Entrepreneurship Report: Small Business, Data Analysis, and Growth

This report delves into the realm of entrepreneurship, specifically examining small business enterprises within the UK context. It begins by defining entrepreneurship and exploring various venture types, including small business entrepreneurship, scalable startups, social entrepreneurship, serial entrepreneurship, female entrepreneurship, and lifestyle entrepreneurship. The report then compares and contrasts these ventures, analyzing their size, structure, aims, objectives, and sources of finance. Furthermore, it interprets data analysis and statistics related to small business enterprises, highlighting their contribution to employment and overall economic impact. The report also discusses how small-scale businesses can foster economic growth, particularly in the post-Brexit UK landscape. Overall, the report provides a comprehensive analysis of the entrepreneurial landscape and the vital role of small businesses.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Entrepreneurial venture and their typology............................................................................1
P2 Similarities and differences between entrepreneurial venture................................................2
TASK 2............................................................................................................................................4
P3 Interpret data analysis and statistics for small business enterprise.........................................4
P4 How small-scale business can contribute their part in economy growth...............................5
TASK 3............................................................................................................................................6
P5 Traits, skills and characterised require in different managers................................................6
P6 Entrepreneurial personality reflection with motivation and mindset.....................................7
TASK 4............................................................................................................................................9
P7 Background and experience for fostering entrepreneurship...................................................9
CONCLUSION..............................................................................................................................10
REFERECES.................................................................................................................................11

INTRODUCTION
Entrepreneurship is the important functions that assist to carry several functions in term
of innovative and creative aspect. It creates wealth from the different entrepreneurial venture that
create jobs and enhance standard of living people at workplace. (Kerr, Nanda and Rhodes-Kropf,
2014) In the society, there are several benefits created that assists to accomplish more profits at
workplace. In this context, present report based on the small business enterprise Small White
Elephant which is cafe of UK and provide different kinds of products and services in the market.
In order to carry the present report it covers several kinds of entrepreneurial venture and their
typology. Furthermore, it includes similarities and differences among different ventures. In
addition to this, it demonstrates skills and attributes of several people in the business
environment for ascertain effective results at workplace.
TASK 1
P1 Entrepreneurial venture and their typology
Entrepreneurship is the effective aspect that are carry several operations and functions to
perform positive results. In this context, entrepreneur plan their outcomes and create something
new which assists to earn high amount of profits and revenue at workplace. Individual who
started venture is known as entrepreneur and in which business he deals is defines as the
entrepreneurial venture (Coviello and Tanev, 2017). There are different kinds of entrepreneurial
venture exist in the market that are as follows:
Small business entrepreneurship: In this kind of venture, unique and innovative ideas will
be develops at workplace that assists to accomplish creative results in business. This type of firm
carry by only individual because they implement small amount of fund in it. It is very important
for the person to create plan and start venture in systematic aspect. In addition to this, the
selected business need to develop their performances and outcomes through assess competition
of the market. For example, grocery stores, travel agency, plumbers, etc. These kinds of
businesses operate their functions and operations to carry different operations in systematic
manner. Highly skilled employees are also needed in this way who giving their part to make
innovative ideas and operations at workplace. Therefore, it would be beneficial to carrying
different things at workplace. Beside this, government also provide fund to enhance their
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operations in new areas. In this aspect typology include to fulfil basic needs of the family
members and person involved in it as well (Boh and et.al 2016).
Sealable start up entrepreneurship: This kind of entrepreneurial venture concerned
towards the innovations and cultural aspects in the business. In this way, results will be develops
through attract more number of people at workplace. Business ideas also develops to create
opportunity at workplace. High investment also needed at workplace that increase brand image
of the company. In this way typology has aim to enhance innovations and create products and
services development to attract several people at workplace (Chatterji and et.al 2014).
Social entrepreneurship: In this aspect, entrepreneurial venture assists to provide different
types of social services in the community for their welfare. In this aspect, venture also carried for
welfare only not for earning profit. Typology involve in this aspect is categories the society for
efficiency and effectively.
