Analysis of Entrepreneurial Ventures and Small Business Report

This report provides a comprehensive overview of entrepreneurship and small business management. It begins by defining and differentiating various types of entrepreneurial ventures, including small business, startup, large-scale, and social entrepreneurship, highlighting their similarities and differences. The report then analyzes the impact of small businesses on the economy, presenting relevant data and statistics to demonstrate their contribution to economic growth and job creation. Furthermore, it explores the importance of small business enterprises in fostering social economic growth, emphasizing their role in innovation, adaptability, and community development. The second part of the report identifies the key characteristics and abilities of successful entrepreneurs and assesses how their personal motivations and mindsets drive business ownership. Finally, it examines how personal background and experience can either facilitate or hinder entrepreneurial endeavors. The report concludes by summarizing the key findings and emphasizing the significance of small businesses in the economic and social landscape.

Entrepreneurship and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................4
Part 1................................................................................................................................................4
P1 Different types of Entrepreneurial Ventures.........................................................................4
P2 Similarities and difference between different entrepreneurial business ventures .................5
P3 Interpreting as well as assessing relevant data as well as statics for demonstrating the
effect of small business on Economy..........................................................................................6
P4 Importance of small business enterprise for growth of social economy................................8
PART 2............................................................................................................................................9
P 5 Identifying the Character tics and abilities of successful entrepreneur...............................9
P 6 Assessing the way entrepreneurial personal reflect business owner motivation and mindset
...................................................................................................................................................10
P 7 Analysing the way personal background as well as experience can hinder or foster
entrepreneurship........................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Small enterprises are recognised as e privately owned corporations, partnerships, or sole
proprietorships firm which have low economies of scales and consists of few employees.
Business owner of small business enterprise are accountable for managing all aspects of
business. Management is a term which refers to as the alignment and coordination of multiple
activities in within an enterprise. It is required by an entrepreneur to develop several skills , core
competencies and increase their knowledge about the present business trends. As this strategy
will assist manager or business owner in managing or running a company in successful manner.
An entrepreneur is recognised as a person who set up and run business with limited resources
and proper planning. Business owner of small medium enterprises are liable for gaining all the
profits and suffering losses associated with business.
The present report have focus on exploring the range of entrepreneurial ventures. It also
has focus on analysing the skills , education , knowledge and core competencies posses by
successful entrepreneur.
Part 1
P1 Different types of Entrepreneurial Ventures
Different types of Entrepreneurial Ventures are:
Entrepreneurial: An entrepreneur is a person who is involved in task of launching, running and
starting up a new business which involves high amount of risk and rewards, initially they are in
a form of small business. An entrepreneur can be in form of an individual person or group or any
particular community serving for a social or welfare cause (Zortea-Johnston, Darroch and
Matear, 2012)
Types of Entrepreneur Ventures:
1.Small Business Entrepreneur: Its one of the most common form of entrepreneur, large no of
people are engaged in this form. Example;grocery stores, hairdresser,etc. There motive is to
serve the family, and make profit. They fund there business from small business loans, friends or
family.
They are sole bearer of risk involved and profits, there goal is not of profit maximisation

2.Start- up Entrepreneur: The one with some innovative ideas having the faith that there
business and vision can change the world are known as Start-up Entrepreneurs. They undertake a
huge amount of risk involving small amount of capital formation. Example: Facebook, Silicon
Valley of Shanghai.
They create a good scope for talented and potential employees, and a platform to use technology
based products.
3.Large scale Entrepreneur: they are among the one who are highly motivated, action-oriented
who can easily take up initiatives of starting up of some of the new ideas and innovations within
an established firm. Example; TATA the company which deals in more than five industry at
present.
The innovation of these company leads to build up of some new ventures providing competitive
advantage to organization.
4.Social Entrepreneur: They developed products and service which serves the social needs and
problems. They are basically in form of Non-profit,Profit and Hybrid.
They work towards the betterment of the society as a whole. Example; The Paper Project which
employs the victim of human trafficking.
Corporate level Entrepreneurship-Entrepreneur with this type of entrepreneurial
typology are usually highly active, self-motivated and action-oriented persons who
easily make suitable as well as effective decision or plan ( Heinen, Törnroos and
Elo, 2013)
P2 Similarities and difference between different entrepreneurial business ventures
Small business entrepreneur venture Large company entrepreneur venture
Small medium enterprise generally have few
numbers of employees.
These companies have large numbers of
workers.
These types of organisation sell only varieties
of goods or services.
Such types of organisation manufacture
products and services at large scale with the
purpose of catering the needs as well as

