Analysis of Entrepreneurship: Ventures, Impact, and Traits Report

This report offers a comprehensive analysis of entrepreneurship and small business management. It begins by examining different types of entrepreneurial ventures, including social enterprises, scalable ventures, and large company ventures, explaining their characteristics and relationships to entrepreneurship typologies. The report then delves into the impact of micro and small businesses on the economy at local, regional, and national levels, providing relevant data and statistics. It further explores the characteristics and traits of successful entrepreneurs, discussing the entrepreneurial personality, mindset, and motivations. Finally, the report considers how an entrepreneur's background and experience can either hinder or foster entrepreneurial endeavors, concluding with a summary of the key findings and references.

UNIT 9-
ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Examining the types of entrepreneurial ventures and explaining how they are related with the
typology of entrepreneurship......................................................................................................3
Similarities and differences between the entrepreneurial ventures.............................................5
TASK 2............................................................................................................................................7
Interpreting and assessing the relevant data & statistics fir illustrating how the micro & small
business impact the economy......................................................................................................7
TASK 3............................................................................................................................................8
Characteristic and traits of entrepreneur.....................................................................................8
Entrepreneurial personality reflecting the mind- set and motivation of entrepreneur..............10
TASK 4..........................................................................................................................................11
Background and experience of entrepreneur and its role in hindering or fostering
entrepreneurship........................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is referred to as a process of creating, designing and running of a new
business by taking all the risk by the entrepreneur only. Many people go for entrepreneurship
that is they open their own small scale business by investing in it and taking risk all by
themselves (Obschonka and Stuetzer, 2017). Thus, the present report will also discuss about eh
case study of Simon and Bobby Arora who are famous entrepreneur.
The current report will discuss about the different types of entrepreneurial venture which
can be started in relation with different typology of entrepreneurship. Further the difference and
similarities among these entrepreneurial venture will be discussed. In addition to this the impact
of small and micro business will be studied over the economy of country. Next the different
characteristics and traits of successful entrepreneurs will be outlined along personality of
entrepreneur reflecting their motivation. In the end the hindrance or fostering of entrepreneurship
by background and experience of entrepreneur will be discussed.
TASK 1
Examining the types of entrepreneurial ventures and explaining how they are related with the
typology of entrepreneurship.
Entrepreneurial Venture
Entrepreneurship refers to a business started by an individual having limited resources &
planning. Entrepreneur are responsible for all the risks and rewards associated with the products
associated with the business venture. Entrepreneurial ventures used to target higher returns with
equal level of uncertainty of business. Business entrepreneurs take the risk of starting new
business by investing the time and capital into the uncertain business venture. Marketing sales
and other activities are required to be conducted by the business enterprise. Some of the popular
examples of business ventures are BULB technology enabled energy supplier providing 100%
renewable electricity. Air-Sorted a hosting service helping the Airbnb in managing their
bookings.
Types of Entrepreneurial ventures
Social enterprises
Social entrepreneurship refers to the basic level of doing business for social cause. It
could also be referred as altruistic entrepreneurship. Social and commercial issues are combined

by social entrepreneurs in a manner that will be improving the life of people which are connected
with the cause. Profits is not the only objective and motive of these business entrepreneurs but
also the improvements they make to the society. Entrepreneurs are the people who have the idea
of doing business, starts the business and help in making money (Abosede, Obasan and Alese,
2016). Social entrepreneurs are the people pursuing novel applications having the potential of
solving issues and problems faced by community. The social entrepreneurs take the risk as well
as efforts for creating positive changes in the society by the initiatives. Main objective of
company is to serve public and society and not of earning profits only. Example of some social
enterprise are TOMS, Ben and Jerry's, Good Eggs, Uncommon goods, United by Blue etc.
Scalable Entrepreneurial venture
Scalable entrepreneurial ventures are referred as business model in which the company is
being formed on a unique idea of business. This includes everything ranging from the creating of
plan to the launching of new business. The scalable entrepreneurial venture starts with the vision
of bringing change to the world. Investments in such business comes from ventures and
employment of efficient employees. Scalable business is also defined as easy growth in the
business. Scalable business requires capital investments and the efficient employees for the
business. Every business is in requirement of capital for carrying out the business. Efficient
human employees are needed for carrying out the business. Examples of scalable entrepreneurial
ventures are Amazon, Facebook, Instagram and many more.
Large company entrepreneurial venture
Large company entrepreneurial ventures mean organisations that are having higher set of
the life cycles. In this venture there is high involvement of sustainable innovation for providing
new products in the markets (Chimucheka and Mandipaka, 2015). It refers to including
customization of the customer tastes and preferences along with dealing with the new
competitors. This in simple words refers to creation of the new business in the present
organisation. Main objective of large company is of boosting innovation and creativity in the
business. There is greater degree of freedom offered along with maintaining the degree of control
by business organisation. Large company entrepreneurs have high benefits for their success and
growth. The business is available with the required resources for carrying out the business. They
create better merchandise for the business and is also known as model used for organisational
restructuring. Examples are Microsoft, Google, Apple and Yahoo.

