Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset

This report examines different types of entrepreneurial ventures, their relation to entrepreneurship typology, the impact of micro and small businesses on the economy, and the importance of small businesses to social economy. It includes a case study of Zuber and Mohsin Essa, founders of Euro Garage.

ENTREPRENEURIAL VENTURES
AND EXPLORATION OF THE
ENTREPRENEURIAL MINDSET

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship......................................................................................................1
P2 Explore the similarities and differences between entrepreneurial ventures...........................2
TASK 2............................................................................................................................................5
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...............................................................................................................5
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................6
TASK 3............................................................................................................................................7
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers............................................................................................7
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set................................................................................................................................8
TASK 4............................................................................................................................................9
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.
Zuber and Mohsin Essa:..............................................................................................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is a term used to describe a never ending list of activities that are
performed by respective entrepreneurs. Every business present today was once started by an
entrepreneur with a vision and efforts for success. As there are many different types of
businesses around the world there are equally different types of entrepreneurship. Entrepreneur is
an individual who is willing to take risk and invest one's time and capital in the idea of business.
For this every entrepreneur must be sure about the personal skill set and uniqueness that
differentiates the individual from everyone else (Kaffka, and Krueger, 2018). This report is
based on a case study of of two entrepreneurs Zuber and Mohsin Essa founder of Euro Garage.
This report includes, illustration of range of ventures types that are considered as entrepreneurial,
impact of small businesses on economy, determination and assessment of key factors of an
entrepreneurial mindset, examining various environments which fosters entrepreneurship along
with its conclusion.
MAIN BODY
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Entrepreneurship include the activities necessaries for the business initiation and
sustainability. Hence these activities majorly depend upon the type of a business and the vision
of the entrepreneur himself (Bekki, and et. al. 2018). As the businesses are of various ventures
so are the types of entrepreneurship. Following is a brief on types of entrepreneurial ventures.
Small Business Entrepreneurship: This type of entrepreneurship runs business started on
a small scale. Majority of the businesses fall under this category. Such a business is usually
started by an individual or two for the earning of a daily household (Moore, McIntyre and
Lanivich, 2021). The ideas on which it has been started are basic idea and fulfil basic
necessaries. It is because of numerous competitors in the market the growth of the small business
entrepreneurship is limited on a general basis. Small groceries, salons, vegetable vendors, food
stalls and clothing shops are among the small business entrepreneurship. Small business uses
growth typology is focused on building small and slow growth there major aim is to covers their
start up cost.

Large Company Entrepreneurship: This is the type Entrepreneur ventures which have
large amount of capital to invest in the professionals. Such entrepreneurship often focuses on
creating new product and services based on the need and demand of the market. Some examples
are Google and Apple. In order to execute the vision of the company a relatively high number of
people are hired as the task is not just limited to the owner but also requires multiple level of
employees, from manager to working staff (Bosman, Fernhaber and SpringerLink 2018). Large
company is focused of having growth typology that aims at earning profits for their company.
Innovative Entrepreneurship: Entrepreneurs who are engaged in innovative thinking and
are always indulged in bringing out a new product or service are said to be practising innovative
entrepreneurship (Korte, Smith and Li, 2018). Such entrepreneurs are always motivated and keep
an enthusiastic approach. They do not work for the time bound success but continue for their
vision with a never giving up attitude. In order to innovate they always keep a close eye on the
market need that people didn't even know existed. The best example of innovative
entrepreneurship are Steve Jobs and Bill Gates.
Imitator Entrepreneurship: Entrepreneurs who try to copy the idea of other already
existing on hiking ventures with the addition of little enhancement are said to be contributing to
imitator entrepreneurship (Blake Hylton,Mikesell, Yoder, and LeBlanc, 2020). Such practices
require a good market and trend analysis and the execution of additional modification based on
the interest of market. Such entrepreneur can learn from the mistakes and feedbacks of other
ventures they picked up the idea from. Some of examples of Imitator entrepreneurship is Mark
Zuckerberg co founder Facebook and Oliver Samwer who is serial start up cloner. This
entrepreneurship uses growth typology to build a brand image in minds of customers and
generate profits.
P2 Explore the similarities and differences between entrepreneurial ventures
With all these types of wide classification of entrepreneurship arises a question of the
similarities and differences among them. . Furtherance is a discussion in brief on the similarities
and differences.
Similarities: Entrepreneurs around the world are recognized by some characteristics. And
their characteristics are ever present in these individual regardless of what particular venture they
are associated with. Taking up example of Mark Zuckerberg co founder of Facebook and Steve
Jobs CEO of Apple carries same similarities as an entrepreneurs as both entrepreneurs are risk

