous learning is one of the main factor contribute in the
success of the enterprise. Enterprises should learn from its past mistakes and failures and
should try not to do the same in the future.
Characteristic traits, skills and motivational drivers of enterprises.
There are some basic traits or qualities which should be there in every enterprise to be
successful in the competitive marketplace. One of the main characteristic is to successfully
implement the process of change. Today’s business environment is fast changing and dynamic
so in order to perform well it is the main challenge towards the enterprises to adapt and

successfully implement the change. It is one of the main traits which should be there in the
enterprises because it contributes a lot and aids in the success of the enterprises.
TASK4
P7 How personal background and experience can hinder or foster entrepreneurship.& Link
between entrepreneurial characteristics and influence of personal background and
experience.
Skills, characteristics and traits of the different enterprises are different because it is not
possible that the skills of two same enterprises has the same quality. There will be definitely
some changes in the skills and characteristics it is happen just because of the personal
background of the business owner. Personal background refers or shows from which the person
belongs and about the family and friends of the person. Past experience also contributes in
forming the background of the person. If the past experience of person or business owner is
positive than he will be motivated to take the risks in the business activities. On the other hand
negative experience will hinder the ability of the person to do innovate tasks in the business
activities and that person will always be afraid to take risk in the business activities. It is not
necessary that experience will always be the positive it is also necessary that the person has the
negative experience. But instead of the negative experiences the person should not be afraid of
taking risk or do the innovation in the business context. It is one basic and most important trait
of every business enterprise to always from the failures and not do the same mistake in the
future. it is the business owner who takes important decisions related with the business
operations. Decisions taken by the individual or business owner affects by his or her personal
background or past experiences.
The personal background of the business owner affect the decisions or operations of the
business both positively and negatively. Positive experiences affects or motivates the managers
for taking more risks in the business on the other hand negative experience reduces or affect the
managers ability to take risks in the business enterprises.
Before achieve growth both Elizabeth Gooch and Tom Mercer faced number of issues
but their full determination and positive attitude help them in achieve success.

Conclusion
From the information above given in the report it can be concluded that small business
enterprises plays a big role in the economic growth of the nation. Small business enterprises are
the backbone of UK economy and government also does various efforts to influence the
activities undertaken by these enterprises. Small business enterprises plays an effective role in
increasing the wealth of the enterprise.

REFERENCES
Books and references
Ackermann, S.J. ed., 2012. Are small firms important? Their role and impact. Springer
Science & Business Media.
Akehurst, G., Simarro, E. and Mas‐Tur, A., 2012. Women entrepreneurship in small
service firms: motivations, barriers and performance. The Service Industries Journal.
32(15). pp.2489-2505.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity.
Palgrave Macmillan.
Chittithaworn, C., Islam, M.A., Keawchana, T. and Yusuf, D.H.M., 2011. Factors
affecting business success of small & medium enterprises (SMEs) in Thailand. Asian
Social Science. 7(5). p.180.
Chittithaworn, C., Islam, M.A., Keawchana, T. and Yusuf, D.H.M., 2011. Factors affecting
business success of small & medium enterprises (SMEs) in Thailand. Asian Social
Science. 7(5). p.180.of Economics and Statistics. 93(1). pp.16-29.
Davis, P.S., Babakus, E., Englis, P.D. and Pett, T., 2010. The influence of CEO gender on
market orientation and performance in service small and medium‐sized service businesses.
Journal of Small Business Management.48(4). pp.475-496.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal
of Small Business Management. 49(1). pp.92-106.
Henrekson, M. and Sanandaji, T., 2014. Small business activity does not measure
entrepreneurship. Proceedings of the National Academy of Sciences. 111(5). pp.1760-
1765.
Hurst, E. and Pugsley, B.W., 2011. What do small businesses do? (No. w17041). National
Bureau of Economic Research.
Jones, R. and Rowley, J., 2011. Entrepreneurial marketing in small businesses: A
conceptual exploration. International Small Business Journal. 29(1). pp.25-36.
Ligthelm, A.A., 2010. Entrepreneurship and small business sustainability. Southern
African Business Review. 14(3).

Lofstrom, M., Bates, T. and Parker, S.C., 2014. Why are some people more likely to
become small-businesses owners than others: Entrepreneurship entry and industry-specific
barriers. Journal of Business Venturing. 29(2). pp.232-251.
Neumark, D., Wall, B. and Zhang, J., 2011. Do small businesses create more jobs? New
evidence for the United States from the National Establishment Time Series. The Review
Journal of Small Business Management.48(4). pp.475-496.
Obeng, B.A., Robson, P. and Haugh, H., 2014. Strategic entrepreneurship and small firm
growth in Ghana.International Small Business Journal. 32(5). pp.501-524.
Ojala, A. and Isomäki, H., 2011. Entrepreneurship and small businesses in Russia: a
review of empirical research. Journal of Small Business and Enterprise Development.
18(1). pp.97-119.
Olusegun, A.I., 2012. Is small and medium enterprises (SMEs) an
entrepreneurship?.International Journal of Academic Research in Business and Social
Sciences. 2(1). p.487.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Shane, S., 2012. Reflections on the 2010 AMR decade award: delivering on the promise
of entrepreneurship as a field of research. Academy of Management Review.37(1). pp.10-
20.
Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and
entrepreneurship. Cengage Learning EMEA.
Storey, D.J. and Greene, F.J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.