An Analysis of Entrepreneurial Ventures, Roles, and Success Elements

This report examines various aspects of entrepreneurship, including different types of entrepreneurial ventures such as small businesses, scalable startups, large enterprises, social enterprises, and research-based ventures. It explores the similarities and differences between these ventures, focusing on their goals, mindsets, value creation, and communication strategies. The report also analyzes the crucial role of small and micro businesses in the economy, highlighting their contribution to job creation and adaptability to economic changes. Furthermore, it delves into the significance of small startups in the growth of the social economy, emphasizing their flexibility and ability to introduce innovative, environmentally friendly products and services. Finally, the report identifies the key characteristics, traits, and skills of successful entrepreneurs, such as money management, strategic planning, customer retention, and risk-taking abilities. The report concludes by reflecting on factors that can either hinder or foster entrepreneurial motivation and mindset, emphasizing the importance of adaptability, confidence, and effective planning for business success.

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Types of entrepreneurial ventures and their relation to typology..........................................3
P2 Similarities and differences between different entrepreneurial venture................................4
P3 Role of small and micro businesses to the economy.............................................................5
P4 Role of small startup in the growth of social economy.........................................................6
P5 Characteristics, traits and skill of successful entrepreneurship.............................................7
P6 Reflection of entrepreneurial motivation and mind set..........................................................8
P7 Examining the background and experience which hinder or foster entrepreneurship...........9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
To develop any business in correct direction its necessary for company to understand the
impact of environment both external and internal on organisation. The present research study is
upon entrepreneurship and small business management. Small business are privately owed
corporations or sole proprietorship, that kind of business does not generate high sales of volume
because few numbers of employees are working there. All enterprises make some degree of
contribution in the country economy. Every enterprise has different attributes and characteristics
but all are working towards a common goal that is customer oriented product or services. This
report describes the importance of small business venture for the country economy. Small
businesses are much flexible compare to large organization because they can easy to adopt
environmental changes and maintain sustainable image in the market place. All enterprises have
some similarities and differences due to the different characteristics, traits and skill of
entrepreneur. Background and experience of an entrepreneur also affects the business activities
and growth of the business.
P1 Types of entrepreneurial ventures and their relation to typology
Small organization are quite different in the way they do business, but they all share a
common characteristic that is the freedom to there work without any interference.
a) Small business entrepreneurship- This type of business are small having diminutive sales
revenue, with defined no. employees. This firms can be of any type like grocery store,
consultants, travel agent, carpenter etc. They are hardly profitable. They hire local employees
and family person. Business fund can be arrange by the family and friends or any kind of small
business loan.
b) Scalable start-up entrepreneurship- They are not like a small business it is a start-up of
business venture. These type of entrepreneurs start a company with the vision to change the
world. They hire best and brilliant employees for the innovation. That type of ventures attracts
the investors to invest their money like venture capitalist and other financial investors which
helps in to rapid expansion of business. They are exist in the world in small percentages because
of their outsize return.
c) Large entrepreneurship- Large size of organization have finite life cycle after that product
innovation and use of updated technology helps in to maintain sustainable competitive image in

the market place. Changes in the customer taste, new technology and entering of new
competitors creates the pressure for disruption innovation that companies serve their new product
to new customers in to new market. Large companies sometimes acquire innovative company for
building disruptive product which provides competitive advantages to capture wider market
region.
d) Social entrepreneurship- They are the innovators for creating products and services which
solves social needs and problems. Scalable start up company major goal is to make better world
rather than to capture wider market share and create wealth of company. They may be a kind of
non profit, for profit or hybrid.
e) Research entrepreneur- It is a type of entrepreneurs examining the every possible scenario
and its outcome in order to evaluate the success of an organization. It helps in to start and
expansion of any business enterprise because they efficiently detect the existing external
environmental factors makes an greater impact on the organizational activities. It also provides
advices to the firms to have better standing in the competitive market by telling them about the
key element and how to proceed in market.
Typology is the categorization of several entrepreneurial characteristics and their
attributes which provide diversification in market. Typologies helps in to examining whole
activities and their effective outcomes in order to gain competitive advantage. Small and large
organization capital requirement is varies according to the size. All enterprises have same motive
to generate profit and become cost leadership of the product in market place.
P2 Similarities and differences between different entrepreneurial venture
Every enterprise have different characteristics and their norms and policies so that some
similarities may be possible there if they serve same kind of services.
a) Goal- Every business organization main motive is to achieve financial and business goal
which helps into maintain interest of company shareholders towards high profitability and
development of organisation. At the same time, social entrepreneur believes into sustainable
profit with social welfare of society.
b) Mind set- Mind set of various organization are different. There are many firms whose main
aim is to achieve the highest profit possible but there are also few organizations who give more

