Entrepreneurship and Small Business

This assignment provides an in-depth analysis of entrepreneurship and small business in the UK economy. It discusses the various types of entrepreneurial ventures, including social entrepreneurship, and highlights the importance of small businesses in generating employment and enriching productivity. The assignment also touches on the unique traits and characteristics of entrepreneurs and how they overcome challenges to achieve their goals.

Entrepreneurship and Small
Business Management

INTRODUCTION.......................................................................................................... 4
TASK 1........................................................................................................................ 4
P1 Different types of entrepreurial venture and its typology.....................................................4
P2 Similarities and differences between various entrepreurial venture.........................................6
TASK 2........................................................................................................................ 9
P3 Impact of small and micro business over economy.............................................................9
P4 Importance of small business and start up......................................................................11
TASK 3...................................................................................................................... 11
P5 Characteristics, traits and skill of successful entrepreneurs.................................................11
P6 Aspects of entrepreurial personality reflect their motivation and mindset...............................14
TASK 4...................................................................................................................... 15
P7 How background and experience hinder or foster entrepreurship.........................................15
CONCLUSION............................................................................................................ 16
REFERENCES............................................................................................................ 17

INTRODUCTION
Entrepreurship is an activity as well as an ability of an individual to create, visiluasize,
develop, and organize ideas or thoughts into new business venture with an aim of obtaining
maximum level of profit in an effective and efficient manner. Along with this, the foremost
intent of every entrepreurial venture to adapt innovative ideas as well as bear all sort of loss or
risk by its own in order to gain competitive advantage within competing industry (Belz and
Binder, 2017). In addition to this, it contain several types of ventures which differs from each
other in terms of roles or responsibilities in order to improve the living standard of community or
society in a better way. For this report, Morrisons Company has been considered which one of
the well-known retail firm is and it is commenced in the year of 1899. However, in this study, it
includes various kinds of entrepreurial venture along with its typology, differences and
similarities between different types of ventures. Moreover, influence of small, micro, start up on
economy and also identifying characteristics, skill, traits of successful entrepreur. Finally,
determining entrepreurial personality aspect and also examining their experiences whether it
hinder or foster them in a better way.
TASK 1
P1 Different types of entrepreurial venture and its typology
Entrepreneurs: These group of personnel are considered as those who takes an
initiative in acquiring novel ideas or technology for establishing new venture and bearing all sort
of risks in order to make profit in an improved way. Along with this, entrepreur are regarded as
one of the important element for growth and development of nation in an impressive manner.
Enterprise: This aspect is defined as introducing or establishing a new project or start up
with a combination al all managerial and operational functions in order to gain competitive
advantage in an improved and amended style.
Entrepreneurial venture: It is concern with those determinant which signifies that the
enterprise which is commenced by entrepreur for producing high or best quality of products and
services within competing industry are termed as entrepreurial venture. Along with this, it is
categorized into various forms of ventures that varies from each other in terms of roles and aim.
Some of its are explained below:

Small businesses entrepreneurship: Under such type of entrepreurship, business activities
are carried out with limited source of factors of production i.e. land, capital, personnel,
material in order to fulfill the requirements of domestic members. Moreover, for
processing the functional areas of business local manpower are recruited or hired who
make an effort in achieving firm’s objective at small level. Some of its examples are
plumbers, groceries, carpenters, hair dressers and many more.
Scale startup entrepreneurship: In this entrepreurship, entrepreur establishes the business with a
hope of enhancing and enlarging the economic state of nation by making investment in various
field of business. Along with this, for attaining increased level of profitability, company hires
highly skilled and qualified personnel who can take initiative in implying scalable and repeatable
business model into firm’s functional units in an effectual manner. Online shopping is the
appropriate example for such kind of entrepreurship (Bridge and O'Neill, 2012).
Large company entrepreneurship: Under such form of entrepreurship, entrepreur seeks
for innovation or advancement for satisfying the customer taste or preferences as well as to
obtain maximum level of profit by utilizing all available resources in an improved manner.
Moreover, in this entrepreur makes an attempt to renders new products or service within existing
marketplace. Often, organization execute this process by partnering with or acquiring different
innovative companies for enlarging market share or size in an amended mode. Some of the
examples are Google, Facebook, Adobe, Yahoo and etc.
Social entrepreneurship ventures: Under this component, it encompasses those entrepreur
who makes an effort in introducing novel or innovative product or services into competitive
market with a purpose of serving or enriching the living standard of community and society.
Moreover, they are wholly determined in solving the issues of community rather than obtaining
profit and wealth maximization. Some of its examples are Scott Harrison, Shiza Shahid, Bunker
Roy and Scott Harrison, who are recognized as well-known social entrepreur in UK market.
Entrepreneurial venture typologies
The term typology refers to structure, models, rules, policies, size, and culture of
particular enterprise. However, in context of entrepreurial ventures there are several types of
typologies which varies from each other but at the same time they are interrelated to each other

