Entrepreneurial Ventures and Mindset: A Business Management Report

This report delves into the multifaceted world of entrepreneurship and small business management, focusing on Capital Joinery, a furniture retailing company in the UK. The report is divided into two parts. Part 1 examines different types of entrepreneurial ventures such as social, innovation, big business and small enterprise entrepreneurship, analyzing their characteristics, economic impacts, and real-world examples, including Capital Joinery. It also presents the results of primary research conducted through questionnaires. Part 2 explores the scope of entrepreneurship, covering local, global, and social enterprises, and discusses situational factors, similarities, and differences between them. It further explores shared entrepreneurial traits, background factors influencing entrepreneurial success, and their impact on business performance and the economy. The report emphasizes the importance of small businesses in economic growth and the role of entrepreneur's personality on business success, providing a comprehensive analysis of the entrepreneurial landscape.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................2
Part 1............................................................................................................................................2
Types of entrepreneurship...........................................................................................................2
Primary investigation...................................................................................................................5
CONCLUSION................................................................................................................................6
Part 2............................................................................................................................................7
INTRODUCTION...........................................................................................................................7
The scope of entrepreneurship covering......................................................................................7
Situational factors, similarities and differences...........................................................................7
Shared entrepreneurial traits and characteristics.........................................................................8
Background and experiences of entrepreneurship.......................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
1

INTRODUCTION
The report is about Capital Joinery that is a furniture retailing company in UK. The company is
small business start-up and is growing successfully. The report discusses about the types of the
entrepreneurial ventures and how are the related to the typology of the entrepreneurship. The
similarities as well as the differences between the entrepreneurial ventures are discussed. The
impact of the small business on the economy is discussed using the relevant data and the
statistics. The importance of the start-up and small business in the growth of the economy is
discussed. The effect of the personality of the entrepreneur on the business is discussed.
Part 1
Types of entrepreneurship
Social entrepreneurship
The social conscious business is focused on solution of the social problems existing in society.
The access to food, money and education can be solved by this entrepreneurship. The motive of
this entrepreneurship is to make world a better place and these organisations are also described
as non-profit organisations. Economic impact of such entrepreneurships is that they help
government in achieving welfare of the public which it tries to provide to people who are
underprivileged. In this way, they help the government reduce its workload and save money that
can be used for other development projects. There are organisations that contribute to the
government welfare fund for social causes, allowing the government budget to be spent
elsewhere (Dilli, Elert and Herrmann, 2018).
Sustainable nature is given priority in the environment in which they work, with businesses
concentrating on operations as well as energy conservation. Management sets a goal for the
number of CSR tasks that must be completed in a certain amount of time.
For example, Ethical and sustainable fashion brand Brightly been created has promoted ethical
fashion with home made domestic goods priority thus encouraging domestic production and
offering an alternative to Amazon.
Innovation entrepreneurship
This form of entrepreneurship is focused on innovative technologies and innovations that are
turned into businesses (Galindo-Martín, Méndez-Picazo and Castaño-Martínez, 2019). The
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businesses want to change how people live and find innovative ways to make goods and services
that stand out, achieving any new creativity that other companies haven't been able to do in the
past. This type of innovation creates a product positioning that can attract consumers' interest and
assist businesses in carving out a niche in the industry. The world in which innovation
entrepreneurs work is fast-paced and ever-changing, necessitating constant vigilance.
In the last two decades, innovation and research growth have developed into a major part of
industry, with funding allocated from a separate budget.
Innovative entrepreneurship is beneficial to a country's economy because it can increase sales in
both the domestic and global markets if the research appeals to visitors or other international
companies interested in collaborating after seeing the research. This will attract foreign
investment and align the international market with the host business, resulting in an increase in
the gross national product (Galindo-Martín, Méndez-Picazo and Castaño-Martínez, 2019).
For instance, the Tesla was a breakthrough in the automotive industry that changed people's
perceptions. Previously, it was believed that cars could run on fuel only, but with the
introduction of the Tesla, this perception shifted, and the car became running on electric charged
batteries.
Big business entrepreneurship
As the company becomes bigger, it begins to move slowly. To prevent this, large corporations
often use the practise of purchasing a small business and then delegating the role of innovation to
the newly acquired firm. The world in which businesses operate is competitive, and if a company
begins to lose money, it falls behind its peers in the race. As a result, it must figure out how to
stop entering the process with a new purchase, thus delaying the product life cycle (Dilli, Elert
and Herrmann, 2018).
