Small Entrepreneurial Venture

This document discusses the different types of entrepreneurial ventures, including sole traders, public limited companies, partnerships, and franchise ventures. It also explores the similarities and differences between various entrepreneurial ventures, such as private limited ventures and social enterprises. The impact of micro and small businesses on the economy is examined, along with the traits and skills of successful entrepreneurs. The document also mentions the Business Show 2017 and the insights gained from successful entrepreneurs like Bill Gates and Steve Jobs.

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Small Entrepreneurial Venture
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Small entrepreneurial venture
Table of Contents
Part 1.....................................................................................................................................................3
Types of entrepreneurial ventures......................................................................................................3
Similarities and differences of various entrepreneurial ventures.......................................................4
The impact of micro and small business on the economy..................................................................6
Part 2.....................................................................................................................................................8
Traits and skills of entrepreneurs.......................................................................................................8
Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.............11
References...........................................................................................................................................15
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Small entrepreneurial venture
Part 1
Types of entrepreneurial ventures
Different types of entrepreneurial ventures have special purposes and business structures.
Besides that, starting up a new business venture is the best example of entrepreneurial
ventures (Baker, 2007). Along with that, the entrepreneurial ventures are divided into some
significant factors such as sole traders, public limited, partnership and franchise
entrepreneurial ventures. Each and every type of entrepreneurial ventures is discussed below:
Sole traders: a single proprietor has owned this types of entrepreneurial ventures. In
addition, the sole proprietors have all power of attorney in their hands. Moreover, one and the
only sole proprietor has all decision making authority in this types of entrepreneurial
ventures.
Public limited company: with the help of governmental support and shareholders
contribution, the public limited companies includes a top managerial performance. Along
with that, these types of entrepreneurial ventures are based on privately and state-owned
businesses (Bragg and Bragg, 2005). Moreover, the public limited entrepreneurial ventures
maintain professionalism and do not propose their private parts to a general group.
Furthermore, the shareholders have also decision making power in limited entrepreneurial
ventures.
Partnership: the partnership entrepreneurial ventures are called those small businesses which
are claimed by two different proprietors. Along with that, the annual gross profit is divided
into both partners of the partnership entrepreneurial venture. Moreover, both proprietors and
partners have equal decision-making authority or power in the entrepreneurial venture in
small business (Cooper and Vlaskovits, 2005).
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Small entrepreneurial venture
Franchise entrepreneurial ventures: this types of small business can be defined as a
specialist takes the initiative to make collaboration with leading organisation and supply their
products and services. In other words, franchise entrepreneurial ventures mean an individual
can negotiate and make thoughtful approach between leading organisation and approved
individuals (Drummond, 2009).
The above mentioned entrepreneurial ventures are included in the typology of
entrepreneurship. In addition, the roles and characteristics of micro, small and medium-sized
organisations are discussed. Along with that, serial entrepreneurs includes some important
traits and qualities which differentiate them from entrepreneurs and owner managers. A
successful serial entrepreneur is a true motivator and effective leader, and he/she has proper
vision to accomplish desired goals and objectives. On the other hand, a common entrepreneur
who might be involved with franchise entrepreneurial ventures has not motivational skills and
leadership qualities to the business successfully (Epstein et al., 2010). Moreover, the
managers have the specific role to play in an organisation and the managers just control and
manage operational processes according to the directions of the leaders of the business.
Similarities and differences of various entrepreneurial ventures
Private limited entrepreneurial ventures: the private entrepreneurial ventures belong to
one proprietor who has all decision making power in own hand. In addition, the private
limited entrepreneurial ventures can be considered as sole trading (Hansen and Christensen,
2014). Moreover, the major difference between private entrepreneurial ventures and public
entrepreneurial ventures are that private entrepreneurial ventures are controlled by one
proprietor, but public entrepreneurial ventures are controlled and managed by the
government. The similarity between these two entrepreneurial ventures is that the people who
are working inside the organisation have faith and trust in their leaders.
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Public limited entrepreneurial ventures: the public entrepreneurial ventures are one kind
of partnership entrepreneurial ventures which includes two partners such as government,
shareholders and business owner (Hiriyappa, 2009). In addition, a significant difference
between public entrepreneurial ventures and social entrepreneurial ventures is that public
limited enterprises earn a good profit after each year, but voluntary limited or social
entrepreneurial ventures do not earn a good profit because they depend on trust agencies for
funds. In terms of similarities which is nothing expect the managerial scale of entrepreneurial
ventures.
