ENT301: Analysis of Entrepreneurial Ventures and Business Management

This report provides a comprehensive overview of entrepreneurship and small business management. It begins with an executive summary highlighting the importance of entrepreneurs in maintaining successful businesses and achieving goals. The report then delves into the different types of entrep...Read More

ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT
1

Executive Summary
In any enormous or independent company, there is a prerequisite of a business person to
maintain an effective business and accomplish every one of the objectives. The business
visionaries are primarily the inspired individual those are in charge of maintaining a business.
Keeping in mind the end goal to be a fruitful business visionary, there is a necessity of good
attributes and also abilities for accomplishing the objectives for the business. Notwithstanding
that, independent company requires a ton of administration capacities which will be useful for
dealing with the business appropriately. There are different sorts of business person's
endeavours, for example, social business people, substantial business visionaries et cetera. Also,
the independent venture has an awesome open door fundamentally in the nearby financial
segments. The business new companies have an enormous open door as far as development and
additionally work moreover. The private venture has an enormous significance in the social
economy area also. There are a few aptitudes and additionally like being sure, taking compelling
choices et cetera which make them not quite the same as the administrator of an association. The
accomplished and foundation makes a gigantic effect regarding being a fruitful business
visionary.
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Table of Contents
Introduction......................................................................................................................................3
P1. Different entrepreneurial ventures in relation to their topology............................................3
P2. Difference and similarities between entrepreneurial ventures...............................................4
P3. Influence of small and micro business on economy..............................................................6
P4 Small business sector and growth of economy:....................................................................10
P5. Difference in entrepreneur characteristics from business managers...................................12
P6. Personality entrepreneurial aspects in entrepreneurial mindset and motivation..................13
P7. Influence on foster entrepreneurship through experience and background.........................14
Reference List................................................................................................................................17
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Introduction
Entrepreneurship is a business activity launched in the economic system. The individual
who launches the business in the economic system is known as an entrepreneur. An entrepreneur
generally starts with small ventures to understand the need of the market. An entrepreneur must
have the quality of foresightedness. He should have the capacity to predict the market condition
in order to gain profit in the business. In Order to maintain the diversity in the economy both
small and large organizations must be present in the business environment. An individual who
launches the business start-up in the economic system is known as an entrepreneur. An
entrepreneur should have the equality of risk bearing because he in order to run a business
successfully an entrepreneur must take all the risk associated with the business. A business
owner must be creative enough to involve innovations in the business. An entrepreneur must
have the farsightedness to predict the economic condition of the market .In the given case study
the growth and prospects of small organization in the economic system will be discussed in
border to understand the productivity of the economic system.
P1. Different entrepreneurial ventures in relation to their topology
Entrepreneurs are considered as the individuals starting their own business, in order to
establish a start-up business. On the other hand, entrepreneurship ventures are preferred as
different types of business under the concept of entrepreneurship. In the view of Kitching et al.
(2015, p.134), the small start-up business and entrepreneurs have evidenced to accomplish their
business successfully. On the other hand, entrepreneurs deliver a huge economic growth of
nation through their business and thus are considered as backbone of economy. In addition to
that, several; entrepreneurs at global level have evidenced to establish successful business, such
as entrepreneurs of British Telecom and Cadbury, Bill Gates of Microsoft, Mark Zukerberg of
Facebook, Steve Jobs of Apple and many such other personalities. On the other hand, based on
the statistical data of UK, it has been found that, most of the economic growth of UK have been
received from the small enterprise businesses (gov.uk, 2016).
Figure 1: Statistical data on contribution of different business in employment and turnover
of UK
(Source: gov.uk, 2016)
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With the choice of brexit, UK business can have the opportunity to capture the single market
with saving the taxes, which UK had to pay for EU. In addition to that, the entrepreneurs can
engage in different types of ventures such as:
Small business entrepreneurship
Small business entrepreneurship is considered as the business by entrepreneurs, who establish
and runs their own business. In the view of Storey (2016, p.46), the small business entrepreneurs
approaches funds for their business, from the local people, family or friends. In addition to that,
the entrepreneurs in small business provide the business of storefronts, consultants, grocery
stores any other such small business.
