Entrepreneurial Ventures: A Critical Analysis

Student Name				ID
Unit Number and Title	Unit 9 - Entrepreneurship and Small Business Management
Academic Year	2020-2021	Cohort	April 20	Year and Block		Year 1 - Block 4
Unit Leader	Joseph Olaniyan	Assessor	Dr. Rajini, Ibrahim Adewusi, Shaheed Ayinde, Riaz Bhatti, Muhammad Kamran
Assignment Title	Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset
Issue Date	11/01/2021
Submission Start Date (Formative)	05/03/2021
Submission Date (Summative)	21/03/2021
IV Name and Date	Rahima Khatoon 13/10/20

Executive summary

The study has looked into the importance of entrepreneurial ventures in the social and economic values. Further, it has studies various ventures such as Small business, Scalable, Large companies and Social start-ups entrepreneurship. Furthermore, it has related these entrepreneur ventures with four typologies as per the characteristics of the business. Apart from these points, the report has looked into similarities and distinguished among these ventures. Moreover, it has also analysed how the small and micro business have impact on the economy with the context of local, regional, national and international. It has explained the influences of small business in social economy. The report discusses the characteristics and traits of an entrepreneur that influence the mindset of the entrepreneur. Different motivational drivers that are responsible for motivating the entrepreneur are thoroughly discussed in the report. It also produces the Theory of Needs by David McClelland that describes the need of achievement, power, affiliation, independence, and esteem.

Various personality aspects of an entrepreneur and their reflection on their mindset are mentioned in the report. The document also illustrates the real time examples of entrepreneurs that are successful because of the impact of their background and experience. Examples of Jeff Bezos and Rana Harvey are described to prove the impact of their past lives on their entrepreneur skills.

Introduction

An entrepreneurial venture is referred to as creating an opportunity for businesses by placing innovation to create social and economic values (Birley and Stockley, 2017). The importance of an Entrepreneurial venture as it drives the economic growth and development by using and allocating the resources of the environment to create better wealth. The report will examine the case study of ASDA and Issa brother's success by taking acquisition rights from Walmart. Further, the study will examine different types of entrepreneurial ventures and their similarities and differences. Moreover, it will evaluate different aspects of entrepreneurial personality and its influences on motivation and mindset. It will also examine other entrepreneurs positive and negative aspects and experiences which will foster or hinder economic growth.

Discussion

Task 1: Critically examine the scope, development and growth of a diverse range of entrepreneurial ventures.

Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship.

The following are the different types of entrepreneurial ventures that can relate to the typology of entrepreneurship.

Small Business Entrepreneurship: Most of the business operations took place at a small level. According to the report of 2020, ongoing 5.94 million small businesses are operating in the UK with 0 to 49 employees, which accounts for 99.3% of the total business (FSB, 2021). The level of profit and financial risk is lower in the small businesses as it is more likely to gain profit, which supports the standard of living. Moreover, the small business does not enjoy expansion because of the absence of large investment and economies of scale in the sector. The small business is usually maintained and operated by small entrepreneurs with the investment of personal saving and relatives financing (Julien, 2018). Businesses such as Davison canners, Fourex, Imaginera are one of the successful small business operates in the UK market. Example of small business can be included such as grocery stores, boutiques, consultancy and mini-market stores part of these entrepreneurship sectors.

Scalable Start-up Entrepreneurship: It can be referred to as a business plan under which an organisation launched its operations based on unique and innovative ideas (Susilo, 2020). It involved everything that ranges from creating a plan to launch the business. The business model comes with a vision to enter in a large market, gain market share by competing with existing rivals by creating a new market, and enhance the growth. These businesses are included in a technical field for starting the businesses. The main objective of the business is to gain rapid expansion and high rate of returns. Some of the Scalable business such as Hassel, Cacoon and Bizzbywho are considered as successful start-up entrepreneurship.

Large Company Entrepreneurship: The large corporative entrepreneurship defines as advanced professional seeker who has expertise and resources to sustain innovation and market share for long-term (Simonova et al., 2017). The focus of these large companies is to create unique product and products to fulfil consumer satisfaction and meet market needs. The businesses have high growth opportunity to gain profits because of the high investment and economies of scale. Yet, the companies may face high financial losses due to extensive business operation applicability. The large company entrepreneurship is included such as Virgin, ASDA and Tesco.

