Entrepreneurship and Small Business Report: Venture Analysis, Economy

This report on entrepreneurship and small business management delves into various aspects of entrepreneurial ventures. It begins by exploring different types of ventures, including small-scale, scalar, social, and large businesses, and examines their similarities and differences. The report analyzes the impact of small and micro-enterprises on the economy, assessing data and statistics to understand their contributions. It also investigates the characteristics, skills, and traits of successful entrepreneurs, including how experience and background can influence their ventures. The report uses Fresh Ways, a small business providing dairy products, as a case study to illustrate these concepts, covering topics such as venture scope, growth, and development, as well as the influence of personal experience on entrepreneurial endeavors. The report also touches on the corporate and public sector aspects of entrepreneurship, and provides a detailed analysis of the entrepreneurial landscape.

Entrepreneurship and
small business
management
Contents

INTRODUCTION.................................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Diverse types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship................................................................................................................................3
P2 Differences and similarities between entrepreneurial ventures.....................................................4
M1 Diverse range of entrepreneurial ventures to determine the understanding in both corporate and
public sector......................................................................................................................................6
D1 Evaluate the scope, growth and development of entrepreneurial ventures...................................6
Task 2....................................................................................................................................................6
P3 Assessment and interpretation of important data in context with how small and micro term
enterprises impact the economy.........................................................................................................6
P4 Importance of small business and business start-up for growth of social economy......................7
M2 Analyse the differences which small, medium and large organizations make to the economy in
relation with both statistics and data..................................................................................................8
D2 How small organizations have an influence on diverse levels of the economy in terms of the
international context..........................................................................................................................9
TASK 3.................................................................................................................................................9
P5 Examine the characteristic, skills and traits of successful entrepreneurs......................................9
P6 Determine how various entrepreneurial aspects personality affect mind-set adnd motivation....10
M3 Different lines of argument in context with entrepreneurial characteristics..............................10
D3 Skills, traits and motivational drivers of successful entrepreneurs.............................................10
TASK 4...............................................................................................................................................11
P7 Examine using examples how experience and background can foster or hinder entrepreneurship
.........................................................................................................................................................11
M4Evaluate the link between entrepreneurial features and influence of personal experience and
background......................................................................................................................................11
D4 Evaluation of how background and experience influences entrepreneurs both positively and
negatively........................................................................................................................................11
CONCLUSION...................................................................................................................................12
REFERENCES....................................................................................................................................13
INTRODUCTION
Entrepreneurship organisations refer to the certain Start-ups which are developed in
terms of the small businesses and the reason behind this is the lack of funds. All the small

trades must focus on numerous aspects that include providing innovative market offerings,
certain marketing activities, analysing the budget which is included in estimating the overall
risk indulged in different business functions and many more (Shahid and Ahsen, 2021).
These small businesses need to manage up with the efficient and growing market trend and
finding out various sources of funds and offering exceptional products in the marketplace so
that all customers can get attracted and effective customer satisfaction can be built up. The
report is based on Fresh ways. It is a small business enterprise which is mainly known for
providing pure milk and certain dairy products since long period of time. The report includes
various types of entrepreneurial ventures, the difference and similarities between both,
importance of small business and businesses start-ups, the influence of micro and small
business on the economy, different entrepreneurial aspects that reflect mind-set and
motivation and how background and experience hinders or foster entrepreneurship.
TASK 1
P1 Diverse types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
In terms of entrepreneurial ventures they refer to the business expansion and new
opportunities of the corporate projects, innovation with regards to meet the profitability
objectives and goals and ultimately the business success. There are two categories of
entrepreneurial undertakings which include the small and medium businesses as well as the
big companies. There are numerous types of these ventures which totally depend on the
nature of the industry that comprises the main purpose of organisation, their financial
capability and certain market offerings. The typology of entrepreneurship means behaviour of
businessperson that ultimately helps to frame out different approaches for enabling the
business. Besides this the tycoon’s possess various type of skills and talents and their roles
and responsibilities which defines the method of conducting a business by taking certain risks
while dealing with doubts that can occur at any point of time. There is diverse type of
ventures which involves a scalar entrepreneurship, small scale, larger scale as well as the
social entrepreneurs.
 Small scale entrepreneurship: - They involve travel agency, grocery stores, and
plumber’s local shops. In terms of these productions they do not have any constant
economic condition as they move to different places in search for jobs and meet their
financial needs there are various small businesses in the United Kingdom and they
totally depends on the government donations to meet their financial necessities
(Khalilov and Yi, 2021). There are various types of policies and plans which includes
offering financial support and certain other corporate solutions so that they can
support these small business establishments. In United Kingdom they mainly support
the business operations with the help of governmental funding and other private
resources.
 Scalar entrepreneurship: - It involves the business corporations that have stable
economic conditions though on provisional basis so with respect to this they look for
investors, shareholders financing with business activities. In relation with this
entrepreneurship individuals do jobs because they need to meet all the expectations
and lead to business growth.

