Managing a Successful Business Project

This project examines the key aspects of managing a successful business project, focusing on entrepreneurship and small business management. It explores different types of ventures, their topologies, and the impact of small businesses on the UK economy. The project also delves into the characteristics and skills of successful entrepreneurs, analyzing the entrepreneurial mindset and the role of background and experience in fostering entrepreneurship.

Managing a Successful Business Project
Tutor: Dr Reza Aboutalebi
Session: February 2019

Entrepreneurship and
Small Business
Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO.1.................................................................................................................................................1
P.1 Different types of ventures and their topologies...................................................................1
P.2 Difference and similarities between High growth venture, Small growth venture and
Lifestyle venture..........................................................................................................................3
P3 Impact of Small business on UK economy............................................................................5
LO. 2................................................................................................................................................6
P.4 The importance of small businesses and businesses starts ups to the growth of social
economy......................................................................................................................................6
Importance of small businesses and businesses starts ups to the growth of social economy:....7
LO.3.................................................................................................................................................8
P.5 The characteristic traits and skills of successful entrepreneur..............................................8
P.6 Aspects of personality reflect the entrepreneurial motivation and mindset........................11
LO.4...............................................................................................................................................12
P.7 Background and experience of entrepreneur that hinder or foster entrepreneurship..........12
CONCLUSION..............................................................................................................................13
REFERENCE.................................................................................................................................14

INTRODUCTION
Entrepreneurship is the process of designing, launching and running a new business,
which is often initially a small business. The people who create these businesses are called as
entrepreneurs. Small bushiness are privately owned corporations, partnership or sole
proprietorship that have fewer employees and less annual revenue than a regular sized business
corporation. Small business management is the process entrepreneurs use when running there
business operations (Dees, 2017). It is very important for entrepreneur to understand how to
manage employees, acquire financial resources and make various business decisions. This
present report will examine different types of entrepreneurial ventures and explain how they
relater to the typology of the entrepreneurship. Further, report will also discuss the importance
of small businesses as well as business start-ups to the growth of social economy. In addition to
this, key aspects of entrepreneurial mindset will also determine by using ocean model. This
entire project will help to take decisions for opening a new start ups.
LO.1
P.1 Different types of ventures and their topologies
Introduction
The paragraph below contains the meaning and scope of entrepreneurship. It further
explains forms of entrepreneurial ventures and its relationship with types of typologies. It also
gives a glance on life cycle of entrepreneurship ventures.
Entrepreneur:
An Entrepreneur is a person who founds, explores and sets up a new business venture
with an aim to earn profit in the near future by bearing each and every risk and return associated
with it (Phillips and et.al., 2015).
Entrepreneurship:
Entrepreneurship is defined as the process of developing, setting and running of a new or
a fresh business venture with the objective to earn future profits by bearing all the risks of the
business venture (Acs and et.al., 2018).
Life Cycle of Entrepreneurial Firms : There are 3 following stages in life cycle of
entrepreneurial firms :
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 Birth Stage: It is concerned with establishment of firm and arrangement for funds for the
company's functioning. It focusses on gathering customers and fighting for existence &
survival.
 Breakthrough Stage: It focusses on growth & expansion of the firm by focussing on
greater profits.
 Maturity Stage: It focuses on refining the strategy. It is concerned with pursuing growth
and managing success (Aparicio, Urbano and Audretsch, 2016).
Forms of Entrepreneurial Ventures:
 High growth venture: A venture setted up by pooling working capital from many
investors with the aim to achieve higher growth and increasing profits with a rapid rate.
Its objective is to help organisation to grow and expand. For example : Anthemis Group
is a company operating within UK and Europe.
 Small business venture: A venture which concentrates on earning normal profits with the
purpose to run the entity for infinite period. Its objective is long – term survival in the
market by earning decent returns (Calic and Mosakowski, 2016). For example: Mom-
and-Pop Stores
 Lifestyle Venture: A venture which is designed and run primarily by its founders with a
purpose to achieve slow and steady growth. Its objective is to sustain with particularly
pre-defined level of income and not more than that. For example: Red Cross, NHS
(national health service)
Typology of Entrepreneurship:
 Scalable Typology: It is concerned with creating value to business by taking it to a
further level. Scalable typology focusses on increasing profits over the period and thus
increasing its revenues while avoiding cost. This is generally adopted by high growth
business as such kind of enterprises work to expand business and sustain in market for
longer duration (Urbano and Aparicio, 2016).
 Social Typology: It is concerned with operating a business to solve community based or
social problems. It functions in a way to provide wellbeing and benefit to society in a
generalised manner and to earn a limited amount of revenue. This typology relates to
lifestyle venture.
2

