BTEC HND: Entrepreneurial Ventures & Small Business Management Report

This report provides a comprehensive analysis of entrepreneurial ventures, covering various types such as managed growth, survival, aggressive growth, private, and public ventures. It explores the similarities and differences between these ventures, focusing on their structure, incentives, and strategic goals. The report also examines the impact of small and startup businesses on economic factors, including job creation, contribution to the UK economy, and socio-economic development through export promotion, regional development, and innovation. Furthermore, it discusses the traits and skills necessary for successful entrepreneurs, emphasizing the role of motivation and mindset. The report concludes by considering the background and experience of entrepreneurs, highlighting the importance of both for venture success. Desklib offers this and many other solved assignments for students.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1 Types of entrepreneurial ventures..........................................................................................3
P2 Similarities and differences between entrepreneurial ventures..............................................5
LO 2.................................................................................................................................................6
P3 Impact on economic factors....................................................................................................6
P4 Importance of small and start ups in social economy.............................................................7
LO 3.................................................................................................................................................8
P5 Traits and skills of successful entrepreneur............................................................................8
P6 Personality reflect motivation and mindset............................................................................9
LO 4...............................................................................................................................................11
P7 Background and experience of entrepreneurs......................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneur refers to the new businesses, designing and implementation which is going
to come in the market. There are a lot of risks which are present in it but there has to be a well
evaluated measure and method which must be used by the company to make the maximum
profit. The report is going to consist of the scope and sizes of the ventures which are present and
the impact they are having on the economic factor of the country. There are a lot of skills,
characteristics and experience which is required by an entrepreneur to be successful in the
market.
LO 1
P1 Types of entrepreneurial ventures
A business which is a start up and has to take a lot of risks to make a place for themselves
in the market is an entrepreneurship for which the results can be negative or positive. In the
market there are only five main ventures which are as follows.
Managed growth ventures
There is an effective model which is being used in this venture which can make the
organization have a stable functioning and the focus is not on expansion but stay in the market.
This business just wants to have a sustainable functioning and operations in the market.
Purpose- To increase the competitiveness in the local market by using an effective framework.
Example- In UK there is a connect catering which is working to manage the growth.
Survival ventures
These organizations are in the market for a longer survival so that they can meet the
financial responsibility so that they can operate. These organizations have a high competitive
advantage in the market. There is a need of strong innovation idea and strong strategies which
can make the company have long functioning (Demirel and et al., 2019).
Purpose- To survive in the market for a long run.
Example- Barber shop which are small retailers which are in the market for survival.
Aggressive growth ventures
These organizations have a lot of technological growth and strong innovations which
makes the companies very successful in the market which is a great advantage for the
organization. They can attract new customers in the organization easily.

Purpose- the aim of these ventures is to expand themselves in new markets and get innovation
and creativity globalized.
Example- Deliveroo is a great example of aggressive growth venture based in United Kingdom.
Private ventures
These are not dependent on the government of the organization and the company is in the
market to get the maximum of profits so that they can expand themselves and develop
themselves in the market for a long run. There are a lot of risks which are barred by the company
from time to time.
Purpose- To earn the maximum profit in the market.
Example- Clark is the best example of a private venture based in UK.
Public ventures
The company does not focus on the profit margins but they only focus on the better
experience and welfare of the society. There are services and products which are priced low and
of good quality so that the customers can have better experience.
Purpose- To make the society get the best and is not focused on profits.
Example- BBC is a public venture which is in UK.
Typology of entrepreneurship Scalability typology
This can be very helpful for those organizations which are starting up or planning to expand
themselves in the market. This is a very useful typology for aggressive growth ventures so that
they can have less risk and more profits (Radović-Marković and Tomaš, 2019). Social typology
This is a typology which is focusing on the welfare of the society which is why this is very
much applicable for public ventures. There are social, environmental and cultural applying
solutions in this framework. Lifestyle typology
These typologies help the company to be able to have a stable income and use the right
framework so that they can grow themselves in the market which is a very essential factor. This
is going to be useful for entrepreneurs to be able to have a stable growth in the market overtime.

