Icon College Entrepreneurship and Small Business Management Report

This report delves into the multifaceted world of entrepreneurship and small business management, with a specific focus on the UK context. It begins by defining entrepreneurship and highlighting its significance in the UK economy. The report then explores various types of entrepreneurial ventures, including small businesses, scalable start-ups, large company ventures, and social ventures, discussing their unique characteristics and roles. It further examines the similarities and differences between these ventures, focusing on objectives, value creation, and the mindset of entrepreneurs. The report analyzes the impact of micro and small businesses on the UK economy, emphasizing their contributions to employment, revenue generation, and innovation. It also underscores the importance of small businesses and start-ups in driving economic growth. Furthermore, the report outlines the characteristics, traits, and skills of successful entrepreneurs, as well as the influence of entrepreneurial personality, motivation, and mindset. Finally, it discusses how background and experience can shape an individual's entrepreneurial journey. The report concludes by summarizing the key findings and insights regarding entrepreneurship and its role in fostering economic development.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Different types of entrepreneurial ventures.................................................................................3
Similarities and differences between different ventures..............................................................5
Impact of micro and small business on economy........................................................................7
Importance of small business and start-ups towards the economy’s growth...............................8
Characteristics, traits, and skills of a successful entrepreneur.....................................................9
Aspect of entrepreneurial personality and their reflection towards entrepreneurial motivation
and mindset................................................................................................................................10
Role of background and experience with the context of entrepreneurship...............................11
CONCLUSION..............................................................................................................................12
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship refers to the self-owned business which is fully depended upon the idea of
creativeness and innovativeness among the individual. In-fact it is the conversion of innovative
thinking into reality in the form of development of business (Aldrich, 2017). It is an important
component of the economy of UK which support and contribute it at a larger scale. Likewise,
presence of different characteristics and traits among an individual would assist them to become
a successful entrepreneur. This report will discuss about the concept of entrepreneurship its
different types. The role of entrepreneurship and its types with respect to the growth and
development of economy of UK is also discussed in this report. Various characteristics, traits and
skills concerning a successful entrepreneur along with its aspect are also highlighted in this
report. Lastly, this report will cover the discussion that how background and experience can lead
or encourage an individual to become a successful entrepreneur.
MAIN BODY
Different types of entrepreneurial ventures
Entrepreneurial venture:
It refers to an organization that works on the principle of innovation and opportunism in
order to serve economic and social value. Likewise, entrepreneurship refers to an idea of setting
up of new business with the involvement of innovation and financial risk.
Types:
There are different types of entrepreneurial ventures:
Small business venture:
These are the small size business that operate with a perspective to raise their sales and
revenue along with operation of their business activities. These are generally owned by the single
individual. Though they are small in size but they plan an important role for the economy by
contributing it towards operation and running of small and daily activities (Morris and et.al.,
2018). They also play a major role in terms of employing local employees or residents. They
operate their business in the form of grocery shops, travel agencies, household firms and various
other.
Scalable start-up venture:

These includes those ventures that start their business with the unique concept and the
unique ideas. They perform every activity right from making of business plan till launching of
business in the market. These ventures usually attract the investors not only of UK but among the
different countries in order to make investment in them with a promise of manufacturing unique
and different business (Osiri, Kungu and Dilbeck, 2019). They usually have smart and talented
workforce. These ventures usually operate their business on the basis of the success story of the
previous successful business owners.
Large company venture:
These ventures usually have a definite set of life cycle. Major focus is lying on the
concept of innovation in order to evolve and produce new and innovative products. It can also be
defined as a creation of new venture among the existing ventures. They make and design their
product on the basis of the taste and preference of customers.
Social ventures:
These ventures generally produce goods and enable services in order to meet the need of
the social group or the society. The main focus of these ventures is to work in the direction of
meeting the social need or make the earth such a positive place of living and business where
there would be satisfaction of the needs of every individual. They have social motive behind
their operation.
Typology of entrepreneurship:
Types of entrepreneur:
Serial:
These are those individual who perform their business with innovative idea in order to
gain success.
Social:
These includes those entrepreneurs who work for the societal betterment and
development.
Female:
It is a special category that is concerned with encouragement of women and women
empowerment.
Typologies:
Lifestyle venture:

