ENTREPRENEURSHIP AND SMALL BUSINESS ENTERPRISE MANAGEMENT Report - UK

This report provides a comprehensive overview of entrepreneurship and small business enterprise management, focusing on the UK context. It begins by defining different types of entrepreneurial ventures, such as small business, scalable, large company, and social entrepreneurship, and examines their relationships with entrepreneurial typologies. The report then analyzes the impact of micro and small businesses on the UK economy, using statistical data to illustrate their contributions to employment and economic development. Furthermore, it explores the characteristics of successful entrepreneurs, including risk-taking, innovation, and a positive attitude, and discusses the importance of small business startups for social and economic growth. The report also critically evaluates the scope, development, and growth of entrepreneurial ventures, as well as the influence of small businesses on various levels of the economy, providing a detailed analysis of the challenges and opportunities within the entrepreneurial landscape. The report concludes by emphasizing the significance of entrepreneurship for the UK's economic and social development.

ENTREPRENEURSHIP AND
SMALL BUSINESS ENTERPRISE
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
P1) Different types of entrepreneurial ventures and relation with different typologies.............1
P2) Different types entrepreneurial ventures..............................................................................2
P3) Impact of micro and small businesses on economy.............................................................4
P4) Importance of small businesses start ups on growth of social economy..............................6
M1) Entrepreneurial ventures to understand entrepreneurship in both public and private sector
.....................................................................................................................................................6
M2) Businesses' significance in economic growth of country....................................................7
D1) Critical evaluation on scope, development and growth of entrepreneurship ventures........7
D2) Critical evaluation on influence of small businesses on different levels of economy.........7
PART 2............................................................................................................................................7
P5) Characteristics of successful entrepreneur (Examples, entrepreneurs' born or made and
skills)...........................................................................................................................................7
P6) Entrepreneurship personality reflect on motivation and mind set........................................8
P7) Person's background and experience hinder on entrepreneurship........................................9
M3) Different line arguments relation to entrepreneurial characteristics.................................10
M4) Link between entrepreneurial characteristics and influence of personal background.......10
D3) Characteristics and skills of successful entrepreneurs.......................................................10
D4) Critical evaluation on background and experience of entrepreneurs.................................11
CONCLUSION..............................................................................................................................11
REFERENCE.................................................................................................................................12

INDEX OF TABLES
Table 1: Differences in entrepreneurial ventures.............................................................................3

ILLUSTRATION INDEX
Illustration 1: UK economic position...............................................................................................4
Illustration 2: Impact of technology on UK economy.....................................................................5

