Analysis of Entrepreneurial Ventures and Business Management

This report delves into the realm of entrepreneurship and small business management, exploring the core concepts of starting and running a business. It examines various types of entrepreneurial ventures, highlighting their differences and similarities, along with the key characteristics, traits, and skills essential for success. The report includes a brochure and PowerPoint presentation. The report further analyzes the OCEAN model and its relevance to entrepreneurship. The analysis includes the real-world example of Zubair and Mohsin Issa, detailing their background, experience, and successful ventures. Finally, the report concludes by emphasizing the significance of small businesses in the global economy and society, and the role of skills, characteristics and traits in their success.

Entrepreneurship and Small
Business Management

Contents
INTRODUCTION...........................................................................................................................3
LO1 and LO2...................................................................................................................................4
Brochure......................................................................................................................................4
LO3 and LO4...................................................................................................................................8
PowerPoint Presentation..............................................................................................................8
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship can be defined as a wish for starting a new business. In simple words it
can be defined as a process in which development and management of a business is it done by
taking various risk in corporate world for the purpose of earning profit. Taking the steps towards
new business idea is known as entrepreneurship. It is a most important part of a global economic
market. Various types of businesses of such as corporation’s partnerships or sole proprietorship
include a small number of employees and lets annual revenue comes under small businesses.
Such type of businesses can be identified on the basis of number of employees capital invested
annual revenue and many more. The purpose of making this report is to analyse the various types
of entrepreneurial Ventures and there typology of entrepreneurship. Along with this it also shows
the difference and similarities of various types of entrepreneurial Ventures and many other
concepts related to entrepreneur and entrepreneurship. This report also make understandable the
characteristics, traits and skills of a successful entrepreneur.

LO1 and LO2
Brochure

LO3 and LO4
PowerPoint Presentation
NOTES – Characteristics
Ability to network: Entrepreneur have to make various networks with various people so that they
can make good relationships with their suppliers and customers. When an entrepreneur or meet
with various people it leads to the availability of knowledge of market.
Adaptability: One of characteristic of business is that, it is ever changing. For the purpose of
surviving the successful business it is necessary for entrepreneur to adopt all the changes which
are applicable on business. The entrepreneur have to continuously performing the operations by
adapting all the situations.
Risk-taking: It is well known that profit can be earned only by taking risk. Hence the
entrepreneur must have confidence of taking risk as it is very risky to invest in a new business.

NOTES – Traits
Innovator: In the market of competition if any entrepreneurs want to be a successful
entrepreneurs it is necessary to do some innovation in their business organization and it is
possible only when the entrepreneur have innovative mind (Su, Y., Wu, N. and Zhou, X., 2019).
They have to produce products and services in order to complete the demand and need of
customer.
Market research: Before converting any new idea into business the entrepreneur must do market
research. It is necessary to know about all the external and internal factors which are going to
influence the organization. Along with this they have it to identify the market demand of their
product and services which is only possible by doing market research.
Confidence: The entrepreneur has to explain their products and services in front of others. Hence
it is necessary to have proper confidence in their voices so that people can listen their views by
showing interest.

NOTES – Skills
Communication: The skill which is very important for an entrepreneur is communication. As the
entrepreneur have to put their thoughts in front of public and it requires a proper communication.
Keeping an eye on competitors: It is necessary for entrepreneur to keep an eye on their
competitors so that they can beat the competition by using various new advanced Technologies
and making strategies in the organization.

NOTES – OCEAN model helps in identifying the big five personality traits which is
helpful in understanding the people and their behavior (Truong, Y. and Nagy, B.G., 2020).
Below mentioned is the explanation of a five aspect of this model:
Openness: In simple words, openness means creative mind. It is the first aspect of personality
model as it plays an important role in the success of an entrepreneur. If an entrepreneur want to
be successful entrepreneur or it is necessary to have creative mind.
Conscientiousness: It can be defined as a collection of activities which include controlling
regulating and directing the various operations in the organisation. It is necessary to have a high
conscientiousness as it shows the entrepreneur is reliable and responsible which leads to the
success of business.
Extraversion: It implies friendliness. High extraversion of entrepreneur implies that they are
interested in working and Hai outgoing. Extractive entrepreneur enjoys the society by taking part
in various activities. It is necessary for an entrepreneur to get involved in society but the level is
different from business-to-business.

Agreeableness: This aspect of personality model judge the entrepreneur on the basis of their
nature as they are friendly and helpful. Friendly nature of entrepreneur or help them in making
the good relation with society which helps in making positive reputation in the society (Xu, Z.
and Maas, G., 2019).
Neuroticism: It it is necessary for entrepreneur to make balanced and stable in every situation. A
successful entrepreneur should have a high emotional stability energy which influence the
business and personal life as well.
NOTES – Their experience and background are the important aspects which helps in getting
involvement in their work along with guiding their business towards the successful stopper
below mentioned are the experience and background of successful entrepreneur was Zubair and
Mohsin Issa:
Background of Issa Brothers
Zubair and Mohsin Issa are the two billionaires of Europe. Both brothers do the innovation of
Euro Garages. Their parents owned a petrol station in the UK after coming from Gujarat India.