Make It Work Consultancy: Entrepreneurship and Small Business Report

This report provides a comprehensive overview of entrepreneurship and small businesses, focusing on the consultancy firm "Make It Work." It explores various types of entrepreneurial ventures, including public and private entities, and examines the characteristics of micro, small, medium, and large businesses. The report delves into the similarities and differences between these ventures, highlighting their impact on the economy at different levels. It discusses the importance of small businesses, showcasing the skills of successful entrepreneurs and how background and experience can foster entrepreneurship. The analysis includes an examination of topologies like serial entrepreneurs and social entrepreneurs, along with a detailed comparison of public and private ventures, emphasizing financial aspects, size, and characteristics. Furthermore, it provides statistical data on the contributions of small and medium-sized businesses, their job creation capabilities, and their influence on both local and national economies, including discussions on GDP, employment, and consumer confidence. The report also touches on the role of small businesses in fostering competition and innovation, concluding with an overview of their impact on regional economies and the factors that influence their growth and sustainability.

Entrepreneurship and Small Business

Contents
Introduction................................................................................................................................................................................................................ 3
Conclusion................................................................................................................................................................................................................... 7
References................................................................................................................................................................................................................... 8

Introduction
Entrepreneurship and small business is the starting point to
start a business. Small businesses run with the limited profit
and sources. In a small business, owners are responsible for all
the management.
In this report, the company “Make It Work” is a consultancy
firm. This company provides employers who help to operate
the business effectively.
The study will discuss the types of entrepreneur ventures and
show the relation with typology of entrepreneurial. Similarities
and differences between entrepreneurial ventures and how
micro and small businesses have an impact on the economy at
different level. It will cover importance of small businesses and
demonstrate skills of successful entrepreneurs who are different
from other managers. It will also cover the background and
experience can foster entrepreneurship with the example.
Entrepreneurship can be defined as mind-set of person that
help the person in gaining opportunities to start their business
and gain success in the market. It is the ability of individual
that encourage the person in implementing innovative ideas
and finding best solutions for this problem. There are various
types of entrepreneurial ventures – public, private etc. Small
businesses are a company where employees work less than 50.
In a scalable entrepreneurship entrepreneurial ventures focus
on more quality for society. It is important for large businesses
to mould the product according to trend. Small businesses
provide 19.8% employment in U.K.
Public organisations: This is the type of entrepreneur venture that
run under the control of government. It is governed and controlled
by government. The main agenda of this company is to provide
satisfactory services to consumers. Public companies are required to
pay tax at the end of financial year. Public companies are governed
by government thus, they have to make change in its operations if
guidelines get changed.
Private entrepreneur venture: This is another type of venture that
runs by person without intervention of government. McDonald is
the good example of private firm. Sole trader, partnership firm etc.

Bill gates is the successful entrepreneur who is the founder of
Microsoft. He has established a new concept and formed an It firm
that provides all kind of digital solutions to consumers. His
innovative idea has made him successful.
Henry Ford is another great entrepreneur who is the founder of
Ford Motor Co. He always finds opportunities in failures, he
believed in providing real value of money that is why he becomes
able to gain trust of buyers.
Private companies need not to pay tax in relation to firm, owner can
pay individual tax for the same. Companies are not required to list
itself in stock exchange. There are many firms that are involved in
private ventures. Large, medium, small companies come under
private entrepreneur ventures. Medium size business: In a
medium size business, less than 250 employees can work.
Small and medium size businesses are similar. Medium size
businesses have limited in the national level. They work on not
a large level. Small size industry can include in Medium size
business. Examples – Smith brother Ltd (contracting). In a
medium size business earn profit according their turnover.
Medium size businesses are works as partnership firms. Large
size business: Big level businesses refer to the big company or
industry where employee, labours, managers Etc. works with
together. Large size business is a big industry or a company in
which more than 250 employees has works at least. Different
types of enterprises are included in large size business like
partnership, limited companies. Micro business: They start
with the basic level in business. In micro business, employees
can work less than 10 employees. The businesses yearly
turnover is less than 2 to 3 million. Mostly micro businesses
are related to family business that started with 1 or 2 people. In
a micro business, they do not have big goals and objectives. It
is also called very small business. Small business: These
businesses operate independently. Less than 50 Employees can
work in the company. For example a grocery store, bakery Etc.
where employee can work at small level (Schaper and et.al.
2014). Maximum small businesses are like sole proprietorships
or partnership firm. Some professional small businesses are
like accountant, lawyers etc. It is also helped to increase
economic at different level.
Topologies
Serial entrepreneur: They are the person those who encourage new
ideas and start their business. Serial entrepreneur plays significant
role in daily business functioning so that working efficiency of the
firm can get improved. For example, Susan B Anthony is the

