Entrepreneurial Ventures and the UK Economy: A Comprehensive Analysis

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Entrepreneurship and small
business management

TABLE OF CONTENTS
Introduction......................................................................................................................................1
LO1..................................................................................................................................................2
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.......................................................................................................2
P2 Explore the similarities and differences between entrepreneurial ventures...........................4
LO2..................................................................................................................................................7
P3 Provide an interpretation, assessment, evaluation and critical examination of relevant data
and statistics to illustrate how micro and small business impact on UK economy.....................7
P4 Explain the importance of small businesses and business starts-ups to the growth of social
economy.......................................................................................................................................9
LO3................................................................................................................................................11
P5 Consider examples of successful entrepreneurs and determine the characteristic traits and
skills they possess and explore and examine different lines of argument relating to
entrepreneurial characteristics...................................................................................................11
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset................................................................................................................................14
LO4................................................................................................................................................15
P7 Examine, using relevant examples, how a person’s background and past experiences can
hinder or foster entrepreneurship...............................................................................................15
Conclusion.....................................................................................................................................17
References......................................................................................................................................18

LIST OF FIGURES
Figure 1: Types of Entrepreneurial Ventures..................................................................................3
Figure 2: SMEs growth....................................................................................................................7
Figure 3: SME's in UK....................................................................................................................8
Figure 4: No employee business in UK...........................................................................................9
Figure 5: Richard Branson.............................................................................................................12

LIST OF TABLES
Table 1: Differences and Similarities among Entrepreneurial Ventures.........................................4

Introduction
An entrepreneur is corporate or private individuals who possess various innovative abilities and
skills as well as take the financial risk in order to design the new services or products to earn
maximum profits. Currently, the report will discuss different kinds of an entrepreneurial venture
as well as also related to its typology. The report will also describe the different kinds of
entrepreneurial ventures that exist in the market of the UK, along with its purposes. The start-up,
as well as small business importance towards social-economic growth, will also be shown in the
report through statistical data. Also, the report highlights the successful entrepreneur traits and
characteristics in the UK. At last the report will discuss specific entrepreneur personality, its pats
experiences and personal background which will encourage them to overcome with foster and
hinder that impact on them.
1

LO1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship
The entrepreneurship is referred to willingness and a capacity in terms of managing, developing,
designing and creating the different business ventures through taking the business and financial
risk to make the profits (Bason, 2018). The entrepreneur is an individual who develops and
creates the business by taking the various risks by using new knowledge and skills. Some of the
entrepreneur ventures along with its relationship with entrepreneurship typology will be
explained as follows:
Private-sector entrepreneurship: This is free from ownership and government con troll and is
managed and owned by private people but sometimes this makes the partnership directly with the
government in terms of providing the innovative services or goods to community people. This
main sector objective is to earn maximum profits by delivering new services or goods to people.
Corporate entrepreneurship: This includes a process that is used for developing the new
services, products and business as well as also generates the revenue by innovative thoughts and
ideas of entrepreneurial (Brooks, et.al, 2014). This will keep always introducing the uniqueness
and innovation in services, products or business for the consumer in a market.
Social entrepreneurship: It refers to start up the new entrepreneurial ventures in terms of
providing, funding and developing the various solutions of environmental, cultural and social
issues. This will research in order to determine the several social problems in presenting into
society as well as also implement effective solutions to achieve social welfare. This includes the
voluntary organization, charity organization and NGOs that involves in community work.
Serial entrepreneurship: It includes a process under which an entrepreneur is come up always
with innovative thoughts and ideas to start the new business for long times because it is come up
with an innovative idea in order to start with new business. It starts the business as well as aligns
the responsibilities and roles to an employee to effectively run the operations of the business.
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This main entrepreneurship objective is to expand its new business by encouraging fresh
employees in terms of using their skills and ideas (Eggers and Song, 2015).
Public sector entrepreneurship: It is carried out and owned by the government as well as its
activity is also carried with government regulations and rules and their set guidance. This main
sector objective is to initiate the new public policy which generates the greater prosperity of
economic as well as also provide effective services and goods to community people.
Figure 1: Types of Entrepreneurial Ventures
(Source: Author, 2018)
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Typesofentrepreneurialventures

