Entrepreneurship: Report on Small Business Development and Startups

This report delves into the realm of entrepreneurship, focusing on small business development and startup ventures within the UK economy. It begins by defining entrepreneurship and exploring various types, including small business, scalable startup, social, serial, and lifestyle entrepreneurship, along with their typologies. The report then compares and contrasts these ventures, examining differences in size, structure, aims, objectives, and sources of finance. Furthermore, it presents and interprets data and statistics related to the impact of small businesses on employment, economic growth, and revenue generation, particularly within the context of the UK economy and the influence of events like Brexit. The report also highlights the importance of small businesses and startups in the social economy, discussing their role in job creation and contribution to the GDP. Finally, the report touches upon the characteristics of successful entrepreneurs, entrepreneurial personality traits, and the factors that can either hinder or foster entrepreneurial endeavors.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
P1 Different types of entrepreneurship and their typology.........................................................1
P2 Similarities and differences between different entrepreneurial ventures...............................2
P3 Present, interpret and assess relevant data and statistics........................................................4
P4 Importance of small business and growth of start-up in social economy...............................5
PART 2............................................................................................................................................6
P5 What things make successful entrepreneurs and example of successful entrepreneurs with
characteristics and skills..............................................................................................................6
P6 Entrepreneurial personality which reflect motivation and mindset........................................7
P7 Background and past experience which hinder and foster entrepreneurship.........................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship consider important role in the business success and development to
increase growth and development of particular company. In this regard, several innovations and
creativity are taken into consideration at workplace of small business to make effective
functioning and outcomes in the business (Phillips, Lee and James, 2015). Present report is based
on the small business development with entrepreneurship so that effectiveness will be
ascertained to focus on the accomplishment of desired results. In this context, it covers
entrepreneurship ventures and their typology to focus on the desired results. Furthermore, it also
includes similarities and differences between different ventures to develop more significant
results at workplace. In addition to this, small business also helps to focus on the systematic
performances so that start-up business social economy development consider in systematic
manner.
PART 1
P1 Different types of entrepreneurship and their typology
Entrepreneurship defines as the innovative and creative characteristics that help to make
more profits and revenue as well. With the help of innovative tools and techniques, planning of
start-up business ascertained to maintain creativity at different ventures (Carter, Mwaura and
Jones, 2015). Following are different kinds of entrepreneurship ventures that have been
explained with their typology to attain creative results:
Small business entrepreneurship: In this kind of entrepreneurship venture, unique and
creative entrepreneurial which influence to the individual towards the business. As results, it is
important for the people those consider planning to start new business that is already exist in the
market (Bruton, Khavul and Wright, 2015). In this consideration, it is important to involve
business grocery stores, barber shop, travel agency, etc. All these kinds of people are highly
skilled so that innovative ideas and process is considered to attain and maintain high profits in
the enterprise. Their main objective is to increase profits and revenue through targeting more
people. In the UK, small business venture consider significant results in the enterprise
(Smallbone and Welter, 2017). It helps to encourage entrepreneurs to design their goals and
attain more profits as well. In this regard, typology involves to earn more profits to feed their
family and fulfil their basic needs as well.
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Sealable start up entrepreneurship: In this aspect, entrepreneurial venture concerned with
unique characteristics and innovations to attract several people at workplace. They focus on the
investors who consider their operations on the favourable business idea. It considers opportunity
to get high investment and increase brand image in future business as well. Beside this, ideas
require unique so that maximum customer attraction could be develop. This venture has typology
to provide innovation in products and services to attract maximum people at workplace (Henry,
Foss and Ahl, 2016).
Social entrepreneurship: Furthermore, this kind of entrepreneurs assists to develop social
services in the community for their welfare and development. Such ventures carried only for
well-being of people not for earning profits. Hence, they develop their consideration for society
development. Typology involved in this way is that serve for society in efficient and effective
way (Carter, Mwaura and Jones, 2015).
Serial entrepreneur: These kinds of entrepreneurs consider their outcomes for future
development to look for new venture. They determine unique and innovative characteristics to
provide services to customers. Main typology involved in this is innovative elements to develop
future results (Smallbone and Welter, 2017).
Female entrepreneur: These kinds of entrepreneurs are focused on expansion of business
in international areas with different quality as male. They possess something different
understanding as male entrepreneurs with effective management skills.
Lifestyle entrepreneur: Moreover, such kinds of entrepreneurs are focused on future
development to obtain risk handling capacity (Bridge and O'Neill, 2012).
