Report on Entrepreneurship and Small Business Management - UK Impact

This report examines entrepreneurship and small business management with a focus on the UK economy. It explores different types of entrepreneurial ventures, highlighting similarities and differences between scalable startups, small businesses, social enterprises, and large companies. The report interprets statistics illustrating the impact of small businesses on the UK economy, emphasizing their importance in growing the social economy and evaluating their contributions relative to larger businesses. It also discusses the skills, traits, and motivations of successful entrepreneurs, considering how experience and background can foster or hinder entrepreneurial success. The case of Baked in Brick is presented as an example. This document is available on Desklib, where students can find a variety of solved assignments and past papers.

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT
1

Table of Contents
Introduction.................................................................................................................................................2
COMPANY OVERVIEW.................................................................................................................................2
LO1..............................................................................................................................................................3
DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES..................................................................................3
SIMILARITIES AND DIFFERENCES BETWEEN ENTREPRENEURIAL VENTURES...............................................4
UNDERSTANDING ENTREPRENEURSHIP IN BOTH PUBLIC AND CORPORATE SECTOR.................................6
Lo2...............................................................................................................................................................7
Interpretation of statistics for illustrating the impact of small business on the economy.......................7
Importance of small businesses in growing the social economy.............................................................9
Evaluation of variations made by medium and small as well as large businesses to the economy of the
United Kingdom.....................................................................................................................................10
Examining the means in which small-scale businesses impact over distinct economy level.................11
Lo3.............................................................................................................................................................11
Skill sets of successful entrepreneurs which differentiate them from different business executives....11
Evaluation of the ways different entrepreneurial aspects reflect over the motivation and mindset....12
Examining distinct lines of arguments associated with entrepreneurial characteristics.......................13
Assessing the characteristic traits skills as well as motivational drivers of the successful entrepreneurs
...............................................................................................................................................................14
Lo4.............................................................................................................................................................14
The way experience and background could foster or hinder the entrepreneurship.............................14
Assessment of the link among entrepreneurial characteristics as well as the influence over experience
and background.....................................................................................................................................15
Evaluation of the ways in which experiences and backgrounds have an influence over
entrepreneurship both negatively and positively..................................................................................16
Conclusion.................................................................................................................................................17
References.................................................................................................................................................18
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Introduction
The upcoming paragraphs of the following report have illustrated the statistics of the
influence which small-scale businesses have on the economy of the United Kingdom.
Furthermore, it has also highlighted the importance of small businesses for growing the
social economy and assesses the variations made by small and medium enterprises along
with large businesses to the economy. The report has also explored different ventures
which can be taken into consideration for entrepreneurship. Besides, Skill sets which are
needed for the successful entrepreneur along with different characteristic traits have also
been discussed taking into consideration the motivation of the entrepreneurs. This report
will provide several examples of successful entrepreneurs. At last, the report will discuss
the way background and experience can foster and hinder the ability of doing business or
entrepreneurship.
COMPANY OVERVIEW
Baked in Brick is the restaurant business that is situated in Birmingham, England. The restaurant
started won best street food and pop up award in the year 2016 for its highly satisfactory
services. The restaurant's tasty cuisine is known primarily for pasta, street food, and pure
vegetable and vegetarian products. The restaurant offers the services at a really good price and
competes in particular with the Dominos pizza group. The restaurant is known for its highly
potential and innovative ovens. The restaurant has attained the success in the Birmingham and
wishes to expand its services in the London (Baked in Brick, 2021).
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LO1
DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES
There are various types of entrepreneurship ventures that mainly help the individual and the
person to choose between the various types of venture for making the start-up. The following
are the common types of entrepreneur ventures:
Small business entrepreneurship: This kind of business enterprise also begins to benefit from a
humble lifestyle. This kind of businessman is not looking for big gains but is glad if it supports
them on a smaller level. There is normally one individual that owns the business who engages
like this in an establishment people or close relatives. For example, shops, plumbers and so on.
Relation: this entrepreneurship is related to the craftsman as a typology of entrepreneurship. It
requires professional's skills, less capital, less investment and more.
Scalable start-up: This style of entrepreneurship is quite contrary to small enterprise
aspirations. Many developers want to make this a dream come true. Scalable start-ups will go
quickly, fall down and crawl throughout until they are ready for the product (Morris et al.,
2018).
Relation: it is related to the typology with the social enterprises and the large investment is
required and also sustains the uncertainty of the profitability.
Large company entrepreneurship: The big business is where an organisation has a limited
lifecycle. This kind of company is designed for an experienced specialist who understands how
to maintain creativity. Based on customer tastes, major firms also bring new goods and services
to satisfy market opportunity.
Relation: large company entrepreneurship is related to the typology of entrepreneurship as it is
related to risk and involves a lot of investment, uncertainty and more.
Social entrepreneur: An entrepreneur who needs the services and goods to address social
issues is in this group. It's not about making great money or riches. Their primary objective is to
improve the environment.
