Entrepreneurship and Small Business Management Assignment :Unicorn Grocery

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and different types of entrepreneurship
typologies....................................................................................................................................1
P2 Similarities and difference between entrepreneurial ventures...............................................3
TASK 2............................................................................................................................................4
P3 Impact of micro and small business on economy..................................................................4
P4 Importance of small businesses and starts-ups in growth of social economy........................6
TASK 3............................................................................................................................................8
P5 Traits and skills of two successful entrepreneurs..................................................................8
P6. Entrepreneurial personality reflects entrepreneurial motivation and mind-set.....................9
TASK 4..........................................................................................................................................10
P7. Background and experience can hinder and foster entrepreneurship.................................10
CONCLUSION..............................................................................................................................11
REFERENCES .............................................................................................................................12
.......................................................................................................................................................13

INTRODUCTION
Entrepreneurship is an effective activity of setting a new business and taking on financial
risks in the hope and purpose of profit (What is Entrepreneurship?, 2017). It is an important
process to balance strong and long term vision with a willingness and desire to embrace change.
An entrepreneur is an individual person who, rather than working and functioning as a worker,
founds and establish a small business, assuming entire rewards and risks of the venture
(Barringer, 2012). Therefore, entrepreneurship is identify as an effective procedures of
designing, running and designing a new business. This report will be made of small-business
which is Unicorn Grocery. It is a grocery store which is located in Chorliton-cum-Hardy,
England. This report is based on different parts such as a various kind of entrepreneurial venture
and their relations with entrepreneurship typologies. Impact of micro and small business and its
significance in the growth of social economy. Entrepreneurial personality, traits, skills,
experience and background reflects on its mind-set as well as motivation also.
TASK 1
P1. Different types of entrepreneurial ventures and different types of entrepreneurship typologies
Entrepreneurship: It is the capacity and desires to develop, manage and run a new business
along with any kind of risks in order to make maximum amount of profit. According to
Nathaniel H Left that define entrepreneurship is the willingness and capacity for investment,
expansion and innovation in new techniques, products and markets.
Different types of entrepreneurial ventures: There are different number of ventures are existing
at marketplace which is started and owned by a single person. All these business are mainly
depends on risk taking capability of entrepreneurs (Baum, Frese and Baron, 2014). Therefore, all
ventures are not similar for each other and not have common purpose which are needed to
complete entire requirement and needs to launch new business activities appropriately. Below
mentioned four types of ventures and they are not having similar features are explained: Scalable starts-up entrepreneurship: Under this venture, maximum profit and risk are
highly involved. They needed to be capitalised by crazy capitalist which are always ready
to take maximum amount of risk with motto to earn more profits. Main aim and objective
of this entrepreneurial venture is to modify the globe with their new ides and opinions. In
order to expand their business rapidly, such kind of venture needed maximum fund.
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 Small business entrepreneurship: This venture involves all such activities and
operations of business in which less than 50 employees are employ and having sales
under 6.5 million. This type of venture needs sufficient amount of money to start and
launch start-up's. This business yield maximum rate of employment in the people who ate
living in United Kingdom (Bosma and Levie, 2010). There are some small-business
which are main part of this kind of venture such as plumber, travel agents, electricians,
consultants, etc. Social entrepreneurship: Under this, all such kind of entrepreneurial venture are
involved which renders new services and products for the betterment of community and
satisfying basic needs and requirement to the society. Main motive of this venture is to
solve different issues which are arise in the society. They are not functioning for the
development of stakeholders wealth and create world an effective place for them to live. Large entrepreneurship: In this entrepreneurship, large amount of the profit as well as
risk is highly involved. In order to satisfy different and basic demands of clients,
attainment of maximum market share, large entrepreneurship are needed to adopt
advanced technology, innovation, legislation in their business operations.
Typologies of entrepreneurship: At marketplace, there are different number of entrepreneurs are
available which are renders new products and services to the customers in the growth of
economic (Bruton, Ahlstrom and Li, 2010). Their main motto is to satisfy basic needs and
requirement of clients and yield their involvement in the betterment of society as well as
economy also. Various types of entrepreneurs are explained as below:
Social Entrepreneur: Under this, an entrepreneur whose start business activities and
functions with the motive to removal and charities of social reasons. In this profit organisation
and non-profit organisation are main part because they are working and functioning for the
welfare of society.
