Entrepreneur and small business management

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Entrepreneur and
small business
management

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1.................................................................................................................................................1
P2.................................................................................................................................................3
M1................................................................................................................................................4
D1................................................................................................................................................4
TASK 2............................................................................................................................................4
P3.................................................................................................................................................4
P4.................................................................................................................................................5
M2................................................................................................................................................6
D2................................................................................................................................................7
TASK 3............................................................................................................................................8
P5.................................................................................................................................................8
P6.................................................................................................................................................9
M3..............................................................................................................................................10
D3..............................................................................................................................................11
TASK 4..........................................................................................................................................11
P7...............................................................................................................................................11
M4..............................................................................................................................................12
D4..............................................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is regarded as launching or operating a new business. Moreover, it is the
formative procedures where person undertaken risk for developing as well as operating business
effectively while assuring huge profit and success. Along with this, this method is being
considered through them for offering countries and society unique as well as innovative goods
and services that may enhance their living standards. Furthermore, the individuals who establish
these businesses are known as the entrepreneurs. Also, this is considered as the ability or interest
to develop or manage new enterprises by undertaking various kind of risk for making huge
profitability (Ahl and Marlow, 2020). The factors of that this report will cover more than a few
topics which include the assignment sorts which are entrepreneurial in nature, various forms of
entrepreneurial ventures, and its relation with typologies, comparison and similarities among
them, interpretation of data in respect of micro and small business have impact upon economy.
Moreover, the effect of entrepreneurship on economy, the entrepreneurial mind set and the
environments that foster or hinder entrepreneurships are also discussed in this report.
TASK 1
P1.
Entrepreneurship is considered as the procedures of developing new business at market areas
along with intent of enhancing margin of profit and sales. It is also known as business. Also, the
individuals who establish these businesses are known as the entrepreneurs. Also, this is
considered as the ability or interest to develop or manage new enterprises by undertaking various
kind of risk for making huge profitability (Barringer, 2020). Within it, entrepreneurs operate
theses ventures as well as renders offerings to its audiences. In this respect, there are mainly four
forms of entrepreneurial ventures that are described underneath:
 Small business entrepreneurship: These ventures are operates through person at its
won risk. Moreover, these incorporate travel agents, plumbers, hairstylists and others.
The key intent of this is to gain limited profitability as well as try to accomplish their
basic desires. Along with this, there are about 5.7 million of small which are performing
their business within United Kingdom.
 Scalable start-ups entrepreneurship: It includes firms which have comparative huge
rate of development to another entity in market area. Additionally, this performs activities
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of venture s in order to render innovative and unique offerings to audiences. In addition
to this, they has effective mission as well as vision to modify the whole world or
accomplish the desires of clients by providing them numerous kinds of unique items.
Like, Microsoft, Google and others.
 Large company entrepreneurship: These firms are those who is performing their
operations vast level. Additionally, this form of entity has huge employees that are
providing its fuller efforts and potential to accomplish its ventures objectives. Along with
this, it needs more capital for conducting practices in efficacious manner. Like, H&M and
others.
 Social entrepreneurship: These form of ventures are formulated in order to render
offerings for the welfare of the societies. Additionally, the social business person are
operating their business activities for not obtaining profit but intent to accomplish the
society desires. Along with this, social ventures are conducting their operations in order
to maximise person standards of living. Like Oxfam, NHS and so on.
Typologies of entrepreneurship:
Respective prospects are applied in order to describe the several aspects depending on the
growth, survival and others (Bridge and O'Neill, 2020). Therefore, the typologies of
entrepreneurship based upon the entrepreneurial venture are stated underneath:
 Lifestyle enterprises: The ventures into this particular aspect is performing its practices
and rendering several opportunities of employment with aim of enhancing incomes.
Additionally, thsi kind are concentrated towards increasing societal or person lifestyle.
Also, this is associated with social entrepreneurship as both conduct their activities for
maximising the society living standards.
 Growth firms: These are performing its operations of the business in order to obtain
higher profit as well as success. In addition to this. This involves ventures which has high
level growth rate in compare to another organisations in similar industry. Also, these
firms are concern about the offerings providing which become capable to accomplish
consumers desires for developing market area as well as enhancing base of customers by
satisfying targeted audiences requirements.
For that reason, this have been evaluated that there are numerous firm that may be labelled
into specific element based upon their objectives or reason. Entrepreneurial ventures as well as
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typologies are crucial in dividing several varieties of firm as well as comparing its motive of
running their practices. Furthermore, the big entities carry out their practices for commercial
enterprise increase and gaining better profitability. While small companies are a good deal
concentrated toward their protection or survival within marketplace (Burns and Dewhurst, 2020)
. Additionally, the scalable entities or social ventures are running its sports for boosting
individuals or community way of life and requirements of dwelling.
