Exploration of Entrepreneurial Ventures: Unit 9 Business Management

This report provides a comprehensive overview of entrepreneurship and small business management, emphasizing the importance of innovation for long-term market survival. It classifies various types of entrepreneurial ventures, distinguishing their similarities and differences, and assesses their economic impact, particularly the role of micro and small businesses. The report highlights the skills and traits necessary for successful entrepreneurs, explores the influence of entrepreneurial personality on motivation and mindset, and examines the impact of background and experience on entrepreneurial endeavors. It concludes that entrepreneurship requires continuous innovation and adaptation to thrive in the market.

9 – Entrepreneurship and Small
Business Management

Contents
Contents.......................................................................................................................................................................................................2
INTRODUCTION.......................................................................................................................................................................................3
LO1 AND LO2............................................................................................................................................................................................3
Brochure..................................................................................................................................................................................................3
LO3 and LO4...............................................................................................................................................................................................6
PowerPoint Presentation..........................................................................................................................................................................6
CONCLUSION..........................................................................................................................................................................................12
REFERENCES..........................................................................................................................................................................................13

INTRODUCTION
Entrepreneurship is referred to the crucial part of every business. It can be known that every large organisation once starts with
a small business which is formed with the efforts of entrepreneur. The economy can be referred as volatile in nature with requirement
of ample knowledge and skills that are required in order to establish a new business and identify difference between prosperity and
poverty. Entrepreneurial skills are in demand in the organization as these skills are quite necessary in order to persuade survival of the
organization. The main difference between an entrepreneurship and small business is the level of innovation in the business (Abdullah,
2020).
LO1 AND LO2
Brochure

TASK 1
P1 Elaborate various types of entrepreneurial ventures and their relation with the typology
of entrepreneurship.
The various types of ventures are discussed below-
small business entrepreneurship- The small business start-ups are owned and run by
the owner of the business who is also called as a proprietor. The number of
employees and workers is quite low or minimal in a small business. The aim of
these businesses are to contact more clients on a day to day basis whereas it can
be stated that the revenue generated by these organization is quite low. The focus
of these businesses is upon developing products and services. These can usually
be operated by friends or family members. There are various small businesses
that provide innovative products and services in order to experience growth in
the market (Alsafadi and et.al., 2020).
Scalable start up entrepreneurship- The scalable business start ups are established
with the primary motive of launching innovative products in the market. The
scalable entrepreneurs believe that they can change the world with their concepts
and ideas in their innovative business. These types of venture mainly focus upon
the gathering financial investment from the venture capitalists. In order to set up
a scalable start up the businesses look upon hiring people with bright mindsets.
Large company entrepreneurship- The large companies have a pre determined life
cycle. The big organizations keep a long term focus upon having a sustainable on
long term businesses. The focus can be accomplished with the help of launching
new products and services in the market. It is difficult for the organizations to
bring innovations in a long term business. The big organizations need to tackle
with demands of the individuals as per the trends in the market.
Social entrepreneurship- The social entrepreneurship is base upon solving of various
problems in aspect of social scenarios while delivering the products and services.
The focus of the organization is upon providing a better place and scenario for
people. The social organization can operate with the profit earning motive a well
as non-profit earning along with hybrid (Baker, Kumar and Pandey, 2021).
P2 Identify various similarities and differences between the types of entrepreneurial
ventures.
The differences between various types of entrepreneurial ventures is discussed below-
Basis Small business
entrepreneurship
Scalable start up Large business
entrepreneurship
Social entrepreneurship
Aims
and
objectiv
es
The aims and objectives
of the business are not
well structured while
these aim to achieve
lower profits and quite
low growth in comparison
to other businesses.
The aim of scalable
entrepreneurship is to
continuously launch and
focus upon the innovative
products of the
organization in order to
bring change in the
surroundings while
achieving higher profits.
The aim of large
entrepreneurship
organization is to
survive in the market
by developing various
new products that meet
the individual demands
(Bruce, Gurley-Calvez
and Norwood, 2020).
The objectives of social
entrepreneurship organization
is to develop a better place for
the people in the acquaintance
by providing better quality
products and services to them.
Risk
bearing
The risks associated with
the small businesses is
quite low but the level of
competition is quite high
among the similar
structured organization.
The risk associated with
scalable entrepreneurship
business is high. The
reason behind high risks
is that it involves huge
amount of financial
investments. These
organizations have a huge
pressure to incur high
returns for investors and
this is possible by
increasing sales of the
organization.
The risk associated is
medium as the large
organizations tend to
have increased sales
due to their brand
name and value.
The risk associated with the
social entrepreneurship is
quite low as these businesses
are often supported by various
governemnt schemes and also
have support of public
because of their vision
(Mosbah and et.al., 2020).
Numbe
r of
employ
ees
The number of employees
in a small business does
not exceed 50.
The number of employees
in a scalable
entrepreneurship business
depends upon size and
structure of the business
unit.
The number of
employees can exceed
1000.
The number of employees in a
social entrepreneurship
business depends upon the
size of the business.
Structur
e of the
busines
s
The small business
entrepreneurship is
usually performed under
sole proprietorship or
partnership. Also the
small business
entrepreneurship
businesses do not have a
proper business structure.
The scalable businesses
are mainly comprised of
huge corporates and
limited partnership
organization (Portovaras
and et.al., 2020).
The organizational
structure of a large
businesses is quite
complex whereas it can
be established in form
of public limited
company as well as
private limited
company.
The social entrepreneurship
businesses are mainly owner
and operated by a trustee.