They initiate and perform their business for gaining market benefits. They work in the
direction of meeting the lifestyle and earn profits.
Survival ventures:
These included those entrepreneurs that initiate and run their business in order to meet the
need of their family. They work for the survival of the family (Neumeyer and Santos, 2018). It
may include macro and micro enterprises.
Scalar entrepreneurship:
They work with the vision of making changes in the world. They usually attract investment
from the parallel investors and the capitalist (Picken, 2017).
Similarities and differences between different ventures
As there are various types of entrepreneurial ventures including small, large, scalable and
social which may be differentiate on the basis of their size, scope, and various other features.
This can be described as:
Objective:
It refers to the aim of the company or the business for which they perform their work.
Every company or the business have their objective. In case of small entrepreneur’s the main
objective is to earn profit so that they can sustain their position in the market and run their
business operation. Likewise, in case of social entrepreneur the main objective is to bring
betterment towards the society. This means that their goal is concerned with enabling benefits to
society. Likewise, the survival entrepreneurs run their business on the basis of the aim to support
their family or maintain their survival. Thus, it would not be wrong to said that the objective is
the base of differentiation which make difference between different types of ventures.
Value creation:
It is also an important concept by which the firm make value and the share of their
profits. In order to raise value every organization or the entrepreneur need to adopt the practice
of continuous improvement in their working practice. However, if the concept of value creation
is linked with different entrepreneurial ventures then it could be counted under similarity. This is
because every venture tries to raise the value of their offering among the society so that along
with meeting the needs of the society they can also gain competitive position along with a good
profit share for their organization.

Mindset:
It refers to the individual thinking and perspective towards the business. Since every
individual is different from each other so they also possess different mindset with regard to the
operation of the business. This can be understood as the small entrepreneur run their business
with a mindset of serving the need of the local society along with maintenance of their survival
while the survival venture operates their business in order to meet the survival of their family.
They don’t care about the concept of market competition.
It is to be noted that there are different types of entrepreneurial venture including
entrepreneurial, intrapreneurship and managerial. The entrepreneurial is associated with
independent individual person who moves their business with freedom and inadequate resources.
Intrapreneurship is somewhat similar with the entrepreneurial but the major difference is the
comfort zone (Blanka, 2019). This means that they run their business within comfort zone along
with self-motivation. While managerial consist of those individual that work along within the
organization and as per the manager. Likewise, in case of public entrepreneurship the main
motive is societal benefits and the public concern. While private entrepreneurship work with the
objective of raising profits.
Critical analysis on scope, development and growth:
The scope and the growth and development with regard to entrepreneurial ventures are high
and continuously raising. This is because the employees or the young people are now interested
in performing their own business rather than fix towards the job or working in private sector.
Along with the trends of rising innovation and creativity the scope and growth with regard to the
entrepreneurial ventures are rising day by day. Since, every individual nowadays wants to
perform the business of their own and want to inculcate its creativity and knowledge so it would
not be wrong to said that the scope and the growth and development with regard to the
entrepreneurship is continuously increasing.
In addition of this it is also to be considered that the scope and development is also depend
upon the environment and fluctuate as per changes in the environment. This means that if the
environment will favour the entrepreneurship in the form of ease of rules and policies or the
financial support then the scope become more wider and vice versa.

