Analysis of Entrepreneurial Projects and Small Business Management

This report provides a comprehensive analysis of entrepreneurship and small business management, covering various aspects of entrepreneurial ventures. It begins by exploring different types of entrepreneurial projects and their relationships to business typologies, including large corporations, small-scale businesses, scalable businesses, and social enterprises. The report then delves into the similarities and differences between these ventures, followed by an examination of the impact of micro and small businesses on the economy and their significance for social and economic growth. The report also addresses the characteristics and traits of successful entrepreneurs, as well as the entrepreneurial personality and its effect on motivation and mindset. Furthermore, the report explores the background and experiences that can foster or hinder entrepreneurship, providing a well-rounded perspective on the topic.

Entrepreneurship and Small
Business Management

Table of Contents
Introduction .....................................................................................................................................3
TASK 1............................................................................................................................................3
P1: Different type of entrepreneurial project and their relation with typology......................3
P2 Similarities and differences between various entrepreneurial ventures............................5
TASK 2............................................................................................................................................6
P3 Impact of micro and small business on economy.............................................................6
P4 Importance of small businesses and start ups to growth of social economy.....................7
TASK 3............................................................................................................................................9
P5 Characteristics and traits of successful entrepreneurs ...................................................9
P6 Entrepreneurial personality that do have an effect on entrepreneurial motivation as well as
mindset.................................................................................................................................10
TASK 4..........................................................................................................................................11
P7 Background and experience that can foster and hinder entrepreneurship.......................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

Introduction
Entrepreneur is a person who take initiative of nurturing an idea, developing it into a
concept and organize it into a business venture by taking benefit of prevailing market
opportunity and bearing loss caused by environment risks and uncertainties. In order to be
successful and sustain their business in long term an entrepreneur needs to determine and
organize a thorough research about all market aspects including needs and wants of consumers,
strategies of competitors, market trends and so on (Fatoki, 2014). Entrepreneurs play a key role
in any economy as their ventures a serves as a major source of employment generation to a large
percentage of population of a country.
Virgin Mobile is a private joint venture providing mobile phone service. It was founded
in 1999 with its headquarters in Swansea, Wales, UK. It services include mobile broadband
services, leasing network bandwidth and various other mobile and broadband services.
This project undertakes evaluate various entrepreneurial ventures in an appropriate frame
with valid comparative as well similarities analysis of different business typologies. Along with
this, it also discuss about characteristics , traits and skills of a person which is required to bear
risk and its probable loss and potential that is required to lead and compete in dynamic business
environment. Further it will discuss and analyse with aid of suitable data interpretation about
micro and small business which has made a great impacted on economy.
TASK 1
P1: Different type of entrepreneurial project and their relation with typology
An entrepreneur is a person who is taken as risk taker willing to put his financial and
career security on line to bring change in society by introducing new and innovative ideas to
anticipate present and future needs of consumers through business venture or a star up . To
successfully utilizing its limitedly available resources to get maximum returns an entrepreneur is
required to analysis various kinds of entrepreneurial ventures and evaluate and choose the most
appropriate type in light of project he is willing to initiate along with its requirements (Alegre,
Sengupta and Lapiedra, 2013).
 Large Corporations:- These ventures are having infinite life cycle and require huge
capital investment along with other resources. These ventures attain sustainability
through synthesizing new, innovative product and service development ideas variant

