Analysis of Entrepreneurial Ventures and Small Business Dynamics

This report provides an in-depth analysis of entrepreneurial ventures and small businesses. It explores various types of entrepreneurial ventures, including small business entrepreneurship, large-scale entrepreneurship, social entrepreneurship, and scalable entrepreneurship, highlighting their objectives and operational differences. The report examines the similarities and differences between these ventures, focusing on their structures, objectives, and risk factors. It also discusses the understanding of entrepreneurship in the public and corporate sectors, emphasizing its role in innovation, economic prosperity, and customer-oriented concepts. Furthermore, the report delves into the scope, development, and growth of entrepreneurial ventures, including direct innovation and self-employment. The impact of micro and small businesses on the economy is assessed, showcasing their contributions to job creation, GDP, and innovation. The report also touches upon the characteristics, traits, and skills of successful entrepreneurs, including entrepreneurial personality, motivation, and mindset. Finally, it explores the impact of background and experience on entrepreneurship, providing a comprehensive overview of the entrepreneurial landscape.

Entrepreneurship
and small business

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
P-1 Different types entrepreneurial ventures and their relationship.......................................1
P-2 Similarities between different entrepreneur ventures......................................................2
M-1 Understanding of entrepreneurship in public and corporate sector. ..............................3
D-1 Scope, development and growth of entrepreneurial ventures.........................................3
TASK 2............................................................................................................................................4
P3 Impact of micro and small business on economy.............................................................4
M2...........................................................................................................................................5
D2...........................................................................................................................................6
P4 Significance of small business and start-ups towards growth of Social economy............6
TASK 3............................................................................................................................................8
P5 Characteristics, traits and skills of successful entrepreneurs ...........................................8
M3...........................................................................................................................................9
D3 ..........................................................................................................................................9
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset....................9
TASK 4..........................................................................................................................................11
P7 Impact of background and experience on entrepreneurship............................................11
D4.........................................................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurs are mainly considered as an asset for society and country which are
cultivated, remunerated and motivated to a greater extent. These are considered as those
individuals who have generated new and innovative ideas as well as new various business
aspects through which they will be able to gain profits and recognition from society ( Fitzgerald
and et.al., 2015). Small business enterprise are those ventures which are established by private
individuals or entrepreneurs with an aim to maximize profits. In present context, there are
various types of entrepreneurial ventures have been analysed in this report which provides a clear
about difference in their objectives and ways to regulate business operations in economy. It also
provides a complete understanding about various innovative practices and ideas which are
applied two successful entrepreneurial personality. At last, major impact of back ground and
experience on personality of entrepreneurs has been discussed.
TASK1
P-1 Different types entrepreneurial ventures and their relationship.
An individual who start his own business with limited resources to earn profit. The following are
various types of business:-
 Small business entrepreneurship- A business in which only few employees working
and it does not have a large volume of sales. It is generally a privately owned or
individually owned business. Its revenue is dependent on industry(Dana, 2016). This type
of business is bounded by net profits, annual sales, asset value etc. They generally do not
dominate the industry in which they exist. Examples of small scale business are law
firms, construction contractors, dry cleaners, etc. For instance: the selected firm, Third
Way Group has started as small business group.
 Large scale entrepreneurship- A type of business having a more complex management
in which more employees working (Zimmerer, Scarborough and Wilson, 2015). It is
characterized by huge number of business contacts, clients, profits, sales, etc. Third Way
Group has expanded itself from small scale to large scale business.
 Social entrepreneurship- Individuals who wants to bring a change in society by
implementing their innovative ideas and changing lives of people. They are concerned
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with issues prevailing in the society and tackle problems. They become role model of
people by bringing changes to them. The success of business can a have a huge impact on
various sections of society as many people will also start thinking to enter in this industry.
 Scalable entrepreneurship- An individual who starts business by using the resources of
technology. It is generally a small business involving high amount of risk. Its revenue is
dependent on how people use and implement this type of business in their current living.
