Report on Entrepreneurship, Small Business & UK Economic Impact

This report provides a detailed analysis of entrepreneurship and small business management, focusing on their impact on the UK economy. It identifies different types of entrepreneurship, including private, public, social, serial, and female entrepreneurship, and discusses their respective typologies. The report highlights the similarities and differences between entrepreneurial ventures, such as male vs. female and social vs. serial entrepreneurship, emphasizing their distinct approaches and objectives. Furthermore, it examines the significant role of small businesses in job creation, domestic economy support, employment generation, and improved living standards within the UK. The report also underscores the importance of small businesses in social economy development, including economic and social progress, poverty reduction, and community support. Overall, the report illustrates the vital contribution of entrepreneurship and small businesses to the UK's economic and social fabric.

Entrepreneurship and small
business management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1 Types of entrepreneurship and their relation to typologies ...................................................3
P2 Difference in between different entrepreneurial ventures .....................................................5
P3 Impact of small-business on UK economy.............................................................................6
P4 Importance of small-business.................................................................................................7
P5 Characteristic traits and skills of successful entrepreneur. ...................................................9
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.......................10
P7 Person’s background and experiences can hinder or foster entrepreneurship......................10
CONCLUSION..............................................................................................................................11
REFERENCES ............................................................................................................................12

INTRODUCTION
The small business enterprise are referred to make a huge contribution in the economic
development of a nation. It is mainly due to such large number of opportunities that are being
developed from their existence. One such instance is in context to the growth of employment in
the nation that in turn reduces the poverty line as well. As a result which, it can be said that small
business organizations are in turn making an overall development of a nation with that is making
a positive impact on the creation of revenue funds (Ács, Autio and Szerb, 2014). It is where the
small business entities are together segregated in various segments such as retail, hospitality and
IT, etc., where there owners referred as the entrepreneurs are together acquaint to various
innovative measures to conduct their business related activities. It is where an entrepreneur
begins with a small start up business by making significant efforts that in turn transforms into
huge firms with greater expansion of business practices. The present report has hereby
discoursed upon a similar concept of entrepreneurship by undertaking its distinct measures.
TASK 1
P1 Types of entrepreneurship and their relation to typologies
Entrepreneurship refers to the process of designing, launching and running a new
business, which generally begins with a small business like a startup company (Autio, and
et .al. , 2014). Whereas entrepreneur is a person who begins, manages enterprise is termed as
entrepreneur. Rather than being a employee in another company a person here entitles to take all
the risk. Enterprise refers to the project or undertaking that is especially difficult to peruse.
The types of entrepreneur venture are:
PRIVATE ENTREPRENEURSHIP
is the one which is initiated under a private sector. Here as the funding problems exits so the
funds are provided by the private and public enterprises that encourages the private
entrepreneurial ventures (Baum, Frese and Baron, 2014) As both extends their funds hence it
gives a mutual coordination between them and a long lasting relationships between them. Here
the focus is to earn revenues and increasing the market share. This is more dynamic. Here the
accountability is on the own. The control here is more than the public entrepreneurship.
PUBLIC ENTREPRENEURSHIP

As the name suggests, here the support is provided by the government by various
developmental agencies. In these types of entrepreneurship no private involvement is there. This
type of entrepreneurship is undertaken to fill in the deficiencies of the private entrepreneurs.
Here the entire initiative is done by the government or the public hence the profit levels are kept
low.
SOCIAL ENTREPRENEURSHIP-
This entrepreneurship is more focuses towards the society. Hence, the products they
make also serves the society and meet the societal needs (Chen, Tao and Gong, 2013) Here the
ultimate aim is not to earn profits rather than focusing on the world to be a better place, and not
to make profits or increasing the market share. As these days society and the environment are
the topmost priority so using the resources in the optimum way is the thing which is in need.
Wastage of resources should be avoided. Here the services are free such as education in school
etc.
SERIAL ENTREPRENEURSHIP
Serial entrepreneurship means the ideas of business never ends. Here series of
entrepreneurship ideas come into and the person is trying to start new business by every idea
(Duarte Alonso, Bressan and Krajsic, 2014). Here what an entrepreneur does is while doing the
current business if he gets any new idea he will with on to that idea while giving the current
business to the other person and he shifts to the new venture. This goes serial wise hence termed
as serial entrepreneurship.
FEMALE ENTREPRENEURSHIP
In the olden era women were just limited to the four walls but the woman of today has a
lot to explore the world. These days women are excelling in almost every genera. In this type of
entrepreneurship women developed ides, initiates the business, manages it, undertake risks and
even provide employment to others. As there is a growth in the literacy level in women they feel
free and knowledgeable to start something new on their own. The women is now aware about
the democratic values which includes their rights, duties etc (Ghio, Guerini and Rossi-Lamastra,
2015.) Which intern helps them to excel. Women of today talks about equality as men.
Entrepreneurship typology
Typology means a classification to general type which includes the symbols or categories
.Every entrepreneurship has a different typology which are, as the private entrepreneurship has

