Comprehensive Report: Entrepreneurial Ventures and Business Growth

This report provides a comprehensive analysis of entrepreneurial ventures, examining various types such as small businesses, social enterprises, and public sector ventures. It explores the similarities and differences between these ventures, focusing on their characteristics, scope, development, and growth. The report interprets data and statistics to illustrate the impact of micro and small businesses on the economy, highlighting their importance in social and economic growth. It also delves into the traits and skills of successful entrepreneurs, analyzing the influence of background and experience. The report includes examples of entrepreneurial ventures like the BBC and McLaren Group, and evaluates the impact of small, medium, and large businesses. This detailed analysis aims to provide a thorough understanding of entrepreneurial ventures and their role in the business landscape.

Running head: MANAGEMENT
Management
Name of the student
Name of the university
Author’s note

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Table of Contents
LO1............................................................................................................................................2
P1 Examining the different type of entrepreneurial ventures.................................................2
Venture type according to sector............................................................................................2
P2 Exploring the similarities and differences between the entrepreneurial ventures.............3
M1 Investigating a diverse range of entrepreneurial ventures...............................................4
D1 Critically examining the scope, development and growth of entrepreneurial ventures. . .4
LO2............................................................................................................................................5
P3 Interpreting and assessing relevant data and statistics to illustrate micro and small
business impact on economy..................................................................................................5
P4 Examining the importance of small businesses and business start ups to the growth of
social economy.......................................................................................................................7
M2 Evaluating the differences small, medium and large businesses make to the economy..8
D2 Critically examining how small businesses have an impact on different levels of the
economy.................................................................................................................................9
LO3..........................................................................................................................................10
P5 Determining the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers.................................................................10
P6 Assessing how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset........................................................................................................11
M3 Exploring and examining different lines of argument relating to entrepreneurial
characteristics.......................................................................................................................12

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D3 Analysing the characteristics traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples....................................................................12
LO4..........................................................................................................................................13
P7 Examining using relevant examples, how background and experience can foster or
hinder entrepreneurship........................................................................................................13
M4 Analysing the link between entrepreneurial characteristics and the influence of
personal background and experience to specific successful entrepreneurs..........................14
D4 Critically evaluating how background and experience influences entrepreneurs, both
positively as well as negatively, by comparing and contrasting examples..........................15
Reference..................................................................................................................................16

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LO1
P1 Examining the different type of entrepreneurial ventures
Entrepreneurship is the manner in which a business can be set up by considering the
risks related to it, which includes the financial, as well as the managerial. As stated by
Brenkert (2017) the main differences between entrepreneur and intrapreneur are that an
entrepreneur is the leader of an operation whereas an intrapreneur is an employee. Baum et
al. (2014) stated that owner-managers denote a person owning and managing a business. The
classification of entrepreneur can be done as:
Venture type according to size
Small business entrepreneurship: The owners can only run these types of start-up
businesses and the number of employees is very low. Examples include hairdressers, grocery
stores.
Venture type according to purpose
Social entrepreneurship: This type of entrepreneurship is focused on solving various
social problems by the use of corporate social responsibilities. An example can be medical
entrepreneurs or NGOs.
Venture type according to sector
Public sector: Public sector enterprise includes the public goods and government
services. Examples of these types of sectors include the military, law enforcement, health
department and so on.
Venture type according to growth rate

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Growth firms: Growth firms include organisations that grow faster in the business
than its peers or as per the average of the industry. Examples include IT firms, engineering
firms and so on.
Venture type according to start-ups
Scalable start-up entrepreneurship: These businesses start by gaining innovative
ideas and focus on developing innovative products or services. Examples include mobile
phones and electronic devices.
Venture type according to establishments
Large company entrepreneurship: Large organisations consist of finite life cycle and
the focus is to provide new products or services to the customers. Examples include reputed
organisations like Tesco, McLaren and so on.
P2 Exploring the similarities and differences between the entrepreneurial ventures
The similarities that exist between the different entrepreneurial ventures are that each
of the ventures aims to provide innovative as well as quality products and services to the
customers. Kuratko (2016) states that customer satisfaction is considered as essential for the
development of its business prowess and thus each of the entrepreneurial ventures aim at
providing services, which can provide a long lasting impression among the customers and the
business.
However, as observed by Meyer, Neck and Meeks (2017) the differences lay in the
risks and the number of employees. For example, in a small business enterprise, the number
of employees is limited to 50 and thus the risks from competitors are high due to similar
organisations. On the other hand, for a large company the employee count can be 1000, the
risk factor is less since large volumes of products, and services can be sold in the market.

