Entrepreneurial Ventures: A Business Management Report

This report delves into the realm of entrepreneurship and small business management, examining various entrepreneurial ventures and their typologies. It explores the similarities and differences between these ventures, alongside the impact of micro and small businesses on the economy, emphasizing their crucial role in economic growth. The report further investigates the importance of small businesses and start-ups within the social economy, while also identifying the characteristic traits and skills of successful entrepreneurs, using Richard Branson as a case study. It also discusses how background and experience can both hinder and foster entrepreneurial endeavors. The report provides a detailed analysis of the entrepreneurial landscape, offering valuable insights into the dynamics of business creation and management.

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
1.1 Types of entrepreneur venture and their relation with typology...........................................1
1.2 Similarities and differences between entrepreneurial ventures.............................................2
Task 2...............................................................................................................................................2
2.1 Impact of micro and small business on the economy...........................................................2
2.2 Importance of small businesses and business start-ups in the growth of the social economy
.....................................................................................................................................................3
Task 3...............................................................................................................................................4
3.1 Characteristic traits and skills of successful entrepreneurs ..................................................4
3.2 Entrepreneurial personality of Richard Branson...................................................................6
Task 4...............................................................................................................................................7
4.1 Role of background and experience in hindering and fostering the entrepreneurship..........7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship is the process of setting up a new business in which each business is
started as a small organisation. It can be defined as “the desire to develop and manage the
business industry along with any risks to make benefits”. Virgin group is a multinational
corporation firm which is founded by Sir Richard Branson in the year 1970. The overall growth
of Virgin Group was estimated at £5–5.5 billion in the year 2014 (Burns, 2011). In this report,
the focus is to describe entrepreneurial ventures and their relationship with typology of
entrepreneurship. Secondly differences and similarities between entrepreneurial ventures are
determined. Further, impact of start ups and medium size organisation on the economy and the
importance of small business and start-ups to the growth of social economy are studied.
Moreover, the characteristics of successful entrepreneur and the study of how background and
experience hinder in entrepreneurship.
Task 1
1.1 Types of entrepreneur venture and their relation with typology
The entrepreneur works without taking any stress. Sir Richard Branson who was the
founder of Virgin group has started its organisation by finding the mail order record company
and after three years he succeed in selling the mail order records which led to the opening of a
record shop on Oxford Street in London. He became the most prominent figure after his
contribution in retail, music, transport and humanitarian work.
Peter Jones achieved his dream of becoming the owner of multi-million pound company
and now he is the chairman and CEO of several businesses (Burns, 2016). He is a British
businessman who specializes in selling mobile phones, television, computers and property.
Initially he started by setting up the computer business where he made the computers of his own
brand. After this, he started the cocktail bar in which he gets profit. But he has lost everything
after selling this cocktail bar. Next, he joined a British computer business of Siemens Nixford.
Then he founded his own telecom business and gained the profit of 14 million pounds which rose
to 44 million on the next year.
Michael Marks was the co-founder of British retail chain Marks and Spencer. Marks
opened his business in partnership who helped him in expanding his market profits (Carter and
Jones-Evans, 2012). Marks handle the business of market stalls and Spencer managed the office
and warehouse work. Both worked together and opened many stores in UK.
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The typology of Richard Branson is due to progress in entrepreneurial attitudes and
abilities. He has invented innovative risk proof ideas to develop his business. He also learned
lesson from his mistake and able to develop successful business. Peter Jones has started its
business by taking the inspiration from others and got success in becoming the millionaire in the
market. However, all businessman starts their business lonely but Marks and Spencer involved
the partners for exploring their business (Down, 2010).
1.2 Similarities and differences between entrepreneurial ventures
The similarities between the three ventures is that all of them started their businesses by
making the business and financial goals and objectives. They have begun their journey with
strong belief to get successful at any cost. The similarity between the three organisation is that
their primary concern was to give the best services to the customer rather than to earn profits for
their industries. Making money and profits is their second priority (Bennett, 2014.). Marks and
Spencer are social entrepreneur who have found the solution of the problems which are beyond
the rich of market.
