Entrepreneurship and Small Business Management: UK Impact Report

This report provides an in-depth analysis of entrepreneurship and small business management, focusing on various types of entrepreneurial ventures and their typologies. It explores the significance of small and medium-sized enterprises in the UK economy, particularly in the context of Brexit, and examines the role of innovation in driving growth. The report also identifies the characteristics, skills, and traits of successful entrepreneurs, assessing how personal background and experience influence their entrepreneurial journey. It provides specific examples of ventures like Ella's Kitchen and Captify, highlighting their contributions and the challenges they face. The analysis includes a critical evaluation of the impact of small businesses on different levels of the economy and in an international context, emphasizing the importance of social enterprises and the varying roles of male and female entrepreneurs.

ENTREPRENEURSH
IP AND SMALL
BUSINESS
MANAGEMENT
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Table of Contents
EXECUTIVE SUMMARY.............................................................................................................4
INTRODUCTION...........................................................................................................................4
Examine different types of entrepreneurial ventures and explain how they relate to typology
of entrepreneurship.................................................................................................................5
Explore similarities and differences between entrepreneurial ventures................................7
Investigate diverse range of entrepreneurial ventures to demonstrate entrepreneurship in both
public and corporate sector.....................................................................................................9
Critically examine scope, development and growth of entrepreneurial ventures.................9
Interpret and assess relevant data and statistics to illustrate micro and small businesses impact
on economy..........................................................................................................................10
Explain importance of small businesses and business start-ups to growth of social economy11
Evaluate differences small, medium and large businesses make to economy applying relevant
data and statistics..................................................................................................................12
Critically evaluate small businesses have an impact on different levels of economy and in
international context.............................................................................................................13
Determine characteristic, skills and traits of successful entrepreneurs that differentiate them
from other business managers..............................................................................................14
Assess aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset
..............................................................................................................................................17
Explore different lines of argument relating to entrepreneurial characteristics...................18
Analyse characteristics traits, skills and motivational drivers of successful entrepreneurs
supported by specific examples............................................................................................18
Examine relevant examples how background and experience can hinder and foster
entrepreneurship...................................................................................................................19
Analyse link between entrepreneurial characteristics and influence of personal background
and experience to specific successful entrepreneurs............................................................20
Critically analyse background and experience influences entrepreneurs both positively and
negatively by comparing and contrasting examples.............................................................21
CONCLUSION .............................................................................................................................21
REFERENCES..............................................................................................................................22
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EXECUTIVE SUMMARY
Entrepreneurship and small business management is the effective term that ensures the high
innovation for earning profits by satisfying the customer’s needs and requirements. This
report is conduct by the department of business, energy and industrial strategy for helpsing
the small and start-up business so that investors are attracting towards them for providing
the innovation opportunity so that their business is growing to the high extent. It includes the
several types of entrepreneurial ventures with their typologies. further it includes the
importance of small and medium organisation on UK so that country economy was enhance
after the Brexit was occur. at last it explains the successful entrepreneurs in the globe and
what personality trait helps in setting their mind to become a successful entrepreneur.
INTRODUCTION
Entrepreneurship refers to a process of executing and developing the idea related to
business in the personal life for generating the organisation. In this an entrepreneur is a person
who manages the enterprises so that they firm will face higher success. As this person can accept
the risks that are associated with business and try to overcome it. Every entrepreneur can start
their business on small scale so that high goals can be attained. In this managers play an essential
role within the business organisations because they examine the needs of the people in society
and created something from it. Successful leaders of the enterprises can effectively utilise the
resources so that it can gave the efficient results in their long life. This seminar was conducting
by the department for business, energy and industrial strategy for helping the small and medium
size organisation so that they can involves in innovation and growth of their organisations within
this competitive world. Due to Brexit many large multinational company in UK affected their
operations and this will majorly affect the country economy to overcome this issue government
of UK is majorly focus on the small and start-up business that can contributes in the satisfaction
of customers demands by providing them innovative products and services. This seminar was
attended by many small businesses such as Ella’s kitchen, Verdant leisure, Captify etc. This
report is conducting by the largest organisation of the UK that is IN case of developing this
project it is very critical to analyse the relationship between entrepreneurship with their several
typologies that are connected with it. It also explains the factors that can encourage the manager
or entrepreneur to attain the goals. As it is significantly essential to understand the role
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performed by small, medium and large enterprises for establishment of economy of the country
as it gives the positive and negative results in this (Dana, 2018).