They have the power to attract many investors if their idea of doing business is unique
and good(Burns, 2014).
1-lifestyle venture- these ventures are set up primarily with the aim of maintaining a particular
level of income. These ventures are limited scalability and potential for growth because more
growth can destroy the lifestyle for which it has been set up.
 Public corporate- these are the corporates that has been set up by special act of
parliament. These corporations are statutory body set up to serve the public. They are
bonded by the power of government.
 Private corporate- these are the companies which are set up with private ownership.
They can have share but these shares do not trade on public exchange and are not issued
through IPO.
P-2 Similarities between different entrepreneur ventures.
Differences between small and large scale business.
Basis of difference Large scale Small scale
size Its generally big as business is
done on larger scale.
It is generally small as
business is done on small
scale.
Nature Employees working in this
may vary from 500-1000
Only few people are working
here 50-100.
Registration They have to register
themselves in companies law
of country.
They don't need any kind of
registration.
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Profits Their profits are generally very
high as they dominate in
industry
The profits are low as they
don't dominate in industry.
Basis Social scalable
Meaning It is done to improve the issues
in society.
It is to bring advancement in
society.
Risk No risk is involved in this High amount of risk is
involved .
Investors It does not need any investors
as it is started by group of
people.
It needs investors as high risk
is involved in this.
Similarities between small and large scale business.
Basis Small large
Structure Instructions is followed from
top to bottom.
The flow of rules and
regulations are from mangers
to employees top to bottom
Similarities between social and scalable scale business.
Basis Social Scalable
Objective Its aim is to bring change in
society by solving people their
issues.
Its main goal is to change the
lifestyle of people with the
help the latest technology.
Basis Public private
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Objective They are formed to serve the
public by special act of
parliament.
They are formed with the
objective of earning profit.
M-1 Understanding of entrepreneurship in public and corporate sector.
The entrepreneurship is corporate sector is generally believed to development of new
ideas and opportunists in leading to more innovation and high risk taking. It also provides
benefits of setting stage for leadership continuity (Sara Carter, and Jones-Evans, 2012). It is also
considered as means of organisational renewal. Examples of this include redefining business
concept, reorganisation and wide changes in innovation.
It helps in generating greater economic prosperity by transforming in into creating
activities to face uncertainty. It affects the transformation by increasing the effectiveness of
knowledge. Hence, there will be development of new technology and more innovation
throughout the country. They are more focused towards customer oriented concepts for effective
accountability.
D-1 Scope, development and growth of entrepreneurial ventures.
 Direct innovation- entrepreneur provides new ideas by testing it on small scale and
changing structure of market as resources are allocated in more productive areas (Gibb,
2016). This helps in producing a new product by a new process and it is delivered to
customers in new ways.
 Self employment- The jobs created by entrepreneurs are self employed and tend to be
less secure and lower paid but a higher level of job satisfaction is there.
TASK 2
P3 Impact of micro and small business on economy.
There are various small business ventures which operates at various parts of countries and
have their business operations linked with different people and enterprise. These ventures are
usually started by entrepreneurs at small scale with an aim earning profitability by making less
capital investment (Mitra, 2013). As per the market research, these business enterprises have
achieved a continuous by introducing continuous innovation in their products and services. In
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present context, analysis of Third ways group is done which is as small business enterprise has its
more than 10 branches in UK. The micro business enterprises are considered as those business
ventures which only has its business operations in domestic country (Storey, 2016). Thirdway is
corporate interior designers groups which also has business operations in UK and has an
objective of establishment of new business venture in London. Apart from this, these small
business ventures have there major contribution towards the growth and development of
economy as they have provided various employment opportunities to people.
The European Union Commission has considered that SMEs and entrepreneurship as key
of ensuring economic growth, innovation, job creation and social integration in European union.