Scalable entrepreneurship
Scalable entrepreneurship, on the other hand, starts business of the existing and well known
companies and products. In the opinion of Zacca et al. (2015, p.21), scalable entrepreneurs gains
their funds from the financial investors and aims to gain repeatable model of business. The
scalable entrepreneurship can be approached by the serial entrepreneurs, as the serial
entrepreneur handovers their business to other successor groups after gaining fame and strong
brand image, with reference to success.
Large company entrepreneurship
Large entrepreneurship focuses on gaining high amount of profit and revenue generation through
delivering the products and services to varieties of customers at a national level or globally. In
addition to that, as Alasadi and Sabbagh (2015, p.294) has commented that, the large
entrepreneurship provides innovation, different varieties and specifications in their products,
based on the changing trends and taste of their customers. On the other hand, the large
entrepreneurs have definite market segmentation and target customers, where the products and
services are produced and innovated based on the preferences of customer choice. Large
entrepreneurship business of UK is Tesco Plc, M&S and others. Lifestyle entrepreneur topology
can be related to the large company entrepreneurship ventures, as the companies grow on a
chosen model of business, in order to gain their objectives and aims.
Social entrepreneurship
The social entrepreneurship are generally considered as the non-profit organisations, which
provides the services and products for the well-being of society and public. However, as Goss
(2015) has stated that, in several cases the social entrepreneurship businesses can also be
profitable or hybrid. On the other hand, the social entrepreneurs can be related with the social
topology, which helps the society with identifying an issue and thus provides services and
products based on the issue. The organisations, such as Belu, Big Issue and others are the social
entrepreneurs business.
Further, below given are some of the types of entrepreneurial ventures and they are as
follows:
Male entrepreneurs: They are the one who have
the characteristics to make other involved and
also perform the task that other person.
Female entrepreneurs: They focus on making
others perform their set of roles and each one to
grow in positive direction.
Social entrepreneur: Person who establishes an
enterprise with the aim of solving social
problems or effecting social change.
Serial entrepreneurs: Someone who starts and
leads one business after another or, multiple
businesses at the same time.
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P2. Difference and similarities between entrepreneurial ventures
Different ventures of entrepreneurship and topology possess both similarities and differences in
their business process.
Small Business entrepreneurship venture
and large business entrepreneurship
venture
Similarities ● Both of the large business
entrepreneurship and small business
entrepreneurship provides the products
and services for their customers.
● As Wilson et al. (2014, p.8) has
commented that, both the large
business entrepreneurship and small
business entrepreneurship are
generally customer centered.
● Both of the entrepreneurship business
approaches the business in order to
gain profit and high sales.
Differences ● Alike of the large business
entrepreneurship, the small
entrepreneurship business does not
have departments and full-time
employees.
● The hiring procedures and process do
not need high standards employees in
small business. However, the large
business needs highly skilled
employees in their business.
● Small business entrepreneurs provide
service up to the local areas and local
people. On the other hand, the large
business entrepreneurs provides their
services for large numbers of
customers from different geographical
regions and sometimes globally.
● The small scaled business
entrepreneurs do not possess online
appearance and website as the large
entrepreneur business does.
● Online applications are not possessed
by the small entrepreneurs. However,
in the view of Grimes (2013, p.461),
the business of large entrepreneurs
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possess online application of their
business.
Social entrepreneur and serial
entrepreneur
Similarities ● According to Amit et al. (2015,
p.301), both of the serial entrepreneurs
and lifestyle entrepreneurs innovates
and delivers their products and
services to the customers.
● The choice and needs of customers are
considered while development of a
product of both the entrepreneur
company.
● Both the entrepreneurs possess new
ideas on the development of products
and services.
Differences ● Major difference which is seen
between the lifestyle entrepreneur and
serial entrepreneurs is of risk taking.
● Serial entrepreneurs generally take
new ideas and implements in their
business with taking risks. However,
in the opinion of Grant (2016, p.75),
on the other hand, the lifestyle
entrepreneurs, generally do not
possess risks, while doing business.
● The lifestyle entrepreneurs grow and
implements their strategy based on a
specific and chosen model of business.
