Report on Entrepreneurial Ventures, SME and UK Economic Impact

This report delves into the realm of entrepreneurship, examining various types of ventures, including small business enterprises, scalable start-ups, large company entrepreneurship, and social entrepreneurship. It highlights the dissimilarities and similarities between these ventures, focusing on factors such as size, objectives, and sources of finance. The report then investigates the significant impact of micro and small businesses on the UK economy, emphasizing their contributions to employment, economic growth, and adaptability to changing market conditions. Furthermore, it explores the role of SMEs and start-ups in fostering social economic growth, particularly in the context of post-Brexit challenges. The report also outlines the essential attributes, features, and abilities that distinguish entrepreneurs from managers, emphasizing mindset, motivation, and the influence of experience and background in fostering entrepreneurial success. The report uses real-world examples of successful entrepreneurs to support its claims.

ENTREPRENEURSHIP
AND SMALL MEDIUM
ENTERPRISE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Description on various kinds of entrepreneurial ventures with regard to typology of
entrepreneurship. ........................................................................................................................1
P2 Dissimilarities and similarities between various kind of entrepreneurs ventures..................3
TASK 2............................................................................................................................................4
P3 Effect on the micro and small business on the economy of the UK......................................4
P4 The SME and start up have effective contribution in social economy growth after berxit.. .5
TASK 3............................................................................................................................................5
P5 Description on the attributes, features and abilities of the entrepreneur in order to make
difference with managers............................................................................................................5
P6 Define the mindset and motivation of entrepreneurial with the help of entrepreneurial
personality...................................................................................................................................6
P7 Description on the experience and background which help in manner to fostering
entrepreneurship..........................................................................................................................7
CONCLUSION................................................................................................................................7

INTRODUCTION Entrepreneurship takes various steps in order to
establish business function in all effective steps in order to grow firms
profitability and productivity. He is person who is ready to take risk and
challenge all business function sufficient manner. The entrepreneurship and
small business management are two pillars who are trying hard in order
to develop product and service. With the help of impressive working of
small business enterprise, the UK is able to earn high revenue can
maintain its economy profile in sufficient manner. The entrepreneur is the
person who is capable of taking his own risk in manner to earn huge
amount of profit. He is taking various steps in order to develop and
manage the organisation so that firm can maintain its brand image. The
present report is giving focus on the two entrepreneurs who is taking
various steps in order to promote successful business. In this Richard
Branson and Mark Zuckerberg worked hard to develop business hurdles
and they focused onto to have effective growth of organisation (Bruni,
Gherardi and Poggio, 2014). In this present report the effectiveness and
efficiency of two successful entrepreneurs are given such are as Richard
Branson and Mark Zuckerberg.
TASK 1
P1 Description on various kinds of entrepreneurial ventures with regard to typology of
entrepreneurship.
The term entrepreneurship termed as the individual who take various step in order to
establishes firm with the aim to earn large amount of profit. In these different types of firms
which are initiated by individual with the specific aim to earn objective of organisation in large
extent. These are defined in following manner are as-11 Small business enterprise- This stem can be taken as initiate level to start something
new. This firm carrying operations like small groceries stores, travel agents, plumbers
and many other kind of small business activities so that person can earn productivity and
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profitably (Drucker, 2014). The small enterprise are open to earn part of revenue so that
business can earn for longer period. This kind of the venture are easily witnessed in the
UK. the main objective of this firm is to earn large amount of the profitably so that firm
is able to run its activities effectively. The main aim is to gain their livelihood. In this
kind of firms the operation of business can be carried with small amount of funds and
some people used to borrow such amount from their friends and family so that business
activities can be started. In this the proper research and all decision relation to firm
activities is carried out by person who is owner of such store. The main aim is to satisfy
the expectation of customer so that they can enhance the more amount of productivity
and profitability. To earn revenue is the typology of this firm.11 Scalable start-up Entrepreneurship- The main aim of this kind organisation is to bring
innovation in there services which help in manner to gather the attraction of various