takers, visionary and of problem solving nature. According to these entrepreneurs similarity
factors in entrepreneurs are as follows:
 Risk taking: All the entrepreneurs no matter in which venture are involved in the
process that has risk in terms of success (Badzińska, and Timonen, 2019). No
entrepreneur is ever indulged in an activity without risk.
 Visionary: Different business venture have different vision of market but the idea of
having a vision and its planning is common to all. It is based in their vision, the task is
executed and compared with. Without a vision and milestones an entrepreneur can
never successfully be called one. Problem Solving: The job of an entrepreneur comes with no fixed set of tasks or
guidelines to solve out the problem faced (Loboda, Ostrovskyi, and Katernyak, 2018).
One of the major characteristic present in every entrepreneurial venture is the skill to
solve the problem. Due to the continuously changing market with the diverse range of
operations associated every venture has to solve the problems that come in their way of
success.
Difference: With understanding of the entrepreneurship one also gets the clarification
about the variety present in the profession (Rozan and Zibarzani, 2018). For the better
understanding the ventures can be classified on the basis number of employees, scope, size of the
enterprise, target market. As taking up example of Mark Zuckerberg co founder of Facebook and
Steve Jobs CEO of Apple carries difference in their leadership approach as Mark Zuckerberg is
using transformational leadership style and Steve Jobs is using autocratic leadership style in their
business practices. Through the analysis of different types of entrepreneurial ventures on these
key points the difference can be observed as follows:
Bases of
differences
Small Scale
Business
Large scale
Entrepreneurship
Innovative
Entrepreneurship
Imitator
Entrepreneurship
Number of
employees
Number of
employees are less,
majorly around 1-3
employees only.
Number of
employees are
more than 250.
Initially the
number in this
venture is low.
With the
acceptance of the
idea it can grow as
Number of
employees here
are slightly less
than a large
company as they
do not require

big as Large
company.
research and
development
department
Scope Scope of growth
depends is low as
there is lack of
growth strategy
implementation.
Scope of these
enterprises is high
as they are
constantly focused
on growth through
better services and
product offered.
As this business
here is focus on
offering a new
product or service
through
innovation. There
is a huge scope of
growth.
The scope is
moderate as the
market is already
occupied by a
similar product but
with better prices
and features the
scope increases.
Target
Market
Local market is the
target market for.
The product and
services provided
are ordinary.
The target market
of this venture is
multinational and
the company is
focused on
increasing its target
market.
The target market
is the entire globe,
because in a
synchronized
world a solution
through
innovations
accepted all around
the world .
The target market
of this enterprise is
large and with the
success it can
become globally
active.
Vision &
Mission
Vision here is not a
large as the
enterprise is
focused on running
a household
Vision of this
enterprise is to
always keep
growing through
better services and
products.
Innovators are also
called visionary
businesses men
because of their
idea of business
and how they want
to implement it.
The vision of the
company is to be
able to deliver an
existing product at
service in lower
rates and extra
features.

TASK 2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy.
Micro businesses could be defined as small business which employs less candidates. As a
micro business generally operates with less than 10 individuals and could be started with less
amount of capital advanced from other company. Whereas small businesses are privately owned
corporations and companies, partnerships and sole proprietorships that have less employees and
annual revenue than a regular sized business.
Majority of the business in any part of the world are small business. There are many
reason in the support of the fact as not many people can afford high capital for the investment
into business and along with the fiscal issue, a large number of people in businesses for the
households reason (Kuratko,. and Morris, 2018). Hence with numerous people practising small
business it is important to analyse the impact of the types of business on the economy of UK.
Although the revenue and turnover numbers for these business is low but with a large
number of people associated micro and small business becomes crucial for the economy of the
nation. As per the viewpoint of Jean Murray, 2020, Micro business accounts for a total of 1/5 of
the UK's economy and the total number of population engaged in the sector is 20.4%. The
average revenue of a small business in UK 286,879 Pounds. Another excellent stats generated by
UK's micro business is that over a total of 235,000 such business is having a turnover more that 1
million pounds.
There are many multinational and famous brand from the country but these stats clearly
reflect the importance of micro business in the nation (.Huang , Bodnar, and Carberry, 2020). As
a large number of people are indulged in the respective activities, these businesses not just give
them a means to carry their life routine but also help the economy of the country improve. Small
business in the UK have a high performance and with the customer satisfaction the future of the
particular sector is bright.
Although the respective sector was badly struck by the pandemic followed by the lock down.
The future of this sector looks good as with the uplifting of lock-down will bring back the
growth of small business in UK. Murray, 2020,