The difference between the entrepreneur ventures are based on their growth and success
rates. The mission of Marks and Spencer is aimed to increase the profit market. Mission of
Richard Branson company is to create the value product and make a difference from others. Sir
Richard Branson has argued on the government policies for failing to promote the economic
growth (Griffiths and Wall, 2011). All the three businessmen are specialized in different areas
like Virgin group runs different business, David Jones is specialized in dealing with television,
mobile phones etc. While Marks and Spencer are handling the retail business. Next difference is
of their economic growth. The overall economic growth of Richards company is 5 billion while
that of David Jhones is $168 million. On the other hand, Marks and Spencer is making the profit
between ($32M - $24M) / $32M = 25 percent. The mission of Marks and Spencer is aimed to
increase the profit market. Mission of Richard Branson company is to create the value product
and make a difference from others.
Task 2
2.1 Impact of micro and small business on the economy
Micro and small business contribution is very essential as they open new market, drives
the growth and creating jobs. They are the backbone of the UK economy. The small business
impacts the UK economy because they are the lifeblood of the UK economy. Large impact on
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the small business is due to failure in GDP in terms of overall activities of the business. Due to
lower field of operation, the small businesses are more vulnerable to shocks. These micro firms
struggle the most to easily call on greater investment or bank loans. The small business gives the
overall growth of 0.5 percent as a sign of UK economy in the beginning of 2014. Small and
micro businesses have combined turnover of £1.6 trillion in the private sector (Arshed, Carter
and Mason, 2014). The small and medium size organisation have symbiotic relationship with the
country's overall economy. The contribution of SME is very important to the economic health.
Start-ups and medium size organisation contributes in big corporates like retail,
manufacturing and motor vehicle industries. They contribute 46% of revenue and three out of
every 20 small business industries falls into one of these categories. Financial and insurance
corporate companies have contributed £124.2 billion in gross value added to the UK economy. In
2004, financial and services have contributed with its double rate while its imports are increased
by 29%. Banks and insurers have net exports surplus of £25bn and £18.7bn respectively
(Smallbone, Welter and Ateljevic, 2014). Professional services have shown more growth than
financial sectors. From the historic values of 2016, UK has surplus of over £60 billion on trade in
the financial and insurance sectors.
SME contribution is grown by 11% percent to the economy of the UK with net business
contribution is £196 billion. The small business organisation of UK is contributing very much in
the growth of the country's economy. Small business administration contributes 99.7% of total
employer organisation. They generate 64 percent of new jobs and paid 44% of United States
private payroll. According to the government figures, small organisation has accounted 48.1% of
private sector turnover in the beginning of 2013 (Storey, 2016.).
2.2 Importance of small businesses and business start-ups in the growth of the social economy
Small business and start-ups do not contribute more money as compared to large
corporates. It is the major contributor of local economy. Start-up company have maximum 500
employees who work with them.. They bring growth and innovation to the society in which the
business is developed. It creates the employment opportunities and hence helps in maintaining the
economic growth. They always do not act as small firms, they grow and contributes in national
and international marketplace. They are playing important role in the contribution of local
economy as 54% of UK sales is accounted for 28 million small business (McAllister, 2016). They
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have produced 55% of all jobs and 66% of all net jobs. Small business franchise organisations
have accounted for 40% of all retail sales.
The start-ups have contributed in National economy of UK is also affected by these
businesses. Innovation is the largest part of the growth as it prevents the business from becoming
passive. According to one report, recession in UK is lifted out by the SMEs and thus, entrepreneur
spirit never been so strong in UK. Small business has proven beneficial and symbiotic
relationship with the whole economy of the country. The small firms need to provide the skills
and connection in order to make the successful organisation (Goss, 2015.). These are employing
two-thirds of the private sector workforce. They are representing the greatest advantage and are
contributing in the national economy. Small and medium sized business helps in maintaining the
large scale business by helping them in diversifying the promotion of their business. They are
proven good for UK plc of which they are representing 9.9% of business. Many of the start-ups
are building confidence in an improving economy which is becoming stronger across British
enterprise. Ambitious growth and positive economic outlook at home and overseas are noticed
from these small and medium size businesses.