the ultimate power of authority and accountability. it is owned by private companies and are
therefore cheaper to run. In public entrepreneurship, the entire work is controlled by the
government bodies and hence no power or accountability lies in individual's hand (Healey,
2015) In social entrepreneurship, the main aim lies here is the welfare of the society and not the
individual's benefit. In series, with every new idea, a new venture is initiated. in female, as the
name suggests females does the entire work is done by females.
P2 Difference in between different entrepreneurial ventures
This section is to differentiate among the above identified entrepreneurial ventures by
together addressing their similarities. In context to which, it has been found that different
entrepreneurial ventures exists with a distinct type and nature of business that in turn impacts
upon their undertaken agendas as well (Jeston and Nelis, 2014). It is hereby with reference to
two such type of entrepreneurial ventures that firstly includes serial and social entrepreneurship
and another is the set of male and female entrepreneurship with their below defined points of
distinction.
A vital comparison between male and female entrepreneurship is mentioned below-
Basis of comparison Female entrepreneurial venture Male entrepreneurial venture
Similarities Herein, both the entrepreneurs are duly focused upon the
development of distinct goods and services with an inventive
sense to serve the customers with some differently designed
method (Palit, 2015) It is along with yet another major agenda
of earning huge number of profits in as a way of soon getting
transformed from small to large scale organizations.
Dissimilarities It is where the female
entrepreneurs are with a distinct
concept to operate their
established business with a
prime outlook of changing the
conventional mentality of the
society people and setting
themselves as an ideal example.
Such type of businesses are
with a foremost role of male
entrepreneurs who are
concentrated towards earning
huge profits by together
framing such strategic
measures that will be fruitful
for the future of the business

(Peters and Naicker, 2013).
Another comparison is done between the social and serial entrepreneurship as referred
below-
Basis of comparison Serial entrepreneurial venture Social entrepreneurial venture
Similarities Herein, both of these entrepreneurs are mainly focused upon
the development of various goods and services to bring some
sort of invention in their business (Real, Roldán and Leal,
2014). This is to make an innovative position in the market as a
way of attaining several competitive benefits.
Dissimilarities The serial entrepreneur's are
likely to develop the business
upto a certain level. After
which, they give this
responsibility to others for
running a series of several
other businesses.
The social entrepreneur are
referred to operate with a
principle intent of serving the
entire society and its people by
rendering such commodities
that duly meets their realistic
demands by duly resolving
their concerns (Serafimova,
and Jakovlev, 2015).
P3 Impact of small-business on UK economy
Small businesses can be defined as firm of a certain size which fall below certain criteria
in terms of annual turnover, number of employees and net assets etc. Generally small businesses
are privately owned corporations that are limited in size are handled and maintained privately
(Storey, Keasey, and Wynarczyk, 2016)
Small business are backbone of the UK economy in terms of driving growth opening new
markets and creating jobs and hence they play vital role in the growth of economy. Small
businesses have large impact on economy's growth and development of UK like :
Job Creation Support:

Small business and social enterprises have important role in creation of jobs and thereby
drive the economic growth. Small business initiative is designed to unlock job creations,
potential of small business and social enterprises across UK.10,000 Small Businesses is funded
by Goldman Sachs and The Goldman Sachs Foundation. The programs are based on the broadly
held view of leading experts that have greater access to education. SMEs account for 80 to 90 per
cent of all employment. The fact that these industries loom large in overall employment
underscores the importance of SMEs as sources of employment.
Domestic Economy:
Small businesses believe in that fact that from past few year domestic economy has
increased by 30 percent from the earlier 50 percent (Ács, Autio and Szerb, 2014). Despite
improved balance of trade with Europe UK's economy is continued to feel the effects of
sustained growth and developmental increased rate of revenues. From that it can be concluded
that domestic economy has been increasing day by day due to small businesses.
Employment Generation:
Small businesses are more likely employs lees skilled workers who do not have any
previous experience. This type of employment effects economic growth by two factors firstly
small firms hire candidates who have difficulty in securing other jobs thereby reducing the
fictional unemployment among individuals. Thus, with the growth of slam business in the
country is dealing better with prolong employment generation rather than those of government
job initiatives.
Improve standard of living:
Small businesses have greater impact on living standard of UK's population. The standard
of living includes factors generally wealth, income, quality and availability of employment.
Since small business are providing more and more employment to the needy sectors of the
population hence it is growing up the living standard (Autio, and et .al. , 2014).
P4 Importance of small-business
Small business of UK have important role in development of social economy . Not only
they provide success stories to the future but also they meet social needs such as public sectors
and social enterprises. When consumer fosters local business they are essentially giving back the
money to local community and social charities. Thriving local business can generate high level
of revenue and this which in turn pays high taxes including local taxes. This tax amount can be

use for social enterprises and organisations. So small businesses and start ups have larger
importance in UK's social economy. Some factors which contribute stop social economy are:
Economic and social development:
Economic development is sustained, concerted actions of policy makers and communities
that encourages standard of living and economic health in specific area. Now a days people are
looking for small business to create their own jobs (Baum, Frese and Baron, 2014). Today small
businesses and start ups are playing leading role in economic development. According to SBA
25 million small businesses in UK account for 49 percent of all UK sales.
Reduction of poverty:
The role of start ups and small businesses in poverty alleviation, economic growth an job
creation has emerged an important matter not only for policy makers but also for academic
researchers (Chen, Tao and Gong, 2013) Recent economic reforms have created opportunities
for dawning small businesses and thus generating interest in startups initiatives. Its is generally
assumed that promotion the development of small businesses is an effective way of stimulating
growth and alleviation of poverty.
Generating revenue:
Revenue is often examined more closely than profits when calculating the growth of
business. Small business generates large amount of revenue. When investors invest on small
businesses and start ups sales growth and productivity of the business and this in turn generates
large amount of revenue (Putting research into policy and practice, 2017). Revenue also has
critical psychological implications both internally and externally for your business.
Economic growth:
Small businesses are contributing largely in UK's economic growth. Small firms have
followed a different path driven by strong growth in exports. Th valuation of these have reached
records level yet in regrowth domestic output is increasing. By encouraging small businesses in
country it is paving the way for economic growth and development for sustainable
entrepreneurship (Duarte Alonso, Bressan and Krajsic, 2014)
D1 The scope, development and growth of entrepreneurship ventures
Scope:

The entrepreneurship ventures ans start-ups have larger scope in UK. It provides
employment and source of earning to people and reduces monopoly of businessman.
Development:
Entrepreneurship ventures invests in products and services people need that promotes
enterprises who have no other investors to grow their business.
Growth:
Entrepreneurship is a core area of expertise for managers in today's dynamic economy;
particularly managing innovation, risk, uncertainty, and growth.
D2 Small businesses have an impact on different levels of the economy in a local, regional,
national and international
Local Impact
Small businesses provide jobs and job opportunities to local area people who are less
skilled and are not able to compete at high level.
Regional Impact
Many regional development organizations manage publicly funded programs that provide
small businesses and entrepreneurs access to capital.
International Impact
Small businesses can develop technology and level which contributes to higher
international growth.
P5 Characteristic traits and skills of successful entrepreneur.
There are various types of characteristic, traits and skills which are posses by
entrepreneur in which make them successful. Entrepreneurs that has changes the world with
their innovative ideas and skills. The successful entrepreneur which mainly includes Bill Gates
and Mark Zuckerberg. Mark Zuckerberg which is launched Facebook and on the other hand Bill
gated which launched Microsoft a leading software company (Ghio, Guerini and Rossi-
Lamastra, 2015)
Therefore, it is determined as both the successful entrepreneur possess effective
characteristic, skills and traits. Following are the skills and traits which are posses by successful
entrepreneur are as follows.