Social Entrepreneurship: The business model defines as to offer product and services to solve the social needs of the customers. Its main objective is to create social value rather focusing on generating profits (Dwivedi and Weerawardena, 2018). On the other hand, it operates business activities as a non-profit organisation to work for social cause. The business may get support from the local government and other corporate bodies to perform CSR activities. It will help the business to enhance the reputation and standard of living of the society. However, it might be de-motivating for the employees due to the absence of high profits and incentives. For example, Just giving is a social platform that helps in fund raising and charities.

Typology of entrepreneurship venture

Survival: This entrepreneurial venture focuses on to maintain consistency in the operation to exist in the market. The small-business start-ups aim to exist in the market through its market operations and product offering. The large entrepreneur sustains survival by diversifying the operations to enhance brand image.

Aggressive: This entrepreneurial venture focuses on an innovative idea that has many opportunities to use the resources. It is mostly suitable for scalable business to achieve and generate goals through individual action and convictions.

Managed growth: The venture’s main objective is to manage the operations to maintain continuous growth in the market. The large-scale business falls under this typology by enhancing growth of revenue and customer base by making investment plan and optimise the resources. A small-scale business engaged to manage the growth by performing business activities in day-to-day life to earn a profit.

Lifestyle: The business venture set-up the operations as per the interest and needs lifestyle without making any changes. It is suitable for small business by focusing on domestic consumption and fulfilling customer expectation.

Explore the similarities and differences between entrepreneurial ventures

Similarities: The similarities between various entrepreneurial ventures as it focus on introducing an entrepreneurial mindset and process across the business market. Further, it focuses on enhancing growth and allocates collection of resources with the support of employees. The entrepreneurial venture requires financing, adopting CSR activities, employees and physical evidence to operate the functions. However, every entrepreneurial venture is established with the goal of gain profits, which is the main idea to start the business. Moreover, these entrepreneur ventures fulfil customer expectations and perform social activities to make difference in the entrepreneurial typology.

Difference:

Element	Small business	Scalable start-up	Large companies	Social entrepreneurial
Definition	It is a privately owned corporation or sole proprietorship, which aims to earn profit in the local market.	It focuses on the implementation of business practices and processes that lead to efficiency and optimising the resources (Morris et al., 2018).	The business deals with huge transactions in financial activities and operations to earn the profit.	It focuses on offering product and services to meet social needs.
Size	It has a size of 10 to 49 employees as small enterprises.	The size of the business displays continuous growth in employees and customers.	The business size employs more than 250 people in the workplace.	The social enterprises do not have any employment base.
Profit earning	It has less opportunity to earn huge profits as it deals with developing modern lifestyles.	The profit earning depends upon the innovation strategy of the business to huge returns.	It can achieve huge profit due to implementation of large operations.	It is considered a non-profit business that does not deal with earning profit.
Authority	It can have single ownership rights and decision-making authority.	It can enjoy single ownership rights over the innovative ideas in the market.	The authority lies with the BOD of the companies who deals with decisions and profit-sharing (Morris et al., 2018).	The business can have single or multiple authority people to take decisions.
Source of finance	It includes personal savings, financing from friends and relatives.	It includes sources from educational and financial institutions, personal investment.	The sources include government financing, debt, loan, and remaining profit.	The sources such as government support, large co-operative bodies, personal investment, employee’s donation and charity.
Financial risk	The business faces lower financial risk to less expansion opportunity.	It might consider huge potential risk due to failure of innovative ideas.	The business needs to consider huge financial risk due to large expansion of the operations.	It considers moderate to high financial risk in the market to fulfil social values.
Examples	Small-scale business such as Marshfield bakery, Cafepod coffee, trustedhousesites	Instagram, Facebook, Uber.	Microsoft, IBM, Disney.	Cafedirect, Madlug CIC, Amey and Caledonia cremation

Table 1: Differences among various entrepreneurial venture

Task 2: Critically evaluate how small businesses have an impact on different levels of the economy (local, regional, national) and in an international context.

Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy.

The UK's economy has good political stability and economic growth because of the micro and small businesses that provide a stable and running environment. The following are factors, which influence the UK's economy.