Examine different types of entrepreneurial ventures and explain how they relate to typology of
entrepreneurship
Entrepreneurship defines an activity for setting up the organisation by taking all the risk
for gaining higher profits and revenues with long term survival. In this entrepreneur is an person
who take all the responsibilities of managing business to grow it. As entrepreneur can accept all
risk that is related to the business venture for attaining the objective of earning higher profits.
There are several types of entrepreneurial ventures that can associated with different scale. Some
of them can be elaborated below:
Small scale enterprise- This defines to those business that are owned and regulated by
an individual person to fulfil the basic requirements by engaging in basic expenses. In
this firm only one or two workers are working that are generally their family member or
relatives. The scale of operation is very small in small scale business and the examples of
this type of ventures are grocery stores, brokers, carpenters etc. As it can be based on
innovation and creativity that helps in developing the vision related to entrepreneurship
within society (Donckels and Miettinen, 2019). In this type of entrepreneurial business
capital amount is very low due to this they cannot expand their business at global level
and earning profits are also low.
Large scale enterprise- This type of business ventures having several operations at the
same time because they have huge infrastructure within the market. Large organisation
also offers the major job opportunities to the people who need it. It can involve in the
varied small creative projects for growing them to the large. They always focus on
fulfilling the demands of customers by offerings the new goods and services so that loyal
base of customers can be developed and maintained. Examples of this type of enterprises
are Samsung, Apple etc. It is very effective but contains more risk and competition within
marketplace due to this they can invest more on research to attain the profits and
maintains their sustainability.
Serial Entrepreneur- It refers to that in which entrepreneurs are doing innovation to
operate and establish their business. These ventures are based on new and unique ideas
that cannot be available in market for satisfying the customers needs and requirements.
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As this type of business firm can establish their business with innovation an d after that
handover to the large enterprises so that it can sustain for longer time with good capital
and resources. Best examples of this are Facebook etc. The major issue that this this of
entrepreneurs are facing is getting the trustworthy investors that can focus on gaining the
profits this is quite difficult to get the best investor and leader who leads the business
properly.
Social enterprise- This business venture is developed to satisfied the need of the society
and always working for their welfare. They can generate profits for offering the better
facilities to their society people who need it. Best example of social business enterprise
are Cafedirect etc (Julien, 2018). In this they can follow the strict rules and regulations
for constantly monitor the market. They cannot generate the profits.
Intrapreneurs- It refers to that type of entrepreneur in which a person is working on
several distinct projects by including their creativity and innovation. They can managed
the resources by effectively utilisation so that task can be done with proper capabilities.
In this changes can be attained in positive manner of business organisation. This type of
entrepreneurs are getting the profit amount because it is go to the organisation and also
they cannot get the credit for their task completion.
Owner’s managers- It refers to that type of entrepreneurs who manage the small type of
businesses for implementing changes that was occur in business environment for the
success of the firm and satisfying the needs and requirements of local customers. This
type of entrepreneurial venture get the high risk and stress in their business life.
Typologies of entrepreneurship venture
All the above enterprises are working in the business environment that play a major role
in the establishment of the different typologies of entrepreneurship venture that affect the
decision making of an entrepreneur and their working style. Some typologies can be shown
below:
Male Entrepreneur- This typology of entrepreneur is belongs to the risk taker facility.
These types of entrepreneur are generally of young age due to this they take high risk. As
they control the large scale enterprise and saleable enterprises because this ventures take
high risk for getting high risk for enterprise. This type of typology can blame the market
forces for the losses incurred (Kuratko and Morris, 2018).
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Female Entrepreneurs- It refers to that typology which is denoted as stable
entrepreneurs. As they cannot focus on taking high risk due to this they can avoid to enter
into the new activity which contains high risk. This typology are end up with the small
ventures and social business because these type of enterprises can take decisions very
cautiously. In this if any mistake can occurred they blame themselves instead of market
force.
Lifestyle ventures- In this type of typology entrepreneurs are worked for enhancing their
living standards within the society. In additions they are working for satisfying the
customers needs and wants and also offers the employment opportunities to them so that
they also live their life effectively. It includes Large and serial types of entrepreneurs.