 Social entrepreneurship: - It was the industries which includes updating all the
activities just for the purpose of attaining social needs as well as the welfare in the
society. In relation with these organisations they come under the non- profit sector
that works mainly to increase the social anxieties and enhance the public value of the
corporation. Their main objective is not to earn profit but to enable collective justice
and equality.
 Large business: - In accordance with these business organisations they have high
level of financial resources and stable economic condition through which they meet
the market demand and gather all the segments (Abdelkarim, 2021). The main goal is
to maintain corporate and efficient image and improve all goods and services with the
help of enabling new changes and inventions in their organisation. It involves
transnational enterprises like Zara, Mark and Spencer and many more. In relation with
these businesses they have different nominees, shareholders that finance all the
monetary activities of the business.
P2 Differences and similarities between entrepreneurial ventures
There are numerous types of entrepreneurial ventures like macro, micro, social and
many more. In terms of all the endeavours there are certain differences and similarities which
are being explained as below: -
Similarities and differences between entrepreneurial ventures: -
Basis Scalable
start-up
entrepren
eur
Small
business
entrepreneur
ship
Large
company
Social
entrepreneur
ship
Private
venture
Public
venture
Goals
and
objectiv
es
The main
purpose of
these
business
organizatio
ns is to
deliver
inventive
and unique
products
on
constant
basis and
achieve
high level
of
profitabilit
y.
These
corporations
do not have a
proper
structured and
sequential
goals and
works mainly
on the basis of
receiving
reduced level
of growth.
These
enterprise
s the
objective
s are to
sustain in
the
market
place by
enabling
new
goods
and
services(
Ali and
et.al,
2021).
The focus is to
provide
efficient and
best quality
goods and
services to
make the
world a better
place.
To
provide
creative
values to
all the
audiences
.
To take
benefits in
terms of
social
opportunit
ies
The risks
which are
in
association
with these
enterprises
The risk is low
but besides
this there is
high level of
competition
with same
In this
case the
risks are
at the
medium
stage
The risk is
neither high
nor low and
the reason is
that proper
support from
Various
operation
al risks
are there
There are
certain
reputation
al risks
are there

are high in
context
with the
financial
investment
which is
being
done.
sized
businesses.
because
all large
business
corporati
ons
maintain
and
manage
to
provide
high
volume.
government is
there and also
from
public(Cullen
and De
Angelis,
2021).
Customers
and
investors
Audiences and
government
societies( Ham
eed and et.al,
2021).
Governm
ent and
suppliers
Directors,
consumers and
funders
Competit
ors,
owners
and
sharehold
ers
Society,
customers
, investors
There are various other differences and similarities in relation with different entrepreneurial
ventures on the basis of different elements like revenue sources, strategy development and so
on. It is being explained as below: -
Basis Public venture Private venture Social venture
Profit distribution It is distributed
across suppliers, staff
members and
management.
It is divided among
owners and
stakeholders.
It is circulated among
the society.
Revenue sources In terms of the source
of revenue they are
established with the
help of charging
certain taxes.
Here, they need to
take loan from bank
or even through
issuing shares(Al-
Awlaqi, Aamer and
Habtoor, 2021).
It is with respect to
providing donations.
Strategy
development
The strategies are
implemented for the
betterment of
community.
The implement in
order to make profit.
To enhance social
well-being of
audiences.
M1 Diverse range of entrepreneurial ventures to determine the understanding in both
corporate and public sector
In accordance with the corporate sector they run confidentially and are maintained by
individuals and also by public. They enhance numerous marketing strategies and policies so
that they can provide effective quality goods and services which would help them in earning
better profits. There are several types of commercial undertakings which are in association
with corporate sector like scalable ventures, large business organisations and many more. The
main objective behind this is to enhance and develop different plans and policies so that
better competitive advantage can be received. The corporate sectors belong from high growth