importance toward the passion of work. Social organization only motive is to achieve welfare in
market by solving different problems. This are non-profit organisation which provide there
services to meet customer need.
c) Value creation- All the business unit try to provide value to there customer by providing
competitive pricing and better product and services (Huggins, and Weir, 2012). Societal type of
organization main focuses on to create social values and deliver to their target communities. It
serves both the value economic and social well fare.
d) Communication- Marketing is a way through which entity communicate with there customer
, that is the reason why many companies spent lots and lots of money on promotion and
advertisements. Various marketing strategy are to be used such as TV, print media and social
media marketing tools for the purpose of conveying message and information regarding to the
product and services. Social enterprises marketing philosophy is is to promote their product and
services by organic social media tactics and through word of mouth. All enterprises main motive
is to cover large masses people and serve their product and services.
Similar characteristics of different business venture. They are profit oriented that can be
achieve when the revenue is exceeded over expenses and they are highly dedicated towards their
set mission and set strategies according to the mission. They also proceed towards common
sharing of goals to increase living standard of problem by reducing different problems related to
market, while also contributing the countries economy. Every firm try to make sure that they
have strong hold on there shareholders, but they add value to there objectives by creating wealth
and generating high profit margin. All type of entrepreneur are opportunistic and high risk taker.
They are also innovative thinkers to build the unique product and serve to the market region. All
entrepreneurs have an ability to think outside the box to solve their problems.
P3 Role of small and micro businesses to the economy
After the collection of data it to be analysed for the purpose of discrimination of data
which one is suitable or not for the purpose of ongoing research study. Data analysis and its
interpretation is a statistical tool for research purpose. It cannot begun till the data have been
collected and condensed into number. Small and micro businesses are the engine of job creation
in the world (Mariotti, Glackin, 2015). They plays an important role in the country economy.
According to the business standards 25 million small business entrepreneur are exist in UK.

Small businesses does not generate large revenue compare to large business organization but
they are the major contributor in the country economy. Micro businesses generate larger
employment opportunity. Small businesses have an ability to adopt and respond quickly to
changes in the economic climate. This kind of organization are generally customer oriented.
Small businesses are very loyal in tough situation because they can afloat their operations in
critical situation. Large business organization also dependent on the small business organization
because they outsource their business function to small organization. Today's large corporations
such as Ben and Nike started as small business but it grew with the time and become a major
player in national and international market. Microsoft is a prime example how a small business
idea can change the world.
Data analysis process have various steps which one is efficiently followed for the purpose
of making effective conclusion. Data analysis and interpretation is the process which assigns the
meaning for the collected information. Small business ventures creates the high degree of
employment and provides strengthen to the economy.
P4 Role of small startup in the growth of social economy.
Social economy is third sector of economy among the various economies. It includes
organizations such as non profit, social enterprisers or charities and cooperatives. It works to
create a better relationship between social behaviour and economy of country. Social economy
work to satisfy the need and expectation of people which is ignored by other sector or firm. It
plays unique role in creating a strong, sustainable and prosperous society. Micro businesses
plays a vital role to the success of the economy. It uses moral, ethics and human philosophies to
influence the consumer behaviour. Small businesses worked to achieve better relationship with
there employee, customer as well as suppliers. They are more flexible which help them to easily
adjust and adapt according the situation and challenges they face because of chain of command.
This help them to take quick decision if there are changes in circumstances. Well established
small entity are known for coming up with new idea and providing ranges of environmental
friendly product ad services. are in condition to introduce and develop new ideas and provide
wide range of product and services that are environmentally friendly. Small businesses because
of having larger switching capacity are able to ear more profit eve on lower sales.

Start up company come with the aim of having standard position in market rather the
earning high profit. Start up company have an ability to introduce and develop create idea in
order to fulfilment of market expectations. Many non governmental organization working for the
employed person and develop the plan for grooming the personality of an individual person that
makes a major contribution in economy. Societal growth is the key element for the well fare of
country. It provide firms with the chance of development as well as enlargement in difficult
economy condition. All the ventures are profit and growth oriented but they also contribute in
well fare of society by donating their money. This firm is responsible for creating more
employment opportunities compare to other, which creates awareness about the standard of
living and they made economically more sound ful. Start up business develop the unimaginably
idea and working on it and provides services for the easiest of life.
P5 Characteristics, traits and skill of successful entrepreneurship
Successful entrepreneurs are future oriented, optimistic and enthusiastic. For high
profitability they are willing to take any risk.
Characteristics of a successful entrepreneurs
This organisations are known for there money management, strategic planning. and
customer rention power. This firms are self motivated and passionate toward there work. . They
can do work over and over again without getting bored and error they maintain their work
efficiency. They are are in more favour in taking the risk about uncertain situation or future,
because its outcome may be favourable or unfavourable. Business owners are more confident
with there work and competent enough to meet each and every deadline. Because of there
flexible nature they easily adapt to all environmental changes and create the best solution to
problems. To avoid customization of product company take advice and suggestion from
different people, which helps in the enhancement of customers satisfaction level. To reduce
present and future financial blunders its necessary for firms to have proper money management.
Effective allocation of fund and process management is the big tool for the success of an
organization. For better outcome company need to have effective planning and better
implementation of activities. Successful entrepreneurs believes in to spread wide network
towards approaching the mass group of people.
Attributes of a successful entrepreneurs

