Entrepreneurship & Small Business Management: Venture Report UK

This report provides an in-depth analysis of entrepreneurship and small business management, focusing on various types of entrepreneurial ventures such as small firms, scalable startups, large companies, and social enterprises. It explores the typology of entrepreneurship, including growth and lifestyle typologies, and differentiates between various ventures based on goals, risks, and workforce. The report investigates public and private sector ventures, examines the growth and scope of entrepreneurial activities, and illustrates the impact of micro and small firms on the economy with relevant data from the UK. It also discusses the significance of small businesses and startups in enhancing social efficiency, highlighting their adaptability and role in providing goods and services. Furthermore, the report delves into the characteristics and skills necessary for flourishing entrepreneurs, analyzes how entrepreneurial attributes indicate status, and critically evaluates the influence of personal background and experience on entrepreneurial success. The report concludes by summarizing the key findings and emphasizing the importance of entrepreneurship in economic development.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 .........................................................................................................................................3
P1. Dissimilar kinds of entrepreneurial ventures and their entrepreneurship of typology ........3
P2. Difference between entrepreneurial ventures with their similarities ....................................4
M1. Investigate a diverse range of ventures both public and private sector................................6
D1. Study of growth, scope of entrepreneurial ventures ............................................................6
TASK 2............................................................................................................................................6
P3. Illustrate how micro and small firm impact their economy with provide relevant data........6
P4. Significance of small business and firms start-ups to the expansion of social efficiency.....8
M2. Evaluate small, medium and large business by applying relevant statistics........................9
D2. Evaluate how small firm can effect level of economy.........................................................9
TASK 3..........................................................................................................................................10
P5. Characteristics traits and skills for flourishing different entrepreneurs...............................10
P6. How aspects for attribute indicate entrepreneurial status....................................................11
M3. Different lines of argument for related to entrepreneurial features ...................................13
D3. Analyse characteristics, skills and motivational mechanism for flourishing enterpriser....13
TASK 4..........................................................................................................................................14
P7. Discuss the background and experience of the entrepreneurs and how they hinder and
foster entrepreneurship...............................................................................................................14
M4. Critically evaluate the link between entrepreneurial characteristics and influence of
personal background and experience in terms of entrepreneurs ...............................................15
D4. critically evaluate how the background and experience of entrepreneurs influence other in
positive and negative way..........................................................................................................15
CONCLUSION .............................................................................................................................15
REFERENCES .............................................................................................................................16

INTRODUCTION
The term entrepreneurship defines the development and management of the business
venture by an entrepreneur to increase their profit by taking risk in their organization (Adom and
Anambane, 2019). It can be define that they can start or run their business venture to be more
creative. Small business management is a procedure for organising and coordinating various
activities to be performed, whether it can be determined for managing their workers, suppliers,
finance to perform daily tasks. Small business management usually determine or deals with
various products or services but entrepreneurship only focus on new innovative things in
business ventures. In the following study two entrepreneurs are discussed i.e. Peter Jones and
James Dyson. In this report, several substance which are named as dissimilar kinds of
entrepreneurial task, typology of entrepreneurship, similarities and dissimilar between ventures,
assess relevant data. Further the report will discuss significance of small firms and firms start-
ups, features and skills of entrepreneurs, how prospect of entrepreneurial attribute indicate and
using examples how background, experiences can hinder or foster.
TASK 1
P1. Dissimilar kinds of entrepreneurial ventures and their entrepreneurship of typology
Entrepreneurial ventures is a collection of risk, failure, success and learning where
products and offerings are more innovative. Several kinds of entrepreneurial venture are as
follows:
Small firms entrepreneurship: In this kind of ventures there is one owner and number
of workers are low. They continuously focus on increasing number of customers to develop the
sales of their goods and services. This kind of businesses run with family members and friends
so that they should provide innovative goods and services. For example., restaurant, grocery
shop and so on (Beresford, 2020).
Scalable start-up entrepreneurship: This entrepreneurship defined that organization
represents good ideas and involved various range of plan for launching their business. This
business ventures start with new innovative goods or services from beginning. These enterpriser
determine that they change their ideas and search for new investment from venture capitalist and
firm tends to be set up for more scalable business model. For instance, Twitter, Google,
Facebook and Skype.

