ENTREPRENEURSHIP AND SMALL BUSINESS MANAGMENT Report - UK Context

This report delves into the core concepts of entrepreneurship and small business management, providing a comprehensive overview of the field. It begins by defining entrepreneurship and outlining different types of entrepreneurs, such as serial, lifestyle, innovative, and intra-entrepreneurs, with real-world examples. The report then identifies and contrasts various entrepreneurial ventures, including small business, scalable start-ups, large company, and social entrepreneurship, highlighting their similarities and differences in terms of objectives, value creation, financial resources, and scope. Furthermore, it explores entrepreneurial typologies, correlating different entrepreneur types with specific venture types, and discusses the applicability of entrepreneurship within the public sector. The report also examines the scope of new entrepreneurial ventures in delivering product innovation to the market and critically analyzes the development and growth of entrepreneurial ventures in the UK, considering factors like technological advancements and the role of SMEs. The conclusion summarizes the key findings, emphasizing the importance of entrepreneurship in driving economic development and innovation.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGMENT

Table of contents
Introduction
Main body
Conclusion
References

INTRODUCTION
 Entrepreneurship defined as designing, launching and running the business activities
at the small level. This is defined as willingness and capacity to organize, develop
and manage activities of the entity along with risk in order to make profit. It is an
actual process of starting the business.
 The present report is based on entrepreneurship and small business management.
Henceforth, this report will cover the activities as concept of entrepreneur,
identification on the type of entrepreneurial ventures, similarities and differences
between entrepreneurial ventures.
 Lastly, critical examination will be defined in relation to development and growth of
entrepreneurial ventures within UK.

MAIN BODY

1. Define concept of entrepreneur with some examples of different
entrepreneurs.
Entrepreneur is person who works as to search of something new and exploits ideas into gainful opportunities by accepting the risk and
uncertainty with the entrepreneurs. He is an individual who sets up and grows a business. Thus, different entrepreneurs defined in
following manner as-
 Serial entrepreneur- An entrepreneur that come up with new ideas and starts new businesses. They are the entrepreneur who will
come up with the new idea, start the company and plays crucial role in day to day functioning within the enterprise.
 For example- Foundation of the business conglomerate Virgin group has established in 1970, 20-year-old Richard Branson
started the mail order record business. Hence, today this entity owns over 200 different companies.
 Lifestyle entrepreneur- This is defined as entrepreneur that sets up the business with purpose of having modification within their
personal lifestyle. They put their major focus on life awards provided to the people for the enjoy and they are having passion for
what they are doing. For example- Ferris is one of the probably the number one poster boy for the lifestyle entrepreneur
movement and defined as Indiana hones for the digital age and in present it listed as one of the fast company as most innovative
business people.
 Innovative entrepreneur- They are the individual who invests in new ideas and commodities and methods of production. Hence,
these kinds of entrepreneur are having the unusual foresight in order to recognize the demand for goods and services. They
always ready to take up the challenge that has associated with little amount of risk.
 Intra-entrepreneur- This is defined as employees who are assigned to work on the special idea and project. They are individual
who gives time and freedom to develop and project as entrepreneur.

2. Identification on types of entrepreneurial ventures and investigate the similarities
and differences between entrepreneurial ventures.
Entrepreneur ventures defined as an organisation that places the innovation
and opportunities that mainly put their core focus on business strategy.
Therefore, types of entrepreneur ventures defined in following manner as-
 Small business entrepreneurship- They are the enterprise that set up on
the small level. Thus, number of the enterprise comes under this category
grocery stores, hairdressers, travel agents, carpenters, electrician etc.
 Scalable start entrepreneurship- They are the entrepreneurs who starts up
the business from the day one and the vision could change the world.
 Large company entrepreneurship- The large enterprise has finite life
cycles. These are the enterprise that mainly grows through sustaining
innovation, offering new commodities that are different around the core
commodities.
 Social entrepreneurship- They are the innovators that mainly put their
focus on creating products and services that solve social needs and issues.

CONTINUED…
 Differences and similarities between entrepreneur ventures-
Basis Large Small Social scalable
Objectives This is
enterprise that
aim to create
wealth
formation. Thus,
they ignore
regular income
for while raise
significant
amount with
help of business.
They are the
entrepreneur
who are
interested in to
generate the
regular income.
Thus, they also
have plan to sale
the business at
the tine of
retirement.
The social
entrepreneur
mainly has null
financial aim
and they assist
to bring
improvement in
society with
providing
financial
assistance.
These set seeks
the financial
gain with
innovation.

CONTINUED…
Exist value Under this, owner is
ready to take the
higher risk to obtain
high amount of
return. Under it,
valuation can be
done on the periodic
basis to get the best
value for the
business.
The owner to the
entity do not
measure the assets
value as the main
aim is to earn the
regular cash flow.
They pay less
attention towards
exit value and the
assets valuation.
They sale their
assets when they can
have the best value
to the skill, interest
and hobby.
Financial resources They acquire funds
from the banks,
issuing shares,
debentures and fund
etc.
They arrange money
by themselves with
family and friends.
Social entrepreneur
gets financial aid
from legal authorities,
volunteers and by
own.
They arrange funds
from their personal
savings.

CONTINUED…
Scope They are the
entities that
have the
capability to
take up the
higher risk.
Therefore,
huge amount of
money, enough
financial
options and
enough
financial
options.
These
enterprises are
having
comparatively
limited funding
and low risk of
tolerance.
Thus, market
expansion
scope is
medium to low.
The scope of
social work is
no longer
limited
activism. Thus,
it mainly
depends on
retained
earning and
desirability to
have expansion
of business.
The main scope
of scalable
enterprise is to
maintain and
improve the
profit margins.

