Entrepreneurship and Small Business Management: Ventures & UK Economy

This report provides a comprehensive overview of entrepreneurship and small business management, exploring different types of entrepreneurial ventures such as typical owner-manager, serial entrepreneur, and intrapreneur, along with ventures like small businesses, scalable startups, large company entrepreneurship, and social entrepreneurship. It delves into the typology of entrepreneurship, including survival firms, lifestyle firms, growth firms, managed growth firms, aggressive growth firms, corporate entrepreneurship, and public sector entrepreneurship, highlighting the relationship between these ventures. The report further examines the development of entrepreneurs, the differences and similarities between micro, small, and medium-sized businesses, and the impact of these enterprises on the UK economy. It also discusses the scope of local, global, and social entrepreneurship in the UK, the characteristics, traits, skills, and motivation required for a successful entrepreneur, and how people's experiences can encourage or discourage entrepreneurship. The report concludes by summarizing the skills and features necessary for successful businesses and referencing various sources for further reading.

Entrepreneurship and
Small Business
Management (TASK -1
& Task -2)

Types of entrepreneurs
Typical or Owner-Manager Entrepreneur- The entrepreneur
who know that what is process to make customers happy. They
calculate overcoming situational and analyze the ideas after
starting a business (Lee-Ross, 2010).
Serial Entrepreneur- This are the entrepreneurs who
opposite of typical entrepreneur and come up with ideas then
starts Company. They start the business with ideas. This type of
entrepreneur establishes rules and policies before the formation
of businesses.
Intrapeneur- This is a type of entrepreneur who holds its
business with inside activities. The person who creates products
and services with innovative ideas. They involve creative ideas
and risk factors.

Types of entrepreneur ventures
Small businesses- There are many small businesses have
start in united kingdom. In the US 5.7 million small businesses
working and all are the non governmental organisation. It
includes hairdressers, travel agencies, grocery stores,
consultancy services, carpenters, electrician and plumbers etc
(Schaper, 2014).
Scalable start up entrepreneurship- This is a type of
entrepreneur ventures whose vision and mission is clear to the
world and knowing from day one. Investors plays an important
role for this company.

Continued
 Large company entrepreneurship- Large kind of
entrepreneurship includes the innovation process for its
life cycles. Large companies uses new technologies and
creates new legislation. It builds disruptive products like
ironically.
 Social entrepreneurship- Social entrepreneur focuses
on the creativity. It involves innovation process to invent
new products and services. The products developed by
social company satisfies the needs of customers and
services solves social problems.

Typology of
entrepreneurship
 Survival Firms- This are the small kind of business
organisation who operates business of survival. Small
and medium size of business is a part of survival firm.
 Lifestyle Firms- Lifestyle firm is a term of providing a
reason of making goods and services for lifetime to
founder. It is a type of modern firm or businesses. Its
annual growth rate usually increases day by day(Burns,
2010).
 Growth Firms- This is a type of firm who is growing
rapidly. As compared by the competitors. The company
who is earning profits faster than economic rates.

Continued
 Managed Growth Firms- The company who needs to grow
in the market and have to manage the imbalance in the
profitability(Bridge, 2012).
 Aggressive Growth Firms- It can be described by a
mutual fund to achieve the highest capital gains. It focuses
on conviction approach.
 Corporate entrepreneurship- This type of firm can be
described by the activities of corporation. It focuses on the
internal growth of the businesses.
 Public sector entrepreneurship- This type of firm formed
for a particular objective. It focuses on public needs and
their satisfactions.

Relationship between
entrepreneur ventures
 Small businesses involves the social activities like social
work and welfare of society, its main purpose is to provide
services not to earn profits. In the other hand small
entrepreneurship situated for maximizing profits from
increasing productivity.
 There are some similarities also between small
entrepreneurship and social entrepreneur. Some times small
businesses formed for satisfying customer's needs or for a
social work.
 Large entrepreneurship bears more risks than small
entrepreneurship. There are more responsibilities and
policies which is required for business goal.

 Small businesses have less risk as well as less
productivity but large entrepreneurship gain more
profits than other businesses.
 Some large entrepreneurship like life insurance
company have same purpose to provide services that is
profitable for customer(Stokes, 2010).
Continued

Development of
entrepreneurs, differences
& similarities between them
 Entrepreneur can be described as a organizer of a business
or firm who forms it for productivity and achieving goals. It is
a group of persons who deals with uncertainty and bear risk
for maximizing profits and to achieve business
objectives(Pretorius, 2009).
 Entrepreneur uses the innovation techniques for solving the
problems of firm. They try to get satisfactions from the
employees of the firm. Development of entrepreneur can be
understand by evolution of entrepreneur.

Continued
 In the earlier period of market there was a macro polo
that was established for a trade route to sell his goods.
The contract was based on insurance policy. The firm
was successfully sold its product and services with a
complete profitability.
 Managers in 17th century, from this century
relationship was emerged with the connection risk and
entrepreneur. Both are related with each other.
Entrepreneur was entered in contract with government.

