Exploring Entrepreneurial Ventures, Mindset and Economic Impact Report

This report examines various aspects of entrepreneurship and small business management. It begins by defining entrepreneurship and exploring different types of entrepreneurial ventures, including established companies, social ventures, and high-growth companies, along with their interrelation with the typology of entrepreneurship. The report further analyzes the similarities and differences between these ventures. The second task involves interpreting data and statistics to illustrate the significant impact of small and micro ventures on the economy, highlighting their importance for economic growth, job creation, innovation, diversification, and empowerment of local products. The third task focuses on the entrepreneurial mindset, detailing the characteristics of successful entrepreneurs such as passion, focus, and the ability to learn from both successes and failures. The final task explores how an entrepreneur's family background and experiences can influence their business working. The report concludes with a summary of the key findings and insights.

ENTREPRENEUSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Examining different forms of entrepreneurial ventures and their interrelation with typology of
entrepreneurship..........................................................................................................................3
Exploring similarities and differences between entrepreneurial ventures..................................5
TASK 2............................................................................................................................................8
Interpreting relevant data and statistics to illustrate how small and micro ventures impact
economy......................................................................................................................................8
Describe the Importance of small and start-up Businesses for growth of Economy-.................8
TASK3.............................................................................................................................................9
Entrepreneurial Mind- Set...........................................................................................................9
Entrepreneur's Personality and Impact on Entrepreneurial Success-.......................................11
TASK4...........................................................................................................................................12
Explain types of Entrepreneur and how their family background impact business working-. .12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is defined as competence which made person able to establish a new
venture and manage the growth of existing, in effective and appropriate manner, which in return
help to increase the sales and provide varied benefits. The most conspicuous example of this
term is starting a new venture in specific sector. In form of ability, it enables a person to run and
organize everything, which help to gain competitive edges, increase productivity and
profitability as well. The current assignment will explain scope, growth and development of
diverse range of entrepreneurial ventures and will also define how small ventures have an effect
several degrees of economy and in an international context. Furthermore, the study will justify
characteristic traits, skills & motivational drivers of successfully entrepreneurs. Lastly, it will
clarify how experience and background influences a businessman in term of positively and
negatively.
TASK 1
Examining different forms of entrepreneurial ventures and their interrelation with typology of
entrepreneurship
Entrepreneur-
A person who is able to establish a new business and capable to manager is successfully
in term of increasing customer base, etc. is known as entrepreneur (Wach and et.al., 2020).
Entrepreneurship-
It is a kind of procedure by which two or more people exploit a commercial opportunity
in context of business growth.
Entrepreneurial venture-
The owner of a company that attempts to gain profits by selling quality products or
services is called entrepreneurial business.
Enterprise-
An enterprise is defined as a company or venture whether it is small or large, which
conduct varied activities to sustain for long in market.
Types of entrepreneurial ventures-
Established company-

An established organization is one of those companies that has built their strong brand
image in market and have great reputation (Lugnet, Ericson and Larsson, 2021). For example,
TESCO is one of the most successful and well-established supermarket in the world. Tesco is
the best example of private sector company as it also known as public limited firm.
Small size social venture-
A social enterprise is described as a venture whether big or small that prioritize a social
well-fare in term of offering helpful services or products (Cacciolatti and et.al., 2020). For
instance, Funeral care is one of those small size social businesses that provides social services to
local people in term of making all the arrangements of an individual funeral.
Large size social venture-
Just like small size, large social companies also contribute to improve the health of
people in term of offering services related to medical, shelter, etc. For example, British Red
Cross is also recognized as large size social company as it serve quality services to needy people
in varied nations for aim of improving their health.
High growth company-
A high progress organization is one which grows at a degree which is recognized high in
comparative form of majority of other ventures. For example, Facebook is included in list of
high growth companies, which successfully managing its venture activities in the digital
technology world impressively.
Sorts of typologies-
By using the examples of different entrepreneurial ventures, under individual type of
typologies, the relationship between both concepts are defined below-
Survival firms-
Those companies that has faces problems and barrier in context of managing small
venture are included in category of survival organizations, such as Funeral care.
Lifestyle companies-
These sorts of firm are covered in list of those companies which has been managed by
their key founders and other stakeholders with aim of sustaining for longer period in order to
increase profits margin for example, TESCO.
Social enterprise-

