Entrepreneurship and Small Business Management

This report focuses on entrepreneurship and small business management, discussing different types of entrepreneurial ventures, the impact of small businesses on the UK economy, and the characteristics and skills of successful entrepreneurs like Elizabeth Gooch and Tom Mercer. It also explores the differences between social entrepreneurship and lifestyle entrepreneurship.

Entrepreneurship
And Small Business
Management

INTRODUCTION.......................................................................................................................................2
TASK 1.......................................................................................................................................................3
P1 Different types of entrepreneurial ventures related to the typology of entrepreneurship ventures.....3
P 2 Explain similarities and difference between Social entrepreneurship and Lifestyle entrepreneurship
.................................................................................................................................................................4
D1 Development and growth of entrepreneurial ventures in the UK.....................................................4
TASK2........................................................................................................................................................5
P4. Importance of small businesses and startups to the growth of UK economy.....................................5
M2. Evaluation of differences between small, medium and large businesses making UK economy.......6
D2. Impact of small business at various on UK economy.......................................................................7
TASK3........................................................................................................................................................7
P5 Determine the most likely characteristic traits and skills of Elizabeth Gooch and Tom Mercer,
stating how they are differentiated from those of business managers......................................................7
P6 Aspects of the entrepreneurial personality of Elizabeth Gooch and Tom Mercer reflecting their
entrepreneurial motivation and mind set..................................................................................................8
M3 Examining different lines of argument relating to entrepreneurial characteristics...........................9
D3 The characteristic traits, skills and motivational drivers of successful entrepreneurs........................9
TASK 4.....................................................................................................................................................10
P7. How personal background can hinder or foster entrepreneurship....................................................10
M4 The link between entrepreneurial characteristics and the influence of personal background...........11
D4.Comparing and contrasting the personnel background and experience of Donald Trump...............11
CONCLUSION.........................................................................................................................................12
References.................................................................................................................................................12
INTRODUCTION
Entrepreneur is the most important part of a business. He runs the business at his own risk and
gives new innovative idea for making the profit and capturing the market. Generally he is seen as the

innovator or leader of new ideas and business process . He takes the initiative that is necessary for
bringing the new idea in the market and make the decision that are necessary for running the business.
The present report is based on entrepreneurship and small business management that is very important for
running the business (Carlsson, 2012). . The below report is based on types of entrepreneurial venture
and difference between social entrepreneurship and lifestyle entrepreneurship and explains that how
entrepreneurship affects the economy of UK and importance of small business and start ups to the growth
of the social economy in the UK and it explains that what is the skills and traits that are required in an
entrepreneur.
TASK 1
P1 Different types of entrepreneurial ventures related to the typology of entrepreneurship
ventures
All entrepreneurs are not same. There are different different types of entrepreneurship which
are as follows-
 Small business entrepreneurship- It is that business that is run by only by one
person .He is responsible only for any profit and loss. There are no sharing in profit and
loss. For example – Grocery store ,Travel agents etc. They hire the family members or
employees for take care of business.
 Scalable Startup entrepreneurship- It is not like a small business .They start their
company that is known to everyone from the first day and their vision is to change the
world (Höglund,2013) They hire the people who are intelligent and bright and it attracts
the investment.
 Large company entrepreneurship- Large companies are those companies that required
large amount of investment for starting the company . Change in customer
taste ,preference affect this company and increase pressure.
 Social entrepreneurship- Social entrepreneur are those person that produce the products
and services according to the need of society .They run the business for the benefit of
society .
Typologies are of interest of researchers . These are useful when there are case studies
related to entrepreneurship . Some typologies of entrepreneur are as follows -
 Carlson has established three types of business that is innovation , imitation and
repetition . In innovation ,entrepreneur establish the business without any copy of
others. They creates uniqueness in their business. In imitation ,entrepreneur copied of
others and in repetition ,entrepreneur repeat their business activities .
 According suchdev ,he describes the different types of entrepreneur like
“administrative entrepreneur and independent entrepreneur .”
 Arpin has classified small business in to three parts which are as follows- Traditional
,entrepreneurial {promotion – oriented} and administrative .