P2.
There are differences as well as similarities among all above mentioned entrepreneurial
ventures:
Basis Small size Large size Social Scalable
Meaning The ones are the
ventures that
characteristic at a
small scale.
Those business
organisation function
at large scale level
with the aid of
emphasizing over
area due to the fact
the number one
element.
The ones ventures
characteristic for the
society welfare at a
moderate level.
The ones are the
ventures which
feature at scale
degree.
Objects Those groups intend
to gain most
earnings and
thereby attain
boom.
The principle cause
of this
entrepreneurial
mission is to
facilitate expansion
of the economic
organisation
operations
The ones entities
intend to paintings
for the welfare and
improvement of
society and meeting
their needs.
Those
organizations
intend to boom
profits via
enlargement of
operating
activities.
Example
s
Hair stylist,
electricians and
H&M, TESCO,
Marks & Spencer
Oxfam, NHS and so Microsoft, Google
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others. and others. on. and others.
SIMILARITIES
 All of the entrepreneurial ventures capitalise upon innovation because the primary factor
to benefit the attention of big number of human beings and substantially gather
aggressive area at market vicinity.
 All the ventures tend to cater to the wishes and desires of marketplace location and fulfil
the equal to attain increase.
M1.
Entrepreneurship is considered as a term that is also related to public and cooperate
sectors. Both sectors additionally allows in knowledge of entrepreneurship this is critical for the
improvement and boom of kingdom (Burns, 2016). It goals in improving environmental factors
and performance of typical agency. Public and cooperate sectors moreover consists of innovation
this is important for them to expand their industrial corporation and will increase earnings.
D1.
Commercial ventures are developed along with several objectives as well as intent.
Additionally, this would leads in the direction of having straight impacts in development, growth
as well as scope of enterprises. Beside this, they can maximise its scope of ventures by rendering
standards quality of offerings to audiences. Also, it increases market value and client base by
facilitating its offerings. Ventures can grow and expand along with development of economy.
TASK 2
P3.
Both small as well as micro ventures have essential affects upon country’s economy. As
they render vital opportunities for economical as well as individuals growth. Moreover, this have
been determined that form last few years both smaller and mid ventures are growing rapidly
within UK which also perform as key sources of income generation for nation (Choi and
Majumdar, 2020). Along with this, it have been analysed that, these ventures render numerous
forms of advantages to economy and person as well at effective way. Therefore, describe below
the affects of small and medium size ventures in context of UK.
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Business Type of Micro and Small Businesses in UK, 2019.
From the above table been evaluated that micro and small scale corporations get in
addition categorized in distinctive sectors which incorporates non innovators (23.9%), non
exporters (33.2%), innovators (12.2%) and exporters (thirteen.6%). consequently, consistent with
the evaluation it has been identified that small and medium scale organizations have full-size
contribution in uk economic system and person boom. the ones entities offer extensive variety of
benefits in quantity of ways that appreciably complements u . s . a . monetary opportunity boom
charge in a nicely outline and powerful way.
P4.
Start up and smaller ventures are considered to be the vital prospects of United Kingdom
economy growth as they are providing huge number of employment opportunities for individuals
that lead them towards maximisation within the lifestyle of people (Fayolle and Gailly, 2020).
Therefore, there are some essential aspects wherein both start up as well as smaller ventures
plays vital role within the societal economical growth that are mentioned underneath:
 Formation of job opportunities: It have been identified that there are many forms of
sectors that are performing their operations as smaller and start up enterprises. Along
with this, overall these are relatively rendering essential employment opportunities level
for large base of individuals that acts as important prospects for economical growth of
UK’s individuals. Also, it directly enhances societal economical development in efficient
manner.
 Improve the living standards: By rendering efficient amount of employment
opportunities, the both small and start up ventures are forming vital growth into living
standards of individuals. As it has been identified that UK is having about 99.9% of
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ventures that are operating their operations as SME’s and also are efficiently generating
around 51% of turnover. In addition to this, this effectually increases its living standards
by enhancing per capita income.
As according to the above discussion, this have been identified that start up as well as smaller
commercial enterprise contributes efficaciously towards United Kingdom economic system.
Because it maximises the character residing standards, employment possibilities additionally,
this blessings country in the direction of elevating its marketplace at global stage.
M2.
The smaller, mid and large ventures have several differentiations that help of nation’s
economy to develop effectively and efficiently. Some differences are mentioned underneath:
 Small: This commercial enterprise helps financial system in improvement and growth.
There are approximately 10 to forty 9 individuals who carry out their sports in Small
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business corporation those permits financial machine thru giving employment
possibilities to so many humans.
 Medium: Within this, there are 50 to 250 employees in medium sized business
corporation which contributes their efforts to achieve their goals. Those moreover
performs an critical role in monetary device sustainability.