Managed growth ventures- It refers to that typology in which entrepreneurs are
capturing opportunity for innovating products so that organisation can expand in positive
manner. In this Intrapreneurs are included.
Aggressive growth ventures- It refers to that typology who have strong entrepreneurial
orientation as they tend to more innovative, risk takers and proactive for running the
business. In this serial type of entrepreneurial ventures are involved as they are more
innovative and risk taker.
Social entrepreneurs- In this type of typology, person is involved in working for welfare
of the society people. In this social entrepreneurs are involved who are voluntary working
for benefits of society.
Above all these typologies that are lifestyle ventures, manages growth venture, aggressive
growth venture and social enterprise can effectively relate to the several entrepreneurial venture
that are entrepreneurs, serial entrepreneurs etc. effectively in attaining the operations within the
business environment in which business exist. The relation of survival venture typology to
entrepreneurship ventures is that it helps in surviving the business for long term and in this
lifestyle typology help the serial enterprises to enhance their lifestyle in society. there
relationship is very positive to attain the objective of getting success and sustainability within the
business industry.
Explore similarities and differences between entrepreneurial ventures
Entrepreneurial venture refers to that organisation which focuses on innovation and
opportunities for getting higher profits and generating high value within marketplace. There are
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several types of entrepreneurial ventures present in the market that are working for generating
profits and benefits of society. These ventures may contain some similarities and differences that
can be shown below between small, large scale, social scaleable businesses (Mosbah and et. al.,
2020).
Difference between entrepreneurial ventures
Entrepreneurs Serial entrepreneur
This type of entrepreneurial venture is an
entrepreneur with one business and operate in
the marketplace for fulfilling their routine
requirements of their family members and
relatives.
This type of business venture is an
entrepreneur with multiple businesses which is
related to that idea which is unique and
creative so that attracting customers is easy and
effective.
Intrapreneurs Owner- managers
This type of entrepreneurs are work under
some particular including innovation and
creativeness that are in favour of business.
This type of entrepreneurs is managing the
small business by focusing on changes so that
customers needs and requirements are to be
fulfilled effectively and efficiently.
Large enterprise Social enterprise
The large scale enterprise are operated their
business on large scale with more resources
and capital that involves the 250 employees in
this. The main motto of this type of enterprises
is to gain high profits by satisfying the needs of
customers(Turner and Gianiodis, 2018).
This type of enterprise is develop for offering
the goods and services that are beneficial for
the society people. This enterprise does not
focus more on earning profits but for
enhancing the living standard of people in
society.
Start-up business Large business
This type of business organisation is small In large business enterprise more than 250
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premises as it is started newly. In this around
10 employees are working for developing their
living standard by doing innovation.
employees are working for getting higher
profits and revenues within the competitive
market place.
Similarities between several business enterprises
In context of several type of entrepreneurial ventures there are some similarities between
them that can be shown below:
Large scale and small scale business enterprise are operated for earning profits and revenues.
The main motto of this type of organisations is enhancing their existence by earning profits by
satisfying the customer needs within marketplace.
As large, small and social enterprises are working for the welfare of society and contributing
for enhancing the living standards of people of society by offering the employment opportunities
to them.
All these three enterprises are operated to fulfilling the demands and preferences of the
people (Welter, Baker and Wirsching, 2019).
Investigate diverse range of entrepreneurial ventures to demonstrate entrepreneurship in both
public and corporate sector
From the above analysis it is represented that there are several types of entrepreneurial
ventures that are operated within business environment. To bifurcate them on the basis of public
and private sector it is associated with purpose of company and their investment process that is
helpful in operating the day to day work. To differentiate the organisations on that basis create a
complexity in understanding the working style. All business enterprises are manufacturing there
products and services for gaining high profits and satisfying the customer needs. Associated with
this the bifurcation can be made that are business entrepreneurship that works for maximising the
revenues and social entrepreneurship are dealing with the welfare of people within society.
Critically examine scope, development and growth of entrepreneurial ventures
Within business environment entrepreneurial ventures are growing very fast that helps
the living standard of people. And for market it is very critical to analyse the scope, development
and growth as they are rising regularly. In this people thinking are changing as they focus on
their competitors business instead of their own business. As it helps in innovating the new
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products and services so that attracting and gaining competitive advantage would be simple. The
growth and development rate of that type of organisations are based on the customers purchasing
power and the capacity of investors to invest within company. The major role is playing by the
small and micro business business because development and growth of the other ventures are
totally depends on this.