Local

Turnover: The sales and net revenue of small business help to pay the taxes to support the sustainability of the economy. Further, micro and small business generated high amount of turnover that leads to the significant economic growth of the regional and national market. In the year 2020, SME has combined contributed to more than 2.28 trillion British pounds in the UK. On the other hand, micro-business has contributed the most that account for 944 billion pounds in the same year (Statista, 2021).

National

Employment: A large number of Micro and small business play a substantial role in the creation of employment in the UK. It helps to support the government and enhances the standard of living of an individual (Beisengaliyev et al., 2018). In the UK, SMEs employs three out of five for every employment and contributes 50% of the turnover in the private sector in 2020. As per the report of a federation of small business, the total employment in SMEs was 16.8 million which is a 61% of the total employment in UK and further listed a turnover of £2.3 trillion that is more than half of total turnover (GOV.UK, 2021).

Figure 1: SME contribution to the UK economy

(Source: Statista.com, 2021)

Profitable enterprises: As per the data provided in the graph, the statistics show the profitability of small, micro and medium enterprises in the UK market. By combining the data of micro and small businesses, it accounts an average of 294 GBP of median profit in 2020. The higher number of profitability leads high amount of tax could be perceived from them by the government for promoting development.

Regional

Innovation: The micro and small businesses introduce new product and services for the customers while enlarges the ease of life and user experience. Further, SME can highly contribute to implementing innovation and technological development in the UK's market. The high survival rate of SME's in UK signifies the innovation capabilities of the firm in the market. The aim of the SME's is to establish and create value to the market or society by strengthening the innovation capacity in the internal environment.

International

Import and export: The SME's can largely contribute to the import and export of goods and services in the international market through transportation by ships, road and aircraft. It creates place utility for the product and services and meets customer satisfaction by availing the goods at the local market. However, as per the report of British Business Bank report, the SME export contributes to 32% of the overall export in the world for UK (British-business-bank.co.uk, 2021).

Explain the importance of small businesses and business start-ups to the growth of the social economy.

The organisation can create effective social economy in voluntary organisations, cooperative firms, mutual society and other social enterprises.

Wealth creation and sharing: The creation of investment from the micro and small business can create huge public wealth, which would be used in the various social activities, and enhance the benefit of entrepreneurs and growing business (Zeuli and O'Shea, 2017). It further leads to wealth creation and distribution of the financial resources.

Business taxes: The SME and micro-business pay different taxes to the government for national growth such as Income tax, VAT, corporation tax, business rates and national insurance. The rates differ as per the collection of revenue of small and micro-businesses. It will generate high societal growth with the contribution for economic budget of UK.

Standard of living: It helps the society and individual to raise their standard of living as the small and micro business contributes to offer employment generation and equal pay opportunity to the people. The Small and micro business contributes largely as it leads to raise of disposable income of an individual.

Better infrastructure: The further opportunity provided to the small business can be highly effective to develop better infrastructure in the local region. The business could create new opportunities for developing infrastructure by investing in various lands of the market. The development of better infrastructure could create further financial opportunity for the domestic people and market.

CSR activities: The corporate social responsibility can be considered as an important tool for the social economy to enhance the social welfare of the vulnerable people of the society. However, the UK government is not highly concerned about CSR practices. Yet, it could be beneficial for the environment and government to practices these social values. Further, businesses practice various social activities such as charity, donation, carbon footprint, insurance, and employee compensation.

Customer satisfaction: The small business plays major role to fulfil the needs of the domestic market. It provides new product and services at competitive prices to offer unique value to the customers, which can lead to satisfying customer expectation. The domestic SME ensures to fulfil the domestic demands to avoid the imports from the foreign markets, which will prevent to create trade deficit in the economy.

Foreign investment: The businesses of foreign markets can make huge investment in the domestic market (Zeuli and O'Shea, 2017). It will help to create high amount of liquidity in the government's treasuries and promote social welfare through FDI.

TASK 3: Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples

Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers.

Entrepreneurs are established because of their ability to perceive things differently (Burns, 2016). Successful entrepreneurs look at the problems differently and have unique solutions for them.

