Comprehensive Report: Entrepreneurship, Ventures, and UK Economy

This report provides a comprehensive analysis of entrepreneurship and its impact on the UK economy. It begins by examining different types of entrepreneurial ventures, including small-scale, scalable start-ups, large-scale, and social entrepreneurship, and explains how they relate to the typology of entrepreneurship. The report then explores the similarities and differences between these ventures, highlighting their objectives, operations, and sources of funding. A significant portion of the report focuses on the contributions of micro and small businesses to the UK economy, providing statistical data on their turnover and employment rates. The report also discusses the potential impact of small businesses and start-ups on the social economy post-Brexit. Furthermore, the report identifies the characteristics, traits, and skills of successful entrepreneurs and examines how background and experience can either hinder or foster entrepreneurship. The report concludes by summarizing the key findings and implications of the analysis.

Entrepreneurship
and
Small Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1.Examination of different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship......................................................................................................3
2. Explaining and explore the similarities and differences between entrepreneurial ventures.. .4
3. How micro and small businesses impact on economy of UK.................................................6
4. Explanation on how important small businesses and business start –ups will contribute to
the growth of the social economy after ‘Brexit’.........................................................................8
5. Determining the characteristics, traits and skills of two successful entrepreneur...................8
6.Examining background and experience which hinder and foster entrepreneurship...............11
CONCLUSIONS............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is capacity and ability to develop, organise and control business
venture by agreeing on taking every risk in the way in order to make profit. An entrepreneur is a
person who has a vision and idea to start a business and has the willingness to work with efforts
to make it in successful business. The present report will help in understanding the different king
of entrepreneurial ventures. Further, the report will discuss that, Small business enterprises is
very significant in contributing to the UK economy. Small businesses helps in providing job
opportunities to the people, a statistical data will help in understand and determine influence and
importance of SMEs in UK economy. In this report, the traits, skills and characteristics that J.K.
Rowling and Joe Woods posses that helps in making them a successful entrepreneurs are
defined. At last, the study will determine how the background and experience can hinder and
foster entrepreneurship.
MAIN BODY
1.Examination of different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Entrepreneurs is person who has a vision an idea to start or create a business and works to
achieve the vision by taking all the risk to make the business successful (Drucker, 2014). An
entrepreneurship is the capacity and willingness of the entrepreneur to develop, organise and
manage all the business activities requires to start a business. It includes the ability of taking all
the risk in order to make profit and business successful. There are different
The different type of entrepreneurship ventures are:
Small Scale Entrepreneurship: It is comprises of the small businesses which a person started
on his own. The motive to start the business is to support his living cost (Kirzner, 2015).
Example of small scale entrepreneurship is grocery store, consultant, travel agents, electricians
etc. they can hire their family member or local employees to help them. Such businesses are
barely profitable. To sources of funds to start a small scale business to taking loan from friend or
family or by using personal savings.
Scalable Start-up Entrepreneurship: it is the type of entrepreneurship in which person has a
vision to make change with his innovative idea. The person are risk-taker and by their ability of
convincing get the funds from venture capitalistic for their businesses (Parker, 2018). The

revenue in start-up are comparatively high. A person with an innovative idea can start a scalable
start-ups. Example of scalable start-ups are amazon, Facebook, twitter etc.
Large scale entrepreneurship: It is a process of entrepreneurship with the help of developing
new idea within already established firm. A large- scale business works with an objective of
expansion of business, increase organisational profitability and maintaining its competitive
position in the market (Dickel, Hörisch and Ritter, 2018). This objectives can be achieved by
increasing its product-line, creating overall new product that will help in attracting new
customers. An example of large-scale entrepreneurship are BMW that keeps on introducing new
models of car in global market.
Social entrepreneurship: Such type of entrepreneurship is the most basic level of business
which with an intension of doing business for the social cause. The entrepreneur stareted such
business with a view to improve the life of common people by helping their commerce and social
issues. There is no motive of making profit in social entrepreneurship (McNamara, Pazzaglia and
Sonpar, 2018). The example of social entrepreneurship TOMS and Grameen Bank.
Such entrepreneurship are started with different objectives and target and targets, and
carry out their operations in order to achieve their business objectives successfully.
2. Explaining and explore the similarities and differences between entrepreneurial ventures.
Different entrepreneurship according to their operations and objectives posses some
similarities and differences. The following are differences between different entrepreneurial
ventures.
Basis of
difference
Small scale Scalable start-ups Large scale Social
entrepreneurship
Meaning It is type of the
business which is
started by a person
on his own.
Such
entrepreneurship
are based on the
innovative thinking
ideas of
entrepreneur by
It is the type of
venture which has
established in
market and has
good market share
and customer base
Social
entrepreneurship
are business that
are started with a
view to improve
the standard of