venture and the reason behind this is that the main purpose is to achieve effective profitability
level and at large scale.
In relation with public sector business organisations they are controlled by
government in both indirect as well as direct way (Baron, 2021). They do high amount of
speculation on all the business organisations and also on different private corporations. In
terms of public sectors they have implemented in different areas and have only one purpose
which is to provide effective quality products and services to all individuals and the main
focus is on developing social prosperity instead of focusing on earning profits.
D1 Evaluate the scope, growth and development of entrepreneurial ventures
The most significant thing for every enterprise is entrepreneurship. Its scope and the
nature of development are considered vibrant because they keep changing in accordance with
the environment. With regard to this the commercial ventures main accent is on profit making
which will help them in enhancing the level of scope. They also developed certain guidelines
which help them in promoting and evolving overall activities. These small and medium term
corporations have the power to provide large level of scope in order to develop overall
entrepreneurial ventures. It is crucial for medium and small corporations to achieve growth at
large scale and keep updating the overall operations. In relation with Fresh ways they always
ensure to enhance their level of operations so that they can build up effective growth.
Task 2
P3 Assessment and interpretation of important data in context with how small and micro term
enterprises impact the economy
In each business sector both micro as well as the small medium term enterprises
indulge into a higher level part and do contribution in relation with full economy. There are
different types of small and micro businesses which are rising and generating high amount of
income and it is all happening because of delivering best quality products and services to all
audiences (Adapa, Sheridan and Yarram, 2021). While evaluating the economy of London
there are diverse small business enterprises and the revenue which is generated by them do
many contributions with regard to overall gross domestic product.
In terms of all figures and data which has been interpreted there are various number of
workers who are functioning in the business organisation are also used while measuring size

of corporation. The total turnover was around £ 1.8 trillion and in accordance with small and
medium term business enterprises the overall employment was 15.7 million in contrast with
the private business enterprise which was around 60%. In micro businesses there are around
5.3 million corporations which only gather 96% of all the industries ( Pollack and et.al,
2021). It was evaluated that small business firms indulge a great impact on the economy as
compared with the other business enterprises there is 99% of total business corporations
which all been established by small and medium term organisations. There are numerous
methods of entrepreneurial ventures and how they operate in a unique way in relation with
the developing countries as well as the developed cities it enables more revenue. There are
many successful entrepreneurship models which creates an impact on the attraction level
within external investment across whole globe. While evaluating the regional levels there are
different small scale corporations which deliver efficient solutions so that the overall issues
can be solved. The small and medium term corporations do promotion in only those societies
which are not much developed and play a significant role in relation with all the challenges
which are in terms of the level of growth this small scale businesses deals in building up the
capability level in large business sectors.
P4 Importance of small business and business start-up for growth of social economy
The social economy defines the effectual contribution of different business that also
comprise of mortgage societies, building, community group, trade union, charities, sports
associations, insurance mutual, self-help group and many others as well. It is usually being
designed to advance the diverse the social enterprise through which lot of opportunity is
enhanced all across UK. It is also be related to the sustained relationship in between
economic and social basis of society. The small business and start up create both skilled and
semi-skilled workers those are future of industrial expansion of nation. The higher growth of
new businesses induced biggest contribution towards the overall GDP and over enhancement
of sales (Rajagopal, 2021). There is certain opportunity that is created by the nation in order
to developed adequate social economy and that is as explained below as:
 Employment production: - The generation of lot of job opportunity is created by the
start-ups and new enterprise that has direct impact over empowering of countries
economy. It also comprise of employment credibility in which both skilled and
semiskilled workers get employment so that working efficiency is enlarged with
adequateness. It is also be a beneficial aspect for the country through which several
operations and functions and controlled by workers by which standardised outcome is
perceived with attentiveness.
 Innovation: - It is resulted on implementation of something new within the market
offering so that customer value and attractiveness both get grabbed with perfection
and in timely constrained. For this the local organisation and business start-up assure
to implement long term sustainability within profit generation over niche market.
Thus the new enterprise implement and adopt sustained features with this ability to
attract more customer is developed that directly increases profit ration of nation.