Large company entrepreneurship: Large organizations represents that they focus on
providing new goods and services for their clients through their business organizations. They
have a solid life cycles for innovative products or services and create new business within their
organization. Examples of large company entrepreneurship are Google, Microsoft, Samsung and
so on.
Social entrepreneurship: This type of entrepreneurship consist that they should focus on
dissimilar social problems by delivering many goods and services. Sometimes organization focus
on producing better world whether it is profit, non profit or hybrid and so on. Few examples of
social entrepreneurship are Grameen bank, AMUL, TOMS and so on (Boubker, Arroud and
Ouajdouni, 2021).
Typology of entrepreneurship
Typology of entrepreneurship defines that it should be based on human behaviour and it
should be considered many typologies to develop their several methodologies. It can be state that
entrepreneur has many dissimilar roles and many knowledge and skills to be prediction as well
as their upcoming needs and provide best ideas or thoughts into their marketplace. These type of
people will be demonstrate to be prospering by taking risks, some challenges, increase profits
and rewards and opportunities for growth expansion.
Growth typology: In entrepreneurship, growth typology represents that abilities and resources of
an individual firm and leaving behind something to be learned before. Growth should be
interrupt and path of individual firm and entrepreneur.
Lifestyle typology: In case of lifestyle, it should create new firms for changing their lifestyle
rather than making profits and generate sales in business organizations. No matter what kind of
businesses is entrepreneurs are committed, realistic, flexible or resilient in case of lifestyle
(Ejupi-Ibrahimi, Ramadani and Ejupi, 2020).
P2. Difference between entrepreneurial ventures with their similarities
Basis Small firms
entrepreneurship
Scalable start-
up
Large firm
entrepreneurship
Social
entrepreneurship
Goals and
objectives
These type of
business
organization
The main aim is
to provide new
and innovative
In case of Large
company their
entrepreneurship
These
entrepreneurship
aims is to provide

represents that
they might not be
having many
goals and
objectives to
achieve lesser
profitability and
growth of
business.
goods and
services and
accomplish their
profits for
venture capitalist.
main goal is to
provide best
sustainability
market to develop
their goods and
services to
improve their
strategies of
marketing.
better quality of
goods and services
to make a world
better.
Risks In case of small
business
entrepreneurship,
risk is lower and
higher
competition are
there with same
organizations
(Foster, O’Reilly
and Dávila, 2020)
Scalable
organizations risk
are high due to
high amount
financial
investment and
higher amount of
investors to
accomplish their
higher sales
volume.
In this business
risks are in
moderate level
because large
business manage
their high volume
of profit to
increase their
brand value or
brand recognition.
In social
entrepreneurship,
risk are not too
much high because
in these kind of
businesses
support their
government
intervention
through their
consumers.
Number of
workers
In case of small
business, there are
not more than 50
workers are
involved in any
business matter.
It should be
depended upon
their size and
structure in
business
organizations.
In case of large
company
entrepreneurship,
workers are more
than 100 in firm
In this there are
low degree of
workers due to its
size and scope.
Hire They can hire
local workers so
that they can
attract venture
They can hire
best and brightest
workers and
focus on scale
They are offering
best products
which changes
customer tastes
It should only
focus on creating
goods and services
that solve social

capital for funding which requires
more venture
capital to rapidly
growth
and preferences,
adopt new
technologies to
create new
products.
needs and wants.
M1. Investigate a diverse range of ventures both public and private sector
In case of public sector, organization are owned and controlled by government whether it
is directly or indirectly and invest higher amount in organizations. Various dissimilar private
organizations provide important help for those who are establishment in different sectors where
main goals is to give them better quality of goods and services to their clients.
Organizations give to improve or develop their strategies of marketing which should
provide better quality of goods and services to their clients, increase their profitability and
productivity in business organizations (Galvão, Marques and Ferreira, 2019)
D1. Study of growth, scope of entrepreneurial ventures
Entrepreneurship is a procedure where they can develop or improve their growth
opportunity and communicate various task to mobilise their funds and various resources. If many
organizations can improve their goods and services according to their customer demands so that
they can success for longer period of sustainability can be accomplished. It should need to focus
on entrepreneurial ventures and development of plan investment according to their demands. The
scope of entrepreneurial ventures is to determine industrial sector, service sector and gained
maximum momentum as well as many challenges. The expansion of entrepreneurial project is
depended upon their attribute of goods and services and how they deliver the demand of clients
and develop pricing strategy accordingly.
TASK 2
P3. Illustrate how micro and small firm impact their economy with provide relevant data
Each and every sector, micro and small firms acquire higher part of contribution in their
economy where they can generate higher income and sales by providing goods and services to
their clients. Small and micro enterprise give neatly 50 to 60% workers employment in
international economy (Hofmann and Jaeger‐Erben, 2020). This will be helpful by developing

