Entrepreneurship & Small Business: Ventures & Economic Impact in UK

This report provides an overview of entrepreneurship and small business management, examining different types of entrepreneurial ventures, including large, small, and social enterprises, and their relationship with entrepreneurial typologies such as serial, male, lifestyle, and female entrepreneurs. It highlights the similarities and differences between these ventures and assesses the impact of micro and small businesses on the UK economy, emphasizing their role in generating employment opportunities and increasing per capita income. The report also discusses the importance of small businesses and startups in fostering social economy growth through local hiring, turnover strategies, diversity, and innovation. It concludes by underscoring the increasing trend of establishing entrepreneurial ventures and their contribution to enhancing a country's economic condition. Desklib offers a wealth of resources, including similar reports and past papers, for students seeking to deepen their understanding of entrepreneurship.

Entrepreneurship
and
Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1.Different types of entrepreneurial ventures and their relation with typology of
entrepreneurship.....................................................................................................................3
P2.Similarities and differences between entrepreneurial ventures.........................................4
TASK 2............................................................................................................................................6
P3.Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...........................................................................................................6
P4.Importance of small businesses and business start-ups to the growth of the social economy
................................................................................................................................................7
TASK 3 and 4 .................................................................................................................................7
Covered in PPT.......................................................................................................................7
CONCLUSION ...............................................................................................................................7
REFRENCES...................................................................................................................................8

INTRODUCTION
Entrepreneurship refers to a procedure in which an individual design, launch and operate
a business venture which can be small or medium. This is established by a person in order to
fulfil need and requirement of customers so that they able to generate high profitability ratio.
Entrepreneur can be introduced for profit motive or non profit motive, it is based on aim as well
as objective of a person who is opening it (Burns and Dewhurst, 2016). Topics which are include
in this report are various type of entrepreneurial business or unit along with its typology and it
will also explain similarity as well as difference among entrepreneurial venture. Along with this
it will explain some small and micro business venture which will contributing in economy
growth and this will also include several skills as well as traits of a successful entrepreneur.
Moreover this will discuss about various traits and skills which is required in order to become a
successful entrepreneur reason who their background and experienced help them in becoming
successful.
TASK 1
P1.Different types of entrepreneurial ventures and their relation with typology of
entrepreneurship
Entrepreneur refers to a process which encourage a person in developing a new business
venture so that they can serve the society in order to fulfil need and demand of customers in
proper and effective way. Moreover when a person start a new business they have to conduct
various things such as such as analysis market, develop strategies, products and services, analysis
capital and so on (El Ebrashi, 2013). Along with this they also face various risk which are related
to dissatisfaction of customers, financial risk and so on. There are diverse kind of entrepreneur in
a marketplace, some major of them are explain below:-
Type of Entrepreneurial venture-
 Large enterprises: There type of venture are based on large scale and they required huge
amount of fund so that they can offer products and services accordingly. They generally
provide expensive and luxury products for fulfilling need as well as requirement of
customers in proper way. Moreover they design products according to latest trends of
marketplace.

 Small enterprise: There type of venture are based on small level and it required less
amount of capital in respect of large scale enterprise. These entrepreneur are generally
manufacture a products and services with new as well as innovative trends. Such as cafe,
restaurants and so on.
 Social enterprise: These type of enterprise conduct their business operation as well as
function in order to satisfy need and demand of customers so that they can improve their
standard of living.
Kind of venture entrepreneurial typology-
 Serial entrepreneur: There type of entrepreneur are very creative and also ready to take
risk as well as face challenges (Griffiths, Gundry and Kickul, 2013). They generally offer
their products and services in all areas so that they can fulfil need as well as requirement
of customers properly.
 Male Entrepreneur: These entrepreneur design products and services according to
requirement and demand of customers. Along with this they are also creative and
innovative which help them in gaining high profitability ratio and market shares. Some
successful male entrepreneur are like Bill Gates, Mark Zuckerberg and so on.
 Life Style Entrepreneur: These entrepreneur are more focus on offering products and
services according to new trends which fulfil requirement of customers in effective and
appropriate manner.
 Female Entrepreneur: It refers to those entrepreneur which are more innovate and
creative in comparison to others. Along with this their main aim is to earn high
profitability ratio as well as market shares (Humphrey, 2013). Some of the famous female
entrepreneur are Emma Kane who is a chief executive officer of Red Leaf
Communication company.
P2.Similarities and differences between entrepreneurial ventures
Each and every entrepreneurial venture is different and similarity because their motive as
well as aim is diverse. Some of the major difference and similarity of some entrepreneurial
ventures are explain below:
Difference:-
Large scale and Small scale Entrepreneurial Ventures]
Basis Large Entrepreneurial Ventures Small Entrepreneurial