P 2 Explain similarities and difference between Social entrepreneurship and Lifestyle
entrepreneurship
Social entrepreneurship is that organization that objective is to improve the human life and
environment of the societies .It’s objective is to do social welfare with profit earning. It can be structured
as profit organization and non –profit organization and may take the form of co-operative and charity
organization etc.
A lifestyle entrepreneur is that a person who does the business for improving the life style of it’s
own or the other people of the society. Its main objective is that to run the business for maintaining the
level of income and reputation in the society.
Similarities between social entrepreneurship and life style entrepreneurship – Here
Elizabeth Gooch and EG Solution PLC is a social entrepreneurship while Tom Mercer and
MOMA Foods is a life style entrepreneurship. Both have similarities which are as follows -
Social entrepreneur and life style entrepreneur runs their business for income or profit generating
(Hoof and Nandram, 2012).
 Both have aim that to provide the best services to the societies so that society ‘s
environment and standard can increased .
 Both are working for the improvement of the society or benefit to the society.
 Both makes strategies for surviving in the society.
Difference between social entrepreneurship and life style entrepreneurship –
 Social entrepreneurship has prime objective is to serve the society after it to earn
the profit while life style entrepreneur has objective to set and maintain the level
of income and standard in the society .
 Social entrepreneur makes the strategies for the societies while life style
entrepreneur makes the strategy for own that how to support the life they want to
live (Arpin and et.al., 2016).
 Social entrepreneurs are limited by location ,work ,and time while life style
entrepreneurs are free to work everywhere and anywhere for maintaining the life
and income.
 Social entrepreneur wants to serve the societies while life style entrepreneur
wants that they should have sufficient amount of money for travelling in the
world.
D1 Development and growth of entrepreneurial ventures in the UK
UK has become more successful country in entrepreneurial ventures . It has higher ranking
because of entrepreneurial venture ‘ abilities and attitudes etc. In UK ,mostly people want to start their
business and they are showing their business skills ,attitude and they are more innovative and risk taker .
Researcher has found that UK is very powerful country in entrepreneurial venture because it is providing
more employment to the people (Sachdev, D., 2016). Now a days ,people of this country have more

risk taking capabilities because they are more producing the products and services that have some
uniqueness like Tom Mercer and MOMA Foods are offering new products and services like breakfast and
full night chopping etc.
TASK2
P3 Impact of small and micro businesses on UK economy.
The challenges of path and prosperity for small businesses and small startups included
rules and regulations, financial access and authorization that consist of binding of legal and other
financial official documentation. Small businesses considered as the backbone of UK economy.
It’s a chief support of the UK system or organization and it helps to the industrial sector,
employment sector, and education sector. It is a foundation and corner stone of the UK economy.
Small businesses play a very crucial role in opening new sectors of enterprises’, markets and in
creating employment opportunities in for UK economy. They provide innovative ideas to face
challenges to compete the other economies from world. They are also helpful in providing and
encouragement in competition to bring advance technologies and innovative ideas and
services .about 90 percent of business in UK is depend upon small startups and businesses. They
diversify the challenges and opportunities in a greater extent and flourishing new ideas for
healthy and powerful competition as well. Confidence is proving to be very important to improve
the working culture of the economy and it gives an outlook of knowledge thoughts, ideas and
strong behaviour towards British enterprises. Confidence is a important to upbringing the
economical working criteria and atmosphere of the economy. It is the path to recover new ideas
and creates burgeoning affects in the growth of economy. However to look at the broader
landscape and to see challenges like prohibition, authorization, red tape, financial access.
Benchmarking is considered as another important method and best practice for the achievement
of goals. It is the standard way of measurement and findings in order to gain knowledge. It is
created by experts to get knowledge from industries, government, and customer, testing process,
academics, trade unions and almost each and every aspect of business process. Basically
benchmarking is used for measuring the standards of the business in a very accurate way and it
helps in business in various aspects.
Small business provides some important tools, techniques, training programs,
conferences, seminars in order to understand the part of business. Standard are like what is
important for business, what are the best possible ways to run a business effectively , certain
standards has been used to make and carry of business process and systems effectively and
appropriately. By these methods small and micro business prove to very helpful to economic
development of UK and by these methods UK economy is benefitted by many ways.
P4. Importance of small businesses and startups to the growth of UK economy
Small business and startups can be proving to be very effective to the growth and
development of UK economy. It proves to be very successful and diversifying business
development and strategies of business environment. Small business and enterprise provide
certain plans, policies, approaches, tactics, stratagems and schemes for the better development of

