Entrepreneurial Ventures and Small Business Impact: A UK Focus

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Entrepreneurship and Small Business Management
BTEC LEVEL 5 Higher National Diploma Business (RQF)
Unit Level: 4
Unit Code T/508/0495
Name of the Student:
Name of the University:
Author’s Note:

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Table of Contents
Task 1: Range of venture types regarding entrepreneurship...........................................................4
Introduction..................................................................................................................................4
P1: Different types of entrepreneurial ventures and their relationships with typology of
entrepreneurship...........................................................................................................................4
P2: Similarities and dissimilarities of entrepreneurial ventures...................................................5
M1: Range of entrepreneurial ventures in public and corporate sector...................................7
D1: Scope, growth and development of entrepreneurial ventures...........................................8
Conclusion.................................................................................................................................10
Task 2: Impact of small businesses on the economy.....................................................................11
Introduction................................................................................................................................11
P3: Statistical data for illustrating micro and small businesses impact on economy.................11
P4: Importance of small businesses and business start-ups to growth of social economy........13
M2: Differences made by small, medium and large businesses to economy.........................13
D2: Impact of small businesses on different levels of economy (local, regional, national) and
in international level...............................................................................................................15
Conclusion.................................................................................................................................16
Task 3: Key aspects of an entrepreneurial mindset.......................................................................17
Introduction................................................................................................................................17
P5: Characteristics skills and traits of various successful entrepreneurs, which differentiates
from other business managers....................................................................................................17
P6: Entrepreneurial personality reflection on entrepreneurial mindset and motivation............19
M3: Argument related to the entrepreneurial characteristics.................................................20
Conclusion.................................................................................................................................21
Task 4: Different environments that foster or hinder entrepreneurship........................................22
Introduction................................................................................................................................22
P7: Different factors that influence the decision for business startup........................................22
M4: Link between the entrepreneurial characteristics and influence of personal background
and experience of specific successful entrepreneurs..............................................................23
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D4: Positive and negative influence of background and experience on entrepreneurs..........24
Conclusion.................................................................................................................................25
References......................................................................................................................................27
Appendix........................................................................................................................................30
Appendix 1: SME contribution in the UK economy..................................................................30
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Task 1: Range of venture types regarding entrepreneurship
Introduction
Entrepreneurship has become a common aspect of the economy. This section of the study is
going to be focused on the several types of entrepreneurial ventures and their relationships with
the typology of entrepreneurship. In addition, it is associated with similarities and differences of
the entrepreneurial ventures.
P1: Different types of entrepreneurial ventures and their relationships with typology of
entrepreneurship
Concept of entrepreneurship: Entrepreneurship is all about the idea regarding development and
management of a business venture for making profitability through risk-taking in the corporate
world. As opined by Burns (2011), entrepreneurship indicates the willingness for starting a new
business.
Entrepreneurial activity and enterprise: The entrepreneurial activity is based on including the
below-listed aspects:
 Entrepreneur acts as arbitrageur and coordinator
 Identification of opportunities in the economic system
 Entrepreneur is involved in recognising and acting on the profit opportunities, especially
the arbitrageur (Down 2010).
Enterprise is based on bringing creative thinking in the form of economic agenda. The specific
aspects that are involved in enterprise are as follows:
 Undertaking initiatives
 Identification of opportunities
 Making things happen
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 Problem-solving in creative way
Further, entrepreneurship also include innovative activities that can be listed as follows:
 Thinking for strategy attempts
 Effective decision-making
 Strong networking (Carter and Jones-Evans 2012)
Different types of entrepreneurial ventures in corporate or public sector: The entrepreneurial
ventures can be categorised into three major parts, such as, micro/small, medium-sized and large
organisations. The tabular formation for presenting the three areas is made below:
Type of businesses Examples in the UK
Micro/small business Boss Brewing Company, which has less than
ten employees
Planet of the Grapes, which makes less than
£25 million revenue
Medium-sized business Verdant Leisure, which makes revenue within
£25 - £500 million
Large business Tesco, which has over $500 million turnover
Table 1: Entrepreneurial ventures categorisation
(Source: Griffiths and Wall 2011)
Relations with the typology of entrepreneurship: The typology of entrepreneurship is associated
with the previous occupational background of entrepreneurs. According to Daskalaki et al.
(2015), typology of entrepreneurship indicates previous organisational background of
entrepreneurs, which has made them emerged in order to form the new ventures. It can be better
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demonstrated with an exemplary scenario of business. For instance, in case of the Boss Brewing
Company, the business is woman-led craft brewery in South Wales, UK. The absence of female
brewers in sector of craft has made this micro business motivated to proceed in the UK market.