Ventures
Meaning These entrepreneurial venture are
developed on large scale and they
required huge amount of money so that
they can operate their function as well as
operations properly (Kenworthy and
McMullan, 2013).
It is a venture which required
less amount of capital as
comparison to large scale
entrepreneurship.
Decision making Here decision making is little bit time
taking because they follow organisational
hierarchy.
In this entrepreneurship
decision is taken by owner of a
company.
Process Process follow by respective venture if
formal type.
Here procedure is informal in
nature.
Social and Scalable Entrepreneurial Venture
Basis Social Entrepreneurial Venture Scalable Entrepreneurial Venture
Definition The main aim of this type of venture
is to serve the society.
The objective of this company is to
sustain in market for a long time.
Aim Its main aim is to serve products or
services for society welfare.
Its aim is to bring unique as well as
innovative ideas for the business.
Similarities:
Large and small business Social and scalable business
 Aim of both business is to earn profit.
 Main focus of these ventures are to
grab attention of customer and
investors.
 Both business are based on creativity
and innovation.
 They both want to sustain in
marketplace for a long time
(LópezSerrano and Pérez, 2016).

TASK 2
P3.Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy
Entrepreneur is of various type which impact on a economy in various ways. In United
Kingdom economy is mainly impacted by micro and small business ventures. Micro enterprise
are those venture which have generally 5 or less staffs at a particular workplace. Along with this
small venture are independently owned where very less employees are working in order to gain
high profitability ratio and market shares (Lourenço, Taylor and Taylor, 2013). These both type
of venture help economy of United Kingdom in attaining their objective and goal. Some major
benefit are explain below:-
 Generate employment opportunities: Through development of enterprise company able
to generate employment opportunities for local, national and international peoples. This
will also help these candidates in enhancing their standard of living. For this good motive
government of United Kingdom help small as well as micro ventures.
 Increase per capita income: This refers to the income of employees which they earn
within specific economy nation. So when there are more business venture then more
peoples get employed which directly help in enhancing per capita income of economy
(Ma and et.al., 2013).
Impact of small and micro enterprise on economy of United Kingdom can be measured as
well as described by using charts or graphs that is shown below:

Illustration 1: Impact of SMEs on growth of an economy
(Source: Impact of SMEs on growth of an economy, 2018)
From the above graph it can be analysed that economy of UK is enhancing itself along
with the evolution of small and medium business ventures. It can be analysis through graph that
economy is growing in positive manner. As shown in chart from year 2008 to 2012 economy is
fluctuating. But from 2012 to 2018, it is enhancing continuously that is very beneficial for
business ventures as well as company.
P4.Importance of small businesses and business start-ups to the growth of the social economy
As per the present scenario, the environment of business is very competitive and high in
the demand in which small business or start-up want to enhance their growth in an effective
manner in order to grow social economy. For the better improvement in the economies all
entrepreneur are focusing on their systems and factors by which they can make their economy
very effective in a proper way. There are few factors to enhance social economy growth, those
are listed below:
Local hiring: In order to increase social economy growth, small businesses manage and
operate their function locally in order to hiring local members of the economy. With the help of
this they can enhance people growth as well as business growth. This process maximises the
opportunities of people at the local workplace in a unique way. Therefore, it is more and more
effective technique which is helpful for small business in order to maximize economy growth
every day.