Female or male entrepreneurship topologies: It is the type of topology in which business
is run and lead by female or a male person. In female topology female guide others and find
innovative ideas so that firm can generate profit whereas in male topologies all the decisions
are taken by male only. This is implemented by small or high growth by kinds of enterprises
(Hjorth, Holt and Steyaert, 2015).
Startup venture: It is the type of venture which is founded by individual, the main purpose of
opening a startup firm is to generate reasonable amount of sales so that expenses can be
managed. Entrepreneurs have limited resources initially and manage their operations so that they
can sustain in market for longer duration.
Acquisition: The process when one company buy shares of other company and control over
other business is called as acquisition. Large companies acquire small or medium size enterprises
in order to enhance value of market share. The main agenda of acquiring any entity is to enter
into foreign market or increase market share. Fuze Beverage and Core Power is the great
example of acquisition.
Franchise: It is the process or arrangement in which two independent parties come into
agreement. One big firm gives right to other enterprise to sell their goods and services and use
their trademark. It is the best foreign market entry strategy that supports business in establishing
its branch in new location successfully. McDonalds, subway use this strategy for global
expansion.
Joint venture: Vodafone & Telefonia is the example of joint venture. In this two companies
come into agreement that they will work together as single enterprise. It is generally done to
complete particular project. Both firms contribute their assets and agree to manage their work
properly.
Conclusion
The above study explains the types of entrepreneurship firms and how its functioning can
be related to different typologies by reflecting the stages of its life cycle.
P.2 Difference and similarities between High growth venture, Small growth venture and
Lifestyle venture
Introduction
This study will differentiate between High growth venture, small growth venture and lifestyle
venture and further it will explain the similarities between them.
3

INTRAPRENEURSHIP
An intrapreneurship is a practice done by an employee that allows them to act like an
entrepreneur within the organisation. An intrapreneurship can create an entrepreneurial
environment that enable the employees to use their entrepreneurial skills (Stephan, Uhlaner and
Stride, 2015).
ENTREPRENEURSHIP
Entrepreneurship is the willingness and capacity of an individual or an employee to
design, organise, launch and run a new business which can often be a small business ,taking on
all the financial risks with the aim of earning profit.
High growth venture Small growth
venture
Lifestyle venture
MEANING A high growth venture is a
company whose aims to
generate significant positive
cash flows and earnings.
These company tends to have
a profitable reinvestment
opportunities for its retained
earnings (Piperopoulos,
2016).
A small venture
company is a small
business set up run
by the owner with
the objective of
earning profits in
order to fulfil his
day to day needs.
A Lifestyle
venture is a
business setup
with the aim of
profitability for
managing
operations
significantly.
EXAMPLE Episode 1, M&S etc. Mom and pop stores Social triggers,
red cross etc.
TYPOLOGY Scalable topologies is
adopted by such kind of
business. A high growth
venture company conduct its
business in order to increase
its cash inflows and market
share
Female or male
topologies are
adopted by small
business. A small
growth venture
conducts in such a
manner so that it can
increase its sales and
Social topologies
are implemented
by these ventures.
Lifestyle business
ventures focus on
continuous
increase in the
quality of life and
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customer
satisfaction (Baert
and et.al., 2016).
profitability for
personal income.
SIZE Big Small Comparatively
Big than small
ventures.
CAPITAL
REQUIREMENT
Large companies get funds
through banks, investors etc.
Small business have
to use own capital to
run business.
Life style
ventures can get
funds from trust,
private companies
etc.
ENTREPRENEU
RIAL
ORIENTATION
High Very low Low
APPROACH TO
EXIT
Sell, Merge Shut down Sell, Transfer,
Shut down
Similarities between different ventures
The main objective of all these ventures mentioned above is to earn profits and grow their
business, also provide their customers with the Quality products. Customer satisfaction is also
considered as the main aim of all these businesses. All these business are set up with the vision
of a long term operations (Haugh and Talwar, 2016).
Each entrepreneurial venture whether it is start up, franchise or joint venture encourage
new ideas. They all want some innovative ideas that may help them in raising their sales and
enhancing profitability.
Startup, joint venture, franchise etc. all ventures have to face market risk. Political
situations, economic fluctuations crate threats for all kind of business unit to great extent. All
such organisations aim to grow well and sustain in the market for longer duration. Start-up firms,
franchise, joint venture etc. all entrepreneur ventures are run by open minded entrepreneurs.
5