3. Description on concept of entrepreneurial typology and correlate differ type of
entrepreneur to different types of entrepreneurial ventures with example.
Entrepreneur typology defined as to explore personality traits and typologies that
can lead to higher propensity of business in order to become an entrepreneur.
Correlate differ type of entrepreneur to different type of entrepreneur ventures
as-
There are various types of entrepreneur depending upon their background, sector,
etc. they possess different knowledge and skills. Also, the traits and characteristics
of entrepreneur vary from each other. The different types are as follows: -
Innovators- they are those who come up with new ideas and turn them into
business. Basically, in this entrepreneurship venture are small and start-ups. For
instance, social entrepreneurship is offering products or services.
Imitators – Here, the entrepreneur copy a particular business idea and improve it.
The changes can be in products, process, etc. For example – scalable start-up are
the ventures in it.
Researcher- These entrepreneurs do in depth research before starting a business.
It is because of rise in chances success of business. For example – large scale
entrepreneurship.
Buyer – Usually, they are those who likes to buy other business and start-ups.
They invest money in them.

4. Can entrepreneurship exist in public sector. Discussion on range of
entrepreneurial activities with use of real life examples.
 No, entrepreneurship cannot exist in public sector as it is publicly
owned by the legal authorities. Therefore, it cannot exist in public
sector.
 Entrepreneurship activity defined as enterprising human action that
pursuit varied generational values through the creation and
expansion of the human activities. Therefore, they mainly work as
to identifying and to exploit the new commodities, processes or
markets.
 It is one of the phenomenon associated with the entrepreneurial
activity. This is defined as process of designing, launching and
running the new business activities effectively with the help of
undertaking innovative facilities.

CONTINUED…
For example- British Broadcasting Corporation
(BBC) which is a public broadcasting
corporation whose founder was John Reith
stated in year 1922.
This is a perfect example of public undertaking
that is not having any entrepreneur as it is
managed by direct government intervention.

5. Define scope of development and new entrepreneurial ventures in delivering
products innovation to market.
 Successful exploitation of new ideas is crucial to the business in terms to
improve the process of business enterprise. Therefore, innovation is the
modern idea that aids to bring out the new idea, creative thoughts and
imaginations in order to have more effective and process within the
business enterprise.
 Thus, it can be stated that without the innovation strategy, improvement
within the business activities are needed to undertake effectively and
efficiently.
 Henceforth, it can be stated that improving and replacing the business
processes aids to enhance business to extend the range and quality of the
existing commodities and services.

CONTINUED…
 For example- Entrepreneur can be defined as person
who put some extra efforts to establish the business. In
today era, the entrepreneurial activities of famous
entrepreneur Richard Branson does not need any
introduction.
 He is the founder of the virgin group. In the journey of
his working, he took risk to diversify the business
activities of virgin group in 10 industries. There were
so many situational influences that motivates person to
influence the thin line between remarkable personalities
and concentration. He is the entrepreneur who always
takes the challenges in order to have personal growth.

CONTINUED…
 Economic development is one of the significant approach that plays
one of the huge role in economic development.
 Hence, it is termed out to be the economic activity that involving of
the creation and operation of the enterprise to create the value and
wealth by ensuring the utilisation of the scarce resources.
 Thus, it brings scope to new enterprise. This is continue efforts to
bring long term innovation in the market. Therefore, entrepreneurs
are the driving force of the country.
 Henceforth, it can be stated that they are the innovators and
investors that works as to promote the economic development
within the nation. They have the noble course to bring efficient
service within the market.

6. Critically examine the development and growth of
entrepreneurial venture in the UK.
 As per the views of Dees, (2017) entrepreneurial growth means an
organisations plan to achieve its objectives of growth and expansion of
business through its quality, quantity as well as its turnover.
 In UK there are various reasons which have influenced entrepreneurial
growth one of the major reason behind it is technological development in
UK.
 As UK is developed country and is technically advanced which has
provided opportunities for various entrepreneurs to start their business in
UK in which technology has played an important role.
 Entrepreneurs in UK make use of current technologies for enhancing their
business operations like marketing and distribution.
 Due to use of technology like digital marketing and use of social media
apps like Twitter, Facebook, Instagram etc has made them easy to provide
information to customers.

CONTINUED…
 It could be noted that SME is creating lot of opportunity
within marketplace.
 As since 2010 SME is creating over 73% of job into
private sector out of this 2.8 million of new jobs were
from 40% SME employer, 34% from the non-employer
and 27% from larger business.
 There is still some of the productivity gap between local
authority level and regional gap.
 It could be stated that most of productivity will be of
local authorities will be typically 5 times is greater than
least.

CONTINUED…

CONCLUSION
 Hereby, it can be concluded that entrepreneurship is term that
defined as capacity and willingness to develop, organise and
manage all business activities to make profit.
 The present report is based on entrepreneurship and small business
management that aids to bring out better and efficient services.
 Hence, report has covered concept of entrepreneur and type of
entrepreneurial venture. Lastly, report has examined the
development and growth of entrepreneurial venture in the UK.

REFERENCES
 Burns, P. and Dewhurst, J. eds., 2016. Small business
and entrepreneurship. Macmillan International Higher
Education.
 Kirzner, I.M., 2015. Competition and entrepreneurship.
University of Chicago press.
 Kuratko, D.F., 2016. Entrepreneurship: Theory, process,
and practice. Cengage Learning.
 Venkataraman, S., 2019. The distinctive domain of
entrepreneurship research. In Seminal Ideas for the Next
Twenty-Five Years of Advances (pp. 5-20). Emerald
Publishing Limited.
 State of small business. 2019. [Online]. Accessed
through: <http://stateofsmallbiz.com/>

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