Turnover: It is the very effective strategy for small business and new start-ups because it
give the chance to gain opportunities also helpful in order to make plan for the future
development of social economies in an effective way. With the help of this companies can use
their resources and evaluate their fund effectively. Apart from this this can be said that small
businesses are depends upon the country's economy which make these business effective in front
of the people. On the other side entrepreneurs have friendly behaviour with other people in order
to satisfy them. Through this business also can achieve their goals and objectives in order to
developing the social economies in a appropriate manner.
Diversity: It is the effective and essential factor which enhance the growth of social
economy in a systematic manner. In reference to the small business units and start up they have
lot of flexibility in the business so it can be begins by the any individual in a proper way. With
the help of this diversity different culture, corporations and functions individual can develop
their growth within the specific time. That's why this is the easiest concept in order to enhance
social economy growth in a proper way.
Innovation: This is is the important factor of every business. With the help of this an
entrepreneur can apply innovative ideas on their business in order to influence people in an
effective manner. With the help of innovative ideas employees can get attracted and this process
can increases the social economy growth in an effective manner.
TASK 3 and 4
Covered in PPT
CONCLUSION
From above discussed point it can be concluded as well as evaluated that now a day trend
of establishing entrepreneur increased because in today's time every person want to become a
independent business holders so that start new venture. It can be of any type small, medium,
micro, social, lifestyle and many more and they all have some relation with topology. That have
some similarities as well as dissimilarity which make them and their business operation function.
Along with this when a person open a new venture they required some specific skills as well as

treats so that they can operate functions in effective and proper manner. These entrepreneur
venture also help country by enhancing their economic condition.
REFRENCES
Books and journals
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
El Ebrashi, R., 2013. Social entrepreneurship theory and sustainable social impact. Social
Responsibility Journal. 9(2). pp.188-209.
Griffiths, M. D., Gundry, L. K. and Kickul, J. R., 2013. The socio-political, economic, and
cultural determinants of social entrepreneurship activity: An empirical examination.
Journal of Small Business and Enterprise Development. 20(2). pp.341-357.
Humphrey, R. H., 2013. The benefits of emotional intelligence and empathy to entrepreneurship.
Entrepreneurship Research Journal. 3(3). pp.287-294.
Kenworthy, T. and McMullan, W. E., 2013. Finding practical knowledge in entrepreneurship.
López‐Fernández, M. C., Serrano‐Bedia, A. M. and Pérez‐Pérez, M., 2016. Entrepreneurship and
family firm research: A bibliometric analysis of an emerging field. Journal of Small
Business Management. 54(2). pp.622-639.
Lourenço, F., Taylor, T. G. and Taylor, D. W., 2013. Integrating “education for
entrepreneurship” in multiple faculties in “half-the-time” to enhance graduate
entrepreneurship. Journal of Small Business and Enterprise Development. 20(3).
pp.503-525.
Ma, Z. and et.al., 2013. An overview of contemporary ethnic entrepreneurship studies: themes
and relationships. International Journal of Entrepreneurial Behavior & Research. 19(1).
pp.32-52.
Omorede, A., Thorgren, S. and Wincent, J., 2015. Entrepreneurship psychology: a review.
International Entrepreneurship and Management Journal. 11(4). pp.743-768.
Raymond, L. and et.al., 2013. Dimensions of small business performance from the owner-
manager's perspective: a re-conceptualization and empirical validation.
Entrepreneurship & Regional Development. 25(5-6). pp.468-499.
Volery, T. and et.al., 2013. The impact of entrepreneurship education on human capital at upper‐
secondary level. Journal of Small Business Management. 51(3). pp.429-446.
Yan, J. and Yan, L., 2016. Individual entrepreneurship, collective entrepreneurship and
innovation in small business: an empirical study. International Entrepreneurship and
Management Journal. 12(4). pp.1053-1077.
Online
Impact of SMEs on growth of an economy.2018. [Online]. Available through:
<https://ec.europa.eu/growth/smes/business-friendly-environment/performance-
review_it>.