These business owners always look for the better opportunities that may help organisational
gaining success in market.
Conclusion
From the above study we have found that the different ventures have different objectives
and they work according to the company's mission and vision. Each firm has to ensure offering
satisfactory services to consumers so that it can satisfy its buyers and can retain them in business.
LO. 2
P3 Impact of Small business on UK economy
Introduction
The study below contains the impact of small and medium sized enterprises on UK
economy. The SME's plays a significant role in increasing productivity of the economy. The
SME's is a major source of creating employment opportunities and provide a significant growth
in GDP of the economy.
SME's are organisations which employee 0-250 range of employees. SME's consists of
micro, small and medium sized enterprises. There are 566000 businesses of SME's which is
99.9% of total businesses of UK and it has created 8802000 employment opportunities for micro
businesses, 4083000 for small businesses and 3399000 for medium businesses i.e. 60% of total
opportunities. Such employment opportunities have increased the standard of living of
workforce. SME's has generated a turnover of 1994 billion pound in the year 2018 which is 52%
total turnover. Out of which 808 billion pound belongs to micro businesses, 590 billion pound
belongs to small businesses and 595 billion accounts to medium businesses. The embarking
performance of SME's has contributed in the growth of GDP of the UK economy. SME's has
proved to be the engine of economic development and facilitating equitable distribution of
income in UK income.
In the micro businesses is 96%,employment level is 33%,whereas turnover is 21% in the
year 2018. In the small business sector, the share of business is 4%, employment level is 15%,
and the turnover has decreased by 15%, The share in the Medium businesses has decreased and
came up-to only 1%, employment level came up-to 13%, whereas the turnover level decreased
and came up to 15% (Essential facts you should know about SMEs in the UK, 2019). In UK, the
6

number of companies (without any employment) has grown more than the total no. of business
between 2000-2018. The reason was people were turning towards their traditional 9-5 jobs or
stating their own personal ventures. Predictably, UK (London) has the highest ratio of small
medium enterprises which was calculated as per 1000/- residents in every region of the country.
Conclusion
As soon as the UK economy is concerned, it can be concluded from the above
explanation that SME's(Small Medium Enterprises) has a great contribution to the UK economy
in increasing the GDP and overgrowth of the economy.
P.4 The importance of small businesses and businesses starts ups to the growth of social
economy.
Introduction:
This present section will examine the importance of small starts ups and business stats
ups to the growth of social economy. Clear meaning of social economy social enterprise,
corporate social responsibility (CSR) will also define in this section.
Social Economy:
This is the type of economy which is formed by a rich diversity of enterprises and
organisation such as cooperatives, associations, mutuals, social enterprises and partitions
institution sharing common values and features (Love and Roper, 2015).
Social Enterprises:
This is the type of firm that employ commercial strategies in order to increase
improvements in the social, environmental and financial well-being and it might be includes
maximising social impact alongside profit for extraneous shareholders. Further, this type of firms
used to reinvest the profit for local society which allows them to handle social issues, improve
living standard of people, support societies as well as aid environment.
Corporate Social Responsibility (CSR):
Its is self-regulating business model which aids a company be socially accountable to
there all stakeholders either internal or external, public or environment. It is like the commitment
of the organisation to manage the economic, social and environment effect of there operations. It
is jot yet mandatory but it is very important for organisation to follow the practices and policies
7