Social enterprises: These types of entrepreneurial ventures are working for social help, and
the annual turnover of social enterprises is not very high due to many financial problems.
Talking about the differences between private entrepreneurial ventures and voluntary social
entrepreneurial ventures are very clear such as private entrepreneurial ventures have one
proprietor, but the social enterprise has many decision making people. In addition, a
similarity is nothing between private entrepreneurial ventures and social entrepreneurial
ventures (Hollett et al., 2002).
Micro, small and medium entrepreneurial ventures
The business structure and size is completely different in micro, small and medium
entrepreneurial ventures. Micro entrepreneurial ventures include little economic stability, and
few employees are working in the micro-entrepreneurial ventures. On the other hand, small
entrepreneurial ventures have bigger business structure and larger profit scale than micro-
entrepreneurial ventures. In addition, medium entrepreneurial ventures include limited
employees and customer including proper business structure and good probability (Hussey
and Ong, 2012).
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The impact of micro and small business on the economy
In order to utilise the assets and resources, a nation has various types of the economic
structure such as free economy system, arranged economy system and mixed economy
system (Locker and Kaczmarek, 2008). The small entrepreneurial ventures are growing with
the help of these three types of economic system. Each and every type of economic system is
discussed below:
Free economy system: in a specific nation, the less competitive market include the free
economy. In other words, the small business entrepreneurial ventures can sustain in this free
economy which helps them to earn enough profit. On the other hand, not only small business
but also micro and medium size business are also affected and benefited by the free economy.
The economic contribution of small entrepreneurial ventures is comparatively higher than
micro-entrepreneurial ventures due to a high rate of growth, profit scale, size, employee
turnover, innovation. Technical adaptability and sustainability. Besides that, the medium size
entrepreneurial ventures have more profit scale and employee turnover rather than small size
entrepreneurial ventures. Along with that, employee turnover, sustainability and technical
advancement are improved in this arranged economy system(Morgan and Morgan, 2004).
Arranged economy system: in the case of arranged economy system, the entrepreneurial
ventures have a litter higher economic system where existing rival companies already
grabbed the market through high-class quality service. In addition, newly developed micro-
entrepreneurial ventures have more economic contribution which effects the lower part
national economy system. Along with that, the medium size entrepreneurial ventures have
more profit than in arranged economic system which influences the economic balance of the
nation. In addition, with the benefit of high gross profit and fund transfer, the small and
medium used to pay high taxes which effect the economic system of the nation.
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Mixed economy system: the small and medium sized entrepreneurial ventures are get
benefited by the mixed economy system because they have the high level of profit and
technical facilities to pay more taxes to the government which increase the economic growth
of the nation. The small and medium size entrepreneurial ventures are mostly benefited in the
mixed economy. In other words, the demand and supply chain is consciously working for
small and medium size entrepreneurial ventures due to the stable exchange rate in the mixed
economy system. In addition, the small and medium size entrepreneurial ventures able to
maintain highly skilled employees and provide them sufficient salary with the help of high
currency value which increases the economic stability of the country(Morgan and Morgan,
2004).
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Small entrepreneurial venture
Part 2
According to case scenario, The Business Show 2017 will be held at London Excel Centre
between 17th to 18th May where the researcher will met successful entrepreneur like Bill
Gates and Steve Jobs and gather some understating personal traits for being successful. In
addition, in that particular Business Show, the researcher of this report found under-discussed
traits and skills of a successful entrepreneur.
Traits and skills of entrepreneurs
There are different sorts of traits and skills of effective entrepreneurs separate them from
different business managers. Aside from that, entrepreneurs have some remarkable skills and
capacities which a general executive don't have. In addition, some important traits and skills
of a true entrepreneur will be explained in this report as follows:
Motivation: Abraham Maslow was the innovator of Motivation theory which helps
entrepreneurs to motivate their representatives. Along with that, an effective entrepreneur can
expand of the worker’s execution with the assistance of motivational theory. Aside from that,
a man needs to motivate their supporters to become a successful entrepreneur, yet a business
cannot get motivation from a general manager (McKeown, 2002).