 There was a legislation in which profits and losses was
bear by the entrepreneur not to the other member.
During the period of 20 th century entrepreneur was
seen as creator and innovator.
 In the economic sector entrepreneur played an
important role for the growth of business activities.
During this period entrepreneur revolutionized the
pattern of productivity and marketing process.
Continued

Micro small and medium
business
 Micro businesses can be measured by a business that have one
ownership only. In a firm where are only five employees works
together is known as micro business. In this business there are more
flexibilities and mobility then other businesses types.
 Small businesses are the businesses who owned by more than one
owner. These businesses are operated by owner independently. In
these businesses there may be more than five members that can be
extend to 500 employees.
 Medium businesses involves more responsibilities and risks than
micro and small businesses. In these businesses there may be more
than 500 employees can work.

Small businesses for
economic growth
 Small businesses are very important for the growth of
economy. It plays an important role for the society. It
increases the level of living standard of customers.
 It provides products and services to the customers and
fulfil their needs. It satisfies consumers by providing
services (Ligthelm, 2010).
 There are many small scale businesses in the world that
is very important for growth of economic level.

Impact of micro, small and medium
enterprises on UK economy
 Micro, small and medium enterprises have increased self
employment in UK. From this economic growth become
successful.
 There are many techniques have developed in UK which are very
important for productivity.
 SMEs are easier than ever to expand its businesses to new
countries. In many cities products and services can find.
 SMEs is helpful for the globalisation, selling of product and
services to other than UK countries or to increases profitability
and economic growth.

Scope of local, global and
social entrepreneurship in UK
 Local enterprises- Peter David Jones is known as a British
entrepreneur. Who invented television, phones, media
and other products. He formed business in the year 2006.
 Local business involves the promotion within local areas
of city. These business help to increase profitability by
selling products and services to the local
market(Blackburn, 2009).
 Global enterprises – International organisation
focuses on the activities and operations of external
businesses. It promotes communication activities in UK.

Continued
 In these businesses can be extend by globally.
Technologies can help the organisation to develop
structures of economic growth.
 Social enterprises- Social businesses aim to
create social value and pursue mission with
commitment. These businesses measure
performance of profit and loss. These businesses
make sure that society can gain positive return.

Characteristic of traits, skills
and motivation required for
successful entrepreneur
 There are mainly five characteristics of traits that help to
appreciate experience and for planning of activities.
 The main skills required to become a successful
entrepreneur are motivation, creativity, risk tolerance,
flexibility, versatility and other superb business skill.
 Motivation power plays an important role to become a
successful entrepreneur. It helps to motivate employees
to work hard. From this power employees can develop
more productivity and technologies.

Continued
 Creativity is a innovative feature for the entrepreneur.
It is technique by which a person can invent many
products that are very beneficial for the organisation.
 Entrepreneur should be risk tolerance. A person who
can bear risk that can achieve more successful than
others(Blackburn, 2013).

Experience of people can
encourages and discourages
entrepreneurship
 In the corporation business can be managed by the ability of
managing income. If an entrepreneur have the ability to
manage business income that encourages entrepreneurship
and in the other hand there is no ability to manage money
than company can not survive(Preuss, 2011).
 The employees who have a experience of raising money
helps for a successful entrepreneurship.
 The member of organisation that have ability to increase
productivity encourages entrepreneurship and helps to grow
businesses. If there is lack of productivity in the businesses
than it reduces the profitability.

Continued
 To understand strengths and weaknesses can make a
perfect businesses strategies. It encourages the
entrepreneurship.
 Hiring effective people helps to determine and increase
skills of entrepreneur. Having great skills in the
employees can help to achieve organisational goals.
 There must be a ability to train new employees, it
encourages entrepreneurship and makes different to
other entrepreneurs(Preuss, 2011).

CONCLUSION
 From the above tasks the organisations can understand
different types of entrepreneurial ventures and their relationship
with others. There are some differences and similarities
between entrepreneurial venture from which relationship
between can be identified by it. In this readers can differentiate
micro, small and medium enterprise and examine the impact of
all these businesses on economic growth. At the end it can be
determined that what are the skills that required for the
successful businesses. There are some features of entrepreneur
that plays an important role to become successful.

REFERENCES
Mariotti, S. and Glackin, C., 2014. Entrepreneurship and small
business management. Pearson Higher Ed.
Lee-Ross, D. and Lashley, C., 2010. Entrepreneurship and small
business management in the hospitality industry. Routledge.
Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014.
Entrepreneurship and small business.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up.
Growth and Maturity. Palgrave Macmillan.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise:
entrepreneurship and small business. Palgrave Macmillan.
Stokes, D., Wilson, N. and Wilson, N., 2010. Small business
management and entrepreneurship. Cengage Learning EMEA.

Continued
 Pretorius, M., 2009. Defining business decline, failure and turnaround: A content analysis.
The Southern African Journal of Entrepreneurship and Small Business Management. 2(1).
 Wagener, S., Gorgievski, M. and Rijsdijk, S., 2010. Businessman or host? Individual
differences between entrepreneurs and small business owners in the hospitality industry.
The Service Industries Journal. 30(9), pp.1513-1527.
 Ligthelm, A.A., 2010. Entrepreneurship and small business sustainability. Southern
African Business Review. 14(3).
 Blackburn, R. and Kovalainen, A., 2009. Researching small firms and entrepreneurship:
Past, present and future. International Journal of Management Reviews. 11(2), pp.127-
148.
 Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance:
business, strategy and owner-manager characteristics. Journal of small business and
enterprise development. 20(1), pp.8-27.
 Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and
small business policy. Entrepreneurship & Regional Development. 23(9-10), pp.787-814.