Entrepreneurial Ventures and Small Business Management: A Comprehensive Analysis

This report delves into the diverse world of entrepreneurial ventures, examining their types, similarities, differences, and impact on the economy. It explores the characteristics, skills, and motivational drivers of successful entrepreneurs, analyzing how background and experience influence their journey. Through relevant examples and data, the report provides a comprehensive understanding of the role of small businesses in fostering economic growth and innovation.

Entrepreneurship and Small Business
Management
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Contents
Introduction................................................................................................................................4
Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship. [P1]............................................................................................5
Explore the similarities and differences between entrepreneurial ventures. [P2]......................7
You should investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both public and corporate sector. [M1]..........................8
You should critically examine the scope, development, and growth of entrepreneurial
ventures. [D1]...........................................................................................................................10
Interpret and assess relevant data and statistics to illustrate how micro and small business
impact on the economy [P3]....................................................................................................11
Explain the importance of small businesses and business start-ups to the growth of the social
economy. [P4]..........................................................................................................................12
You should evaluate the differences small, medium and large businesses make to the
economy, applying relevant data and statistics. [M2]..............................................................13
You should critically examine how small businesses have an impact on different levels of the
economy (local, regional and national) and an international context. [D2].............................15
Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers. [P5]................................................................................16
Assess how aspects of the entrepreneurial aspects personality reflect entrepreneurial
motivation and mindset. [P6]...................................................................................................18
You should explore and examine different lines of argument relating to entrepreneurial
characteristics. [M3].................................................................................................................19
You should analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples. [D3]..............................................................20
2

Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship. [P7]..............................................................................................................21
You should analyze the link between entrepreneurial characteristics and the influence of
personal background and experience to specific successful entrepreneurs. [M4]...................23
You should critically evaluate how background and experience influence entrepreneurs, both
positively and negatively, by comparing and contrasting examples. [D4]..............................24
Conclusion................................................................................................................................25
References................................................................................................................................26
3

Introduction
Small business and the small business entrepreneurship is an effective medium for improving
the business lines in the countries. The UK is one of the most attending countries in which the
small business and new small entrepreneurship have a vast increment. The people in the UK
get the benefit of the developed country having effective business opportunities. The small
business enterprise is still a concern for many countries. This report defines different types of
business ventures and typologies of business which has an impact on the economy of the
countries. In order to focus on the enhancement and effective business, changes have brought
changes to an organisation. The small business organisation of the UK which considers for
this report is Vinaya. This is a business of technology wearable jewellery. This report
provides the information on the different personality and characteristics of the small business
entrepreneurs and their management skills which helps them to ain the success rapidly. The
small business enterprises and the small business management is one of the effective
management planning which is discussed in this report.
4

Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship. [P1]
There are different entrepreneurial ventures which could be the big or small businesses. The
size of the business depends on the investment or capital which has been invested in the
initial level of a business. The business ventures are-
Growing business ventures- The growing business ventures are those which are based on
the growing concept of their large-scale operations. The growing business has the motive of
increasing and improving the business with their effective strategies (De Vries, et. al., 2017).
These businesses include majorly IT businesses which have different concept and
applications and software to work upon for the growth of the business.
Existing big scale business ventures- The existing big business ventures are the big scale
and corporate business ventures which has the existing business in the world. These
businesses have their existing markets in which these businesses are brands.
Independent business ventures- The independent business ventures are the small businesses
which are owned by the independent entrepreneur (De Vries, et. al., 2017). The independent
businesses are the local business which contributes to the economy of the country. The
independent business includes restaurants, saloons, and grocery stores in the local market.
Social good ventures- The social good ventures are the business organization which is
basically formed with the motive of doing socially good to the people (De Vries, et. al.,
2017). The social good ventures are generally non-profit organisation which has no motive of
profit maximisation. These businesses focus on helping and doing socially good to the
people.
Typology of the entrepreneurship
Owner- Owner is the person having his own business the owner is one who manages and
owns the company effectively. Their main motive is to maximise the profit.
Intrapreneur- Intrapreneur is a person who does not work in the entrepreneur but owns the
same kind of skills. An Intrapreneur manages the big projects and works with the
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entrepreneurs (Randolph, et. al., 2017). They could be the manager of the project or a
business task.
Social entrepreneur- The social entrepreneur is a person who owns the social good venture.
They work for the country’s and people’s welfare instead of profit maximization.
The relationship between the types of entrepreneurship and different typologies are that this
entrepreneurship gets the correct skills and management of a person on the basis of a
typology of the business (Randolph, et. al., 2017). The business entrepreneurship helps in
providing the skills and knowledge to the people and helps in forming the typology of the
business. The skills and leadership qualities gained from the typology of the entrepreneurship
helps to initiate the business venture type to the person.
6