SMEs are major part of economy as they represent 99% of all enterprises and provided
employment to around 50 Million in UK. Moreover, they are also responsible for generating $11
billion in receipts a year which is 40% of overall business receipt in UK (Mitra, 2013).
According to department of business, these small business ventures have provided 15.6 million
jobs which is considered as 60% of overall private sector and it has also been predicated that it
will extra 250000 new jobs up to 2020. Along with this, it will also generate combined annual
turnover of around £1.8 trillion that is 47% of annual turnover which is provided by private
sector to UK (Donner and Escobari, 2010). Adding to this, 45% of small business ventures have
a plan to grow in next 12 months. It is also identified that 18% of overall SMEs are established
by Women which is also considered as growth of economy. These enterprises have provided
major contribution of 10% towards GDP of UK by generating various ways of self employment.
Thus, this major contribution has provided a positive impact on economy and also increased
growth rate and development.
Apart from this, there are mainly three types micro and small business ventures which are
described above:
 Sole proprietors: Those business ventures which is introduced by an individual or
entrepreneur by generating own innovative ideas and making investments at personal risk
(Soltanifar, 2016). In this, all business operations are totally controlled by entrepreneur
and also employees various other employees in regulation of business operations.
 Private business enterprise: These business enterprise are considered as major part of
economy of UK as they provide major contribution towards GDP of country. These are
considered as micro business enterprises that operates with aim to maximize profitability.
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In this, Third way group is also considered as private sector organization which regulates
its business operation with an aim of maximizing profitability. Presently these private
sector enterprises are responsible for providing annual turnover of around £15 million to
the country's national income through expansion of there business operations like
hospitality, travel and tourism and information technology etc.
 Partnership firms: Those business enterprises which are established by group of
individuals, entrepreneurs or organisations by making a share of investments in the
business operations. The main objectives of these individuals in these enterprises is to
achieve return on investments by raising the profitability of enterprise. In UK, presently
there are 1.2 million partnership ventures are in existence.
Moreover, it can be said that these business enterprises have provided a positive impact on
economy by rapidly increasing there contribution towards growth of economy.
M2
Basically there are two main type of venture like Small and large which operates in
economy and have their major contribution towards growth and development. These business
enterprise have their own importance as they operate their business operations at different scale.
Their business differs in many ways, that involves size (Salami, 2011). Small and micro business
quickly adopt changes and more likely to explore new ideas whereas large firms are well
positioned to buy and sell large quantities, make their investment in research and development
and influence the policy (Minniti and Lévesque, 2010). As compared to Small, large scale have
provided major contribution to growth as they maximize more profits and provide employment to
more 250 employees in a year. But in collective form, share of SME is expanding continuously
and provided major contribution towards GDP of country. Thus, it can be said that small ventures
are considered as efficient as they adopt changes continuously as compared large scale
enterprise.
D2
From the research, it is also identified that SME have their major influence on different
levels of economy like local regional and international as they have provided various
employment opportunities for people (Hasan and Tucci, 2010). Through introduction of
innovative ideas and start-ups concepts they have given various chance to people to gain profits
by making investments in business operations. SME as local level has given have their impact as
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they encourage people to develop their business and accomplish their needs. SME at regional
level are considered contributors to economy as they continuously increase there operations and
focus on development of particular region in which they operate. SME at international level are
those which also their business operations in other countries. This major contribution have
provided positive impact on country's GDP and provided continuous rise in economic
development of country.
P4 Significance of small business and start-ups towards growth of Social economy.
From the above analysis, it is analysed that Small business enterprise are those which
operated their business operations at local, regional and international level. It has also provided
creates various opportunities for people as well as entrepreneurs to achieve more profitability by
making less investment on business activities. Further, Star-ups are also considered as those
business ventures which are established with a unique and innovative ideas to achieve
recognition and profitability in market (Huggins and Thompson, 2015). According to business
administration of UK, start-ups are taking continuous heights within UK at small level with
unique business concepts and ideas to satisfy needs of people in country. When these start-ups
have achieved growth, they directly impacted growth of their cities as well. They have increased
employment opportunities for youth and also introduced new patterns of employment. Apart
from this. Start-ups have not only created new industries and came up with more revolutionary
technology overtime, but also developed a stream of millenaries in the city. These start-ups don't
have a huge investment but achieved a wide growth and involves many people from society.
