Entrepreneurship Report: Small Businesses and Economic Growth

This report delves into the multifaceted world of entrepreneurship, providing a comprehensive analysis of various venture types, including small business entrepreneurship, scalable start-up entrepreneurship, large business entrepreneurship, and social entrepreneurship. It explores the similarities and differences between these ventures, offering insights into their operational models and objectives. The report also presents relevant statistics and data regarding the impact of small businesses on the UK economy, emphasizing their crucial role in job creation, innovation, and overall economic growth. Furthermore, it examines the importance of small businesses and start-ups in fostering social and economic development, highlighting their contributions to community well-being and market competitiveness. The analysis covers entrepreneurial personality traits affecting motivation and mindset, as well as how background and experience can influence entrepreneurial success. The report concludes by synthesizing the key findings and offering a holistic understanding of entrepreneurship's significance in the contemporary business landscape.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship ...............1
P2 Similarities and differences between various entrepreneurial ventures............................3
TASK 2............................................................................................................................................4
TASK 2............................................................................................................................................1
P3. Relevant statistics and data related with impact of small businesses on economy..........1
P4 Importance of small businesses and start ups to growth of social economy.....................3
P6 Entrepreneurial personality that effect entrepreneurial motivation and mindset..............5
TASK 4............................................................................................................................................6
P7 Background and experience can foster as well as hinder entrepreneurship......................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is the term that refers to run own business, but there is huge difference
between an entrepreneur and business owner. It means to start a business with new and
innovative idea which is beneficial for society (What is Entrepreneurship?, 2014). In UK there
are several small businesses are being opened they are liable for economic growth and
development of the country. Along with this, these entities also provides job opportunities to
people in order to improve their living standard in an effective manner (Blackburn, Hart and
Wainwright, 2013). An entrepreneur should be innovative and creative; these aspects them to
achieve business goals and objectives. Exponential-e is the chosen organisation in this present
report; it is one of digital company of UK which provides cloud and networking services to
customers. The main focused of the company is to provide digital services to people as they can
easily communicate with people. Apart from this, the assignment will be described different
types of entrepreneurial venture and its typologies. Readers will also come to know the impact of
small businesses on UK's economic condition.
TASK 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship is a process of staring a business by having some new and innovative
ideas and fulfil the desires of society in an effective manner. It creates values for customers by
devoting enough time and efforts. An entrepreneur is liable to carrying out financial as well
social risks; it results the person receives rewards of monetary for their independence and
personal satisfaction (Bridge and O'Neill, 2012). In order to make successful business,
entrepreneurs make a business plan and hire some specialists who are eligible to perform their
business activities in an effective manner. Apart from this, there are different types of
entrepreneurial ventures which described as under: -
Small business entrepreneurship – These types of entrepreneurs are – grocery stores,
consultants, hairdressers, travel agents, carpenters, electricians, plumbers etc. In today scenario,
there are several small business enterprises are implemented in UK; it is been around 5 million;
they are liable for providing raw material to large business organisations and employ 50% of all
non-governmental staff workers. Along with this, these type of entrepreneurs hire local people so
as to give job opportunities to them for their growth and development. But small business does
not have proper financial sources to run their businesses in a systematic manner.
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Scalable start up entrepreneurship – It involves those start ups which are come under
Silicon valley and their ventures investors are liable to provide financial support. Along with
this, scalable entrepreneurs have new and innovative with which they want to change the whole
world. These entrepreneurs attracts capitalists by represent their idea or concept among
themselves (Burns, 2010). For execute their business, scalable start ups recruit well qualified and
talented people in order to perform business operations in the best possible manner. With this
assistance, entrepreneurs can easily achieve their goals and objectives.
Large business entrepreneurship – It involves those enterprises who are involved in
commercial activities at global level and provides a wide range of products and services to
customers./ The main objective of large scale entrepreneurship is to gain high sales and profits
by satisfying customers' desires. Their business operations are highly affected by external
factors, i.e. technology, environmental, government policies, rivals and other aspects.
Implementation of business activities at global level, large business can easily gain higher
amount of profits and sales.
Social entrepreneurship – It refers to with those commercial enterprises who are
implemented in order to fulfil social needs and wants of people. The major objective of social
entrepreneurs is to improve the level of society by providing value added products and services
to people.
