Entrepreneurship and Small Business Management

This document discusses the types of entrepreneurial ventures and their relationship to different typologies of entrepreneurship. It also explores the impact of small and micro businesses on the economy with the help of statistics data. Additionally, it evaluates the importance of small businesses in the growth of the social economy.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION....................................................................................................................3
TASK 1......................................................................................................................................3
P1) Types of entrepreneurial ventures and its relationship to different typology of
entrepreneurship...............................................................................................................................3
P2) Difference & similarities between types of entrepreneurship ventures.......................................5
TASK 2......................................................................................................................................8
P3) Explain briefly the impact of small and micro business on economy with the help of statistics
data....................................................................................................................................................8
P4) Evaluate the importance of small businesses in order to growth of social economy.................10
TASK3.....................................................................................................................................12
P5 Examine the traits, characteristics and skills of successful entrepreneur....................................12
P6) Analyze how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind set...........................................................................................................................................14
TASK 4....................................................................................................................................15
P7) Analyze how experience and background affect entrepreneurship..........................................15
CONCLUSION.......................................................................................................................15
REFERNCES..........................................................................................................................16

INTRODUCTION
An entrepreneur is an individual or person who developing new innovative ideas in
order to implement this idea for creating more profit and sustainable business model for
longer period of time. The report is about the Asda which is established in United Kingdom
and it is one of the famous supermarket chain they deliver high quality products and services
to customers (Abbas, 2018). It includes those developing new strategies in order to making
innovative products and services and satisfies the needs and wants of customers. It considers
as entrepreneurship venture which helps to enhancing the standard of living of community.
The paper consist different types of as well as various kinds of business ventures which
includes traits and features are required to become successful entrepreneur.
TASK 1
P1) Types of entrepreneurial ventures and its relationship to different typology of
entrepreneurship
Entrepreneurs bring new and innovative ideas in order to provide unique services to
society for their growth and development (Hoppe, 2016). They undertake innovative ideas
and convert it into reality to achieve set goals. Further, they undertake higher risk to earn
potential profit margin. Different kind of entrepreneurial ventures are mentioned below:
Large company entrepreneurial venture-These companies work at large level and
provide ample of products and services in order to meet with the needs and wants of
customers. Majorly, large entities work at international level and serve global as well
international audience to get competitive edge. In addition, there is huge investment required
to operate these companies in an efficient manner. Main motive of large ventures is to earn
higher profit margins and serve the society in better manner. For instance, Google, Apple are
some organizations that are working at wide level across the globe.
Scalable Entrepreneurship venture-Under this, entrepreneurs bring innovative and
unique products to achieve their desired goals in predefined period of time. They believe to
take appropriate action to convert plans into reality. Further, they take help of qualified and
competent employees in order to get success. Here, various examples of this king of
entrepreneurship such as Face book, Instagram and more (Klapper, Biga-Diambeidou and
Lahti, 2016).

Small Business Entrepreneurial ventures- There are ample of small business units
that are initiated by individuals with lower investments and resources. Main aim of these
entities is to enhance risk taking ability of people so that they can come up with more new
and innovative approaches. Mostly, small business owners take money from friends and
families to start and operate organization. It consist small bakery shops, carpenters, plumber
and more.
Social Entrepreneurial venture-Main aim of social enterprises is to create huge
social impact. They focus to provide more innovative and quality products to improve the
standard living of people. In addition, they work for overall development for society by
providing them effective products and services. There are ample of social entities such as
Safepoint trust that works to provide better health treatments to individuals within country.
It is monitored that these kinds of entities use different types of typologies in order to
operate business successfully. Decision making of companies is influenced with these
typologies that are given as under:
Aggressive growth ventures-Most of the ventures use effective and unique
approaches to provide innovative goods to buyers. Here, aim of different business ventures is
to earn sufficient profit by attracting more number of customers. Further, they are also
looking forward to get higher success and growth in minimum possible time.
Lifestyle venture-Here, organizations concentrate to provide satisfaction to end users
rather expands business at large level (Kuratko and Morris, 2018). In addition, they do not
own higher resources and more number of qualified employees to undertake business
functions. These entitues are operated at small space with limited number of financial, human
and other resources.
Managed growth ventures-Main aim of entities is to explore functions at global level.
For this, they expand business in different countries in order to target domestic as well as
international audience. Here, the purpose of enterprise is to earn higher profit margin to
sustain at market place for a longer period of time .Further, they hire competent employees to
carry out various business task in an appropriate way to ensure future growth and success.
Apart from this, owners focus to introduce innovative products and services at market place.
Scalable businesses are the most suitable example of managed growth ventures.