Explore the similarities and differences between entrepreneurial ventures. [P2]
The different ventures have different roles and functions as well as objectives. The provided
information below is on the similarities and differences between the entrepreneurial ventures.
The entrepreneurship is of different types. These types are shown on the Basis of their
similarities and functions in the below-provided table.
Similarities Differences
Ethics of Business- The business ethics of
the organization are similar that is to be the
lawful and effective use of the business
venture. The ethics of business is to operate
business ethically.
Financial strategies- The financial strategies
of all types of business are different. Their
set up and the type of business define the
financial strategy they need to prepare for the
success of a business (Greenberg, 2017).
Business authority- The authorities are
business is majorly same in all types of
ventures. There are an owner and a manager
in the organisation (Greenberg, 2017). The
management is divided among the three
layers which include upper, middle and lower
level of employees.
Employee recruitment and compensation-
The compensation and recruitment process of
the different kinds of firms are not same. The
recruitment process includes various steps
which are different from each kind of a firm
or business.
The objective is profit- The profit
maximization and setting up the brand image
of the company is the ultimate goal or
objective of the organisation (Greenberg,
2017). These are the similarities in all kinds
of business enterprises.
Risk and reward policies- The reward and
risks policies of all kinds of ventures are
different (Greenberg, 2017). These are based
on the size of the business enterprise and on
the employees of the organisation.
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There are various other kinds of business ventures which could be distinguished on the basis
of their size and operations in the organisation.
Micro- The local areas and the local markets are been covered in the micro business. The
micro business is based on the little size of its operations and a little capital investment of less
than 1 lac. These are very small business (Yunus, 2017).
Small- The small business covers the area of the local market as well as interstate markets.
These are the small-sized business which operates in a low budget of a capital investment.
The small business impacts the business economy of the country.
Medium- The medium size business is those which have a medium business enterprise and
operations are distributed to the various parts of the country (Yunus, 2017). These businesses
have a huge impact on the economy of the country.
8

You should investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both public and corporate sector. [M1]
There are different entrepreneurial ventures which could be the big or small businesses. The
size of the business depends on the investment or capital which has been invested in the
initial level of a business. The different ventures have different roles and functions as well as
objectives. The provided information below is on the similarities and differences between the
entrepreneurial ventures (Lee and Huang, 2018). The entrepreneurship is of different types.
Some of the business ventures are also known as public and corporate ventures. These
ventures are also investigated in the diverse range.
Public ventures- The public ventures are those which has the ownership of government or
public. The role or duty of these ventures is to provide or offer the effective public welfare
and benefits for the improvement of their living. The objective of the public ventures is to
offer the lowest prices to the public for the products and services. The facilities and amenities
of the public ventures are in the favor of public welfare (Lee and Huang, 2018). The
examples of such types of ventures are- healthcare services, education business ventures,
electricity, water supply etc. these public organisations are included in this.
Corporate ventures- These ventures are highly professional ventures which have a different
way of improving the profits of a company. Their motive is to increase or maximize the profit
of the business. The corporate ventures put their idea into investing in the corporate funds and
investing in another company (Lee and Huang, 2018). These business ventures plan to start a
new venture. There are various examples such as- big brands in the UK such as Starbucks,
Zara etc.
9

