Entrepreneurship: Venture Types, Mindset, and MSME Impact Report

This report, focusing on entrepreneurship and small business management, is divided into two parts. Part 1 explores different types of entrepreneurial ventures (small business, scalable start-up, large company, and social entrepreneurship), comparing their resemblances and differences. It also analyzes data and statistics to demonstrate the impact of Micro, Small, and Medium Enterprises (MSMEs) on the economy, particularly in the UK, and discusses the role of small businesses and start-ups in the social economy. Part 2 delves into the entrepreneurial mindset, identifying key traits and skills of effective entrepreneurs, such as Peter Jones, assessing aspects of entrepreneurial character, and reflecting on entrepreneurial inspiration. The report examines how contextual factors and experience can both hinder and foster entrepreneurship.

Entrepreneurship and Small
Business Management

Table of Contents
Introduction................................................................................................................................3
Part 1- Entrepreneurial Ventures................................................................................................3
Examine altered types of entrepreneurial ventures further explain how they narrate the
typology of entrepreneurship.................................................................................................3
Explore the resemblances & differences among entrepreneurial ventures............................4
Interpret and assess applicable data and statistics to show how MSME impact on the
economy.................................................................................................................................6
Explain the position of small businesses and new business start-ups for the growth of the
social economy.......................................................................................................................8
Part 2- Exploration of the Entrepreneurial Mind set..................................................................9
Introduction............................................................................................................................9
Determine the representative traits and skills of effective entrepreneurs............................10
Assess different aspects of the entrepreneurial character and reflect entrepreneurial
inspiration and mind set.......................................................................................................12
Examine, using pertinent examples, how contextual and experience can hamper or foster
entrepreneurship...................................................................................................................13
Conclusion................................................................................................................................14
References................................................................................................................................15

Introduction
This is very important for the growth of the business to work and manage the data in an
authorised way and make sure to gain the knowledge which are related to different source
and financial and corporative risk. Entrepreneurship is the way to develop the new business
by identifying the concept and make risk which are associated to financial and different
management problems. This is the process which are used to expand make effective business
opportunities’. The chosen organisation for completing assignment is FTI consultancy as it is
one of the leading company in providing effective consultancy to the different companies
about to entrepreneurship and many small business opportunities’ (Abdullah, 2020). Their
maim office are in London and Scotland. This report include two parts, part one is related to
entrepreneurial venture and make different type, resemblance and make applicable data to
work on MSME and its impact on the growth of economy. Second part is the presentation
report which actually include the traits, skill and characteristics of the company which are
helpful for the growth of the company.
Part 1- Entrepreneurial Ventures
Examine altered types of entrepreneurial ventures further explain how they narrate the
typology of entrepreneurship
When it comes to market exploration technique the company are able to make
effective growth and opportunities through different venture and at the same time the link
which are related to typology of different entrepreneurship:
Small business entrepreneurship: This is the type of company which are related to
new start-up and it is run by the single owner and very low number of employees. Further,
the revenue generation are also not with that high and their main focus is to getting more
clients and development of the company by their products (Akpan, Udoh, and Adebisi, 2020).
Grocery store, painter and storefront etc. are the some people who are make success in these
type of small business entrepreneurship. They are included in Fabian entrepreneur who are
not able to take more risk in their start-ups.
Scalable start up entrepreneurship: These are those business which are highly
related to innovative and start up and their main focus is on providing something innovative
to their customers. These type of entrepreneur believe in their ideas and make sure to make
high investment for identifying venture capitalist economy. These organisation are highly
related to major changes and growth in investment form the venture capitalist and their idea.

These are related to innovative enterprenuer who are ready to invent something new for their
customer.
Large company entrepreneurship: this type of venture has finite number of life
cycle, as they are only focusing on the serving their customer for long period of time. Here,
the demand of the customer are change and make an impact through competition, legislation
and many large organisation which are mainly related to different sources and make new
products for the entirely new market and growth (Baker, Kumar and Pandey, 2021). This is
very important for the company to work and manage the activities, however the size of the
company are make many difficulties with the company to work and allocate the data as per
disruptive level. This include imitating entrepreneur who just copy the other’s idea.
Social entrepreneurship: This is the type of entrepreneurship which are mainly
focus on the major difficulties and social problem that may be delivered to products and
service at the social costs and benefits. This type of organisation can be related and go for the
profits, not for profit and hybrid situation. They are related to scalable entrepreneur and
needed more growth and requirement within the company.
Explore the resemblances & differences among entrepreneurial ventures
Difference between entrepreneurial ventures:
Basis Small Business Scalable Start-up Large
companies
Social
entrepreneurship
Goals These
organisation are
not such
effective
structure they
just work for
lesser profit and
growth in the
market.
Their main aim is
to provide
something
innovative to their
products and high
profitability sector
and investor
growth.
Their main aim
is to sustain for
the long period
of time in
market and
supply large
amount of
product and
services.
Their main goal is
to provide quality
and assurance of
the products to
their customers.
Risk factor Here the risk
might be very
low but the
competition is
High risk and high
competition within
the company as it
is related to
The risk are
medium and
sell the volume
which are
The risk and
competition is not
as high, as their,
main aim is to

