An Analysis of Entrepreneurial Ventures and SME's Impact in Australia

This report delves into the multifaceted world of entrepreneurship, exploring various types of entrepreneurial ventures such as small businesses, scalable startups, large companies, and social enterprises. It examines the similarities and differences between these ventures, highlighting their contributions to economic growth. The report also provides a statistical overview of the significant influence of small and medium-sized enterprises (SMEs) on the Australian economy, emphasizing their role in job creation and overall economic prosperity. Furthermore, it identifies the key characteristics, traits, skills, and motivational drivers of successful entrepreneurs, including an analysis of how entrepreneurial backgrounds and experiences impact their ventures. The report concludes with a comprehensive understanding of the entrepreneurial landscape, emphasizing the importance of innovation, risk-taking, and adaptability in achieving long-term sustainability and profitability. Desklib provides students with past papers and solved assignments to enhance their understanding.

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Table of Contents
INTRODUCTION...........................................................................................................................1
PROJECT PART A..........................................................................................................................1
Types of entrepreneurial venture............................................................................................1
Similarities and difference in between entrepreneurial ventures...........................................3
Statistics to demonstrate the influence of SME’s over Australia’s economy........................6
PROJECT PART B..........................................................................................................................9
Characteristics, traits, skills and motivational drivers of successful entrepreneurs...............9
Characteristics of entrepreneurial personality reflect entrepreneurial motivation...............13
Critique of impact of entrepreneurial background & experience on entrepreneurship........14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneur is an individual who initiate business idea while taking risk as to acquire
adequate profitability and long term sustainability. There are different types of entrepreneurial
venture that an entrepreneur undertakes as to gain. Entrepreneurship in this, is acts as an pursuit
of opportunity that are effectively evaluated by entrepreneur as to develop, manage and organize
business as to make profit. Present report includes concept of entrepreneur along with different
types of entrepreneurial venture. In addition with this, impact of small scale business and start
ups on a country economy are covered in this report. Along with this, traits and skills of
entrepreneur are also described in this project. Furthermore, numerous forms of entrepreneurial
motivation, skills and traits along with background and experience are included in this report that
will diversify project understanding.
PROJECT PART A
Types of entrepreneurial venture
Entrepreneurship acts as a process in which there is a capacity along with willingness to
create, organize and manage an organisation venture are done by an entrepreneur along with risk
measure as to make effective amount of profit. There are mainly four different types of
entrepreneurial venture that includes scalable, social entrepreneurs, small business and large
companies. Entrepreneurs in every state conduct their operations with having limited resources
and capital along with risk elements as to perform their operation and contribute in country
economy. Mentioned below there are numerous form of entrepreneurial ventures defined below:
Small business entrepreneurship:
In Australian economy there are number of small-business ventures that widely
contributes in country GDP and economic growth. These ventures are mainly run by sole
individual, small ratio of employees, family and partners. With the effective contribution of these
entrepreneurial ventures country can effectively able to increase their growth prospective that
will further allow them to increase their international image in global marketplace. Mentioned
below there are some certain examples of small entrepreneur such as mobile retailers, small scale
production houses and internet cafe consulting.
Scalable start-up entrepreneurship:
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In this form of entrepreneurial ventures entrepreneur effectively perform their operations
by putting their major focus towards quality along with innovation in context with products and
services. In addition with this most important measure of organisation those who perform their
operations in this sector is towards scale. Along with this, in order to effectively conduct
business functioning there is requirement of financial investments and funds that will further
help in expanding scope and scale of business operations.
Large company entrepreneurship:
Within this form of entrepreneurial ventures, organisation those who operate their
functions are mainly focused towards providing best effective products and services to customers
with the help of innovation. As in modern dynamic world, preferences and taste perceptions of
customers are changing with continuous phase which is required to be effectively satisfied by
entrepreneurs as to provide adequate amount of satisfaction and fulfil their demand in unique
way. Thus, entrepreneurs within large company entrepreneurship conduct their operations and
satisfy customers with the help of their innovative ideas as to gain effective competitive
advantages.
Social entrepreneurship:
In social entrepreneurship ventures entrepreneurs effectively contribute their contribution
towards providing welfare to society. In this they serve society by providing them best effective
form of products and services with the help of their entrepreneurial ideas. In addition with this,
entrepreneurs within social entrepreneurship effectively satisfy consumers needs and demands by
offering them product and services with the help of innovative ideas.
All the above mentioned form of entrepreneurial ventures effectively contributes their
contribution in country economy that further allow in increase in GDP and per capita income
level of individuals. In addition with this, it also allow to country to increase their global brand
image that further lead towards attracting investors from all around the world. Along with this, it
also benefits a country to effectively increase their economic growth with the help of which they
can strengthen their market stability.
