Entrepreneurship and Small Business Management: UK Economy

This report provides a comprehensive overview of entrepreneurship and small business management, focusing on entrepreneurial ventures, their types, and their impact on the UK economy. It examines the similarities and differences between various entrepreneurial ventures, including small businesses, scalable startups, large companies, and social enterprises. The report interprets data and statistics to assess the impact of micro and small businesses on the economy, highlighting their importance in the growth of the social economy. It also determines the characteristics and skills of successful entrepreneurs and analyzes how their backgrounds and experiences foster or hinder entrepreneurship. The report uses Morrison's supermarket in the UK as a reference point and emphasizes the role of small and medium-sized businesses in providing employment, driving innovation, and contributing to the overall development of the UK market. Desklib provides access to similar solved assignments and resources for students.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
Introduction:.....................................................................................................................................1
LO1:.................................................................................................................................................1
P1: Explain the different type of entrepreneurial ventures and how they relate to typology of
entrepreneurship:....................................................................................................................1
P2: Examine the similarity and differences among the entrepreneurial ventures:...............2
M1: diverse range of entrepreneurial venture to demonstrate the understanding of
entrepreneurship in both the public and corporate sector:......................................................4
D1: Critically examine the scope , development and growth of entrepreneurial ventures:. .4
LO2:.................................................................................................................................................4
P3: interpret and assess relevant data and statistics to know how micro and small business
impact on economy :..............................................................................................................4
P4: Examine the important of small business and starts-up to the growth of the social
economy:................................................................................................................................5
M2: Evolutes the difference small, medium and large business make to economy:..............6
D2: Critically explain how small business have impact on different levels in economy:......6
LO3:.................................................................................................................................................7
P5: Determine the characteristic traits and skills of successful entrepreneurs:......................7
P6: Assess how aspect of entrepreneurial personality reflect motivation and mindset:.........8
M3: examine different lines of opinion relating to entrepreneurial characteristic:................9
D3:Analyse the skills and motivational drivers of successful entrepreneurs........................9
LO4:.................................................................................................................................................9
P7: Examine how background and experiences can hinder or foster entrepreneurship:........9
M4: Analyse the link between entrepreneurial characteristic and influence of personal
experiences to successful entrepreneurs...............................................................................10
D4: Critically evaluate how background influence the entrepreneurs in positive and negative
ways......................................................................................................................................10
Conclusion:....................................................................................................................................11
References:.....................................................................................................................................12

Introduction:
The entrepreneur is a person who is involved in coming up with new business ideas taking all
risks and enjoying the profits in the market place. he is individual who look after all the
resources and combine them to produce effective goods and services for the organisation and
earn the profits in the long run. Entrepreneurship is a process for production of new commodities
and services thought the enterprise of new venture. Entrepreneur is someone who creates the
unique and different products in the target market to attract more customer for the companies so
that objective of the organisation can be achieved in the long run. Under this report, Morrisons
which is a supermarket in the UK market offering various goods and services to the customer.
further there will be discussion on the impact of small business on the economy and includes
the quality of the successful entrepreneurs in the organisation. (Simatupang and Lantu,2015. )
LO1:
P1: Explain the different type of entrepreneurial ventures and how they relate to typology of
entrepreneurship:
Entrepreneurial ventures refers to business operation which are carried out by the different
entities for the purpose of earning the profits by satisfying the needs and wants of the customer.
these small business helps in development and evaluation of economy as a whole. Three are
various type of entrepreneurial ventures in the market which are stated as below:
Small business entrepreneurship: these are the business which are small in size and scope in
the market and having the little investment and operates at the small scale . these business are
handle by the individual independently with the small capitalization which provide earnings for
survive in present condition in the market places.
Scalable start up entrepreneurship: here the enterprise operates its business at lesser scale as
they are not permissible to work at broad market places. These organisation function under
limited market by having profits from such business.
Larger company entrepreneurship : these organisation are known for providing the new
innovative and effective product and services in the target market places. These enterprisers
have large capital investment and productivity resources which helps them to provide with new
goods and excellent service in the competitive market places.