Serial entrepreneur: It includes, all entrepreneurs present with innovative opinion and
launch their innovative business functions and activities systematically. They involve in the daily
basis activities and functions of company. Main motto and objective of serial venture is to make
profitable and allot duty to other people with functioning on another innovative idea.
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Female entrepreneur: In this entire activities and functions of the company is only
managed by the female entrepreneur. Main motive of this entrepreneur is to achieve maximum
amount of the fund.
Male entrepreneur: Under this, all operation and functions of the enterprise is only
handled and managed by only male entrepreneur. Main aim of such entrepreneur is to achieve
competitive advantages.
Lifestyle venture: Main focus of such kind of venture is to seizure maximum number of
share and utilise optimum resources in a proper manner (Dacin, Dacin and Matear, 2010). This
type of business is run and set by its founders with motive of sustaining a specific level of
income.
P2 Similarities and difference between entrepreneurial ventures
Above discussed all entrepreneurial ventures play essential and significant role in
betterment of society as well as economy also. All these have some similarities and difference
which are identified under this:
Lifestyle ventures similarities with business Serial entrepreneurs venture and similarities
with business
 Lifestyle venture renders flexibility in
places, hours and attire.
 They mainly focuses on capturing
market share and utilisation of optimum
resources.
 In the grocer and retail store, lifestyle
venture required well-educated people
who can easily do business activities.
 Serial venture provide new ideas and
opinions to the business with motto to
attract customers.
 Main focus of serial venture is to utilise
better and optimum resources of
business.
 In the organisation, serial venture also
needed to hire knowledgable
employees who can easily deal with
difficult situation.
Difference Difference
 An individual who start and launch
their business operations with the
support of their own optimum
 These type of entrepreneurial venture
acquire maximum help from the
capitalist in order to operate their
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resources.
 The entrepreneurs that do not have any
kind of strategies and policies in order
to operate business operations and
activities with their passion.
business operations without lining any
kind of lack of funds.
 They operates and launch their business
activities and operations as per the
policies and plans which is developed
by them in earlier.
Female Entrepreneur similarities with business Male Entrepreneur similarities with business
 In the organisation, all activities and
functions of the business entity is only
controlled and managed by the female
with aim to accomplish their long term
goals and objectives.
 Such entrepreneurs are more focused as
well as creative in order to making their
operations in successful manner.
 It is a part of business in which entire
operations and activities are only
managed and controlled by the male
entrepreneur with motto to achieve
predetermined objectives.
 This type of entrepreneurs are mainly
targeted and focused with the assist of
policies and plans which ensure
business development and success at
marketplace.
Difference Difference
 Activities and functions of the business
is only handled by Female
entrepreneur.
 Main motive of this entrepreneur is to
gain maximum amount of the capital.
 Business activities and functions are
only managed and controlled by the
male entrepreneur.
 Main objective and motto of such
entrepreneur is to attract large number
of customer towards business products
and services.
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TASK 2
P3 Impact of micro and small business on economy
In the United Kingdom, three types of business are recently work including small, micro
and large. In the growth and development of economy those business are play vital role
(Defourny and Nyssens, 2010). Functions and activities of those business support in the
betterment of economy as well as society also. Due to the existence of United Kingdom from
European union SME's has adverse and different impacts on economy. Further, government play
important role in order to analysis better way to solve Brexit effects. Thus, it is important in
order to encourage the activities and functions of SME's in country. As this will renders
maximum opportunities of employment, removal of unemployment rate, creation of
infrastructure, maximise cash flow in the economy. So achievement of long term growth and
success in small business activities, government of the country plan linnet strategies as well as
policies as well. All three business organisation are explained as below:
Micro: Under this business, employees number are less than 10 and their turnover is
approx £ 2 million. In this business original investment in machinery and plan is does not
overreach 2500000. As compare to small and medium business, micro firm functions are smaller
(Delgado, Porter and Stern, 2010).