P2 Similarities and differences between different entrepreneurial ventures
In respect to consider different types of entrepreneurship ventures, following are
differences and similarities that exist at workplace:
 Size and structure: In the small business, this kind of activities play important role in
success and develop effective results. This is because it helps to attain desired results
with meeting their needs and requirements. As compared to large business, SME
enterprises consider unique and creative characteristics to attract them in the business.
For example, entrepreneur creates planning to start new retail business so that they need
to understand big enterprise concept such as Tesco, Asda, etc. Therefore, they are able to
develop effective results in systematic manner. Identifying this concept helps small
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business to create innovative ideas and make success that is attained in systematic
manner. However, in the sealable start up business has size and structure not create any
matter because it is not required to do their functioning.
 Aims and objectives: It is another difference which lies to attain creative results for
accomplishing aims and objectives among different entrepreneurial ventures. Hence,
social entrepreneurship has opportunity to create better life and improve revenue of the
organisation as well. Besides this, sealable start up venture assists to provide innovative
ideas and earn high profitability in long term consideration. As results, it can be assessed
that there it is the most important similarities and differences in term of aims and
objectives to provide high quality in products and services (Bruton, Khavul and Wright,
2015).
 Source of finance: It is another difference in terms of creates finance arrangement in
different entrepreneurship. As results, it is important for entrepreneurs to arrange money
in the company for expansion of the business. In order to compare it with the social
entrepreneurs, they need to be focused on the welfare of society and not only on earning
profits. Main similarity considers that is unique concept to attain desired results.
Lifestyle entrepreneurs Serial entrepreneurs
Require proper management of HR to recruit
skilled employees
In this way, also needed proper HR to consider
proper recruitment.
They have innovative qualities to develop
future outcomes
They consider innovative skills to increase
business performances
Risk capacity also included Risk capacity included
Differences
They focuses on provide reward to enjoy
passion and develop creative skills
Serial entrepreneurs start new company with
consider important role to focus on new
business operations
Female entrepreneurs Male entrepreneurs
Female entrepreneurs look to expand their
business operations in international market.
Male entrepreneurs also create their operations
to make expansion in global environment.
Less turnover as compare They have also less turnover (Carter, Mwaura
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and Jones, 2015).
Differences
This entrepreneurs are females They are male
In all over the world, there are around 1/3
female entrepreneurs exist.
Male quantity is more than female in all over
the world.
P3 Present, interpret and assess relevant data and statistics
In can be identify, that micro and small business have large impact in term of economy.
Small business considers major part in the business development and attains more profitability as
well. It helps to the enterprise in term of improvement in the economic conditions. Therefore,
business has desired objectives to obtain their vision and contribute large share in all over the
country development goals and aims (Henry, Foss and Ahl, 2016). With the help of setting
targets, it can be stated that business considers their operations and functions in micro, macro,
small, medium, etc. size. On the basis of these aspects, employment structure and capital will be
owned by the company. Private enterprises have effective consideration in term of earning high
amount of money. On the other hand, in the sole proprietorship obtain their functions and
operations to sell their products and services as single owner so that they have not any ideas
regarding financial statement (Bridge and O'Neill, 2012). It can be evaluated that partnership
business has several partners exist so that profits and loss could be share among themselves to
earn more profits and revenue. Each and every partner possesses equal right to develop their
systematic results at workplace. This is because profits and loss both are shared equally. UK
economy is declined so that it creates impact on SME which is main reason to operate functions
and operations through enterprise get affected. In this context, following are impacts of SME
business that could be seen:
Contribution with the employment: In the small business, this element creates major
strength which assists to attract more number of employees with providing them more benefits.
As results, there is different people got employment opportunity to employing in the business. As
compare to large enterprises, in the SME there are only 250 people requires. In addition to this,
there is no limit in order to recruit in the large business. As results, it considers employment
feature in the SME. On the other hand, this kind of employment rate creates significant impact
on the economy. In the context of GDP, it ascertains major advantages at workplace. In the year
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of 2016, around 6.2 million SME consider their operations and functions (Phillips, Lee and
James, 2015).
Economic impact: It has been assessed that in the development of country, SME play very
important role to increase growth of the firm. In order to consider innovations in the nation, they
develop more profits and revenue to ascertained systematic results. Furthermore, this kind of
business proves that they highly create impact on the consideration of employment. It assists to
possess innovative and creative characteristics to grow business operations and functions in the
market. It helps to compete with the other enterprises easily. Firms also prove that highly
effective consideration develop which assists to provide employment opportunity to several
number of candidates (Bruton, Khavul and Wright, 2015). With the help of innovative and
creative ideas, large enterprise creates major impact on the country economy. As results,
employment opportunity also delivers at workplace. In recession time of 2008 in UK, SME
contemplates their part to remove this recession and increase growth as well.