P4 Explain the importance of small businesses and business start-ups to the growth of the social
economy.
Social economy refers to the relationship between the economy of the nation and its
social behaviour. It has been very well noticed around the world that with the increment in the
economy of the nation and average increase in per capita the behaviour of the regional people
also improves (Frederick, O’Connor, and Kuratko, 2018). With the stability in the economy also
comes the betterment in social behaviour of the population. As economy has various impacts on
the society the social ecosystem includes the satisfaction of an average person with the services
they are getting like safety and health services available to them and the efforts with which these
facilities were made available.
 In a strong economy country the efforts required to be able to avail all these facilities like
health care, job security, protection from threat, better transport and travel facilities and
quality public places (Outsios, and Kittler, 2018). The availability of these faculties are
crucial for the social stability as with this basic of life a satisfaction is achieved among
the citizens.
 Small business as discusMurray, 2020,sed earlier form a major component of the
economy of UK, which in turns helps in the growth of social economy (Balachandra,
2019). Another key point in the promotion of social economy of the country that small
business play is, through the activities of small businesses the local people engage with
one another and a social harmony is promoted by it.
 As in Murray, 2020,the small business the operations that take place are limited to a
small area the interaction evolved can be related to the society and neighbourhoods. With
this interaction people come to know about each other's concerns, worries, health,
financial issue etc. and the growth of social economy becomes a by-product. From the 5.7
million businesses in UK 99.9% comes under the small to medium business category.
The small businessMurray, 2020, gives a sense of independence to the people working in
the sector as people want to either earn their own money or want to be their own boss,
This on turn helps the mentality and mind-set of the people continue to grow in positive
direction with always success and achievements in mind.

 Small business can only be called small because of the revenue they generate, when it
comes to undertaking the socio-economic growth this sector of entrepreneurship
definitely plays a huMurray, 2020,ge role.
TASK 3
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.
Zubair and mohsin issa traits are the really different from others their have different ability and
different thought of the entrepreneurship. They have all the qualities associated with the
successful entrepreneurs. Zubair and mohsin are the entrepreneurs are born with the different
types of traits and skills, and others don't have but they have done really very hard work and
develop their traits as well as skills. The traits of zubair and mohsin include; being a good thinker
and also being an different idea creators.
Traits and skills of a successful entrepreneur;zubair and mohsin has become entrepreneur
because they thinks that this is a part of their natural ability, and also they thinks that they get
success in this field and this is only the thing, they can do really very well. Zubair and mohsin
issa are highly motivated person to use their new ideas in any difficult tasks. They are not afraid
to take risks, although it is related to finance or otherwise. But also they will not lose faith when
any problems come , they are trying hard to resolve the particular problem. The challenges that
comes in their way, they see that challenges as a learning experience for them, and also they
think that this is the opportunity of innovating new things in the market. As such, zuabir and
mohsin are the smart entrepreneur are always willing to acknowledge when they find more
information and are always seeking to learn.
Difference between entrepreneur and managers; mohsin and isssa are the leader within a
well-established organization, they have to look after the work of employees within the
department. And sometimes manage the larger segment of the organization, they assign tasks,
provide guidance, and solve the problems and also ensure the that deadlines are must to be met.
And now in terms of entrepreneurs, they are the peoples that recognize the peoples problems and
trying to solve the problems. Mohsin and issa have a proper idea of for the particular products
and services and on the basis of that idea they try to develop their product and services,
innovated a company of sales and marketing and assume the financial risks related to the starting

and running the business. Mohsin and Issa are the person fit into the many roles as an
owner,manger,entrepreneur,leader,motivator,for making sure the organisation is achieving their
goals and fulfilling the need of the customers.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set.
An entrepreneurial ventures begin with an entrepreneur. As entrepreneurship Mohsin and
Issa is facing very challenging path for making their business successful, this will give them the
ability to grow and removing the tag of failure on itself. And also helps to carry on the things
when it gets tough, boosts the confidence of peoples in difficult situations, and have to reach on
their goals to achieving the success on their particular field. Although this research of the
psychology of mohsin and Issa shows there several characteristic of entrepreneur has the reason
of getting successful. As for example: Mohsin and Issa has started their business with single
petrol forecourt in Bury now, they established EG group and owns more than 5200 petrol pumps.
Curiosity: innovation is very common among the successful entrepreneur, Mohsin and
Issa are keeping their mind active and conscious every time. Always keep investigate how the
world works and where the things met together, this will strengthen their ability of the thinking
with a fresh knowledge. Mohsin and Issa learning new things from the achievers, following their
lives and routines keep considering what made them a successful person. And also they
compares itself to them that what they do differently if they were in their position. Always
asking from itself, and looking for the competition, innovate new things for doing the newthings.
Commitment: while entrepreneurship is the passion that lead to start the own business,
in this field commitment will keep motivating them, and try to protect them from every dilemma.
This gives an ability to Mohsin and Issa stand after repeated rejection and after so many
disappointment is very important part of an entrepreneurs Make up. Mohsin and Issa always get
lessons from rejection, and also it helps to prevent their self- esteem from damaging.
Leadership; an effective entrepreneur, must guide and motivate their team, and empower
them to survive in every difficult situation and provide them support. As being an entrepreneur
Mohsin will clearly discuss their doubts from their team mates, employee and try to resolve their
problems. By developing focus and interest for the team, they have greater chance to get
successful and also realizing their vision of greatness. Mohsin and Issa also helps to create their
own mission and visionMurray, 2020,s to fulfiMurray, 2020,l their own dreams, and become