The larger organisation will take advantage of the product life cycle and use experience to take
on new projects.
The impact on the economy is that large enterprises account for a large portion of GDP because
they cater to foreign clients and align the country's economy with the global economy. They are
engaged in the export of their products and the generation of resources. Big companies also
employ a large number of young people in the region, preventing brain drain and maintaining
talent for the economy.
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For example, in 2006, Disney purchased the animation studio Pixar after years of collaboration.
Rather than building its own studio to compete with Pixar, Disney opted to purchase an up-and-
coming studio, which has proved to be a wise move.
Entrepreneurship in a small enterprise
When a company's accounting is conservative and it lacks the capital of a large corporation,
entrepreneurship must rely more on existing goods, such as packaging innovation or adding new
features to a product. In this type of company, innovation is more modest and is focused on
putting a new spin on existing goods or doing a good job, such as improving customer service
(Diandra and Azmy, 2020). The atmosphere is competitive, since there are many small rivals in
the arena, but the company can capitalise on the surrounding local area where it is situated, as
these shops are mostly located at a distance from one another, allowing them to tap into new
markets. The product or service provided must be pleasing to the consumer, with some
distinction, in order for the company to retain customers.
Example: The company Capital Joinery is a small business entrepreneurship. They are important
for the growth of the social economy as they are the internal part of the local economies. Small
business help to create web of financial interdependence that encourage the development of the
broad-based prosperity. They the local customer pays for something from the small business it
go to the neighbourhood of the customer. The small business provides opportunities for the jobs,
entrepreneurs and gathering places for the local communities (Ribeiro-Soriano, 2017). The
businesses are grown from the locals and give back to the local economies. The local economies
are fuelled by small business with the taxes, create the community pride and spur the
employment. It is reported that in 2020, UK households did a purchase of 14.4 billion British
pounds worth furniture and furnishings.
The business provides the economy with spur innovation and growth. The small business has the
big ideas that are very creative and provide the customer with the products and services they
need and sometimes provide with the services that are not know by the customers that they need
them. The small business provides the communities with more job than the big businesses adding
to the economy of the country. The small business hires the locals and provide job for the local
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people in the area. The tax paid by the small business is kept in the local communities. This
benefits the company by supporting the schools, municipal services and the roads.
Scalable business
This company believes that it will make a difference in the world. Generally, venture investors
finance these companies because they believe this business model will produce higher returns.
They recruit highly qualified and trained professionals to run the business and want to make a
significant difference in the industry's usual functioning (Diandra and Azmy, 2020).
Their economic influence may be both positive and negative; their industry can thrive and
generate profits for the economy, but it may also cause other industries to suffer losses and
interrupt business operations.
Example: I pods taking over tape recorders and music systems with great sound quality and easy
to carry.
Primary investigation
For the wood and furniture industry, primary research was performed. A questionnaire was
created for city entrepreneurs who operate small-scale wood businesses, and feedback was
collected on the problems they face, what can be done to help small businesses, and who their
target segment is. The input they provided revealed the true world in which the company
operates.
Questionnaire
Q1.) Do you think this business environment is suitable for growth of SMEs?
a) Yes-65%
b) No-35%
Q2.) Do you think government schemes are sufficient for the business at small scale?
a) Yes-68%
b) No-32%
Q3.) Have banks sufficiently decrease interest rate on business loans?
a) Yes-59%
b) No-41%
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CONCLUSION
It can be concluded from the report that there are many types of venture available in the
market but few can be used for the entrepreneurial purpose. The similarities and differences of
the venture and the entrepreneurship are explained. The impact of the micro and small business
in economy is described with the use of relevant data and statistics. The importance of the small
business in the growth of business is huge. The traits of the successful entrepreneurs are
discussed to understand the difference from other mangers. The motivation and mind-set of the
employee are dependent on the personality of the entrepreneurial. The background and the
experiences are able to hinder the expanding entrepreneurship.
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Part 2
INTRODUCTION
This report explain about the various entrepreneurship while covering the local, global
and social enterprise along with this also examine about the situational factor and their
differences. Furthermore, explain about the shared entrepreneurship traits and characteristics.