around their existing products. Large corporation are always subject to constant
competition and changes in market dynamics requiring business to constantly keep on
modifying its product and services as per changes consumers needs, preferences, market
trends and other macro environment factors to gain advantage over rivals and keep on
earning higher profits and productivity.
 Small scale business- UK has a immense sprout of small start ups who contributes
greatly to the overall employment of the nation Small scale business includes start up like
grocery stores, consultants, electricians etc. which requires limited resources, subject to
less risk and is owned and managed by a single owner (Camuffo, Gerli and Gubitta,
2012).
 Scalable Business :- Scalable venture is one which mainly concentrates on quality and
creative aspects of business rather than bulk production. These ventures are very
confident about their vision and business idea and seeks to attract investment from
investors who shares same visions and hire best most proficient employees . Social Entrepreneur:- These organization are established with the aim to improve
standard of living of people in the society by providing them with products and services
that solve their social needs and problems. They do not work with profit or wealth
creation motive and strives to make a world a better place to live. They are generally non
profit organizations but can also work for profit or hybrid.
Types of entrepreneurial typology: -
 Serial entrepreneur: These entrepreneurs are those who often com eup with new
ideas and take up challenges on repetitive basis so that they can create a different
objectives in the world. Once a particular venture is establishes and starts its
operations the serial entrepreneur delegates responsibility of running its
operations to some capable person and moves to some other more challenging
business venture . Virgin Group owner considered as best example of such type of
business topology as they already have established more than one brand in Virgin
 Social entrepreneur: Social entrepreneurs are the ones who works with a aim of
upraising standard of people by bringing up positive changes in society. There do
not commence a start up with profit motive and have a clear mission to support

society by providing goods and services required to fulfil their daily needs. Rolex
could be consider as NPO and owner of a company as social entrepreneur as
donates whole income profit. Female entrepreneur: Society has always remain partial in treating and providing
equal opportunity to women same as like men. Thus, there are many women in
society who has taken stand and proved that they have more ability than men.
These female are consider as female entrepreneur who posses potential to change
mind set of society by bringing change in social environment.
 Male entrepreneur: Under this, all operation and functions of the enterprise is
only handled and managed by only male entrepreneur. Main aim of such
entrepreneur is to achieve competitive advantage
P2 Similarities and differences between various entrepreneurial ventures
Difference between Large and small businesses
Basis Large Business Small Businesses
Resource requirements  Large scale business
organization consists
of more than 500
employees to carry out
their large scale
operations. Also there
investment in plant &
machinery doest not
exceeds
 Small scale business
are in general self
owned and thus require
maximum 50 people
due to limited areas of
operations.
Structure  Large scale business
due to having various
areas of operations
generally allied with
hierarchical structure.
The allows firm to
 Small scale
organisation on other
hand follows relatively
flat structure as it has
limited operations to
perform. It implies

easily carried out its
business operations by
delegating work among
its employees as per
their areas of expertise.
minimum levels
between employees and
management so that it
is easier
Risk taking and
uncertainty
 Large business are
subject to higher risk
as there is huge capital
and resource involved.
Also, they are subject
to high uncertainties as
any change in
external factors like
market trends,
government policies,
business competitors
strategies etc. majorly
impacts its production
process and profits
levels.
 Small scale business on
other hand are subject
to lower level of risks
as they have limited
money invested in
business operations.
Also as comapred to
large scale industry
risk from uncertainties
are low.
Similarities between Large and small scale businesses
Basis Large Business Small Businesses
Profit  The main motive
behind large scale
business is to earn
higher wealth creation
and maximum returns
 The major aim of these
firms is alos to earn
higher profits in oredfr
to attain sustainability
and growth

Social Motive  Large scale firm are
subject to undertake
several social benefit
programs like
donations, charity,
opening schools,
hospitals etc. in order
to adhere by CSR
policies that are
incorporated by
government on them to
be strictly followed.
Also they provide a
number of employment
opportunities to the
people.
 Small scale businesses
also helps in social
development of people
as they too provides
employment
opportunities and
various product and
services at affordable
prices for its citizens.
Difference between Public and Private businesses
Basis Public Company Private Company
Ownership  They are owned and
managed by
government
 They are self owned or
in partnership and
conduct their business
as per guidelines and
rules incorporated by
government.
Number of employees  They require minimum
2 members to start a
company
 These firms requires
minimum 7 for
commencing business
Restrictions  They can subscribe
shares and can raise
 They are not allowed to
raise funds through