Revenue in the sector: In respect to reviewing the UK economy, it can be stated that SME
business helps to generate more significant advantages at workplace. This is because it assists to
generate around 46% revenue of the all over businesses. It play very important role and increase
UK results in significant manner (Bruton, Khavul and Wright, 2015). On the other hand, in large
there are several issues occurs. This is because they needed more amount to invest more money.
P4 Importance of small business and growth of start-up in social economy
In the UK, there are several problems occurs after BREXIT. This is because UK withdraws
out from the EU. It influences the organisation and economy of the country as well. It has been
identified that SME were unable to carry out their operations in international areas due to
BREXIT. There are several difficulties occurs in SME because of the policies, regulations,
norms, etc. (Carter, Mwaura and Jones, 2015). EU never permits the organisations to operate
their functions and operations in the new areas. Main difference in small business and SME
occurs that small businesses are already established and they are working on the new operations
and functions. As results, it not taking at small scale business. BREXIT assists in developing
their effective functioning to ascertain creative advantages and improve economic results of the
nation as well. Moreover, it supports to reduce its poverty, wealth distribution and increase
revenue as well. It contributes to provide more revenue in the country and develop social
amenities at workplace (Wang, Robson and Freel, 2015). Such firms are also increasing their
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creativity to make profitable results in the enterprise. UK economy also grows continuously
which make better results at workplace. It assists in providing employment opportunity to all
individuals which create great difference in aspect of the social development.
PART 2
P5 What things make successful entrepreneurs and example of successful entrepreneurs with
characteristics and skills
Entrepreneurs consider several skills and characteristics which help to attain more desired
results in the country. Different person possesses different characteristics and innovative ideas
which help to improve results and taking capacity which includes in operations of the
organisation (Henry, Foss and Ahl, 2016). There are two successful entrepreneurs consider such
as Mark Zuckerberg and Steve Jobs. Both possess skills and characteristics to maintain
effectiveness in the business environment. As compared to ordinary manager, they have some
unique qualities through which they are able to deliver creative results in the country. It will
assists to focus on the systematic work performances in the nation (Fitz-Koch, Nordqvist and
Hunter, 2018). In addition to this, effective traits and skills as per the dynamic aspects have been
determined which helps to develop more profits. It will helps to attain more creative results in
the business environment. Following traits and skills explained which possess entrepreneurs:
Traits and characteristics
 Planning: Main trait of successful entrepreneurs is that they consider creative plan for
each perspective in the business. They consider innovative results with ascertain creative
functions and operations in the business. Zuckerberge and Jobs both create plan to make
themselves successful entrepreneur. It will helps to attain more significant advantages in
the business environment. As results, they are able to maintain effectiveness easily. With
the help of the step by step working, they will get successful results. As compared to
other managers, they consider innovative leadership and skills to accomplish tasks in the
business (Goffee and Scase, 2015). It can be assessed that entrepreneurs will able to
attain innovative results in the business.
 Competitive traits: These characteristics assist to help individual to obtain unique and
innovative ideas. This is because, with the help of competitive elements, Zuckerberge and
Jobs will get success in new areas of the business. In addition to this, they can also
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compete with other businesses as well. It will help to focus on the vision and future
development activities (Smallbone and Welter, 2017). As results, it will accomplish
results with assigned tasks and attain creative results at workplace.
Skills
 Risk taking: Furthermore, Zuckerberg and Jobs require skills to take risk. This is
because in entrepreneurship business, there is high risk exists which create impact on
profits and revenue. In this regard, it is important to develop systematic results in the
business unit (Nabi, Liñán and Walmsley, 2017). When they are capable to take risk,
they can easily develop their skills and characteristics in systematic manner.
 Multi-tasking: It is another skill that is required in each entrepreneur. This is because
entrepreneurs need to take different tasks and activities that are important for the
business. With the help of these skills, they are able to deliver more significant
advantages in systematic manner. It will help to attain more profits and revenue in
desired manner. This is important to focus on the desired results required in the business
(Henrekson and Sanandaji, 2014).
P6 Entrepreneurial personality which reflect motivation and mindset
Personality is the major aspect which creates crucial impact on the entrepreneurs which is
totally different from the skills and characteristics. Personality of each individual considers as
per the lifestyle, culture and they brings development of activities. It assists to encourage
individual to maintain positive mindset for the aims and objectives that are set to attain creative
results at workplace (Allen and Truman, 2016). Entrepreneurship needs to obtain and maintain
creative characteristics that help to consider different dimension as per OCEAN aspect. It could
be defined in the following aspect:
 Openness: In this regard, culture and originality involves that assists to create different
experience among the individual. As results, it will assist to develop effective results in
the business environment (Laukkanen and Tornikoski, 2018).