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Social enterprises: here the focus of the organisation is to help the needful people and well
being of the society as a whole in the community. These are social firms includes NGO which
are formed to address the issues and needs of the people so that they can improve their living
condition and able to survive in the society. (Ratten and Ramadani,2017
These ventures are found in work environment and having different purpose to serve the target
market and earn the profits in lieu of offering goods and services.
Typology of the entrepreneurship:
Male: under this typology the entire business is run and control by the male employers and they
are responsible for making the effective strategies and policies , rule and regulation to
operated the activities’ in the most profitable manners.
Female : here this female are responsible for operating and maintaining the business activities
of the organisation and make important decision for the management team so that goals and
objectives can be achieved with the set time period.
Managed growth: under this type of entrepreneurship , the combination of male and female
entrepreneur are made and they are equally responsible for running and operating all the business
activities so that pre-determine goals and objective can be achieved in the organisation.
P2: Examine the similarity and differences among the entrepreneurial ventures:
There are various dissimilarity and resemblance among the entrepreneurial ventures which are
discussed as below:
Basis Small business
entrepreneurship
Scalable start -
up
Large company Social enterprises
Definition This involves
the business
which need low
investment and
perform at small
scale in the
market places.
It is business
which is
operated by the
individual to
achieve the
desires
outcomes in
effective
manners.
The organisation
perform their
business activities
at the larger sale
by investing with
huge amount and
resources.
These are
business which
are founded to
help the people
of the society and
look after their
health and basic
needs.,.
Roles This type of These business They provide This type of
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business used
limited resources
and earn revenue
out of such
activities.
use scalable
inputs to earn
the effective
outcomes.
important and
innovative goods
and service to its
customer and earn
the profits.
organisation
helps the poor
people in the
society and
provide them
useful awareness
among the
people.
Characteristic: Here the size of
organisation in
small so it need
lesser worker to
work in limited
areas.
Its operating
activities are
performed by
few expertise so
that final
outcomes can
be achieved.
These
organsaition holds
the larger scope in
the market by
offering various
useful goods and
services.
These
organisation have
less employees
who are working
for the well –
being of the its
society people.
Objective s The main focus
is to earn the
livelihood of the
various ventures.
The
organisation
attach more
investor to
invest in such
business to
provide
effective goods.
The organisation
look after offering
new product
which will
satisfied the needs
and wants of the
customer.
This type of
enterprise focus
on helping the
poor people to
improve their
living condition.
The similarities of different venture are stated as below:
 Every business was formed with the help of innovative and effective ideas for the
business.
 The aim focus of all the venture is to earn the profit margin by providing goods and
services.
 The venture use business model to perform their task in the profitable manners.
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 The objective was to serve the target customer with goods which are demanded by its
audiences within the set time period.
M1: diverse range of entrepreneurial venture to demonstrate the understanding of
entrepreneurship in both the public and corporate sector:
There are various type of entrepreneurship which helps in achieving the goals and objectives in
the most effective ways. Different venture focus on achieving their mission and vision by serving
the target customer thought the mode of business activities in the market place. the business is
necessary in both the sector public as well as corporate sector which are carried out with the help
of entrepreneur who focus on providing the essential goods and services to its target customer
and make money by offers goods to the customer: -(Ratten, 2016.
D1: Critically examine the scope , development and growth of entrepreneurial ventures:
The scope and growth of the ventures depends on the purpose of their organisation objective
which are to be achieved by the respective enterprise. The positive impact of venture is that
organisation are able to provide goods according to the needs and desire of the customer and
make business returns out of operational activities in the market. the negative impact is the
organisation uses resources which are limited in number so they to be taken care by renew them
from time to time.