too high. financial
investment
pressure and high
sales volume.
related to the
major growth
and factor
which can be
related to their
high brand
value in
market.
provide service
and quality not to
gain profit.
Employee’s
number
The number of
employee are
less than 50.
This will depend
on the structure
and size of the
company.
Here, the
number of
employee can
varies from 100
to more than
1000.
This will depend
on the nature and
size of the
organisation.
Structure No proper
organisational
structure are
provided.
Mainly the
corporation and
limited partnership
are able to work
together.
It can be
public, private
limited
company.
Mainly the trusts
and social
working NGO are
the part of these
organisation.
Similarities of the different venture:
The major similarities in between these ventures which are helpful for gaining the
successful growth and market opportunities in the market. Further these companies are able
to serve and make different aspect and growth within the society to manage and work as per
the achievement purpose and growth (Baraldi and et.al., 2020). Some of the major similarities
in between the above mentioned different ventures are described below;
 The common goals to make a successful business in market.
 Have the authority to owner for make and implement the plan.
 They have the managing ability and further forecast the system.
 They have good decision making ability and to manage the problem occur during the
operation of the business growth in market.

Interpret and assess applicable data and statistics to show how MSME impact on the
economy
In the every type of companies it is very important for the growth to manage micro
and small business and contribute with the higher level of growth and opportunities in
market. The number of small, micro and large enterprises are growing over the period of time
but at the same time it will provide the large number of growth and opportunities over the
period of time.
Figure 1, How do small businesses impact the economy?, 2021

Figure 2, How do small businesses impact the economy?, 2021
As per the record it has been seem that out of 100% there are 95% SME are
incorporated and 5% are around the behaviour which are related to the strategic changes and
growth in the management to growth and loss to work about high quantities (Boubker,
Arroud and Ouajdouni, 2021). In UK market, almost 95% of the businesses are either micro
or small and make high amount of created jobs, invention, increased GDP level and many
more benefits which are essential and helpful for the growth of the company (How do small
businesses impact the economy?, 2021). Therefore the revenue which are generated by the
companies are appropriate and valuable for the high contribution in GDP and every third
person of UK are get employed with the help of MSME enterprises.

All of the above mentioned chart are highly related to the major growth form the
several years within the society and make sure to work and manage the data as per the growth
and essential nature and society of the company. It will be related to the major growth and
success in the company for the growth to make companies (Nassif, Armando and Lopes La
Falce, 2020). There are major changes and growth for the growth of the company to work and
allocated to major changes and work as per the achievement and success over the data.
Explain the position of small businesses and new business start-ups for the growth of the
social economy
To maintain the growth and responisbilities of the company in order to make social
economy is very improtant for having different companies anture and growth over the peirod
of time. The startup of the companies are able to make innovative idea and growth over the
period of time and make effective products over the services which are related to effective
people and their requirement over the peirod of time.
Apart from this, the company are able to work and manage the activities as per the
growth and society to make more capturing social worker in very short period of time. It
would be related to major status from hiring people and make strategic changes as per the
growth and need of the society (Terán-Yépez, and et.al., 2020). Many of the start-up like FTI
consulting company are able to serve their own service for the business management and
make sure to work and manage the CSR activities which must be related to sustainability, and
social reliability to solve economic and social problem and make process over the growth and
achievement in the financial background.

Part 2- Exploration of the Entrepreneurial Mind set
Introduction

Determine the representative traits and skills of effective entrepreneurs
There are different way which are helpful for the companies and their entrepreneur fir making
successful growth to make a set up and effective successful business. For the growth of the
business it has been needed for the company to work and complete the procedure by an
entrepreneur for completing the assignment and make personal characteristics from the
growth of entrepreneur over the period of time (Vaish and Arrawatia, 2021). The major
characteristics of the entrepreneur is basically related to:

 Generate new ideas, and make sure for having innovative and solve the problem of
the commodity and make new and upgraded ideas.
 Ability to take the risk, this will be related to help and make major changes over the
period of time and make sure to analysis the prospective and growth to manage the
outcome over the period of time.
 Full of determination; this will be helpful for the entrepreneur to make the success
over their determination and make some strategic changes over the period of time.
 High confidence; It will be basically related to major growth and motivation to
procure and manage the outcome over the period of time.
 Expert in networking; this technique will be helpful in managing and organising the
technique over the period of time.
 Ability to sell; it will be related to make management over the period of different
aspect to growth of different aspect for managing to work on the ability. For the
growth, of the company to make approaches and make sure for sell their products and
make promotion over the product and certain in managing the different aspect and
growth.
One of the successful entrepreneur example is peter jones, a successful British entrepreneur
and make business man personality to match the effective ability and learning outcome for
different aspect and growth (Rajagopal, 2021). His name are presented over the dragon don
and famous for inventing television.