for attaining sustainable profitability in a stipulated period of time. Hence, some of them are
discussed below:
Serial entrepreneur typology: Under this typology, it includes scale startup entrepreneurship
who makes an effort to gather innovative or novel ideas into the business operation for attaining
sustainable profitability ratio. Moreover, such type of individuals impose time management skill
which leads them to obtain better outcome in a better manner within prescribed time period
without any hindrances (Various entrepreneurial ventures types. 2019).
Social entrepreneur typology: In this component, it encompasses those enterprises who
are passionate to solve social issues in order to enrich the living standard of particular
community or individuals in an impressive way. Additionally, it consider social entrepreurship
who makes an attempt to investigate or understand the issues of personnel and society and take
appropriate measures that help them to gain higher level of satisfaction in an amended way.
Female entrepreneur typology: This determinant of typology signifies that females contains
more patients than male that lead them to implement best strategic decision for specified
conflicts or disputes. In this regard, social entrepreurship has been considered which is
interlinked with typology of female as they regarded as good decision maker that benefit them in
building better relationship within business premises (Burns, 2011).
Male entrepreneur typology: Under this element, it states that male entrepreneurs are
more effective in controlling and monitoring entire business activities compare to female.
Therefore, small business and large companies are connected with such typology as these
organizations are more competitive and challenging business environment in comparison to
social entrepreurship. Due to which, it enable them to strengthen their planning and critical
thinking skill for attaining improved level of sales performance and profit margin.
P2 Similarities and differences between various entrepreurial venture
Basis of
differences
Small businesses
entrepreneurship
Scale startup
entrepreneurship
Large company
entrepreneurship
Social
entrepreneurship
ventures

Meaning This aspect of
entrepreurship
refers to those
where 50 or more
than that
employees
employs their
functional roles
and
responsibilities
with limited
source of
resources for
attaining better
level of
satisfaction in a
stipulated period
of time.
In this
component, it
signifies those
group of
individuals who
makes an effort to
impose
appropriate
policies,
procedures,
strategies with a
hope of changing
the existing
scenario of world
in an amended
topographic point
(Down, 2010).
This entrepreurial
venture are related
to those in which
entrepreur takes
an initiate to
identify the
current or
emerging trend of
market and adopt
innovative
technologies or
products for
rendering
improved level of
customer
satisfaction in an
productive style.
Under this, it
comprises those
entrepreur who
makes an effort to
serve societies by
solving their
issues and
providing them
appropriate
welfare programs
that help
particular
community to
enrich their living
standard in an
impressive way.
Key
attributes
Small business
personnel
employs with
limited resources
as well as they
mainly target their
market size in
small areas as
they work towards
for fulfilling
household needs
in a better
manner.
Scalable
entrepreur are
mainly emphasis
over transforming
the world in an
effective manner
for which they
capture the
attention of
several ventures
capitalists that
assist them to
reach their goal in
Large company
entrepreur are
those who makes
an effort to
determine the
needs or demand
of existing
industry and
based on that
manufacture
product or service
which aid them to
gain competitive
Social
entrepreurial
venture are those
take establish
their business
with a vision of
enhancing the
living standard of
specified society
by rendering them
needful resources
in order to obtain
maximum level of

a prescribed time
frame.
advantage and
also to place their
brand in a better
position. Under
this, it require
highly capable
workforce who
adopts novel
views or ideas
that enable them
to attain
sustainable
proficiency.
satisfaction.
Moreover, it
requires limited
number of
personnel who
work towards for
solving the issues
of community.
Purpose of
existence
The primal intent
of this business id
to earn profit to
satisfy their
livelihood
requirements in a
better mode.
The foremost
rationale behind
establishing
scalable
entrepreurship to
attract various
venture capitalists
for accomplishing
the goal.
The reason behind
existence of large
firms is to
generate
maximum profit
margin as well as
acquiring
increased level of
customer
satisfaction by
producing
appropriate
products or
service based on
consumer
demand.
The main purpose
is to solve the
specified
community issues
and take
corrective course
of action in
enriching its
living standard.
Similarities among various entrepreurial ventures