This typology is related to those companies that are contributing towards social well-fare
in term of providing valuable services just like NHS do.
Managed growth firms-
Facebook may included in category of this typology because it grows much better than
any other brands which has been operated in similar sector from longer time period. It
successfully and rapidly grew in the business world in term of increasing stronger and wide
customer base.
Exploring similarities and differences between entrepreneurial ventures
Individual entrepreneurial venture are similar on the basis of certain things which
describe below-
Bases of
similarities
Small size social
venture
Established
organization
Large size social
venture
High growth
companies
Funding from
certain venture
capitalist or
investor
Whether it is
large or small,
each organization
seeks to receive
money in context
of managing
business growth,
for which it finds
out the most
appropriate
sources
(Urbaníková and
et.al., 2020).
Established
companies in
order to make
investment in
profitable project
also seeks to
receive money,
which in return
made it able to
gain in the future
benefits.
Large size
companies also
choose the most
suitable and
trustable sources
of funding from
venture investors
or capitalist.
In order to be
competitive for
longer, high
growth
organizations
consider options
in context of
funding purpose.
Creative idea Small companies
always focus on
developing new
and creative ideas
to retain limited
These firms also
concentrate on
consumer
satisfaction and
because of this
Small, large,
medium and other
types of
companies, think
twice to bring a
Creative ideas and
creativity are the
basis through
which high
growth

consumers. reason they drive
the attention of
employees
towards
creativity.
innovative idea in
mind which it
may convert into
practical manner.
organizations
managed overall
ventures in
effective manner.
Constant
innovation
Not at high
extent, but still
small companies
attempts to
innovate
something new in
term of products
or services.
Established
companies
constant efforts to
be an innovator.
Large size
enterprises in the
world of business
may rapidly
innovate a new
item according to
needs of their
consumers.
Constant
innovation in term
of new features or
other things, high
growth companies
also constantly
innovating
satisfactory items.
Strong willed
entrepreneur
Small business
owners have
strong wills,
which they may
use to run small
venture
appropriately.
Those business
man who
managed the
growth of their
established
companies also
has strong willed
power.
Just because of
strong and
creative minded
person, these
firms get success
and be successful
for longer.
The entrepreneurs
of high growth
organizations
always used their
creative mind as
they have strong
willed power.
Differences-
Bases Survival Life style Managed growth Aggressive
growth
Annual growth
rate
The annual
growth of
survival
companies may
consider at only
41%, which
The annual
progress rate of
these companies
like TESCO is
approx 1.3
It is more than
160 Billion,
which is huge
than the annual
growth rate of
other
The annual
growth of these
firms may
consider as more
than 200 billion,
which is quite

define its
difference from
other types of
venture because
they have much
better annual
growth rate.
Billion. organizations. different from the
others.
Technology
investment
Survival
companies are not
able to invest
much in context
of implementing
new technologies.
As compare to
other forms of
companies, these
organizations are
able to invest a
good amount to
implement and
use advance
technologies.
Managed growth
companies are
capable to make a
huge investment
in regard to
technology usage.
Aggressive
growth companies
as compare to
small, large and
other types of
organizations are
able to invest
more than approx
billions.
Source of
funding
They choose
family and close
friends to get
money.
While, these
firms may select
bank as right
source of
funding.
Via partnership
and joint venture,
managed growth
companies collect
money, which is
quite common
source of funding.
Most of the
aggressive growth
brands, choose
angel investors as
source of funding.
As they are able
to make huge
investments in
profitable
projects.
Organizational
structure
Small ventures
manage their
daily activities
with flat structure
Lifestyle
organizations
because of more
than 40 works
On the other
hand, managed
growth
companies like
Aggressive
growth firms may
use divisional
organizational

with less than 5
workers.
used hierarchical
organizational
structure, which
is quite different
from structures of
other firms.
Facebook use
specific
organizational
structure that is
different from
what other brands
used and that is
matrix.
structure
because4 of
having varied
departments.
TASK 2
Interpreting relevant data and statistics to illustrate how small and micro ventures impact
economy
Small and micro size businesses within UK put positive impact on economy, which is
quite appreciable. For example, SME's in nation contribute in growth of economy in term of
improving the living standard of local people by providing employment opportunities to them.
Illustration 1: SME's contribution
(Source: UK small business statistics, 2021)
Small companies provide 48& job chance to people which made them able to live a
normal life by earning much. From above illustration, it has been identified that medium size