Innovativeness and Persuasiveness: an effective entrepreneur has the inventiveness and
enticement skills to perceive potential threats and opportunity. Along with that, the managers
don't have this sort of traits since they likewise need to follow and obey the management. The
progression of product requires the inventiveness traits for trustworthy creation. Aside from
this side, a business general manager ought not to be adaptable to the working hours on the
grounds that if the supervisor carries an inconsiderately than other will do a similar thing
which may be the reason for a corporate disorder.
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Adaptability: the entrepreneurs once in a while depend on the colleges or staffs for giving
service or support. Adaptability is one of the viable and remarkable shares of an entrepreneur
with a specific end goal to lead the business towards an achievement. Aside from that, an
entrepreneur can accomplish the trust and confidence of the subordinates with the assistance
of receptiveness which makes the entrepreneurial process more compelling. Besides that, an
entrepreneur must be trustworthy through applying extreme behaviour (Cooper and
Vlaskovits, 2005).Aside from that, trustworthy entrepreneurs can draw the consideration of
each individual of the organisation with the assistance of adaptability traits which can't be
workable for a normal business individual (Phillips and Phillips, 2004). Along with this part,
an entrepreneur can make the good decision for the business since he/she is foreordained by
vision.
Amazing business skills
The entrepreneurs have more capacities and clear vision about the business. An effective long
term business requires a qualified and talented leader who will lead the entire organisation to
meet wanted targets as indicated by the current report. Aside from that, an entrepreneur has
these sorts of business information which a general manager don't have in the expert field.
Along with this part, an entrepreneur can extend the business by objectifying viable ideas and
views for the future benefit which a manager can't envision (Sen, 2008).
Acceptance
This is a physiological viewpoint which should be included in the personality an
entrepreneur. On the other side, an able individual should to not forcefully conduct operations
in the working environment. Aside from that, an entrepreneur needs to control emotion and
feelings which make him totally quite which cannot be possible by a business manager.
Moreover, an entrepreneur can effectively manage each conceivable issue which may be
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happened by various operational reason with the assistance of broad consistency power.
Along with this part, a branch supervisor can show aggressive behaviour sometimes to
control effort of other individuals of the branch(Branagan, 2009). All things considered, he is
permitted to show outrage in the working environment on the off chance that anything turns
out badly.
Drive
This is a method of mechanical personality express of an entrepreneurial process which
assistances an entrepreneur to decide the method of execution and progress of work. An
entrepreneur must have this sorts of approach which an executive or manager has in the
workplace. On the other side, the leadership style is the important element of the Drive
portion, for instance, entrepreneurs who want to maintain a systematic discipline in the
working environment can be considered as systematic leadership styles follower. Similarly, a
general manager is just following the guideline of the higher people and manage different
sorts of operational actives of the organisation (Belker and Topchik, 2005). Along with that,
the drive plays a fundamental part to conduct effective decision which general manager
applies in the process of the wrong choice.
Vision
An entrepreneur can concentrate on the sustainability programs with the assistance of the
vision idea. Aside from that, an entrepreneur dependably has a sensible vision which
incorporates thrilling objectives and measures of the organisation. Besides that, an
entrepreneur can lead the business towards accomplishment through accurate and appropriate
vision. On the opposite side, a general manager can't propose the vision to the great expert in
light of the fact that the leaders as of now had accepted something better as vision and give
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requests or manners of work to their representatives including managers (Belker and
Topchik, 2005).
Skills and traits of two unique entrepreneurs
Steve Jobs: Mr Steve Jobs is the CEO of Apple, and he had some extraordinary thoughts and
business ideas which support him to be a business tycoon who participated in the Business
Show 2017. Additionally, he has great interpersonal capabilities and great information of
revolution. Aside from that, he needed to confront different sorts of difficulties on the phase
of the entrepreneurial process, for example, financial emergency, employee strength and
time. Apart from that, iPhone had enhanced revolution in the mobile business since ten years
of development. Aside from that, MacBook and iPad have popularity in the market, however,
the business skills and information of the innovation of Steve Jobs(Branagan, 2009).
Bill Gates: one man is currently handling the Personal and Professional PC industry who is
none other than Mr Bill Gates. Along with that, Bill Gates is the proprietor of Microsoft
which gives the most present day PC Operating system like Windows who participated in the
Business Show 2017. Along with this part, the entrepreneurship characteristics of Bill Gates
incorporates exceptional skills and the high view of future as per his statement at London
Excel Centre during The Business Show 2017. As such, he is an engaged entrepreneur who
knew tomorrow's demand and executes operations as per the demand of civilisation.