demands of customer in the market.
Starting-up of small or micro business venture
requires less capital investment. Such firm in
order to gain the popularity as well as
recognition in the market requires investing
funds of marketing or promotional activities
which help company in attracting the investors.
Establishment of large organisations are
required huge capital investment. In context of,
large companies , firm does not have to can
attract investors by developing new ideas.
These types of an organisation does not have
broad vision to accomplishing of high amount
of profitability from the market.
Big organisation have wide range of scope of
vision and mission statements which assists
business entity in accomplishing desired
outcome.
Small business ventures have focus on catering
to the basic need of customer in the market.
Purpose of the big companies is to earn high
profit and generate revenue. The another
objective of such organisation is to expand
business.
Scalable starting-up venture Social entrepreneur venture
Such type of business venture have focus on
changing the situation in market by developing
as well as launching new products.
These types of business entities works mainly
for the benefit or welfare of society. Social
entrepreneur venture manufactures goods as
per the need of people in the society.
In Scalable starting-up venture, employees are
recruited and paid fixed salaries or wages foe
executing the task. In some cases workers are
also paid with monetary rewards or incentives
for their good performance as well as making
contribution in driving company towards
accomplishment of objectives.
Social Entrepreneur venture, consists of
volunteers those who form association with
the purpose of accomplishment of good cause.
In such type of organisation, people might not
get wages or salaries (De Silva and et.al.,
2012)

P3 Interpreting as well as assessing relevant data as well as statics for demonstrating the effect
of small business on Economy.
From last few decades, there has been tremendous growth of small medium enterprise in
United kingdom. Micro business venture has contributed a lot towards the economic
development of nation. It has also created the many employment opportunities for local people.
This the reason legal authority in United Kingdom is supporting micro business venture in
fostering growth and expanding business (Chinomona and Ming‐Sung Cheng, 2013) These
organisations are operating effectively and furnishing sufficient product and services as per
market demand. Many economic as well as other policies are formed by the government in order
to supports small medium enterprise in running in smooth way and helping companies in
improving their performance. Small medium business ventures are those who consists of few
employees and have less capital turnover.
Country Total Entrepreneur %SME
United Kingdom 5.7 million 94.6
It has been analysed from the above information that there are many small firms are
operating successful in United kingdom. With the support of political parties as well as
government, business venture has able to foster growth and achieve success in the market. Legal
authority in the nation have small business organisation in increasing competencies as well as
gaining competitive advantage in the market. In return, business owner of micro organisation has
helps nation in maintaining the economic stability by attracting foreign investors through
innovative ideas. From the analysis, it has been seen that, due to large number of small and micro
business in the country, more than 63 percent employees are working in small entrepreneur
ventures in the country properly Small business units has generated many employment
opportunities for local people. It has assisted United kingdom in reducing the unemployment in
the nations. Small and micro business also making contribution in the country in order to
implementation of innovation in various new business. These organisations s has played
significant role in bringing innovation and generating new sources of income for citizens as
well as government. By promoting the innovation, micro business ventures are generating more
revenue from the market by which national economy of the country is growing at very rapid rate.
It has been analysed from the information contained in several reports that small medium

enterprise are contributing approx 46.5 % of revenue to the Economy or Gross domestic product
of United kingdom. These organisations have crucial role to play in increasing productivity
(Fayolle and Gailly,2015)
P4 Importance of small business enterprise for growth of social economy
Small medium organisations are playing important role in assisting United kingdom in
improving economic condition. This the reason the micro business venture are also considered or
recognised as backbone of United kingdom economy. Small medium enterprise has mage great
as well as significant contribution in context of generation of job opportunities for people. As per
the report of Confederation of British Industry which interpret ates that small and medium-sized
organisation comprises approximately 99.8 percent of private sector businesses and 60 per cent
of private sector jobs. There are approximately 4.8 million business ventures are operating at
small scale in United Kingdom. Adaptability , employment and innovations are considered tom
the three main contribution made by micro business entities which demonstrate its importance in
terms of social growth. As per the statistical report of the legal authority, small business entities
have high innovative skills which has assisted firm in growing rapid rate. These organisations are
important as it helps in promoting innovation and encourage society to improve living standards.
The another fact which demonstrate the significance of small medium enterprise is that, these
business venture intends to fulfil the basics need of people in the society. It has been assumed
that small medium corporation can act as an important ‘seedbed’ for new innovations. In context
of job creations, micro firms crucial role to play in driving nation towards economic growth.
Small business organisation can assists nation in becoming more competitive as well as
attractive for the investors. It also helps country in adding the diversity. These organisations also
important as they are serving the communities in which they are operating business. By
facilitating the innovation , micro business venture increases the level of competition in domestic
market which further assists in increasing the turnover.
` Small business enterprises also helps in establishing economic recovery for the nation.
These business ventures are important as it assists in bringing growth as well as promoting
creativity among the people in the society.
Establishment of new start up or small business venture is important in terms of attracting
as well as providing training to new talents in terms of facilitating innovation which is
considered to be as beneficial as well as useful for the development of society. Small business