investor towards their ideas. The main aim of this kind of firm is to provide something
new to customer with modern approach. In UK this kind of the venture is mainly focused
by the fancy ideas and the innovative things. This will help to enhance the firm
profitability and productivity. This kind of the firm are taking various initiative in
relation to establish their own set up in the firm. They don't believe onto relay on the old
technique. They like to bring upgraded techniques in their operation so that firm can run
their activities in fast and effective manner. The main object of typology of this kind of
business enterprise is to provide innovative product and service to customers so there
expectation can be full filled and firm can earn large amount of profitability. The firms of
UK are taking various efforts in order to provide new and fancy ideas on the basis of
upgraded technology (Cerrato and Piva, 2012). The function of the small business
enterprise is very important in order to make activities of the firm more sufficient in way
to achieve maximum profitability.11 Large company entrepreneurship- This are the organisation who are carrying their
business activities at the large level. They used to gather the attraction of buyers by
bringing up of innovative methods in their goods and services. They follow all the market
strategies and updates so that there business can run smoothly. They are taking various
effective steps in manner to bring competitive advantage so that they can earn maximum
market share (Herbane, 2010). They trust to take big deal so there business can earn large
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amount of productivity and profitability. The main Typology of the enterprise is to serve
customer so that there need can be satisfied in large manner. They used to give their
major focus on the maximisation of profitability and productivity in the large extent.
They allow to have modern approach so their business be more successful on the part of
making effective productivity.11 Social entrepreneurship- this term means entrepreneurship provides services to customer
for the welfare of so society not for earning profit. The main aim is to provide those
goods and services which can full fill the demand of people who are residing in the
society. The UK is taking various steps in order to establish their business as non profit
organisation which can serve better than not with the aim to earning profit but for the
social maximisation.
P2 Dissimilarities and similarities between various kind of entrepreneurs ventures.
There is wide kind of difference between various venture of the Entrepreneurship which
has been discussed above. The main variation is the size of business enterprise. It can be noted in
the following manner are as-11 Size and structure- Like small bushiness enterprise the size of the firm is very small, this
is made with the aim to meet the need of owner. In other words it can be said that the
entity who is carrying business activities on large scale are mainly huge. This kind of
firms are the main contributors in economic growth of the country. The UK, Asda and
Tesco are the organisation who are having large scale of operation with the help of them
the economy of the country can be stable (Grenier, 2011).11 Aims and objectives- The main differentiation can be made on the part of aims and
objective. Each business enterprise has their specific goals which is to be accomplished.
In the social entrepreneurship the major emphasize is to be given on the welfare of
society by rendering services they want, it is not settled up for earning profit. This kind of
organisation are carrying their activities in order to make better life of other individual.
On other side the large size of business carrying their activities with the view to earn
profit maximisation (Haeussler and Colyvas, 2011). They are taking various initiatives in
order to bring innovative services in market. In this the small size of business enterprise
are mainly concerned with those strategies which mainly concerned with long term
growth of the business enterprise.
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11 Sources for finance- They used to give their major focus on the activities like financing.
The UK is taking various initiative in order to establish large size of business. In this
manner they want some amount of funds so there business can be settled in effective
manner. In UK large firm get their funds from the various kind of the institution like
funds from the sponsorships and the institution in which they can able to promote the
larger amount of the profitability and the productivity. They can take loan from the bank
and financial institution in order to meet the objective of organisation. In other hand the
small business enterprise can take funds from their family friends to start their business.
The enterprise who are carrying their business activities as social entrepreneurship get
funds from the donations (George and Bock, 2011). The organisation who are carrying
there activities on the large scale can also become the source of finance.
TASK 2
P3 Effect on the micro and small business on the economy of the UK.
The small business organisation are having wide effect on the economy of the UK. The
difference can be found that large size of organisation can easily witness but the contribution of
small organisation cannot be seen in easy manner. After the Berxit the economy of the UK has
been declined and this has the large effect on the growth of the small business. The various kind
of activities of the large size of business enterprise are to performed by small firm this kind of
process is to be known as outsourcing activity. The growth and profitability of organisation can
be measure with the help of size and structure of business entrepreneur (Cerrato and Piva, 2012).