vision of making a
change in world.
(Oviatt and
McDougall, 2018).
living and doing
business for social
growth.
objectives To support his
family and cost of
living.
The main objective
is to use start a
business which can
change the thinking
of world, and
making their
business a
successful.
The large scale
companies has
objectives to
expand its business
, revenue growth ,
introducing new
technology and
product line to
attract new
customer.
To create the world
a better place,
provide
employment
opportunities,
solution to
corporative and
social problem of
people.
operations To sell or produce
the line of
infrastructure in the
city (Nambisan and
Baron, 2013).
The operations of
such business
venture includes It
technology for their
day to day working,
innovative strategy
making to turn their
idea and plan into
action.
The operation of
large scale
includes planning,
strategizing,
delegating and
leveraging.
The operations of
social enterprise
comprises of
selling the
company's product
to support the
social cause.
Source of
funds
Main source of
funding are small
loans from friends
or family or using
personal savings.
The source of
capital available for
start-ups are bank
loan, capital
ventures, investors
and from public
market.
The main source of
findings for large
scale businesses
are retained profit,
shareholders,
subsidiaries etc.
The main source of
capital for social
ventures are
government
subsidiary
depending on the
size and type of
business.

Management
skills.
Skills are producing
and selling the
normal products in
local market.
Management skills
of start-ups
includes planning,
innovation, cash-
flow management
and power of
negotiations.
Management skills
includes planning
and making
strategies for
further growth and
increase
profitability.
Management skills
focuses on the
innovation that are
looking for a
solution to social
causes.
Similarities between such entrepreneurial ventures are:
All type of business ventures weather small, start-up, social and large have so,me similar
aspects between them. All the business ventures have plan to use their funds by controlling their
expenses and making profit to achieve the goals and objectives (Barringer, 2015) . Each company
wants to utilize its resources efficiently to increase the profitability with cost effective manner.
All business ventures make effective strategies for the growth of their business in the competitive
business area. Further, all the entrepreneurial ventures wants to achieve their identity in their
respective industry. They all aims for growth and making profit and lead their business to
sustainable development.
3. How micro and small businesses impact on economy of UK.
Small business are considered as the lifeblood of the UK economy. They helps in diving
growth, opening new market range and helps in increasing employments opportunity in country.
UK witnesses high rate of growth in start-ups in the year 2013-2014 (Pollard, 2018). the small
scale enterprises are the integral part of UK economy as small and medium business has turnover
rate of 1.6 trillion pounds at the start of 2014.

The vast majority of business in UK are comprises off small scale and ,medium scale
businesses with fewer than 250 employees according to the EU standards. The government of
UK are supporting SMEs and start-up (Storey ,2016). The government are providing easy funds
to small- medium enterprises. For creating employment opportunities small medium industry
plays a huge role (Essential Facts You Should Know About SMEs in the UK . 2014). Hence, it
can be seen that total employment in SMEs was 15.7 million in which 60% are all private sector
employment in the UK. The most successful industry in UK are manufacturing and the repair of
motor vehicle, small scale plays a huge role in supporting these sectors. 46% of total revenue
from Small- medium enterprise comprises of one of these industry.
On the basis of the above statistical data, it can be analysed that the sales revenue of
SME's accounted for 1.9GDP in trillions (Cowling, Liu and Ledger , 2012). The data clearly
shows that in aspects of the employment and business, small scale enterprises contributes more
than large scale. However, under the category of turnover, micro and small opted the second
position.

