Business Management: Entrepreneurial Ventures, Impact of Small Businesses, and Entrepreneurial Mindset

This report discusses the range of venture types that might be considered entrepreneurial, the impact of small and micro businesses, and the key aspects of an entrepreneurial mindset. It covers the characteristic traits and skills of successful entrepreneurs, entrepreneurial motivation and mindset, and different environments that foster or hinder entrepreneurship. The subject is Business Management, and the course code and college/university are not mentioned.

Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
ILLUSTRATE THE RANGE OF VENTURE TYPES THAT MIGHT BE CONSIDERED
ENTREPRENEURIAL....................................................................................................................3
Different types of entrepreneurial ventures.................................................................................3
Similarities and differences between entrepreneurial ventures...................................................4
IMPACT OF SMALL AND MICRO BUSINESS..........................................................................5
THE KEY ASPECTS OF AN ENTREPRENEURIAL MINDSET................................................7
Characteristic traits and skills of successful entrepreneurs.........................................................7
Entrepreneurial motivation and mindset......................................................................................8
DIFFERENT ENVIRONMENTS THAT FOSTER OR HINDER ENTREPRENEURSHIP........8
Background and experience can hinder or foster entrepreneurship.............................................8
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................1

INTRODUCTION
Business management is regarded to be one of those entities in which there are certain operations
that will have to be performed. It is said to be one of the biggest formulations in every
organisation that will bring about different operations into existence. An organisation is bound to
be one of those prospects which is more oriented with the kind of knowledge as well as the
circumstances that are a part of inhibiting the policies which are necessary. There are certain
types of organisations as well as entrepreneurial venture that will fall in regard to various
similarities and differences (Cherunilam, 2021). The entrepreneurial opportunities and brought
about by all the speculations as well as the approaches that are a part of understanding the
corporate sector. The business has evolved as a dynamic approach and will bring about all the
impacts that are in regard to the organisation. Whatever be the circumstances, the entrepreneurial
mindset will portray upon things that will see future in a different aspect. A business that is
oriented with entrepreneurship is more entitled with the values as well as ethics because it is just
started as a concept and will move ahead with all the ideologies of a business orientation. This
report will bring about all the formulations that are a part of research on business management
and entrepreneurial abilities. The determination of various components that fall in regard to this
particular aspect has been portrayed and which is also being explained upon critical examination.
ILLUSTRATE THE RANGE OF VENTURE TYPES THAT MIGHT BE
CONSIDERED ENTREPRENEURIAL
Different types of entrepreneurial ventures
Entrepreneurial ventures are said to be those targets that are brought about by various period in
the organisation that will also try to motivate the organisation with regard to the financial gains
and profits. It is said to be one of those targets that will have to be achieved organisation such
that the growth as well as the shares that are oriented in the organisation can create a high value
in the market. Entrepreneur is the one who is innovative and thoughts and ideas are oriented in
such a way that the organisation or the business that is being run by the entrepreneur will flourish
with the so-called profits (Hrechyshkina and Samakhavets, 2019). The different types of
entrepreneurial ventures in this regard are as follows:
Social Enterprise: social enterprise is one in which the services that are rendered to the society
are included. The aims and objectives that are in regard to the organisation will contribute for the