Relation: a social entrepreneur is related to the environment and defence typologyof
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entrepreneurship as it heading to save the people while well-faring the society (Brown et al.,
2018).
SIMILARITIES AND DIFFERENCES BETWEEN ENTREPRENEURIAL VENTURES
The following are the similarities and difference between the various entrepreneurial ventures:
Basis Scalable start-up Small business Social company Large company
Structure Businesses or
limited
collaborations and
partnership are
found in particular
(Lazar et al., 2020).
There is as such no
adequate
organisational
structure and
sometimes
operate in
conjunction with
sole ownership.
In social
entrepreneurship
the mainly,
organisations
focused on
trustees (Morris et
al., 2018).
The corporate
structure is
often
ambiguous and
may be confined
to publicly or
privately
companies(Lazar
et al., 2020)
Risks There are high
chances of risk and
because of the
high monetary
investment are
required and there
is also pressure by
investors for
higher returns.
The risks could be
smaller, but for the
same companies,
the rivalry is high
(Morris et al.,
2018).
The risks are not
too high since the
mission of these
companies is also
supported by
authorities and the
community.
The threats are
moderate since
big companies
often continue
to sell volumes
regardless of
their market
name.
Objective This company
strives to
consistently deliver
creative solutions
and earn high
Such companies
cannot achieve less
sustainability and
development with
organised priorities
These
organisations are
committed to
delivering quality
goods or services
With the help of
the
development of
new products or
appropriate
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returns for
investors.
and artefacts and
precisely they
work for making
profits.
to improve the
environment(Lazar
et al., 2020)
marketing
campaigns, they
seek to retain
the business
(Morris et al.,
2018).
Employees
and
workers
The scalable
organisation's
employees mainly
depend on its size
and structure.
Within small
businesses, the
number of
employees is not
above 50(Lazar et
al., 2020)
The social
organisation's
employees mainly
depend on their
size and structure.
In large
companies, the
employees can
be more than
100 in numbers.
(Brown et al., 2018; Morris et al., 2018; Lazar et al., 2020).
The above tables show the various types of entrepreneurial venture and its potential outcome
for the business success. There are four types of businesses are discussed namely, scalable
start-up, small company, social company, and large company with the help of various basis. All
the four companies are different is its sizes, employees, functions, structure and more.
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UNDERSTANDING ENTREPRENEURSHIP IN BOTH PUBLIC AND CORPORATE SECTOR
The entrepreneurs have the potential impacts on various sectors that enhancethe efficiency
and the effectiveness within the society and the environment. There are deep impacts of
entrepreneurship at mostly to the two types of business sectors in the market such as public
sector and corporate sectors that potentially get influenced in functioning and operations and
also have impacted the potential attainment of the business objective. The following is the
contribution and impact of entrepreneurship on the public and corporate sector:
Corporate sectors: Manufacturing and secondary utilities are included. In the national
economy, it plays a major role. It may be a group of companies from the same industry.
Companies are the representative of the industry in the private market or corporate sector.
This is a part of the national economy with the exception of the government administration,
private families, and non-profit organizations (Miragaia et al., 2017).
For example, Harvest energy: As a trusting advisor to its distributors, Harvest Energy does have
a growing amount of enterprise-owned fuel stations of additional services the gas and diesel
corporation is headquartered in Great Britain. The company supplies over 23 million litres of
fuel per day. Biofuel is produced and sold by Harvest energy. It is one of the major
manufacturers and retailers of fuel with the greatest income.
Public sectors: This is part of a central, State or Municipal and provincial authority regulated
economic model within the public sector. Public sectors comprise some companies which are
publicly owned self-financing companies which covers public goods and facilities such as armed
services, legislation and utilities.
For example, NHS: In 1948, NHS (National Healthcare Services) was introduced. The central
principle behind these projects is that everyone has time to get healthcare. The main
motivation of NHS is not making benefits like most companies in the public sector which covers
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dental, ambulance, health inspections, transplantation and long-term care treatments (Ogunsiji
and Ladanu 2017).
Lo2
Interpretation of statistics for illustrating the impact of small business on the
economy
Within each industry, the small and micro businesses capture a large share of the market
and contribute significantly within the growth of the economy of any nation. The amount of
small and micro businesses is enhancing day by day which generates huge revenue by
offering testing services and products to the buyers (Dalton et al., 2018).
Comparison of large businesses and SMEs within the UK
(Brenkert, 2017).