It can be seen that micro and small business are significant in the overall economic
growth of UK. To reduce the rate of poverty, SMEs plays an important role by providing job
opportunities in country. Further, it can be seen that the small scale businesses and start-ups
positively contributes to the growth of innovation (Liedholm and Mead, 2013). SMEs emphasis
on the growth of new innovative products in the market, which increases the export of the
country's business.
4. Explanation on how important small businesses and business start –ups will contribute to the
growth of the social economy after ‘Brexit’.
As the UK is unaware of the consequences that will happen after the Brexit. There is an
opinion of the Bank of England that the micro and small scale industry would play a great role in
dealing with the financial unsuitability that are likely to be happen post-Brexit (Halligan and
Lyons, 2018). The outlook of the consequences signifies that the SMEs will continue to grow
after the Brexit. As per analysing the current situation after referendum in UK, there is no
certainty of large-scale companies that will be successful. Brexit will create a certain obstacles
for the micro and small businesses pertaining tro the business activities.
Sustainable and stability are the factors that will help to influence the UK's successful
SMEs (Mallett and Wapshott, 2017). For the success in UK, promoting the development of
localised economies can create more stable economic structure which are depends on multiple
smaller connections rather than large one. Even after referendum, it can be seen that GDP of UK
has grown with 02 percent higher than expected . It can be seen that the businesses, specially the
small-scale would not change overnight after Brexit. Leaving EU would affect the imports for
the country as the rate off currency will fall (Ellison, 2017). But the small scale enterprises will
still manage to keeps its growth. The use of social media will play a significant role for SME to
reach its customer that helps in keeping business on the same track.
5. Determining the characteristics, traits and skills of two successful entrepreneur.
An entrepreneur is a person who vision of a successful idea for a business and ready to
take all risk in order to make the business successful. An entrepreneur supplies risk capital as a
risk taker. He imitated to start up a business with his creative and innovative thinking, monitored
and control the business activities (Drucker, 2014). An entrepreneur rather than working under a
employer initiated to start his own business.

Every entrepreneur posses some characteristics and skills which helps them to
differentiate from other person and makers them successful. The characteristics are:
Passion: It is the most significant characteristics to be a successful entrepreneur , it will help him
to take up all the opportunities which others can think of. Passion will never let than entrepreneur
to scare of anything comes in between his vision.
Persistence: There is a difference between dreamt of something and have an ability to work to
achieve and covert the vision into action (Poschke, 2013). A successful entrepreneur posses the
ability to persue a business idea and works to achieve it.
Risk-taker: A successful entrepreneur is one who never afraid to take any risk. He is always
ready to take risk if he identify any opportunity by investing his time and efforts into making his
business successful.
Every entrepreneur posses some specific skills, characteristics and traits that makes them
successful and differentiate them from other leaders and manager in the competitive business
environment (Meade, 2013). There are several example of successful entrepreneur that has
achieved the success through the different skills and traits that they posses. Following are the
example of the characteristics and traits some successful entrepreneur that will help them to
become successful.
J.K. Rowloing:
She is a English writer and a novelist, who is well known for his immensely popular
Harry potter series books, which later become movie series that was also immensely popular in
the world. Her book Harry Potter has sold over 450 million books that are translated in 67
languages. She has net worth of 1 billion dollar. She is one most popular and successful
entrepreneur in the world.
The characteristics and skills which helps in making J.K. Rowling a successful entrepreneur are:
 Goal-Oriented: An entrepreneur should be focused on what he/she has dreamt to achieve
it (McLoughlin and McLoughlin, 2018). Rowling has always focused on her goal to
become a writer through all the experiences she had in her life. She has qualification in
English.