successful social entrepreneur who fought for women rights. Bill
gates comes under serial entrepreneur topology, as he encouraged
new idea and continuously work for development of business.
Female entrepreneurs: There are so many women those who are
running business successfully. Over past few year number of female
entrepreneurs have been increased in UK.
Social entrepreneur: This is another topology in which entrepreneur
works for eliminating social problems and improving wellbeing of
population. Henry ford comes under social and Serial entrepreneur
topologies. As he encourages new ideas and learn from failures but
also pay attention on providing real value of money and dong
something well for the sociality’s well. That has made him a
successful entrepreneur.
Scalable start up entrepreneurship: This is the type of topology that
explain characteristic of entrepreneur that their vision might change
the world. They convenience investors so that they invest funds in
their firm. They always work to expand their business.
Similarities between entrepreneurial ventures.
Risk is inherent in all types of business while starting a
new business. Businesses do not take risk they know they
cannot earn profit. Risks are always inherent in micro, small,
medium and large size business. Public, private businesses
work to earn maximum profit. Without profit any business
cannot work (Burns, 2016). Earning profit is a
common similarity of business. Public, private business create
job opportunities. They all hire employees for work.
Recruitment process has changed but every business needs an
employee. With the help of employees they try to earn their
objectives. With the help of financial strategy they achieve
their goals. Entrepreneurial ventures try to work for a long
time. At every level, competition is also there. In micro, small,
medium and large size business customer satisfaction are also
most important. They only increase their businesses with the
help of customer satisfaction. Micro, small, medium and large
size businesses have social responsibility. They all try to fulfil
their responsibility and make their position in front of public.
Attributes Public Private
size Too large Average ,depends upon
financial capability of
owner
Characteristic It is essential for the
entrepreneur to follow
guidelines of company
act to register the firm
It is essential for the
person to pay tax if it is
corporate firm or a
limited firm. If it is sole

as public limited firm.
Liability of stakeholders
are limited, as owner is
not responsible to
repay to consumers if
any issue or loss occur.
trader firm then no
need to pay tax in
respect to company.
Size Size of public
companies are big, as
they have adequate
funds to spend more
for raising profitability
of organisation.
Size of private firms is
comparatively small
because owner has to
put hard efforts in
order to collect funds
for expansion of
business.
Profit High High
example BBC company McDonalds, Toyota,
ALDI etc.
Medium size business are bigger than small businesses and
there turnover is also more than small size businesses. Their
combined turnover of small and medium size business were 2.0
trillion and that is the 52% of all private sector. 16.3 million
Employees work in small and medium size businesses (Burns
and Dewhurst, 2016). Government also support micro business
for their growth.
95.49% micro businesses are established in U.K.
Generally in 18 months 8 out of 10 entrepreneurs failed in their
business which means in the past 2 years 80% entrepreneurs
failed in their business. Small businesses can get help from the
government. Small businesses are like bakery, web designing
business, grocery shops Etc. Every year, private sector
employees are increased by 2%. In this year 99.3% small
businesses started and 99.9% business are small. From the last
year 23000 small businesses have increased (Mariotti and
Glackin, 2015).
In 2012, UK's small business increased by 6% provided
employment to about 2.3 million people. This data shows that
in 2012, 99% of the economy of UK was based on Small
businesses.Kalinic, Sarasvathy and Forza, 2014)
In 2013, total turnover of micro business was up to
£3,300 billion. The ratio of SMEs in UK has increased with
high pace (Scarborough and Cornwall, 2015).
These small businesses are highly influenced by
agriculture, forestry and fishing service sectors. Small business
contributes a lot in provision of employment, in 2018. In the
same year itself, the business of private sector fall down by 0.5
% and its employment rises up by 2%. Though the ratio of

business by SMEs is decreasing, it continuously delivers great
employment which was about 2, 00,000 in 2017(Julien, 2018).
A different statistical report shows that the turnover of
SMEs has been increased and touched £2 trillion in 2018 itself,
ranging from £1.9 trillion in 2017 and £1.2 trillion in 2015.
These data clearly shows that small, medium and micro
business require a strong funding and governmental support to
cultivate itself for providing greater employment opportunities
as well as contributing in small yet advanced projects to
facilitate communities(Ribeiro-Soriano, 2017).
Create job opportunities: Small business provide job
opportunities in local area. They provide employment of job
seekers. They help to keep money in local areas therefore local
economic also increased. Job securities are also available at
small level businesses
Economic growth: Small businesses are involved in
economic growth. With the help of small businesses economic
get strong. Small businesses are just like backbone of the
economic. They help in growth of socio economic.
Businessman gets only a licence to start a small business.
Small business are owned sole proprietors, partnership (Sahut
and Peris-Ortiz, 2014).
Encourage competition: due to small businesses new
ideas and innovation has created. That is why they encourage
competition in the market (Kalinic, Sarasvathy and Forza,
2014).
Social economic is also growing with the help of small
businesses. They play important role in social economic
growth. Social enterprises are also helped to increase social
economic. Small businesses are also impacted on local,
national, regional economic.
With the help of small businesses local economic
growth level increased. They provide employment of local
workers. They have ability to accept challenging climate. They
paid higher taxes to local government for property, sales tax. It
means that local economic growing level increased. Small
business do not always stay small, they grow in to a large
business. Microsoft is an example that they grow and became a
large business.
They also contribute in growth of national economic.
With the help of small business like make it word company,

GDP has increased of their nation. In 2017 small businesses
provide employment 16.1 million in U.K. After the company
growth when it changes at large level they more impacted to
national economic. Consumer buying products from small
businesses GDP will increase. Inflation, Consumer confidence,
interest rate, employment has influenced to national economic.
Manufacturing, retails small business are 46% of one of the
Small size business. They help to increase their national GDP.
Small business also affected to regional economic.
They are located in short area. A new business can affected to
regional economic positively or negatively. They pay taxes
then regional areas and regional economic both are affected.
Competition is also there in same regional. That is why some
time it may have to negative effect on regional economic.
Conclusion
Small firms have strong impact on overall development
to economy. These companies support well in improving status
of living of people and providing them income sources.

References
Barroso-Tanoira, F.G., 2017. Motivation for increasing creativity, innovation and entrepreneurship. An
experience from the classroom to business firms. Journal of Innovation Management, 5(3),
pp.55-74.
Burns, P. and Dewhurst, J., eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Geldhof, G.J. and et.al., 2014. Fostering youth entrepreneurship: Preliminary findings from the young
entrepreneurs study. Journal of Research on Adolescence.24(3). pp.431-446.