Serial entrepreneur: These types of entrepreneurs are working for future oriented
outcomes so that they forward to operate effective functions and operations in systematic aspect.
Main typology of these entrepreneurs are creating future development of the enterprise (Kerr,
Nanda and Rhodes-Kropf, 2014).
Female entrepreneur: This kind of entrepreneur focuses on the expanding organisation
operations and functions in international market. However, they possess effective management
skills as compare to the make entrepreneurs (Coviello and Tanev, 2017).
Lifestyle entrepreneur: Such type of entrepreneur focuses on the future development.
Therefore, they are determining their functions to obtain risk and handling capacity as well.
P2 Similarities and differences between entrepreneurial venture
In order to assess the similarities and differences between different entrepreneurial
venture, following aspects can be included:
 Size and structure: It has been assessed that small business considered crucial aspect in
the business for ascertain effective results at workplace. In this regard, it is very
important Sources of finance:Aims and objectives: to meet with customer demand and
requirement. As compare to this, large businesses determines unique quality and feature
in their products and services to attract customers towards the business. For example,
when entrepreneur planning to start retail they have to understand about the Tesco,
ASDA, Marriott, etc. This is because, they are big player of UK market. In respect to
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identify SME concept. Innovative ideas also develops at workplace that assists to meet
with goals and objectives as well. Sealable start up business also increase their operations
to create new ideas in the business (Coviello and Tanev, 2017).
 Aims and objectives: Aims and objectives of the businesses are differed from their
working pattern. Social entrepreneurial working and their aim is to make better life that
improve revenue of the enterprise. Beside this, sealable start up venture assists to
determine innovative ideas so that they can earn high amount of profits and revenue at
workplace. Market share also increasing for long term objectives and goals. Hence, it is
the biggest similarity between organisation to produce effective goods and services (Kerr,
Nanda and Rhodes-Kropf, 2014).
 Sources of finance: There are several kinds of sources exists that assists to obtain finance
in the entrepreneurship. As results, it is important for entrepreneur to arrange fund to
expand business operation at workplace. In respect to compare with social entrepreneurs
they are focuses on the welfare of society only and not earning profit (Kuratko, Hornsby
and Covin, 2014). Main similarity also develops to attain desired results at workplace.
Life style entrepreneur Serial entrepreneur
Recruitment require of skilled employees at
workplace.
They have also needed HR people who can
serve effective results at workplace.
With the help of innovative features that
increase outcomes in future perspective.
Innovative features assists to develop more
business operations
They possess quality to take risk They are also producing effective results to
perform quality of risk taking (Baum, Frese
and Baron, 2014).
Differences
This type of entrepreneurs have focus on the
rewarded which they are getting from their
work performances.
They focus on the ideas and strategy that
assists to start new business and it plays major
role for effective functioning at workplace.
They are enjoying to work in significant
manner and ascertain results in systematic
They are less enjoying as compare to other
people so that it demonstrates effective role for
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perspective. business objectives (Kerr, Nanda and Rhodes-
Kropf, 2014).
Female entrepreneurs Male entrepreneurs
They are look towards expansion in
international areas.
They are also looks for expanding operations
in international areas.
Less turnover because they have patience level
high (Chatterji and et.al 2014).
They are also possessed high level of patience.
Female entrepreneur has less quantity in
number.
Male members are high number in quantity
(Kerr, Nanda and Rhodes-Kropf, 2014).
TASK 2
P3 Interpret data analysis and statistics for small business enterprise
In respect to make creative results at workplace, micro and small business create huge
impact on the economy. In this aspect, they are contributes large participation towards the
growth of the country (Kuratko, Hornsby and Covin, 2014). Therefore, it assists to enhance
economic conditions and outcomes in the nation. With the help of clear vision desired objectives
will be accomplish in systematic manner. Large enterprise contributes major participation to set
targets and attain overall profits at workplace. Businesses are also classified in the micro, small
and medium size so that they are determines different kinds of employment structure and capital
also owned by the enterprise. In addition to this, they are also takes participation to create high
amount of fund to obtain financial statements. In order to determines effective partnership, there
are several people take part to accomplish their goals and objectives (Coviello and Tanev, 2017).