The effect of the small business enterprise can be found in following manner are as-
Contribution through employment- In the business enterprise who are carrying activities
on the large scale. In this kind of firm not more than 250 employees are working. The enterprise
like large size are giving more employment opportunities to the people who are very helpful in
manner to increase GDP of the country (Abreu and Grinevich, 2013). It can be seen that in 2015
there were 5.6 million small and medium size enterprise which has been clearly showed that the
contribution of small business.
Economic impact- The economic growth of the country can be measured with the small
business enterprise. They are largely focusing on the innovative approaches in the market. This
kind of initiative steps are very helpful in order to promote the growth of the country. The
various kind of activities of the large size of business enterprise are to performed by small firm
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this kind of process is to be known as outsourcing activity. The small entity are taking various
effective steps in order to take effective steps to get overcome from recession. This can be said
that the small business enterprise are the major contributors in order to promote growth and
development of the country (Dooley and Kenny, 2014).
Flexible with the changing situation- with the help of effective changes in the
innovation the competition in the market enhancing day by day. This kind of activity are majorly
affected the contribution of the economy (Cherny, and et.al., 2016). The small business
enterprise are taking various initiative in order to take changes as per the need and expectation of
the consumers. In the large business organisation there are various kind of firm activities which
are carrying on large scale due to this they take more time in order to give response to various
changes. At the time of economic the small business enterprise help the country to make their
economy stable.
Industries revenue- According to the UK economy the major part of the revenue come
from SME IN this manner it can be true to said that UK is highly dependent on the small
business enterprise. It can be taken as the backbone of the UK.
From the all above justification it is clearly noticed that small business firm are taking various
effective steps in order to make efficient contribution in UK economy.
P4 The SME and start up have effective contribution in social economy growth after berxit.
The berxit was one of the shocking decision which were taken by the UK. on the part of
this type of decision making the UK decided to quit from EU. In this manner there is negative
impact on the firm activities and economy of the country. This kind of situation make it difficult
for Berxit to operate their business activities in other countries. In this the small business
enterprise is taking various effective steps in order to promote growth of the country by
providing employment to all the individuals which helps ion manner to have direct contribution
in the growth of the country (Cherny, and et.al., 2016). With the help of this kind of work the
individual of the organisation can earn livelihood in order to promote the growth to social
economy.
Due to this kind of activities there can be negative impact on the profit of the business and the
growth of the country in wide manner. On the other hand the next problem which occurs is in
relation with the funding issue. Every organisation need some part of financial help so that they
can perform their business activities in sufficient manner.
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TASK 3
P5 Description on the attributes, features and abilities of the entrepreneur in order to make
difference with managers.
The entrepreneur is taking various effective steps in order to promote growth and
development of the country. He uses to take their effect part in manner to perform the task in
skill manner. He is the person who engage in the activities of having various kind of innovative
approaches so that there can be effective growth and productivity (Carraher and Paridon, 2015).
There are two successful entrepreneurs are taken. In which one who is Richard Branson is taking
initiative to have expansion of business activities in large extent. The another one is Mark
Zuckerberg who is working in way to connect the whole world with the help of Facebook
application. The all activities are defined as-
Design everything- The entrepreneur named as Richard Branson is taking various
effective step at firm level for making his business profitable. Being the owner of virgin group he
decides to work in way to make little investment in each time gap so that business enterprise can
be successful.
Creating competitive advantage- Every business firm should use upgraded technology so
that there can be effective approach in manner to produce innovative products to customer. With
the help of this business enterprise can have competitive advantage in market. This kind of
activity is very helpful in manner to earn maximum amount of market share (Cherny, and et.al.,
2016). Due to make this process more efficient the Mark Zuckerberg is taking various effort in
order to have development in market with the use of innovative method which cannot be copied
by any other application.
Skill
Innovation- The innovation is the process which is need to bring in the business
enterprise in order to make higher amount of profitability and productivity. The entrepreneurs
should be the person who have innovative approach and he should give his major focus onto
enhance his creative skills (Carland, Carland and Stewart, 2015). With the help of this there can
be effective growth which can help in making of business more successful. The manager of the
organisation cannot have innovative approach he has to frame and implement certain rules and
regulation of organisation.