P2 Similarities and differences between entrepreneurial ventures
Managed growth venture- These ventures to have stability in the market use models to
maintain their working for competitiveness in local market which are developing and growth of
organization. These ventures follow the centralised and functional structure. These ventures give
incentives and salaries according to the performance of the employees in the organization. There
is a well delegation and planning which takes place so that the functioning abilities are high
(Lambert, 2019). The focus is on the stability and creates wealth.
Survival ventures- These ventures find ways to have subsistence for the business to find
the financial need which is required for survival purpose of business. Flat structure is followed
by survival ventures generally. There are weekly rewards which are given to the employees so
that there is a stable performance. They have god selling skills and convincing skills for the
customers which makes the company have high sales. The aim is to gain the sustainability and
society well being by these ventures.
Aggressive growth ventures- The focus is on expansion internationally and gets the
maximum profitability in the market for a longer run (Rezaei-Moghaddam and Izadi, 2019).
There is product based structure and as well as functional structure in an aggressive growth
organization. There is capital and equity reward gains given to the employees. There are a lot of
innovations, planning, creativity and well maintained cash in the company. The focus is on
create, growth and development of the economy of the venture.
Private ventures- The services are not for the wellness of the society but for the
organization to get the maximum profits in the market. There is a simple structure which is
followed by private venture. Private ventures give incentives and salary as rewards so that the
employees maintain their performance. There is good motivation and communication which is
required for having a strong planning in the organization. The ventures focus on getting the
maximum profit in the market.
Public ventures- The services of this venture are for the society or the general people
and not on the profitability but wellness of the people. Divisional structure is followed in public
venture. Dividend, equity and bonus in a public venture. There is good problem solving and
decision making which is present in public ventures. The focus of these ventures are on the
welfare of economy.

LO 2
P3 Impact on economic factors
Being a private venture business is astonishingly from an assortment of foundations
having singular purposes behind tightening the possibility of independent work. They are
fundamentally possessed and worked autonomously with a couple of check of representatives
however then also are viewed as crucial for the development and advancement of the UK as
these business may be little yet their effect on the nation's economy is interminable. Yet, now
and again these organizations are frequently ignored by the enormous companies of the nation.
These sort of organizations elevate chance to accomplish budgetary autonomy, energize
development and create business open doors also. The expansion in buyer value swelling and the
debilitating of family unit genuine salary development brought about declining the spending
limit of the clients. Contrasted with that of European economy the UK economy is failing to
meet expectations and the state consider so as to develop they have to help the private companies
Though the little scope organizations are not managers but rather they contribute enough
in making by and large openings for work in UK. The independent company will in general
utilize 16.3 Million individuals in UK that is comparable to 60% of all out private part
employment. Business will get the work the region bringing about creating nature of living.
Private companies give work to many individuals. Such huge numbers of individuals are
working in private companies.
The little estimated business in UK has contributed £2.0 Trillion in the year 2018. The
general business turnover by this activity was expressed to be 52% (Kunaka and Moos, 2019).
Hence the turnover created by the little scope organizations can help in the upkeep of the nation's
economy.
Most of independent venture account 99.5% organizations in different parts too. The
SME commitments are significant for the advancement of financial wellbeing expressing the
way that the UK economy influences the little size organizations development. As the little scope
ventures advantage the other enormous scope enterprises by giving them organizations.
The little scope organizations is doing fine regarding business development. The SME
plans to extend the business exercises in the coming year around a few geological spots as the
work rate has taken a development by half. it has also impacted the UK global economy and
reduced the productivity and reduced the per capita income to increase demand of customers.