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M1 Investigating a diverse range of entrepreneurial ventures
Public sector: The government controls the public sector organisations directly or
indirectly. An example of public sector organisation can be the BBC. BBC is located in
London and is considered as the best public sector organisation in the UK with employment
up to 20,000 employees (Bbc.com 2019). The services provided by BBC are based on the
requirement and the tastes of the people.
Corporate sector: These types of organisations are run in a private manner and are
owned by either individuals or public. McLaren Group can be considered as an example of
corporate sector. The company provides employment to 3,798 people and is considered as the
second most profitable company in the UK (Mclaren.com. 2019). However, in the recent
years the company has run at a loss of £61.78 (Mclaren.com. 2019).
Social enterprise: Social enterprise is a start up company, which helps in the
development of fund and implements solutions associated with social, cultural, and
economical issue. Example of social enterprise is Co-operative UK is an example of social
enterprise that was found in 1870 (Uk.coop 2019). The company consist of over 700
members and is a long serving social organisation at the UK.
D1 Critically examining the scope, development and growth of entrepreneurial ventures
BBC is the best-known British service broadcaster. The company is famous
worldwide since its inception in 1922 (Bbc.com 2019). The entrepreneurial venture aimed at
providing a mass media coverage about the events around UK and the world, particularly
during the time of the war (Bbc.com 2019).
Currently the need that is fulfilled by the company consists of providing mass service
in terms of providing people with an opportunity to understand the society and ensure that the
British culture remains among the people (Bbc.com 2019). The growth of BBC has been

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significant since it came a long way from reporting only about the wars to providing report
about social issues, social gatherings, sports and politics to the British people (Bbc.com
2019).
Hence, it can be said that the company has been successful in the modern world by
providing the people with authentic information. BBC is considered as the most reliable news
channel and thus, has found its way to success among the British citizens. However, BBC in
the modern world has faced challenges.
Recent reports claim that the company has been running at a loss with the net income
dropping to £129.1 million (Bbc.com 2019). The company has grown at a fat rate and the
worldwide success of the company despite recent loss can be concluded as evidence for its
fast growth.
LO2
P3 Interpreting and assessing relevant data and statistics to illustrate micro and small
business impact on economy
In a business organisation, the micro and small business factors contribute heavily for
the economic growth of a country as it captures a higher market share. As stated by
Nambisan (2017) there has been an increase in the number of micro and small businesses in
the modern world which generates high revenue by providing offering various products and
services to target customers.

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Figure 1: Comparison of SMEs and large businesses in UK
(Source: Welter et al. 2016)
From the figure, it can be seen that in UK, the small businesses are high in various
areas and there are about 4.5 million SMEs throughout the United Kingdom. It comprises of
about 99% of all the businesses in the country (Bhachu 2017). Hence, it can be said that the
revenue generated by the businesses contribute heavility to the GDP of UK. The figure shows
that 96% are considered as micro business with an employment rate of 0-9 people. Such
businesses provide 33% of employment and 22% of total turnover rate.

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Figure 2: Share of businesses in the UK
(Source: Terjesen, Hessels and Li 2016)
The indication of the graph provides an analysis of the dominance that small and
medium enterprises have in the United Kingdom. It is seen that the small and medium
business provide about 37% turnover and 48% of the employability rate
P4 Examining the importance of small businesses and business start ups to the growth
of social economy
The social economy is formed due to the rich diversity of enterprises like cooperative,
mutual associations as well as sharing of common values. Social economy enterprises have
different sizes that range from SME to large companies, which are considered as leaders at its
own market.
According to Scarborough (2016), the operations exist in different economic sectors.
The importance of small business and start ups is that these businesses often provides
innovative ideas for the products and services which can help in meeting the requirements the
people in a comparative manner. Along with this, Cooper and Folta (2017) stated that start-up
businesses could help in capturing the market effectively as well as quickly to generate higher
revenue within a short period.
These businesses can provide high amount of business tax, which can be helpful for
the growth of an economy. As stated by Drucker (2014) start-ups help in the creation of
employment since new resources are required for its establishment. It can help in being
innovative and thus, can help in engaging significant number or people.