Moreover, SMEs are also considered as backbone UK economy, driving growth, opening new
markets and creating jobs therefore their contribution is vital. As seedbeds for innovation, they
will raise competition and create fresh ideas that brings challenges for status of quo.
In addition to this, following points will describe major importance of small business
enterprises and start ups in development of social economy such as: Raising income and profits: By raising investment from people, these small business
ventures have achieved success in raising their profits through introduction of innovation
in their products and services (Szirmai, Naudé and Goedhuys, 2011). In this context,
Third way group has also achieved continuous success in their business operation as they
are introducing various innovations in their interiors designing of corporate office
structures. With effective research, they have developed new and innovative designs
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through which they become able to attract more clients and raise profitability. As
compared to previous year, they provided a revenue of 1.8 trillion which is 47% of
overall annual income from private sector. Share of business: From the effective research, SMEs and start-ups also posses vast
majority of compositional make up in economy. In 2015, there was a record of 5.4
million organization in private sector, which has been increased after 2000. Competitiveness: Small and micro business ventures assist to form UK more attractive
and to visitors and investors. They generally add variety to towns and cities and also
played role in serving the communities on which they are based (Soltanifar, 2016). They
not add values to regional areas but also raise competition in local markets. As
competition increases, there productivity in market will also increase whereas least
productive firms will not survive and most productive firms will expand, which will
result in boost of aggregate productivity.
 Employment: As mentioned above, Contribution of small business firms towards
employment is considered as maximum. Official statistics which are given by
government clarifies that total of 2.61 million jobs on average were created each year
between 1998 and 2010, with the existing small business firms with less than 50
employees contributing 34 percent of total which is equal to 870000 jobs. Start-ups which
usually employees less than 10 people have contributed a further of around 33% from
total of around (870000).
Thus, it can be said these enterprises have major importance in providing growth to people,
social and economic growth of UK.
TASK 3
P5 Characteristics, traits and skills of successful entrepreneurs
'Amazon Company' Jeff Bozos founder and CEO of the Company. He recently brief
overtook Microsoft 'Bill Gates' to become the world richest person. The Amazon today account
of everything sold item by online in U.S. For 43% (Szirmai, Naudé and Goedhuys, 2011). The
Amazon floated on the stock market in 1997. Bozos reprint the letter and he sent to the share
holder that year the company to focus on the long term and be the market leader.
Traits and Skills of Jeff. Bozos of a successful entrepreneur :
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He started form garage and they will turn into a widely recognised online portal for
shopping. The peek of success and the king of the internet has helped by the Amazon. He
develops a sound alarm to guard his room against annoying siblings to creating the largely
recognised e-retailing website. They doing a Knack for innovation and his innovative skills led to
the online portal to provide anything and everything of an individual hope. He believes in Regret
Minimization theory. The Entrepreneur is expected to take responsible and hardest decision for
the betterment and smooth running of his company as well its employees. The personality trait of
Bezos has completely a Risk taker. It is a transparent fact that a man with a family belongs and
secured a job not just quit everything to be an entrepreneur if he does not take a risk. He become
highly competitive man, he not just crave competition instead, he aims at eliminating and execute
it.
Flip-kart Company' 'Benny Bansal and Sachin Bansal' CEO and founder of the
Company. The company was launched in 2007, the Indian e-commerce industry was taking in
beginner steps, the company is registered in Singapore and headquarter in Bangalore. In 2015
Sachin and Binny Bansal has both acquire the 86th richest person of India according to the fobber
list. Flip kart launched in 2014, home appliances and personal health care item and the label
include a high range of grooming product and cooking utilities.