In the above portion, two distinct sorts of entrepreneurs alongside their remarkable business
skills are explained which unmistakably show that a normal manager does not have these
sorts of certainty, influence, information, and vision(Epstein et al., 2010).
Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.
According to many types of research, the personality of an entrepreneur makes an impact in
the procedure of entrepreneurship by motivating the subordinates. Aside from that, the
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personality of entrepreneur incorporates some important perspectives, for example, skills of
communication, emotional intelligence, and cooperative behaviour. In addition, these three
components can measure the motivational model of an effective entrepreneur. Furthermore
how each sort of personality components of entrepreneur impact the entrepreneurship process
will be discussed in this report with the help of proper arguments and justification as follows
below:
Communicating abilities: the method for communication is one of the greatest and
important techniques to exchange sentiments and feeling which is associated with effective
entrepreneurs. Aside from that, an entrepreneur can adequate trade data with different
accomplices of the organisation with the assistance of successful communication. Also, an
entrepreneur can motivate adherents by informing openly(GOULD, 2014).
Emotional intelligence: It's a successful business strategy which helps an entrepreneur to get
openly attached in with the supporters. Aside from that, passionate knowledge which is an
important component of the personality of entrepreneur that includes some mental strategy
for controlling the action of the members. Aside from that, an entrepreneur can motivate a
secondary by enthusiastic inspection with the assistance of this apparatus or business method
and genuine, passionate support. Also, entrepreneurship incorporates some important choice
which just actualized after worker adaptation, for example, working hour's expansion
process.
Friendly Behaviour: an entrepreneur ought to be helpful on the grounds that this great
approach is one of the important and demanding states of mind of a true personality of
entrepreneur which impact the entrepreneurship process. Aside from that, an entrepreneur
needs to help and coordinate the devotees to meet sought objectives and targets. In addition,
the corporative approach helps the entrepreneur to lead the organisation effectively.
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Furthermore, the workers or devotees have full trust and confidence on the entrepreneur by
accepting constant support and appreciation(GOULD, 2014).
Hinder of entrepreneurial ventures
Money: it is important components which require in start-up small business. In addition, an
entrepreneur needs to confront the fiscal issues for a while reasonably like Steve Jobs, and he
is the CEO of Apple, and he has some one of a kind thoughts and business ideas which help
him to be more trustworthy in the financial backup. Without sufficient funds, a small, micro
or medium size entrepreneurial ventures cannot run properly because every operational
activity requires money (Hansen and Christensen, 2014). On the other side, a small, micro or
medium size entrepreneurial ventures includes various types of partners or stakeholder who
help the entrepreneur to lead the business towards success. In addition, each and every small,
micro or medium size entrepreneurial ventures has employee, suppliers and proprietors and
their background and experience affect the performance of small, micro or medium size
entrepreneurial ventures. In addition, if the employees are not being trained then the
employees cannot operate various types of departmental activities. Besides that, the absence
of HR management can be considered as hinder in a small, micro or medium-sized
entrepreneurship. Aside from that, lack of confidence in the personality of an entrepreneur
can also call a hinder of a small, micro or medium size entrepreneurial ventures. Due to
cultural diversity, hinder might be arise in entrepreneurial ventures.
Foster of entrepreneurial ventures
Small, micro or medium size entrepreneurial ventures includes many foster such as highly
trained employees, effective human resource management and improved product
development process (Reed, 2016). Aside from that, the background and experience of an
entrepreneur can be rewarded as the Foster of the small, micro or medium size
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entrepreneurial ventures. Besides that, right expectation and honesty of an entrepreneur help
to meet desired goals and objectives. In other words, perception power of an entrepreneur can
be measured as an effective foster of a successful a small, micro or medium size
entrepreneurial ventures. On the other hand, the Human Resource department is playing an
essential role in the small, micro or medium size entrepreneurial ventures as a strong foster.
Be that as it may, the HR managers have the ability to recognise the internal strength and
abilities of a candidate who applies for jobs. In other sense, a small, micro or medium size
entrepreneurial ventures can increase productivity by appointing efficient and effective
employees through proper requirement process controlled by remarkable HR managers (Sen,
2008).
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References
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Reed, P. (2016). Entrepreneurial ventures. 1st ed. London: Routledge.
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