Types of entrepreneurial typology: - Skeptical entrepreneur – These kind of entrepreneurs prefer to carry out a market
research before starting any business activity. They see the success of others and starts
immediately to question it (Carland, Carland and Stewart, 2015). Their main objective is
to get measure the every aspect of business which is related with growth and success. Copycat entrepreneurs – As per the name, copycat entrepreneurs implement other
mantras and success factors in their own organisation. They thinks that this will be
helpful for them to company goals and objectives. Research entrepreneurs – These kind of entrepreneurs prefer to do more and more
research in order to get accurate information about market trends and customers needs.
Researcher entrepreneurs are always love to learn new and different things and
implement them in their own lives as well as business organisation.
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 Determined entrepreneurs: Such kind of entrepreneurs are very determined towards their
life goals and objectives. They managed all activities and practices in a systematic way so
as to achieve better results.
P2 Similarities and differences between various entrepreneurial ventures
Basic Similarities Differences
Small and large scale
business enterprises
Small and large scale business
organisations are similar in certain
terms. For are implemented with an
aim of providing job opportunities to
people. In this context, these business
operate their business activities in an
effective manner and try to produce
something new and innovative which
is beneficial for society (Carraher and
Paridon, 2015).
Small and large business
organisations are worked to satisfy
customers needs and wants; they
conduct various research so as to get
proper information about target and
potential buyers of the firm. Both
enterprises tries to attain more and
more investors for increasing their
financial capital and run business
smoothly.
One of major difference between
small and large scale business
organisation is small businesses
start their operations at local or
small level whereas large scale
business organisations serve its
products and services at global
level.
Small business does not require
more funds or capital to execute
its services whereas large
organisations needed high
amount to interact with
customers in an effective manner.
Social and scaleable
enterprises
Both firms offers unique and
attractive products for its customers.
Their main objective to resolve all
social problems and do something for
social welfare.
Social enterprises are highly
focused on fulfilling the basic
social needs and wants of people.
They provide their services to
society for social betterment.
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Social and scalable enterprises firstly
deal with lower section of society and
then produce their products
accordingly.
On the other hand, scalable
organisations trying to generate
something new and innovative
which is beneficial for all over
the world (Chittithaworn and et.
al., 2011). Their main aim is to
capture high market share in a
minimum time framework.
Lifestyles and serial
entrepreneurs
Lifestyles and serial entrepreneurs,
both are liable to improvise the
quality of their working activities so
as to deliver effectively to society.
Lifestyles entrepreneurs are able
to transition out of corporate
settings and balance work life
commitment whereas serial
entrepreneurs are liable to run
different business in order to gain
maximum competitive advantage.
TASK 2
P3. Relevant statistics and data related with impact of small businesses on economy
The contribution through commercial activities of small and micro business helps in
developing economic growth of the nation. These type of organisation produce and offer
innovative products as as to fulfil the needs and demands of the customers which indirectly helps
in maximising the satisfaction towards their product. Venture capitalist are attracted towards
these business in order to get higher return on their investment. There are many employment
opportunities provided by these organisation for local people who need a platform to show their
skills and talent. This will help in improving and enhancing standard of living of people. Due to
wide scope and financial return the large number of investors ate attracted to these organisation
in order to get maximum return. These enterprises contribute more in both economic and social
development in terms of encouraging trade activities in different areas of nation. These enterprise
also motivated their workers to perform well through providing training sessions which helps in
in providing and enhancing their skills and talent.
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The economy of country can be affected at various levels due to their business
operations. It means they support various level in terms of providing benefits to them. For
example at local level, they helps in improving standard of living of people through providing
many different employment opportunities. And at national level, they offer high return on
investment to their investors so large number of venture capitalist are easily attracted towards
their enterprises. And at international level, conducting programmes and fairs for the visitors in
terms of showing skills and talent bring positive image and also helps in getting higher earning
from the visitors. Therefore the business activities of these enterprise made a positive affect at all
levels through providing products and services at standard quality which brings maximum
satisfaction to their people. There are many ways which small and micro business can maximise
the profit as well as bring positive image in competitive business world, They give a tough
competition to their competitors in terms of quality, quantity and price of their product and
services (Storey and Greene, 2010). As standard quality of products and services can easily
influence the interest and behaviour of the customers towards the enterprise. The customers has
always compare the quality and price of two companies providing same product and then decide
to choose which quality product should enhance their standard of living. Therefore small
enterprise offering quality product with reasonable prices should be preferred first by the
customers and this will help the small enterprise to compete with their rival company in effective
and efficient manner. This can only be done if they recruiting skilled candidates. Government
also plays an important role in supporting these enterprises and motivate top executive business
operation at international level. This overall help in improving and developing economic growth
of country through providing employment opportunities.