Small business entrepreneurial venture
Small business entrepreneurial ventures refer to individuals running their own small
businesses. The business hires employees from family or friends. These enterprises are least
profitable as they are concerned with meeting the essential necessities of life. They are not run
with the motive of earning profits and not for taking over other business ventures. These
businesses are not able to provide scale for attracting the venture capital in the business. Funds
are raised in such businesses by family or friends as the investments could not be attracted by
them. There are large number of the small business ventures in the country (Czarniewski, 2016).
Examples of the small business ventures are grocery stores, travel agents, plumbers, carpenters,
consultants, hairdressers, internet commerce store-fronts etc.
Similarities and differences between the entrepreneurial ventures
Differences between the entrepreneurial venture
Factors. Small
Entrepreneurial
Venture
Scalable
Entrepreneurial
Venture
Large company
Entrepreneurial
venture.
Social
Enterprise
Market entrance The business
enterprise could
be entered in the
market easily as
they are small in
size. They are
easy to establish.
Scalable business
finds challenges
in entering into
the new markets.
They are required
to have new idea
for entering into
the market.
Large
organisations face
strong
competition in the
market. They are
required to follow
proper structured
path for entering
and establishing
into the market
(Jabeen, Faisal
and Al Matroushi,
2019).
Social enterprise
does not find it
difficult to enter
into market as
they are
established for the
social welfare.
Raising funds Small
entrepreneurs
Scalable business
can raise funds
Large
entrepreneurial
Social enterprise
generally raises

raise funds from
relatives and
friends and as
they are not
having scalable
business.
from banks and
financial
institutions. They
have scale of
business for
raising the loans.
ventures raise
funds from public
deposits and issue
of securities.
They can raise
loans following
structured plan.
funds from
donations or
charity and also
from the
government
grants for social
welfare.
Investments Small ventures
have very low or
no investments
from outside.
These enterprise
receives
investment in the
form of
technology from
angel investors
but is not very
high.
Large ventures
receive
investments
depending on the
size and nature of
business. The
investments are
high in this
business.
Social enterprise
do receive
investments
depending on the
idea brought by
them that will
benefit
Examples Like grocery
store, salons, and
others
Like for example
Captify
Like for example
Barclays Bank
Like for example
National health
organization
Similarities between the entrepreneurial ventures
Factors. Small
Entrepreneurial
Venture
Scalable
Entrepreneurial
Venture
Large company
Entrepreneurial
venture.
Social Enterprise
Profit They earn profits
but are low
The profits earned
by the business can
go high on success.
These ventures
have high amount
of profits
depending on the
size of business.
They do not have
the motive of
earning profits but
earn reasonable
profits.
Ownership They business isBusiness idea ofThe owners run theThey are also run

run by the
individual on his
own.
one person is
worked on by the
enterprise.
business with a big
team of employees
(Kaya, 2015).
by entrepreneurs
and worked on by
employees.
Training and
development
They trains
themselves for
providing better
services.
They train
employees for
enhancing their
innovations.
They provide
continuous
trainings and
development
programmes for
new innovations.
They train
employees for
developing better
ideas for social
welfare
Example Grocery stores
also pay for the
extra work which
has been done by
their staff
members
They also
provide rewards
and incentives
according to the
creative aspects
of employees
They are also
engaged in
motivating
employees to
achieve their
goals and
objectives
They make sure
that health
outcome of users
are imporved.
TASK 2
Interpreting and assessing the relevant data & statistics fir illustrating how the micro & small
business impact the economy.
Local level: In each industry micro or small business, it captures high part and also contribute in
economy of country. Number of small and micro business are increasing considerably over the
time which are generating high revenues by providing different goods and services to customers.
In UK number of small and micro businesses are greater in different industries. Country is
having around 4.5 million of small and micro environment established in United Kingdom, that
is around 99% of businesses carried out in country (Morgan, 2016). Revenues generated by the
business highly contribute in GDP of country. According to the Federation of Small Businesses,
of the 5.4 million businesses nationwide, 99.9 percent are SMEs. They generate roughly half of
all private sector turnover and employ around 60 percent of the UK workforce. SME are also