Impact of micro and small business on economy
Micro and small business have a great role towards the economy of the UK. Being working
at the local level they have a major role in the form of making contribution towards the economy
of UK. As they have direct contact with the local economy so they play an important role in the
form of availing employment to the local people. This means that they have a major role in
raising the employment rate in UK. Around, 60% of employment is being provided by the small
business in the economy of UK (How do small businesses impact the economy?, 2021).
Likewise, small and medium enterprises also contribute a revenue of 47% to the economy of UK
(Boosting UK productivity with SME growth, 2021). Due to making of production of products
and serving the need of the local population it also plays a role in reducing the dependency of the
country towards the foreign countries. Since, these enterprises work on the concept of innovation
and creativity so they also lead the economy to have an exposure of better services and unique
products. Also by reducing the intensity of turnover they play major role towards the economy.
As turnover is one of the impacting factor for every economy and by raising the rate of
employment and giving jobs to local people small business plays an important role.
They also lead to the growth of the economy of UK in terms of enabling their services in
the form of working as a professional service provider of the personal services in the form of
beauty and wellness. Small and micro business are counted under that category which enable an
individual to convert their innovativeness into a form of business. Thus, it plays an important
role in terms of creation of business in the economy and thereby making the economy of UK as
more strong and developed. It is also to be noted that among the various category of business
99% of the business in the economy of UK are concerned with small enterprises. These
enterprises play an important role in terms of meeting the short term needs of the of the people.
As it is a recent trend in the UK that the young people are now more attracted towards the
entrepreneurship instead of engaging themselves in the traditional jobs or the employment.
Since these small and micro enterprises are playing an important role in terms of generating
employment, raising revenue of the economy, engaging the young people into the business and
various other role, so it would not be wrong to said that they have a major role in terms of
leading the economy towards the direction of growth. It also plays its role in terms of making the
economy independent by self-producing the products or the services.

Importance of small business and start-ups towards the economy’s growth
There are broadly three categories of business:
Small:
These business operate at the very small scale and level. The number of employees are
usually less than 50 and the rate of turnover is under £10 million.
Medium:
These are big in size in comparison of the small enterprises with a wider scope. The
number of employees are usually less than 250 and the turnover is also under £50 million
(What is an SME?, 2021).
However large enterprises comprise of those under which both the number of
employees and turnover are more than medium one.
It is also to be noted that these enterprises are counted under the major sector of the
economy of UK. It is one of the widest sector of the economy of UK that covers 99% of the
UK’s business.
Importance of small business over the growth of the economy
Apart from these types it is also important to note that these small enterprises have
different impact at different level of economy including local, regional, national and at
international level too. This can be understood as they have a main role in terms of employment
creation so by creating job it pays its role at global level by employing the people. Along with
creation of more employment the more products can be created and produced. This will also lead
to the development of the country as a whole because along with employment better product are
being enabled by the country (Ndiaye and et.al., 2018). This means that along with working at
local level or supporting the local economy, they play their role at the international level too.
This growth can be measured on the basis of generation of turnover means the amount of
money that is generated by the company. This is one of the important tool for measuring the
economic growth because of the direct proportionately of social economy and the employment
rate. This can also be understood as it provides a stage where the people by utilising their skills
and innovativeness improve their career along with improving the state of the economy. Thus,
through these factors along with the factor of reducing investment, raising saving, introduction of
new resources and products and various other they make their contribution towards the economy.

Likewise, by making importing and exporting of products, SME are playing their role at
the international level too. Thus they are playing their role in terms of raising the global budget
along with a continuous improvement in the productivity of SME.
SME makes their contribution towards the growth of the economy by raising the rate of
employment. As the rate of employment that is being generated with the SME are 99%, which
shows that only 1% of the employment is being raised with the large enterprises. As again there
is direct relation between the rate of employment and the production of goods and services by
which the needs of the customers can be served. So through this mode also they play their role in
terms of serving the needs of the society. It is again to be noted that not only the SME but the
large enterprises also play their role towards the economy in terms of production of more items
and employing more people and paying more to them.
Characteristics, traits, and skills of a successful entrepreneur
There are various characteristics and traits that are needed to be present in an individual to
become a successful entrepreneur. These may include:
Passion:
It is very important for an entrepreneur that it must be passionate towards its work and
the business. A keen determination and focus towards the objective or the entrepreneurship
would lead an entrepreneur to be successful and different from any other business personal
(Herron, 2020).
Confidence:
It is the key to the success of an entrepreneur. A high degree of confidence towards any
work or the business may raise the chances of success and the growth.
Adaptability:
It is also an important trait of an entrepreneur that make it different from other and lead to
its success. As per this trait an entrepreneur must always be adaptable towards the changes and
the changing trends (Shabbir and Muhammad &Kassim, 2019).
Ability to sell and promote:
This skill is the key of success for any business including the entrepreneurship too. This
means that if an entrepreneur has ability to sell and make promotion of its products and its
business then no one could stop them from getting success.