 Characteristic of successful entrepreneur is that they must have work with the full
determinants towards their work. In this the company set goals and long term visions for
their business. For example Bill gates has always focused on making different type of
products on long term
 Another characteristic which is posses by the entrepreneur is that open minded and
accepts different ideas which helps to for making their products different so they can
produce better work to their customers.
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.
Entrepreneur is that persons who have capabilities and skills to design and operating it
owns business (Healey, 2015) They have such ability to influences other people by through their
innovation and advance technology. They have many types of characteristic which makes them
successful. They have different set of ideas which inspires to the next generation in order to
achieve their objectives. Mark Zuckerberg and Bill Gates both are famous entrepreneurs in
present era. Both entrepreneur possesses high skills and innovation in their work along with
this they both have determinants towards their work and taking high risks.
Apart, from above entrepreneurs' personality is also effects by their personality is also got
effects by the family background another measurement such as educational (Jeston and Nelis,
2014) Of nay individual get proper education so it helps to them for making effective decisions
in long run. A good family back grounds is also helps to an individual to develop effective
communication and managing skills so they can ensure long run growth.
P7 Person’s background and experiences can hinder or foster entrepreneurship
Individual’s backgrounds have huge impacts on entrepreneurship. In the market research
it is assessed that there are many entrepreneurs which are effected by their backgrounds and
history. Backgrounds determines the level of thinking and as well as the point of view to
consider in different aspects. In the market research it is identified that there are various type of
problems which are faced by entrepreneur in their life (Palit, 2015) If individuals is belongs to
strong background then it helps to them for starting their business easily.
In the experience of individuals is also got effects by this. If individual's experience is
positive then it helps to them for making effective decisions in their life. Thus, in order to
promote the entrepreneurship and their skills UK government is make different types of polices
which helps to them for boosting up their skills and experience so they can make effective

decisions (Entrepreneurship in UK, 2010) Further type of education is also a factor that may
promote or hinder the entrepreneurship. More educational qualifications helps in fostering
entrepreneurial knowledge and skills.
M3
Entrepreneurial motivation is affected by personality. This is because family upbringing
and lifestyle shape the personality of an individual which further impacts his entrepreneurial
personality. However, it can be argued that inborn traits of a person is also an important factor in
which entrepreneurship depends.
M4
There is link between entrepreneurial characteristics and influences of personal
background. Family background of business influences an individual to understand the various
aspects associated with entrepreneurship. This influences his personality and encourages him to
learn the skills from his family members who have been entrepreneurs.
D3
Successful entrepreneurs have certain traits and skills that act as motivational drivers. For
example, Steve Jobs possessed the skill of being perseverant and perfectionist. This acted as a
motivational driver for entrepreneurship (Agbim, 2013)
D4
Background influences entrepreneurs positively as well as negatively. For example, an
individual who has a family background of entrepreneurship is positively influenced to possess
the skills for conducting business. However, an individual who does not have a family
background that inculcates the skills of entrepreneurship may be negatively influenced towards
being an entrepreneur.
CONCLUSION
The above report is conducted to interpret the existence of small business ventures as a
way of acknowledging its importance in the economic development of UK. It is with a key intent
of ascertaining those influential factors that in turn makes a huge impact on the overall growth of
a start up business by carrying out requisite analysis on the same. This resulted in the
identification of certain risky measures that could negatively impact the new business by holding
its future agenda of growth. It is together with a prime focus upon the entrepreneurs and their
way of handling the business in an efficient manner. Herein, distinct type of entrepreneurs have

been discussed with their dissimilar traits to handle the business related activities by undertaking
some well defined measures for the same.