Each person has right and responsibilities to distribute profits in significant manner. Because of
the decline UK economy, SME affected. Therefore, following are certain elements exists that
assists to create direct impact on the economy:
 Contribution through employment: It is the major aspect which demonstrates strength
of SME and also create helps to enhance employment at workplace. In this regard,
several people take participation towards the goals and objectives. Big enterprises also
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provide employment to SME because they are employing more than 250 people.
However, at workplace of the large business there is no assessment of the people at
workplace. Beside this, micro business also taking important part to provide employment
for the people in systematic aspect (Chatterji and et.al 2014). This employment rate also
proves significant impact on the economy to increase GDP. In the 2014, UK has more
than 5.2 million SME.
 Economic impact: It also assessed that SME create major impact on the organisation to
enhance their growth in significant manner. In respect to enhance innovations, country
has advantages to grow their economy in the large perspective that assists to make
creative results at workplace (Baum, Frese and Baron, 2014). This type of firms are
making important participation to achieve their goals and objectives at workplace. In
respect to bring innovations, SME can easily compete with large businesses so that it is
the greater advantages to increase operations and functions at workplace. With the help of
providing employment opportunity economy will be grown to ensure that effective
results will be ascertain at workplace (Coviello and Tanev, 2017). It assists to provide
employment opportunity at workplace to ascertain effective functioning at workplace.
Large business also create impact on the business operations and functions in creative
aspect. SME also assists to overcome recession issue in the country that reduce growth of
the business.
 Flexibility with changes in scenario: In this way, it has been assessed that economic
stability of the UK changing day by day. Therefore, it also brings rapid changes in the
businesses. In this context, desired results will be ascertain for develop profitability at
workplace. Large businesses also ensure that rapid changes create high impact on their
functions in systematic aspect (Kerr, Nanda and Rhodes-Kropf, 2014).
P4 How small-scale business can contribute their part in economy growth
Small scale businesses are operating their functions and operations in creative aspect.
Therefore, it determines major part in the economy growth. This is because, after BREXIT UK
leaving EU. It influences to the organisation and its operations in significant manner. Main issue
is occurs that SME will unable to carry their functions and operations in the large market areas.
After BREXIT, UK complying their functions and operations through regulate several operations
in the business. Therefore, they perform several functions to create trade among different nation.
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Main difference between SME and start up is that small businesses are only working on small
amount if the fund. Therefore, it assists to establish effective results and functions in different
areas of the market. With the help of BREXIT, they are also able to improve functioning in
systematic aspect. As results, they can create wealth maximisation, employment and reduce
poverty in the market. As results, it makes creative functions and operations at workplace (Boh
and et.al 2016).
Further, it also generates large amount of the fund that assists to meet with effective
functions and outcomes at workplace. It also develops results through reduce poverty and
ascertain more effective results at workplace. It accelerates to the UK growth and its economy in
systematic aspect. As results, it assists to develop large amount of profit in the business
environment. It also assists to improve performances of the company that are profitable to
provide employment opportunism to every individual.