funds through inviting
general public
public subscription are
are depended upon
raising funds through
loans, friends or
retained earnings.
Similarities between Public and Private businesses
Basis Public Company Private Company
Customer Oriented  They work with whole
sole motive of
providing customer
oriented services and
focus their efforts to
improve and ensure
that their resources are
utilized effectively so
that they provide
quality products at
affordable priocec
 They are highly
customer oriented
firms that produce
goods and services by
thoroughly analysing
customers demands and
needs.
Growth motive  Public company works
with higher growth
motive and thus keeps
on adopting latest
technology, refreshing
their policies nad
procedures according
to market dynamics to
attain growth and
development
 Private firms in order
to cope up with high
market competition and
to maintain their
market lead regularly
keep on conducting
resrch about change in
customers needs and
preferences an other
market environment

cahnges so that they
can remain ahead and
attain higher growth
and profits.
Difference between Female and male businesses
Female Entrepreneur similarities with business Male Entrepreneur similarities with business
 In female enterprise all activities and
functions are single handedly managed
by a female entrepreneur
 Female entrepreneur utilises feminism
management style where in they put
less focus on men dominating society
and instead strives create a differ
image.
 Main motive of female enterprise is to
gain maximum ROI
 In these business enterprise all the
activities and functions are controlled ,
managed and operated by male
entrepreneur
 Male entrepreneur follow creative
management styles where in they
define strategies more properly
 Main objective behind these
entrepreneur is to attract large number
of customers.
Similarities between Female and male businesses
Female Entrepreneur similarities with business Male Entrepreneur similarities with business
 The overall objective of these enterprise
is to earn higher rate of ROI
 The criteria to get successfully in long
term lies in business ability to introduce
new and innovative ideas in reference to
upcoming changing trends in customers
The single objective or the end motto of male
entrepreneur business is also to generate
profits with maximum output.
In order to be market leader and sustain in
long run like female enterprise, the criteria
remains the same i.e. to introduce new and

needs and wants. motivating innovation.
TASK 2
P3 Impact of micro and small business on economy
In the United Kingdom, there are majorly three types of business including small, micro
and large that plays vital role in the growth and development of economy. There are various
factors that impact in the working of these enterprises. For instance , due to Brexit effect, the
operations and profitability ratio of SME's is adversely impacted. Thus, it is important in order to
encourage the activities and functions of SME's in country. All three business organisation are
explained as below:
Micro: Micro enterprise consist of less than 10 number of employees and investment in
machinery and plan is does not exceed 2500000. The approx revenue generated by these
enterprise is approx £ 2 million.
Small: Under this business, the investment in business and associated resources does not
go higher than 20,00000. Number of workers required to handle the operations is less than 50.
These firm generates annual turnover under the £ 6.6 million (Fretschner and Weber, 2013).
Medium: Medium scale business employees less than 250 employees and its turnover
does not exceed £ 25.9 million. The main objective behind these enterprise is to achieve long
term goals and objectives in specific time period.
Impact of economy on SME's
Local effect: The main objectives of SME's is to deliver high quality of various
products ad services at affordable price which helps in raising standard of living of different
people associated with firm. These enterprise strives to produce new and innovative products
which can satisfy the demand and aspirations of people living in society.

