Report on Entrepreneurial Ventures and UK Economic Impact

This report delves into the core concepts of entrepreneurship and small business management, exploring various types of entrepreneurial ventures such as lifestyle, survival, and managed growth ventures, and their relation to typologies like small business, scalable start-up, large company, and social entrepreneurship. It differentiates between social and lifestyle entrepreneurship, analyzing their similarities and differences through case studies of Elizabeth Gooch (EG Solutions) and Tom Mercer (MOMA Foods). The report further assesses the impact of small and micro businesses on the UK economy, highlighting their importance in job creation, innovation, and overall economic growth. It also examines the skills, traits, and personal backgrounds that influence entrepreneurial success, providing a comprehensive overview of the entrepreneurial landscape.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
P 1 & M 1 Different types of entrepreneurial ventures related to the typology.....................3
P 2 Similarities and difference between Social and Lifestyle entrepreneurship....................5
D 1 .........................................................................................................................................6
TASK 2 ..................................................................................................................................6
P 3 Impact of small and micro businesses on UK economy..................................................6
Covered in PPT.......................................................................................................................6
P 4 Importance of small businesses and start-ups to the growth of UK economy.................6
Covered in PPT.......................................................................................................................6
M 2 ........................................................................................................................................6
D 2 .........................................................................................................................................7
TASK 3............................................................................................................................................7
P 6 Aspects of the entrepreneurial personality of Elizabeth Gooch and Tom Mercer...........8
M 3 .........................................................................................................................................9
D 3 .........................................................................................................................................9
TASK 4..........................................................................................................................................10
P 7 How personal background can hinder or foster entrepreneurship..................................10
M 4 .......................................................................................................................................11
D 4........................................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................13
.......................................................................................................................................................15

INTRODUCTION
Entrepreneur is the most important part of a business. He runs the business at his own
risk and gives new innovative idea for making the profit and capturing the market. Generally he
is seen as the innovator or leader of new ideas and business process . He takes the initiative that
is necessary for bringing the new idea in the market and make the decision that are necessary for
running the business. The present report is based on entrepreneurship and small business
management that is very important for running the business (Carlsson, 2012). . The below report
is based on types of entrepreneurial venture and difference between social entrepreneurship and
lifestyle entrepreneurship and explains that how entrepreneurship affects the economy of UK and
importance of small business and start ups to the growth of the social economy in the UK and it
explains that what is the skills and traits that are required in an entrepreneur.
TASK 1
P 1 & M 1 Different types of entrepreneurial ventures related to the typology
As a senior member, it is analysed that there are various types of entrepreneurial ventures
which are as follows-
 Lifestyle ventures- This venture is started by a person for maintaining his income level
and status in the society and also provide a foundation form for enjoying a particular
lifestyle.
 Survival venture- In this, people establish this venture for the survival of himself and for
his family. This business are small in nature which has less amount of assets and mostly
it is running on cash and barter system. It has no relation with banks and any other
financial institution.
 Managed growth ventures- These enterprise is more profitable ventures which have
stable growth and workable model. In this, businessmen invest proper amount of
resources which aid in getting success in the market. In this, it introduces new products or
services and also hire large number of employees so that it can get desired result or
outcome.

These all above ventures are related with typologies of entrepreneurship which are as follow -
 Small business entrepreneurship- It is that business that is run by only by one person.
He is responsible only for any profit and loss. There are no sharing in profit and loss. For
example – Grocery store ,Travel agents etc. They hire the family members or employees
for take care of business.
 Scalable Start-up entrepreneurship- It is not like a small business .They start their
company that is known to everyone from the first day and their vision is to change the
world (Höglund,2013) They hire the people who are intelligent and bright and it attracts
the investment.
 Large company entrepreneurship- Large companies are those companies that required
large amount of investment for starting the company. Change in customer
taste ,preference affect this company and increase pressure. For example : Virgin Atlantic
can be the best example of large company entrepreneurship. It is a famous British Airline
corporation whose head office is located in Crawley, UK. They offers airline as well as
holidays services to the people of different nation as they are doing their business in
different countries.
 Social entrepreneurship- Social entrepreneur are those person that produce the products
and services according to the need of society .They run the business for the benefit of
society .
Typologies are of interest of researchers . These are useful when there are case studies
related to entrepreneurship . Some typologies of entrepreneur are as follows -
 Carlson has established three types of business that is innovation , imitation and
repetition . In innovation ,entrepreneur establish the business without any copy of
others. They creates uniqueness in their business. In imitation ,entrepreneur copied of
others and in repetition ,entrepreneur repeat their business activities .
 According suchdev ,he describes the different types of entrepreneur like
“administrative entrepreneur and independent entrepreneur .”
 Arpin has classified small business in to three parts which are as follows- Traditional
,entrepreneurial {promotion – oriented} and administrative .