being engaged in bringing out the most innovative and creative products and services. This has
assisted them in making economy rise.
Regional level: In these businesses around 96% are considered to be micro that employees
around 0-9 people. These business ventures provide 33% of the employment and 22% of the total
turnover. Country is having rising trend in the establishment of micro and small businesses. The
reason behind such rise is the economic and political environment of country. MEs are at the
same time very sensitive to changes in the economy, and more than 60% of them go bankrupt
during the first three years after establishment.
National level: The economy is growing with an enormous speed with the time. Estimates of the
economists provide that around 27 million of people are getting employment due to these small
and micro business ventures across UK. In the total work force of UK around 25.7% are
considered to be employees in the micro and small businesses. In comparison to the major
companies, these small and micro businesses are growing with much greater speed. This is due
to the new innovative ideas adopted by company for promoting the businesses. They are highly
contributing in the growth of economy.
Role of small and start up businesses in the social economy
The small and micro business ventures are bringing new innovations and creativity in the
process of business. Small business is becoming the centre of attraction for the investment
ventures analysing their ideas they provide them better guidance for growth and success and to
operate on much larger scale. Small businesses are highly indulging in the research for new ideas
and innovations.
Employment opportunities: They are helping the economy to grow with constant speed
(Naidu and Chand, 2017). Small and medium enterprises are been involved in providing
employment opportunities to local people who are living in that area. This is making the
economy to become stable and increase the purchasing powers of the residents. They are making
contributions in almost every part of the industry. This could be analysed that these micro and
small businesses are making considerable contributions in the economy of UK. Majority of the
companies being registered every week belong to these two forms of business enterprise. SME’s
are highly engaged in generating employment opportunities to large number of people. They
have been engaged in improvising the quality of life of people by providing them with jobs.

SMEs contribute up to 45% of total employment and 33% of GDP. They contribute to half of
employment and GDP.
Charity: It has also been analysed from research that many of SME are also been involved
in doing charitable activities. They are contributing huge amount of profit for the development of
society and community.
Environmental protection: It has also been analyzed that SME are been engaged in
creating sustainability. In this they make sure that resources are being utilised by theme
effectively. They tend to work towards lowering down of the wastage. This has assisted them in
keeping adequate resources for future generation.
TASK 3
Characteristic and traits of entrepreneur
The entrepreneurs are the person who are distinct form other people and managers. This
is majorly because of the reason that entrepreneurs are the person who takes all the risk on their
own and they run the business and makes it a profitable entity. Hence, for becoming successful
the entrepreneur need to have many different types of characteristics and traits. The different
characteristic and traits of Simon Arora and Bobby Arora are discussed in following points-
Vision- this is a characteristic which is referred to as the setting up of goals and vision for
the company and then directing the whole working in direction of attainment of the goals the
business. This is the most important characteristic to be inherited in the entrepreneur because if
they will not have any vision then they will not be able to work. This was present in Arora
brothers and because of this only they were able to create the successful business of B&M and
make it successful.
Motivation- this is also an important trait which need to be possessed by the entrepreneur
while running and operating the business (Steinbrink, Berger and Kuckertz, 2019). This is an
important skill because this is required in every phase of running the business. This is majorly
because of the reason that business exist in environment which is very dynamic and there are
many changes which may be good and may not be good. Hence, for acceptance of these changes
the most important thing is to motivate other people to accept the changes in the same manner as