demands that are to be satisfied. There is a purpose and an action that is incorporated in the
cooperative societies of this particular enterprises.
Large scale businesses: these are regarded to be that particular organisations in which there will
be a huge amount of capital and investment. It is a different scenario from that of small scale
businesses and it is also determined to be one of the best processes that will involve a number of
scalable solutions.
Small scale business: the small scale businesses are those that are being run by individuals or
small enterprises that include activities which include plumber, carpenter etc. There are certain
small characteristic that are in regard to this particular Enterprises and their investment is
determined by the savings and their own money.
Startup Ventures: The start-up Venture are small businesses that is opened up on a particular
theme and are also represented by various processes. There are many risks that are oriented with
Startups and also the provision of financial assistance is said to be gratified by the investors
(Contractor and et.al, 2020).
Similarities and differences between entrepreneurial ventures
Similarities: one of the major similarity that will fall in regards to all the venture types is that
they focus upon value. Value is said to be one of the favourable entity that is being ratified by
people all around. The Marketplace is immense and it is also composed of different type of
opportunities and therefore the most important similarity for all the types of entrepreneurs is
creating value. This value delivering concept is said to be one of the crucial component while
dealing with the circumstances and it is also determined by entrepreneur strategies and
ideologies. The other similarity that will usually coin side with the prospect of small businesses
as well as the moderate businesses is the element of innovation. Innovation is one of the
spectacular means and every entrepreneurial activity is usually dealt with the prospect of
innovation. Without innovation thought and ideas there will not be any business that is existing.
The essential ventures that are a part of innovation ideas are said to be maximized by the kind of
essential features that are being developed by the organisation (Belas and et.al, 2019). This
innovation ideas are also derived by the values which are created by people all around. The
businesses are oriented with certain framework as well as the strategies that usually comprise of
innovation as their major idea. In order to derive the potential up to which the organisation can
move ahead in bringing about the products innovation will be the considerable approach.

Differences: though there are many similarities in regard to the organisations at the ideas will be
different. The ideas will vary depending upon the kind of sector the entrepreneur is working
about. Few might be having ideologies to represent a retailing sector whereas the others might
focus upon an automobile industry. The difference lie in the sectors as well as the ideology with
which they are moving ahead. The investments that are put forth as a capital is also different
from one another. The capital investment will depend upon how far the organisation is moving
ahead with all the speculations. These two are the differentiating factors that will bring about all
the formulations into existence.
IMPACT OF SMALL AND MICRO BUSINESS
Small businesses are the backbone of the economy of UK. These are autonomously owned and
functioned businesses which work in the field of process. These firms work with less than 50
employees and are major part of the private corporate sector in UK. Micro businesses work with
less than 15 employees. There are 5.98 million private businesses working in the UK at the
beginning of year 2020 and working with less than 250 number of employees. They make for the
52% of the total private sector companies and have a turnover which was 60% of the total jobs in
UK in the year 2020. Small and micro business plays an important part in the economy of the
nation and this contribution is increasing every year. These businesses make for the three fifth of
the employment and along with this, small and micro businesses making half of the total
turnover in UK private sector. These small companies can be provides a lot of impact on the
employment rate of the nation. The total employment provided by small businesses are 16.8
million and the estimated turnover is more than £ 2.3 trillion. The rate of employment in the
small businesses is 48% of the total having the turnover of the £1.6 trillion which is 36% of the
total. These businesses add up to 25% of the total GDP of the UK with a combine annual
turnover of £2 trillion. The total number of employment created by the UK small and micro
companies is 16.3 million as it provides opportunities for job within the community (UK small
business statistics, 2021).
Importance of start- ups in social economy
Small companies and the start- ups have a major impact on the economic condition of the nation.
It provides a scope for growth and development. This growth can be measured in term of
turnover which is the money generated by these companies. They support the local communities

in lot of ways and contributing to the social economy of UK (Tuymuratovich, 2021). Small
businesses and start- up companies provides an opportunity of creating jobs. This is very
important for the local economy as well as the overall economy of the country. The revenue
generated by these companies contribute to increase the GDP of the country which shows that
these business provides value to UK and benefit the overall economy of the country. Small
businesses helps in inspiring the innovation and start- ups contribute to the growth of new
innovative ideas and ways to do things. The use of technology have provided small businesses to
access to easy ways to make the business operation efficient and effective.
There are many small businesses which operates in the local areas of the country. This makes
them employ people living in the near vicinity. Small companies such as a coffee shops provides
local people a place to socialize (Dobrovic and et.al., 2018). Some other businesses will allow
people having low mobility to get access to some of the essential things and commodities from
these business. Start- ups create jobs in the country more than the large companies and other
enterprise working in same sector. This lowers down the problems due to the unemployment
within the nation. These companies work with innovation and technology which improves the
standard of living for people. Many small companies and start- ups work in rural areas to
cultivate the overall community. Start- ups are known to highly subsidize the research and
development areas as they deal with technology and the services which are mostly knowledge
based. These companies support the innovation and retain the growth.
Small, medium and large enterprise
Small business are the firms which employ less than 50 people and have a turnover which is
under £ 6.5 million. These are mostly privately owned and have sole proprietorship. Small
businesses run according to the set standards related to the specific industry. Medium businesses
work with less than 250 employees and generate a turnover of less than £ 25 million. These firms
have high level of working capital tied up with and are growing businesses who work to manage
their working capital. Large enterprise more than 250 people with an annual turnover which goes
more than £50 million. It involves large scale corporate controlled business activities which
includes huge transactions (Boosting UK productivity with SME growth, 2021).