Within the United Kingdom, The amount of micro and small businesses is increasing in
various industries and it is evident that there are approximately more than 4.5 million
small and medium enterprises that are established all across the United Kingdom (Burns,
2016). It is nearly 99% of aggregate business operating within the nation. Hence the
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amount of revenue generated from those enterprises have a huge contribution in the gross
domestic product of the United Kingdom. In almost all of the businesses which are
operating in the United Kingdom, 96% of all the businesses are considered to be micro or
small businesses which employ just 0-9 individuals. All of these businesses generally
provide approximately 33% of employment as well as 22% of aggregate turnover
(Brenkert, 2017).
share of businesses within the United Kingdom
(Burns, 2016).
as per the provided graph, The amount of micro and small businesses within the United
Kingdom are recorded to be much higher as compared to the medium as well as large
enterprises within the UK. Furthermore, the micro and small businesses in the United
Kingdom earn around 37% of total turnover as well as provide nearly 48% of total
employability all across the UK (Brenkert, 2017).
Business category of small as well as micro-businesses within the UK
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(Burns, 2016).
The Micro as well as small businesses could be classified as non-innovator, innovator, non-
exporter, and exporter. All of these businesses generate or collect the revenue without or
with inventions and numerous of these export commodities as well as get different foreign
currencies which significantly contributes towards the economic development of the
United Kingdom (Burns, 2016).
Importance of small businesses in growing the social economy
For maintaining the growth and development of the social economy, The start-up or small
businesses have a huge impact over different nations. The small-scale businesses regularly
come with different creative and innovative ideas in manufacturing of products as well as
offering of the services which could satisfy the needs of the people and meet certain
requirements of the population as compared to other different businesses (Dalton et al.,
2018).
Moreover, periodic Lee small scale businesses could capture a large share of the market
very quickly as well as manage to reap higher amounts of revenue in an extensively short
period of time. Within this procedure, These businesses which are start-ups are required to
provide an elevated amount of taxes on business which could be supportive in the growth
of an economy and the nation as a whole. For running a business in a steady way, small-
scale businesses hire individuals which could significantly lessen the rate of unemployment
within the nation (Burns, 2016).
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There are several small-scale businesses that cannot offer high salaries and wages to the
workers because of lack of
Monetary funds or capital and thus higher employees who have lesser proficiency and
skills and who could function with lower pay rate. Startup businesses hence have a great
impact on decreasing the problem of unemployment.
There are numerous small-scale businesses which are associated with various categories of
corporate social responsibility CSR activities taking into consideration environmental
social as well as economic issues for enhancing their goodwill and brand value
(Scarborough, 2016). Within this process, these businesses tend to offer education to
ample masses within the rural area who are suffering from poor financial conditions. The
people in the rural area could utilise that education provided by small-scale businesses in
future for getting work which would also be supportive in the growth and development of
an economy. Besides, many start-ups are small scale businesses which are established in
distinct industries within the United Kingdom and have contributed to a higher level for the
GDP of the nation (Abdul, 2018).
Evaluation of variations made by medium and small as well as large
businesses to the economy of the United Kingdom
Within the United Kingdom, The amount of medium and small businesses is huge as
compared to other larger firms. The medium and small-scale businesses in the UK have
captured a wide portion of each industry as well as have highly contributed towards the
economic growth of the United Kingdom. Nonetheless the businesses which are of large
scale on revenue which are higher as compared to small and medium enterprises only by
offering good quality services and products as well as because of their goodwill and brand
value (Burns, 2016).
Several large scale businesses within the United Kingdom have been established in various
other nations and it has been quite helpful and supportive in earning different foreign
currencies. Furthermore, The large scale businesses comprises various operational
activities as well as the higher large number of potential applicants as compared to small
scale firms (Abdul, 2018). The large businesses moreover capitalize higher in the activities
of CSR within the nation. The main focus of medium and small-scale businesses is on
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providing products and services to the buyers in an innovative and creative way for gaining
their attraction which will eventually enhance the profitability and business growth
(Dalton et al., 2018). In addition, these businesses moreover export large volumes of the
products and services as well as hire huge numbers of applicants within the United
Kingdom which is supportive in lessening the rate of unemployment.
Examining the means in which small-scale businesses impact over distinct
economy level
The small-scale enterprises within the United Kingdom have varied influence over the
nation‘s economy within distinct levels. According to Bichard (2017), within the regional
level, the small scale businesses of the United Kingdom could compete with similar
categories of businesses through providing good quality of services and products which
could significantly satisfy the needs of the buyers. These businesses usually concentrate on
hiring workers with low salaries because of lack of capital as well as higher people who
possess lesser abilities and skill sets than others, which in turn assist in reducing the rates
of unemployment. Scarborough (2016) argued that, within the national level companies
could expand their businesses to different regions of a particular nation as well as boost
their revenue generation which would assist them in providing hefty taxes to the
government for the development of the nation. Within the International and global context,
various small-scale businesses export their services and products as well as set up different
branches within various nations for growing their operations and boosting the profits and
enhancing the awareness of the brand. This is supportive in generating foreign currency
which contributes to the development and growth of the nation (Dalton et al., 2018).
Lo3
Skill sets of successful entrepreneurs which differentiate them from different
business executives
Distinct characteristics traits as well as skill sets are crucial for the entrepreneurs for
setting up a successful enterprise or a business along with enhancing the growth and
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