However, on the other hand, the serial
entrepreneurs, takes risks with
innovation of different services and
products in different time. In addition
to that, the serial entrepreneurs focus
on the experience with new innovative
services and products.
P3. Influence of small and micro business on economy
As business consists of different sizes, based on the employees and other criterion, it has been
classified as small, medium and large sizes on a standard base. The small business possesses less
than 50 employees in it and the standard turnover has been estimated of 10 m with reference to
10 m of total balance sheet. On the other hand, as Autio et al. (2014, p.1101) has stated that, the
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medium sized business consists less than 250 employees based on the UK standard, with an
estimated turnover of 50 m with reference to total balance sheet of 43 m. Micro business size, on
the other hand is estimated with less than 10 employees, with reference to turnover of 2m and
balance sheet of 2m.
Figure 2: Private sector business growth of UK
(Source: gov.uk, 2016)
On the other hand, business are further described in more wider classification, such as :
Private business
Private business are run based on limiting the number of owners extending from the owners of
company to the investors, in order to provide the services and products to the customers and thus
to gain profit.
Sole Proprietorship
In the sole proprietorship, business is run by a single individual, in order to gain profit and high
revenue. On the other hand, as Bruton et al. (2015, p.23) has commented that, the owner might
hire other individuals in order to run the business or might run the business alone.
Partnership business
Partnership business are considered as the collaborative partnership of two individuals, with
owning the same business with different shares, in order to gain high revenue and profit with
approaching large numbers of customers.
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Figure 3: Estimated Business numbers of UK in 2016
(Source: STATISTICAL RELEASE, 2016 )
Based on the Brexit policy of the United Kingdom, it might impact on the economical situation
of migration in the UK. As based on a report, it has been found that, implementation of Brexit in
UK, might change the policy of immigration of EU individuals in UK territory, with restricting
the low skilled labors to enter in UK for employment. On the other hand, as the small businesses
recruits the low skilled employees, thus it might hinder the small businesses.
Figure 4: Migration rate to UK
(Source: Woodford, 2016)
On the other hand, as Chaston (2017, p.9) has commented that, if UK will continue their
immigration policy of trade with EU after application of Brexit, UK might capture the overall
single market, with shifting their recruiting policy with high skilled and knowledge based
individuals. Thus, as the small business are dependent majorly in the migrant labors, thus, the
restrictions on immigration policy of UK after application of Brexit can influence the small
business sectors.
On the other hand, as Fayolle (2017, p.65) has stated that, with the implementation of Brexit in
United Kingdom, can help them to improve the economic growth of the nation, with reducing the
tariff and tax costs, which they have to give to European Union, in order to trade their business.
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Figure 5: Impact of Brexit on Economic growth of UK
(Source: Woodford, 2016)
On the other hand, United Kingdom might have an opportunity to do business with the other
non-European countries, with providing lower import costs to them and thus to gain spur
competition and real incomes to the SME’s. In addition to that, as Schaper (2016, p.16) has
commented that, the cheap gained import materials and products to United Kingdom can help to
gain the opportunity of competitive advantage, with boosting up the manufacturing companies
and business.
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Figure 6: Share, employment and Turnover of SME of UK
(Source: BARCLAYS, 2016)
On the other hand, as the SME of UK is considered as the financial backbone of UK, thus, it can
ultimately help the UK economy to boost up.
P4 Small business sector and growth of economy:
As stated by Ridley and Bull (2015, p.30), since 80’s small economic sectors are playing a major
role in enhancing the economic growth. While starting the business an entrepreneur must study
the economic condition o0f that particular society such was the income of the consumer,
demand, preferences, etc, so, that they does not incur losses.
Brexit is a term which came into existence while the process of separation of UK from European
Union was proposed. Brexit had tremendous effect on the economic condition of UK which, is
explained below:
Brexit might tremendously affect the per capita income of UK. Presently the per capita income
of UK is high due to the high rate of population. After the withdrawal the per capita income
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became can be low due to the low rate of population. Thus, it can be said that brexit might
reduce the real per capita income of UK. Brexit will increase public expenditure because the rate
of tax will get increased to a greater extent. The rate of employee can also be affected due to
Brexit because the employee cannot enter and exit the European market freely. Thus it can be
said that Brexit has a negative effect of the economic market of UK. Brexit might become a
barrier for immigration, direct investments and foreign trade (Barreto, 2014, p.500)
Difference between startup and small business are explained below.