THE KEY ASPECTS OF AN ENTREPRENEURIAL MINDSET
Characteristic traits and skills of successful entrepreneurs
There are certain qualities that are in regard to the entrepreneurs which will differentiate them
from other business people. The traits of entrepreneurs are essential because it is not until when
an entrepreneur is full of skills as well as the right objectives that the get to incorporate the
strategies which are necessary for organisations. In this regard the prominent features that will
differentiate entrepreneurs from other people are as follows:
Passionate: these people are full of ideas and ideologies and with a full spirit and enthusiasm
they are very much passionate about bringing their dream into existence. This is one of the
prominence with which every entrepreneur usually move ahead and also there are certain
speculation that will fall in regard to it. Although there are barriers that are in regard to these
people share their passion will help the move ahead by crossing all the atrocities that are in
regard to them.
Creative: the entrepreneurial mindset is very creative according to the kind of sector they are
operating in. Whether it be any kind of sector the competition is same. Therefore it is necessary
that the entrepreneur will have to fix upon his goals and the ideologies in such a way that they
will portray upon the creativeness that is necessary (Nudurupati and et.al, 2021).
Competitive spirit: the entrepreneurial world is full of competitive atmosphere and this
competition spirit is necessary in order to move ahead with the choices they are in. An
organisation will have to be competing with every ideology that the present world is dealing with
and with this period as one of the prominent feature the entrepreneurs are usually distinguished
from others.
Motivated: the entrepreneurs are usually motivated with every small circumstance and their
motivation is portrayed up on how far their choices at being reflected. This motivation is
necessary for entrepreneurs because their intentions as well as the dreams can only be fulfilled
once they are consistent upon their thoughts (Calabrese and et.al, 2018).
Optimistic: optimism is one of the prominent feature that every entrepreneur will have to
eventually process. This optimism is required in order to see things in a positive line light and
only then that things will big gratified. This optimistic nature is usually seen and it will
differentiate people from other business surroundings.

Entrepreneurial motivation and mindset
The traits of an entrepreneur will differentiate the entrepreneurial activities from that of the entire
business world with respect to an approach that is different from the others (Fabuš, 2017). It is
not until when the entrepreneur is clear about the ideas as well as the ideologies that are in their
minds at that they get to understand the formulations which are necessary to stay motivated.
Motivation is one of the best components that every individual will have to purchase and this
with regard to entrepreneurs is regarded to be the essential criteria. Without motivation people
cannot move ahead and cannot maintain consistency of doing things. The different challenges in
the way of an entrepreneur and with the traits of an entrepreneur all the challenges will have to
be overcome. But staying optimistic the entrepreneur can win across the barriers of differences in
the business atmosphere. Although the investment is low yet the gain in future will be more than
that is being expected (Komljenovic and et.al, 2017). Staying motivated is necessary in order to
comprehend with the kind of strategies that are head of the entrepreneur. Their creativity
reported upon the things that they usually inculcate in the organisations. That is mostly seen and
how far they are designing the products and are approaching the organisation as well as a market.
The competitive spirit will help them keep going towards that goal and that they can achieve
their objective within no time. One may not be able to identify the standard unless and until they
stay consistent and therefore the entrepreneurs usually stay strong till the onset of achieving their
goals.
DIFFERENT ENVIRONMENTS THAT FOSTER OR HINDER
ENTREPRENEURSHIP
Background and experience can hinder or foster entrepreneurship
There are many reasons that will contribute for the development of entrepreneurship. in order to
grow or to cease with the kind of technology that is being implemented with respect to the
entrepreneurs as well as that background it is a significant criteria to maintain consistency.
Experiences will speak or not more formations with respect to the individual grow ups.
National culture: national culture is one of the important criteria in order to deal with the
prospects of entrepreneurship. If national culture is not supporting entrepreneurship then that will
stand as a biggest barrier for the entire organisation.