P 2 Similarities and difference between Social and Lifestyle entrepreneurship
Social entrepreneurship is that organization that objective is to improve the human life
and environment of the societies .It’s objective is to do social welfare with profit earning. It can
be structured as profit organization and non –profit organization and may take the form of co-
operative and charity organization etc.
A lifestyle entrepreneur is that a person who does the business for improving the life style
of it’s own or the other people of the society. Its main objective is that to run the business for
maintaining the level of income and reputation in the society.
Similarities between social entrepreneurship and life style entrepreneurship – Here
Elizabeth Gooch and EG Solution PLC is a social entrepreneurship while Tom Mercer and
MOMA Foods is a life style entrepreneurship. Both have similarities which are as follows -
Social entrepreneur and life style entrepreneur runs their business for income or profit generating
(Hoof and Nandram, 2012).
 Both have aim that to provide the best services to the societies so that society ‘s
environment and standard can increased .
 Both are working for the improvement of the society or benefit to the society.
 Both makes strategies for surviving in the society.
Difference between social entrepreneurship and life style entrepreneurship –
 Social entrepreneurship has prime objective is to serve the society after it to earn
the profit while life style entrepreneur has objective to set and maintain the level
of income and standard in the society .
 Social entrepreneur makes the strategies for the societies while life style
entrepreneur makes the strategy for own that how to support the life they want to
live (Arpin and et.al., 2016).
 Social entrepreneurs are limited by location ,work ,and time while life style
entrepreneurs are free to work everywhere and anywhere for maintaining the life
and income.
 Social entrepreneur wants to serve the societies while life style entrepreneur
wants that they should have sufficient amount of money for travelling in the
world.

D 1
UK has become more successful country in entrepreneurial ventures . It has higher
ranking because of entrepreneurial venture ‘ abilities and attitudes etc. In UK ,mostly people
want to start their business and they are showing their business skills ,attitude and they are more
innovative and risk taker . Researcher has found that UK is very powerful country in
entrepreneurial venture because it is providing more employment to the people (Sachdev, D.,
2016). Now a days ,people of this country have more risk taking capabilities because they are
more producing the products and services that have some uniqueness like Tom Mercer and
MOMA Foods are offering new products and services like breakfast and full night chopping etc.
TASK 2
P 3 Impact of small and micro businesses on UK economy
Covered in PPT
P 4 Importance of small businesses and start-ups to the growth of UK economy
Covered in PPT
M 2
According to Harvard, there is certain point of differences between small, medium and
large business enterprises. These distinctions are as follows:-
For small enterprises equity capital is held by initiator or family. For medium businesses
mostly dealt with private or public but on the other hand in large business equity capital is held
by public. The management of small business is done by owner; medium business is carrying out
with owners and professionals. Large business is carries by professional management team. The
decisions of small enterprises are largely by owner. The decisions of medium enterprises are
through owners, CEO and leaders and for large business decisions are made by organizational
members.
Small business are usually base on short term planning process, medium business are
based on long term planning process including executives and initiators. Largebusinesses are
extensively based on long term planning process and by professional team leaders.Small
enterprises consist of local markets, medium businesses are considered with industries and firms.
Large business is considered with broad spectrum of capital generally they have diverse markets.

By above differences between small, medium and large business it can be concluded the big
difference between them and accordingly their targets and development is done.
Small enterprises are those which have less than 5o employees and has revenue of less
than GBP 5.6 million.
Medium enterprise are those which have more than 50 but less than 249 employees and
earns revenues at least GBP 5.6 million but not grater than GBP 22.8 million.
Large enterprise are those which have more than 250 workers and generates revenue
more than GBP 22.8 million.
D 2
Small and large businesses have a great impact on UK economy at different levels
including local, regional and national levels. They create large no of job opportunities to local
communities. Through innovation and advance technology they create thousand no of jobs and
provide professional leaders for future growth. As compared with United States it creates most
new employment with innovative ideas and advance technology.
In United Kingdom, there are large number of small enterprises which are helpful in the
development of economy of the nation. It generates full employment situation in the country and
with the help of this, dependent people can live their life easily and independently. By its
innovative methods and technology it diversifies many challenges and demanding opportunities.
As far as societal level it provides education and learning institutions, coaching centers for
people.
They are highly impacted on export and import services across the regional boundaries. it
is carried away by exporting goods and services to other countries in order to run business or
trade and obtaining benefits to capital market. Through its different networking channels exports
are done. For an advertisement, media, blogs and pamphlets etc. it provides best quality of export
and import services by innovative methods.
TASK 3
P 5 Likely characteristic traits and skills of Elizabeth Gooch and Tom Mercer
Elizabeth Gooch is the founder and the CEO of EG solutions. She is the most successful
female entrepreneur of UK ranked seventh in the Management Today in the year 2006. Her traits
and skills are quite different from those of business managers. Her company EG solution is the
only one that guarantees return on investment and its sales revenues are based on the result