Typologies of entrepreneurship ventures:
Typologies are termed as a segment of thing as per their types. Entrepreneurial segments
are mainly based on plan, structure, style and form. Mentioned below are the typologies of
entrepreneurial ventures:-
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Survival Ventures:
In this form of entrepreneurial ventures entrepreneurs perform their functions as to
effectively fulfil their day-to-day basic necessities as to survive in marketplace. In addition with
this, organisations within survival ventures are not registered as they do not operate their
business ventures in any premises. Thus, it can be said that in this type of ventures entrepreneurs
perform business only to fulfil basic daily necessities. Example of survival ventures are Micro
Ventures.
Lifestyle Ventures:
In these form of entrepreneurial venture entrepreneurs mainly conducts their functions as
to effectively fulfil their income satisfaction. In lifestyle venture entrepreneur are not that much
subjected towards expansion and growth. In addition with this, this form of venture operations
are performed by constant employees those who conduct their functioning in a single premises.
For instance: small business organisations.
Managed Growth Ventures
These forms of entrepreneurial ventures mainly conduct their functioning as to expand
their business functions. In addition with this, entrepreneurs in managed growth ventures are
tend towards offering products and services with the help of innovation aspects in their ideas.
Along with this they shift their business operational to different locations and recruit new staff as
to effectively manage growth of their business venture. Medium sized organisation acts as an
example of managed growth ventures.
Aggressive Growth Ventures
These are technology based ventures having strong innovative potential. This
organisation gathers the necessary funds from equity capital in order to seek more growth. Their
main focus is on globalising their business. Example of such venture includes large scale
business enterprises.
Similarities and difference in between entrepreneurial ventures
Types of
enterprises
Similarities Differences
Small v/s Large
Business
 In this form of business
enterprises, operations are
 Differentiation among
small business enterprises
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enterprise performed by small and large
scale business enterprises in
order to provide best effective
form of benefits to consumers
and take care of their needs
and demands.
and large scale enterprises
can be evaluated by
measuring them from the
aspects of their financial
terms. For example, large
scale organisation conduct
their business operations
with having funds in large
quantum in order to
effectively perform their
daily basis operations while
small scale organisation
engage in conducting their
daily basis business
operations with the small
and limited source of
finance and resources.
Social v/s Scalable
Enterprise
 In social and scalable
enterprise business
organisations operate their
functions with having a main
motive towards providing best
effective form of services to
society along with individuals.
 Organisations in this form of
ventures conduct their
functions with the help of
developing different types of
innovative ideas as to provide
products and services to
customers in best effective
 Organisations in social
enterprises perform their
operations with having
main motive to provide
welfare to society as well as
to customers. In addition
with this, organisations
within scalable enterprises
effectively indulge in the
functions of satisfying
customers with innovation.
In this they offer new and
unique products and
services as to effectively
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manner as to serve them in
better way.
 Main motive that is held by
organisations those who
perform their operations in this
segment is to increase growth
perspectives of their business
in a short period of time with
the help of providing services
and products in well effective
manner.
satisfy their needs and
demands.
 In scalable form of
entrepreneurial ventures
entrepreneurs conduct their
daily basis functions as to
offer adequate level of
satisfaction to customers in
wide level as to further
increase profitability level.
In terms of social
entrepreneurial venture,
entrepreneurs conduct their
functions as to effectively
resolve issues and problems
that is been facing by
individuals and society.
Lifestyle and
survival
Entrepreneurial
Venture
 In this form of entrepreneurial
ventures entrepreneurs
perform their operations with a
main motive which is to
effectively increase their
business growth earning and
gain best profitability in
addition with long term
sustainable growth. In addition
with this, entrepreneurs in
lifestyle and survival
entrepreneurial ventures also
tend towards increasing their
goodwill rate in marketplace
 In lifestyle and survival
entrepreneurial ventures,
entrepreneurs conduct their
operations as per
accordance with their
passion and interests. In
addition with this, they
conduct business according
to personal interest filed.
Example of lifestyle and
survival entrepreneurial
ventures includes fashion
bloggers and travel
bloggers. In addition with
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as to increase their global
brand image.
this, in survival venture
entrepreneurs conduct their
business functions with a
motive to increase their
sustainability base of
organisation for long term.
Statistics to demonstrate the influence of SME’s over Australia’s economy
Micro and small business organisation acts as the most important elements in an
economy as with the help this country can effectively increase their growth prospective and
economic growth in best effective manner. In addition with this it also helps in increasing nation
brand image and economic presence in international platform with the help of which country can
tend towards more economic growth prospects. As per accordance with the statistics report that
has been published by Australian government, micro and small business organisations effectively
contributes up to 87 % in nation economic aspects with the help of which country boost their
growth rate and grab more developmental opportunities. In addition with this, it has been
evaluated that with having more than 4.1 billion micro and small business organisations country
effectively increase their per capita income aspect that directly contributes up to attractive
increase in country employment rate prospective. Along with this, it has been evaluated that
micro and small business organisations effectively contributes their contribution in generating
number of job opportunities that further take Australia towards satisfying economic growth.
