Report on Entrepreneurship: Small Business Management and UK Economy

This report explores entrepreneurship and small business management, focusing on different venture types such as scalable startups, social entrepreneurship, and small businesses. It highlights the characteristics of various entrepreneurial ventures, their typologies, and the mindset required for success. The report analyzes the impact of small businesses on the UK economy, supported by statistical data, demonstrating their significant contribution to GDP growth and employment. It also discusses the importance of small businesses and startups in the growth of the social economy, emphasizing their role in creating jobs, adding value to GDP, and boosting local communities. Furthermore, the report touches upon the traits and skills of successful entrepreneurs, such as strong leadership, self-motivation, and risk-bearing ability, differentiating them from typical business managers.

Entrepreneurship and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
Brochure.................................................................................................................................3
PART 2............................................................................................................................................6
PowerPoint Presentation.........................................................................................................7
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
An entrepreneur is a person who set up new business in the market in order to create the wealth for its business venture. An
entrepreneur takes high risks in its business operations to earn the desirable profits. Peoples have different types of vision and aims in
relation to the business that they want to start i.e., profit motive ventures, innovation based ventures as well as social business venture
and many more. In relation to this the key aspects of an entrepreneur mind set will be discussed in this given report. Further, the
different environment that foster and hinder entrepreneurship will be highlight in this given report.
PART 1
Brochure

Entrepreneurship and Small Business
Management
INTRODUCTION
An entrepreneur is a person who set up new business in the market in order to create the wealth for its
business venture. An entrepreneur takes high risks in its business operations to earn the desirable profits.
Peoples have different types of vision and aims in relation to the business that they want to start i.e.,
profit motive ventures, innovation based ventures as well as social business venture and many more. In
relation to discussed entrepreneurial ventures some ranges of different type of venture will be discussed
in this given report. Further, the impact of small businesses on the UK economy will also highlight in
the report.
Different types of entrepreneurial ventures and typologies
Entrepreneurs are the individual that have the capability to bear the risk on their started business venture
in order to achieve the desirable goal. According to the need and vision the entrepreneur choose their
venture. In regard to this there are several type of entrepreneurial venture that briefly discussed in the
below given scenario;
Small business entrepreneurship- The small entrepreneurial businesses are those that establish the
business venture for the only motive of profit generation. These type of businesses lack the innovative
approaches in their operations. The individual of such business venture performs the functions in order
to live a comfort and modest life. For example, Marshfield bakeries that distributes the handmade
products to its potential customer in order to enhance the company operations as well as their firms’
profits.
Large company entrepreneurship- Large company follows the finite life cycle in their operations.
These type of business venture solely focuses on the market need and create the valuable products in
order to fulfil such requirement. These type of companies have dedicated and skilful employees in their
operations that focuses on their core works. Companies use innovation and professionals in their
functions. For example, Utility is an energy supplier that revolutionised energy sector of UK.
Scaleable Start-up entrepreneurship- The Scalable Start-up entrepreneurship are the type of
business venture that start with the unique idea and approach that can change the overall business
scenarios. These type of venture receives high funding through the angle as well as capital investors to
scale up their organisations functions in the potential market. Revolute is one the best example of
Saleable start-up in UK economy. It revolutionised the complete banking system by eliminating the
traditional banking.
Social entrepreneurship- These type of business ventures generally focuses on the social problems
and improvised their operational activity in regard to provide social value. The discussed
entrepreneurial ventures developed product and services that solves the social issue as well as also
ensured the financial sustainability of company. gravity light aims to design the lantern in order to
replace the harmful kerosene lamps from the society.
High impact entrepreneurial ventures- Large company entrepreneurship are come under this section
because they have the ability to earn large profit with the specific team.
Social impact entrepreneurial ventures- The social entrepreneurship was deployed under the stated
category because these types of ventures work on the social problem in order to provide the dedicated
solutions.
Life cycle entrepreneurial venture- Small business ventures are placed under such entrepreneur
typology because it has the limited profit and risk in business operations. The individual of such
businesses only focuses to improve its lifestyle.
Innovation entrepreneurship- Scalable start-up entrepreneurship deploy under mentioned typology
of entrepreneurship because it is relying on the new investors in order to perform its innovative idea
that other businesses haven't.