TASK 3
P5 Traits, skills and characterised require in different managers
In respect to create innovative functions, there are several kinds of skills, traits and
characteristics develops at workplace. As results, it assists to enhance effective functioning at
workplace. Entrepreneurs possess different skills and characteristics to ascertain effective
functioning in the business environment. There are different characteristics and skills will be
developing for ascertain effective results at workplace. There are famous entrepreneurs that
assists to make creative results at workplace. Successful entrepreneurs exist such as Mark
Zuckerberg and Steve Jobs. Both entrepreneurs are successfully operating their functions and
operations in effective manner. They possess skilled full characteristics and traits that assists to
accomplish desired results at workplace. Therefore, different skills and characterises at
workplace are as follows:
Characterises and traits
 Plan everything: These types of skills obtained by all entrepreneurs to make successful
results at workplace. In this aspect Zuckerberg and Jobs possess skills to make
profitable results at workplace. They are also developing skills and characteristics of
leadership qualities. They are making big brand and make business globally. They are
always compared their skills and characteristics to determines business objectives. Thus,
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it can be stated that manager and entrepreneurs all are possess different characteristics in
the enterprise. Their roles are differing from each other (Boh and et.al 2016).
 Developing competitive edge: These types of characterises assists to obtain unique and
innovative traits to make effective results. Creative ideas assist to manage competitive
edge so that they can ascertain more functions and operations at workplace. Zuckerberg
and Jobs both has clear vision to create effective functioning at workplace. With the
help of clear vision, future oriented results will be ascertaining in systematic manner.
They can easily obtain desired results in the systematic manner (Kerr, Nanda and
Rhodes-Kropf, 2014).
Skills
 Risk taking: Zuckerberg and Jobs both possess skills to take risk in their life. In this
aspect, they are getting desired results to obtain effective work and systematic results at
workplace. Therefore, it is the systematic aspect for them to find new way to attain goals
and objectives. If entrepreneurs no possess skills of risk taking so that they are not able to
ascertain effective results at workplace. On the other hand, managers are not obtaining
quality to take risk at workplace. Therefore, it creates not taking risk so that they have to
move to other business to attain targets and goals (Sankar and Sutha, 2016).
 Multi-tasking: In this activity, Zuckerberg and Jobs both develops their skills towards the
goals and objectives in systematic manner. Therefore, they need to concentrate on the
requirement of their business to enhance profitability and revenue. Furthermore, they
need to develop their skills and abilities to manage proper functions in the business. As
per the need of business, they are carry their operations at workplace through manage all
the things in systematic manner (Fayolle, 2013).
P6 Entrepreneurial personality reflection with motivation and mindset
Personal qualities determine as the crucial element that assists to make creative results in the
business. Entrepreneurs has opportunity to perform their functions and operations to ascertain
their different lifestyle and characteristics at workplace (Boh and et.al 2016). Every person has
classified on his different characteristics, culture, etc. In this aspect, personality is the main
element on which entrepreneurs are classified towards the goals and objectives. Entrepreneurship
require obtain effective personality so that they can attain all objectives and goals at workplace
easily. It could be influence to the other business and set targets (Kuratko, Hornsby and Covin,
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2014). Following are different dimensions exists in term of OCEAN which explains are as
follows:
Openness: In this aspect, there are different characteristics such as culture, originality, etc.
Therefore, it includes different experience among several individuals. As results, it creates
effective characteristics to develop targets at workplace (Chatterji and et.al 2014).
Consolidation: It include aims to accomplish and enhances results for proper attainment at
workplace. In this way, targets will be accomplished for development of the people towards their
goals and attain overall results at workplace (Coviello and Tanev, 2017).
Extraversion: In this aspect involves positive energy and emotions which helps to attain
desired results at workplace. Therefore, goals and objectives will be developing at workplace.
Accommodation: In addition to this, it includes tendency to compassionate rather suspicious.
Neuroticism: This element assists to enhance and develop experience that helps to overcome
unpleasant emotions easily at workplace (Bhachu, 2017).
In addition to this, motivation also create positive impact on the business functions and
operations to ascertain effective functioning. This is because, in this way, entrepreneurs getting
rewards towards the goals and objectives. With this aspect, financial and non-financial rewards
for developing ascertain more profits at workplace. In addition to this, entrepreneurs can easily
enhance their participation towards the goals and objectives. Furthermore, in this way,
employees are getting extra benefits towards the business efforts and profitability (Bae and et.al
2014).