companies also impact positively upon economy in term of employing 12% local people that are
able to work and contribute to increase sales of ventures.
Small, medium and large ventures are quite different from each other as they provide
services and products according to their business size and scope. For example, small size firm
may hire more than 20 workers, while medium size company may recruit only 8. On the other
hand, large ventures may hire people from talent pool approx. 50.
Describe the Importance of small and start-up Businesses for growth of Economy
In reference to Country like UK where peoples are more attractive towards the stat-up
and small businesses rather than big and public Ltd companies. Figures that reflect that more
than 80% of contribution for economy is generated from these sectors. So these are more
important for overall economy development.
Creation of Employment- SME sectors have large no. is terms of business it will
directly lead to generate more opportunities for employment (Chege, and Wang, 2020). As many
as star-up and small business started they need employees for work to be done on time, they have
small capital base so want less machinery because they are expensive. This increase the
purchasing power of respective country and overall economy.
Focus on Innovation- This sector is more focused on innovation due, to the less capital
business need to make all the function with optimum use of resource. This will make their mind
in direction to get more ideas for business functioning. It is also happened just because of most
of the employees are fresher and new join, they have positive mind set all the time.
Lead to Diversification- Every start-up is different in its own way and small business
always have some different qualities that make special from others. It will help economy to
become diversified moreover they have different product with different specification and provide
wide range to customers that indirectly lead for positive impact on economy.
Empowerment to Local Product- SME is give more help to local and small business
enterprises for getting attraction from customer. It encourages them to start new business idea
and empower local product and business. It will help them to grow more and find to become
ways for exporting product to other countries to increase export and decrease import for getting
balance of payment.

TASK3
Entrepreneurial Mind- Set
Entrepreneur is person who started his own business organization to make own
personality and individual image in market. For any entrepreneur their mind-set towards business
and market is very important (Cui, Sun and Bell, 2019). It should think about overcome from
challenges, responsibility of business result, Focused on skill development and life long learning
from success and failure. For getting success in entrepreneurship one always need to have
positive mind set. Characteristic of successful entrepreneurship-
Passion- In self driven businesses where competition is very high and need more
attention towards business for being successful. An entrepreneur need to be more passionate like
Zuber and Mohisan Issa brother have a vision to get success and started business with petrol
forecourt and now they are the owner of Asda supermarket in UK (Obschonka, Moeller and
Goethner 2019). Further if they don't have passion for working hard they not be successful as
they are.
Innovative- For any successful venture it is important to make changes that are need for
future and to survive in the market (Oluwafemi, Mitchelmore and Nikolopoulos 2020). In
entrepreneurship where starting is from base level has done them step by step progress achieved
for this a mind-set in thinking and adoption is very essential characteristic. As owner of Asda
they have started with petrol station and further invest in the business of retail industry. They
make supermarket with their street petrol station that work for them.
Open-minded- In this type of business style where are less chance for progression and
high level of competition to be faced, to cop-up with it a minted of the entrepreneur is very
crucial. Like Zuber and Mohisan they are always looked for new ideas from employees side and
try them it makes then successful and these just happen through free and open mind-set.
Confident and Courageous- To become successful in entrepreneurship the confident on
decision made for organization and courage for thinking out of the box and standing in favor of
that is essential (Hameed and Irfan, 2019). Successful entrepreneur always have courage for
extra-ordinary thinking and confidant to apply that in getting result like Zuber and Mohisan.
Differentiation of entrepreneurs and managers on the basis of their characteristic-
Characteristics Entrepreneur Business managers