Survival ventures-These entities focus to meet with basic needs and requirements of
people. Standard of living of individuals is enhanced with this by providing them necessary
products and services. In this, entrepreneurs focus to maintain business in better way to
survive at market place for longer duration. Small business units are operated in this concept
of survival.
P2) Difference & similarities between types of entrepreneurship ventures.
Entrepreneurship ventures refers to those which owned their business and the main
aims to earning profit which includes start up, small enterprises and many more. When
established a business model so requirement of sufficient capital, assets, cost and required
time in order to fulfil the goal and objectives of company. When organisation established
business so conducing proper market research which helps to know about customer taste,
preferences and market trends. It includes various kinds of factors affect business model such
as rules and regulations which imposed by government in order to ventures adhered to follow
such legislation effectively (Czarniewski, 2016). There are ample numbers of tools and
technique used by entrepreneur in order to analyse the business opportunities and threats
which are available at market place. It include ample numbers of competitor are present in the
market on that basis organisation developing strategies which easily beat the competition at
marketplace. In context of Asda, it one of the leading supermarket in UK which owner as
great example of Entrepreneurship in order to who is flexible and ready to take risk in every
phase of life. It involves their managers developing strategies to sustain in the market as well
as planning for efficient resources, skilled staff and employees. It is essential to set their
objectives and goals of organisation in order to manage the things and plays major role in
contribute in economy as well as fulfil the requirement of needs and wants of customers.
Differences Scalable
entrepreneurial
ventures
Larger
entrepreneurial
ventures
Social
entrepreneurial
ventures
Meaning It includes those
enterprises that
start their
business in order
to make new
Large
entrepreneurial
ventures refer to
those which
provide good
These kinds of
business model
which are not
main purpose to
established

innovative ideas
and run business
globally and
changing
business the
globe
(Davidsson,
2016)
.
quality products
and services to
customer in
order to easily
survive at
marketplace.
business for
earning profits
and conduct
social activities
due to fulfil the
needs and wants
of customers.
Examples There are ample
numbers of
example which
considered as
scalable
entrepreneurial
such as What’s
app, twitter,
instagram etc.
Large numbers
of
entrepreneurial
are those which
survive at
marketplace for
longer period of
time such as
Microsoft,
apple. LG,
Samsung etc
(Juraqulovich,
2019).
Social
enterprises are
considered as
NGO which
mainly work for
community such
as British heart,
Cancer research
and more.
Objectives Main objectives
and goal of
these
organisation
which dealing in
innovative
products and
services and
using advanced
technology and
serve to best
products and
On that basis of
business model
which main aim
and purpose to
earning profit at
sustainable
business model
in order to
effectively and
efficiently used
resources.
The main aim
and purpose
which not
established to
earning profit
but it is goal and
objectives to
raise fund for
conducting
social activities
and performing
various

services all over
the world.
activities and
events due
survive in
market and
gaining
competitive
advantages.
Similarities Scalable
entrepreneurial
ventures
Large entrepreneurial
ventures
Social
entrepreneurial
Profit The main aims to
making innovative
products and idea
on that basis
earning profit and
accordingly fulfil
the needs and
demands of
customers
(Karabulut, 2016).
These organisation main
aims and purpose
earning profit in order
to conducting marketing
research effectively on
that basis provide the
goods and services to
customers as well as
making profit.
In social
enterprising main
aim to provide
social services to
society but they
raise fund because
they performing
activities and event
and earning profits
which helps to
survive in the
market.
Needs These kinds of
business model
required
specialised which
helps to developing
strategies in order
achieving
objectives and
goals.
In these business
enterprises need and
necessary to acquire
skills as well as
knowledgeable
individual which
considered as valuable
resources (Kasemsap,
2016).
These
organisations need
to advanced
technology, tools
and techniques
which help to
smoothly run their
business functions.

