Analysis of Entrepreneurship Ventures and Impact on UK Economy

This report delves into the multifaceted world of entrepreneurship, exploring various venture types including small businesses, scalable startups, large company entrepreneurship, and social entrepreneurship. It provides a detailed analysis of each type, highlighting their characteristics, funding models, and objectives, and offers insights into their similarities and differences. The report also examines the significant impact of small business organizations on the UK economy, presenting statistical data on employment, turnover, and the overall contribution of these ventures to the private sector. Furthermore, it outlines the key activities and traits of successful entrepreneurs, emphasizing the importance of planning, strategy, and adaptability in a competitive market. By examining both public and private sector entrepreneurship, the report offers a comprehensive overview of the entrepreneurial landscape and its vital role in economic development.

Entrepreneurship and Small
Business Management

Contents
INTRODUCTION...........................................................................................................................................3
TASK 1..........................................................................................................................................................3
Types of Entrepreneurship Ventures and their Typology........................................................................3
Impact of Small Business organization on Economy of United Kingdom.................................................6
TASK 2..........................................................................................................................................................7
CONCLUSION...............................................................................................................................................7
REFERENCES................................................................................................................................................9

INTRODUCTION
The entrepreneurship is considered as capacity or willingness to make, organize and
manage a venture along with different type of risks to make profit. In simple language
entrepreneurship is all about starting a new business that is consist of different people who are
connected to organization with certain mutual goals (Burns and Dewhurst, 2016).
Entrepreneurship refers to new and innovative idea and opportunities with large developed
business. This report is providing brief of different type of organization to know how they
conduct business in market place. This report is analyzing different type of entrepreneurship
ventures and how they are related to typology of entrepreneurship. Similarities and differences
between of various entrepreneurship venture is also provided in study. For both private and
public sector entrepreneurship is explained. Different type of relevant data is provided to
perform an analysis to know the impact of micro and small entrepreneurship venture on the
economy. On basis of provide data importance of small business and business startups.
Information of successful entrepreneur is provided in report. Different personality traits and
skills of entrepreneur are explained in the study. Reflection of personality traits in individual
entrepreneur also covered in report. The impact and influence of person’s background and
experience is analyzed on an individual entrepreneur.
TASK 1
Types of Entrepreneurship Ventures and their Typology
There are different type of entrepreneur ventures that are considered in entrepreneurship
ventures. Before getting into this it is important to know about what is entrepreneur and
intrapreneur. Basically the entrepreneur is a person who is the founder of the new
organization and runs the company (Runyan and Covin, 2019). The leader and owner of
organization are consider as entrepreneur but intrapreneurs are the people who are associated
with the organization and helps the entrepreneur to run the organization by contributing with
their skills and knowledge. Intrapreneurs of the organization are known as employees. The
different entrepreneurship venture are small business entrepreneurship, scalable startup
entrepreneurship, large company entrepreneurship and social entrepreneurship.

Small Business Entrepreneur
In the market place small type of business entrepreneur are in maximum number and
this organization or business get very low marginal profit. Purpose of this organization to make
enough profit to keep survive in market to manage personal living. Individual business like
grocery and electronics stores and professions like plumber and consultants come into this
category (Volery and Mazzarol, 2015). In the small business organizations the fund is collected
through small business loans and family investment. Small businesses are mainly of personal
and private type.
Growth: possibility of growth in this type organization is maximum in the market place. Cause
of small size implementation of innovation and change management is too easy. For better
model this organization can get easy high marginal profit.
Scope: Scope for small venture is high and have international exposure but only thing
organization need is experienced employees and financial support.
Scalable Startup Entrepreneur
This type of organization starts with a vision to make change in market or world.
Funding for this organizations comes from venture capitalists and they hire best employees for
their organization (Yan and Yan, 2016). For scalable startup business entrepreneur their
business model is dependent on their short term and long term goal. Ones they get settle in the
market place then they need further investors for more growth in future. This type of startup
get enough profit that is required for their growth and market performance. Facebook,
Instagram and online shopping platforms are initially scalable startups. This organizations are
normally private organization cause their purpose is only to make profit.
Large Company Entrepreneur
This type of entrepreneurship is performed by a well settled organization and through
this process they try to launch a new product in the global market. This type of entrepreneur
ventures are good with their core products but to get more profit they try innovation in
company business. In order to develop new product this organization needs new and innovative