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Cooper (2017) stated that it also provides employment opportunities to disadvantaged
group such as disabled people. This can lead to the development of diversity and ensure that
social purposes are met with local improvement.
M2 Evaluating the differences small, medium and large businesses make to the economy
According to Kazanjian, Drazin and Glynn (2017), in the United Kingdom, the
number of small and medium businesses is high as compared to larger organisations. The
contribution of the small and medium-sized businesses has been involved in gaining a high
market share in the industry, which can help in the contribution to the economic growth in the
UK.
However, as stated by Frederick, O'Connor and Kuratko (2018) the larger businesses
posses the capability to gain high revenue only by providing quality products and services
based on the brand value of the product or organisations. It has bens seen that most large
businesses at the UK have managed to establish its market in different countries that have
helped in earning foreign currencies.
Figure 3: Comparison of small, medium and large businesses in UK
(Source: Dees 2017)

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Ventures such as wholesalers, retail business, and multinationals have a huge impact
on the UK business. Schaper et al. (2014) stated that the large companies make the least
difference since the number of large industries is less in the county. To conclude, the highest
impact is made by the small enterprises since the success of these enterprises as well as there
are no such restrictions about its establishment.
D2 Critically examining how small businesses have an impact on different levels of the
economy
The small business sector in the UK has severe impact on the economy of the country
in various levels of business. According to Read et al. (2016), at regional level, the small
businesses helps to compete with the similar type or large businesses by providing quality
products and services that can meet the demand of the customers in an effective manner. The
businesses are focused on the hiring of the employees with less salary due to lack of financial
capability as well as employment of people with less skill set as compared to others.
However, it is helpful in reducing unemployment.
As argued by Kirzner (2015), at the national level, the small business sectors can
expand in various areas of the country and help to enhance the revenue generated which
enables them to generate higher tax for the development of the country.
According to Burns (2016), at the global and international level, most of the small
organisations are in to the export of its products and services, which set up branches in
various countries. The helpful factors are that it can be used to earn foreign currencies that
can contribute to the growth of the country.

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LO3
P5 Determining the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers
Entrepreneurial mindset is the set of attitudes, behaviour and characteristics that are
required for success at an organisation. The different types of mindset that the entrepreneurs
may have includes social, growth, fear, lazy, envy, business and dreamer. Hitt and Ireland
(2017) is of the opinion that the importance of entrepreneurial mindset is that it can help in
understanding the type of leadership abilities that can be adopted so that success can be
gained.
Hence, different characteristics, traits, and skills are required for entrepreneurs for
setting up a successful business and enhance its growth. In order to succeed in business, each
successful entrepreneur needs to have different mindsets, which can assist in the growth of its
business.
The personal characteristic of the successful entrepreneurs are as follows:
 Ability to generate new ideas
 Ability to take risks
 Have vision and goals
 Be motivated to achieve the goals
 Good management skills related to resources, financial and human resources
Along with this, the skills required include:
 Communication skill
 Negotiation skill
 Leadership skill

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 Time management skill
These characteristics with an entrepreneur are made by the experience gathered.
However, Huda et al. (2019) is of the opinion that the skills can be adopted from the
exposure to the society during childhood and so can be termed as skills developed from birth.
P6 Assessing how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset
The entrepreneurial personality developed by an individual can be considered as
essential since it sets up a business and remain motivated for dealing with different problems
and associated risks with it. The personality of an entrepreneur involves certain
characteristics based on which individuals can generate new ideas and try to implement the
ideas that help in the generation of revenue.
However, as stated by Aldrich (2017) the ideas developed need to meet specific
demands of the customers and for this reason, it is essential that the entrepreneurs develop an
idea about cultural differences based on the lifestyle and upbringing gained. It is necessary
for entrepreneurs to possess the ability to undertake risks and utilise the resources in a careful
manner. The entrepreneurs need to set the goals, mission and vision for the ensuring personal
motivation and drives that set about the development of an organisation.
Along with this, Barringer (2015) is of the opinion that the entrepreneurs need to
identify opportunities to ensure generation of sales and revenue. Hence, the entrepreneurs
need to be self-motivated to continue with the business by trying to manage risks, which are
related to the development of a business and develop mindset for achieving goals.