Start up company's are directly affecting the customers, youth and international economy.
The employment opportunities for youth is increased and new picture of employment came into
the market. Also, some start-ups came with their innovative ideas which are based on the solution
of real life problems of the customers grows exponentially in the market. These exponential
growth helps them in contributing the international economy.
Task 3
3.1 Characteristic traits and skills of successful entrepreneurs
Richard Branson has many qualities which helped him in becoming the successful
entrepreneur. Some of them are follows:
1. Mentorship: Sir Branson is a firm believer of mentorship. He always looks for mentors
with learning attitude. He never feels shy in asking help of any kind.
2. Innovative: He is an innovative person and creates innovative results. He always remains
updated with market issues and trends.
3. Family commitment: He accepts all the challenges and learn the new things from it. He
believes that saying yes is better than saying no and do best at whatever task you get. He
always thinks outside the box and do whatever he wants (Wasson, 2016).
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4. Does not believe in comfort zone: He thinks that working hard and completing the task on
the same day will give him better results. This attitude helps him in establishing the Virgin
Atlantic group of industries.
5. Down to earth: He humbly handles all the clients and employees. His important skill or
quality is that he put all the people first before himself. His innovative, inspiring ways
gives the employees the feeling of home.
6. Believes in marketing: He always remains inclined towards the promotion of his
company's brand and services. This helped him in promoting the airline. He is goal-
oriented.
7. Disciplined dedication and hard work: He always enjoys his work. He believes in himself
and is confident and dedicated in his work. He does his work with full devotion and
attention (Georgiadis and Pitelis, 2014).
8. Adaptable and flexible: Richard Branson is adaptable in every condition. He welcomes all
suggestion for optimization that improves their offering and satisfies market and client
requirements.
The qualities which make Branson different from other entrepreneurs are as follows:
1. He believes in having fun in business: The best quality of Richard is that he thinks of
bringing fun to his business, while other entrepreneurs always think to make profits,
revenues and put their enterprise under pressure to become successful.
2. Tiny notebook as a secret weapon: The thing which make him different from other
entrepreneurs is his tiny notebook. In his opinion, art of delegation is essential for an
entrepreneur to master (.Guerrero, Cunningham and Urbano, 2015). He believes that
successful entrepreneur cannot have to underestimate any facet of his enterprise. So, he
writes every small thing in his notebook.
3. Works for people: In order to grow the business an entrepreneur must not be a selfish and
honestly work for the people. Sir Richard always work for the welfare of the society.
4. Promotes the product: He always promotes the product in the best possible way which
does not require any advertisement. According to him, one can make confidence among
the people by putting himself in front of cameras (Wasson, 2016).
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5. Gives priority to the environment: He focuses more on the welfare of the environment. He
launched the airlines and railway business with renewable fuels. He has invested money
and technology for the protection of the environment.
6. Screw it, let’s just do it: This is the most favourite slogan of Richard. According to him,
hard work and strong belief can convert any idea into reality. This slogan means to take
risk and believe in unique business idea. This positive thinking will make business
successful and put it at colouring heights.
3.2 Entrepreneurial personality of Richard Branson
Entrepreneurial personality of Richard not only make him successful businessman but
also proved as a great inspiration for other entrepreneurs. He is the fourth richest citizen of the
UK country. His innovative ideas, bold leadership and adoption of top business model lead him
to the top of the entrepreneurial pyramid. His journey from music to airways industry and now
his new ventures made him the man of future. Innovative thinking and always remain focused for
achieving large objectives has motivated many other businessmen (Mason, 2015). Sticking to big
picture and his outstanding characteristics to shoot for the headline is consistent in his
entrepreneurship leading ways.