Start up
● Start up is a small business venture
newly launched by an entrepreneur.
● The aim of startup is to earn high rate
of profit and meet the demand of the
customer.
● The main aim of the startups is to
fulfill the customer's demand
● Profit of startup can increase with time
● In start up business the scale of
business is not measured
Small scale business
● Small scale business is not a new
venture but the output of the
organisation is low.
● Small scale industries fail to meet the
demand of the customers and
sometimes earn loses in the economic
activity which hampers its growth.
● Small scale business fails to fulfill the
demand of the customers as less
capital is invested in small scale
business.
● Rate of profit of small scale business
is low.
● In this type of business scale of
business is measured.
Importance of small scale business is explained below:
Small scale industry helps to increase the productivity of an economy. It provides employment in
an economic system reducing the rate of unemployment and poverty level. Small scale industries
and startup ns improves the economic condition of the rural people by increasing the rate of rural
employment (Schaper et al. 2017, p.300).
Small scale industries promote social and economic growth because it increases the rate of the
employment. These small scale industries and startups enhance the social development of an
economy by providing employment opportunities to the women of the society. Small scale
industries help in the poverty reduction of the economy enhancing the social growth
Small scale industries helps to reduce the unemployment rate as it create employment
opportunities for the unemployed. Small Scale business removes the regional imbalance by
constructing small scale industries in the rural areas. On the other hand small scale industries
promotes both rural as well as urban development
Small scale industries and startups promote infrastructure development by increasing the
employment opportunities to the rural unemployed (Epifanova et al. 2015, p.23).
Small scale industries not only enhance the income opportunities but also social developments. It
improves the health and sanitation facilities of the rural and urban people.
Small industries have increased the rate of employment in UK. It also facilitates international
trading and economic growth by removing the regional disparities. Small scale industries have
initiated equal distribution of weal.th in UK by providing equal income opportunities in rural as
well as urban sectors.
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Small scale industries create balance in the balance of payment of UK by increasing the rate of
export than b imports which is enhancing the export income than import payment. Thus, creating
balance in BOP of UK.
P5. Difference in entrepreneur characteristics from business managers
Despite striking similarities between the roles and activities of a manager and an entrepreneur,
there are some key differences between these two that distinguishes them from each other. A
manager acts as an agent of the owner of the business and the entrepreneur is the owner of that
business. The below table demonstrates the subtle differences between a manager and an
entrepreneur.
Aspects Managers Entrepreneur
Job focus The primary job focus of a
manager is to manage the
ongoing operations of a
business organisation.
On the contrary, the primary
focus of an entrepreneur is to
start a new business being
inspired by an innovative
idea.
Source of motivation The managers are motivated
thinking about the
accumulating of more power
within the business
organisation.
The entrepreneurs are
motivated by the taste of
success that are brought in
any new venture.
Out look to risk One of the striking
characteristics of a manager is
the formal approach towards
risk. A manager is supposed
to undertake risks in a
calculative manner.
The risk taking characteristic
is what makes an entrepreneur
an entrepreneur. Informal
capacity of taking risk is vital
for an entrepreneur.
Status The manager of an
organisation however
powerful he or she is, is
considered to be an employee
of that particular organisation.
On the contrary, an
entrepreneur is the owner of
the small entity and can take
decisions freely about the
organisational activities.
Rewards after achievement The only reward that a
manager expects from the
organisation is the salary that
he or she gets from the entity.
The reward that derives the
entrepreneur to operate the
business is the profit that he
or she enjoys after successful
business.
Way of decision making The manager, being a
calculative person, takes
decisions in a calculative way
devoid of any personal
On the contrary, the
entrepreneur being the owner
of the business is emotionally
attached to the entity. The
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emotion. entrepreneur takes decisions
from intuition and expects
that decision to be effective.
Driving force For a manager, preserving a
status in the organisation and
community is a primary issue.
In this regard, a manager is
derived by the preservation of
the status quo in the activities.
