Entrepreneurship and Small Business: UK Ventures and Innovation

This report offers a comprehensive overview of entrepreneurship and small business management. It begins with a definition of an entrepreneur and explores the key takeaways, including the steps entrepreneurs follow. The report then delves into different types of entrepreneurs, entrepreneurial ventures, and their similarities and differences. It further examines entrepreneurial typology and the correlation of entrepreneurs to different entrepreneurial ventures. A significant portion is dedicated to entrepreneurs in the public sector, including examples of entrepreneurial activity. The report also discusses new entrepreneurial ventures in delivering product innovation, providing real-life examples. Finally, it presents factual data on the development and growth of entrepreneurial ventures in the UK, supported by references. The report provides valuable insights into the multifaceted world of entrepreneurship, covering key concepts, types, and practical applications.

Entrepreneurship and Small
Business Management
Name of the Student:
Name of the University:
Author Note:

Introduction
The presentation provides an insight into entrepreneurship and
small business. The key focus are of the report includes:
Entrepreneur and examples of different entrepreneurs in the business
Types of entrepreneurial ventures and investigation of similarities and
differences
Entrepreneurship typology and correlation of entrepreneurs to
different entrepreneurial ventures
Entrepreneurs in public sector with discussion of range of
entrepreneurial activities in Public Sector
 Scope of new entrepreneurial ventures in delivering innovate product
in market
Examination of factual data on the development and growth of
entrepreneurial ventures of UK

Definition of Entrepreneur
An entrepreneur represents an individual who not only
creates a newer business through bearing maximum
risk but also enjoys most of the rewards
(Venkataraman 2019). Entrepreneur is viewed as
innovator, a source providing newer ideas, services,
goods and procedures/ business. In other words,
entrepreneur plays a key role within the economy.

Key Takeaways
An entrepreneur represents an individual who
creates a newer business bearing most risk and
enjoying most rewards.
An entrepreneur combines the land, capital and
the labor for manufacturing the goods or
providing services through formation of firm.
In market of uncertainty, it is the entrepreneur
who helps in clearing up uncertainty since he
makes the judgments and assumes risk
Entrepreneurship is not only highly risky but can
also be rewarding as it serves in generating
growth, innovation and economic wealth.

Five Steps Followed By
Entrepreneurs
Ensuring financial stability
Building diverse skill set
Consuming content across the multiple
channels
Identification of the problem
Solving the problem

Types of Entrepreneurs:
Innovators
Hustlers
Imitators
Researchers
Buyers

Types of Entrepreneurial Ventures
Smaller Business Venture
Scalable Start-up Venture
Large Company Venture
Social Entrepreneurial Venture

Similarities and Differences Between Types of Ventures
Similarities: Generating Profits
Differences:
1. Smaller Business Venture
Lacks the scale of attracting the venture capital
Funded by friends and family and smaller business
loans
2. Scalable Start up Venture
Here the funding is derived from venture capitalists and
it hires the best employee
Scalable startup covers a smaller proportion of all the
businesses as a result of the risk capital thereby out
sizing returns

Continued…
3. Large Company Venture
Development of newer products for meeting
changing needs of the customers and the
advanced technology.
This is done through partnering or buying of
innovative companies
4. Social Entrepreneurial Venture
Creating products and services for resolving
the social needs and problems
They can be hybrid, profit or non profit.

Concept of Entrepreneurial
Typology
The word ‘typology’ has roots in Greek
word ‘tupos’ that implies model,
character or logos that implies discourse.
It refers to the symbols or types(Dorin
and Alexandru 2014). In
entrepreneurship, typology refers to the
term used for describing the
classifications of the types irrespective of
the basis.

Correlation of Entrepreneurs
The Young Innovators
The Revitalized Tycoons
The Natural Entrepreneurs
The Time Honored Traditionalists

Entrepreneurs in Public Sector
Entrepreneurs in the public sector
represents an entire set of measures
developed and adopted by the local,
regional, and the national authorities for
supporting self-employed entrepreneurs
for not only starting the business but
providing them with the support through
developed networks(Leyden and Link
2015 ).

Example of Entrepreneurial Activity in
Public Sector
For example, local governments in Europe
have been characterized by fast changing
ambience. Initially, they relied on the
governmental funding and the local taxes.
This led to a change in situation in and
around Europe. It has been found that the
funding of the central government reduced as
an outcome of the newer quasi market
approach. In such scenarios, entrepreneurial
framework that has been adopted has proved
potent in initiating change in the public
sector initiatives.

New Entrepreneurial Ventures in Delivering
Product Innovation
Successful utilization of newer ideas
remains crucial for newer
entrepreneurial ventures as it allows it in
improving the process, brings newer and
enhanced products and services to the
market, increases the efficiency and
improves the profitability (Barringer
2015). In other words, it is the successful
exploitation and the commercial
application of idea.

Examples of Real Life Innovation
New entrepreneurial venture like
InVenture aims at successful product
innovation by providing financial identity
to close to 2.5 million people.
Another example of new entrepreneurial
venture that aimed at successful product
innovation is that of Blippar that aims at
becoming larger than Google thereby
overhauling the search with the virtual
reality

Entrepreneurial Ventures of UK
The growth of the entrepreneurial
ventures did not portray any such signs
of coming to an end. Last year close to
660,000 companies has been
established. According to Centre for
Entrepreneurs the figures have risen
from 608,000 in the year 2015(Bounds
2017).

Data on Entrepreneurial Ventures of UK

Continued..

References:
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Journal of Public Administration, 36(5), pp.293-304.
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Bounds .A, 2017. Number of UK start-ups rises to new record [online] Available at:
https://www.ft.com/content/cb56d86c-88d6-11e7-afd2-74b8ecd34d3b [Accessed 11 Jun 2019].
Dorin, C. and Alexandru, G.S., 2014. Dynamics of the entrepreneurship concept. Literature review. The Annals of
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