Regional effect: They put their effort in determining the needs and wants of different
market segments and then implement necessary modifications in its existing products an
services as per changes occurring in people's choice.
National impact: At national level these small business contributes in enhancing the
GDP of economy by proving as a major source of employment generation. The SME's provides
a no of job opportunities which aid to enhance the buying power of different people and thus
helps in increasing profitability of a firm. It also assist national economy by offering high ROI
to the investors thereby attracting large no of venture capitalists to invest in these enterprises.
P4 Importance of small businesses and start ups to growth of social economy
Independent venture are characterized as an organization with less than 250
representatives. They for the most part centre around advancement in their item, process and
more extensive development. They help in making UK more aggressive and alluring to guests
and speculators. They give their quality items to towns and urban areas while assuming a critical
part in serving the groups on which they are depended. They additionally help in expanding
rivalry in neighbourhood advertise too. Keeping in mind the end goal to balance out monetary
recuperation and increment rivalry of UK, it is required to offer help to private companies. There
are expansive number of independent venture undertakings working in United Kingdom which
encourages in contributing more to the and socio and monetary development. The advancement
of economy must be conceivable through improvement and extension of business exercises
(Loscocco and Bird, 2012).
The little shagginess and new businesses primarily centre around the improvement of
nearby individuals by making and giving work chances to them which causes them in upgrading
and enhancing way of life of individuals. The higher standard living of individuals speaks to
higher financial development of nation. Along these lines to keep up economy of nation the little
and new company should need to execute activities for the welfare of the general population and
financial specialists. On the off chance that the extensive number of financial specialists are
pulled in to put resources into little and new company then it specifically had a constructive
outcome on the economy of nation (Arasti, Falavarjani and Imanipour, 2012). They additionally
assumes a vital part in supporting business task of bigger ventures through helping them in type
of giving consultancy benefits and give imperative assets and finishing business capacities which

causes them to work huge activity in more viable and productive way. New start up big business
right off the bat centre around recognizing the necessities and request of the clients through
making exploration and after that in like manner figure an arrangement to deliver items and
administrations keeping in mind the end goal to fulfilling their requirements and requirements.
Generally clients inclines toward those organization's items who give standard nature of
items and administrations with sensible value so independent venture and new start up need to
centre around these primary components keeping in mind the end goal to draw in huge number
of individuals. They should need to offer items and administrations at a reasonable value which
helps in both contending with their adversary's items and in addition helps in picking up clients.
Recently new company requires colossal measure of representatives and speculation along these
lines they need to welcome gifted individuals to come and work in their undertaking which helps
in the both of the execution of specialist and in addition organization (Brammer, Hoejmose and
Marchant, 2012). They likewise need to welcome financial specialists to put their cash which
consequently they give most extreme salary. Subsequently making business openings keeping in
mind the end goal to destroy destitution and pulling in speculators which helps in creating socio
economy of nation. They additionally need to centre around adding highlights to their items
which improves their item than their organization's item. Accordingly independent company
endeavour contribute greatest to the development of economy of the nation and considered as
spine of the economy.
TASK 3
P5 Characteristics and traits of successful entrepreneurs
Characteristics and qualities are the significant highlights in an individual life that
separate them from others. In the event that a business person has basic trademark and attributes
then they can wind up effective in their life Richard Branson and Mark Zuckerberg, both are the
main faces who begins their business as a business visionary. Beneath specified are the sure
significant qualities and trademark which must required in an individual, for example, Risk Taker: It is a standout amongst the most important trademark which must have in a
business visionary. The individual ought to have the capacity to go for broke and does not
fear with showcase challenges (Gronum, Verreynne and Kastelle, 2012). Hazard taking
abilities encourages individuals to accomplish their profession objectives and goals in an
inescapable way.