The situation of an
entrepreneur is quite different.
The primary motivation
behind running the entity for
an entrepreneur is the creative
satisfaction and the
innovative zeal that he or she
gets from that.
Orientation of risk From the perspective of risk
orientation, it can be stated
that a manager is designed to
avoid risks and strive and
continue the business in a
productive way regularly.
On the contrary, the
entrepreneur is a risk taker
and takes risks for innovative
idea implementation.
P6. Personality entrepreneurial aspects in entrepreneurial mindset and motivation
The personality of entrepreneurship high influences the factor of entrepreneur motivation. In
terms of motivating the entrepreneurial mindset and motivation, different aspects and dimensions
of the entrepreneurship might influence. In order to gain effective entrepreneurial mindset and
motivation, the entrepreneurs might approach the model of big five dimensions. In the view of
Bagwell (2015, p.341), the effective entrepreneurial aspects help to gain the business projects in
an efficient manner and thus to gain proficiency.
The big five dimensions, which needs to be approached by the entrepreneurial, in order to gain
proficiency and effective business, in order to have proper motivation and mindset are:
Figure 7: Big Five Dimension of entrepreneurs
14
Big Five
Dimesions
Conscientiousness
Extraversion
Openness
Agreeableness
Neuroticism

(Source: Created by learner)
Openness
In order to have effective mindset and motivation of the entrepreneurs, the trait of openness
needs to be there in the entrepreneurs. In the opinion of Schaper (2016, p.26), openness is
considered as the imagination and interest level of an individual, with reference to novelty,
which can help the entrepreneurs to gain creativity in terms of business decisions and strategies.
In addition to that, openness traits of the entrepreneurs can help them to run their business
effectively, with having the trait of reflection and creativeness. As DeTienne et al. (2015, p.264)
has commented that, openness trait in the entrepreneurs can help to create vision of their business
in a more critical manner and thus can help to gain high profit with predicting the outcomes with
the trait of openness.
Conscientiousness
On the other hand, conscientiousness trait can help the entrepreneurs to gain the concerned goals
and objectives of the business with proper goal-oriented, organised and disciplined traits. In the
view of Schaper (2016, p.829), high degree of persistence and organised trait with reference to
goal achieving orientation skills of the entrepreneurs can help them to gain their organisational
goals and objectives. On the other hand, the skills and traits of the entrepreneur towards
achievement of goals and objectives will help them to motivate towards delivering effective
services with approaching people business development strategies and approaches.
Extraversion
Extraversion traits of an individual include the assertiveness, sociability, excitability and others.
In the opinion of Storey (2016, p.39), extraversion trait of the entrepreneurs can help them to
approach social network and communicate with the other individuals, which can help them to
gain the advantage of sociability. In terms of business, the trait of extraversion in the
entrepreneurs, can thus help to communicate with the employees of the business and other such
outer individuals, which can help to understand the business in an efficient manner and thus to
gain proficiency in the works of the business.
Agreeableness
Agreeableness of the entrepreneurs includes the traits and personality of helpfulness and
cooperative nature, which can help the employees of the business to gain the cooperation
engagement of the entrepreneurs in the business decisions and thu scan help to gain effective
works. In the opinion of Amit et al. (2015, p.291), agreeableness traits in the entrepreneurs help
them to build relationship and trust with their employees. However, as Autio et al. (2014,
p.1106) has argued that, the entrepreneurs have to be tough in order to run their business in a
successful perspective.
Neuroticism
Neuroticism, on the other hand includes the traits and personality of depression, vulnerability,
anxiety and other nervous traits. In the view of Zacca et al. (2015, p.20), the traits of neuroticism
in the entrepreneurs need to be lower in order to control the employees and the business in a
proficient manner. Strong neuroticism traits in the entrepreneurs can negative impact on the
business growth and business decision of the entrepreneurs.