technology to make the effort successful (Albort-Morant and Ribeiro-Soriano, 2016). The
companies like google, Microsoft and Samsung comes in this category. This type of
entrepreneur are also considered as private entrepreneur ventures.
Social Entrepreneurship
Social entrepreneurship ventures are established of found by the entrepreneur with
purpose of solving different social problems and issues. Often this organizations are known as
non profitable organizations. The only purpose of organization is to serve the people and
society to make world a better place. Some of these organization provide free service to the
customer and some of this take operation charge to keep providing efficient service to
peoplev(Ateljevic and Page, 2017). Social entrepreneurship venture are funded by government
and charity collected from different sources. NHS and Red Cross United Kingdom are non
profitable organizations that are considered as social entrepreneurship ventures.
Similarities and Differences Between Various Entrepreneurship Ventures
Public Sector Private Sector
Role Work of these organizations is to
provide better services to
customers and citizens for free of
minimum charge to make the
services deliver.
Role of private organization is to earn
maximum profit by selling its product
to the consumer and provide them
with best suitable services for
relevant amount of service charge and
added profit.
Characteristics  This organizations are
owned by the government
and all the required funds
are provided by
government.
 Management of
organization is performed
by government officials.
The private organization are owned
by a group or individual(Welter and
Gartner, 2016)
. All the funds required fund to
the company are collected
through different procedures
that are mainly consists of
loan and by sell shares of

Public sector organization
or entrepreneurship is
financially independent
because it has not any
problem of fund acquisition
(Brush and Greene, 2015).
 This are used to cooperate
and allied with other public
sector companies.
 This organization helps the
government to implement
their plan with maximum
efficiency.
company.
 Management of organization
are done by company
authority that is same to the
public sector organization.
 Private sector organizations
are bounded with the
limitation of funds because all
the fund used by the
organization comes from profit
that is earned by conducting
business.
 Mostly this organization works
alone and only perform allies
and cooperation to get higher
profit.
 Only work to improve
company profit.
Objectives Objective of this organization is to
serve the citizens of country.
Objective of private sector
organization is to earn pure profit
from its actions.
Size Size of public organization based
on its goals and target audience.
Mostly work on national level.
Size of private organization is also
based on the target audience. Also it
can work on international level.
All organizations or entrepreneurship ventures performs different activities that are
important for success of business. This activities are similar to all. This is consist is marketing
activity of entrepreneur. The entrepreneurship is a process that is used to design, launch, and
run a new business. Often this new business are small in size and people who are developer of
this small organization are known as entrepreneur (Allen and Truman, 2016). There are

different activities need to be done by entrepreneur and this activities are essential for
entrepreneur. These activities are- planning the product, brainstorming the next business,
mentoring someone, make the business strategy, study the human behavior and networking.
These activities make the entrepreneur more effective with a new business, this is important
for the organization to work on their product to stay competitive in market. All the
entrepreneur need to do is to work on new and innovative business ideas to improve the
business of their company in competitive market. They also need to provide guidance to the
employees to keep them up to date with the goals and targets of organization. Entrepreneur
the leading edge to the organization and it is their responsibility to plan the next move of
organization in the market place. They also need to study the behavior of employee and
customer to meet their need and run the organization efficiently. Networking and reading
activities are also important for entrepreneur(Rey-Martí, Porcar and Mas-Tur, 2015). The
networking is basic need for the growth of organization and study help the person to come up
with new ideas and strategies for their business. This is how the operations of different public
and private organizational re same and certainly different from each other.
The different actions of organization and entrepreneur are based on the current market
conditions. As per change in the situation and condition of market entrepreneur take relevant
action to meet organization needs. For example if a new technology comes in the market and
competitors of company are implementing those technology (Oviatt and McDougall Covin,‐
2015). According to this condition leader or owner of organization will take action to adopt the
latest technology in company this is how the actions and operations of entrepreneur are
dependent on market conditions.
There are different examples of taking over a new business organization by an
entrepreneur. One of the most famous example is of “What’s app” was took over by Mark
Zuckerberg to get higher profit from this application.
Impact of Small Business organization on Economy of United Kingdom
There is huge impact of small business organization in the economy of Unite Kingdom.
There were around 5.5 million small business organization in United Kingdom in ear 2016. In