 Consolidation: It considers aims to accomplish and ascertain desired results in
systematic manner. With the help of the development of tendency, effective results will
be attained in systematic manner.
 Extroversion: It includes energy and positive emotion that helps to attain desired results
in systematic manner. This helps to focus on the development of the aims and objectives.
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 Accommodation: In addition to this, it consider tendency with compassionate instead of
the suspicious (Schaper, Volery and Gibson, 2014).
 Neuroticism: It aids in order to develop experience and overcome the unpleasant
emotions as well.
P7 Background and past experience which hinder and foster entrepreneurship
It has been assessed that reward and drawback both elements assists to consider
entrepreneurship. In this regard, it is important to focus on the capabilities and compete with
businesses as well. For extra and effective performances of the entrepreneurs, it is important to
provide them reward so that it will help to attain more significant advantages at workplace
(Gorman, Hanlon and King, 2016). However, lack of capabilities reduce effectiveness and create
negative impact on the outcomes. As results, it is essential to focus on the education, family and
experience as well. Therefore, it will help in fostering the entrepreneurship so that desired results
will be involved to attain more systematic results at workplace. For example, entrepreneur’s past
background and education history create impact on the entrepreneurship. As results, it is
important to Zuckerberg possess innovative characteristics which helps him to attain his
objectives and desired results in systematic manner. He will able to undertake major program
and started business in effective manner (Bridge and O'Neill, 2012). Along with this, Steve Jobs
possess innovative and effective characteristics to take experience which assists to foster
entrepreneurship venture. It will increase opportunity at workplace in the market.
CONCLUSION
From the above report, it can be concluded that entrepreneurship consider innovative results
in the business to focus on the desired results at workplace. In this regard, present report
summarised about the different entrepreneurship ventures and their benefits to the enterprise. In
this regard, effectiveness also develop to focus on the maintain systematic work performances
and attain more creative results at workplace. It also considers typology of the different
enterprises that assists to develop creative understanding at workplace. With this regard, report
articulated about the SME participation in the economy development activities. Therefore, it
assists to attain more systematic work performances in the business environment to maintain
effectiveness at workplace. As results, it will ascertain several activities to focus on the new
development activities that assist to target new candidates at workplace. There are two successful
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entrepreneurs explained Zuckerberg and Jobs. With the help of innovative characteristics and
skills, they are able to deliver their contribution in the systematic work performances in the
business environment.
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REFERENCES
Books and Journals:
Allen, S. and Truman, C., 2016. Women in business: Perspectives on women entrepreneurs.
Routledge.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Palgrave Macmillan.
Bruton, G., Khavul, S. and Wright, M., 2015. New financial alternatives in seeding
entrepreneurship: Microfinance, crowdfunding, and peer‐to‐peer innovations.
Entrepreneurship Theory and Practice, 39(1), pp.9-26.
Carter, S., Mwaura, S. and Jones, T., 2015. Barriers to ethnic minority and women’s enterprise:
Existing evidence, policy tensions and unsettled questions. International Small Business
Journal, 33(1), pp.49-69.
Fitz-Koch, S., Nordqvist, M. and Hunter, E., 2018. Entrepreneurship in the agricultural sector: A
literature review and future research opportunities. Entrepreneurship Theory and
Practice, 42(1), pp.129-166.
Goffee, R. and Scase, R., 2015. Entrepreneurship in Europe (routledge Revivals): The Social
Processes. Routledge.
Gorman, G., Hanlon, D. and King, W., 2016. Some research perspectives on entrepreneurship
education, enterprise education and education for small business management: a ten-
year literature review. International small business journal, 15(3), pp.56-77.
Henrekson, M. and Sanandaji, T., 2014. Small business activity does not measure
entrepreneurship. Proceedings of the National Academy of Sciences, 111(5), pp.1760-
1765.
Henry, C., Foss, L. and Ahl, H., 2016. Gender and entrepreneurship research: A review of
methodological approaches. International Small Business Journal, 34(3), pp.217-241.
Laukkanen, M. and Tornikoski, E.T., 2018. Causal mapping small business advisors’ belief
systems: a case of entrepreneurship policy research. International Journal of
Entrepreneurial Behavior & Research.
Nabi, G., Liñán, F. and Walmsley, A., 2017. The impact of entrepreneurship education in higher
education: A systematic review and research agenda. Academy of Management
Learning & Education, 16(2), pp.277-299.
Phillips, W., Lee, H. and James, P., 2015. Social innovation and social entrepreneurship: A
systematic review. Group & Organization Management, 40(3), pp.428-461.
Schaper, M.T., Volery, T. and Gibson, B., 2014. Entrepreneurship and small business.
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