more successful in the life. And also upgrade their skills by analysing their capability of doing
things and gives a better suggestion, if there is a need of change in their way of doing the things.
So, they have proved them that they are good leader as well as a guide to their employees
TASK 4
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.
Zuber and Mohsin Essa:
Background: zuber has a full name zuber vali essa and he was born in June 1972 is a
British billionaire. now at the age of 48 and 49 they become the founder of EURO GARAGES.
They belong to a lower middle class family. But they have something revolving in their
mind,that they have to innovate something different from others. And were established a chain of
petrol filling stations that has operating stations in United Kingdom and Europe. Zubair and Issa
Zubair issa was born in Blackburn, his parents name is Vali and Zubeda has come from Gujarat
the city is located in India, they came to united kingdom because they have to established textile
industry because the products they are offering they know that in U.K this is new and will
demanding in future. And after getting successful they planned and owned a petrol station. Zuber
has done their schooling from Winton park high school, he was also good in their studies and
always known for their excellent performance in schhol. Mohsin full name is Mohsin Issa, he
was born in July 1971, mohsin Issa is a British billionaire and also a founder of Euro garages.
And in October 2020 he acquired the supermarket chain from wall-mart. Mohsin is own brother
of zuber they mutually started their business and also they are the equal partners in business.
Experience: Zuber and Mohsin issa is an Indian origin Issa brothers, they come from
idea with several thoughts and dreams, but they do not know that what actually they have to do
in future. But suddenly there is something in their mind, and they own their petrol pump on rent
and from their they have started their long run race and after that, Zuber and mohsin issa has
opened the company together that is Euro garage group with their private equity partner. In 2001
their father sold their own garage, after getting the selling price of the garage, they buy a petrol
pump. Because both the brothers have grown up their interest in the field of business. So,their
father supported them and given a chance to established their business.
Jeff Bezos:

Background: Jeff Bezos was born in new Mexico, Jeff Bezos has interested in computer
since childhood. He has also studied computer science and electrical engineering from Princeton
university. After completing his graduation, he started working on wall street. And from 1990 he
has become the youngest senior vice president in the investment firm. Because Jeff has interested
in computer, they are tackling all the problem related to technology. And also they are handling
all the financial related queries, if any customer or team mates have problem in their work or
regarding products and services of the company.
Experience: after graduation, Jeff Bezos has found employment in a wall street company,
because they were very much interested in computer science. where computer science was in the
demand to study the market trends, so he has the advantage of knowing the computer science.
All the well renowned company wants to accquire them. He also went to work at Fitel,that was a
start-up company ,that was building a network to connect with the international trade. He was
also staying in the finance realm with bankers trust and becomes the vice president because of
their skills and strong leadership traits. Bezos was hired because of their overall talent; the reason
he performs very well in every tasks assigned to them. Also Bezos suddenly saw a new
opportunity in a new segment of businesses, believing in the possibilities,after that bezos has
started the new order business for the top 20 mail orders business. And asked and keep
questioning to himself which of the option work efficiently either internet or the traditional
pattern that we are following since years. So, lastly he decided to do that business for innovating
something new.
CONCLUSION
In has been concluded from the above report that there is multiple venture in the
entrepreneurship and all these different type of ventures are associated on different scale in a
different field of work. Entrepreneurs and especially small scale entrepreneurs play huge role
both in the fiscal economy and social economy of the nation unlike the conventional
understanding. There are some significant differences and similarities on the basis of scope,
target market and other such categories. This report concludes that the mind-set of the
entrepreneurs plays a most important role in the success of an enterprise.

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Murray, 2020,What Is a Microbusiness? [Online] Available
Through:<https://www.thebalancesmb.com/differences-between-micro-business-and-
small-business-4159188>