of corporate social responsibility because if society do not approve than no business can continue
its operations (Arshed, 2017).
Importance of small businesses and businesses starts ups to the growth of social economy:
Small businesses are heart of economy especially in United Kingdom. They are considers
as being the engine of UK economy. Small businesses has lead to economic growth and
development, employment creations and guaranteeing stability in the society. They are called as
seeds for innovation as they used to boost competition as well as bring fresh idea which demand
the status quo. Britons are developing more and more firms every year as it is shown by various
authentic statical reports (Wright and et.al., 2015). There are 5.6 million private sector firms in
2018 and it is continuously rising because of increases in granted business loans for start-ups and
grants from UK government. As per the report of European Union Standards, quarter of
8
Illustration 1: Statistical Data of Small and Medium Scale Enterprises in UK
(Source: Statistical Data of Small and Medium Scale Enterprises in UK, 2017)

businesses in UK are small and medium with less than 250 employees (Statistical Data of Small
and Medium Scale Enterprises in UK, 2017).
It is fact that small business plays a crucial role in the development and growth of UK
economy. The fundamental benefits is that it creates jobs. There are 99.3 percent are private
sector businesses in 2016 along which 99.9 percent were small and medium size firms. Further,
SME contrite 99.5 percent of the business in all main manufacturing sector. In addition to this, in
terms of growth of innovation, the contribution made by UK is remarkable. Take an example of,
innovation disruptors such as Airbnb, Funding Circle, Uber as they have created new ground to
compete.
Turnover: This is one of the fundamental indicator that comes in mind when there is
measurement of economic contribution (Role of SME in UK economy, 2017). The combines
turnover of small and medium term enterprises to UK economy is £2.3 trillion. The surprising
fact is that the contribution made by SME is 52 percent of the overall turnover of private sector
organisations.
Growth: Small and medium scale enterprises are doing very well when it is about
business growth, With the employment rate at an evidence high as well as 50 percent of SME has
committed that they will expand there operation this year (Uyarra, Shapira and Harding, 2016).
Employment: The employment provided by small and medium size organisation was
16.3 million which is about 60 percent of all private sector employment. SME plays very
important role in creation of job.
Conclusion
The above discussion comes to the conclusion that small scale enterprises are very
important for the growth and development of UK and are playing significant role in employment
generation.
LO.3
P.5 The characteristic traits and skills of successful entrepreneur.
Introduction
In this present sections, Richard Branson and Jamsetji Tata will be chosen for which
there characteristics and skills of both the entrepreneur are included. Ocean model for personality
traits will also be included.
9

Personal characteristics of successful entrepreneurs like Jamesetji Tata and Richard Brandon
are as follows-
Need for Achievement: Richard Branson and Jamesetji Tata are one of the remarkable
personality who are recognised in the world. They are always thing to achieve new things and
knowledge. According to Richard Branson, people think that there are more things more than
eduction as only eduction is not make the personal success. This is true, business managers are
also highly educated but they are not entrepreneurs (Klotz and Neubaum, 2016).
Self Confident: It is true that self-confident is very important in the life of every person.
Richard Branson and Jamesetji Tata have high degree of confidence in them. After the great
failure attempts to grow and sell both budgerigars and Christmas trees, Richard has launched his
first booming business a magazine which is names as student. This hosws that, Richard waas ver
confident person. On the contrary, Jamseth Ji Tata is also one of the remarkable and first Indian
Entrepreneur, he has dreamed about opening Iron and steel company and world class education
institution and he fulfilled his dreams because hi is confident ion him that he will get success.
Highly motivated: Motivation is the essence of entrepreneurs which makes them different
from business managers. Both Jamsetji Tata and Richard Branson was highly motivated and they
have desire to achieve success in there businesses (Antoncic and et.al., 2015). By overcoming,
thousands of failures, they do not drop there hopes because they were motivated.
Openness to Change: This is also one of the most important characteristic that
entrepreneur have as they are always ready to accept any change as well as they are aware of the
possibility of change. This type of personality shows how open minded the entrepreneurs are.
For example, Jamsetji Tata is dreaming for opening a world class institution for learning, this
shows that Jamsetji Tata is open minded and they always thought for highly educated society in
India. Similarly, Richard Brandon was also an open minded person.
Skills for Successful Entrepreneurs of successful entrepreneurs like Jamesetji Tata and
Richard Brandon are as follows-
Business skills: This is one of the fundamental skills that makes the entrepreneur a
successful one. Richard Branson was one of the person which is always ready to take risk and
this is the essence of business person. If a person is not able to take or handle risk, he/she will not
a successful entrepreneur. Jamsetji Tata says that, our luck is created by our own self. After
10