Type of education: in order to determine the value of entrepreneurship education plays a major
role. The kind of education that is being processed by entrepreneur your deals with the kind of
benefits as well as the significance of entrepreneurship (Hamilton and Webster, 2018).
Characteristic traits: the different characteristics traits will help a person to become successful
entrepreneur. In this motivation will also play a major role in order to decide over difficult
situations.
Economic conditions: economic conditions are the important constituent in order to efficiently
move ahead with the capital as well as the business infrastructure.
All these are the constituent that are involved in this criteria and also their effort and rewards as
well as risk which are involved in determining the business venture (Lee, 2017). Above all
motivation is one of the important criteria for every entrepreneur in order to get into the society
with their own ideology as well as preferences. The entrepreneur will usually have to be flexible
enough in order to face the kind of challenges that are in their regard. These challenges will help
them gain profit with respect to the kind of schedules as well as the objectives that they usually
deal with.
CONCLUSION
The entire report controls upon highlighting the aspects of business environment. Project report
one can easily understand the different operations that are into existence. The entrepreneurial
opportunities at our determining the dynamic approach of every organisation is being portrayed
in the proposed. Explanation towards the range of interests as well as the types that are
considered as entrepreneurial is also put forth in this report. The different types of
entrepreneurial ventures and their significance is also explained in this report. The key aspects of
entrepreneurial mindset is also put forth in this report along with the characteristic traits and
skills of successful entrepreneurs. The entrepreneurial motivation and mindset is explain with
respect to the individual that is moving ahead with the essential criteria of dreams. The different
environment that foster an entrepreneurship is explained in this report. The background as well
as the experience that is a part of bringing about various tactics as well as the growth prospects
and formulations is put forth in this report.

REFERENCES
Books and journals
Cherunilam, 2021. Business environment. Himalaya Publishing House Pvt. Ltd.
Hrechyshkina and Samakhavets, 2019. Changing business environment in Belarus. Journal of
Geography, Politics and Society. 9(1). pp.1-11.
Contractor and et.al, 2020. How do country regulations and business environment impact foreign
direct investment (FDI) inflows?. International Business Review. 29(2). p.101640.
Belas and et.al, 2019. The impact of the public sector on the quality of the business environment
in the SME segment. Administratie si Management Public.
Nudurupati and et.al, 2021. Impact of the changing business environment on performance
measurement and management practices. International Journal of Production Economics
232. p.107942.
Calabrese and et.al, 2018. From mechanical to cognitive view: The changes of decision making
in business environment. In Social Dynamics in a Systems Perspective (pp. 223-240).
Springer, Cham.
Fabuš, 2017. Current development of business environment in Slovakia and Czech Republic.
Entrepreneurship and Sustainability Issues. 5(1). pp.127-137.
Komljenovic and et.al, 2017. Organization: A new focus on mine safety improvement in a
complex operational and business environment. International Journal of Mining Science
and Technology. 27(4). pp.617-625.
Hamilton and Webster, 2018. The international business environment. Oxford University Press.
Lee, 2017. The Internet of Things in the Modern Business Environment. IGI Global.
Dobrovic and et.al., 2018. Non-financial indicators and their importance in small and medium-
sized enterprises. Journal of Competitiveness. 10(2). p.41.
Tuymuratovich, A.M., 2021. The Importance of Small Business in a Market Economy.
Academic Journal of Digital Economics and Stability. 7. pp.61-68.
Online
Business Environment: [Online]. Available through: < Business Environment – Definition,
Components, & Features | Feedough >
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Boosting UK productivity with SME growth, 2021. [Online]. Available through:
https://esrc.ukri.org/news-events-and-publications/evidence-briefings/boosting-uk-
productivity-with-sme-growth/
UK small business statistics, 2021. [Online]. Available through: https://www.fsb.org.uk/uk-
small-business-statistics.html
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