 Every forms of entrepreur faces several difficulties in terms of economic, technological
factors, collecting required funds as well as to cope up with upcoming customer demand
(Galloway, Kapasi and Sang, 2015).
 Each entrepreur put their best contribution towards an enhancement of economic
condition in an improved mode.
 Another similarity is each of them contains its own motives or purpose behind existence.
Differences addition to similarities between male with female entrepreneur ventures
Differences: In female entrepreurship, females are wholly obliged to make best decision making
whereas in male entrepreur, males are responsible for controlling and decision making process.
Furthermore, compare to male entrepreurial female entrepreur contains more patient and
interpersonal skill in understanding and identifying personnel issues and demands.
Similarities: Each of them are mainly emphasize on generating healthy relationship with
personnel and customer and also to acquire best position within competing industry.
Differences and similarities among lifestyle with serial entrepreneur ventures
Differences: In relation to lifestyle entrepreur, they are mainly focused to enrich individual
lifestyle while serial ventures seeks for adopting innovative thoughts or ideas for introducing
business in existing market.
Similarities: Both the ventures works to bring an improved level of enhancement in economic
state of nation by contributing some proportion of revenue as well as to obtain best satisfaction
ratio from existing marketplace (George and Bock, 2011).
TASK 2
P3 Impact of small and micro business over economy
In today’s competitive industry, micro and small business plays a significant role in an
enrichment of UK economy as they generate enormous employment opportunities, brings
impressive innovations and develops financial interdependence among companies. However,
some of the contribution of both business are explained below:

Small business: Under this, it is commenced by 50 personnel with an annual income of
up-to £5 million. Due to its little portion of investment its lead them to expand their market share
or size in a smaller area with limited resources (Kuratko, 2016).
Medium business: In medium firms, it encompasses 250 employees which generate
annual income of £22 million that help them to cover large area of market share or size.
Large business: In this, establishments operate its business activities at multinational
level that assist them to place their product in a better place and also to help them to attain
sustainable profitability ratio.
As per the shown graph, it has been signified that small business is contributing better
portion i.e. 99.3% compare to medium and large companies. Moreover, small business
generating 48% of employment opportunity whereas large firm contribute 40% and medium
company render 12%. Additionally, large business has largest turnover rate i.e. 53% compare to
small and medium company that has 33% and 14% respectively (Social entrepreneurial venture
growth. 2019).
Characteristics of various businesses:

Partnership: This business form with a combination of two or more companies who
joint together with an achievement of common purpose in a desired time frame. Along with this,
they share their roles and responsibilities in equal proportion.
Sole proprietorship: This firm is wholly controlled, monitored and governed by single person
as well as bears all risk and profit by own (Rauch and Hulsink, 2015).
P4 Importance of small business and start up
Social economy is considered as a combination of associations and mutual form of
business that help establishment to achieve its desired objective in a decided time period.
However, small business and startup companies plays a vital role in UK economy as it help them
to cope up with all kinds of Brexit challenges or threat in an improved manner. As the
introduction of Brexit, it impose huge difficulties over organizations as it create intense level of
competition among firms that directly influence over its decision making process and
productivity. On the other hand, Brexit benefitted UK small business and startup companies in a
positive manner as it lead them to create several employment chances and also aid them to obtain
advanced technologies or ideas in an operative way. Hence, small business are those which are
commenced and governed by independent individual for obtaining basic needs while startup
firms invites various venture capitalists and develops novel policies or procedures for attaining
sustainable growth. Some of the importance of both these companies are as follows:
Opportunities to local residents: Small and startup organizations mainly seek to enrich
economic growth for that they consider local manpower who are rejected by large associations or
establishments. Hence, for accomplishing the targeted goal, company hires skilled or talented
workforce who can impose innovative and creative solution to survive within dynamic nature of
business environment (The role of Start-ups and Small Business in today's economy. 2019).
Adopts innovation: One of the primal aim of small and startup firm is to gain innovative
or novel ideas or techniques in order to attain sustainable proficiency ratio. Moreover, these
advancement help them to capture the attention of large number of customer towards their brand.
Due to this, large firms and international business acquires various platforms to prove their skill
within industry in terms of producing products or through investing a good amount of money
into organization (Walsh and Cunningham, 2016).