INTRODUCTION
Entrepreneurship is a process of establishing new business and creating innovation in
operations. However, it influences economic growth of a nation and its effectiveness also related
with social welfare of the nation. The present report is to understand significance of establishing
small businesses on economic position of UK. In this regard, different types of entrepreneurial
ventures and their relations with typologies can be described. Moreover, impact of micro and
small businesses on nation's development is to understood using statistical data. Along with this,
entrepreneurs' characteristics and skills will be introduced in assignment for creating innovation
in business operations. Therefore, effective understanding with entrepreneurship and its
influences on nation's growth increase with the help of this assignment.
P1) Different types of entrepreneurial ventures and relation with different typologies
Entrepreneurship is an activity of creating innovations and establishing new entity for
unique achievement (Bae and et.al., 2014). However, entrepreneur sets up new business by
taking risk and with determination for different scopes. In this regard, different types of
entrepreneurial ventures can be understood as:
 Small business entrepreneurship:
In this entrepreneurship activity, entrepreneur establishes new entity at small level. For
example; family business, retail sector organizations, travel agency and so on (Baker, Grinstein
and Harmancioglu, 2015). Therefore, new creation in business operations is done at small level
with scope to expand the business on large scale in the future.
 Scalable entrepreneurship:
Under this entrepreneurship, new creations in business operations are created in context to
expand businesses. For this purpose, high amount is required as well products' quality and
operations for this uniqueness (Bird, 2015). In this regard, the different and more effective type
of product are recognised remains risky and quite challenging.
 Large company entrepreneurship:
For the purpose of expansion of entity and improving quality services, organization adopt new
technologies and purchases machinery equipment (Bruni, Gherardi and Poggio, 2014). It is
challenging task to attract and encourage people towards new creation and achieving satisfaction
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from their side. For example; creating different flavour of food by any restaurant remain risky to
encourage people for taste and attracting as well.
 Social entrepreneurship:
This type of entrepreneurship aims to increase sociology and contribution in nation's social
development at maximum level (Bruni, Gherardi and Poggio, 2014). For example; establishing
NGO, charitable trusts etc. Similarly, CSR implementation for competitive advantages for any
entity is risky and comes under social entrepreneurship.
Thus, different entrepreneurial ventures impact on business operations and creativeness in them.
However, all of them have different purposes and scope affect uniqueness in product quality as
well nation's growth. These ventures are related with entrepreneurial typologies.
P2) Different types entrepreneurial ventures
Entrepreneurship ventures are of different kinds as social, scalable, creating innovation in
product services etc. There are some similarities and differences among them can be understood
as:
Similarities:
Entrepreneurship is a process for creating innovation in business operations and gaining
organization's growth effectively. However, all of these entrepreneurial ventures aim to create
uniqueness in business operations as well contribution in nation's growth (Carland, Carland and
Stewart, 2015). Including this, new technologies are adopted for improving quality in goods and
services. Moreover, they target to increase wealth creation also related with business
performance and its efficiency. Along with this, in all entrepreneurial ventures, entrepreneur take
risk for new creation and improving business operations. Likewise, business expansion and
unique quality features are identified by adopting new technologies able to improve its
efficiencies. Therefore, there are similarities in entrepreneurial ventures beneficial for
enlargement of entity and improving its quality services.
Differences:
Various types of entrepreneurial ventures are different from each other in terms of aims,
scope, risk level etc. However, differences among them can be comprised as:
Table 1: Differences in entrepreneurial ventures
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Bases Small business
entrepreneurship
Scalable
entrepreneurship
Large company
entrepreneurship
Social
entrepreneurshi
p
Aim To establish new entity
at small level.
To improve quality
of product services
as well providing
unique featured
goods.
To expand
business and
improving service
qualities of goods
and services.
To contribute in
country's social
development and
increasing public
welfare.
Scope
(Emphasis
on)
Increasing of stores,
contribution in nation's
effectiveness.
Better business
performance and
more qualitative
goods and
services.
Increasing stores
and more featured
quality products.
Sociology and
providing services
to build up
society's trust
with its services.
Investmen
t (Fund
required)
Moderate fund is
required for
investment.
High amount is
required for
investment and
new creation in
business
operations.
Same as for
scalable
entrepreneurial
venture.
Less fund is
required in
comparison to
other ventures.
Risk level Moderate risks are
determined for new
creation.
High risk is
occurred under this
entrepreneurial
venture.
High risk for new
creations.
Less risky in
comparison to
level of other
entrepreneurial
ventures.
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P3) Impact of micro and small businesses on economy
It is analysed that establishment of small businesses impact on country's economic
position increasingly. However, it is linked with employment and other sectors for better quality
services and contributing for nation's effectiveness (Carraher and Paridon, 2015). Number of
enterprises in UK get increased at higher level can be identified with the help of following
statistical data as:
It is interpreted that since 2013, there increment in establishment of new entities in UK
which influences its monetary position effectively. In this regard, government of the country also
played effective role to encourage people for businesses. Therefore, its effective employment is
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Illustration 1: UK economic position
(Source: Impact of increasing enterprises on economy of UK, 2016).

also recognised for which variety of innovations is identified in business operations (Castello,
Barbera and Vaara, 2016). Along with this, it is also evaluated that technological development is
also identified which impact on nation's effectiveness. However, investment in technology also
determines positive changes in UK economy can be evaluated as:
It is evaluated that adopting technological challenges and new techniques impact on UK
businesses and its economy effectively. However, technological advancement and purchasing
machinery equipment increases business performance and also better quality of services are
recognised. In addition to this, investment in technology regarding business operations impact on
its economic performance of the country positively (Charness, 2014). Therefore, it can be
forecast that new creations in business operations and their impact on country's growth will
increase at higher level in future years on large scale.
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Illustration 2: Impact of technology on UK economy
(Source: Influence of investment in technology on UK businesses, 2016).