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P4 Importance of small businesses and start ups to growth of social economy.
Small business are defined as a company with fewer than 250 employees. They mainly
focus on innovation in their product, process and wider innovation. They help in making UK
more competitive and attractive to visitors and investors. They provide their quality products to
towns and cities while playing an important role in serving the communities on which they are
depended(Stokes and et. al., 2010). They also help in increasing competition in local market as
well. In order to stabilise economic recovery and increase competition of UK, it is required to
give support to small businesses. There are large number of small business enterprises working
in United Kingdom which helps in contributing more to the and socio and economic growth. The
development of economy can only be possible through enhancement and expansion of business
activities.
The small bushiness and start ups mainly focus on the development of local people by
creating and providing employment opportunities to them which helps them in enhancing and
improving standard of living of people (Shane, 2012). The higher standard living of people
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represents higher economic growth of country. Therefore in order to maintain economy of
country the small and new start up business should need to implement actions for the welfare of
the people and investors. If the large number of investors are attracted to invest in small and new
start up business then it directly made a positive impact on the economy of country. They also
plays an important role in supporting business operation of larger enterprises through helping
them in form of providing consultancy services and provide vital resources and completing
business functions which helps them to operate big operation in more effective and efficient way.
New start up enterprise firstly focus on identifying the needs and demand of the customers
through making research and then accordingly formulate a plan to produce products and services
in order to satisfying their needs and requiremen (Schaper, 2016).t. Mostly customers prefers
those company's products who provide standard quality of products and services with reasonable
price so small business and new start up need to focus on these main elements in order to attract
large number of people. They should need to offer products and services at an affordable price
which helps in both competing with their rival's products as well as helps in gaining customers.
Newly start up business requires huge amount of employees and investment therefore they have
to invite skilled people to come and work in their enterprise which helps in the both of the
performance of worker as well as company. They also need to invite investors to invest their
money which in return they provide maximum income. Therefore creating employment
opportunities in order to eradicate poverty and attracting investors which helps in developing
socio economy of country. They also need to focus on adding features to their products which
makes their product better than their company's product. Therefore small business enterprise
contribute maximum to the growth of economy of the country and considered as backbone of the
economy.
TASK 3
P5 Characteristics and traits of successful entrepreneurs
Characteristic and traits are the major features in an individual life that differentiate them
from others. If an entrepreneur has imperative characteristic and traits then they can become
successful in their life (Schaper and et. al., 2014) Bill Gates and Mark Zuckerberg, both are the
leading faces who starts their business as an entrepreneur. Below mentioned are the certain major
traits and characteristic which must required in an individual, such as-
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Willing to take risks – It is one of the most necessary characteristic which must have in
an entrepreneur. The person should be able to take different risks and does not fear with market
challenges (Dennis Jr, 2011). Risk taking capabilities helps people to achieve their career goals
and objectives in a pervasive manner.
Punctual – The person should be very punctual and able to complete all activities in a
proper time schedule. It is essential characteristic for successful people so as to win glory and
success in life. Along with this, punctuality brings in its trail efficiency and helps people to
complete their tasks effectively.
Self motivated and integrated – Entrepreneurs have to self encouraged, it also possess
other to be motivated. It means entrepreneurs have enough capability to influence others. Beside
this, integrity helps people to understand others and adherence to strong ethics.
Creative – Innovative individuals are regularly coming up with new concepts or ideas. It
is a never-ending process which aids entrepreneurs to generate something new for society and
gain high market growth and success (Gorgievski and et. al., 2011). Apart from this,
entrepreneurs are capable to conduct a market research, buyers reaction and develop business
strategies accordingly.
Hard worker: It is essential and main characteristic which have both entrepreneurs in
their life. It is important for the business organisation in regrades to complete all workers in
certain duration. It is best in achieving long term goals and objectives of the business entity.
Communication skills: With the help of this quality, both are easily communicate with
their junior mangers in regrades to attain desired objectives. In this they can reduce all conflict
and misunderstanding which is face by different staffs at workplace.