 Punctuality: The individual ought to be extremely prompt and ready to finish all
exercises in a legitimate time plan. It is fundamental trademark for effective individuals
in order to win wonder and accomplishment throughout everyday life. Alongside this,
dependability acquires its trail productivity and causes individuals to finish their
undertakings viably (Wales, Gupta and Mousa, 2013). Motivation:Business people need to self energized, it likewise have other to be propelled.
It implies business people have enough capacity to impact others. Adjacent to this,
uprightness encourages individuals to comprehend others and adherence to solid morals. Creative: Creative people are consistently thinking of new ideas or thoughts. It is a
ceaseless procedure which helps business visionaries to produce something new for
society and increase high market development and achievement. Aside from this,
business people are skilled to direct a statistical surveying, purchasers response and
create business procedures in like manner.
 Effective communication skills: The leaders must posses certain effective
communication skills that will enable them to represent themselves as well as their team
in an effective as well as efficient manner. This will allow them to gain more public
attention in a more effective way (Galindo and Méndez-Picazo, 2013).
P6 Entrepreneurial personality that do have an effect on entrepreneurial motivation as well as
mindset
For exchanging workforce, HRM chiefly centre around select OCEAN viewpoints. It is
an extremely fundamental and compelling techniques for the person keeping in mind the end
goal to recognize its all undertakings which are relegated productively. Around here substance
give all undertakings and errands to the workers as indicated by its fundamental information and
aptitudes. It will enhance individual practices and additionally boost proficient advancement.
Under this factor comprises extroversion, transparency, pleasantness, scruples and neuroticism
and so on with the assistance of such approach they can expand their inspiration level. Openness: In this, Richard Branson and Mark Zuckerberg have to do with inventiveness,
acumen and culture and so on. Because of this, they would appreciation be able to for
feeling, craftsmanship, irregular thoughts, enterprise, distinctive assortment of experience
and interest and so on. Every one of these perspectives essentially impacts the
representative mentality and their outlook in adequately or effectively. In this they have

new things to appreciate all work and capacities in a basic way. It will make the more
sound and agreeable environments that will bolster with respect to pick up want
objectives (Ruskovaara and Pihkala, 2013). Conscientiousness: With the assistance of this perspectives, they can accomplish a
propensity keeping in mind the end goal to demonstrate claim judgements, act duty and
intention in accomplishing wanted targets and objectives in a deliberate manner. It is
known as engaged and vital factor on the grounds that in this, they have caution or
dynamic personality. It is additionally help and support to snatch all open doors and
additionally make better condition. Extroversion: Thusly, an individual estimate all arranging keeping in mind the end goal
to increase better results in forthcoming circumstances. In this chatty and also emphatic
are fundamental and compelling components which can ruin the business visionary
identity and their attitude. Agreeableness: In this, individual can produce solid and benevolent condition to the
representatives and workforce. Such sort of things change the business person mentality
in regards to propelling new business in certain period. In this individual outlook can be
affected from kind, loving and thoughtful and so on. Neuroticism: These factor otherwise called tender and also passionate security that gives
the two business people access their life. Because of this, they can hold solid association
with their representatives. it will in light of individual temperament and tense that
consequences for its mentality about begin up's (Noguera, Alvarez and Urbano, 2013).
Personality Traits of Richard Branson
The personality of Richard Branson is quite unique, this is because he is one of those
individuals who has consistently focused in listening to their own voice, regardless of the facts
what other are saying, he does not get demotivated from criticism and rather take it positively to
enhance the overall performance. He is having a positive mindset towards his life and and is
always ready to grab the opportunities in an effective way. Some of his main traits include: Innovative: He is innovative by his nature and believes in reinventing the task that takes
to his hands. He is willing to take risk but believes in innovating at every cost, no matter
how things will turn out, but he believes that the same will turn out positively.

 Reading: Richard Branson reads a lot, no matter how much busy he is, he do spare time
to read which allows him to get a better understand the business environment in which he
operates and at the same time effectively manage his business. Down to earth: He is a down to earth person, and does not believes in getting arrogant
for his achievements over period of time.
Entrepreneurial Mindset of Richard Branson
Richard Branson is one of the most successful CEO's that United Kingdom has produced.
He has certain extraordinary abilities which allows him to become so successful in his career.
The typical characteristics of his mindset can be discussed as follows: Inquisitive: From the very beginning, Richard Branson has remain curious towards the
environment in which he lives and thus he believes in observing the same and make
necessary changes within it, which makes him a bit different then other entrepreneurs. Opportunity Seeker: He is true hunter of opportunities in the environment. He
consistently look for right kind of opportunities that prevails in the business environment
and grabs it as soon as he can. For example, He decided to enter into Airlines business in
a time when the industry was facing margin pressure and no one was interested in
investing the same.
 Risk taker: His mind allows him to take risk, which is quite special for an individual. He
is able to put more efforts in bringing his company on track by taking risks that an
average entrepreneur would hesitate to take.
Motivating Factors
Richard Branson is an individual who has achieved a lot, starting from scratch. He did
not belonged to a family of rich businessman and thus has to make his fortune by his own, which
reflects his determination towards his work. He is also very focused, towards his goals which
allows him to effectively manage its business and make long term plans. He has that curiosity
level to find a solution to even hardest of problems as well as challenges, which makes it easy for
them to effectively manage his venture over period of time.