Expert in networking:
It is also an important characteristics of entrepreneur. It is very essential that it must
possess this characteristics and skill so that with the making of networks it can perform or
explore its business activities and achieve high degree of success.
This could also be understood with an example of Peter Jones who was a famous and
successful entrepreneur. Along with entrepreneur, he was a successful businessman, television
personality with a deep interest towards television, media, retail, property and many more
aspects. Peter Jonas with the presence of the above mentioned characteristics and skills become
well known personality and a successful entrepreneur of the British economy.
Aspect of entrepreneurial personality and their reflection towards entrepreneurial motivation and
mindset
There is a direct relation between both the concept. This means that the entrepreneurial
Personality’s reflection can directly be seen with the motivation and the mindset of
entrepreneurial personnel. This can be understood as an entrepreneur personality has a
characteristics of drive towards changes, adaptive behaviour, ability to implement new ideas
along with leadership traits which is again directly reflected among the other entrepreneurs and
the personnel (Nasip and et.al., 2017). In-fact it acts as a motivator for them that could encourage
them to become like such personnel.
In the same manner the entrepreneur also possess certain characteristics in the form of
confidence, self-belief, personality trait, autonomy, self-encouragement, leadership and various
other. Presence of these characteristics also act and reflected in the form of motivation and
positive mindset for the entrepreneurs that by following these traits and characteristic they will
be lead towards the direction of the success (Harrison, Burnard and Paul, 2018). Presence of
energetic behaviour, independent mind, openness to experiences are all counted under such
characteristics of an entrepreneur that guides the employees as a source of motivation and
encourage them to get headed towards their goal. Likewise, the personality and quality of an
entrepreneur in the form of presence of time management, team leadership, co-operative nature,
prioritization of work act as a source of motivation for the future entrepreneurs who want to
grow in the field of entrepreneurship.

In case of arguments with reference to entrepreneurial characteristics it can be argued that
different entrepreneur and individual have different perspective and argument with regard to
characteristics. This can be understood as some may argued that entrepreneurs have low
tolerance power, they sacrifice a high risk with respect to failure, they are over confident, they
have lack of knowledge, and various other arguments of people referencing the characteristics of
entrepreneurs.
The key characteristics, traits and motivational drivers of a successful entrepreneurs may
include their perspective towards setting up of clear goals, non-afraid of risk taking, challenge
taker, continuous learning approach, high degree of passion, taking failure in a positive manner
and various other (Nikookar, Ahghar and Ahamdi, 2019). This can also be supported with an
example of Simon Cowell who was an English television personality with a successful
entrepreneur. He possessed all the above characteristics and judged a talent competition series.
Role of background and experience with the context of entrepreneurship
The background and the experience plays an important role in terms of entrepreneurship.
This can be understood as the entrepreneurship in the form of SME which have an inculcation of
the background of creativity, awareness, innovativeness, marketing and management skills and
various other have a direct impact over foster towards entrepreneurship. This means that an
entrepreneur after having an association with SME become more creative and it would also not
be wrong to said that the experience with the entrepreneurship with the SME will further foster
in the form of creation of new entrepreneurs (Bird, 2019).
Likewise, the entrepreneurship also have an impact over the cultural background of the
society. This can be understood as in entrepreneurship the base concept involves the risk taking
which also develop the habit among society or the young entrepreneurs to take risk and explore
the world of business. In the same way it also foster the spirit of entrepreneurship among the
people or the society by inspiring them and motivating them with the concept that is being
included in the entrepreneurship.
Like the culture impacts, impact of education is also associated with the concept of
entrepreneurship. As the literacy rate will raise or the people get more skilled with the
involvement of entrepreneurship as a subject in the school will helps in preparation of future
entrepreneurs and thereby helps the exploration of this concept.