entities have high potential to invest time, money and provide care to people be enforcing new
solutions and bringing improvement in present ideas. Small business organisations contributes a
lot in context of promoting creativity. These business ventures also support nation in improving
the performance. Establishment of new starts ups as well as small medium enterprise is
important in context of supporting nation in maintaining the economic balance.
It is very much important for people in the society to support small medium enterprise in
fostering development. As the some portion of the money earned by these firms are paid in form,
of tax to the government which is further utilised for brining improvement in society or nation
(Kuratko, 2016)
PART 2
P 5 Identifying the Character tics and abilities of successful entrepreneur.
A person those who have desire to become a successful entrepreneur need to posses
depth knowledge about business, innovation skills etc. In addition to this successful business
owner also have high risk bearing capacity and high level of understanding about the techniques
of establishing as well as managing company. There has been a long debate on the topics
whether ban entrepreneur are born or made. Many of the philosophers has stated that an
individual able to become successful entrepreneur due to the genetic make-up. While some
authors perceives that entrepreneur skills comes from environment. In other words they mean to
state that an individual gain entrepreneurial skills by getting the practical experience. I n addition
to this business experience is considered an essential foundation that increased the chances of
future entrepreneurial success. A successful business owner have quick decision making power,
self – confidence , creative skills, leadership qualities , management knowledge etc.
Some other qualities of success entrepreneur are :
Freedom directed-It is considered to as a good quality of successful business owner that they
make plan to established their own organisation by gaining the sufficient experience by
working with giants companies. Such type of people always posses learning attitude which
enables them to increase their knowledge about the latest business trends. Successful
entrepreneur believers in making their independent decisions.
Determination-Business owner does not get easily demotivated with their failure. They put
their all efforts in achieving success. For instance In context of both entrepreneur such as Peter

Jones and Edison both has failed once in their business. But still they have able to get success in
their life only due to high level of positivity and self determination.
Creativity- Successful entrepreneur have high potential to develop the understanding about the
unrelated events or situations. Business owner has creative thinking which supports them in
identifying the innovative solution to the problems. It allows an entrepreneur to easily manager
the complex or difficult situations. Thomas Edison has creative mind which has enabled him to
invent Bulb. The another Example is of Perter Jones due to his creative mind he has able
to develop new business ideas and has become millionaire from a diverse range of
business.
Strong people skills -It is the important as well as good quality of an entrepreneur that they have
knowledge about the way which should be used for communicating with employees. In addition
to this they also have understanding about the application of motivational techniques which is
very much crucial in terms of influence people to work for the benefit of company. In context of
peter Jones who is recognised as most ten successful business owners has able to expand
business by building strong network.
Passion-It is considered to be as most attractive as well as essential trait of success entrepreneur.
Effective business owner are more passionate about their work. An individual with this type of
qualities are highly dedicated towards their work and put all efforts in driving company towards
success. They believe in conducting the depth research in order to find new ideas for bringing
improvement in an organisation. In context of both , peter Jones and peter Edison , has able
become successful business entrepreneur, as they haver high passion towards their field.
Confidence- This is the quality which helps an entrepreneur in making suitable decision for the
benefit of an organisation. Confidence is the skill which is gained by an entrepreneur by working
in particular field for long time as well as through proper training.
Responsibility- This is the unique quality of a successful entrepreneur which make them
different from other people at workplace. Business owners are aware about their responsibilities
and take high initiatives for fulfilling their liability.
System oriented – It is another unique quality of an entrepreneur that they seek for system-
based solutions before searching for human resource solutions.
Optimistic -An individual is required to have positive outlook for becoming a successful
entrepreneur.