Small: Under this business, amount of original finance in plant and machinery is not
high up to 20,00000. Number of workers whose are working in such kind of firm is less than 50.
turnover of small organisation is belong under the £ 6.6 million.
Medium: It is an another business organisation which has less than 250 employees and
turnover is not exceed of £ 25.9 million. Main motive of this enterprise is to accomplish long
term goals and objectives in limited time period.
Characteristic of Partnership, private organisation and sole proprietorship:
Partnership: It is generally related with the practice of public accounting, medicine, law
and many other professions. In simple word, it is an association and organisation of two or more
persons in order to carry on, as a co-owners, a business for profit. The main of this firm is to
accomplish predetermined objectives and targets in limited time. There are some characteristic of
partnership which are shown as below:
 Limited life. Work to accomplish common goals and objectives
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Private organisation: Under this all activities are handled by the individual and nongovernment
company (George and Bock, 2011). Under this legal authority of the nation has less control over
the functions and activities of business. Characteristic of this enterprise are mentioned below:
 To earn maximum amount of the capital. This business only managed by non-governmental enterprise.
Sole proprietorship: Such kind of business is managed by an individual. In this single person has
entire liability and responsibility in order to overcome all losses in a systematic manner.
Characteristic of sole proprietorship are explained as below:
 In this business owner have sufficient liability.
 Such kind of business is only controlled by single person.
Impact of economy on SMEs:
Local impact: The SMEs are emphasised on rendering better quality in their services and
products at reasonable prices thus it create a positive effect on the national people of United
Kingdom (Impact of small-business in UK economy, 2017). Pleading an impressive damage on
quality products enhances the standard and quality people who are residing in community (Hall,
Daneke and Lenox, 2010).
Regional effect: The small and medium organisation is involving their impacts in
distinguishing the preferences and choice of the clients which assist them in changing their
present goods as per its needs which assist in increasing satisfaction level of them.
National effect: Small Businesses organisation provides more involvement in the
processing of economy via rendering large number of employment opportunities to group. Apart
from this, peoples purchasing power is also maximise due to which country economy is also
rises.
P4 Importance of small businesses and starts-ups in growth of social economy
BREXIT – It is described as the abbreviation for the exit of Britishers. There was a
decision taken by the economy of UK in the year 2016 on 23 June. This was related with leaving
the European Union. This system was planned and effectively designed in system of general
voting in order to avoid any types of conflicts (Herrington, Kew and Monitor, 2010). There was
a situation arrived in which there was a fall in the operations of small and medium size business
activities. The British pound was recorded at its very minimum level from the past 30 years and
at that time the Prime Minister of UK was David Cameron. At that time it was very much
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difficult to identify the implication of Brixit on small business operations. The impact of Brixit
was favourable in some areas but some had also faced negative impact because of Brexit.
Difference between small business and start up business
Small Business Start Up Business
These business are having their operations at
smaller scales and their main purpose is to run
their livelihood.
There are various kind of traditional products
involved and services are offered at a smaller
level.
The small business is not having higher market
growth and shares as compared to start up
business activities.
The small business is classified into various
aspects such as corporate firms in which less
then 300 employees are working, partnership
firms
These business are mainly focused on starting
a new venture in order to effectively perform
business activities.
New innovative ideas are thoughts are mainly
focused on start up business.
The business who have expanded their
operations at larger scales are always the part
of the market group. The services and products
are offered in most effective manner.
The start up projects are reformulated by
people in a group or single individual.
Contribution of and importance of small business on UK social economy
Social and Economic development: The start up and small business operations are
providing large market shares to people of UK economy (Kirzner, 2015). According to the report
which are generated by the small business there are 6 million people who are developing
innovative ideas for small business in order to earn profits. This is the most vital factor which
results in growth of the overall economy thus there will be higher profitability and the operations
will be carried out in effective and planned manner.
Social security standards: This is the most vital factor in order to maintain healthy
environment and social security standards within the whole nations across the globe. This results
in gaining effective results for the overall business performance.
Contribution to taxes and revenues: This is the most important factor as the small
business are beneficial in generating higher taxes and revenues by running their operations
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globally (Neck and Greene, 2011). The operations of small business are leading in the present
time thus they are working for the welfare of the economy.