M3
For achievement of success, there are some characteristics of personality that have been
discussed and required in individual. It helps him to meet the objectives through application these
personalities and characteristic in professional life (Gill and Biger, 2012). Some important
characteristic of entrepreneurs are considered as effective learning, innovative thinking, problem
solving, adaptability and competencies to face challenges. There are also some traits have been
analysed such as confidence, motivated, conceptual understanding and skills etc.
D3
As per given scenario, there are some significant characteristics have been analysed
which are required in individuals that provides him motivation in this career (Burns, 2010). For
being a successful personality in professional career, an personnel needs to develop some
significant characteristic and traits by facing challenges and completion of various business
activities which leads to achievement of growth and recognition in the future. Moreover, the
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major justification behind successful of both entrepreneurs are their thinking, innovation,
invention, hard working and problem solving personality.
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.
The Entrepreneurial motivation plays an important role in psychological throughout the
Entrepreneurial process, the entrepreneurs can overcome the difficulties and pressure and
continue to bear a series of the uncertainty. Motivation is a very broad and very complex
psychological phenomenon (Onetti and et.al., 2012). In other words, throughout the
entrepreneurial process, entrepreneurial motivation and entrepreneurial intention was different
for psychological science but this study, both were an understood as an entrepreneurial
inspiration, idea and diving force. The entrepreneurship must be practice and to be learned. Its
experiential. They are putting some programs in place and now to add to an experiential
dimension to our entrepreneurship and innovation curriculum.
To reach out to Customer First, He focuses the tech sector where performance appraisal
his strongest, the customer has potential to seeking funding of a product or service. To find a new
market for an existing product and use networking to build your business according to your
requirements of the business. As a motivator, to keep control of your vision (Soltanifar, 2016).
They want to keep tight control of his company and the team of executive he already has in
place. To understand the power of brand, the sting of successful films created a whole new
market for science fiction and fantasy. In the present era to focus your energy on what's good for
your business. Every entrepreneur success is based in part of his focus. It also includes a refusal
to spend his time on anything that does not expand his entrepreneurial ventures. One of the most
important factor to always maintain the quality control.
 Openness: Most effective factor of traits that describes, to achieve success an individual
should consists of strong imagination power, develops own perception and works with
free mindset. It is also considered that person with this dimension or qualities have a
more interests and motivation towards the work. Bill Gates is most successful example
who possess this dimension and has a broad creative mindset which reflects from his
personality (Huggins and Thompson, 2015). Further, it can say be said that people having
this attribute are more focused towards handling new and critical challenges.
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 Extroversion: Analysis of this dimension has determined that individuals that possess
this personality are highly social and tends to become a centre of attraction for other
people. Entrepreneurs having these traits can be identified as they gain motivation by
interacting with colleagues and employees. They also achieve satisfaction and gain
energy by meeting more people and having positive communications.
Illustration 1: personality model.
(Source: 5 ways that start-ups are important to the UK economy, 2017)
 Agreeableness: It is also a significant dimension which reflects the personality of
entrepreneur like trustworthy, kind and motivated etc (5 ways that start-ups are important
to the UK economy, 2017). This factor has determined that to become a successful
entrepreneur an individual should have to develop these attributes in his personality.
TASK 4
P7 Impact of background and experience on entrepreneurship.
There is no coincidence that aspiring an entrepreneur are attached to the start-up
environment. Entrepreneurs should hire and aspiring the Entrepreneur are eager to gain
experience tend to see a new opportunity in the industry or the market where the other's don't. In
11

the Company everyone should give the company equity and motivate them to view a new
challenges and they need to believe that everyone and your company is your partner and treat
them that way (Păunescu, 2012). The employees feel like they are also partnered in the company
to share the ideas and thoughts to the seniors. Empower and encourage to employees with more
responsibilities and encourage them to make decision on their own. To encourage creativity
reward when they making a good decision and their mistake as a learning opportunities. In the
company if people are afraid to take risk, they we are not growing to grow as quickly or smartly
as possible. The environment should be Be-open to Micro- failures. The Company also give
incentive to the employees when the performance appraisal is good.