According to Richard Branson, an early riser can increase the power of growing its
business and achieve success with double rate. The person who wakes up early, can enjoy the
sunrise. He said to his entrepreneur that never give up the task which is difficult but always take
it as challenge and do it in the best possible way to get desired results. Richard suggested some
points that can motivate the entrepreneur to become successful which are as follows
1. Reading books, articles and blogs keeps the entrepreneur updated and make them perfect
in their field so never ends the quest for knowledge. Every entrepreneur should have
thrust of books, this book helps them in acquiring new skills and polish the old traits. A
successful businessman never believe that his knowledge has reached a level where there
is no need to know more. Richard Branson is self motivated person and helps other
entrepreneur as they are the boss and there is no restriction or deadlines on them (Knox,
Agnew and McCarthy 2014). Sometimes there are few employees to manage and
sometimes the owner itself manages whole company..
2. Every businessman has to take risk in order to develop his business. Sometimes success
is not ensured yet it helps in making the wise person. He said that it may not be possible
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that each venture will be rewarded, so everyone has to learn from his mistake and emerge
as the best player.
3. All entrepreneurs have to work with responsibility so that they can achieve their goal.
Initially every business has to pass with difficulties but after sometime the business
grows and the businessman enjoy the frugal living (Grodach, Connor and Gibson, C.,
2017). Frugal living help entrepreneur to have billions in their bank accounts. Saving can
be increased by being grounded and valuing money.
4. Do work as your passion, not as your responsibility. The entrepreneur has to work with
passion so that he can enjoy work. The passion about the work can give him innovative
ideas to work properly. Passion about any work increases the accuracy of it.
5. The businessman has to be adaptable and flexible in every environment. They can be well
prepared for the adjustments as they have to change their idea at any time according to
the need and demand of the market and customers.
Task 4
4.1 Role of background and experience in hindering and fostering the entrepreneurship
Muhammad Yunus khan was a professor and was born on 28 June 1940. His father was
goldsmith and encouraged him to go for higher studies. Then he develops his interest in teaching.
He and his father has started packaging and printing company. They got success but Yunus
wanted to continue his studies and teaching. He left his home for a summer at the University of
Colorado at Boulder and further studies at Vanderbilt University in Tennessee. He completed his
Ph.D and started teaching again (Da Costa, 2016). Later he started the Grameen bank even
though he had no training in managing a bank. He had done the things exactly opposite to the
traditional banks do and learned lesson from his mistakes.
His achievement is immense and eighty million people are users of Grameen services.
Yunus social group reaches in all corners of Bangladesh. He started this bank to remove poverty
from Bangladesh and served the poor people by giving loans with no interest rates. His higher
studies helped him in understanding the financial concepts to settle the bank. His education
enables him to understand the problems of outside world. Further his family background helped
him a lot in exhibiting the higher level of entrepreneurship. Social and occupational background
of family influenced mobility (Chaston, 2014). Though he feels awkward with women but he has
given credit to his wife in completing his Ph.D.
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The hindering factor is that he does not believe in the equality of men and women. He
feels awkward with ladies. He went back to the Economics Department of Chittagong
University. He was not so much rich, so he started the bank by the money which he has earned
from his teaching and other services (Scott Gerber, 2017).
CONCLUSION
From this report, it can be concluded that the small business and start-ups highly
influence the local, national, and international economy. Small and medium size business plays
an important role in diversifying the business of large corporates. The skills, traits and
characteristics of the entrepreneur made them successful in achieving the long term objectives
and making the world richest entrepreneur. They have taken the motivation and inspiration from
successful businessmen stories and developed their business. Entrepreneurs good qualities like
hard work, self motivation, good mentorship encourages them in developing their small business.
These start-ups and medium size business helped in increasing the economy and revenue of the
country. Different entrepreneur ventures have learned lessons from their mistakes and build
business strategies for soft running of the business. Small business and start-ups have created
many employment opportunities for the youth which have helped in removing the unemployment
from the UK country.
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