Thus, it has been evaluated according to published data that micro and small businesses ventures
effectively take advantage of innovation to satisfy needs and demands of customers along with a
motive to increase their profitability base ratios in order to serve country economy growth rate in
best effective format.
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As per the above mentioned graph it has been evaluated that small business enterprises in
Australia include more than 4.8 million individuals those who perform their operation in this
segment. In addition with this, contribution of this segment increase employment opportunities
rates. As per the data it has been evaluated that there are more than 283,000 medium and small
scale organisational sectors present in Australia those who effectively serve country economy
with best.
Share of business in Australia:
In Australian economy there are huge number of small and large scale business
organisations those who effectively perform their operations as to provide best effective form of
contribution in country economy. With the help of help of their contribution economic growth
aspects rates are also increased that significantly increase employment opportunity rates up to 1.4
million (Small business sector contribution to the Australian economy, 2019). In addition with
this, small and micro level segments also offer growth opportunities in local, national, state and
international aspects of Australia economy. With the help of this contribution country effectively
able to attract investors that further increase foreign direct investments of different countries.
There are two types of factors that can impact on a country economy that include:
Job Creation:
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Illustration 1: Small business sector contribution to the Australian economy

Micro and small business organisations act as a route-map with the help of which country
can effectively increase their growth opportunities. In addition with this, it also helps in
increasing country job employment rates. In accordance with published data by Australian
government, it has been evaluated that small and micro level business organisation lead towards
contributing up to 2.50 million employment opportunities. Along with this, it has been identified
that there are more than 51.1% females in this sector those who perform their job in respective
sector (Small business sector contribution to the Australian economy, 2019). With the help of
this Australia can lead towards building country as a women empowered country.
Contribution to Innovation:
Small and micro business organisations effectively satisfy customer’s needs and demands
with the help of new ideas, services and products as to attract attention of large base of
customers. In context with this, it has been identified that these segment offer qualitative
products and services. With the help of their contribution country can lead towards building their
economy more stable that will further attract large base of investors and increase living standards
of population.
In regards with Australia small and micro level organisation contribution in Australian
economy it has been identified that. This sector effectively contributes up to 1.9 million jobs in
country with the help of which country can effectively boost their economic strength (Small
business sector contribution to the Australian economy, 2019). Thus, in this it becomes essential
for Australian government to provide number of reliefs to these ventures such as, tax relief and
easily availability of fund sources. With the help of these measures government can effectively
able to motivate these ventures and can further initiate their growth prospective.
In Australia, role of small business and start-ups is the pioneer platform to ensure long
term growth of this emerging economy. Its contribution is rising in funds flow and gathering
long term employment for people. Also, start-ups are merely different from small business, but
their contribution in form of welfare of people is significant. Due to small businesses, excess
resources of the nation have resulted in increment in demand and supply. Hence, contribution of
small business and start-ups is compulsive to give flow of the funds to survive economy in an
effective manner. As a result, such kind of contribution is necessary to be sustained.
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PROJECT PART B
Characteristics, traits, skills and motivational drivers of successful entrepreneurs
Entrepreneur is a person who intends to undertake risks for the purpose of coming up
solutions for social or economic issues being faced by general public. They are highly confident
individuals who are willing to surpass each and every limit in order to attain success in corporate
world. Such personnel are seem to extremely outgoing and courageous in their approach towards
entrepreneurship and this aids them in accomplishing the goals and objectives stipulated in
relation to the entrepreneur. In this regard, it can be said that every entrepreneur has different set
of traits, characteristics and skills which makes them unique among others present in market.
Their skill set renders them the required support to fulfill the needs and demands of consumers
so as to attain maximum contentment from them. The entrepreneurial traits, skills, characteristics
and motivational drivers of the various entrepreneurs taken within this presentation are presented
below:-
Ren Zhengfei
He is a Chinese engineer as well as a successful entrepreneur. Ren is the CEO and
founder of Huawei which is the biggest producer of telecommunication equipments across the
world together with the second largest maker of smartphones. His organisation possessed a net
worth of US $1.7 billion as per the reports of February, 2019.
Characteristic
Keen learner: The basic philosophy of Ren Zhengfei during the entire tenure of his
corporate life has been the ability to think, learn and act. He has always been keen on instilling
this characteristic within the corporate culture of Huawei and emphasizes upon making others
also acquire the art of learning new things at rapid intervals (Leading Huawei: Seven Leadership
Lessons of Ren Zhengfei, 2019). In contrast to this, managers make use of rigid styles of
management and do not seek to learn new ways of executing tasks.
Skill
Directive Leadership: Zhengfei makes use of directive leadership skills for setting the
goals, objectives and targets for people working within Huawei. Within early stage of the
venture, the major authority associated with all kinds of decisions regarding corporate strategy
and organisational culture, vested with him. However, later he began understanding the
significance of empowering the workforce for the timely attainment of common goal (Leading
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