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M3 Exploring and examining different lines of argument relating to entrepreneurial
characteristics
A debatable factor about the characteristics that exist of an entrepreneur based on the
development of the characteristics either by experience or by birth can be taken into
consideration. In the words of Lipset (2018), the characteristics of the entrepreneurs are
mostly developed by the virtue of experience that is achieved while working at the
organisations.
These characteristics can have a severe impact on the career development as based on
the characteristics every decision taken by the employees are undertaken. At the same time,
Schaper (2016) is of the opinion that entrepreneurs are developed by birth, which is aided by
the society, the person grows up in and the lifestyle sustained. Either way the development of
the entrepreneurs can have a positive influence on the growth of an organisation.
Thus, in this manner conclusion can be made about the manner in which evaluation of
the characteristics of the entrepreneurs can be made. Eckhardt, Ciuchta and Carpenter (2018)
are of the opinion that every entrepreneur can have a positive attitude for the development of
an organisation and thus, the experience gathered can have a positive impact for such
development.
D3 Analysing the characteristics traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples
Larry Page is one such entrepreneur who possesses the characteristics required for
being a competent as well as successful entrepreneur. The fact that the Larry Page have
managed to establish one of the greatest web based search engine in the world provides for
the developed characteristic that is possess. Traits such as being a great leader, motivator and
innovator can be considered for the development of Google and the possession of these

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characteristics of Larry Page can be considered as a prime example of the requirements from
an entrepreneur.
Another example that can be provided is that of Rana Harvey the founder of Monster
Group. The characteristics and skills possessed by Rana Harvey includes being highly
passionate and motivated to continue her business by running its own private laboratory as a
chemist. Rana Harvey possesses self-belief and maintains proper discipline for the
completion of her tasks. Other skills include hard working and the fact that she can work
single-handedly. Based on this, it can be said that the two examples fail to provide evidence
about the debate of entrepreneurial skills being generated or are derived from birth.
LO4
P7 Examining using relevant examples, how background and experience can foster or
hinder entrepreneurship
It is needed to consider the personal background as well as experience as it can have
high effect on businesses, According to Bhachu (2017), the personal background and
experience can play a hindrance role as well as help in fostering the experience of the people.
The background of the entrepreneurs can be analysed by talking with the friends and family
while the experience can be derived from the motivation, financial background and other
traits.
Therefore, examples can be considered that can help in understanding the relevance
background and experience can have on the development of an entrepreneur. The examples
are from local, social and international entrepreneurs. The example of local entrepreneur
includes Rana Harvey a chemist that transformed into a proper and dominating entrepreneur.
The international entrepreneur includes Steve Jobs founder of Apple and the social

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entrepreneur example includes Mohammad Yunus, contributor of microfinance and social
capitalism.
The reason behind these three entrepreneurs being popular and successful can be
attributed to the hard work as well as the ability to take risks for the betterment of the work
that is done (Terjesen, Hessels and Li 2016).
M4 Analysing the link between entrepreneurial characteristics and the influence of
personal background and experience to specific successful entrepreneurs
One such example that can be provided in the case of Steve Jobs in which the
background of the entrepreneur can be considered to understand the success that the person
derived. Steve Jobs received ample support from his friend Steve Wozniak and according to
Nambisan (2017), such support can enhance the motivation and the ability to take risks in an
entrepreneur.
This can help in fostering the entrepreneurship and set up objectives for the
organisation. At the same time, gaining financial support can influence the ability to take
risks, which is essential for start up companies. The influence of these factors can be
considered as fostering influence for Apple. The other example can be of Rana Harvey and
the ability to take risks has led to consequences related to financial risks at the organisation.
The personal background of being a female entrepreneur can be considered as a factor
that triggers the development of risk taking ability among the person and thus, lead to
decisions that can be considered as consequential for the organisations.

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D4 Critically evaluating how background and experience influences entrepreneurs,
both positively as well as negatively, by comparing and contrasting examples
The background and experience of an entrepreneur can affect the entrepreneurship in
both positive and negative ways. In the examples that has been stated of Rana Harvey and
Steve Jobs it is seen that motivation is a common factor that is required for the set up of a
business so that dealing with different problems related to growth can be made.
The fact that efficient support is received from the peers and friends can be considered
as factors that affect motivation and help in the run of the business. As argued by Dees
(2017), various business exists that fail to gain long survival mainly due to the inefficient
team and lack of motivation to continue with the growth.
The experience of failure can have a severe negative effect on the mindset of the
entrepreneurships. According to Welter et al. (2017), strong financial background and
support is required for undertaking risks to set up a business.

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