P2 Explore the similarities and differences between entrepreneurial ventures
Table 1: Differences and Similarities among Entrepreneurial Ventures
Basis of differences
and similarities
Survival Lifestyle Managed growth Aggressive growth
Business sectors Micro business Small scale business SMEs (Small and
medium sized
enterprises)
Large scale business
Business nature This business
investee the few
capital amounts and
they also need to
take numerous risk
in terms of starting
the new business
(Kuschel and
Lepeley, 2016).
They also have to
use the limited
number of
resources in terms
of achieving the
maximum profits
through new
services or goods in
a community.
This business
venture will put the
full efforts and
contribution in
terms of making the
various changes in a
community and also
the local investment
will give enough
strength in terms of
earning effective
growth and profits
in a market of
competition.
This business starts its
business operating in an
initial stage to make
effective growth in a
competitive market as
well as also concern the
whole areas of the
competitive market
(Neumeyer et.al.2018).
The main
responsibilities of this
business are to bring
the new services or
products to fulfill the
local people’s needs
and desires in a
community market.
In these kinds of
business, they invest
the large capital
amount and also have
numerous employees.
It has critical
management
hierarchy as
compared with
medium-size sector.
Business scope The main scope of
this business is to
expand and operate
the business at the
small scale as well
The operations of
the business are
managers
effectively and this
also ensure in
In this the business
scope and wealth is
increased by
performing the business
functions effectively as
The new services or
products introduction
into a market which
leads in enhancement
in business revue and
4

as its main
objectives is to earn
the maximum
profits and revenues
in the business.
effective business
growth and
expanding at the
different areas.
well as also provide the
enough benefits like
bonus, incentives and
rewards to ventures
employees.
this also supports in
operating and
managing the
structure of the
business in a
ventures.
Business growth They can achieve
the growth through
perform the
business operations,
activities and
practices effectively
and also enhance
the services or
products sales in a
market.
In this, the activities
of the business are
measured monthly
and weakly which
ensure in effective
business
development and
growth of
approximately 5%
in a market of the
UK (Bredvold and
Skålén, 2016).
In this, the business
ventures growth is
measured mainly that is
based on enhancement
in the margin of profits
in 2 years with
effective growth rate
percentages.
This venture is
operated at large
business whose main
purpose is to enhance
the business profit
margin in each year.
Reward Their rewards
include the monthly
and weekly revenue
through performing
the business
activities and
practices as well as
also they have to
provide the new
services and goods
to community
people.
Their rewards will
include the bonus or
salary through
performing the
business activities
effectively.
In this, the member’s
rewards of the
entrepreneur ventures
are the equity shares or
the incentives.
In this, the large scale
ventures members
rewards are equity
shares or capital gain.
Examples Grocery, small
restaurant, bakery
Brakes Group VINAYA,
DELIVEROO, Just
Cancer Research UK.
5

etc. Park etc.
6

LO2
P3 Provide an interpretation, assessment, evaluation and critical examination of relevant data and
statistics to illustrate how micro and small business impact on UK economy
The economy of the UK is developed highly, and the fifth-largest economy based on gross
domestic products and is measured by buying power and GDP per capita. The micro-business
will include a small business that operates at a small scale through investing fewer capital
amounts. While the small business on another hand is owned the business privately, this has
lesser employees as well as less generation of annual revenues (Karadag, 2015). The small and
micro business both contribute majorly in the economic growth of the UK because the business
entrepreneur will use the new thoughts and ideas in terms of providing the unique and new
services or products to community people so that their needs must be satisfied.
Based on a statistical data that is shown in percentage of medium and small size business in the
2017 year in the UK, in which SMEs business includes the construction sectors, real estate and
renting with 19% which contributes majorly in increase the job percentage for the UK local
peoples. The survey of statistical is conducted on the percentage of SMEs business that made
enough profits in the year 2015-2016 that was around 83%. Another report of statistical showed
SMEs profitability from 2011 to 2016 that was around 74% (Kearney and Meynhardt, 2016).
Figure 2: SMEs growth
(Source: Profitability from SME’s, 2018)
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The small and micro-business are the main backbone of the economy of the UK because they are
mainly creating a new business, creating new employment opportunities and opening the new
market for UK local people. Also, they are introducing the new ideas into a market as well as
motivating the challenges and competitions for the others. The small business is contributing to
around 99.9%, and it was estimated that this would explore in future. The SMEs is also facing
various issues to achieve long terms growth because 63% around a small business is facing many
hurdles to expanding the business (Armanios et al., 2017). It was estimated that 5.2 million in the
UK the business is there in the 2014 year and 99.9% was SMEs.
Figure 3: SME's in UK
(Source: Economic Review, 2017)
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