You should critically examine the scope, development, and growth of entrepreneurial
ventures. [D1]
According to Wallmeroth et. al. (2018), entrepreneurial ventures have an extreme scope in all
the countries. These are especially indulged with the scope in all the developing countries
where there is a need of small business and entrepreneurial business ventures for stabilizing
the economy of the country. The development of the entrepreneurial ventures is based on the
effective results and outcome of the business. The profit maximization is one of the factors
which increase the development of these ventures. The growth of the entrepreneurial ventures
is based on its development. The understanding of growth in many aspects related to the
enterprises and ventures are in the increment of business and profit.
On the other hand, Cheung and Kwong (2017), provided that the entrepreneurial ventures
have a scope in the developing countries and small countries. The development of these
ventures depends on the employment opportunities they provide. Their development could be
done on the basis of the majority of numbers of employment has been put. The growth of the
entrepreneurial ventures depends on the development and because of the profit increment the
growth of these ventures could be ensured.
10

Interpret and assess relevant data and statistics to illustrate how micro and small
business impact on the economy [P3].
The micro and small bossiness impact on the economy in an effective manner. The increment
in the economic condition to be positive could be the reason for effective micro and small
business operations. There are various impacts of these businesses which are-
Enhance innovation- These businesses help in increase the innovation as their nature is to
provide the effective and attractive schemes to the customers and public (Bruhn, et. al.,
2018). The innovation in the small business could be easily implemented.
Provides employment opportunity- The employment opportunities related to the people
putting into a job is also effective result and helps the economic growth in employment.
Figure- 1- International comparison of employment
Source- (Bruhn, et. al., 2018)
The above graphical presentation provides that the internationally, UK is the highest
employment opportunity provider in the world since the data of 2013 to 2015. The growth
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level is the highest of UK employment opportunities (Bruhn, et. al., 2018). This is clear that
the impact of immense small and micro business opportunities in the UK has resulted in this.
Independent ventures- The independent ventures are promoted and make them financially
independent entrepreneurs. The business entrepreneur becomes financially independent.
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Explain the importance of small businesses and business start-ups to the growth of the
social economy. [P4].
Business start-ups and small business in the world are very important. They play an important
role in assessing the economic condition and improving the same by providing benefits to the
economy. The potential for the economic growth is majorly in the small business and start-
ups of the country.
Improve competition- The competition of the country improves with the impactful
competitiveness business start-up (Trinh and Doan, 2018). The competition gets the benefit
of getting into with the small business in the market which introduces new companies to the
market.
Increase innovation- The innovation in the start-ups is the most encouraging aspect. The
innovation is improved in the organization and their new ideas and new policies and
strategies also focus on innovation.
Enhance job opportunities- The job opportunities are also encouraged with the start-ups and
small business as there is a need to operate the business and staffs is required for the same
(Trinh and Doan, 2018).
Develop the economic condition- The economic condition gets improve with the increasing
small business and startups because they provide jobs and business knowledge to the people
and helps in maintaining the good economic condition by making huge profits.
Improvement in the lifestyle of people- The improvement in lifestyle because of improved
business setting in the country helps in getting the enhanced profits and improving the
lifestyle of people (Trinh and Doan, 2018). The job opportunities make them improving the
living.
13

You should evaluate the differences small, medium and large businesses make to the
economy, applying relevant data and statistics. [M2]
The small, medium and large business has different impact on the business economy of the
country. Their risks, benefits, and other factors are different in the economic setting. In UK,
the difference between the small, medium and large businesses has observed.
Figure- 2
Source- (Hillary, 2017)
The above provided graphical presentation illustrates that the UK has highest employment
provider in the sector of small business; the 46.8% employment comes from the small
business in the economy of UK. The enterprises exist in UK which are of small business are
99.3%. Almost the UK is based on the small business. The turnover of small business is less
than the large business (Hillary, 2017). On the other hand, medium businesses are less and
there are 41.3% of employment opportunities in the large sector of business.
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Figure- 3
Source- (Spence, et. al., 2018)
The graph shows that the small medium and large business in UK has the employment
opportunities at huge level. In UK, the small business enterprise provides the 30%
approximately to the economy. The medium reports with the 25% approximately to the
employment opportunities and the lowest opportunities of 20% are provided by large
enterprises (Spence, et. al., 2018). The business employment opportunities depend on the
rigidness and flexibility of the business operations.
15