Solution oriented business approach- Both of the above discussed business ventures generally focuses
on the current issues in the society and work closely to provide the effective solution for the community
welfare. Their product and services helps into improvise the living standard of society. Due to their
innovative ideas and solution oriented approaches will provides the advantage to their business
operations in to high growth and revenue.
Similarities and differences between different type of venture in
entrepreneurship
Basis Small business entrepreneurship Large company entrepreneurship
Vision These types of business generally focus
on earning profits in order to enhance the
personal livelihood. It performs on a
small scale.
These types businesses create their business
strategies to generate high profits in their
business functions. They perform their
functions in between the large audiences.
Workability These type of businesses have fewer
number of employee in their business
operations
Large scale companies generally create several
specific and dedicated team to perform the
business activities more significantly and
effectively in between their potential
customers.
Risk The small business entrepreneur faces
low profits as well as low risk on their
businesses.
In large companies the entrepreneur bears high
level of risk in order to gain the high profits in
its business functions.
Approaches The small business entrepreneur
generally not focuses on innovative
approaches to performs their functions in
the potential market.
Generally, companies use innovative and
dedicated approaches in their business function
in order to attract the large number of
audiences towards their product and services.
They established research and development
team in their business operations that study
their potential customers in order to deliver the
value in their operations.
Innovation- Both the mentioned entrepreneurship majorly focuses into adopt the innovation approaches
in their business functions in order to perform efficiently in the market. The scalable Start-up uses
innovative techniques and approaches such as technology innovation in order to create the trending
business model. In relation to this the social entrepreneurship business ventures uses innovation in their
businesses operations in order to create the sustainable business functions in order to create the valuable
practice for the society. Several companies use the adaptive and advanced technology in their functions
to create the sustainable product that would be beneficial for environment as well as society.
Interpretation and Analysis of relevant statistical data for illustration of
impacts of small and medium enterprises on economy
The micro and small businesses in the UK contributing effectively in order to uplift the GDP growth
of the UK economy. As seen in the above graphs the micro business employees up-to 9 peoples in
their operations. According to the SME loans ,2021. there are about 5.8 million micro bushiness in the
UK that offers around 33% of employment as well as generate the 21% of turnover in UK economy.
These stats clearly showing the importance of micro and small businesses. Around 10,62,285 micro
businesses are in the London region. UK has one of the most number of micro businesses that is
around 81 micro businesses on 1000 people. 1 in 5 of micro businesses in UK has a turnover which is
less than £ 50,000. In relation this around 2,35,000 micro business operations has the turnover of more
than £ 10,00,000. the small businesses contributed around 4% in the businesses of UK economy as
well as generate the 3 % of employment generation as well as around 15% of overall turnover of UK
economy (Need to Know Micro Business Statistics UK, 2021). All of the above stats clearly showed
that the micro and small businesses contributed majorly in UK economy. They provided the several
employment opportunities as well as enhanced the per capita income.

Explain the importance of small businesses and business start-ups to the growth of the social economy
According to the Francine Fernandez, 2018. the small businesses and start-ups play a vital role in growth of social economy of every country. In UK these SMEs majorly contributes in order to uplift
the living standards of peoples as well as support the local communities in a several ways. Below are some highlighters that shows the importance of such businesses and start-ups in the UK economy.
 Create Jobs- The small businesses and start-up create the new jobs and opportunities for the local communities in the UK economy. According to the stats SMEs was generated 16.3 million jobs that is
around 60 % of all private sector employment in the UK economy.
 Add more value in GDP growth- The small businesses generate more value in the overall GDP growth. The SMEs firms has contributed around £ 2.0 trillion in UK economy that is around 52 % of
private sector turnover.
 Boost local community’s livelihood- The number of small business and start-ups providing several benefits to the people of UK. These business provides the easy access to the number of commodities
to the peoples that rely on low mobility.
Conclusion
From the analysis of above report several entrepreneurial ventures were highlighted. These ventures play a major role in creating the values for the people as well as also contributes in uplifting the
economy. In the report the characteristics of several business ventures were discussed that showed the different approaches in performing the functions. In relation this their entrepreneur typology was also
discussed in the above report. Through the real data and statistics, the impact of small businesses on UK economy were also highlighted that showed their effective contribution. These small business and start-
ups has contributed in the growth of social economy through the easy accesses of commodities.

PART 2
PowerPoint Presentation

NOTES:
Their risk taking ability, motivation and visionary thinking creates the more value in business ventures. A successful entrepreneur has
better understanding as well as leadership qualities through which they effectively use the resources in their business operations. In
relation to this below are some highlights of traits and skills of entrepreneur that differentiate them from other business managers.
Strong leadership quality
They have the the great vision and effective approaches in order achieve their goals. Through their effective communication skills,
they mass up the number of people to work on same goal with their full strength. They create the positive environment in the business
operations that succours them in order to boost the team members. These attributes provide the quality of result in the working
operations.

Self-motivated-
An entrepreneur always relies on positive approaches in business operations. They have the ability to face the challenges in their
operations as well as have the complete vision for their goals. These qualities provide the advantage in order to solve the problem
more effectively and significantly. One of the major quality is that they easily motivate their teammates and develop the passion for
the set goals that want to achieve from their functions.
Risk bearer
They easily evaluate the risk factor that present in their decisions that provides the overall scenarios of performing practices. They do
not follow the same method and techniques to perform the operations. These flexible approach helps them in order to accept the error
that generate in the created plan. Moreover, the, mentioned individuals can take the best decision even in the worst situation. These
qualities clearly differentiate them from the business managers.

NOTES:
Their strong management skills and dynamic leadership qualities made them more productive and influencing. The correlation
between entrepreneur mind set and motivation. The effective personality of entrepreneur ere formed from their childhood upbringing
and external environment in which their personality was developed. An entrepreneur has the strong command over its speech of
words. Through such impactful communication skills, they influence the number of people to work on same goal with their full
strength. They create the positive environment in the business operations that succours them in order to boost the team members.
These above discussed personality clearly showed their motivational personality in their functions.
Their decision making and risk taking factor in the worst condition showed their strong mind-set in order to perform the
functions. An entrepreneur always relies on positive approaches in business operations. They have the ability to face the challenges in

their operations as well as have the complete vision for their goals. They efficiently recognise the threats or loop holes that present in
their decisions that provides the overall scenarios of performing practice. Their adaptability towards the organisation functions showed
the flexible approach of performing the business functions. Their attitude towards the failure and challenges as well as their
approaches in order to deal with problem showed their strong mind-set towards performing their functions.
NOTES:
The individual education level its upbringing and the environment all these experiences affects the aspect of entrepreneurship. Some
of the factors that played vital role in entrepreneur life;
National culture-