 Passionate: J.K. Rowling is very passionate about his work. She is highly passionate
about writing and always aspires to become a writer. Being passionate is the most
important traits of a successful entrepreneur. As she is passionate about her work, she
had given more efforts in her passion.
 Pessimistic: being pessimism is very important traits of a successful entrepreneur. After
being rejected by 12 publishers for her book, J.K. Rowling has always had faith in
herself. She has full faith on herself and on her creation that helps her to persist until the
book was finally published.
 Responsible: being responsible for dream and work is great characteristics to be a
successful entrepreneur. Rowling was responsible for his work and knows her
responsibility towards her family (Kerr, Kerr and Xu, 2018). It keeps on motivating her
to take extra efforts in accomplished her dream .
 Innovative thinking: Writing a dramatical fiction that too in many serious is not an easy
task. Every time writing different story needs a creative and innovative thinking. It is an
important skills for any entrepreneur working in any field to be creative and innovative
that helps them to become successful.
These skills and characteristics help J. K Rowling to established entrepreneurial
mindset and motivation. She was a dreamer and is passionate about writing. Her passion of
writing motivated her and clear her mindset to become a successful novelist. She has a creative
thinking ability that set her mindset, she get an idea of writing Harry Potter when she missed her
train. Despite having financial issues and personal issues there is a traits of motivation in her
which helps her to defeat all the obstacles comes in her way (Bahari, Yunus and Jabar, 2018).
She has clear mindset of doing the work you love the most, as writing was her passion it also
give motivation to her for achieving what you want to.
Joe Woods
He is an owner of a successful IT business. The business facilitate numbers of companies
in processing their online credit/debit card payment from Vendors. As graduated from a local
university, Joe Woods is a successful entrepreneur that achieved in introducing products and
services to the customers. The different characteristics, skills and traits that has helps him in
becoming a successful entrepreneur are:

Determination: a successful entrepreneur can not be afraid of his defeat. Joe Woods has a skills
of full determination, he always took his defeat as an opportunity for success. He never believes
that there something that he can not do. He always works until he achieved that target.
Hard Working: it is an important characteristics that helps a person to become a successful
entrepreneur. Joe Woods is a hard-worker, having less technical knowledge, he never gave up.
He works hard for his business, gave more and more efforts to achieve its objective and goals.
Leadership Quality: To become a successful entrepreneur, one should have an ability to
motivate their employees in achievement of goals (Meade, 2013.). Joe Woods has a great ability
to guide his employees and persuading them about organisational framework. He also possess
effective communication skills with which he can guide and lead his team.
Competitive Spirit: Development of distinct image at marketplace is also important traits
which an entrepreneur possess. It helps the Joe to make his image in corporate world that is
distinguished him from other entrepreneur.
6.Examining background and experience which hinder and foster entrepreneurship.
Entrepreneurial family background is directly influencing attitude of student in positive aspect
and raises likelihood of offspring for purpose of adopting behaviour of entrepreneurial. In the
similar aspect, society and school will totally encourage and gives proper support innovative and
active behaviour of young generation. It would create space for entrepreneurship as schools,
home and surrounding are interrelated.
Joe wood: With context of Joe Wood, it could be easily articulated that with absence of
technical knowledge, it is very difficult for conducting and implementing the appropriate
business model related to market. It could be observed from proper implementation as there is
extraction of information about time for transforming its business as successful IT business as it
has to facilitate numerous company with processes credit card/ debit card and online payment
from its vendors.
Besides, there should be presence of some instinct quality in particular individual which
helps in fostering to go beyond. Joe Woods has this type of quality of his own as he is graduated
through local university prior to 9 years and on current basis, he belongs to university’s of most

successful entrepreneur. In simple words, it could be elaborated that he has struggled a lot with
context of business place (Business and entrepreneurship skill experience, 2013).
Joanne Kathleen Rowling: With context of this female entrepreneur, it had been
observed that she had struggled a lot regarding her family issues. As her mother died and she
gets into teaching field and after that she had failed with legacy of marriage. In the similar
context, she had fought with poverty and depression as well. She wrote a book in cafe and in bus
as Harry Potter but her manuscript was rejected by three publishers. On the contrary, she got
opportunity with Bloomsbury Children's books and attained instant success. In the present
scenario, she is one of the successful women in world as she got various choices to move in
forward in tough time as well and she never gave up. She has presence of some talented skills
from which she succeeds at tough times. This opportunity helps in fostering business.
Hence, it could be evaluated that there is presence of association among various
entrepreneurial characteristics along with background of both J.K. Rowling and Joe Woods.
Sometimes, background of various individuals has replicated as factor of hindering. In both
cases, entrepreneurial skills helps in hindering success as they got one opportunity for attaining
success for overcoming hinder which helps for getting ultimate success (The story of JK
Rowling, 2018).
With context of both cases, these entrepreneurs got sufficient real life experiences from
which they get ability for standing alone at initial stage for reflecting their skills to get profit.
Suppose, family status of J.K Rowling was so weak so she had to take helps for her daughter as
poverty. On the other hand, Joe woods had gained education from local university so he
struggled a lot. These all are considered as hinders of J.K Rowling and Joe Wood's life. But they
have recovered these issues in successful aspect and pulled in remarkable way.
CONCLUSIONS
From the above report it can be concluded the importance of entrepreneurship in
business. The present report has explained the different type of entrepreneurial ventures. The
typology of different ventures in industry with their similarities and differentiation they had. The
report has also discussed about statistical data and relevant information to determine the impact
and importance of small scale and medium scale enterprisers on the economy of UK. The
influence of micro and small scale industry on UK economy after Brexit has also concluded in