Providing employment: The small and start up business are providing employment to
large group of people in the economy so they can easily earn their livelihood and fulfil all the
basic necessities of their life.
TASK 3
P5 Traits and skills of two successful entrepreneurs
Entrepreneur is a main part of the business success and development. It is essential and
beneficial for the new business inn order to maximise their sales and revenues in limited time
period. Successful entrepreneurs have more skills and traits to accomplish long term objectives
easily. Two successful entrepreneurs are Bills Gates and Mark Zuckerberg. Those are have more
knowledge and skill to successfully set their business operations and activities at international
level (Oosterbeek, Van Praag and Ijsselstein, 2010). There are some characteristic which are take
by both entrepreneurs. These are determined as below:
Risk taking: It is main characteristic which is important and beneficial for the new
business venture to increase their profitability and effectiveness. Under this both entrepreneurs
are take risk which help them in future growth and success of business organisation.
Money management: Accurate amount of the money is major part of the business
development and success. This type of characteristic take by both entrepreneurs which help them
to do all activities and functions of company in limited time period.
Hard worker: It is another characteristic and quality which is essential and important for
the entrepreneur. With the help of this quality they easily complete all work and activities in
allotted time period.
Planning: Plaining is another significant characteristic which is beneficial for the all
business to do their all functions and activities easily (Pott and Pott, 2012). Further, it support the
enterprise to maximise their profit and sales. In this both entrepreneur plan an effective strategy
which assist to manage all work in a systematic manner.
Traits of becoming an effective entrepreneur:
Confidence and Passion: Both entrepreneur will accomplish success and development in
their new business entity when they have more confidence as well as passion also in their
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through and plan which support in developing in future. Under this, both required to emphasis on
accepting difficult situation and make variation in their products and services in order to
maintain customer loyalty in the business.
No afraid of taking risk: In the marketplace, there are lots of risk which take risk and
challenges in the way of business operations. Therefore, it is essential for both entrepreneurs
because in this they have risk taking quality which assist them in snatching chances to compete
wit their challengers as well as accomplish long-lasting position in marketplace.
Product and Market Knowledge: Under this traits entrepreneurs must needed to aware
regarding the basic requirement of customers and competitors strategies. Thus, it is important for
the entrepreneur to introduce new products and services in marketplace. Therefore, it is essential
for the organisation to attract various number of clients towards grocery products.
P6. Entrepreneurial personality reflects entrepreneurial motivation and mind-set
Entrepreneurial venture is a type of business which is controlled and owned by an
individual therefore, it is essential for them to have an effective personality, it make a better
effects on society as well as community also (Santos, 2012). Beside this, Both entrepreneurs
should have particular traits and skills which support them in making better decision for
company. With the assist of effective personality, both entrepreneurs can attract capitalist to
yield sufficient amount of the money in order to carry out all activities and functions in an
appropriate manner. There are various kind of model and framework but Big Five Model is more
valuable and useful for the company in analysing the entrepreneur traits.
Openness to experience: It is a first and main part of the Big five model which reflect the
ideas and thought, it is highly needed to accomplish success and growth in marketplace. Each
and every person must be having innovative and creative opinion which help to grab maximum
chances to attain better position in market.
Conscientiousness: It is identify as a traits which communicates that a person should be
focused and conscious an accomplishing predetermined objectives and goals so that they easily
maximise their sales and profits.
Extraversion: Under this an entrepreneur that should be social as well as energetic. It
will support an entrepreneur in order to sustaining in marketplace via rendering benefits to
community as well as society also.
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Agreeableness: It is another trait which show that business person must be cooperative as
well as trustworthy also (Storey, 2016). Thus, it is important for them in sustaining healthy and
strong relation with their employees whose are working and functioning in the enterprise.
Emotional stability: It is depict as a trait which identify that an entrepreneur or business
person must be composed and calm which is essential while making effective decision and
judgement for organisation. They require to implement and develop corrective policies and plans
which should not harm anyone.