P4) Importance of small businesses start ups on growth of social economy
As analysing performance of economic position of UK in respect of increasing
establishment of new entity, it impacts on employment effectively. However, increasing small
scale enterprises influence on economic position of the country efficiently. In this regard,
importance of start up of businesses for social and economic development of nation can be
understood as:
 Economic development:
By increasing small businesses impact on monetary position of UK positively however
government's revenue get increased. It is related with creating balance between demand and
supply of goods and services for which productivity (Cherny and et.al., 2016). In this regard,
employment ratio of the country get enhanced affect nation's effectiveness. Therefore, economic
development of UK is identified in terms of increasing small scale businesses.
 Technological development:
Establishment of small scale entities and new creation in business operations influence of
technology. As country's technological development is identified in terms of improving quality
services. It increases strength to face competition and making place in global market in
comparison to other countries (Dooley and Kenny, 2014). Therefore, nation's economic sector
get improved for business operations and providing unique features products in country.
Therefore, establishment of small scale units impact on social and economic position of country
effectively. It is linked with technological advancement, effective employment and proper
production of goods (Drucker, 2014). Thus, it is significant for a nation's growth to set up new
entities for increasing efficiencies and effectiveness at maximum level.
M1) Entrepreneurial ventures to understand entrepreneurship in both public and private sector
Establishing business entity for both public and private sector, ventures are essential to
understand. These ventures are target in different ways for innovations and improving quality
services. Therefore, these are required to consider for setting up new entity and creating
innovations in business operations effectively.
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M2) Businesses' significance in economic growth of country
Increasing small scale entities are significant for economic growth of UK in respect of
technology and employment as well. However, government's fund get increased also remain
effective for contribution in nation's effectiveness (Fayolle and Gailly, 2015). Therefore, small
businesses like retail sector, travel agency etc increases nation's efficiencies also able to maintain
its operations effectively.
D1) Critical evaluation on scope, development and growth of entrepreneurship ventures
Innovations in business operations influences on quality services and work environment
of the company. However, it is effective for contribution in social and economic development of
UK also able to increase social welfare at maximum level. Including this, it impacts on
employment and increasing entities increases government fund and able to improve nation's
effectiveness. On critical evaluation, it is evaluated that due to heavy competition and high cost
for purchasing machinery equipment, investment remain difficult (Hmieleski, Carr and Baron,
2015). Therefore, attending classes and seminars for entrepreneurship and expansion impact on
business operations.
D2) Critical evaluation on influence of small businesses on different levels of economy
Increasing small scale entities influence on economic sector of the country positively.
However, various positive changes are recognised to achieve nation's effectiveness (Mudalige,
Ismail and Malek, 2016). On the contrary to this, it is also evaluated that facing competition
regarding business operations at local, regional, national and international level is quite difficult.
PART 2
P5) Characteristics of successful entrepreneur (Examples, entrepreneurs' born or made and skills)
A successful entrepreneur have specific characteristics which encourages him for creating
innovations in business operations and taking risks. For example; decision making,
determination, accepting challenges etc. These characteristics make him successful by passing
through many difficulties and competitiveness (Schlaegel and Koenig, 2014). It can be
understood with the example of Richard Branson, Mark Zuckerberg. Some essential
characteristics and skills of a successful entrepreneur are as:
 Risk taking and innovative thinker:
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Entrepreneur has risk taking and accepting challenges abilities which encourage him for carrying
on and do creating innovations in business operations. However, starting up new entity and
taking risk is one the great characteristic of him (Zhang, Song and Zhong, 2016). In addition to
this, he is creative thinker towards doing something great and unique. This characteristic
influences and shows positive attitude towards new business operations and uniqueness in
product services.
 Positive attitude:
It is one of the essential character an entrepreneur have which motivates him for taking things
positively (Cherny and et.al., 2016). Similarly, he solves out issues and risks occurred during
business operations with courage and accepting challenges wit determined to meet goals.
However, this positive attitude leads him to be successful and achieve targets effectively.
 Strong work ethics:
It is analysed that strong working ethics encourages entrepreneur to fulfil the set target in
determined time. Likewise, he completes the task with dedication and in consideration of ethics
that what is right or wrong in business operations (Fayolle and Gailly, 2015). Therefore, strong
working ethics quality of an entrepreneur leads to him to get success and increasing enterprise'
efficiency.
Thus, an entrepreneur have above mentioned characteristics and skills which encourages
and influences him to do better and have positive attitude to meet goals.
P6) Entrepreneurship personality reflect on motivation and mind set
Having entrepreneurs' quality impacts on an individual's personality and working style
more effectively. However, he takes risks as challenges and creates positive attitude towards
solving out the issue. Moreover, it influences his abilities, working environment, self motivation
and creating balance between personal and professional life. Likewise, his personality get
developed also impact on working and learning attitude (Drucker, 2014). He gets more
motivated and positive towards accepting challenges and facing them. In addition to this, his
determination and work ethics influences business performance and makes him more confident
and risk taker. Therefore, entrepreneur's characteristics and skills impact on working style,
personality and attitude more positive. It is also analysed that taking risk and getting success at
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