Interpret and assess relevant data and statistics to illustrate micro and small businesses impact on
economy
Micro and small business ventures are small in size in which less than 49 employees are
working and getting job opportunities. These type of businesses are working on small scale and
there balance sheet also contains the low amount. In this small enterprise are offering the
employment to 49 or less than that whereas in micro business around 5 employees are working.
Both these type of enterprises operated generally by sole trader or partners that offers the job
opportunity to the people of the nation. Entrepreneur can operate and establish these type of
organisations for enhancing their living standards and their individual families and friends. They
only focus on maximising the profits and growth within marketplace. In country economy SME
can contribute more by bringing innovation within marketplace. Due to this high competition
will be faced by the companies (Rebernik and et. al., 2018).
Micro business- It refers to that business which covers the local area by supply the demand
within that location. In this around 0-10 employees are working. For example- cafe, ice cream
parlour etc. In UK there is high contribution of this type of organisations where people are
businessman can work for satisfying the customers.
Small business- It defines that business enterprise that are working with maximum 50
employees where company can generate their highest turnover of 5 million. They are working
with limited capital and resources such as grocery, bakery stores etc.
For example- Because of Brexit in UK economy of the country is majorly affected because of
exit from many European Union due to this currency would be reduced and this may create
problems for the organisations and their survival. In this micro and small enterprise helps the UK
government and economy to deal with this type of situation.
As to deal with the critical situation SMEs can contribute high that can be shown in the below
figures:
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Illustration 1: source: UK SME data and charts
From the above data it is interpreted the contribution of SME on the economy:
According to this 99.9% of businesses in UK are classed as SME ( 0-249 workers)
0.6% are belongs to medium size enterprise (50- 259 employees)
More than 95% are belongs to micro business ( 0-9 workers)
Less than 4% are related to small businesses (10-49 workers) (UK SME Data, Stats & Charts,
2020).
Explain importance of small businesses and business start-ups to growth of social economy
Small business refers to the privately owned company that is operated by the sole trader,
partnership in which few employees are included. This enterprise also working for low revenues
and does not contain more legal regulations (Brush and et. al., 2019).
Social economy concerned to the rich diversity that focuses on the relationship between
economics and social behaviour. It includes the norms, ethics and other several social
philosophies that helps in influencing the people to buy the products and services for shaping the
buying trends in the country. This will increase the social economy and national economy.
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Start-up business- It refers to that type of business that reflects the first stage of
operations. In which entrepreneurs are starting their business with innovations by analysing the
customers needs for long term sustainability.
Both small and start-up enterprises can contributes mainly on the social economy that
will be reflected as a importance of small and start-up ventures which can elaborated below:
Providing job opportunities- The major importance of small and start up business in
developing the social economy is that it will develops the employment opportunity within
marketplace. This also helps in eliminating the poverty in the nation. As small and start up
business can offer the jobs to the unemployed people for fulfilling the basic needs of them and
their individual family.
Enhances living standards- Start-up and small business enterprise can mainly emphasis on
maximising the living standards of public in the society by removing poverty to offer them the
jobs. This helps in enhancing the social economy as well as whole economy in an advantageous
way (Singh and Gaur, 2018).
Developing innovation- Small and start-up businesses are working with the innovation that
helps in developing the economy of the country because of their creativity. This enterprises are
producing the innovating products and services that can fulfils the demands of the customers so
that large base of customers are attracted towards it and this will enhance their buying behaviour.
As focusing more on innovation helps in compete with the other countries and company that can
enhance the globalisation business. This helps in enhancing the social economy as well as overall
country economy (Jena, 2020).
Evaluate differences small, medium and large businesses make to economy applying relevant
data and statistics
In the economy of the country, important role can be performed by the small, medium
and large enterprise and they also impact majorly. In this small and medium size organisation
contributes more on the economy of nation after Brexit. Because these ventures can support the
economy of country when many large organisation can wind up. Small and medium size
organisation contributes by paying the small amount of tax that can generate more of the
economy. As it can contributes more in the nation GDP, providing job opportunities that helps in
shaping the country and the value of currency. In this large scale industries balancing the FDI by
contributing more on the economy at the time of requirement.
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