Moreover, discuss about the background while having hinder or foster entrepreneurship with
having the proper example.
The scope of entrepreneurship covering
While having the business through local enterprise the Capital journey who have set up
their business and make sure about their more customer. While due to having small business and
also having the local business that could have much strategies while for having the development.
Although it might be also important for making expansion and make sure about their high impact
over the market place (Coate and et.al., 2021).
IKEA business have been set up globally enterprise while for making the high customer
and have their business scope. While through which they can set have their business for running
smoothly and make their business for working with high effective manner. While having the
business expansion that might be also help for increasing the business and make sure about the
high quality of things which could be important for them in making their business globally.
National health services seems to be social enterprise while from which the organization
can have their huge services. Along with this also provide them with having the better developed
and skills employee for working with their patients. Furthermore, also help them for having the
better settlement for people and make their high range of satisfaction. Hence, this might be also
seems that business that can make sure about their customer and can easily come to know about
their customer taste and preferences.
Situational factors, similarities and differences
Capital journey organization seems to be furniture company in which they sales their
products at local. Along with this also make sure about the social and environment factor while
working with having the furniture business. As enterprise make sure about their products and
various other services from which they can have their income sources. Although this could be
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also important in taking much advantages and make sure about those things which might be
important for their better social factor.
IKEA works furniture organization in which they have the globally business. Although
also make sure about their large customer. As this might be having the factor social, economic
and political factor from which they can work and have their customer satisfaction. While
through which they can easily have the economic crisis while having the globally business.
Political factor that could have the impact over the Brexit and have much economic crisis while
for working at global level.
National health services might be effective with the political factor in which they can
work and keep their support to the political issues for their better organization development.
Economic factor in which they might thinking about the people and their financial services.
Social factor that might be effective for which they are required to have the crisis and legal terms
must be followed up for the better organization system (Coate and et.al., 2021).
Shared entrepreneurial traits and characteristics
Local, global and social enterprise seems to be having the better entrepreneurial traits in
making their business well-developed. Hence, this might be also important while for taking
much advantage and keeping the employee motivation for working in organization. Therefore,
this might be also important in developing the business and make sure about their confidence in
which they can work. Vision and passion for the work must be important while for which the
business can be easily developed and have their more importance in future aspects. The best
enterprise need to have their more achievement and also try to make sure about their business for
expanding at global level (do Adro and et.al., 2021). This might be also important in taking much
benefits and make sure about those things which might be important for them in making their
business to be developed. Motivation and confidence must be important for being enterprise in
which they can easily keep their customer and employee for having the long stay terms.
Although they can easily make sure about the high impact over the business and services which
have been provided by them in expanding the business. Social enterprise must having the vision
and passion for working with their large services and helping other people which might be more
helpful for them in having the organization to be well-developed.
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Background and experiences of entrepreneurship
Entrepreneurship have the experience and background for the hinder for which they can
work and easily make their business for being developed. While through which they can easily
make sure about their labour, capital and growth for which they are working. Hence, this might
be also important in taking the benefits from the various resources. For example, raw material,
caste factor, family background which might be seems to be the economic factor for having the
hinder entrepreneurship. This could be also important in taking much business expansion and
making the business while for services for their large customer in which they can make their
more customer and employee satisfaction. Although, this might be also important for knowing
about the high impact over the business terms and make their business for working with high
effective manner. There are might be some of the certain factor for which they can have the high
value and make their working power for having the better estimation and have their business
sales for which they might be having the better hinder for their entrepreneurship and make their
business to be more successful. In the proper business satisfaction this might be also important
for knowing about those things which could be important for them in making their business with
having the high impact and keep their knowledge for working with more effective employee and
make their market position (do Adro and et.al., 2021).
CONCLUSION
From the above report it had been seems that entrepreneurship must be important for
having their business expansion and have their effective employee. Hence, this might be also
important for having the business hinder entrepreneurship in which they can easily expand the
business.
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REFERENCES
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institutional foundations of different entrepreneurship types through ‘Varieties-of-
Capitalism’arguments. Small Business Economics, 51(2), pp.293-320.
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Ribeiro-Soriano, 2017. Small business and entrepreneurship: their role in economic and social
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