You should critically examine how small businesses have an impact on different levels of
the economy (local, regional and national) and an international context. [D2]
In the opinion of Rogerson (2018), The Small business helps the economy in its overall
growth by providing the economic benefits. The small business provides the growth in the
manner of increasing innovation and makes the strong economic conditions. The small
business promotes the economic growth of the local and regional and national level by
offering innovation, creativity and employment opportunities. On the other hand Mejri et. al.
(2018), international context of small business provides technological improvement and
competitive spirit in the international economy.
The small business basically offers improved business functions and effective strategies. This
business works on new ideas and policies as well as on new strategies which ensure the
growth of regional, local and national economic growth. The international context and
economic growth depend on the huge competition to the other countries.
16

Determine the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers. [P5]
The entrepreneur works in a different manner. They have different qualities, characteristics,
and traits which differs them from each other. The qualities and characteristics make them a
successful entrepreneur. The entrepreneurs are generally considered as owners or managers
of the company but they are different from them. The traits and skills make them different.
Here are some major traits or skills which differ entrepreneur from managers or owners.
Self-motivated- The entrepreneurs are self-motivated and this skill of the person is in the
effective manner (Duchek, 2018). The entrepreneur focuses on being motivated to motivate
others and be positive towards every situation.
Passionate- They have a passion to work and have no expectations in return. The passion
towards work leads them to face the situations under work life.
Leadership skills- Leadership skills of entrepreneurs are different than of managers. They
lead in the way to get maximum work in the manner to satisfy the employees and ensure the
success of the company. Their leading skills are regarded as professional skills.
Creative- The entrepreneurs are generally creative. They have creative minds which helps
them in getting out the creativity and innovation in their work (Duchek, 2018).
Innovative- Innovation towards the work and making them into the box of new ideas and
results are their priority. They work in the manner to ensure of getting effective and new
results and try in the manner of innovation in the operations and work so as to make it
interesting and competitive.
Flexible- The entrepreneurs are flexible in nature and are always ready to work in a different
culture of a different environment. They beat the risks and challenges of their flexible nature.
Because the entrepreneurs are confident and skillful they are different from managers
(Duchek, 2018). The managers are basically performing the activities related to planning,
management and controlling such activities. On the other hand, entrepreneurs look how to
make these activities effective and interesting and how to deal with these activities in an
efficient and effective manner.
17

Assess how aspects of the entrepreneurial aspects personality reflect entrepreneurial
motivation and mindset. [P6]
The personality reflects the entrepreneurial motivation and mindset. The entrepreneurs may
have different personality traits. These traits define their mindset and personality traits. The
motivation and difference between their personalities depend on the aspects which they have
in their personality.
Attentive- The entrepreneurs who are attending are considered as a good listener. This
personality trait helps the person to become an effective speaker and listener (Harley, et. al.,
2018).
Energetic- The energetic personality trait reflects the personality of the self-motivated
person. These entrepreneurs enhance their capability of being attractive and energetic in
whatever they do.
Characteristics- The characteristics of an entrepreneur such as innovative, creative, reflects
their personality of being an effective person having effective working.
Cheering- Cheering personality of a person reflects the motivational and passionate person
towards work (Harley, et. al., 2018). Their ability to motivate people and make the effective
working is the cheering nature of a person.
18

You should explore and examine different lines of argument relating to entrepreneurial
characteristics. [M3]
According to Abdullah et. al. (2018), the personality of a person is defined by the
characteristics of a person. The personality and characteristics of a person provide the
characteristics of the entrepreneur. The development of the characteristics and personality is
done by the person by getting close to the surroundings, friends, and families. This helps
them in understanding and developing a nature. Their ability to motivate people and make the
effective working is the cheering nature of a person.
On the other hand, Hadi and Abdullah (2018), the personality of a person depends on their
characteristics but this is developed by learning the characteristics of the examples and
studies. The characteristic of a person makes the personality which needs to be developing to
become a successful entrepreneur.
19