getting failures, both entrepreneurs are not imbarace, they always learn from failures. These are
all included in business skills.
Communication Skills: This is also one of the essential skills for successful entrepreneur
as it includes many elements such as conversing, body language, writing, presenting, negotiating,
debating leading and listening. Jamsetji Tata and Richard Branson, both have communication
skills with all these elements and it makes the entrepreneur different from business managers.
Decision Making skills: No one can deny that the ability to make decision is a core skills
which every entrepreneur must possess to become a successful entrepreneur. The business of
selling Christmas tress to magazine and now Virgin group are all depends on the decision
making skills as if the decision were not strong than it is not possible to build a Virgin Group
(Wang and et.al., 2016). Similarly, the success of Jamsetji Tata was also because of his effective
decision making skills.
Problem Solving Skills: Problems are very common when a person starts the businesses
but to overcome these problems it is very important to have problem solving skills to become a
successful entrepreneur. Richar has learned from his failure by overcoming the issues of life, the
business of student magazines is earning publicity but not able to make mopey which becomes
problem of cash flow and for that he took decision to establish a mail order discount record
business and after that magazines grew in a million dollars recording domain called Virgin
Records. This shows that Richard is good problem solver. Similaryly, jamsetji Tata is also a
good problem solver as he overcome all the issues which are rising in the setting up the Iron &
Steel company.
Conclusion
The above discussion summarised that, personal characteristics and entrepreneur skills
makes the entrepreneur completely different from business managers.
P.6 Aspects of personality reflect the entrepreneurial motivation and mindset.
Introduction
This present discussion will include the ocean personality model that reflect the
entrepreneurial motivation and mindset.
Mindset: it is defined as the established set of attitudes held by an individual.
The Big Fiver Personality Traits for successful entrepreneur will be determined by using
Ocean model which are as follows-
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Openness: This is the element that shows the degree of curiosity, innovativeness and
always try to grab knowledge. A person who do not miss any opportunity is called as successful
entrepreneur. Richard Branson and Jamsetji Tata both have high degree of openness.
Conscientiousness: This is the element that shows how reliable and prompt a person is
and person who have high degree of conscientiousness are highly organised person. Richard and
Jamsetji Tata have high degree of promptness and reliableness as there work are all organised
and methodic (Espíritu-Olmos and Sastre-Castillo, 2015). Both the entrepreneurs have positive
thoughts and they always take positive actions.
Extraversion: This is the type of person who get there energy from interacting with others
whereas introvert are those who get energy from their own. Person used to highly assertive,
talkative and energetic. Richar and Jamsetji tata stay motivated and they also motivate others
who comes in interaction with them.
Agreeableness: Person who is friendly, passionate and cooperative have high degree of
agreeableness. Richard is always familiar and friendly with there employees. Same with Jamsetji
Tata, employees are fan of his attitude and leading styles.
Neuroticism: Person who is emotional, this element relates to emotional stability of a
person as well as level of negative emotions (DeNisi, 2015). Richard and Jamsetji Tata have low
degree of neuroticism as they be never tensed and moody at the workplace as they are a good
problem solver person and always take positive actions.
TYPES OF MINDSET
Wanting More than Money: This is type of mindset when entrepreneur need achievements and
success rather than money. This can also be called as growth mindset as entrepreneur has to
make desire and growing drives about their business. It always improves the challenges and
constantly find out the better ways for tomorrow.
Not Missing Opportunities: This is the type of mindset when entrepreneur always think to grab
new opportunities as they always remain aware of opportunities coming forth to them.
Staying Motivated: This is the type of mindset where entrepreneur always stay motivated and
charm. They do not fear and demotivated from any failure. They always have courage to develop
and grow.
12