As the UK is counted under most developing countries with a strong financial background,
but still the amount of money that is being compared with the private job and the
entrepreneurship is different. This means that the money that is concerned with the
entrepreneurship is more than the private job. This is again raising the interest of the people
towards the concept of self-owned enterprises and the entrepreneurship.
Influence of personal background and entrepreneurial characteristics plays a major role in
becoming a successful entrepreneur. This can be understood with an example of one of the
famous entrepreneur named Steve Jobs. It was one of the famous and successful entrepreneur
with the builder of apple which is one of the famous and well-known brand of the world. With
the use of calligraphy skills, Steve Jobs design the apple computer. He was studied in Reed
college and dropped out because of the lack of financial resources. But with the personal skill of
humanity that he learned from the college and the calligraphy skill, Steve Jobs design the apple
computer which is now in the current time become a well’ known brand of the world.
With the example of Steve Jobs it would not be wrong to said that background and
experience both can foster and influence towards entrepreneur both positively and negatively. As
Steve Jobs has a weak background that he works as a mechanist with the hobby of fixing the car.
Also he saw the computer at the age of twelve. But by converting the weak background and
converting his passion of creating something new, he originated apple computer which is now
counted under one of the top company with regard to computers and mobiles.
CONCLUSION
From the above report it is concluded that entrepreneurship which could be of any typology
or form plays an important role or contribute a major share in the growth and development of the
economy of UK. It is counted under one of the recent and developing trends specially among the
young generation who have creative and unique ideas. Although the economy of UK is very
strong in terms of financial background but the interest of young generation in become or wing a
self-owned enterprises or the entrepreneurship is high. In addition of this, entrepreneurship
consisting of various types plays an important role in the economy of UK by generating and
enabling the employment. It is also understood from the report that there are various
characteristics, traits and skills that make the concept of entrepreneurship unique and different

from other business. It is also summarizes that with the characteristics of passion and dedication
along with an innovative idea or the cultural and social background of an individual would
encourage an individual to become a successful entrepreneur.

REFERENCES
Books and journals
Aldrich, H., 2017. Learning together: National differences in entrepreneurship research. The
Blackwell handbook of entrepreneurship, pp.5-25.
Bird, B., 2019. Toward a theory of entrepreneurial competency. In Seminal Ideas for the Next
Twenty-Five Years of Advances. Emerald Publishing Limited.
Blanka, C., 2019. An individual-level perspective on intrapreneurship: a review and ways
forward. Review of Managerial Science. 13(5). pp.919-961.
Harrison, C., Burnard, K. and Paul, S., 2018. Entrepreneurial leadership in a developing
economy: a skill-based analysis. Journal of Small Business and Enterprise
Development.
Herron, L., 2020. Do Skills Predict Profits: A Study of Successful Entrepreneurship. Routledge.
Morris, and et.al., 2018. Distinguishing types of entrepreneurial ventures: An identity‐based
perspective. Journal of Small Business Management. 56(3). pp.453-474.
Nasip, and et.al., 2017. Psychological characteristics and entrepreneurial intention. Education+
Training.
Ndiaye, and et.al., 2018. Demystifying small and medium enterprises’(SMEs) performance in
emerging and developing economies. Borsa Istanbul Review. 18(4). pp.269-281.
Neumeyer, X. and Santos, S.C., 2018. Sustainable business models, venture typologies, and
entrepreneurial ecosystems: A social network perspective. Journal of Cleaner
Production. 172. pp.4565-4579.
Nikookar, S., Ahghar, G. and Ahamdi, A., 2019. Design and validation of entrepreneurship
skills pattern in employees. Iranian journal of educational sociology. 2(2). pp.12-23.
Osiri, J.K., Kungu, K. and Dilbeck, M., 2019. Predictors of entrepreneurial intentions and social
entrepreneurial intentions: a look at proactive personality, self-efficacy and
creativity. Journal of Business Diversity. 19(1). pp.42-52.
Picken, J.C., 2017. From startup to scalable enterprise: Laying the foundation. Business
Horizons. 60(5). pp.587-595.
Shabbir, M.S. and Muhammad &Kassim, N., 2019. Entrepreneur as an Individual Review of
Recent Literature on Entrepreneurial Skills. Opcion. 35. pp.582-599.
Online references
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How do small businesses impact the economy?., 2021. [Online]. Available through
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