Beside this, the business also getting more effective functioning through support of different
people at workplace. In this aspect, business getting more creative ideas and opinion towards the
business goals and objectives at workplace. Therefore, it makes proper functions at workplace
that enhance effective results at workplace. With creative ideas and opinion, people are able to
ensure that their profitability will be occurs in the business (Burrows, 2015). Hence, Zuckerberg
and Jobs both are taking important part to attain overall goals and objectives at workplace. It is
the systematic process for developing target market in the business. Furthermore, the
organisation can manage their operations at workplace according to their requirement. Hence,
they are getting more effective personality towards the business objectives and goals. In addition
to this, small business also getting more effective results at workplace that signifies more profits
at workplace (Shepherd, 2015).
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As per the person qualifications and background, organisation gave opportunity that assists
to meet with overall profitability at workplace. It is the systematic process in which goals and
objectives will be develops at workplace for attain more profits and revenue (Baum, Frese and
Baron, 2014).
TASK 4
P7 Background and experience for fostering entrepreneurship
It has been assessed that there are different skills and characteristics develops in a person to
carry several operations in systematic manner. In this regard, entrepreneurs have some
drawbacks and rewards as well towards their work performances (Schaper, Volery and Gibson,
2014). Hence, they need to concentrate on the business goals and objectives that require for
developing different operations in systematic manner. With the help of capabilities and reward
system, the organisation can compete with other business so that objectives can be attain in
systematic manner. There are so many factors exists behind success of entrepreneurs. Therefore,
it is the systematic element that require for obtaining skilful characteristics at workplace.
Different education, family, experience, etc. (Kuratko, 2016). elements fostering
entrepreneurship program at workplace that assists to meet with goals and objectives. For
example, past backgrounds and education are main two elements that assists to accomplish
desired results at workplace to attain overall goals and objectives at workplace. There are
different kinds of factors exists that make proper functions in the business. Both selected
entrepreneurs such as Zuckerberg and Jobs have effective past experience through they can
develops successful results at workplace. Therefore, skills and characteristics assists to foster
relationship in systematic manner (Kuratko, 2016). Hence, business could be expanding in
successful aspect to attain overall goals and profitability. With the help of development of the
business targets and outcomes, the organisation can easily maintain their functions for ascertain
business opportunities at workplace. It is the best and systematic aspect in which market getting
more profits as well. Due to effective capacity to take risk among both entrepreneurs, they are
easily developed their functions and operations in the market (Kirzner, 2015).
As results, they can maintain their functions to take target market at workplace towards the
specific element of the business objectives. In this way, business opportunities will be expanding
at workplace to attain overall profitability and functions at workplace. In this way, small business
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also have opportunities to enhance their role in business and make overall goals in systematic
aspect. However, high investment needed for development of the business objectives and goals
but it is the best way to maintain functions in the business (Drucker, 2014).
CONCLUSION
From the above report, it can be concluded that entrepreneurship is the important and
most effective element. This is because, it assists to enhance revenue and profits of the
organisation for ascertain effective functions and operations. In this aspect, several elements and
functions develop in the business for overall growth and ascertain more profits as well.
Therefore, organisation getting more opportunity through they will easily develops their target
market at workplace. In this context, report summarised about different entrepreneurial ventures
that assists to meet with goals and objectives at workplace. In this regard, social, sealable, small
business, etc. entrepreneurship included that assists to make creative results and functions for
development of the society. In addition to this, it has been articulated that different businesses
has different typology involve that assists to meet with their goals and objectives at workplace.
In this aspect, targets will be ascertaining for overall growth at workplace in the market. With the
help of entrepreneurship skills, organisation can develop their successful operations at
workplace. In this regard, successful entrepreneurs and their qualities has been explained that
assists to meet with effective functioning at workplace. For example, Zuckerberg and Jobs.
Hence, it is the creative aspect for maintain and operate more functions in the business
environment.
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