Report on Entrepreneurship: Ventures, Impact & Traits

This report provides a comprehensive analysis of entrepreneurship and small business management. It begins by determining different forms of entrepreneurial ventures in relation to entrepreneurial typologies, using Deloitte as a case study. It assesses the differences and similarities among various entrepreneurship ventures, highlighting the unique features and common objectives of small vs. large organizations, lifestyle vs. survival organizations, and social vs. scalable organizations. The report further examines the impact of micro and small businesses on the UK economy, supported by statistical data analysis, and emphasizes the importance of small start-up businesses in the growth of the social economy. Additionally, it identifies the traits of successful business managers with successful entrepreneurial skills, citing Moshin and Zuber Issa as examples. Finally, the report explains how an entrepreneurial personality reflects its motivation and mindset and discusses how background and experience can hinder entrepreneurship. The report concludes by summarizing the key findings and their implications for aspiring entrepreneurs and business managers.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................2
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Determining different form of entrepreneurial ventures in relation with entrepreneurial
typologies....................................................................................................................................3
P2 Assessment of differences and similarities among entrepreneurship ventures......................5
TASK 2............................................................................................................................................6
P3 Impact of micro & small businesses on economy with relevant statistic data analysis........6
P4 Importance of small start-up businesses in growth of social economy.................................8
TASK 3............................................................................................................................................8
P5 Determining traits of successful business managers with successful entrepreneurial skills. 8
TASK 4..........................................................................................................................................10
P6 Explain how entrepreneurial personality reflect its motivation and mind- set. ..................10
P7 Explain how background and experience can hinder entrepreneurship. ............................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
·

·INTRODUCTION
Entrepreneurship is a process of starting up new business with identification of various
new ideas as well as opportunities. There are different tasks carried out during process of
constructing a new economic venture that includes application of management theories, analysis
of risk factor while building a new commercial start-up etc.
An entrepreneur is a person who has ability to utilize appropriate resources & financial
capital to produce new product or service with aim of gaining profitability from new venture
established. The following report determine various aspects of entrepreneurship as well as skills
required to become successful managers of organisation. Also, below assessment showcases
different background or failure of entrepreneurship ideas with respect to their action towards
goal of company.
·MAIN BODY
·TASK 1
·P1 Determining different form of entrepreneurial ventures in relation with entrepreneurial
typologies
In order to run a new business, entrepreneurs select best suitable option from various
forms of venture ideas. There are various successful organisation such a Deloitte, a multinational
organisation headquartered in UK known for its consultancy services across globe
internationally. Various forms of venture adopted by companies are discussed below in selected
organisation's context:
Scalable venture start-up: These form of business enterprises come under category of
medium sized nuclear start-ups (Turner and Gianiodis 2018) . Such entities initially focus on
gaining support from large scale organisation or venture capitalists in form of investment and
guidance through external sources. The main idea behind these venture is identification of
current market solutions for consumers problems at marketplace. In context of Deloitte, long-
term goal of firm is to earn huge profits in near future, expand more in remote areas as well as
become one of renowned consultancy organisation in industry.
Small scale businesses: This is one of most commonly recommended form of
entrepreneurship type (Secundo, Rippa and Meoli, 2020). Small scale ventures require less

resources with sufficient revenue generated or not much productivity. Most of these form of
companies are regulated by sole proprietors, specific groups or family members. In context of
Deloitte, have partnered with different small consultancy agencies having good growth
opportunities in UK.
Large scale businesses: These from of companies are well established traditional entities
or venture with broad customer base. Reason behind success of these businesses is new product
launch, innovation & introduction of upgraded technology etc. In relevance with selected
consultancy firm, does promotions on large level through advertisements of their services. Also,
managers in such companies take decisions with consent of all boards directors or shareholders.
Social entrepreneurship: Such form of start-ups are created for solving societal
problems by providing innovative solutions (Radović-Marković and Tomaš, 2019). Motive
behind these entrepreneurial ventures can be both profit or non- profitability consisting of
bringing a social change or promoting wealth. In context of Deloitte, there are different
initiatives taken by social mangers to complete their corporate social responsibility such as
employment to underprivileged sections, environmental awareness and racial justice etc.
Entrepreneurship Typology
Typologies are a part of entrepreneurship that help owner of organisation categorize
various fields or groups into characteristics, attributes, qualities, academic profiles etc. In
relation to respective company, various entrepreneurial undertakings are classified under
categories discussed below:
Serial entrepreneurs: These people are categorized based on their innovative ideas and
thoughts. They are imaginative ones who aim at taking challenges with risk factor into
consideration. Research & development department have such serial entrepreneurs in Deloitte
working at developing new innovations or bring a change in market nature with new product
launch etc.
Survival undertaking:This category defines all those who are struggling to survive in
market competition dealing with various challenges such as financial fund availability, hiring of
employees, low dedication level, rising expenditures and large scale competition etc. Micro-
Enterprise come under this category of entrepreneurship striving for appropriate resource and
human talent.