 Large: These also are called large enterprise or businesses as they may be larger in period
in assessment to small and medium groups. Medium agency employs more than 250
employees who enable them to benefit goals and objectives in allotted time frame.
D2.
The small ventures have impact on several levels of economy (Fisher, 2020). Therefore,
SMEs effects on economy are described underneath:
Illustration 1: Role of Start-ups and Small Businesses
(Source: The Role of Start-ups and Small Businesses in Today’s Economy, 2018)
 Local impact: SMEs have effects upon level of regional economy by fulfilling the desires
and needs at local level as by rendering them satisfaction. In addition to this, it have been
also analysed that both small and medium venture are also rendering job opportunities to
local people that efficiently helpful in development of UK’s economy.
 Regional impact: Based upon above graph, this has been analysed that smaller ventures
has vital impact on region as this leads towards economical development of country. In
addition to this, it have been also seen that small and medium venture existent facilitates
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various benefits to country such as value of innovative maximises, development of
technology and many more.
 National and international affect: This have been also analysed that smaller venture aids
countries such as government of United Kingdom by enhancing their economy.
Additionally, it effectually maximises international reputation of country at vast level
(Grégoire, Corbett and McMullen, 2020). Beside this, depending upon the identification,
smaller venture also efficiently maximises the innovation flow within nation that promote
the economical condition of Britain.
TASK 3
P5.
The traits, competencies and characteristics of successful entrepreneurs such as Zuber and
Mohsin Issa are described underneath:
Entrepreneurs Characteristics Traits Skills
Zuber
and
Mohsin Issa
Passionate: It is
considered to be the
essential
characteristics of
entrepreneurs that
would assist them to
become successful.
Moreover, respective
characteristics
possessed through
Zuber and Mohsin
Issa that would aids
him to experiences
various innovation in
its business.
Risk taker: It is
regarded to be the
very essential
entrepreneur’s traits
that would assists in
execution of any
innovative ideas that
comes into the mind
of business person.
Moreover, the
capability of taking
risk is much useful for
entrepreneurs in
efficaciously
performing their
business functioning.
Respective trait
Decision making
skills: Respective
competencies have to
be possessed in each
entrepreneur as this
would assist him for
formulating on time
and quick decision.
Moreover, there are
various opportunities
that come up as well
as that has to be
executed in faster
manner so that there
should not be any
chances of loss. So,
the Zuber and Mohsin
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assisted Zuber and
Mohsin Issa to turn in
various new business
ideas such as dealing
in super market, petrol
retailing and others.
Issa have this skill as
this allows them to
grab opportunity of
adding more retailing
to their petrol stations
Difference between Entrepreneurs as well as business manager:
Basis Entrepreneurs Business Manager
Meaning Entrepreneur refers to a person
who creates an enterprise, by
means of taking financial
threat with the intention to get
earnings.
Manager is an individual who
takes the obligation of
controlling and administering
the employer.
Decision making Its decision making is
intuitive.
While its decision making is
calculative.
Risk orientation They are considered to be the
risk taker.
They are generally the risk
avertable.
P6
Entrepreneurial motivation is regarded as the development of new ventures chase as well as
keenness for sustain by that entity is straight associated with motivation of entrepreneurs.
Moreover, the mind set of business person is defined as particular perception ways in which
individuals comes into reach of challenges (Jones, Coviello and Tang, 2020). So, both of them
are vital for ventures as it assists into enhancement of confidence as well as also determined that
are adaptable for obtaining opportunities without any afraid of risk. Therefore, in order to
highlights the entrepreneurial personality OCEAN Model is applied and is described underneath:
 Openness: It is considered as the personality that incorporates those individuals who desires
to gain knowledge about new things. Moreover, this includes insightful as well as much
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imaginative characteristics. Also, the person who are having respective personality trait are
very much willingness for enjoying new experiences as well as expect to try new things.
 Conscientiousness: It is considered as the other personality trait if respective model.
Moreover, this incorporates those people who are much dependent highlights self discipline
as well as understand the intent of its attainment (Kirzner, 2020). Along with this higher
conscientiousness states that person is much concentrated upon its objectives
accomplishment.
 Extraversion: Respective Ocean model personality traits incorporate those people who are
much energetic, assertiveness, tendency and others. Moreover, extroverted people are very
much dominant that introverted.
 Agreeableness: This is those personality trait of Ocean Model that incorporates person like
friendly, cooperative warm and others. Moreover, they are faithful individuals who are
competitive as well as very much challenging.
 Neuroticism: These are considered to be the emotional stability that regarded as pessimistic
degree of emotions. Moreover, this incorporates those people who are emotional by its
natures. Additionally, these people also having higher degree of neuroticism that is generally
emotional as well as has adverse emotions. They are usually tense and moody sometimes.