This also reduced opportunities of employees to gain better standard of living effectively.
Economy is one of the major parts to a business and the economy of the country is all which
impact both positive and negative as well in the business for a company and venture. It needs to
be checked to see the economic factor while working. Good economy helps the company in
getting more of the business goals and can improve the result by 10%(Connolly,2019).
P4 Importance of small and start ups in social economy
Socio economic are the activities which are affecting the social processes which are
present in the country. The society is divided into three categories which are economic, cultural
and social. These are the factors which have to be considered and improved according to for the
products so that the company will be able to function effectively in the market and the
organization will be able to have a strong base in the market with higher profitability.
 Export promotion
The new businesses in the market are going to focus on exports so that they can capture the
maximum market globally so that they can get high profit margins. They have a unique feature
which can be a great opportunity for the organization. The rivals are many in the market which is
why this is going to be effective (Ndoro, Louw and Kanyangale, 2019).
 Balanced regional development
This is important for having harmony and for development in nations. This is going to get in
economic rise which is good for the countries and not all the countries will be able to benefit
from it but it is having a potential area for them to develop into.
 Employment
There are a lot of skilled and developed employees who do not have placements and these
new businesses get a higher rate of employment which is good for the GDP and lifestyles of the
population.
 Innovation
It is very important for the entrepreneurs to be able to innovation products and services they
are providing to the customers. The expectations and the reality are different which is why after
analysing the environment it is very important for the organization to be able to have new and
attractive innovations in the company so that the market share is huge.
 Mobilisation of local resources

The local areas and market develop on a large scale and that is good for the socio economic
factor because there will be a free cash flow in the market. The demands for the products are
going to increase in the market and the growth of the country is also going to increase globally.
 Independency and autonomy
Small business ownership is traditional and long lasting in the market which is going to make
the trends in the market change and the economic factors increase (Rodríguez-López and Souto,
2019). These businesses are not dependent on others and these businesses are managed and
practiced without the help of the government which is a great advantage for the organizations. Local Improvement
There is a lot of employment which is going to take place if the people come up with new
ideas and that is good for the GDP growth of the country as well. The people are going to have a
better lifestyle for themselves which is a great factor for a long run.
LO 3
P5 Traits and skills of successful entrepreneur
To start a new business in the market there has to be a use of right experience and
communication skills which is going to be required for the business to be able to function
(Donckels and Miettinen, 2019). The entrepreneur will have to have a right interaction with the
employees, customers and colleagues of the company so that the trust and productivity of the
company is well maintained. All entrepreneurs have their own ways of doing things in the
market.
Richard Branson, who is the founder of Virgin group which is operating in 400 countries.
The traits and skills which he has shown are as follows.
Characteristics
 Thinking out of the box- This is a great trait which is present in Richard and he believes in
this thought as well because uniqueness in the market can get high sales.
 Integrity- This is just one of the traits which Richard believes in for getting success in the
market apart from wisdom and empathy for humanity. He has moral principles and is an
honest man in the market.
Skills

 Communication Skill- There is a better sense of direction and confidence with the
employees and the customers has when they have the right information at the right time
(Henry and et al., 2019). And this is a method which Richard Branson uses for a longer
run in the market.
 Calculated risks- There are well evaluated risks which Richard likes taking so that he can
add more value to the organization which is a great factor for the organization.
Philip Green who is the CEO of Arcadia group he has different traits and characteristics
which have been studied to get the success that he did in the market which are as follows.
Characteristic
 Philanthropist- Philip is involved in a lot of trusts and donations which is putting a smile
on the people’s faces. Therefore he is considered to be responsible and understanding
man in market.
 Positive thinker- There has to be a believe on the goals and objectives of the company
only then the organization will be able to function effectively and that also created a
healthy environment to work in.
Skills
 Visionary- There was a well planned and following of the plan for the business activities
which made him operate in the market so effectively (Belitski, Caiazza and Lehmann,
2019).
 Business skills- Philip joined the business at a very early age which made him learn a lot
in the industry which is making him have the right skills which are required in business.
Traits and skills are one of the major skills and techniques which helps the company in getting
stronger and able to handle situations like the decision-making, and other situations which can
help the entrepreneur in achieving the goals which he set to achieve before the business.
Entrepreneurs need to improve the decision making power and need to understand the basic of
the business criteria which can help in understanding the situation in a better way.
P6 Personality reflect motivation and mindset
There is a model which can discuss entrepreneurial personality which is OCEAN five
factor models which can explain the personality of the entrepreneurs which are openness,