Lifestyle ventures: These businesses consist of entrepreneurs who like to follow their
own passion and finally converting it into successful start-up or new enterprise helping them
earn good profits (Nyadu-Addo and Mensah, 2018). People categorized under this typology lay
emphasis on increasing quality of life with advancement of mental growth rather than just
company profitability.
Controlled development: In context with Deloitte, this typology has main objective to
get instant growth by expanding product line through diversification. Medium size firms choose
this form of venture start-up to have minimum risk and maximum profits through proper
research on market industry.
Dynamic growth: This form of typology require a good amount of investment for future
growth of organisation. Main aspect of business owner is development that includes
enhancement of workforce based on their skills, cash flow to fund development , market
expansion etc.
l壱P2 Assessment of differences and similarities among entrepreneurship ventures
Various forms of entrepreneurship ventures have similarities as well as unique features
that differentiate them from other types. Some of these forms are classifies in mentioned below
points:
·TypesSimilaritiesDifferencesSmall v/s Large organisationBoth small or large enterprises focus
on providing quality services or product to consumers in market economy for enhanced
productivity & profitability (Liguoriand et. al., 2019).
·Satisfaction to customers in market competition is main objective of both type of
businesses.Small scale businesses or start-ups require less investment rather than large scale
organisations that opens on broad level with huge capital investment done nationwide or
globally.
·Large-scale organisations have capacity to adopt new technologies rather than small scale start-
ups who initially are dependent on manual workforce labour.Lifestyle v/s survival
organisationsThese type of companies have common objective to provide financial assistance to
other businesses or sole proprietors in entrepreneurship or business start-ups.Lifestyle ventures
are formed to work on a particular concept or subject field whereas survival entities primary goal

is to grow or stay for long run in corporate sector.Social v/s scalable organisationsThese
enterprises lay emphasis on finding appropriate solutions to societal problems faced by
consumers in market.
·These companies mainly invest into finding new dynamic ideas for positive change in society
culture & environment.Social enterprises can be non profit too aiming at fulfilling society
benefits , profit being secondary motive but scalable ventures derive profits from its day to day
operation on consistent basis.
·The market needs of huge customer base is solved by scalable businesses through launch of
new innovative products making their life easier whereas social firms resolve issues faced in
society as whole not just profits.
·TASK 2
·P3 Impact of micro & small businesses on economy with relevant statistic data analysis
Small and medium size start-up ventures play a very significant role in UK with respect
to its economic development, market expansion and customer satisfaction. There are various
differentiated sectors based on which around 4.1 million small start-ups are established across
UK for financial contribution & prosperity nationwide or globally (Hytti Blackburn and
Laveren, 2018). These small scale enterprises contribute towards GDP of country by 6.1 percent
rise with leading increase in growth opportunities. This has also largely helped corporate sector
of UK provide employment opportunities to maximum population with affordable
accommodation facility for migrants at large.

The graph above showcases scenario after Brexit implementation towards small,medium
an micro enterprises. The number was risen by 0.6 percent, as after Brexit many micro
organisation observed boost of sales and increase in profit margins with 88.2 percent contrasting
with GLLCP. With both negative and positive impact on British enterprises, it has been
concluded that small scale business play a very significant role in growth of British economy of
corporates.
Section of small business ventures in UK
More than five million start-up small enterprises in UK have been established in year
2020 paying major role in financial development of British economy with fulfilling almost 3/5th
of employment needs in country. Some of these needs or contribution to British market economy
are given below:
Employment opportunities: Small scale business have contributed at large towards
country population by hiring around 16.3 million in Britain by fulfilling sixty percent need of
employment (Figueiredoand Paiva, 2019). With decrease in overall unemployment rates , small
start-up ventures have created vacancy for 2 million jobs improving financial position and
country wealth.
Increased innovation: Innovation in very sector is important as it provide solution to
current issues face d by people in market. Economic growth is also positively affected by small
businesses as it help staff of chosen firm develop their skills as well as enhance knowledge.