They are capable of taking risks and manage them once occurred. Zuber and Mohsin Issa, owners to EG group and now Asda, are a great example of rags to riches. The brothers' mission is to encourage the local talent to be entrepreneurs and empower the local community. The characteristic traits of the Issa brothers are described below:

• Motivation and Leadership Skills: The brothers have strong motivation to develop their hometown that is Blackburn. They encourage the residents to be entrepreneurs and improve the living conditions of the area (uk.eurogarages.com, 2021). The strong leadership skills of the Issa brothers have helped them pave their path through the thick competition of big fuel suppliers.

• Risk-Taking and Decision Making: The Issa brothers launched their first petrol forecourt in 2001. Before taking this step, the brothers analysed the market where petrol sales were declining (thenationalnews.com, 2020). They found a need for starting a shopping station at the big petrol pumps that were shutting due to low sales. This was a risky task but the decision proved to be fruitful. The risk-taking and decision-making traits of the Issa brothers are considerably good as it turned out to be advantageous for the EG group.

• Innovative and Always Looking for Ways to Improve: This is an important characteristic of an entrepreneur because it lets the company survive in the market. The Issa brothers identified that the fuel selling had a considerably low-profit margin. Therefore, they invented the idea of establishing food court, grocery store and shopping centre at the petrol station. This idea fascinated the customers and encouraged them to fuel up their vehicle tanks at EG group petrol pumps. The brothers state that their coffee and other sales are higher than that of petrol sales (bbc.com, 2020).

The Theory of Needs by David McClelland identifies main drivers for motivation: achievement, affiliation and power (Bandura and McClelland, 1977). Motivational drivers for the Asda’s owners are described below:

• Need for Achievement: It is an important motivating driver for an entrepreneur to be winner in his field. Need for achievement motivates the entrepreneur to improve himself, to be better than the competitors, accept the challenging tasks and to build a strong and long-term career. By comparing the past and current achievements, the entrepreneurs can track their progress. The Issa brothers achieved 'Entrepreneur of the Year' award in 2018 (bbc.com 2020).

• Need for Power: People with this motivational drive tend to control others. They like to dominate other people, keep a track of their own and others' activities. Such entrepreneurs like to influence others and are concern about people's perception of them. Entrepreneurs with this drive like to be engaged in volunteering activities.

• Need for Affiliation: The need for affiliation drives the entrepreneurs towards maintaining contacts with the people around him/her. This can be achieved through forming new friends, maintaining contact with friends, employees and other people in the community. The Issa brothers maintain good relations with its employees. The EG group has established quarters for its employees and a daycare centre for the employees' kids.

• Need of Independence: The entrepreneurs like to be independent by taking responsibility for their tasks and work.

• Need of Esteem: entrepreneurs with this motivational driver expect praise for their achievements. The achievements can be in the form of public achievements, awards or ceremonies The Issa brothers achieved ‘Entrepreneur of the Year’ award in 2018 (bbc.com 2020).

The ‘Need for Affiliation’ motivation driver is advantageous for the EG group as it has enabled the citizens of Blackburn to trust the organisation and have faith that the Issa brothers will improve the living conditions of the town. The Youth of Blackburn look up to the Issa brothers in learning the aspects of entrepreneurship.

A business manager is an authority in a pre-established company who supervises the work of other employees and departments. They plan tasks, execute them through the employees, provide guidance, and solve the problems faced by the employees. They have high responsibilities and high pay. However, they are answerable to higher authorities and board of directors. Whereas, an entrepreneur is the one who establishes an organisation, understands peoples' needs and their problems, tries to resolve their problems so that he can have control on the market. An entrepreneur fulfils many roles such as manager, employee and others because he owns the organisation. The organisation follows the vision and the mission stated by its entrepreneur.

Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set.

Aspects of an entrepreneurs’ personality work as motivation drivers for the success of their organisation. An entrepreneur has to be optimistic right from the beginning of a business establishment. The start-up is new initially and requires time to make space for itself into the market. The optimistic approach of the entrepreneur lets its employees and his motivation to rise higher and find solutions to the problems. The Issa brothers were optimistic during the decline of fuel sales. This approach enabled them to find a solution to their problem, which resulted in forecourts.