The similarities among the various types of entrepreneurship are discussed below-
 Risk factor- The main similarity among the various sorts of entrepreneurship
that have been discussed above is that these posses risks. The amount of risk
might vary as per the types of entrepreneurship and the type of business they
operate but more or less, risk is associated in all the entrepreneurial businesses
(de Gortari and Santos 2020).
 Economic activity- All the entrepreneurial businesses perform an economic
activity that means they are associated with the selling of goods and services in
the market.
 Innovation and creativity- The innovation and creativity are a preliminary in an
entrepreneurial business. The entrepreneurial businesses are mostly established
by adding some creativity in order to attract the customers and build a different
image in the market.
TASK 2
P3 Provide interpretation and assessment of relevant data and statistics in order to
illustrate the impact of micro and small business upon the economy.
It can be notable considered that small and micro businesses of every sector in
the economy have a notable contribution towards the growth of the economy. It has been
found that the number of micro and small scale industries have consistently been on rise
in the last few years. Hence they are capable of incurring high revenues through the sale
of their products and services (Elo and Ndikumana, 2021).
It has been found that there are over 4.5 million small medium industries
established in the United Kingdom. The small businesses of UK comprises of
approximately 99% of total businesses operating in the country. Hence it is noted that
small businesses play a major role and contribution in the GDP contribution of UK. As a
part of these businesses, approximately 96% comprise of micro businesses which have
hired a work force of less than 10 employees and facilitate employment to 33% of the
totalworkforce.
The contribution of the micro industries has added up to 22% of total turnover. The small-scale
businesses as well as micro businesses can be grouped together as an innovator or non
innovator, exporter and non exporter. These have a contribution towards providing access of the
foreign currencies in the United Kingdom (Jones, 2021).
P4 Identify the benefits of small business and start-ups in the growth of the social economy.
The small businesses and start ups have a huge contribution towards the growth of the
social economy. The benefits of small business and start ups are explained below-
 Perfect competition- The small businesses and start ups tend to develop a situation of
perfect competition in the market. The perfect competition in the market eliminates the
situation of capitalism wherein the capitals are held by only few individuals in the
organisation (Kansheba, 2020).
 Employment opportunities- The small businesses tend to facilitate job opportunities
in the region. The small businesses increase the level of employment in the economy.
The employment opportunities help in enhancing the economic growth of the region.
 Quicker delivery of goods- The small businesses help in providing quicker and fast
delivery of the products and services to customers in comparison to the large
businesses. The small businesses can be referred to the small vendors or the shops that
provide access of various products in order to meet with essential needs of the
customers.
 Provides a platform for selling goods and services- The small businesses are helpful
in selling various products and services of the large enterprises. The various large
businesses tend to manufacture and process goods that are sold to the small businesses
which further help in enhancing sales of the big businesses. The products are sold to
the small businesses by the big businesses at low costs so that both can be benefited
with it (Khaled, 2020).

LO3 and LO4
PowerPoint Presentation
TASK 3
P5 Identify the skills and traits required by a successful entrepreneur and explain how they are different from the business managers

In order to be successful in the career as a business entrepreneur, an individual needs to possess a few skills. Those skills will help the
entrepreneur in enhancing the growth of the business. Various procedures are required to be followed in order to establish a business.
In most of the cases,an entrepreneur is the sole authority who needs to tackle with various situations while establishing a business
(Mallett and Wapshott, 2020). The reason behind this is unavailability of required funds as the resources are scare in the initial stage
of business. The traits of a successful entrepreneur are discussed below-

P6 Elaborate the ways in which the entrepreneurial personality aspects reflect the motivation and mindset of an entrepreneur.