Positive Thoughts: Positivity is very important to be a successful person or entrepreneur. True
success comes from a pile of failures and entrepreneur always learn from the failures by taking
them positive.
Conclusion
The above questions summarised that to becomes a successful entrepreneur it is very
important to have positivity in the attitude as it greatly matters for a successful entrepreneur.
LO.4
P.7 Background and experience of entrepreneur that hinder or foster entrepreneurship.
Introduction
This present section will discuss the background and experience of Richard Branson and
Jamsetji Tata that hinder or Forster there entrepreneurship..
Richard Branson:
Personal Background: Richard was born in Surrey England on 18 July 1950 and he is 68
years old now. He was the eldest children in his home and has two younger sisters. The father
was Richard was judge in high court of justice and privacy councillor. The mother of Richard
was a great entrepreneur who have business of selling waste-paper bins and tissues boxes. He has
2 children's.
Education: In school life Richard Branson has dropped out when he is the age of 16. But
he is educated at Scaitcliffe School (Obschonka and Stuetzer, 2017). The educational
background of Richard was good as his family members are all educated. Richard Branson was
very brilliant and have superior knowledge only because of his background education of his
family member.
Experience: Business experience of Richard is remarkable as he is doing business at the
age of 16. His project was started in the music industry and after that it has developed in various
other industries. He started his business of selling magazine names student in 1950 and in 1970
he was the founder of Virgin Group.
Economic Environment: The economic environment of Richard was good as his mother
is an entrepreneur and all other family members are at good positions. Richard Branson has
become one of the successful business man because his has good economic status. The risk of
13

business failure is also very less because he has sufficient capital to employed to start new or
expand the business.
Thus, it shows that the background and experience of Richard foster his entrepreneurship.
Jamsetji Tata:
Personal Background: Jamsetji was born in Gujrat, India on 3rd March 1839. His father
was first businessman in the family of Parsi Zorostrain priests. Nuusserwanji and Hirabai Daboo
was the father and mother of Jamseth ji Tata. He was died on 19 may 1904 at the age of 95.
Education: The educational background of Jamsetji Tata was fine as his father was a
businesses man mother was also graduated. Jamsetji Tata has competed his education from
Elphinstone College. Jamsetji Tata was very intelligent and brilliant person only because of his
background education of mother and father.
Experience: At the age of 29, Tata work with his father in his company. A trading
company was founded by him in 1869 with the capital amount of INR 21000. From South Mubai
he has bought bankrupt oil mill and converted into cotton mill that is named as Alexandra Mill
after that he has open more companies in India. He has four main gaols, to open steel and iron
company, a luxury hotel, an institution and hydro electric plant but during his life only the ream
of hotel was fulfilled. He was the founder of Taj hotel Mumbai. Jamesetji Tata have a good
business mind because his father is one of the popular business man so he learn from his father.
The risk of business start is also low because of his father name and business mind family.
Economic Environment: The economic environment of Jamsetji Tata was fine as his
father was a businessman.
Thus, it shows that experience and background of Tata fosters his entrepreneurship.
Conclusion
From the above paragraph, kit is concluded that experience and background really
matters in fostering the entrepreneur as if personal background, experience, economic
environment and education is not perfect, it makes the life of entrepreneur in struggle.
CONCLUSION
From the above study it can be concluded that entrepreneurs are the persons those who
setup new business and implement innovative ideas in order to establish this business
successfully. High growth, small, life style all kind of ventures run business with different
14

topologies. Small organisations contribute well in economic development of nation. These firm
provide job opportunities to local people and support in enhancing growth rate of country.
Entrepreneur needs to have good communication, technical, problem solving skills. Abilities of
the person make them different from other business managers. Background and experience play
significant role in entrepreneurship, if person has good experience then it helps individual in
gaining success and utilising experience effectively in order to set up a new business.
15

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