University of London: ENT301 - Entrepreneurship Report on Ventures

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining various types of entrepreneurial ventures, including small business entrepreneurship, scalable startups, large company entrepreneurship, and social entrepreneurship, highlighting their unique characteristics and objectives. The report then explores the similarities and differences between these ventures, providing a comparative analysis based on factors such as size, scope, and target market. Furthermore, it examines the critical role of micro and small businesses in the economy, using data and statistics to demonstrate their impact on job creation, economic growth, and the overall standard of living. The report also analyzes the entrepreneurial mindset and the factors that either promote or hinder entrepreneurial activities. Finally, it differentiates between small, medium, and large businesses, outlining their respective contributions to the economic landscape. The report aims to provide a comprehensive understanding of entrepreneurship and its pivotal role in driving economic development.

Entrepreneurship & Small
Business Management

INTRODUCTION
Entrepreneurship is defined as a term of launching and operating a new business. Moreover,
it is the formative procedure within people commenced risk for developing and running business
effectively when making sure more success and revenue. Also, it is consisted as the ability or
attention to develop and manage new ventures by supposing different sorts of risk for making
high profit. The data which this written assessment will consist more than a few topics that deem
the evaluation type that are commercial in nature, different types of industrial firm and its
relation with typologies (Alsafadi and et. al., 2020). Also it considers about contrast and
similarities among entrepreneurial venture, interpretation of information in order to micro and
small business has impact upon economy. Moreover, the impact of entrepreneurship on financial
system, the entrepreneurial mind set and the surroundings which promote or hamper
entrepreneurships are also explained in the document.
TASK 1
P1. Define dissimilar sorts of entrepreneurial ventures and describe how the link to the typology
of entrepreneurship
Entrepreneurship is signified as the activity of making new relation in commerce at market
with the goal of maximizing significance of earnings and sales. This is also called as Business
and the individuals who establish such kind of commerce are called as the businesspersons. It is
invented s the ability or curiosity to manufacture and hold new plan through assuming diverse
sort of chance for manufacturing large amount of advantages. Along with this, businessperson
manages several firm and services providing to its customers.
 Small business entrepreneurship: This kind firm is managed through the individual
through their won chance. This kind of companies is managed by the individuals by their
own chance (Laudano, Marzi and Caputo, 2018). Besides this, these unethical tour
employees, plumbers, hairstylists and others. The key objective of it is to make fixed
income and attempt to accomplish their basic results. With this, there are estimated 5.7
million of micro firms which are doing their commerce in UK.

 Scalable start-ups entrepreneurship: This considers ventures which relative large rate
of development to other organization in the marketplace. Apart from this, these perform
business actions in context of supporting creation and special presents to individuals.
Along with this, those have focused aim and insight to develop entire globe or
accomplish the impulse of consumers through offering them diverse sort of special items
like Microsoft, Google and others.
 Large company entrepreneurship: This sort of company is those which are doing their
processes on wide scale. Moreover, this kind of venture has number of workers who
provide their full assistance to attain its set aims (Marom and Lussier, 2018). Also, it
needs huge investments for overseeing actions in appropriate manner like H&M and
others. Social entrepreneurship: This kind of ventures is designed for providing protection and
security to public. Furthermore, the public occupation specialist is managing their expert
activities for not gaining benefits but purpose to attain the society predilection. Besides of
it, social ventures are managing their actions in such a way to develop the existing
standard of individuals like, Oxfam, NHS and others.
Typologies of entrepreneurship:
The explanations of some types of entrepreneurship which depend on the entrepreneurial
firm are as: Lifestyle enterprises: The firms in to this specific sense is showing its processes and
offering few opportunities of employment with centre on developing profits. Moreover,
these are centered on the developing public and primate livelihood. Along with this, it is
associated to public entrepreneurship because they are doing some work for the
development of public lifestyle. Growth firms: This kind of companies are handled their actions of the sector in such a
form to get more advantage and optimistic outcome. Moreover, it considers forms that
have high development rate in context of other ventures in similar area (Mahadea and
Zogli, 2018). Also, this sort of organizations are centered on demonstrating which

become enough to satisfy the consumers demand for developing market place as well as
maximizing maintain of customer by making concentration on the demands of
consumers.
P2. Explore the similarities and dissimilarities among entrepreneurial firms
The differences and similarities between all above defined entrepreneurial ventures:
Basis Small size Large size Social Scalable
Meaning There are ventures
which operate at a
small level
(Ismoilov and et.
al., 2020).
These are those
firms that work on a
wide level with the
assistance of
underline on the
area.
The firm which
performs for the
complete security of
public at a mid scale.
These are the
organizations that
perform at fixed
extent.
Objects Those unit that
plans to gain high
profit and so that
attract fast
development.
The key rationale of
this entrepreneurial
aim is to make
development in the
financial actions of
a potential sector.
It is the one unit
which design aim for
the protection and
development of
community.
The aim of these
kind of firm is to
develop
advantages by
making
development in
business actions.
Example
s
Plumber,
electricians and
hairstylist etc
(Julien, 2018).
Tesco, H&M and
M&S etc.
Save the children,
NHS and Oxfam etc.
Google, Microsoft
and others.