delivered. No other business man has the dare to return the money received.As being an
entrepreneur she gives born to new ideas and develop new products. The businessman starts a
business by improving the existing product or business. That is why an entrepreneur initiates on
a start-up while the another one starts on a business.Elizabeth worked at the age of 18 her
financial condition is too bad but by managing the money she started and fought from many
thrones but now she achieved her goal. No one can take such risk for start-ups.
Tom Mercer played a role of managing director and founder of the company named MOMA
in the London. His thinking and will power make him unique as an entrepreneur.He shows his
hard labour by waking up early in the morning and doing all his work of making healthy
breakfast for the customers. They don’t think about the time. While business manager does his
work by focussing on time. They perform their task by checking the watch i.e. every task is done
at the scheduled time. He spends a lot of his time in dreaming up business ideas. This shows his
curiosity of doing the best. While no other have the time enough to make ideas. They started
their work even on others ideas.
P 6 Aspects of the entrepreneurial personality of Elizabeth Gooch and Tom Mercer
Elizabeth Gooch and Tom Mercer are the two entrepreneur whose is full up of self-
motivation. Following are the important points showing the story of their success.
 Elizabeth Goochled a struggling life by started his working journey from HSBC bank at
the age of 18. But left that and started working for a consultancy. After that she started
her own business EG consulting by borrowing money from her family and friends. This
shows her powerful patience. The company gained EG consulting gain a turnover of
£600,000 in the first year.
 Her organisation launched the software called Operational Intelligence as a product in its
own right. In the year 1993, the company made a turnover of £1 million by working with
only six employees and some contract workers. This shows the quality of her work.
 She changed the company name to EG solutions PLC after realising that she was not
making enough of the business and should concentrates on the software rather than
previous work and as a fruitful result the company increased its profit by 28% in a year.
This reflects the stamina of her showing her mind set to achieve the goal.
 Tom Mercer was a management consultant with Brain and Co. in the London’s city. His
mind was just like a business man thinking new ideas for the start up. He worked on the

idea of providing instant and healthy breakfast and shows a great devotion regarding his
work.
 As a result, MOMA was born in 2006. He sells the products throughout the London key
points like train, tube, tram and bus stations. By seeing his hard work surely many new
entrepreneurs motivate.
 After getting positive feedbacks he leaved the company and started working on his own
ideas and opened his stalls and made effectively profits.
 They used to wake up early and doing his all efforts in the way to receive his goal
ultimately they become the top most Muesli brand of the United Kingdom.
M 3
By exploring the entrepreneurial characteristics in the above reports there exists some
arguments regarding them. The entrepreneur possesses the qualities of passion, self-confidence,
patience, problem solver, etc. But if these characteristics are need found in someone then they
will not have recognized as the same…? There exists many Businessman who had start up small
as well as large businesses and may not comprises such qualities. The entrepreneurs became so
by doing hard labors and his skills.
D 3
The entrepreneurs are those who starts their own business at his own risk and making
successful businesses. The world tells the history of many entrepreneurs that how their skills and
capabilities make them so. Mark Zuckerberg and Bill Gates are the two successful personalities
who made a successful entrepreneurship.
Mark Zuckerberg is the CO-founder and the CEO of the Facebook is considered as youngest
billionaires. He possesses many attributes which an entrepreneur should have. These are listed
below:
 Patience: He has a great patience quality. He never fears from failures actually his
failures made him strong as he learned new things from it.
 Doing Risky Tasks: He did many risky and dangerous tasks in his journey of work.
 Self Confidence and Hard Work: He never cares for other words and has a great faith in
himself always and this made his task easy.
Bill gates as being the richest man in the world is the best example of successful
entrepreneur. He worked as the CEO of the Microsoft as well as the chief software architect. He