Leadership qualities- effective as well as successful business owner has high potential to direct
people as well proper workers with suitable guidance related to the task (Naudé,2013)
P 6 Assessing the way entrepreneurial personal reflect business owner motivation and mindset
Trait approach is considered to be as an appropriate concept which can be utilised for
analysing the characteristics , qualities of successful business owner. OC hypothesis can be used
for showing the entrepreneurial mindset and also for increasing the important role optimism. It
has been identified that by just developing the creative idea an individual can not become
successful entrepreneur. A personal is required to posses several unique qualities as well as core
competencies in order to become successful or effective business owner. Personality trait as well
as motivational structure are necessary to understand the mentality of entrepreneurial. Big five
models can be utilised for identifying the personality trait among self-employed.
Extraversion: This include entrepreneur with high energy, sociable, and seeks role of
leader.
Agreeableness: These kinds of business owner are generally of good nature, cooperative and
loyal. Such types of person have high bargaining power.
Conscientiousness: These types of entrepreneur are responsible person. Entrepreneur are
generally action oriented and efficient.
Emotional stability – it is required by an entrepreneur to avoid taking emotional decisions. As
this factors might have negative impact on the growth of organisation (Shalley and et.al,
2015) Personality traits include the human characteristics, abilities, motives, attitudes and values
which shape the individual person's experiences and actions. Hence, personality traits cause the
mental and behavioural procedures of individuals. In addition to this Motivating factors include
achievement, advancement, autonomy, personal growth, recognition, responsibility, and the
work itself. There are some aspects which reflect Thomas Edison which reflect his
entrepreneurial motivation and mind set Thomas Edison was a very successful inventor.
Tenacity: Thomas Edison tried 10000 time for overcome to failures. Thomas Edison have ability
that determine to succeed. In inventing of perfect electric light he tried more then 10000 times to
overcome for failure that shows his mindset and dedication towards accomplishment of
objective.

Passion : Most of business owners perceives that they can change the world through their
mindset Thomas Addison was one of them. Passion toward the objectives demonstrate his
greatest mindset skill and courses of action which reflects his entrepreneur aspects.
P 7 Analysing the way personal background as well as experience can hinder or foster
entrepreneurship
1. Philip green: Philip green is the present-day CEO of Arcadia group. Arcadia group is a
conglomeration of different popular retails institution. Background and experience of
Philip green- green was drop-out from the school at the age of 15 to work for a shoe
importer and set up his own company 6 years later and worked his way up from there.
Philip green started his first business at age of 21 importing jeans from the far east to sell
in London he have a mindset of successful entrepreneur.
2. Perter Jones- He has been popular as successful entrepreneur in UK. Perter
Jones has established computer business where he made PCs under his own
brand. In mid of twenty century, Peter has opened a cocktail bar in Windsor.
As the business was unsuccessful, therefore peter has to suffer financial
loss , after which he has decided to sell organisation. After , getting fail in
cocktail business , peter has planned to open next venture Phones
International Group. An in other in phone business he got success. Peter has
earned millions of dollars from a diverse range of business interests, starting
with making computers and opening a cocktail bar before progressing into
mobile phones, media, leisure, property and TV shows. This shown peters
passion for expansion which has enabled him to become a successful
entrepreneur. The other qualities or skills which has assisted him in
becoming successful is visionary power, self confidence, enthusiasm.
(Entrepreneurship and innovation, 2017)
CONCLUSION
The report has concluded that there are various unique qualities as well as
characteristics and skills which are posses by a successful entrepreneur. It has been
concluded from the assignment that Special abilities and core competencies allows
business owner to differentiate themselves from other people within an
organisation. Study has successfully demonstrated the way experience , education ,
skills hinders or foster entrepreneurship. Project has provided the brief explanation
about the skills which are required to be posses by a person in order to manage

business successfully. Assignment has also demonstrated the way entrepreneurial
personal reflect business owner motivation and mindset.

REFERENCES
Books and Journal:
Zortea-Johnston, E., Darroch, J. and Matear, S., 2012. Business orientations and
innovation in small and medium sized enterprises. International
Entrepreneurship and Management Journal , 8(2). pp.145-164.
Heinen, A., Törnroos, J. Å. and Elo, M., 2013. Network process analysis: An event-
based approach to study business network dynamics. Industrial Marketing
Management. 42(8). pp 1213-1222.
De Silva, D. G. and et.al., 2012. Disadvantaged Business Enterprise goals in
government procurement contracting: an analysis of bidding behaviour and
costs. International Journal of Industrial Organization. 30(4). pp. 377-388.
Chinomona, R. and Ming‐Sung Cheng, J., 2013. Distribution Channel Relational
Cohesion Exchange Model: A Small‐to‐Medium Enterprise Manufacturer's
Perspective. Journal of Small Business Management. 51(2). pp. 256-275
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on
entrepreneurial attitudes and intention: Hysteresis and
persistence. Journal of Small Business Management. 53(1). pp.75-93.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice . Cengage
Learning.
Naudé, W., 2013. Entrepreneurship and economic development: Theory, evidence
and policy. Browser Download This Paper.
Shalley and et.al, 2015. Introduction: Integrating creativity, innovation, and
entrepreneurship to enhance the organization’s capability to navigate in the
new competitive landscape. The Oxford handbook of creativity, innovation,
and entrepreneurship, pp.1-14.
Online
Entrepreneurship and innovation. 2017 [Online]. Available through:
<https://www.london.edu/programmes/topic/entrepreneurship-and-
innovation#.Whem0XV95CU>.