TASK 3
P5 Characteristics, traits and skill of successful entrepreneurs
To obtain success and growth in business, an entrepreur must require effective and
impressive set of traits, personality and skills that lead them to acquire best position among
competing industry. However, for this study, Martin Lewis and Brent Hoberman has been
considered who are UK well known entrepreur and they called as financial journalists and CEO
of Founders Factory respectively.
Name Characteristics
Martin Lewis  Flexibility: In this criteria, Martin
Lewis is considered as flexible
personality as he always takes an
initiative in adapting changes in
processes and products that help him
to widen his thinking skill and it
benefit Martin to achieve goal
effectively. This is why entrepreur are
different from manager as they only
follows the instruction of their
entrepreur and implement into
functional areas (Zahra and Wright,
2016).
 Passion: Under this, Martin Lewis
was very passionate towards goal
which empower him to drive forward
even in big challenges which made
Martin as a financial journalists in
UK.
Brent Hoberman  Competitive: Brent Hoberman was
highly competitive as he always see
every threat as a competition which
enable Brent to surpass from others in

aspect of ideas and solutions.
 Creativity: Under this, Brent is being
able to create connections among
unrelated situation or events whuch
aid him to become CEO of Founders
Fcatory. Due to this, entrepreur differ
form manager because manager
doesn’t take initiative in implementing
novel thought as they just follows
their superior.
Name Traits
Martin Lewis  Decisiveness: Martin Lewis was able
to identify critical situation effectively
that enable him to implement best
decision for specified situation.
 Risk tolerance: Martin Lewis
accomplished his goal by making use
of upcoming risk as an opportunity
that help him to found the
MoneySavingExpert.com. Thus,
entrepreur are contrary from manager
as they don’t take any sort of
challenges rather manager execute
ideas given by entrepreur.
Brent Hoberman  Persuasiveness: Brent has a
capability of convincing others which
made him successful entrepreur i.e.
CEO of Founders Factory among UK

market.
 Versatility: Brent was versatile in
nature as he was able to adapt any
circumstances in a better manner.
Therefore, entrepreur varies from
manager because they implements
entrepreur instructions.
Name Skills
Martin Lewis  Communication: Martin has effective
communication skill which assist him
to build a better relationship with
customers, employees, clients in a
desired way.
Brent Hoberman  Networking: Brent is being capable
of create enormous network of
connection that empower him to grab
opportunities, making partnership
deals in an amended mode. This is
why entrepreur are differ from
manager because manger is also
considered as employee which does
not impose burden over them in
expanding their social network of
connection.
P6 Aspects of entrepreurial personality reflect their motivation and mindset
As per the above explained traits, skills it has states that entrepreurial personality directly
reflect over their motivation and mindset. Hence, OCEAN model has been considered that shows
how they are interlinked to each other which are as follows:

Openness: In this phase, it signifies that entrepreur are openness to experience as they
take advantage of every opportunity that enable them to obtain better outcome. In this context,
Martin Lewis has been included as his adaptive and open mindset assist him to become the
founder of Moneysaving Expert .com in an impressive style.
Conscientiousness: This aspect signifies that such kind of entrepreur contains time
management skill and constantly think about impact of their behavior over others. Therefore,
Brent has effective networking skill which enable him to bring better solution for particular
situation in amended way.
Extraversion: In this kind of individuals are those who are extrovert in nature as they
like to share their ideas to others and also to gain views from others which aid them to expand
their connectivity.
Agreeableness: In this category, personnel determines existing market trend and
empower them to implement best strategic decisions in order to gain competitive advantage in a
productive style.
Neuroticism: Under this, individual are able to counter any sort of challenges or threat in
easily manner which lead them to take corrective course of action as well as to acquire better
satisfaction level in an efficient manner.
TASK 4
P7 How background and experience hinder or foster entrepreurship
Both the entrepreur faced several difficulties still because of their skill and trait they were
able to become successful personality among UK industry which is explained below:
Martin Lewis
Martin Lewis was born on 9 May 1972 in Manchester, England. He did hi schooling and
further education from London School of Economics, Cardiff University. His father was a
headmaster. His was determined to become a journalist in reputed television channel. Hence, he
faced several difficulties in his childhood days as he lost his mother in car accident which was
biggest shock for his life. Later he completed his education where he achieved so many skills
and knowledge. Even after all such struggles and loneliness he persuaded his dream that