 To connect more number of persons: - The engagement of people, workers and
market competitors induced direct and sustained impact over advancement of
working efficiency. It this working credibility and development of effectual product
and service is processed with regular period of instance. It is not only to grab market
attention but also to advance the living standards of people.
 Foremost way for diversity: - Diversification is related to the induction and
production of different diverse range of product and service within marketplace
through which possibility to attain higher market attractiveness is developed with
perfection. In this business has analysed about culture, belief and value of customer
and then adopt and implement suitable solution that advance working proficiency in
collective manner.
 Meeting social purpose: - It is a fundamental criteria of small business and start up
through which businesses has worked for to make effectual coordination and
advancement of various aspects through which need and desire of marketplace is
fulfilled with adequateness. In support of this market trends and its suitability both
get identified and fulfilled with perfection. Thus induced direct and positive impact
over improvement and advancement of local businesses so that working efficiency is
enhanced with productiveness.
M2 Analyse the differences which small, medium and large organizations make to the
economy in relation with both statistics and data
It can be analysed that a small and medium term enterprise make their contribution in
complete growth of the economy. It is because to update more employment rate in relation
with other large business enterprises (Zaring, Szücs and McKelvey, 2021). The small and
medium organisations have upgraded more part of the inclusive industry and made more
involvement in relation with the economy level. Though the large business enterprises can
receive higher amount of revenue because they provide more efficient quality products and
services and their brand value also get enhanced. The main focus is on offering different
products to all the audiences so that better customer satisfaction can be built up and economic
growth can be achieved.
D2 How small organizations have an influence on diverse levels of the economy in terms of
the international context
Small businesses create an impact on numerous levels of the economy. They have
large amount of productivity rate and at the same point of time delivers good remunerating
work. As per the recent situation they are now able to work in international companies also.
They are engaged in the phase of importing and exporting the product. Besides this time
budget is also increasing through which the level of productivity also got raised. In United
Kingdom it is initiated as the promotional factor with respect to job opportunities. The
contribution which they made in terms of the local, regional and national level was at high

level (Chythra and Gangu, 2021). There are around 25 million small and medium sized
corporations and the elements with respect to this are like tax structure and certain plans and
policies which can build up these small industry corporations.
TASK 3
P5 Examine the characteristic, skills and traits of successful entrepreneurs
In accordance with becoming a successful entrepreneur there are different types of
skills and abilities which are required so that all business objectives can be achieved. There
are two entrepreneurs who are being selected and these are Warren Buffett and Mark
Zuckerberg which is further being explained as below: -
Characteristics of Mark Zuckerberg and Warren Buffett: -
 Creativity: - In terms of becoming an efficient tycoon it is significant to be creative
person also. It is vital to attract large number of customers and the reason behind this
is that audiences would get happy and excited only if something imaginative is being
done. In terms of Warren Buffett he always looked at the company as a whole and it
was the main reason why he was reflected different in comparison with other
members (Chapman, 2021). In relation with Mark Zuckerberg he was always
different from other business managers as he applied strategies and policies in a very
diverse and unique way.
The skills of Warren Buffett and Mark Zuckerberg: -
 Business management skills: - In a business enterprise there are various
responsibilities and activities which are inclined so as a businessperson it is
significant to have such capability in order to deal with those tasks. Mark Zuckerberg
was having such ability as he used to be always motivated and fortified.
 Leadership skills: - It is defined as a duty of a successful entrepreneur to become an
inspiration by being both a supervisor and a team member (Santra, Batu and Sampe,
2021). In relation with Warren buffet he was considered as a transformational leader
because from starting only he had set up a particular mission and vision to achieve
success and enable large level of growth.
Traits of Mark Zuckerberg and Warren Buffett: -
 Confidence: - To become an efficient and successful entrepreneur different traits are
included and the most crucial thing is having the good level of self- confidence. So in
context with Warren Buffett and Mark Zuckerberg they were having such efficient
self -confidence and with respect to this they have become such a successful
entrepreneur.
P6 Determine how various entrepreneurial aspects personality affect mind-set adnd
motivation
In relation with motivation and mind-set ocean model has been implemented which is
being explained as below: -
 Openness: - It refers to a trait which a person has in context with the aspect of insight
and imagination (Rokhim, Mayasari and Wulandari, 2021). The audience is always