many nations and operate differently to generate wealth and job opportunities. In case of regional
level, small scale models give many effective solutions and issues regarding their growth and
development. Small and micro enterprise are promote to shared their responsibility and play a
vital role in attending many challenges for local communities in a broader areas (Igwe, Madichie
and Newbery, 2019)
Impact of SMEs and large businesses in the UK
(Source: Brenkert, 2017)
In UK, various number of small firms are high in various dissimilar sector and there are
more than 4.5 million small and medium enterprise throughout their UK, which is almost 99% in
all businesses in nation (Khin and Ho, 2019). Income are to be generated by those who have
contribute their gross domestic product in UK and 96% are should be considered as micro firms
which employs 0 to 9 people and it should be provide 33% is employment and 22% of turnover
(Burns, 2016).

Business type of micro and small businesses in the UK
(Source:Burns, 2016)
Small and micro business can be categorize by non innovator, innovator, non exporter
and exporter should create income and sales with or without creativity. There are many goods
that should be import and export to get more currencies in international market which can be
contribute to their economy.
In UK, there are more than 27 million people are worked in small business organizations
and it is significant that number of small scale business has increased to large number of firms in
UK and large scale sectors by implementing their innovative, creative strategies in many
business models (Ling, Zengrui and Metawa, 2019)
P4. Significance of small business and firms start-ups to the expansion of social efficiency
Small and start-up firm have impact on big economy and on the growth and development
of nation. Social economy defines various activities of business that are carried out private
sector, institution and so on. It is important not only creating improvement in their society but
also determine policy makers who are prompted to revise established practices. It is a main tool
to check their economic condition in economy whether it is related to social economy, generate
income, employment turnover rate and increase number of goods as well towards contribution to
development of society. In order to maintain or develop their growth of economy, start-up
business have high influence in dissimilar nations and small business comes up with new
innovative ideas of goods and services that can meet their certain requirements of people
according to their demands of clients.

Provide getting goods and service quickly: Small business provide goods and service
very rapidly and it is the easiest option for individuals for shopping. Especially daily products
which are named as food related, milk to be deliver their products in small firms. Each and every
market has its own needs and demands which is fulfilled by manufacturers and many businesses.
Small firms as a part of economy growth who solve their problem of clients and mainly bigger
firms. That's why it is important for each and every society, country for development of
entrepreneurship (Höglund and Mårtensson, 2019)
Adaptability: Small business tends to be more adaptable for changing any economic
climates environment. Customer shift other product because small firms are adjust their climate
change in larger firms and client loyalty become much more stronger. Many time consumer
makes an effort to change their climate condition according to their demands and wants and
support local authorities then larger firms.
M2. Evaluate small, medium and large business by applying relevant statistics
It can be analysed that growth of economy contribute to generate more employment
opportunities as compared to larger firms says that 99% small and medium size enterprise in UK
is based on large firms. In UK, various number of small and medium size enterprise are
compared to larger organization whether it is capture to market share on each and every sector
that would be contribute to highly economy in UK (Mallett, 2019). Large organization provide
better quality of goods and services due to their brand value. Small and medium sized business
are mainly focus to providing innovation good and services to contribute their economic growth.
This will be helpful to increase their higher volume and higher number of candidate in UK to
decreased unemployment.