required (Gustavsson and Ljungberg, 2018). Thus, this can be only possible is the entrepreneur
have good motivating skill. In case of B&M both Simon and Bobby has good motivating skills
as they have motivated the employees to a great extent and because of this only they are in the
list of top 100 entrepreneurs.
Leadership- this skill is defined as the art of leading and guiding and directing the
employees in the direction of growth and development and ultimately resulting in the attainment
of objectives of business. For business to be successful it is very crucial for the entrepreneurs to
be good leaders as they are the one who can direct the person in working in good direction. Thus,
both Arora brothers have good leadership skills and because of this only the company is
growing. For instance, the number of employees have increased from 84000 to 164000 and this
illustrates that the company leads its employees in good manner and because of this only the
number of employees have increased.
Communication- this is also an important skill and trait because without communicating
no work can be accomplished successfully. Hence, this is very necessary because of the fact that
communication is the only way through which the work can be accomplished within the
company.in case of Arora brother they have ability to clearly communicate with the employees
and this is the reason for the success of B&M and for creating so many jobs within the economy.
Difference between manager and entrepreneur
Characteristic, trait and skills Entrepreneur Manager
Vision The entrepreneur is a more
visionary as compared to
managers because
entrepreneur is the one who
operates the business and
outlines the way to attain the
objectives.
This is the person who is
responsible for developing
ways of accomplishing the
vision of the entrepreneur
(Korber and McNaughton,
2018).
Motivation This skill is more within the
entrepreneur as they have
initiated the business and they
need to motivate all the
employees so that they work
The manager is also
responsible for motivating the
employees to work in direction
of the attainment of group
goals.

in direction of group goal
attainment (Hmieleski and
Sheppard, 2019).
Leadership This is important to be
inherited in entrepreneur as
this is the person who is
responsible for leading the
business towards success.
The manager are responsible
for following the direction of
entrepreneur and they in turn
direct their subordinates.
Communication This needs to be inherited
among the employees as they
have to communicate all
business plans and policies to
their juniors and managers.
This need to be very effective
in manager as they have to
take guidance from
entrepreneurs and then in the
same manner has to explain it
to employees so that they can
carry on with the work.
In the end it can be said that both manager and entrepreneur are different form one
another but both of them require need each other’s help for the success of the venture. This is
majorly because of the reason that for the success of venture efforts and hard work of both
entrepreneur and manager is required.
Entrepreneurial personality reflecting the mind- set and motivation of entrepreneur
It is a fact that the personality of the entrepreneur depicts the mind- set and motivation
level of the entrepreneur. This is majorly because of the reason that if the entrepreneur is
motivated then they will become a good entrepreneur and otherwise not. Hence for
understanding the personality of the entrepreneurs that is Arora brother OCEAN model is being
applied as follows-
Openness- this personality trait refers to as the trait of personality which states that these
people like to learn new things and like to be open to all the changes taking place (Sutterley and
Velicogna, 2019). The entrepreneur of open personality is very innovative and adaptable to
changes. Both Simon and Bobby are very open as they have characteristics like creativity,
innovation, intellect, imagination, daringness, originality and many other traits of openness. For

instance if the entrepreneur are more open than they will be motivated to work in more effective
manner as this characteristic of being open will help them in working in more effective manner.
Like if imagination of entrepreneur is high and innovative then they will be more motivated to
work in effective manner.
Conscientiousness- these are the people having personality which is related to attaining
all the goals made and are high in being reliable and prompt in taking decision (Cohen, Kaspi-
Baruch and Katz, 2019). This is the tendency of person to control its impulse in socially
acceptable manner. The major characteristic of Arora brothers under this personality trait are like
consistency, reliability, energy, hard work, perseverance, resourcefulness and many other
different traits. The Simon is high in conscientiousness and this states that they will be more
successful. For instance if Arora brother were having harder- working skills than they will be
more motivated as with their hard work they will be able to attain all there desire and wish. Also,
if they will be more energetic than they will be more active and then this will motivate them as
well as others in working in effective manner.
Extraversion- this is a personality trait which illustrates the degree up to which the
person is social within the business environment. This is the level up to which a person can
interact with other people and the traits of these people are like outgoing nature, talkativeness,
friendliness, social confidence, energy, socialness and many other characteristics. Both Simon
and Bobby are high in extraversion as they are very good at interacting with others and because
of this reason the employees of B&M have increased from 84000 to 164000. For example, if
Simon and Bobby will be more confident than they will work in more organized manner and if
not then the working will be affected. Hence, this will divert their mind set towards the decrease
in motivation.
Agreeableness- this is a trait of personality which measures the degree up to which the
person is agreed with the facts of other person. These are the people who are very friendly and
compassionate and traits of these people are trust, kindness, politeness, loyalty, cheerfulness,
modesty, altruism, patience and many other traits. Both the brother that is Bobby and Simon are
high in agreeableness as they agree to other people if they like the idea of the other people. For
example, if both the brothers will be more patient than they can deal with any situation in
effective and efficient manner. Hence, this will develop the mind- set of entrepreneur in direction
of attaining the objectives of business.