Characteristics of entrepreneurs are varied from each other, the traits which create the
character of any entrepreneurs are there social status, geographic location and there income level.
Business owner have an ability to find their potential target market, along with it they are keen to
learn from past mistakes to achieve better future goal. One of the most key element is passion
and dedication towards their product and services. Tolerance of ambiguity describes the control
over the fear which one is arise from uncertainty about future outcome.
Skills of an entrepreneurship
Skills for doing a work is the key element for the success of any organization.
Communication skill of a successful entrepreneurs always be strong. Entrepreneurs have
effective handling capacity and use of different communication techniques like email, phone and
videoconferencing (Scarborough, Jeffrey ,Cornwall, 2015). Entrepreneurs have an ability to
make effective strategic planning for continuous ongoing process for better outcomes. They have
an ability to raise money, to identify their strengths and weaknesses and effectively manage the
staff. Entrepreneurs also have ability to connect via social networking. Business owners doest
not get success every time sometimes they also faces failure situation that time they have an
ability to handle the situation effectively and try to overcome the failure issues.
P6 Reflection of entrepreneurial motivation and mind set
Entrepreneurs characteristics and their skill set is vary among the set of entrepreneurs.
Creative idea and imagination power help them to create a good name in market. They are self
motivated and confident for doing a work within the deadline of work. They are keen observer
and has ability to predict future happening. They inspire to discover something new which has
not been seen before. Competency level of a successful entrepreneurs is very high it is a
necessary tool for maintaining the sustainable competitive advantage. Flexibility in today's
scenario is very complicated task because adopting ability of changes is not an easy for every
person. Passion and motivation characteristics are reflects through there work there dedication ad
competency to deliver best service is proof to it. Moral values and ethics are to be followed by
the business owner for smooth functioning of business activities. Mind set is the perception of an
entrepreneur towards any object. Changes in the environmental scenario reflects the mind set an
every individual personality. Expansion of business and development in the existing product line
shows the high risk taking ability. Management of staff and their retention power sustainability

to be manage by creating and offering the attractive schemes which one provide direct and
indirect benefits to employees (Modarres, 20160. Certain characteristics and traits of an
entrepreneur degrades the growth of an enterprise which also influence the the motivation and
mind set of an owner. Positive characteristics helps not only in the development of firm but also
of ones own. Negative characteristics and traits reduce the flexibility to adopt certain
environmental changes which leads to the failure. Encouragement and motivation are the key
element to have better relationship with the competitors as well as to maintain healthy
relationship in organisation which lead to organisation success.
P7 Examining the background and experience which hinder or foster entrepreneurship
Background and past experience of an entrepreneur also plays an important role in the
success of an organization. Background basically relates to their demographic region, education
level and their cultural society. All these factors are varied among the group of entrepreneurs.
Past experience may be good and bad that affects the business productivity and growth. Every
individual entrepreneur have different characteristics, intellectual skill and thinking power. Good
experience promotes the business activity and encourage towards the new development of
product and services. Both the things inspires to take risk about the uncertain future outcome.
Lower background of an entrepreneur sometime resist to adopt environmental changes along
with the acceptance of challenges. Understanding level of technology gives positive outcomes
like save of money and time along with the accuracy of work. Back ground and their experience
promotes for doing research and create new innovation in the product and services helps in to
maintain sustainable position in market place. Positive experience inspires the entrepreneur to
expand their existing product line in order to capture wider market region and generate high
revenue which one is also helpful in the further expansion of product line.
Having a great past experience motivate organisation to make better and big investment
in research and development. Bad experience demotivated the owners to take high risk and
alternative course of action which makes an negative impact on the growth of a company.
Regular inundation with technology provides competitive advantage. The past experience and
acceptance of bad days make an entrepreneur flexible enough to face different challenges.
Decision making ability also affect by these elements. Effective decision making capacity helps
firm to recognize the opportunity presented by market to earn profit and if its not the case then it
reduce firm competency to earn more profit. Having good experience increase the person

confidence in taking decision. Marketing strategy of a product also influence the growth of an
organization so that effective marketing channel to be developed for achieving the competitive
advantage in the market and helps in maintain sustainable image (Gill, and Biger, 2012).
Experience and background also helps person to recognize the place with better availability of
resources in order to get optimum utilisation of it, along with use of standard tools and
techniques for efficient functioning of activities.
CONCLUSION
From the above its clear the role this small business play in growth of country economy
and in creating a place in global market. They also create major of job opportunities for talented
people who are still unemployed. Business enterprises and social enterprises come up with
different attributes because business enterprise are profit while social enterprises are well fare
oriented of community. All business entrepreneurs have different characteristics, skills and traits
to handle different and same kind of business. Social economy are also be influenced by the
small business organization and start up company. It helps in to fill the gap between the serving
of goods and needs of customers which one is ignored by the public or private sector firms.
Analysis and interpretation of data, gives valuable information about the research study. A
person with great skills, traits and characteristics becomes competent enough to take risk and
effectively manage all the activities in order to get effective and measurable results. Having an
experience helps in planning and starting new venture