TASK 4
P7 Background and experience that can foster and hinder entrepreneurship
Identity of the Richard Branson and Mark Zuckerberg that can affect its attitude and also
inspiration either negative and positive. Specialist travel is never simple in light of the fact that in
this they confront different sort of issues and troubles amid their adventure. In this they
principally energized and advanced from specific viewpoints in a fundamental and efficient way.
Hence, the two people foundation are unique in relation to their instruction division so it will
impede their working procedure. There are sure number of viewpoints that profoundly impact
business experience and background. In this they assume fundamental part and duties so as to
making business progress and advancement viably. The two business people have constructive
and past involvement in regard to persuade their specialists with respect to future exercises of
association. This yield is compelling outcome that encourage enterprise travel.
The background from which an entrepreneur comes from do have a considerable impact
the traits of entrepreneurship. If an individual would be having a background which belongs to
business then the individual will not face much difficulties in running or managing a new
business, the work will be done with ease because of the fact that experience of running a
business is inherited by the individual and the same can be applied by him for accomplishing his
entrepreneurial goals and objectives in an effective as well as efficient manner (Cruz and
Nordqvist, 2012).
Along these lines, Richard Branson and Mark Zuckerberg need to learn different things
from their identities. Because of this, they can prepared to confront all issues in a compelling and
proficient way in their own particular life. In this they altogether accentuation on want objective
and target which really need to accomplish. Aside from this,they can begin all working step by
step with especially devotion and responsibility with no thing which can keep in their psyche. It
is known as primary compelling explanation for both business person achievement and
improvement. In this, they are perused more books and stories so as to get advanced and
propelled (Hall and Wagner, 2012).
Background, experience and characteristics which helped in succeeding Mohammed Yunus
Mohammed Yunus was belonged to a Lower middle class family, which was quite
conservative in nature and thus it was not possible for him to have the mindset of
entrepreneurship since his childhood, this mindset has been developed later on in his life. He

used to be a boy scout in his School and college days, which allowed him to travel in various
destinations of Pakistan and India. He realised that the level of Poverty was quite huge in these
countries later on one he completed his study. He decided to do something for these needy
people and he went on to open a business venture that will help poor people in getting micro
credit at no collateral or formalities. These were micro credit that were offered through Grameen
Bank to people at a nominal rate with no collateral and extra cost. The experience that he has
gained in his career has allowed him to think differently and make a difference by opening up
new venture like Grameen Bank in an effective way, this has made a difference in the life of
individuals. Thus to conclude, It can be said that background do matter and it affects the growth
of an individual, but if a person is determined to accomplish something in life, Background and
situations does not matter much.
CONCLUSION
Thus, from the above discussion it can be said that for the purpose of starting up a new
business or a venture there is a need for certain traits and skills which an individual must posses
in order to make the overall business venture successful. Small business plays a very crucial role
in the overall growth as well as development of an economy. It plays an important role in
developing the economy and providing employment to thousands of people which is also a
positive from the point of view of economy as well as society. The ultimate need is to make sure
that right kind of policies as well as procedures are being implemented from the side of
government that will allow them to grow their business and there will be least possible
hindrances for the purpose of growth and development.

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