UK economy. Following are the points in which how small business and startups diversify the
growth and development of UK economy.
It advance and progresses the logistics of the UK economy.
It substantiates its assurance to quality and provides best quality of services to UK economy.
It helps in producing new customers and keeps the updates of current consumer’s and clients.
Brush up and improves the corporate conditions and system.
It is helpful in cost reduction as a result in viable profitability
It ensures in monitoringamenability
It provides competitiveness and helps in production building and achievement of targets for a
successful economy.
It provides innovation of new products and services for the development of economic and social
conditions of UK.
It increases export and import conditions of the country and provide benefits to the UK economy
It is prove to be very helpful in strengthening of marketing communication in coordination with
customers, dealers, suppliers, manufacturers and owners in a systematic and advance way of
interaction.
It focuses on effective and efficient use of resources to overcome the difficulties and
inconvenience.
It provides the best methods of strategic marketing plans and innovative ideas and advance
technological methods to run business, to achieve targets and to diversify the business and future
upbringings in this way UK economy is benefitted.
M2. Evaluation of differences between small, medium and large businesses making UK
economy
According to Harvard, there is certain point of differences between small, medium and
largebusiness enterprises. These distinctions are as follows:-
For small enterprises equity capital is held by initiator or family. For medium businesses mostly
dealt with private or public but on the other hand in large business equity capital is held by
public. The management of small business is done by owner; medium business is carrying out
with owners and professionals. Large business is carries by professional management team. The
decisions of small enterprises are largely by owner. The decisions of medium enterprises are

through owners, CEO and leaders and for large business decisions are made by organizational
members.
Small business are usually base on short term planning process, medium business are
based on long term planning process including executives and initiators. Largebusinesses
areextensively based on long term planning process and by professional team leaders.Small
enterprises consist of local markets, medium businesses are considered with industries and firms.
Large business isconsidered with broad spectrum of capital generally they have diverse markets.
By above differences between small, medium and large business it can be concluded the big
difference between them and accordingly their targets and development is done.
D2. Impact of small business at various on UK economy.
Small and large businesses have a great impact on UK economy at different levels
including local, regional and national levels. They create large no of job opportunities to local
communities. Through innovation and advance technology they create thousand no of jobs and
provide professional leaders for future growth. As compared with United States it creates most
new employment with innovative ideas and advance technology.
Small business enterprises plays vital role in economic development of UK. It creates
many job opportunities and capital market. By its innovative methods and technology it
diversifies many challenges and demanding opportunities. As far as societal level it provides
education and learning institutions, coaching centers for people.
They are highly impacted on export and import services across the regional boundaries; it
is carried away by exporting goods and services to other countries in order to run business or
trade and obtaining benefits to capital market. Through its different networking channels exports
are done. For an advertisement, media, blogs and pamphlets etc. it provides best quality of export
and import services by innovative methods.
TASK3
P5 Determine the most likely characteristic traits and skills of Elizabeth Gooch and Tom Mercer,
stating how they are differentiated from those of business managers.
Elizabeth Gooch is the founder and the CEO of EG solutions. She is the most successful
female entrepreneur of UK ranked seventh in the Management Today in the year 2006. Her traits
and skills are quite different from those of business managers. Her company EG solution is the
only one that guarantees return on investment and its sales revenues are based on the result