the private sector small business organization are counted for 99.3% of all private sector. There
in United Kingdom small business organizations are providing 60% of whole private sector and
the figure of employment is around 15.7 million (Zacca, Dayan and Ahrens, 2015). The turn over
generated by private sector in economy of UK was 1.8 trillion and that is 47 % of private sector.
Figure 1 Overview of Employment, annual Turnover and Business in Private Sector
Source: Steven White, 2017
As the graphical representation is provided above explains the importance of small
business in a country. This above data provided is of United Kingdom and it is providing
different details of small medium and large organization in economy of United Kingdom. In the
figure information of contribution of different sized organization is provided that is including
employment, turnover and businesses. It shows that 48 % of employment created in UK is from
small sized organization (Kuratko and Morris, 2018). The contribution of medium and large
organizations is consecutively 12 and 40 % that is so low compared to small sized organization
group. When its come to turnover then 33 % of all is generated the small organizations and
percentage figure for medium organization is 14 % and 53 % of large organization. when the
number of business is considered in United Kingdom then there are 99.3 % organizations are
small business organizations and rest of percentage is holds by medium and large companies
and their percentage is 0.06 and .01 %.

In all different countries there is major role of small business organization in economy. This
organization are slightly different from the core business and large size organizations cause the
business patter of small business is faster than large and medium businesses. Small
organizations are independent of different factor of global factor because their target market is
limited and customers prefer them cause of fast operation and ease of accessibility (Fayolle and
Gailly, 2015). Because this organizations or entrepreneur ventures are small in size they are not
affected by political factor and growth of this venture is high because they need little time to
implement change in their business.
The main advantage of small business enterprise is they are creating meaningful
opportunities of employment for citizens of country and that is how this organization are
helping the economy of country. Contribution of small organization is bigger than ever because
different characteristics of small business are ideal to earn high profit. The economy of country
is partly divided in the local business criterion and it is highly dependent on success of local
businesses(Siegel and Wright, 2015)
. There are 99.3 % organizations are small business enterprises and if anything happens wrong
with this small business it directly affects the economy of country. These small
entrepreneurships are also important for social changes in country.
TASK 2
Covered in ppt
CONCLUSION
This report is concluding different important aspects of small business organization or
small business entrepreneurships in United Kingdom. Scope of development and growth of
small business entrepreneurship is evaluated in the report. Similarities and differences between
different public and private organization is also studied to know there various aspects like
objectives, characteristics and goals in market place. On the basis of various political data of
private business organization is also evaluated in the report. Using the graphical data the

contribution of small business organization is analyzed for social and economic view in United
Kingdom.

REFERENCES
Books and Journal
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Runyan, R.C. and Covin, J.G., 2019. Small Business Orientation: A Construct
Proposal. Entrepreneurship Theory and Practice. 43(3). pp.529-552.
Volery, T. and Mazzarol, T., 2015. The evolution of the small business and entrepreneurship
field: A bibliometric investigation of articles published in the International Small Business
Journal. International Small Business Journal. 33(4). pp.374-396.
Yan, J. and Yan, L., 2016. Individual entrepreneurship, collective entrepreneurship and
innovation in small business: an empirical study. International Entrepreneurship and
Management Journal. 12(4). pp.1053-1077.
Albort-Morant, G. and Ribeiro-Soriano, D., 2016. A bibliometric analysis of international impact
of business incubators. Journal of Business Research. 69(5). pp.1775-1779.
Ateljevic, J. and Page, S.J. eds., 2017. Tourism and entrepreneurship. Routledge.
Welter, F. and Gartner, W.B. eds., 2016. A research agenda for entrepreneurship and context.
Edward Elgar Publishing.
Brush, C.G. and Greene, P.G., 2015. Women's entrepreneurship. Wiley Encyclopedia of
Management, pp.1-5.
Allen, S. and Truman, C., 2016. Women in business: Perspectives on women entrepreneurs.
Routledge.
Rey-Martí, A., Porcar, A.T. and Mas-Tur, A., 2015. Linking female entrepreneurs' motivation to
business survival. Journal of Business Research. 68(4). pp.810-814.
Oviatt, B.M. and McDougall Covin, P., 2015. International entrepreneurship.‐ Wiley
Encyclopedia of Management, pp.1-3.
Zacca, R., Dayan, M. and Ahrens, T., 2015. Impact of network capability on small business
performance. Management Decision. 53(1). pp.2-23.
Kuratko, D.F. and Morris, M.H., 2018. Examining the future trajectory of
entrepreneurship. Journal of Small Business Management. 56(1). pp.11-23.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of small business
management. 53(1). pp.75-93.
Siegel, D.S. and Wright, M., 2015. Academic entrepreneurship: time for a rethink?. British
Journal of Management. 26(4). pp.582-595.

Online
Steven White, 2017.[Online].Available
Through.<https://assets.publishing.service.gov.uk/government/uploads/system/uploads/
attachment_data/file/559219/bpe_2016_statistical_release.pdf>