LO2:
P3: interpret and assess relevant data and statistics to know how micro and small business
impact on economy :
Small and micro based enterprise can have maximum 50 employee in their organisation and
minimum to 5 employees at the work places and these people are working to achieve the
common goals and objectives in the most effective ways. such type of organisation have small
amount of turnover as their business activities are limited in market. these organisation can
survive in small towns by serving the less customer. in the big cities and areas the micro
organisation offers new innovative and important gods to its customer and earn the profits. This
type of ventures helps in enhancing the UK market places as they generate more employment
for the people and make another organisation to perform with one or other business unit to grow
their business.
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Small business units: these business needs around 50 worker in the organisation generating the
income of 5 million annually. They need little investments to expand their activities.
Medium entity: these business involved the 250 worker in the management team which
provide annual income of 22 million and cover the important market.
Larger business: organisation focus on operating at larger scale to place their goods in the
market place. (Antonci.and DeNoble, 2015)
As per the above chart, it can stated that small business have contributing of 93% as compared to
medium and larger organisation. the employment opportunities are create by small business is
48% whereas 40% from the large companies and 12% from the medium company. It is also seen
that small business contribute more in the development of the UK market and helps in
improving the lifestyle of the people.
P4: Examine the important of small business and starts-up to the growth of the social economy:
The social economy of the UK can be expanded and grow with the help of small and starts –up
business in the target market places. The economy of the national is formed by small, medium
and larger business units as their generate the income by providing goods and services to the
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customer. with the references of Morrison’s, following entity helps contributing the growth of
the UK market place.
Standard of living: the small and medium level of business helps in providing the employment
opportunities for the people which will increase their living standards . these opportunity make
the worker to not shift to another location for the purpose of the earning and increase the
domestic market .
Innovation: many starts up- business has come up with the innovative product for the target
customer to earn the profits margin in the market places. The economy of the UK market grow
and expand with the increasing small and starts up in the market places. These business focus on
offering the new goods according to the needs and wants of the customer to attach more
customer as well as retain the existing customer.
Low overheads: the small business entity operates its activities at lower scale which reduce the
overheads expenses of the organisation such as rents, wages , electricity and miscellaneous
expense. The will reduce the cost for organisation and enhance the profits margin of company
which will boost the market condition of the UK . (Burns,2016. )
Employment to the local workers: the small and medium business helps in providing
employment opportunities to the people of the UK market. wherein, larger business need
competent and skilful employee working for common goals and objectives . the in micro-
business employees are provided with training and development which improve their
performance in given tasks.
M2: Evolutes the difference small, medium and large business make to economy:
There is vast impact of small, large business on the market of UK economy , as these business
provide effective turnover which helps the improving and shaping the UK economy to large
extend. The small business contribute around 99% of business for the united kingdom market
where number of people get employment in the small organisation. the larger organisation focus
on providing most skill and knowledge employee which increase the productivity of overall of
the economy. (Galloway and Sang, 2015)
D2: Critically explain how small business have impact on different levels in economy:
Small organisation is a company which employees lesser number of worker in the extensive
trade practices. The small business have important contribution in increasing the growth of the
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economy as it add around 65% new employment opportunists for the people of the UK market.
the federal government also recognize the impact of small and medium business in improvement
of economy as give tax cuts rate and jobs act of 2017 which will give 20% deduction in the
income .small business impact the different regional ,local and personal . in the local levels it
gives job opportunists to various unemployment people and in regional levels is helps in
improving the living standards of then people.
LO3:
P5: Determine the characteristic traits and skills of successful entrepreneurs:
Entrepreneurs is a individual who have great innovative ideas and take essential risk to
convert such risk into business ideas. The skills and important characteristic of two successful
entrepreneurs such as Louis Vuitton and Henry ford are stated as below:
Characteristics:
Self-beliefs: it is most important quality of the entrepreneurs as it helps in believing in
themselves and contribute to the organisation objectives. With the references of Louis Vuitton
and henry , these both have self-belief in their point of view and ideas which helps them face
the challenges and finds out the effective outcomes which lead to growth of the organisation..