Therefore, after considering all personality traits of Ocean Model, this have been determined
that Zuber and Mohsin Issa having Conscientiousness personality trait due to which they can
able to grab various opportunities such as both having above 5,200 petrol stations, mainly in
Europe and the US, and employs more than 33,000 people. In addition to this, they also its
supermarkets - including Asda - saw an opportunity to drum up customers by adding petrol
stations to their stores. But the Issas saw an opportunity to add more retailing to their petrol
stations.
M3.
The characteristics of entrepreneurial aids business person into its development as well as
success as compare to other business managers (Kiss, Danis and Cavusgil, 2020). Moreover,
they are also known as risk taker as well as having competencies to bear risk and deal with all
kinds circumstances that rise into its business. But the firm’s manager does not have such
abilities as they only perform within the owners of entity known as entrepreneurs. In respect of
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Zuber and Mohsin Issa, both various traits and skills aids them to attain success as well as
become famous across the world.
D3.
Zuber and Mohsin Issa are bothers and one of the renowned entrepreneurs across the world.
Moreover, they are having numerous kinds of competencies, traits which enable them to become
famous among the world of business. In addition to this, there are several motivation drivers
which foster them to operate their business effectively in competitive world.
TASK 4
P7.
The experiences as well as background considered as the fundamental approach for person,
in respect to this it have been determined that entrepreneurs are very much influences through
experiences and backgrounds from educations, family and many more in addition to experiences
which they encountered into its whole life (Kuratko, 2020). So, as per the given case study, the
undertaken entrepreneurs for this part is Zuber and Mohsin Issa, they are known to be the two
United Kingdom Billionaires bothers. Moreover, they generate its money into petrol station and
successes in purchasing the giant supermarket of UK named as ASDA from the owner of
Walmart.
Background
Zuber and Mohsin Issa both brothers was born in Blackburn on in year 1972 and other
Mohsin in year 1971. Their parents Zubeda as well as Vali came from Gujarat, India to UK for
doing work within Textile sector and also owned a petrol station. Both were obtain education at
Witton Park High School. Moreover, their childhood was reserved one and they grown up into a
terraced house in Blackburn. So, these foster them to become capable for doing something big.
Experiences:
Both brothers Zuber and Mohsin Issa is well known British Billionaire as well as founder
of Euro Garages. It is considered as the chain of petrol filling stations which perform within
Europe and UK. In addition to this, before establishing Euro Garages, Zuber and Mohsin Issa
both brother took out a lease upon garage as well as saved some amount for purchasing its first
petrol station. Also, in year 2001, both brothers with acquisition of single petrol into Bury,
Greater Manchester. Beside this they operate their business in very responsible manner. So that
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the entity grew by series of acquirement. Along with this, In Feburary 2018, they announced that
their Euro Garage has acquires in about 762 shops within U.S from Kroger. Therefore, the
continuous achievements foster both of them to grow rapidly and become successful into their
life.
M4.
The successful entrepreneurship characteristics, traits and competencies may influence its
experiences as well as background. Moreover, this is essential for them to have effective
understanding regarding country’s norms and culture (Naudé, 2014). In addition to this, they
have fuller support of its families that is also vital for becoming well known entrepreneurs. Also,
both brothers have innovative and higher thinking traits which may somehow depends upon its
education and experiences they gain.
D4.
The background and experiences of entrepreneurs like Zuber and Mohsin Issa in both
positive and negative way while performing entrepreneurship. Additionally, in this context, this
have been analysed that it’s educational background and experiences assists’ both bothers to
become a successful business person (Parker, 2020). Also, its family background foster or hinder
them for becoming successful.
CONCLUSION
Based upon the above report, this has been concluded that entrepreneurship plays vital role
into economical growth. Moreover, it is the formative procedures where person undertaken risk
for developing as well as operating business effectively while assuring huge profit and success.
Along with this, this method is being considered through them for offering countries and society
unique as well as innovative goods and services that may enhance their living standards.
Additionally, this has been also concluded that there are various forms of ventures which
effectually try to satisfy the customers’ desires as well as accomplish its objectives. Beside this,
it is also observed that entrepreneurship facilitates diverse range of opportunities for person such
as employment and others. Furthermore, SMEs have essential affects upon country as this assists
them to maximise their whole GDP which outcomes in economical development. Apart from
this, successful entrepreneurs have various skills and traits which makes them different form
business managers. Beside this, entrepreneurial motivation and mind set are essential for
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entrepreneurs as well as also vital for ventures as it assists into enhancement of confidence as
well as also determined that are adaptable for obtaining opportunities without any afraid of risk.
Also, their background as well as experiences performs as crucial aspects which foster or hinder
their performance and success across the world.
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