empower him to become a producer for BBC business unit of BBC Radio Five Live as well as an
editor of BBC 4’s Today. After he moved to Satellite channel where i.e. Simply Money for
which he modified as Money Saving Expert. But this business idea render him loss and 51 of its
staff lost their job. However, being a risk tolerant and passionate attributes, Martin Lewis was
able to success on his dream in a perfect time as become the founder of MoneySavingExpert.com
and also the financial journalist in BBC network in an impressive and productive style.
Brent Hoberman
Brent Hoberman was born on British in the year of 25th November 1968. He acquired his
degree and bachelors from Oxford. His father and grandfather were a businessman who
encouraged Brent to establish own enterprise. In his early stage of life, he undergoes through
problems in terms of financial, mentally and physically but still being an adaptive nature. Due to
this, it lead him to acquire better position in competing market. During his journey, he achieved
several honors like co- founded of lastminute.com, mydeco.com, Co-Chair of the Prime Minister
Theresa May’s Business Sector Council for Britain for entrepreneurship, scale-ups and small
business. However, being a creative and innovator it lead Brent to become a successful
entrepreur and CEO of Founders Factory in a productive style.
CONCLUSION
It has been recapitulated from the above explained report that entrepreurship is a process
and capability of an individual of developing, creating, controlling and introducing a new
venture into market with an aim of generating maximum level of profit with an optimal
utilization of resources. Along with this, there are different forms of entrepreurial venture which
are contrary from each other in context of roles and responsibilities. Moreover, in present
competitive business environment small business has a significant role over enhancement of UK
economy as it generate maximum level of employment, enrich productivity ratio of company in a
better manner. Additionally, each and every entrepreur contains unique set of traits,
characteristics, skills which lead them to overcome their challenges as well as m to
accomplish pre-determined goal or objective in an effective and efficient mode.

REFERENCES
Books and journals:
Belz, F. M. and Binder, J. K., 2017. Sustainable entrepreneurship: A convergent process model.
Business Strategy and the Environment. 26(1). pp.1-17.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Burns, P., 2011. Entrepreneurship and Small Business. 3rd Ed. Basingstoke:
Palgrave.MacMillan.
Down, S., 2010. Enterprise, Entrepreneurship and Small Business. London: Sage.
Galloway, L., Kapasi, I. and Sang, K., 2015. Entrepreneurship, leadership, and the value of
feminist approaches to understanding them. Journal of Small Business Management.
53(3). pp.683-692.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Rauch, A. and Hulsink, W., 2015. Putting entrepreneurship education where the intention to act
lies: An investigation into the impact of entrepreneurship education on entrepreneurial
behavior. Academy of management learning & education. 14(2). pp.187-204.
Walsh, G. S. and Cunningham, J. A., 2016. Business failure and entrepreneurship: Emergence,
evolution and future research. Foundations and Trends® in Entrepreneurship. 12(3).
pp.163-285.
Zahra, S. A. and Wright, M., 2016. Understanding the social role of entrepreneurship. Journal of
Management Studies. 53(4). pp.610-629.
Online:
Various entrepreneurial ventures types. 2019. [Online]. Available through:
<https://www.efe.ph/blog/4-types-of-entrepreneurship/ >
Social entrepreneurial venture growth. 2019. [Online]. Available through:
<https://www.redbull.com/my-en/social-enterprise-stats>
The role of Start-ups and Small Business in today's economy. 2019. [Online]. Available
through:<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-
mediumbusinesses-in-the-uk/>.