Passionate: it is necessary for the entrepreneurs to have great passion towards their business
ideas which helps them to achieve the desire results in the profitable manners. Louis and Henry
both showed their passion as entrepreneurs as they come up with the new innovative ideas in the
market for the organisation (Gielnik and Schmitt,2017. )
Traits:
Creativity : the entrepreneurs needs to be creativity in its approaches while making the unique
goods and service for its customer and in launching them in the market to attach more customer
for products. Both of these entrepreneurs have a innovative mind frame which helps them to
offer unique goods for the target market . Henry ford have a new idea for first automotive
vehicles in the market which can be reasonable for the medium class person. Louis Vuitton on
another hand, have come up with the use of leather in the goods which organisation offered in
the market places.
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Disciplined: it is very important quality among the successful entrepreneurs as it helps them to
organise all the task in the most effective manners and achieve the objective in the most effective
manners.
Skills:
Learning skills: this skills helps the entrepreneurs to learn the new skills and capabilities which
helps them to perform the activities in the most effective manners. these people gain knowledge
from their co-worker, close one, friends and family members as these individual share their own
experiences in different fields which helps them to learn different things and come with
innovative and creative goods and service for the customer. (Mamabolo . and Kele, 2017)
Decision –making: all the entrepreneurs are good in making the sound business decision for the
organisation which helps them to increase the profit margin in the competitive market place.
both the entrepreneurs have this skills which helps them to take the correct and right decision for
the organisation
P6: Assess how aspect of entrepreneurial personality reflect motivation and mindset:
Entrepreneur is a person who have unique characteristic and skills which helps them to give
their best advice to the organisation on how they can expand and grow their business at
international levels. To understand the personality of the entrepreneurs , Ocean model pf
personality is used which explain the attributes of the entrepreneurs:
Openness: here the entrepreneurs are open to learn new skills and capabilities which helps them
to holds on new opportunities which are present in the market which further increase the profits
for the organisation in the target market places. Entrepreneurs are looking for new experience in
the market and make most out of opportunities .
Conscientiousness: under this stage of model, the entrepreneurs focus on main ting their time
management skills and influence the organisation employees to behaviour in certain way so that
goals can be accomplished in productivity ways.
Extraversion: entrepreneur is a extrovert person who likes to share its ideas and thought with
its team members so that best outcome can be seen in the organisation with effective utilization
of available resources.
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Agreeableness: these they of entrepreneur are very helpful and generous in the team and they
are very cooperative person in the organisation. these people like to volunteer and engage in
social activities.
Neuroticism: the people who holds this traits are very emotional unstable and not happy with
their work in the organisation. these person experiences anxiety, mood swings, discomforted
while working in team or as a individual in the organisation.
M3: examine different lines of opinion relating to entrepreneurial characteristic:
Entrepreneurs is one who have great and innovative ideas about the goods and services of the
organisation so that they can earn the profits in the long run. He is person who always face the
challenges with the confidence and take the rights steps to achieve the mission and vision of the
organisation. as per the trait theory, entrepreneurs are born with leadership skills and knowledge
which helps them to outperform in the market places. It is also difficult for the entrepreneur to
examine the market condition as lot of risk in involved in carrying out organisation activities.
D3:Analyse the skills and motivational drivers of successful entrepreneurs.
The entrepreneurs is a individual who possess effective and inherited skills which helps them to
compete in the market and finds out the most profitable solution for the organisation. these
people have abilities to learn the new skills and capabilities which helps them to achieve the
goals in the efficient ways. entrepreneur are good in communication skills , making sound
business decision and improving the operational activities’ .
LO4:
P7: Examine how background and experiences can hinder or foster entrepreneurship:
The entrepreneurs have learn these skills by spending many years in such field which helps them
to understand the market situation and organisation objectives. The person have find out the
effective way to compete the task in the most effective manners so that profits can be earned in
present as well as in the long period of time. The another way to cultivate effective entrepreneur
is having successful family background which them to take the make best use of available
resources. The hinder entrepreneurship happens when the entrepreneurs have bad experiences in
the business which stops them to start their business and another things can be that they does not
have accurate information about the market. both the entrepreneur Louis Vuittion and Henry
ford have background as well as experiences which improve their quality as a entrepreneur.
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