P6 Entrepreneurial personality that effect entrepreneurial motivation and mindset
For transferring workforce, HRM mainly focus on select OCEAN aspects. It is a very
essential and effective methods of the individual in order to identify its all tasks which are
assigned efficiently. In this business entity give all projects and tasks to the employees according
to its basic knowledge and skills (Fassin and et. al., 2011). It will improve personal behaviours as
well as maximise professional development. Under this factor consists extroversion, openness,
agreeableness, conscientiousness and neuroticism etc. with the help of such approach they can
increase their motivation level.
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Openness: In this, Bill Gates and Mark Zuckerberg have in order to do with originality, intellect
and culture etc. Due to this, they can appreciation for emotion, art, unusual ideas, adventure,
different variety of experience and curiosity etc. All these aspects mainly effects the business
person mindset and their mindset in effectively or efficiently. In this they have new things to
enjoy all work and functions in an essential way (Luiz, 2011) . It will create the more healthy and
comfortable atmospheres that will support in regards to gain desire goals.
Conscientiousness: With the help of this aspects, they can attain- a tendency in order to show
own judgements, act responsibility and motive for achieving desired objectives and goals in a
systematic manner(Neck and Greene, 2011). It is known as focused and important factor because
in this, they have alert or active mind. It is also help and support to grab all opportunities as well
as create better environment.
Extroversion: In this way, an individual forecast all planning in order to gain better outcomes in
upcoming times. In this talkative as well as assertive are essential and effective factors which can
hinder the entrepreneur personality and their mindset.
Agreeableness: In this, personal can generate healthy and friendly environment to the employees
and workforce. Such kind of things change the entrepreneur mindset regarding to launching new
business in certain period. In this person mindset can be impacted from kind, affectionate and
sympathetic etc.
Neuroticism: These factor also known as affectionate as well as emotional stability that lets both
entrepreneurs in their life (Dennis, 2011). Due to this, they can hold healthy relationship with
their employees. it will based on individual mood and tense that effects on its mindset about
start-up's.
TASK 4
P7 Background and experience can foster as well as hinder entrepreneurship
Personality of the Bill Gates and Mark Zuckerberg that can impact its mindset as well as
motivation either negative & positive. Businessperson journey is never easy because in this they
face various kind of issues and difficulties during their journey. In this they mainly encouraged
and promoted from certain aspects in an essential and systematic manner. Therefore, both
persons background are different from their education sector so it will obstruct their working
process. There are certain number of aspects that highly influence entrepreneurship experience
and background(Lee-Ross and Lashley, 2010). In this they play essential role and responsibilities
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in order to achieving business success and development effectively. Both entrepreneurs have
positive and past experience in respect to motivate their workers regarding future activities of
organisation. This output is effective result that foster entrepreneurship journey.
Due to this, positive experience that will maximise the self motivation and experience so
in this they can mange and handle entire activities effectively (Chittithaworn and et. al., 2011).
As per the other hand, negative experience that can reduce self moral & confidence which impact
business activities and functions in negative manner. So it is said as essential part in regards to
know failure and success which output is better achievement. Failure businessperson that should
acquire what the barrios and mistakes he complete.
Another factor is their characteristic and skills that also effects the entrepreneurship
activities and functions in negative as well as direct manner. It will also influence individual
behaviours and attitudes such as education, financial conditions, upbringing and personal traits.
These aspects provides effective shape to the entrepreneurs personality as well as impacts on
making accurate judgement (Carraher and Paridon, 2015). Positive occurrence that
systematically improve the entrepreneurship process along with negative experience that also
influence on business success and development. So in this they can achieve desired objectives
and goals.
Thus, Bill Gates and Mark Zuckerberg have to learnt various things from their
personalities. Due to this, they can ready to face all issues in an effective and efficient manner in
their own life. In this they entirely emphasis on desire goal and target which truly want to
achieve (Carland and et. al., 2015). Apart from this,they can start all working day by day with
very much dedication and commitment without any thing which can keep in their mind. It is
known as main effective reason behind both entrepreneur success and development. In this, they
are read more books and stories in order to get promoted and motivated.
CONCLUSION
As per the above mentioned report, it has been concluded that small business enterprises
plays a vital in growth and success of an economy. Under this report, there is described four
types of entrepreneurial ventures, such as- small scale entrepreneurs, large scale entrepreneurs,
social entrepreneurs and scaleable start ups. Apart from this, a mini research is conducted so as
to know the impact of small business on an economy. It also liable for social growth and
development of economy by providing job opportunities to people. In addition, an entrepreneur
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