Creativity is one of the most important aspects of an entrepreneur’s personality because that forms the product design. An idea when creatively converted into a product gives optimum results and thrives in the market. The idea of developing a food court, shopping station at petrol station was creatively marketed and executed in Blackburn that tremendously increased the sales of EG group.

Curiosity is another aspect that is common in many successful entrepreneurs and is the major reason for building an entrepreneur. Such people are curious to know how things work in the world and the reasons behind their existence. Entrepreneurs have plenty of questions in their mind that make them invent new products and services.

Intrinsic Motivation is important for an entrepreneur because it helps them identify their goals and they are motivated in recession or loss period. Issa brothers are intrinsically motivated about fuel sales in the electric car era. The duo believes that even if electric cars are in trend, petrol and diesel cars dominate the market. Additionally, they have launched fast-charging stations for the electric vehicles at their forecourts.

An entrepreneur must be collaborative and communicative to its employees and other people in his field. This aspect helps in forming a circle of people with similar thoughts and interests. The organisation performs well if the leader works along with the employees.

Self-respect is a mandatory aspect of a successful entrepreneur because it depicts the state of mind. A person who takes good care of his mental and physical state is bound to pave an efficient path for himself.

TASK 4 Critically analyse how background and experience influence entrepreneurs, both positively and negatively, by comparing and contrasting examples

Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship.

Several factors such as demographic factors, parents’ marital status, education, job status, immigration and many others affect an organisation and an entrepreneur (Nguyen, 2018). The Issa family moved from India to the UK in 1970. Their family was jobless and had no money after migrating to Blackburn (thestartupfactory.tech, 2021). They bought a petrol station and the brothers started their schooling. The Brothers started their career as teenagers at their petrol station by selling fuel and refreshments. The duo worked hard for success and desired to improve their financial condition. The ‘Need for Achievement’ motivated the Issa brothers to establish the idea of forecourt. The positive impact of the background on these entrepreneurs is that they value education. They believe that society can be uplifted only through education. The duo donates most of their wealth to the educational foundations. The parents of the Issa brothers always made them stay together which they are maintaining about their kids by building identical mansions. The duo is very connected to their hometown that is Blackburn. This limits the growth of their organisation, which is profitable for its competitors. Therefore, it can be said that being emotionally attached to the native place has a negative impact on the EG group.

Rana Harvey graduated as BSc in chemistry and started her career in Government Agency DEFRA (connectyorkshire.org, 2021). Rana had huge ambitions about entrepreneurship but still continued her job. Later on, she realised her flow towards business and used her spare bedroom for supplying high-quality mannequins. Formerly, the start-up was known as 'Dazzling Dummies’ that later on changed to the 'Monster Group'. The background and experiences motivated the young chemist to turn into an entrepreneur, which has proved to be advantageous to her. Rana Harvey got support from the friends and family members to pursue her dream but not all of them get such support. This has a negative impact on the entrepreneur, which can cause him/her to lose interest in their dream.

Jeff Bezos is a well-known business icon in the online retail industry. His mother married Mike Bezos after her divorce with his biological father. Mike Bezos was an engineer and encouraged Jeff to persuade career in engineering. From early childhood, he showed interest in technical stuff. He completed his graduation at Princeton University and worked at D.E. Shaw, a financial firm. He was the vice president at the firm when he was self-motivated and left the high paying job. Jeff Bezos established Amazon with just books and now sells everything that a customer wishes. The family background and work experience motivated Bezos to accomplish his passion for business. This had a major positive impact on his entrepreneurship skills making him more innovative in his field. The family background had a negative impact on Jeff Bezos making him less humble towards his employees (gogig.com, 2018).

Conclusion

From the above discussion, it can be concluded that performance of an organisation is highly dependent on the traits of the entrepreneurs and the key factors of an entrepreneur’s mindset. Issa brothers have traits such as risk-taking, being innovative and creative, self-motivated, and they follow business ethics. The report discussed the McClelland theory of motivational drivers that explains the need for achievement, need for power, and need for affiliation. The document concludes the entrepreneurial ventures and the relationship with the entrepreneurship topology. It also discusses the impacts of micro and small businesses on the social economy. Critical analysis of impacts of background and experiences of the entrepreneurs on the business is produced in the report.

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