Assess different aspects of the entrepreneurial character and reflect entrepreneurial
inspiration and mind set
When the ability of the entrepreneur personality aspect are able to manage the characteristics
for having motivation and complete the mind set for providing direction and make a unique
quality over the period of time. Character and reflect entrepreneurial inspiration are:
 Ability to make an invention
 Having effective behaviour
 Try to merge and lead with autonomous leadership
 Profit maximization growth and opportunities
 Self confidence
 Believe in yourself
All of these points are helpful in analysing the behaviour and make strategic approach over
the period of time and make constant development for the different idea and concept for the
growth of sustainability. All are helpful in managing in the behaviour and make sure to
change the ability to take risk factor and make a growth over the period of time. It will be
helpful for managing and growing the team concern for assigning the set mission, gaols, and
long term vision to manage the outcome and work as per the growing need and demand over
the drastic change (Sherif and Brombacher, 2021). Therefore, all the changing need and
behaviour are basically related to self-motivate to run the business by managing the risk
related to make and have the mind set for achieve the goals continuously.

Examine, using pertinent examples, how contextual and experience can hamper or foster
entrepreneurship
For being a successful entrepreneur it is important for the owner to have some major specific
skills, traits and characters to being motivated and make sure to analysis and help the team to
answer the question and make some specified objective over the period of time. Achieving
those goals are helpful and managing the need to interpret ate the growth and different
environment which are essential for the company and make analysis over the basic period of
time. Where having the background, and experience are related to major change and growth
to make an impact on the foster or hinder of the business growth. The need to have the
effective financial background, experience to learn and run the business activities and growth
to minimise the activities and analysis the start up for make a successful business activities
over the period of time (Dai and Xu, 2021). The managing personal experience has been
related to major changes and growth over the period of time and make sure to gain the
experience and analysis the nature to grow within the company and make longer period of
time. However having all of these experience and able to manage and make successful
business activities to work and analysis the nature over the period of time. There are different
type of culture like national, financial, economic and education are the main background
which may affect the growth and progress of the entrepreneurial. This is important to have
adequate knowledge, basic ideas and main problems for gaining and managing profit for the
use of company. All of these make a suggestion for gaining more effective growth and work
to analyse the outcome and foster the entrepreneurship.

Conclusion
From the above report, it has been related for the growth and achievement which are related
to the major growth over of period of time. Further small, large and medium enterprises for
the achievement and make success over the different type of venture to access the role and
nature of the company. They all are basically helpful for managing and controlling in the
certain skills and growth over the mind-set to make the effective start up about the
entrepreneurs and analysis the nature to run the different task and their ability to manage. It is
also identified and make some strategic information for the accomplishing need and
behavioural aspect for the growth and achievement for this reprint that may be basically
related to the major changes either positive or negative effect that could be related to
effective idea and growth as per the image of an entrepreneur.

References
Books and Journals
Abdullah, N.M., 2020. Family entrepreneurship and banking support in Kuwait: conventional
vs Islamic banks. Journal of Family Business Management.
Akpan, I.J., Udoh, E.A.P. and Adebisi, B., 2020. Small business awareness and adoption of
state-of-the-art technologies in emerging and developing markets, and lessons from
the COVID-19 pandemic. Journal of Small Business & Entrepreneurship, pp.1-18.
Baker, H.K., Kumar, S. and Pandey, N., 2021. Thirty years of Small Business Economics: A
bibliometric overview. Small Business Economics, 56(1), pp.487-517.
Baraldi, E. and et.al., 2020. Connecting IMP and entrepreneurship research: Directions for
future research. Industrial Marketing Management, 91, pp.495-509.
Boubker, O., Arroud, M. and Ouajdouni, A., 2021. Entrepreneurship education versus
management students’ entrepreneurial intentions. A PLS-SEM approach. The
International Journal of Management Education, 19(1), p.100450.
Nassif, V., Armando, E. and Lopes La Falce, J., 2020. Entrepreneurship and Small Business
in the Context of Post Covid-19: Is there Light at the End of the Tunnel?. Nassif, V.,
Armando, E, & La Falce, JL (2020). Entrepreneurship and Small Business in the
Context of Post Covid-19: Is there Light at the End of the Tunnel.
Terán-Yépez, E. and et.al., 2020. Sustainable entrepreneurship: Review of its evolution and
new trends. Journal of Cleaner Production, 252, p.119742.
Dai, Y. and Xu, J., 2021. Impact of non-commercial networks on academic entrepreneurship
in post-commercialisation. Technology Analysis & Strategic Management, 33(2),
pp.202-216.
Sherif, D.M. and Brombacher, B.R., 2021. Entrepreneurial success revisited: what Hofstede's
dimensions and GEDI missed in evaluating the entrepreneurial potential in three
pilot countries. International Journal of Entrepreneurship and Small Business, 42(1-
2), pp.130-155.
Rajagopal, A., 2021. Understanding Micro and Small Enterprises. In Epistemological
Attributions to Entrepreneurial Firms (pp. 1-31). Palgrave Macmillan, Cham.
Vaish, R. and Arrawatia, M.A., 2021. Role Of Women Entrepreneurship In Promoting
Women Empowerment. Ilkogretim Online, 20(2).
Online
How do small businesses impact the economy?, 2021. [Online]. Available through:
https://bionic.co.uk/business-essentials/guides/the-role-of-small-businesses-in-the-
UK-economy/.