Consider the Employees a voice, they listening to their ideas and implementing them.
When the team members brings back information and ask them what do you think for their
recommendation (Soltanifar, 2016). To create a Start-up Culture, if you want to have an
entrepreneur, in your organization you need to foster an atmosphere of an entrepreneurship.
Entrepreneurs create and promote the culture, the entrepreneurial spirit with your employees will
be empowered. People who can self direct and get things done, even if it his not the way, we are
ideally to do it. Already we know that, the entrepreneur behavioural and determinants and
motivation are the sum of their life experience. Another things are that 'Human Capital' research
delves ever deeper into entrepreneur, demographic traits and specific characteristics. Team
network also play an important role in a company, every individual is trying to start a business or
start-up either involved other to help in some significant capacity or intend or to do so in the
future . (Approx 95%). Economic development, culture and technological development and
education has been influenced by the Entrepreneurship.
These factors are present expect to see a strong and consistent entrepreneurial growth. In
the Entrepreneurship the positive influence constitutive facilitative and conducive condition of
the emergence of entrepreneurship and the negative influenced create inhibiting milieu to the
emergence of entrepreneurship (Sujarwo, 2016). The Economic factors affect the
entrepreneurship growth by Capital, labour, raw materials, market and infrastructure etc. In the
Social factors affect the case factor, family background, education, attitude towards the society
and the culture value. In the physiological factors include, to need achievement, withdrawal of
status respect, in they are several researchers who have tried to understand the psychological
roots of the entrepreneurship.
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The Environment of Entrepreneurial success highlight the crucial environmental dimension of
Entrepreneurship Ecosystem. In the end, to improving the condition of entrepreneurship and
levelling the playing field goes beyond the effort to help to promise entrepreneur.
M4
In present scenario, there is major link between characteristic, influence of background
and experience of entrepreneurial personality and also its psychology to handle the problems in
professional life (Gill and Biger, 2012). These both are considered as important as the
characteristics of individuals has been developed by his experience and its family background as
well as life style. For example: One of major entrepreneurial personality, Steve jobs was from the
background of technology therefore he has developed some major characteristic of problem
solving, innovative thinking, researcher and hard working etc. It has developed a self interest in
him to achieve personal objectives. These major interrelationship will provide major supports in
achievement of goals and becoming successful entrepreneurial personality.
D4
As per the analysis, it is analysed that family background of individuals will provide
major impact on his behaviour and motivation in accomplishment of personal goals and
objectives. Its personality can also analyse from its way of communication, thinking and
behaviour towards other individuals. Moreover, background of individual is considered as
positive when it encourages him to work hard and achieve success in personal as well as
professional life. Apart from this, negative influence of background is considered on individuals
is recognised when its does not like to face challenges in personal and professional life.
CONCLUSION
In this report, it has been concluded the small business enterprise plays a essential role in
providing continuous growth and development to the economy of UK. There are many types of
entrepreneurial ventures are in existence within economy which owned individuals, firms and
achieved a continuous success in business operations. Other than this, analysis of Third way
group also provides an understanding that it is a small business venture in private sector which
has achieved a rapid growth by introducing innovative and creative design to create office
interior more attractive for their clients. There are various characteristics, traits and skills have
been discussed which required in an individual to achieve success in personal and professional.
13

In order to provide completed understanding, example of two successful entrepreneurs have been
given which states that individual needs to develop skills like problem solving, creative thinking,
leadership, innovation and effective conceptual knowledge so that it will be able to accomplish
its objectives. Further, it is also analysed that there is major important of small business and start-
ups as they are providing major contribution towards GDP of country. They have also provided
various growth and development to people in society by generating more employment
opportunities and increasing their standard of living.
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