Figure 2: Growth in the number of UK private sector
Source: Assets.publishing.service.gov.uk, 2016)
D2. Evaluate how small firm can effect level of economy
It is to be critically evaluated that small business impact diversely effect the economy of
nation in different levels because in case of regional level, small firms provide better quality of
goods and services to meet their demand according to their clients in a very effectively and
efficiently manner. With context to against situation because those firms are focus on hiring
workers with small salaries due to lack of management. In case of national level, organization
can extend their firms in different areas of nation and contribute generate income which provide
tax higher to development of nation. In case of international context, they should be determine
that many small business organizations export their goods and services into different different
nation. In favour, it is helpful to earn international currency which contributes growth of
economy or nation (McAdam, Miller and McSorley, 2019)
TASK 3
P5. Characteristics traits and skills for flourishing different entrepreneurs
Entrepreneurs is the one who create their business in a very efficient manner and bearing
most risk for enjoying rewards. It is also famed as innovator, source of innovative ideas for
goods and services. Various characteristics, traits and skills for successful entrepreneur to

increase their contribution of growth in an economy. In terms to set up their businesses, different
procedure are need to be considered by entrepreneur and completed due to lack of capital. Key
characteristics and traits of Peter Jones are as follows:
Adaptability: Peter Jones is a entrepreneur who have best features and face new task and
challenges in every turn. It is impossible to adopt new situations or changes in organizations so
that they keep their firms and moving forward to some specific changes are occur unexpected .
Risk tolerance: There are many risk arises in each and every situations but this
entrepreneur face any situation or risk in business and help to minimise their risk, reap their
efforts to mitigate it and mange their relationship between other entrepreneurs in their society.
Believe in technology: Technology are arises in business concern so they can adopt and
invest sum of money to adopt this technology (Özbebek Tunç and Aslan, 2019). It is important
than individual skills and new technology have become arise so that they can develop or invest
their business more and want accomplish their goals and objectives.
Skills of Peter Jones
Communication skills: It should be communicate each and every person effectively and
other stakeholders also whether during meetings or sending reports, projects and superior
communication must be necessary to understand all requirements so that they can communicate
easily during project meetings.
Critical thinking skills: It will be helpful skills for Peter Jones that they can observe or
analyse information which they can assess their situation logically connect some ideas, evaluate
arguments and solve various complex problem rather than use this information to deduct
meaningful sights (Pielsticker and Hiebl, 2020)
Characteristics:
Creativity: Many entrepreneurs usually in creative which will be helpful to come up with
new solutions and allow to think many solutions. It also provide that James Dyson capability to
devise their new goods for similar markets and if any business are come up with new creativity
level then other firms also recognize their new creativity.
Passion: James Dyson are passionate about their work so that they can enjoy and stay
highly motivated and allow their capability towards their work and there are so many hurdles are
able to overcome and forget about their goals and objectives.

Skills of James Dyson
Business management skills: James Dyson have a skills of management so that they can
manage easily all the work related to business and solve all the complex problems. They will set
about different operations in business and possess good understanding. These skills include
multitasking, responsibilities and taking critical business decision in organizations.
Problem solving skills: James Dyson is a perfect and better entrepreneur that would be
refuse to various guidelines related to project and must possess excellent problem solving skills
in various different situations and identify various possible solutions are arise if there is any
problem in business organizations they have solution in each and every problem. Some skills are
ensure to reach their business goals and objectives (Sadiku-Dushi, Dana and Ramadani, 2019)
James Dyson
P6. How aspects for attribute indicate entrepreneurial status
Entrepreneurial personality reflect of a person is to set up for firms and motivated to deal
with various features which can generate new ideas and income should be considered.
Motivation is a factor which represents manager or owner of firm for development and growth of
business organization and it can be monetary and non monetary benefits as per requirements of
clients. There are large number of famous successful entrepreneur are Peter Jones and James
Dyson these are most successful entrepreneur of business. Key Ocean Model are defined which
are described below:
Openness to experience: It should be described as an individual through their mental life
and experienced are should be discussed and it involves to willingness to try new things and
there is capability to compromising outside their box. If there is any individual which they have
high experience is liking someone who is learning, engages in creative career and meet with new
people this is opened to experience what they knows and prefers less entertainment (Satalkina
and Steiner, 2020)
Conscientiousness: This type of model describe that there is standards which should be
include high levels of good desire and preoccupied tends to b organized and plan how their
behaviour affect others. It is a goal oriented behaviour and accept to facilitate goal oriented
behaviour and this traits are desire to be careful and regulate satisfaction with self discipline.
Individuals with high conscientiousness to be very successful to pursue their goals are much
more likely to be impulsive and flighty.