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Risk taking- The risk is the essential part in manner to have effective growth and
development. The both person manager and entrepreneur should have there equal contribution in
manner to perform skill in effective and impressive way. The manager has to take risk at the time
framing and implement various rules and regulation. After, execution process they can to know
that whether such implementation was effective and ineffective (Bruni, Gherardi and Poggio,
2014).
Skill related to sales- The sale is the major part in related to perform business activities in
manner to long term objective of the organisation. The Richard Branson is taking those strategies
which help him to sell more magazine so his business can be more profitable. The manager of
the firm give their major emphasise about to manager the working of the business enterprise in
more effective and efficient manner. The skill full person can be more effective in order to have
higher amount of sale in the business enterprise.
P6 Define the mindset and motivation of entrepreneurial with the help of entrepreneurial
personality.
The successful person in the business enterprise are the one who is taking effective steps
in order to motivates the person so they perform in better manner. The manger should define
various approaches so that he have idea about managing the whole operation of firm. He is the
person who has to handle overall profitability and productivity of entity (Baker, Grinstein and
Harmancioglu, 2015).With the help of them there can be possible growth in the organisation
(Carraher and Paridon, 2015). After start up the most of the top level entities ignored the
performance of Mark Zuckerberg but his constant efforts help him to get more success. This kind
of entrepreneurs always attracts the other personality in manner perform their best with aim to
earn higher amount of productivity and profitability. In this manner there are two entrepreneurs
such are as Mark Zukerberg and Richard branson who have got success at the very younger age.
These both have crossed through various milestones in order to have desire success in their life.
The Mark Zukerberg got rejected many time in firm but his never giving nature leads him to the
path of success. He was also not financially strong this factor of his life also create the many
kinds of hurdles. On the other hand Richard Branson is also suffering from disease like Dylexia
due to which he is not able to read or write but his continuous efforts to achieve something also
leader him to the path of success. The consistent mind and dedication is helpful in order to
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achieve the desired success. Without putting efforts no one is able to get the desired success in
his life.
P7 Description on the experience and background which help in manner to fostering
entrepreneurship.
The Experience and background is very essential in order to promote growth of the
organisation in effective manner. The entrepreneurs of the firm should take every step with
effectiveness so that there cannon be any kind of hampered situation which can affect the brand
image of the business enterprise in large manner. They should have enough knowledge in order
to perform their activities. Their contribution largely affects the performance of business
(Business and entrepreneurship skills and experience, 2017). The both the entrepreneurs was
not having that good experience or background. The both having many hurdles in life. The
Richard branson was suffering from dyslexia that was the major issues which was preventing his
growth. On the other hand the Mark Zukerberg was not having good financial background. This
kind of situation are also one type of take which is very hard to cope up with. Due to less
financial resources the Mark Zukerberg was not able to give initiate to his business plan. In this
manner it can be true to said that there is need to matching of experience with the background of
entrepreneurs so that desire profitability can be achieved.
CONCLUSION
From the above report it has been clearly defined that Entrepreneurship refer in manner to
establish business unit task with all effective steps in order to grow firms profitability and
productivity. The entrepreneurship and small business management are two pillars who are
trying hard in order to develop product and service. With the help of impressive working of
small business enterprise, the UK is able to earn high revenue can maintain its economy profile
in sufficient manner. The two entrepreneurs who is taking various steps in order to promote
successful business. In this The both entrepreneurs Richard Branson and Mark Zuckerberg
worked hard to develop business hurdles and they focused onto to have effective growth of
organisation. The small medium enterprise is taking various effective steps in order to promote
growth and development of the country. With the use of modern technology of goods the firm
able to make heigh amount of profit sue to which living standard of person can be enhanced. The
growth and profitability of organisation can be measure with the help of size and structure of
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business entrepreneur. In this thee major issue is in relation to funding issue which acts as major
barrier in the development of the country.
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Business and entrepreneurship skills and experience. 2017. Available through: <
https://www.innovationpolicyplatform.org/content/business-and-entrepreneurship-skills-
and-experience>. [Accessed on 28th August 2017].
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