In context with Deloitte, managers of firm make sure systematic application of policies is
followed by micro organisations it has partnered with being major contributor in financial
stability & economic growth of nation.
l壱P4 Importance of small start-up businesses in growth of social economy
Social economy or enterprise is defined as mix of both public & private sector
corporations that mainly focus on social welfare than increase in profit margins. It depends on
various factors of chosen firm that company is operating domestically or internationally in social
economy. These factors are scope, size, capital, revenue, ethics, attitude, and belief etc.
Importance of small ventures in growth of social economy
There are various factors that determine significance of small businesses in social economy
discussed below:
Technological up-gradation: In relevance with selected organisation, new companies are
coming up in market with new technologies helping in improving business operations making
them fast with good quality of services (Dzisi, Odoom and Gligah 2018). Therefore, acquiring
such new concept small businesses is a suitable option for chosen firm to increase its
productivity & profit margins.
New systems and research for new start-ups: New small scale start-ups benefit
employees with better opportunities in future as well as new technologies adaptation. Rea search
on consumer market also benefit consumers with more alternative choices in new product or
services to buy from market. New technological tools introduce in industry help select
organisation expand or represent themselves at an international level.
·TASK 3
·P5 Determining traits of successful business managers with successful entrepreneurial skills
Entrepreneurs are those individuals who have capability of starting something new with
their personal skills, attributes and unique thoughts helping them succeed in dynamic industry
market of high competition. This capability of risk taking and idea generation make them
different from common managers working in businesses mentioned below with relevant
examples:

Moshin Issa is a British billionaire businessman who founded Euro garages and was
born on July, 1971. He has majority of stake in Asda which is a deal of acquiring a Walmart
super market chain in 2021.
Zuber Vali Issa is a successful British entrepreneur & brother of Moshin Issa who is co-
founder of Euro Garages founded in 2001. He was born in June, 1972 known for his skill of &
commitment towards becoming one of successful business brand internationally.
Euro Garages is a retailing business enterprise consisting of fast food restaurants or outlets and
petrol filling stations across Europe (Dvouletý, 2017). Core business of this enterprise is oil
refinement & production. He was born in June, 1972 known for his skill of & commitment
towards becoming one of successful business brand internationally.
Attributes of Issa brothers
Perfection: Commitment of these entrepreneurs towards monitoring both retailing
businesslike of petrol station & food outlets have made them find perfection in ultimate
achievement of their business goal objectives.
Innovative thought process: In order to expand business at global scale , these
entrepreneurs have been innovative enough to produce their own e-commerce platform for
creating brand awareness of their organisation across world.
Interactive communication skills: These leaders have good interactive ability to connect
with consumers across globe with their omni-channel networking, strong brand image over
social site on internet and leverage other organisation with useful offerings.
Smart strategic thinking: Issa brothers have been good at taking smart decisions and
believe in promoting better leaning systems with innovative technologies. They have good
capabilities to change with dynamic culture by replacing traditional long processes with
automatic systems.
Optimism: These entrepreneurs are risk takers and optimistic in making their innovation
a successful invention . In-spite of many failure attempts, these leaders did not loose hope that
encourages their subordinates too work with full potential & devotion resulting in development
of business venture.
Abilities of Issa brothers
Delegation of work: Since it is not possible for single proprietor to manage business
operations at different locations with maintaining quality of work. Therefore, Issa brothers have

come up with strong distribution channel network with various collaborations with other
enterprises to make functioning easy and quick.
Networking: The entrepreneurs have good networking skills that have helped them
maintain good relation with suppliers, external stakeholders and employees working at different
outlets or petrol stations across UK. These abilities have helped them do market expansion in
various other regional places.
Leadership: In relevance with Deloitte, managers have adopted various leadership styles
adopted by Issa brothers in managing various business operations in their business. Some of
these styles is democratic leadership exercised by entrepreneur in which they mainly focus on
employee enhancement by directing them towards company functions, objective, main goals etc.
This is established through better mutual understanding ability of entrepreneur in training
employees at workplace through verbal, non-verbal and visual communication.
Customer engagement- The ability to understand market demand and research on how
consumers are satisfied with various goods or service is important for businessman. Issa brothers
have mainly focused on consumer satisfaction that was achieved by various factors. They have
good reviewing system that help them identify their quality of service towards customer
experiences (Dou and et. al., 2019). Also, with establishing such a smart start-up and becoming a
billionaire businessman, their reputation has created an excellent image among its followers
encouraging them to acquire services offered by their company.
Process and activity innovation: These leaders were called true entrepreneurs in business
industry as they always supported new innovation. The leaders have introduces core offerings
form their start-up that help them make their business sustainable in competition industry.
·TASK 4
·P6 Explain how entrepreneurial personality reflect its motivation and mind- set.
Entrepreneur refers to an individual person who create a new idea into reality. And
bearing all risks and reward related to its investment. Entrepreneur is also known as inventor
who invent new ideas. It is a person with good communication skills, self made, goal oriented,
innovative ideas, confidence, high tolerance etc. All these traits of entrepreneur creates a good
personality of it. In context of Deloitte, entrepreneurial personalities helps in achieving goal of