You should analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples. [D3]
Successful entrepreneurs work in the manner to attend the business motivation and success
factors in the manner to provide the success to the business. The successful entrepreneurs do
not count on the amount of money invested but they count on the traits, skills and
motivational factors.
There are various successful entrepreneurs in the UK such as Philip Green and Sir Richard
Branson. The passion of working and making the life into innovating the business and work
culture makes them the huge entrepreneurs (Harley, et. al., 2018). Philip Green is a CEO of
Arcadia group which is one of the famous clothing and accessories brands of UK. On the
other hand, Sir Richard Branson is the founder of Virgin Group which is the brand name
under the Virgin Airways, Virgin Mobiles and Virgin Megastores.
The above-mentioned entrepreneurs of UK are one of the inspirations for a small business
person as they have started with the lowest level of business. The entrepreneurs provided that
the skill of being innovative and creative helps them in achieving this success (Harley, et. al.,
2018). The passionate about working and being motivational becomes their success mantra to
lead the heights of entrepreneurship.
20

Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship. [P7]
This is the fact that experience teaches many things. This is the real-life fact. The experience
of a persona and the background shows different experiences and hinders or foster the
entrepreneurship. The above-mentioned two entrepreneurs of UK also have their life stories
which are inspirational as well as learning example.
Sir Richard Charles Nicholas Branson
The qualities and traits have already inspired the world. With a business magnate, Sir Richard
Branson is an investor and philanthropist. He becomes the founder of Virgin Group which
has 400 plus companies running all over the world (DeNisi, 2015). He has stated the business
with the Magazine at the age of 16 which is known as ‘Student’.
Education
 He dropped his
studies at the age of
16.
Nationality
 He is basically from
the UK and is a
British.
Personality Traits
 Confident
 Self-motivated
 Innovative
 Creative
 Flexible
Sir Philip Nigel Ross Green
A tough life makes a Gem. Philip Green started his business at the age of 21 but was a shoe
importer at the age of 15. He had just inherited the family business before that from the age
of 12. He and his wife purchased Arcadia group of which he becomes CEO. The life showed
the hard times when he uses to sell the old clothes as new by dry cleaning and hanger them
and pack them in the polythene (DeNisi, 2015).
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Education
 Dropped high school
at the age of 15.
Nationality
 He is a British and
resident of Monaco.
Personality Traits
 Flexible
 Confident
 Creative
 Self-motivated
 Inspirational
22

You should analyze the link between entrepreneurial characteristics and the influence
of personal background and experience to specific successful entrepreneurs. [M4]
The successful entrepreneurial characteristics always include the nature of innovative,
creative, confident and flexible. The above-mentioned both the entrepreneurs are one of the
effective people in the world who has changed their working nature to earn and promote their
business. The working is effective and their background and experience have shown their
nature of being hard working (DeNisi, 2015). The successful entrepreneurship is based on the
effective working and management. These entrepreneurs have provided that their
management is working along with their special traits or characteristics.
Some common personality traits which have come across from both the entrepreneur’s
background and experience that they ate Flexible, confident, creative, self-motivated and
innovative. These traits provide that being the hardest times their confidence did not leave
behind. The motivated person achieves the task of motivating others effectively (DeNisi,
2015).
23

You should critically evaluate how background and experience influence entrepreneurs,
both positively and negatively, by comparing and contrasting examples. [D4]
There is a lot of positive impact on the backgrounds and experience. They have worked in the
manner of the inspirational foot. The background does not show the easy life for both the
entrepreneurs (DeNisi, 2015). The positive impacts were that they are confident as well as
self-motivated. Their skills and creativity and innovation helps in achieving the success.
DeNisi (2015) also stated that the negative reflects were also there in both of the examples
that neither Sir Richard Branson nor Sir Philip Green got the opportunity of completing their
education. This is a negative impact because coming future requires a lot of education to
understand upcoming technologies, studies, managerial theories and etc. these all are required
by the above-mentioned entrepreneurs to ensure the improved success of their businesses.
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Conclusion
The above-provided report on the entrepreneurship and the small business management is an
effective way of learning about the management of the small business and the characteristics
of becoming an entrepreneur. The learning skills and various aspects of the entrepreneurs
provided that the entrepreneurs are different from the managers. There are extra special skills
needed to be an effective entrepreneur. The examples of successful entrepreneurs of UK have
provided to understand that the motive of the company is to develop such people in an
organisation. The small business and their importance for the economy of the country is huge.
The economic condition has shown an increase in a positive manner with the increase in
small and micro business in the UK. The examples of successful entrepreneurs of UK have
provided to understand that the motive of the company is to develop such people in an
organisation.
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