supported several charities and also aided many research throughout the world. His skills and
attributes are given below:
 Passion: He became passionate after achieving many risky goals.
 Problem Solver: He has the attitude to solve any problems coming in the way of his
destination.
 Self Believe, plan maker: His confidence level is so high. Having positive attitudes, he
made the best plan and worked upon that for being succeeded in his life.
A successful entrepreneur has various types of quality which lead to achieve desired
result or outcome which are given below-
 He should be a risk taker because in an enterprise there occur many critical situation which
have to bear by him.
 He should also be a good leader who can motivate the employees for doing work
according to the standards.
 He should have full confident by which he can convince the other people.
 He should also have good communication skills.
There are many factors which influence the motivation of an entrepreneur such as=-
 Family
 Personal factors etc.
TASK 4
P 7 How personal background can hinder or foster entrepreneurship
According to tom mercer, there are small no of background features of a business tycoon
which separates from the general managers and leaders.
 CHILDHOOD FAMILY ENVIRONMENT:-Birth order and social status have highly
impacted and resulted in conflicts. The male and female entrepreneur have family
entrepreneurial relations as a result they have self-employed and this is a strong
discussion between society in relation with back ground. Those who have entrepreneurial
parent back ground have strong inspiration and motivation factor. Inspiration motivates
about flexibility and independence. The independent feeling is influence by
entrepreneurial mother.

EDUCATION:- Education plays a crucial role in entrepreneurship. Formal education is not that
important to start a career in entrepreneur of to start a business although it requires a good back
ground image. Experienced entrepreneur have not considered important who possessing the
degrees like engineering, medical and mathematics etc. communication is as important in this
field, the way of communicating with the people in accordance to verbal or non-verbal
communication. Academic educational qualification is a barrier or facilitator in the way to
entrepreneurship.
AGE:- Age reflects the experience of the entrepreneur. Entrepreneurial experience is one the
best ancestor of achievement; many entrepreneurs start their carrier in business in the age group
between 24 and 40. The starting career for an entrepreneur should be early than late as well
because of good results and success. These are the following implications for an entrepreneur.
These are the above methods which influences the back ground of an entrepreneur in relation
with entrepreneurship.
M 4
The entrepreneur is influenced by its personal background as well as its characteristics
too. As they possess unique qualities or character of patience, high level trust on themselves,
faces struggles, aimed to do different, etc. But the personal background effects also. Some
situation in the life make them learn new things or make them stronger to bear any problem like
Elizabeth Gooch. She had gone through many struggles. She started her business when her
financial situation was not sound. She had taken financial support from her friends and family
members. But this made her to be focused on her carrier. And finally she got that high level
which she deserved.Tom Mercer’s life shows that they have enough potential of high level
thinking. He wants to do best in the business planning and he did so by working upon his own
plan of making healthy breakfast for the workers.
The characteristic of entrepreneur is closely linked with personal background of them.
Some of the qualities like high patience, leadership, etc. are came from their parents. So, this aids
them in becoming a successful entrepreneur.

D 4
There are following points of differences in relation with the personnel background and
experience of Donald trumps both negatively and positively:-
 Positive aspects:- He is a popular thriving business lure and TV persona as
well and as far his family back ground he is a son of wealthy real estate
developer. He is a very ambitious, astute leader and renowned personality with
complete educational and a professional history.
 He has very good records in both social land academics as well. Trump is the first
man undertake presidency without previous army or administrative amenity and at
the age of 70 he is one of the first president of United States who become
president and initiate the role of big power.
 He started his carrier with his father’s company ‘Elizabeth Trump and son’. He
also involved in big projects associated with New York. He also started many
campaigns which mainly focus on illegal immigration, Islamic terrorism and
offshoring of American jobs.
 He adopted some tax rate schemes for the different free market plans.
 Negative aspects:- The career of trump was marred by allegations of voluptuous
wrong doing and he much criticism or blame for his extravagant and wasteful
living standards and controversial explanations from immigrant of Islamic
countries. These are the above founding of personnel back ground of Donald
trump experience and life history in relation with entrepreneurship.
Donald trumps has now caught the attention of many people and now he become a big
headlines of news and media. His personal background is very interesting as he was a son of
wealthy or more rich estate developer. So, it was very easy to make a successful entrepreneur to
Mr. Donald. They also have some skills like leadership, patience, problem solver, etc. His father
business activities influences his child hood and motivates him to select the path of becoming a
big businessman.
CONCLUSION
Above study was based on Elizabeth Gooch and EG Solution PLC and Tom Mercer and
MOMA Foods which is a consulting firm or food company in UK . So from the above study it is
concluded that there are many types of entrepreneurial ventures that are helpful in increasing the

economy of the country and studied about the impact of the entrepreneurship on the economy
and certain types of skills and traits and abilities of an entrepreneur that should have for
achieving the objective.
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