the report. Later, the report has focused on skills and characteristics of two successful
entrepreneur in industry and the factor that can influence their success and failure.

REFERENCES
Books and Journals
Bahari, N., Yunus, A. R. and Jabar, J., 2018. Entrepreneurs’ Personal Characteristics, Market
Orientation and SME’s Firm Performance: Moderating Effect of Secondary and Tertiary
Education Level. Advanced Science Letters. 24(4). pp.2789-2792.
Barringer, B. R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
Cowling, M., Liu, W. and Ledger, A., 2012. Small business financing in the UK before and
during the current financial crisis. International Small Business Journal. 30(7). pp.778-
800.
Dickel, P., Hörisch, J. and Ritter, T., 2018. Networking for the environment: The impact of
environmental orientation on start-ups’ networking frequency and network size. Journal of
Cleaner Production. 179. pp.308-316.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Ellison, M., 2017. Through the looking glass: young people, work and the transition between
education and employment in a post-Brexit UK. Journal of Social Policy. 46(4). pp.675-
698.
Halligan, L. and Lyons, G., 2018. Clean Brexit: Why Leaving the EU Still Makes Sense-Building
a Post-Brexit Economy for All. Biteback Publishing.
Kerr, S. P., Kerr, W. R. and Xu, T., 2018. Personality traits of entrepreneurs: a review of recent
literature. Foundations and Trends® in Entrepreneurship. 14(3). pp.279-356.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Liedholm, C. E. and Mead, D. C., 2013. Small enterprises and economic development: the
dynamics of micro and small enterprises. Routledge.
Mallett, O. and Wapshott, R., 2017. Small business revivalism: employment relations in small
and medium-sized enterprises. Work, employment and society. 31(4). pp.721-728.

McLoughlin, K. and McLoughlin, C. M., 2018. Veteran Poetics: British Literature in the Age of
Mass Warfare, 1790-2015. Cambridge University Press.
McNamara, P., Pazzaglia, F. and Sonpar, K., 2018. Large-scale events as catalysts for creating
mutual dependence between social ventures and resource providers. Journal of
Management. 44(2). pp.470-500.
Meade, J. E., 2013. A Neo-Classical Theory of Economic Growth (Routledge Revivals).
Routledge.
Nambisan, S. and Baron, R. ., 2013. Entrepreneurship in innovation ecosystems: Entrepreneurs’
self–regulatory processes and their implications for new venture
success. Entrepreneurship Theory and Practice. 37(5). pp.1071-1097.
Oviatt, B. M. and McDougall, P. P., 2018. Toward a Theory of International New
Ventures. International Entrepreneurship: The Pursuit of Opportunities across National
Borders, pp.31-57.
Parker, S. C., 2018. The economics of entrepreneurship. Cambridge University Press.
Pollard, J. S., 2018. Brexit and the wider UK economy. Geoforum.
Poschke, M., 2013. Who becomes an entrepreneur? Labor market prospects and occupational
choice. Journal of Economic Dynamics and Control. 37(3). pp.693-710.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
Online
THE DIFFERENCE BETWEEN A STARTUP AND A SMALL BUSINESS . 2018 [Online].
Available through:<https://generalassemb.ly/blog/difference-between-a-startup-and-a-small-
business/>
Essential Facts You Should Know About SMEs in the UK . 2014 [Online]. Available through:
<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium-businesses-in-the-
uk>
The story of JK Rowling. 2018. [Online]. Available
through:<https://femaleentrepreneurassociation.com/2011/12/the-story-of-jk-rowling/>.

Business and entrepreneurship skill experience. 2013. [Online]. Available
through<https://innovationpolicyplatform.org/content/business-and-entrepreneurship-skills-and-
experience>.