conscientiousness, extroversion, agreeable and neuroticism. And these are the factors which
motivated Richard Branson and Philip Green and made them globally successful.
 Openness
This personality refers to being adventurous, curious, imagination and willingness for new
things to take place. It is because of curiosity that Richard and Philip have been so successful in
the market of the world (Landström, 2019). These are motivational factors which can be used by
entrepreneurs for a better functioning and operations in the market. James was an open person
for ideas and inventions which are worth being practical. Technologies can make a lot of
difference in the world which is a great factor for the people to believe in which James followed
his instant.
 Conscientiousness
In this trait there have to be ambitious, reliable, hard working, consistent and self discipline
which is a great aspect for an entrepreneur. Richard has been using this factor for the motivation
of the employees as well because this shows a powerful mind to the employees which are
working in the organization.
 Extroversion
The traits which are included in this are outgoing, assertiveness, unloving, action oriented
and enthusiastic. These are few traits which have to be present in an entrepreneur so that there
would be a better functioning (Hechavarria and et al., 2019). Richard Branson is a very outgoing
person and always learns from others as well which he uses in his own business so that there is a
unique feature which can be added in the organization.
 Agreeableness
This kind of personality interacts with others and agrees with the other as well. The traits
which are present are modesty, patience, politeness, trust, kindness, helpful and cheerful. This is
going to get in more knowledge and experience in the organization which Richard and Philips
both enjoy in the market so that they do not have to face more loses. Agreeableness help the
entrepreneurs in those situation which can make a conflict and to get out of comfort zone need a
good personality trait which include to agree with the partners and others on situation to make
better relations in the business.
 Neuroticism

This refers to the traits of anxiety, insecurity, moodiness, jealously and pessimism which can
make the organization have a bad functioning but a good one also. It is very important for the
entrepreneur to know what is good and what is bad for the company and having these traits in
excess is going to make the working of the organization be negative in nature which needs to be
well maintained so that the company can have better functioning (Greenberg and et al., 2019).
LO 4
P7 Background and experience of entrepreneurs
Philip Green is one of the top most entrepreneurs of United Kingdom who owns the
group called Arcadia which being the higher earning profit company in the market. His father
was a property dealer and his family belonged from a financially sound background. He has
faced a lot of financial problems and at a very young age he had to take care of his father’s
business because of his death. The family taught him not to give up at any cost because life goes
on and so should they which are the best quality which Philip is having and that made him so
successful today (Liñán, Paul and Fayolle, 2019). He has worked in Amber day as the chair man
and it was because the company was facing so many loses that he resigned. From this he learn
the important and the reasons why the sales fell in the market which made him start his own
organization and have a stable income and today he is successful because he learned things from
the past and made them positive use for the future.
Richard Branson is another famous businessman from UK who is the owner of Virgin
group. He belonged from an educated family and his grandfather was a judge. From this factor
he learnt how to deal with legal factors which come in the market a lot and have created a better
place for the company in the market (Sebikari, 2019). He was selling Christmas trees which
failed record stores which failed but he never gave up. Richard learnt something from the
mistakes and failure he has faced in the market and used it for a better tomorrow. Never give up
is the most important skill or characteristic which needs to be there in a person so that they can
keep trying and be successful one day.
James Dyson who is having his net worth £16.2 billion who is a well educated and has
designed Vacuum cleaners in the 1970’s. James went to a Art college and then went for
engineering and technology. He has started a lot of foundations so that there are people who
want to follow his path and have better ideas than him but need a proper help and education in

order to be able to achieve that factor. He is having a stable life for himself because he believed
in inventions and technology which can make life’s easier for the people which he has provided
the people with.
CONCLUSION
There has to be a strong knowledge which is required in the market so that there are right
planning and framework which can be used for the organization. There have to be minimized of
risks in the market and that depends on the entrepreneur of the company and their experience in
the market. There are objectives and aims which the business man wants to achieve so that they
can expand themselves in the future and few companies are in the market so that the bigger
organizations can buy them.

REFERENCES
Books and Journals
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