Similarities between entrepreneurial ventures
Similariti
es
Scalable start up
Entrepreneurial
venture
Large company
Entrepreneurial venture
Small businesses
1 To make sure the
contentment of the
clients. For instance,
Facebook produces the
goods and services
accordant to its target
people demand
(Maziriri, Mapuranga
and Madinga, 2018).
To make sure the
fulfilment of the
consumers. For instance,
Google offer effective
services to target people
and offer necessary data
to customers which fulfil
their needs.
To assure fulfilment of
the customers and
individual. For instance,
Beauty Bay is the SME’s
which produce beauty
goods according
customers need to
provide them fulfilment.
2 To make sure
sustainability and
competitiveness in the
marketplace. Facebook
considered custom
focused plans and make
innovation in order to
sustain and survive in
the market.
To declare sustainability
and competition in the
marketplace, Goole uses
customer centred schemes
to make sure its
sustainability.
To make sure
sustainability and rivalry
in the market. Beauty
Bay uses consumer
focused plans and tool to
make creation.
3 To enhance the resource
turnover for getting
better income. Facebook
utilizes its assets in most
optimistic manner to
To develop the resource
turnover for increasing
revenue. Google utilizes
its resource efficiently to
increase the number of
consumer and revenue
To increase the turnover
of resources for
maximising earnings and
income. Beauty Bay has
restricted assets and it
makes use of the assets

develop its profit. (Shadibekova, 2020). effectively for
maximising returns.
4 May need creation and
innovation to cut the
price and develop
development and
success in market.
Facebook created new
products such as
messenger, marketplace
and others.
May require innovation
for survival and
sustainability. Google
offered services like Allo
application for messaging.
May necessity of creation
for attaining
development in profits.
Beauty Bay created new
hair expenses and extra
new value added
services.
Entrepreneurship is presumed as a word that is related to community and business
departments. These departments also allow in ability of entrepreneurship it is important for the
development of business (Belitski, Caiazza and Lehmann, 2019). The purpose of it is to recover
environmental components of a specific ability. Society and commercial sectors also considers
the new technique It is good for them in context of their commercial business and making
improvement in revenue.
Business ventures are developed with few objectives as well as motives. Moreover, it would
leads in the line of having instant impact on development, success as well as copes of the firms.
Besides of this, they can develop the scope of firms by providing best quality of presents to
public. Also, this increases market value and number of customer as well as firms can explore
along with the development of economy.
TASK 2
P3. Evaluate data and statistics to demonstrate how micro and small business impact on the
economy
Small and micro firms both have significant influences economic system of the country. As
they offer essential development opportunity for fiscal and individual’s development and growth.
Moreover, this have been monitored that from last such years small and medium size
organisations are growing rapidly within UK which also perform as key basis of profit creation

for nation (Mahadea and Kaseeram, 2018). Also, it has been summarised that these firms
increase diverse sort of advantages to economy, individual and appropriate form. Therefore,
explain under, the impacts of small and medium size companies in context of UK.
Figure 1Business Type of Micro and Small Businesses in UK, 2019.
As per mentioned graph, this has been analysed that micro and diminutive extent companies
get in addition segmented in typical industries which establishes non investors (23.9%), non
exporters (33.2%), innovators (12.2%) and exporters (13.6%) (Sebikari, 2019). Consequently,
steady with the evaluation, this has been found out that small and medium size companies proffer
wide variety of benefits that significantly complements USA economic opportunity explosion
charge in a properly outline and influential mode.
Significance of small business and business start ups to the development of the social
economy
Start up and small venture are measured to be the significant aspects of UK economy
development as they offering more job chances for individuals who lead them concerning
maximisation and development within the life style of people.
Mutuals- People in the social economy acquires mutual benefits from each other actions
and work. The person in the society are mutually dependent and the advantage to one may create
benefits to others.
Foundation- The set of resource used to follow the objectives are known as the
foundations. The leaders from SMEs in UK consider developing the management and educating
people in society for wellbeing of people who living in the community (Jones and et. al., 2018).
For example, there are several basics in UK, Wolfson is one of them which working in UK and
support approx 10,000 projects in UK.

Charities: This kind of venture makes their contribution in the growth of the local fiscal
system and work for welfare of individual in society. For example, a high proportion of the
SMEs in UK provide back to the society by the contribution in charity for create positive
engagement to the society.
Association: It refers as the unit of people sharing aims and goals. It can be placed like a
venture considering of people of the society and organization may include in the form of
recognized and unidentified format (Urbano and Aparicio, 2019). For example, volunteer firms
performing in context of wellbeing of commune. NHS is one of the significant examples in the
UK.
There are some significant components wherein both start up and small ventures play
crucial role in social economical development which is explained as:
Formation of job opportunities: It has been recognized that there are different sectors which
are executing their operations as smaller and start up ventures. Along with this, generally these
are comparatively providing significant employment development opportunity for wide range of
persons that work like as significant outlooks for fiscal development of UK’s individual. Also, it
straight develops social financial expansion in appropriate way.
Improve the living standards: By providing good quantity of job chances, the both small and
begin ups firms are making crucial development in to life style of individual (Alsafadi and et. al.,
2020). As it has been recognized that UK is having approx 99% of companies that are
functioning their activities as SMEs and they are also generating 51% of turnover.
Differences among small, medium and large businesses make to the economy
The differences among small, medium and large businesses are explained as below:

 Small: This commercial enterprise enables and supports financial system in expansion
and achievement (Laudano, Marzi and Caputo, 2018). There are just about 10 to 49
individual who carry out their sports in small commerce venture those allows monetary
machine by providing employment probabilities to number of people.
 Medium: Under it, there are 50-250 workers who engage their efforts in achieving their
goals and aims. Also, they perform an important role in fiscal device sustainability.
 Large: These are known as large firm or commerce as they may be larger in size in
compare to small and medium sized companies. They have thousands of people as their
employees as national or international. The main aim of these ventures is earning profits.
Influence of small business on diverse levels of the economy (local, regional and national)
The small firms have impact on different levels of financial system. Therefore, SMEs
influences in fiscal scheme that is described as under:
Illustration 1: Role of Start-ups and Small Businesses
(Source: The Role of Start-ups and Small Businesses in Today’s Economy, 2018) Local impact: SMEs have influence on stage of regional financial system by fulfilling
and gathering the demands at local level by providing satisfaction (Marom and Lussier,

2018). Also, it has been examined that both small and mid level venture are offering job
chances to local people which efficiently beneficial in growth of UK’s financial system. Regional impact: According to above graph, it has been monitored that small ventures
have crucial impact on region as this leads regarding economic development of country
(Mahadea and Zogli, 2018). Also, it have been recognised that small and mid level firm
provide several advantages to nation such as worth of innovation maximises, growth of
expertise and others.
 National and international affect: It has been also determined that small firm aids
nations like administration of UK by developing the economic system. Also, depending
on the recognition, small venture also appropriately maximises and expands the
innovation stream within nation that endorses the fiscal condition of Britain.
TASK 3
P5. Characteristics, traits and skills of two victorious entrepreneurs
There are several sorts of characters, abilities and characteristics are needed for the
businesspersons so that they can function their commerce in an appropriate manner. There are
two entrepreneurs who are chosen for this report which are Elizabeth Gooch and Tom Mercer
whose traits, qualities and abilities are as under:
Characteristics
Passion- It is a needed feature of businessperson as with the assistance of it they can do
work constantly and create growth in their commerce. Due to having this quality, both Elizabeth
and Tom can focus on their work and accomplishing their set aim on regular base. It make them
differ from commerce executives as when the commerce influenced unfavourably, they misplace
their endurance as well as do not make effective decisions.
Hard work- It is other feature of entrepreneurs as with the assistance of it, they can execute
their task properly (Ismoilov and et. al., 2020). It support both the businesspersons like Tom
Mercer and Elizabeth Gooch as having this trait, they constantly take forward their job that
enable in growing their commerce. It will make discriminate from an administrator as cause of
having this trait, they capable to obtain good decision.
Skills

Leadership- It is an essential ability that is extremely needed for the businesspersons as
cause of having this ability; they can efficiently direct and direct their employees regarding set
aims. Elizabeth and Tom both have this ability and with the assistance of it, they offer effective
direction to their workers so that they can meet the requirement of task properly (Julien, 2018).
This skill is good for motivating so that they can never consider discouraged and work hard for
attaining the organisational purposes and objectives. This ability create them differ from business
administrator as due to have this ability; they can offer sustain and leadership to workforce.
Innovative thinking- It is another required ability for the businesspersons so that they can
utilise their inventive thoughts to offer declaration regarding workplace related issues. With this
ability, Elizabeth and Tom can solve the issues that are occurring in their work and get over them
from getting the expected development in an appropriate and adequate way.
Traits
Disciplined- It is an appropriate attribute for businesspersons for the development of the
firm. With the assistance of it, they can create stability among the personal and professional life.
With this characters, Tom and Elizabeth can make focus on their aims and aims without getting
and abstracted from other things.
Confident- It is another required, crucial and significant quality of businesspersons. With
the assistance of this ability, both Tom Mercer and Elizabeth Gooch are certain cause of which
they developed new ideas for their commerce that assist in getting optimistic outcomes and good
brand image in the marketplace. This trait differentiates these entrepreneurs form business
administrative as they take choices towards their commerce assertively in order to development
of their commerce.
P6. Aspects of Entrepreneurial personality
As per the above two businesspersons, some of the character traits which refers to
inspiration and frame of mind of entrepreneurial are described with the support of OCEAN
model of individuality test are as:
Openness- It is the primary trait of OCEAN model. If any people have this mannerism they
are a dynamic character and broad variety of attention (Maziriri, Mapuranga and Madinga,
2018). To have this quality, individual also tend to be more imaginative and intrepid and they
have great or open variety. With the help of it, they make concentration on their work and
frankly converse with the workers and other teammates.