P7. Influence on foster entrepreneurship through experience and background
In order to place the decision in terms of business and other such areas, past experience of an
individual plays an important role. As Wilson et al. (2014, p.7), has commented that, the past
experiences of a entrepreneur can help them to identify the barriers and problems in the previous
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stage, which were encountered. However, with the past experiences, an entrepreneur can
approach a risk managing strategy, in order to minimize the possibly of the previous experiences
barriers in future. As Alasadi and Sabbagh (2015, p.297) has stated that, there are several
entrepreneurs, who have gained success through their past experiences. Moreover, with having
an experience can help to understand the situation in a more accurate manner. As for a example,
the Microsoft in their previous stage of business have experienced the lack of android
application, which caused lowered sales rates in comparison to the other android application
businesses, at a global level.
Figure 8: Revenue Growth of Microsoft
(Source: Staista, 2017)
However, with an experience of lowered sales, Microsoft had updated their software and
approached to gain large numbers of customers through implementing android version. The past
experience of Microsoft helped them to gain a lots of profit and revenue generation through
approaching appropriate strategy.
On the other hand, the gas emission scandal of VW in UK also experienced a negative brand
image due to the emission scandal.
For an entrepreneur who have experience can get high support in order to identify the
opportunity that prevail in the market. Those factors include their skills, traits, family support,
knowledge and education. The family background of both successful entrepreneurs partly
hinders and partly fosters their growth and development. Thus, it implies that both the
entrepreneurs faced too many difficulties that hinder their growth and they tackle them
efficiently and became the successful and renowned entrepreneurs.
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Figure 9: VW UK sales
(Source: Staista, 2017)
However, as they have evidenced negative experience and lower sales, it can approach more eco-
friendly strategy, in order to place appropriate strategy in future and thus to gain positive brand
image.
M1
Corporate sector entrepreneurship is determined to be a business that is part of the economy and
main focus is to earn profit. Corporate sector businesses are not owned by the government unlike
public sector business, who are enlisted as a government property and provides government-
oriented services or they are available in the stock market. The types of entrepreneurial venture
falls understand different type of sectors like banking, hospitality or retails. All these firms have
diverse set of aspects and these are helpful enough to make sure that these enable to consider the
business to attain their set goals.
M2
Small and medium sized enterprises are considered to be the focal point that enables to
shape policies of enterprise in EU (European Union). SME enables to ensure innovation, social
integration, economic growth, etc. statistics for SMEs are currently employment sized with fewer
than 250 persons employed.
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Figure 1: Archived — Key Small Business Statistics, 2012
In accordance with the above table, it can be stated that the rate of support towards economy
made by small enterprise is higher than medium. Thus, it can be stated that country gets
supported with the growth they have. All the business whether it is small, medium or large are
focused on gaining maximum profit. These businesses are highly effective but it is required to be
aimed at understanding the needs of customers and in taking up appropriate steps to overcome
them. These firms carry out appropriate activities and for each of them, it needs to have
appropriate support from the side of employees.
M3
As an entrepreneur, there are different type of skills and capabilities that are required to
have. With this respect, it includes leadership, time management, problem solving decision
making, etc. Among these communication and leadership plays vital role to make employees
involved and to perform with their full efficiency. The person who is educated has wider option
for making use of opportunities when compared with the individual who is not educated. Further
the type of perception that is carried out by entrepreneurs is different. There are some of them
who think that they are born and some say that they are trained.
M4
Both characteristic of leadership and personal background plays vital role in making a
person successful. A person is able to develop their skills based on the experience that possess.
Experiences and mistakes make in life enables to develop strong view in order to attain the set of
goals in positive direction. Each of the character that a leader has is highly important and these
are required to be considered so that they are able to guide and direct each employees within the
firm in effective manner.
Conclusion
From the above study, it can be concluded that, the business can be considered in different sizes
of small, medium and large business. On the other hand, different entrepreneurs have their
different characteristics, which are approached in different types of business. In addition to that,
the economical bloom of United Kingdom depends on the small business enterprises, which
needs to have proper sight. Decision of United Kingdom in relation to leaving European Union
have declined the markets of United Kingdom and increased the tax. However, application of
Brexit might help the UK economy to bloom in long-term basis. On the other hand, Brexit will
also help the small enterprises of United Kingdom to gain competitive advantage through
approaching business with non EU countries. However, the skills and traits of entrepreneurs need
18

to be effective in order to gain effective and positive effects in UK, with application of Brexit in
future.
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