peculiar about what is going on around the globe and need to learn new experiences.
Mark Zuckerberg was always persistent by his nature but at the same point of time
was open to all the new ideas.
 Conscientiousness: - It involves goal directed performance as well as good instinct
control. The people who are always organised and pay full consideration to each
information that is being acquired. In accordance with Warren Buffett he has this
personality quality because he was always being hard working and goal directed.
 Extraversion: - The audiences who have this type of character trait are considered
very much uplifted by nature. They have lot of emotional soulfulness. In context with
Mark Zuckerberg he had less level of extraversion as he has always been an introvert
person. While in relation with warren buffet he was having this type of personality.
 Agreeableness: - It involved different kind of traits like a feeling of affection,
sympathy and many more. The persons who have having this attribute are very much
supportive in nature in comparison with the people who are always being competitive.
In relation with Warren Buffett he was having this trait because of his pleasant
behaviour.
 Neuroticism: - It is defined as a trait which involved emotional level of uncertainty
and at the same point of time the feeling of unhappiness .Due to this people
experience lot of depression and stress.
M3 Different lines of argument in context with entrepreneurial characteristics
There are diverse type of arguments which are in relation with optimism and realism
and besides this in terms of negativity it is related to the feeling of negativity. It has been
argued that whether all the entrepreneurs are having different type of skills or are enthusiastic
( Duval-Couetil, Ladisch and Yi, 2021). There are many people who have high level of over-
confidence which is not good for being an entrepreneur. In terms of the feeling of pessimism,
it is more effective in nature because there is no opportunity to influence the outcome.
D3 Skills, traits and motivational drivers of successful entrepreneurs
In context with Warren Buffett and Mark Zuckerberg they both had different skills on
capabilities due to which they have become fruitful entrepreneurs. Both were having good
level of confidence and governance skills through which it will lead to the top level and
achieve growth. Though they also faced disappointment but they never ignored it. As a
tycoon it is significant to have such abilities traits and skills.
TASK 4
P7 Examine using examples how experience and background can foster or hinder
entrepreneurship
The phase of entrepreneurship can be hindered and fostered due to many reasons.
There are various crucial elements which can affect and create an impact on entrepreneurship
in terms of the past experiences as well as the condition in which an individual achieve
growth. In relation with fresh ways there are some factors which are being explained as
below: -

 National culture: - The entrepreneurship can be affected if nation does not offer any
supportive conditions for them which are need to be indulged (Mendoza and et.al,
2021).
 Economic situation: - The aspect of entrepreneurship can get cherished if nation of
competent entrepreneurs are accessible with respect to the infrastructure, raw
materials and assets which are needed in order to begin a business project.
 Types of education: - It plays an essential role in judging the values of entrepreneurs
across various people. It proves to be easier for people to recognize the significance as
well as the advantages with respect to the aspect of entrepreneurship.
It involves both risks as well as prizes to start a new business venture. At the initial stage
it makes entrepreneur to implement a change in the society. They are flexible in nature while
working as per the inclinations. So, they face a flow of capital funds along with certain
problems of the company in order to achieve profits. They are required to follow a study and
the respective plan in order to achieve the objectives even when there is excessive workload.
M4Evaluate the link between entrepreneurial features and influence of personal experience
and background
The background and experience can allow setting up a successful business. In terms
of Mark Zuckerberg who is the founder of Facebook, he made different marketing strategies
while dealing with all kinds of risks (Elert and Henrekson, 2021). He is self-motivated and
makes the usage of diverse social media techniques so that proper interrelation of
communication balance can be done. He focuses on financial management and carries out all
the business operations efficiently. Besides this, Warren Buffet who is an American investor
business person and chairman of Berkshire Hathway is considered to be one of the most
successful tycoons across the globe. He is having good level of experience and is able to take
all kind of risks.
D4 Evaluation of how background and experience influences entrepreneurs both positively
and negatively.
Both Warren Buffet and Mark Zuckerberg have motivation in context with setting up
businesses and tackled all the problems to grow business practices (Light, 2021). They
received good support from all the team members which are needed to be motivated for
enabling all the business practices with the aim of expanding the business. There are various
businesses which are not able to survive for long period of time due to lack of motivation. As
per their past experience of failure they faced the impact.
CONCLUSION
From the above report it has been examined that there are different factors which
makes a small business successful. The organization must focus on enhancing the function
into productive ones. There are different entrepreneurial ventures, impact of business on
social economy and certain entrepreneurial aspects. Business tycoons have different roles and
responsibilities right from the identification of the sources of funds in terms of the
communication channels of audiences.