Decision-making In this entrepreneur have full
freedom for making decision
for their business function and
also liable result.
Managers are not the owner of
organization that need to make
decision that guided by top-
management they are appointed to
make efficient working and guide
employees.
Mind- set Entrepreneur always think about
business growth and expansion
to make own image and brand
value.
Managers are the key person for
success however, they have limited
opportunities to make follow their
style in working. They need to follow
the vision and mission set by top-
management.
Innovation In individual business
entrepreneur has right to make
changes according to their
thinking and also liable for it.
In managerial function manager s can
suggest innovative ideas and changes
that are necessary for company
however, they are not in position to
apply it directly. It needs to be
approved from management, so
innovation be less useful.
In term of strategies, entrepreneur may develop strategy to enhance competitive edge by
conducting market research, which made them able to analyse key trends and provide market
updates, through which effective strategy may develop. Furthermore, it helps them to improve
market positon to their company.
Entrepreneur's Personality and Impact on Entrepreneurial Success-
A model name OCEAN personality dimension which describe five stages for success in
entrepreneurship (Hamilton, Papageorge and Pande, 2019.). Zuber and Mohisan are having high
traits that need foe success and more aggressive toward long term vision these are almost most
same as define in this model.

Openness- Entrepreneur who have characteristic of openness always ready to learning,
experience and enjoy working. They have creative thinking, always open to try things,
experience challenges and tackle them. In select case of UK brother both are aggressive for
creativity and try new ideas, facing challenges meeting more profitability. This make them
special and successful.
Conscientiousness- person with these traits have high level of thought process, stability
in inverse condition, more focused on long term view. Person who are low is this has less
attraction for structure and schedule, fails to meet deadlines. This is passive approach for
business and provide stability. Zuber and Mohisan the two brother are more aggressive in
nature , have long tern vision for business, like to finish task before deadlines.
Extraversion- In these entrepreneurs have sociability, talkative, emotional and
excitability. This types of person are highly motivated through going and experience social
situation, feel more energetic around people. Both brother having high in these traits they always
look for feedback form customer want attraction and feel more comfortable around them.
Agreeableness- This personality include kindness, more concern for people and enjoy
helping other. Person who is low in these manipulate others for own benefits, less interest in
others problem. The two bother Zuber and Mohisan have very these traits they always look to
help other and motivate them to facing challenges, solve problem of others. They have people
oriented thinking and want support to achieved success.
Neuroticism- Entrepreneurs having these traits are unstable, moody, emotional, a good
businessman should not be high in these because it will experience lots of stress, quickly upset,
frequently change in mood, on the other hand person with low in these are more stable, less
depressed and much more relaxed. In the select study both are low in this so getting better result
and relaxation form stressed.
TASK4
Explain types of Entrepreneur and how their family background impact business working-
Local Entrepreneurs- It defines as establishing or creating business function in local
market. These are also known as regional entrepreneurs and want to develop its product in local
market. Example of this is Jon is the director “Spinning Hat” that is a London based designs gift
and Toys.

International Entrepreneurship- It means the business activities which are successful
will be lead to make introduction of business outside national boundaries. It may include
exporting, sales office establishment, joint venture etc. many local entrepreneurs want to become
more successful in international market but only some of them are able best example is Zuber
and Mohisan two brothers that have achieved success across border.
Social Entrepreneurship- As name suggest theses are the firms or group that works in
welfare of society (Martínez, Bañón and Laviada, 2019). They are founded, implementing fund
for environments and social issues. “Gravity Light” is the example of social charitable
entrepreneurship that is founded by Martin Riddiford and Jim Reeves.
To start any entrepreneurship the importance of the background are critical to get
success-
In given case study the two brother are not from very rich background they started their
carrier as worker at petrol station in UK. It is important to study background moreover, it
provides us the knowledge that how background influences their working.
Family and financial condition- These two are from very ordinary family which have
financial issues. It helps them to value of money and hard-working, they start their carrier as
working on petrol station.
Benefits that they gain as being financial condition-
 Understanding difference between working and entrepreneurship.
 Value of money and investment.
 Always think positively and vision for long term goal, to be more open-minded and
innovate.
There are some demerits of this background are-
 Less money for investment and need to take debt for future project.
 More conservative about money spent in initially.
 To understand dynamic economic environments and using it for progression.
CONCLUSION
By summing up above discussion, it has been concluded that by using the key sources of
funding and develop effective approaches, small, large and other types of organizations are
managing their business growth. From above study, it has been identified that small and medium
size companies made effective contribution towards development and progress of economies,

they improved standards of living within United Kingdom by hiring new people. By learning and
experiencing varied things from parents and other people who are included in their family,
entrepreneurs has learned so much which they used to get successfully and grow their ventures.

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