TASK 4
P7. Background and experience can hinder and foster entrepreneurship
There are different limitation as well as advantages which impacts on business operations
and activities of entrepreneurship (Welter, 2011). Some rewards and drawbacks which are
explained as below:
Rewards Drawbacks Control and monitor: In this, entire
obsessed and controlled by an
individual thus they do whatever
entrepreneur want and need to doing
without any intervention. Excitement and joy: Introducing
innovative product and services into
marketplace that brings maximum
joyousness among clients. An
entrepreneur following innovative
techniques and tools that will bring
gain their excitation level as well. Flexibility: Under this, an entrepreneur
is only manager of concern thus they
can work and function at any time
period as per their comfort. Exemption: The entrepreneur
 Management: Under this entire
decision and judgement are taken by
manager themselves without asking
with anyone because of the chances in
acquiring positive effect will be fewer.
 Rivalry: It is identify as an essential
part for an entrepreneur in order to
innovate their new produces and
services into marketplace which
creates their business operations in
different way. Competitors is another
part of which highly effects on
individual and organisational
performance and productivity also.
 Work Agenda: Both entrepreneurs does
not have proper work agenda due to
which windup of work and activity on
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accomplish entire rights in order to
make better decision and judgement
hence they feel independent while
playing their responsibility.
time period will be hard for them.
 No daily wages: The earnings attained
by business organisation are kept by
enterpriser themselves therefore they
lining any financial loss that will also
state by them also. Hence it becomes
ambitious for them in order to pay
reward to their employees as well.
CONCLUSION
From the above mentioned report, it can be concluded that entrepreneurship is essential
part of the new business. It will provide different opportunities to the people who are living in
United State. In the marketplace, there are different number of entrepreneurial venture are
present that play vital and essential role while providing job opportunities to the people who are
not employed. All these ventures has some difficulties and similarities which shown their
importance at marketplace. Start-ups and small business both are important for the individual to
maintain strong relation with them. Entrepreneurs have different traits, skills which highly
effects on the their mindset as well as motivation in a direct way. Thus, entrepreneurship is more
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REFERENCES
Books and Journals
Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures, (2012).
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Psychology Press.
Bosma, N. S. and Levie, J., 2010. Global Entrepreneurship Monitor 2009 Executive Report.
Bruton, G. D., Ahlstrom, D. and Li, H. L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Dacin, P. A., Dacin, M. T. and Matear, M., 2010. Social entrepreneurship: Why we don't need a
new theory and how we move forward from here. The academy of management
perspectives. 24(3). pp.37-57.
Defourny, J. and Nyssens, M., 2010. Conceptions of social enterprise and social
entrepreneurship in Europe and the United States: Convergences and divergences.
Journal of social entrepreneurship. 1(1). pp.32-53.
Delgado, M., Porter, M. E. and Stern, S., 2010. Clusters and entrepreneurship. Journal of
economic geography. 10(4). pp.495-518.
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.
Hall, J. K., Daneke, G. A. and Lenox, M. J., 2010. Sustainable development and
entrepreneurship: Past contributions and future directions. Journal of Business
Venturing. 25(5). pp.439-448.
Herrington, M., Kew, J., and Monitor, G. E., 2010. Tracking entrepreneurship in South Africa: A
GEM perspective. South Africa: Graduate School of Business, University of Cape
Town.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Oosterbeek, H., Van Praag, M. and Ijsselstein, A., 2010. The impact of entrepreneurship
education on entrepreneurship skills and motivation. European economic review. 54(3).
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Pott, O. and Pott, A., 2012. Entrepreneurship. Unternehmensgründung, unternehmerisches
Handeln und rechtliche Aspekte, Heidelberg.
Santos, F. M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
111(3). pp.335-351.
Storey, D. J. ed., 2016. Entrepreneurship and new firm. Routledge.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship theory and practice. 35(1). pp.165-184.
Online
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5251.html>
What is Entrepreneurship?. 2017. [Online]. Available through:
<http://www.businessnewsdaily.com/2642-entrepreneurship.html>.
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Big Five Personality Traits of Entrepreneur. 2018. [Online]. Available through:
<https://catalog.flatworldknowledge.com/bookhub/5?e=carpenter-ch02_s01>.
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