The tendency of an entrepreneur is helps in reflecting motivation and mindset are described below-
 Ability of learning from failures- The skill of learning from failure is very beneficial skills that enhances motivation in an
employee. The entrepreneur must not feel dishearten due to failure, rather come back and perform with more strength while
eliminating mistakes of the past.

 positive mental attitude- The entrepreneur must have an optimistic mindset. The positive mindset will help the entrepreneur
to always look upon the positive aspects of the situation (Shadibekova, 2020).
 Innovative mindset- The innovation and creativity are a preliminary stage in an entrepreneurial business. The entrepreneurial
businesses are mostly established by adding some creativity in order to attract the customers and build a different image in the
market. The innovative mindset will help in attracting customers and grabbing the opportunities.
 Persuading Communication skills- The skill of persuading communication skills allow the individual to motivate the
employees for doing a specific task. The persuading communication skills tend to motivate and guide the employees of the
organization.
TASK 4
P7 Explain the impact of background and experience upon entrepreneurship with the help of examples.

CONCLUSION
The conclusion that can be made from the study is that entrepreneurship and small business management require innovation in
order to survive for a long duration in the market. Every large organisation once starts with a small business which is formed with the
efforts of entrepreneur. The report comprises of various topics like classifying the types of entrepreneurial businesses. The report
distinguished between the various types of entrepreneurial ventures in the business and also highlights similarities between them. The
report consists of assessment of relevant data stating the impact upon the economy along with importance of small businesses on the
growth of social economy. The report also highlights the traits and skills of a successful entrepreneur and also studies the impact of
entrepreneurial personality and reflect motivation and mindset of entrepreneurship. The report also states various examples of how the
experience and background impacts the entrepreneurship.

REFERENCES
Books and Journals
Abdullah, N. M., 2020. Family entrepreneurship and banking support in Kuwait: conventional vs Islamic banks. Journal of Family
Business Management.
Alsafadi, Y. and et.al., 2020. The mediating impact of entrepreneurs among administrative entrepreneurship, imitative
entrepreneurship and acquisitive entrepreneurship on creativity. Management Science Letters. 10(15). pp.3571-3576.
Baker, H. K., Kumar, S. and Pandey, N., 2021. Thirty years of Small Business Economics: A bibliometric overview. Small Business
Economics. 56(1). pp.487-517.
Bruce, D., Gurley-Calvez, T. J. and Norwood, A., 2020. Taxes and entrepreneurship: A literature review and research
agenda. Foundations and Trends® in Entrepreneurship. 16(5). pp.393-443.
de Gortari, R. and Santos, M. J., 2020. Rural Entrepreneurship and Small Businesses in Mexico. In The History of Entrepreneurship in
Mexico. Emerald Publishing Limited.
Elo, M. and Ndikumana, D. E., 2021. Light entrepreneurship as a parallel staying strategy: Insights from Tanzanian medical
doctors. International Journal of Entrepreneurship and Small Business.
Jones, O., 2021. Academic engagement with small business and entrepreneurship: Towards a landscape of practice. Industry and
Higher Education, p.09504222211034453.
Kansheba, J. M. P., 2020. Small business and entrepreneurship in Africa: the nexus of entrepreneurial ecosystems and productive
entrepreneurship. Small Enterprise Research. 27(2). pp.110-124.
Khaled, M. C., 2020. Lacking entrepreneurship and small business thrust in business education in developing countries: case of
Bangladesh. Business Perspective Review. 2(1). pp.61-76.
Mallett, O. and Wapshott, R., 2020. A History of Enterprise Policy: Government, Small Business and Entrepreneurship. Routledge.
Mosbah, A. and et.al., 2020. The influence of length of stay on immigrant entrepreneurship. International Journal of Entrepreneurship
and Small Business. 40(3). pp.309-321.
Portovaras, T. and et.al., 2020. Management of small business entities. Independent Journal of Management & Production. 11(8).
pp.680-694.
Shadibekova, D., 2020. Shadibekova Dildor, Nosirova Na Prospective Development Analysis of Small Business and Entrepreneurship
of Uzbekistan. Архив научных исследований, (16).