organisation. Different traits of entrepreneur helps in motivating them towards the achievement
of their ideas. Peoples have different personalities from each other and they behave according to
it. Some entrepreneurial personalities traits which helps in motivating and reflect mind set of
entrepreneur are discuss below:
Openness: This is an most important trait of personality in OCEAN model. Those
persons who having this type of traits are very creative and always trying new things. An
entrepreneur having this type of traits are always focus on tacking different challenges for
growth of organisation. Zuber and Mohisa Issa are two successful entrepreneurs who start their
business with a single patrol pump, in 2001. because of this trait of personality they are always
creative in their work and face new challenges which motivates them in achieving its goal.
Conscientiousness:People having this trait are always motivated towards achievement of
organisation goal. An entrepreneur having this traits is always extra careful towards their work
and a self- disciplined person (Crecente-Romero, Giménez-Baldazo and Rivera-Galicia 2018).
Entrepreneurs like Zuber and Mohisa Issa have a characteristic of attentiveness to details &
extraordinary organisational abilities. Which helps them in facing its competitors in market.
Every work perform by them is already plan and organize accordingly. This trait motivate them
towards successfully finish important task and pay attention to every detail which help in
organisation growth.
Extraversion: It refers to a person with high amount of emotional expressiveness and
like to maintain his idea. This type of entrepreneurs are very talkative & characterized by
excitability. This trait helps Zuber & Mohsia Issa in gaining energy in social situations. Because
of this trait they feel very fresh & excited towards their work. Which motivated and reflect their
mind- set towards organisational goal. Extraversion trait of personality make them to meet new
people which helps in generating new ideas and developing their business in different sectors.
Agreeableness: This trait of personality includes trust, kindness, affection & other
behaviours. People having this trait value are very cooperative. Zuber & Mohsia together start
their business with single patrol pump and now they have more than 5200 patrol pumps. Its all
because of their trust on each other they are know one of the successful entrepreneurs in world.
Both are very cooperative to each other which motivates them in smoothly functioning of
business.

Neuroticism: It refers to a personality trait which includes sadness & emotional
instability. In context of selected entrepreneurs, both have a control on this trait which make
them more stable and emotionally strong. For the success of any organisation its important that
their emotions are stable because an organisation face many challenges which effect in growth of
organisation (Canziani and Welsh, 2019). This trait motivates our entrepreneurs in facing
different challenging situations.
From above analysis it can be say that these traits are helps in motivating and reflect
mind set of entrepreneur. For the growth of organisation its important to understand it carefully.
l壱P7 Explain how background and experience can hinder entrepreneurship.
Entrepreneurs refers to a person who generate new idea and successfully convert that
idea into reality. Success of an entrepreneur is impressed by its family background, experiences
and their interest. In context of selected entrepreneurs, they both are affected by their family
background and experiences.
Elon Musk-
Family background- Elon Musk is an American entrepreneur born in Pretoria (south
Africa). Musk mother was an Canadian model and doing fives jobs for supporting her family.
Musk father was an engineer in south Africa. And he has a brother and a sister in south Africa.
He was bullied at the age of 15 so he learn karate & werstling.
Interest- When Musk was a child, he always lost on his daydreams about inventing
something new. At the age of 10 when his parents get divorce, he develop his interest in
computers. At the age of 12 he sold his first gaming software. He launch his first Zip2
corporation in 1995. Currently Musk is the founder of many companies like Space X, Tesla etc.
Mask send his Falcon 9 rocket into space and making a record of first private company who sent
rocket in space.
Experience- It play an very important role in entrepreneur life because it enhance their
skill and knowledge. Mask experience make him to face different challenging situation in his
business. Because of his experience in past he achieve confidence for generating new ideas. His
past experience when he sell its first gaming program it helps him in developing his business
(Boubker,Arroud and Ouajdouni, 2021). Because of his experience he decides to become an
entrepreneur and invent new ideas.
Peter Jones-