P2: Similarities and dissimilarities of entrepreneurial ventures
Range of venture types in entrepreneurial scenario: The range of venture types in the
entrepreneurial scenario is as follows:
Range of venture types Examples in the UK
Small business The small businesses are independently owned.
For instance, Deja Brew Coffee House,
Denton, UK
Large enterprise The large enterprise is indicative of the
established businesses. For instance,
Sainsbury’s
Lifestyle business Lifestyle business is based on involving the
freelancers, and it is also called as
microenterprise
Social good organisation The social good organisation refers to the
business, which is associated with noble cause.
For instance, The Cawthorne Children's Centre
in the UK
Second Stage Company The second stage companies are viable
independent. For instance, McLaren
Technology Group, UK
Scalable start-up Scalable start-up refers to the high-tech
business, in which, angel investors play
significant role. For instance, Bloom & Wild in
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the UK
Table 2: Entrepreneurial range of ventures types
(Source: Cumming and Zahra 2016)
Similarities and dissimilarities of entrepreneurial ventures with examples: In order to present
the similarities and dissimilarities of entrepreneurial ventures, it is essential to focus on the social
and business entrepreneurship. The organised tabular formation is as follows:
Similarity Dissimilarity
 Both social and business entrepreneurs
find gaps and create venture in order to
serve the markets, which is un-served
yet.
 The purpose of setting up the ventures
indicates major difference between
social and business entrepreneurship.
Business entrepreneurship efforts are
focused on building the business so that
profits can be earned. On the other
hand, social entrepreneurship focuses
on creating social change.
Table 3: Comparative representation for social and business entrepreneurship
(Source: Burns and Dewhurst 2016)
Difference between serial entrepreneurs, owner-managers and intrapreneurs: In case of
presenting difference between serial entrepreneurs, owner-managers and intrapreneurs, the
organised formation is as follows:
Serial entrepreneurs Intrapreneurs Owner managers
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 Independence
opportunity for
creating money
 Direct involvement
 Independence and
capability of advancing
to get the corporate
rewards
 Direct involvement
and more than the
delegation
 Getting promotion and
several other corporate
rewards
 Delegation and
supervision more than
direct involvement
Table 4: Comparative representation for entrepreneurs, owner-managers and
intrapreneurs
(Source: Read et al. 2016)
M1: Range of entrepreneurial ventures in public and corporate sector
Different types of entrepreneurial ventures in corporate or public sector: The different types of
entrepreneurial ventures in corporate sector play major role. For instance, in case of large
business, Tesco, the company is focused on strengthening the market influence and
establishment. This is effective in holding brand image for a long-term basis (Burns 2016).
Understanding of the public and corporate sector using an example: The public sector is
involved in composing the part of economy from both public enterprises and services. The
instances of public sector are the cabinet office and the child support agency. According to
Danson et al. (2015), corporate sector refers to companies, which have viable independence.
Instance of corporate sector is the private companies in the UK, such as, Arcadia Group.
D1: Scope, growth and development of entrepreneurial ventures
Critical analysis of scope, growth and development of entrepreneurial ventures: In order to
learn about the scope growth and development of entrepreneurial ventures, there is requirement
of presenting the statistical data. On that note, it is to mention that for micro business, it
indicates:
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Figure 1: Growth and development of micro business in the UK
(Source: Storey 2016)
It can be observed from the above figure that the UK is having 9.8% in case of the growth and
development of micro business.
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Figure 2: Growth and development of small business in the UK
(Source: Ellis and Bosworth 2015)
It can be identified from the above figure that in turn of small business, the UK is with growth
rate or 9.8%.
Figure 3: Growth and development of medium-sized business in the UK
(Source: Cowling and Lee 2017)
In case of the area of employment, it can be seen from the above figure that in medium-sized
business, the rate is 29.2%.
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Figure 4: Growth and development of large business in the UK
(Source: Ateljevic and Page 2017)
It can be analysed from the above figure that the investment in large business has grown in the
UK in the year 2018.
Consideration of Social enterprise: Social enterprise refers to the organisation, which applies
commercial strategies in order to maximise the social, financial and environmental
improvements. As opined by Schaper (2016), social enterprise focuses on maximising social
implications along with profitability for external shareholders.
Social entrepreneurs are the ones, who establish enterprise with the objective of solving social
issues. For instance, Martin Riddiford and Jim Reeves are the founders of Gravity Light that is
associated with charity solar aid.
The social economy has been improved in the UK as it ensures around 6.5% of employment.
However, the contribution of employment is relatively low with compare to voluntary sector
(Westhead and Solesvik 2016).
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Conclusion
It can be concluded that entrepreneurial ventures in public and corporate sector have significant
role. In this section of the report, one of the major aspects has been about scope, growth and
development of the different types of entrepreneurship.
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