delivered. No other business man has the dare to return the money received.As being an
entrepreneur she gives born to new ideas and develop new products. The businessman starts a
business by improving the existing product or business. That is why an entrepreneur initiates on
a start-up while the another one starts on a business.Elizabeth worked at the age of 18 her
financial condition is too bad but by managing the money she started and fought from many
thrones but now she achieved her goal. No one can take such risk for start-ups.
Tom Mercer played a role of managing director and founder of the company named MOMA
in the London. His thinking and will power make him unique as an entrepreneur.He shows his
hard labour by waking up early in the morning and doing all his work of making healthy
breakfast for the customers. They don’t think about the time. While business manager does his
work by focussing on time. They perform their task by checking the watch i.e. every task is done
at the scheduled time. He spends a lot of his time in dreaming up business ideas. This shows his
curiosity of doing the best. While no other have the time enough to make ideas. They started
their work even on others ideas.
P6 Aspects of the entrepreneurial personality of Elizabeth Gooch and Tom Mercer
reflecting their entrepreneurial motivation and mind set.
Elizabeth Gooch and Tom Mercer are the two entrepreneur whose is full up of self-motivation.
Following are the important points showing the story of their success.
 Elizabeth Goochled a struggling life by started his working journey from HSBC bank at
the age of 18. But left that and started working for a consultancy. After that she started
her own business EG consulting by borrowing money from her family and friends. This
shows her powerful patience. The company gained EG consulting gain a turnover of
£600,000 in the first year.
 Her organisation launched the software called Operational Intelligence as a product in its
own right. In the year 1993, the company made a turnover of £1 million by working with
only six employees and some contract workers. This shows the quality of her work.
 She changed the company name to EG solutions PLC after realising that she was not
making enough of the business and should concentrates on the software rather than

previous work and as a fruitful result the company increased its profit by 28% in a year.
This reflects the stamina of her showing her mind set to achieve the goal.
 Tom Mercer was a management consultant with Brain and Co. in the London’s city. His
mind was just like a business man thinking new ideas for the start up. He worked on the
idea of providing instant and healthy breakfast and shows a great devotion regarding his
work.
 As a result, MOMA was born in 2006. He sells the products throughout the London key
points like train, tube, tram and bus stations. By seeing his hard work surely many new
entrepreneurs motivate.
 After getting positive feedbacks he leaved the company and started working on his own
ideas and opened his stalls and made effectively profits.
 They used to wake up early and doing his all efforts in the way to receive his goal
ultimately they become the top most Muesli brand of the United Kingdom.
M3 Examining different lines of argument relating to entrepreneurial characteristics
By exploring the entrepreneurial characteristics in the above reports there exists some
arguments regarding them. The entrepreneur possesses the qualities of passion, self-confidence,
patience, problem solver, etc. But if these characteristics are need found in someone then they
will not have recognized as the same…? There exists many Businessman who had start up small
as well as large businesses and may not comprises such qualities. The entrepreneurs became so
by doing hard labors and his skills.
D3 The characteristic traits, skills and motivational drivers of successful entrepreneurs
The entrepreneurs are those who starts their own business at his own risk and making
successful businesses. The world tells the history of many entrepreneurs that how their skills and
capabilities make them so. Mark Zuckerberg and Bill Gates are the two successful personalities
who made a successful entrepreneurship.
Mark Zuckerberg is the CO-founder and the CEO of the Facebook is considered as youngest
billionaires. He possesses many attributes which an entrepreneur should have. These are listed
below:

 Patience: He has a great patience quality. He never fears from failures actually his
failures made him strong as he learned new things from it.
 Doing Risky Tasks: He did many risky and dangerous tasks in his journey of work.
 Self Confidence and Hard Work: He never cares for other words and has a great faith in
himself always and this made his task easy.
Bill gates as being the richest man in the world is the best example of successful
entrepreneur. He worked as the CEO of the Microsoft as well as the chief software
architect. He supported several charities and also aided many research throughout the
world. His skills and attributes are given below:
 Passion: He became passionate after achieving many risky goals.
 Problem Solver: He has the attitude to solve any problems coming in the way of his
destination.
 Self Believe, plan maker: His confidence level is so high. Having positive attitudes, he
made the best plan and worked upon that for being succeeded in his life.
TASK 4
P7. How personal background can hinder or foster entrepreneurship.
According to tom mercer, there are small no of background features of a business tycoon
which separates from the general managers and leaders.
CHILDHOOD FAMILY ENVIRINMENT:-
Birth order and social status have highly impacted and resulted in conflicts. The male and
female entrepreneur have family entrepreneurial relations as a result they have self-employed
and this is a strong discussion between society in relation with back ground. Those who have
entrepreneurial parent back ground have strong inspiration and motivation factor. Inspiration
motivates about flexibility and independence.The independent feeling is influence by
entrepreneurial mother.
EDUCATION:-
Education plays a crucial role in entrepreneurship. Formal education is not that important
to start a career in entrepreneur of to start a business although it requires a good back ground
image. Experienced entrepreneur have not considered important who possessing the degrees like
engineering, medical and mathematics etc. communication is as important in this field, the way

of communicating with the people in accordance to verbal or nonverbal communication.
Academic educational qualification is a barrier or facilitator in the way to entrepreneurship.
AGE:-
Age reflects the experience of the entrepreneur. Entrepreneurial experience is one the
best ancestor of achievement; many entrepreneurs start their carrier in business in the age group
between 24 and 40. The starting career for an entrepreneur should be early than late as well
because of good results and success. These are the following implications for an entrepreneur.
These are the above methods which influences the back ground of an entrepreneur in relation
with entrepreneurship.
M4 The link between entrepreneurial characteristics and the influence of personal
background
The entrepreneur is influenced by its personal background as well as its characteristics
too. As they possess unique qualities or character of patience, high level trust on themselves,
faces struggles, aimed to do different, etc. But the personal background effects also. Some
situation in the life make them learn new things or make them stronger to bear any problem like
Elizabeth Gooch. She had gone through many struggles. She started her business when her
financial situation was not sound. She had taken financial support from her friends and family
members. But this made her to be focused on her carrier. And finally she got that high level
which she deserved.Tom Mercer’s life shows that they have enough potential of high level
thinking. He wants to do best in the business planning and he did so by working upon his own
plan of making healthy breakfast for the workers.
D4.Comparing and contrasting the personnel background and experience of Donald Trump
There are following points of differences in relation with the personnel background and
experience of Donald trumps both negatively and positively:-
Positive aspects:- He is a popular thriving business lure and TV persona as well and as far
his family back ground he is a son of wealthy real estate developer. He is a very ambitious, astute
leader and renowned personality with complete educational and a professional history.
He has very good records in both social land academics as well. Trump is the first man
undertake presidency without previous army or administrative amenity and at the age of 70 he is
one of the first president of United States who become president and initiate the role of big
power.

He started his carrier with his father’s company ‘Elizabeth Trump and son’. He also
involved in big projects associated with New York. He also started many campaigns which
mainly focus on illegal immigration, Islamic terrorism and offshoring of American jobs.
He adopted some tax rate schemes for the different free market plans.
Negative aspects:-
The career of trump was marred by allegations of voluptuous wrong doing and he much
criticism or blame for his extravagant and wasteful living standards and controversial
explanations from immigrant of Islamic countries.
These are the above founding of personnel back ground of Donald trump experience and life
history in relation with entrepreneurship.
CONCLUSION
Above study was based on Elizabeth Gooch and EG Solution PLC and Tom Mercer and
MOMA Foods which is a consulting firm or food company in UK . So from the above study it is
concluded that there are many types of entrepreneurial ventures that are helpful in increasing the
economy of the country and studied about the impact of the entrepreneurship on the economy
and certain types of skills and traits and abilities of an entrepreneur that should have for
achieving the objective.
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