Hence, it includes comparison and similarities between the different business
organisations which includes the purpose and aim when organisation established in order to
gaining profitability and enhancing productivity of company.
TASK 2
P3) Explain briefly the impact of small and micro business on economy with the help of
statistics data.
Each and every business plays vital role in order to enhancing profitability and
productivity of company. It includes various activity which helps to growth and development
of company which result as improving the performance and progress of countries. It includes
as job opportunity, enhancing standard of living as well as growth and development of
country (Roundy, 2017). In relevance of Asda, it considered as demand and supply will
managed appropriately which helps ventures provide growth and use resources efficiently.
There are ample numbers of factors such as social, technological, agricultural and many
more.
Micro business-: It refers to those business models which includes numbers of employees
limited as well as they operate business small scale. In addition to this, there are not required
expertise individuals to performing the activities and business functions. For example, micro
business such as cyber café, event management and departmental shops etc. in these business
model low risk are associated which result as increasing profit in order to fulfil the needs and
wants of customers. These kinds of business model focused to more customers and earn
profitability and increasing productivity (Maritz, 2017).
 Micro business greater impact on UK economy in order to growth and development
which include providing ample numbers of products and services.

 These kinds of business model provide good quality of products and services which
easily fulfil the requirement of customers.
 Availability of substitute products is available at marketplace due to helps to
generating more profit.
Small business-: These models are those which mostly owned by single individual or it is
said sole proprietorship which main aim and purpose of these enterprises which run to
capturing more market share and gaining competitive advantages and enhancing profitability
of company. Along with this, size of employees in these sector 200-500 it majorly depends
on operating functions of company (Sakhdari, 2016). It recruiting and hiring those employees
which have capable and able to performing the task of company. In relevance of company, it
using effective distribution and supply channel which include ample number of
intermediaries as well as strong network to supply goods in appropriate manner.
 These kinds of businesses which impact on productivity and profitability helps to
generating more revenue for economy.
 It is business models which majorly produce innovative products and services at
marketplace.
 It analysed the marketing condition in order to rivalry competition level and
accordingly planning for business.
 They impact on economy on the basis of performance level and improved the
effectiveness.
Therefore, brief analysis of these concepts in order to include both business model
such as small and micro business plays important role which helps to achieving
organisation goal and objective of company. It analysed the market situation on that basis
necessary to aware about the market trends accordingly followed the changes (Maritz,
2017).

P4) Evaluate the importance of small businesses in order to growth of social economy.
Social economy refers to combination of both private and public sector which
includes individual person such as norms, beliefs, attitude towards the products and services
affect the behaviour of buyer. In addition to this, it impact on economy because it helps to
increasing the standard of living of the community as well as increasing profitability for
longer period of time. These kinds of enterprise affect socio-culture and they operate their
operation both internationally and domestically and social economy associated with
minimum risk (Roundy, 2017). This economy has four pillars which are mentioned below.
Mutual-: These are the first pillar of social economy. It includes wide range of
products and services which provide to customer and organisation achieving the higher
satisfaction level. The main aim or purposes of these economies provide best services to
customers in order to gaining competitive advantages.
Foundation-: These are another form business organisation which contribute to
various another organisations and includes non-profitable business. They mainly work for
charity in order to religions, culture and education (Sakhdari, 2016).
Charities-: They increasing effectiveness of business in order to highly impact the
social economy which refers to growth and development. They are majorly focused the UK
economy in order to exploit new opportunities.
Associations-: It refers to those groups of individuals which show the relationship
between the individual person and business organisation. It involves such as co-workers,

friendship and many more. There are ample numbers of another business ventures which are
discussed below.
Innovation-: This kind of business model focused to generating new ideas in order to
developing new products and services which helps to attracting more customers at
marketplace. Manager of Asda developing proper business plan and new strategies in order to
using new technology and producing innovative products and services. They conducting
marketing research which helps to examine the needs and demands of customers on that basis
offer unique goods and services which helps to enhancing the living of standard. The
innovative products and services attracting more customers and easily satisfy the needs and
wants of customers. Along with this, it depend the growth and development of social
economy. Moreover, the new start-up and ventures focusing to achieving organisation goal
and objective of company (Spence, 2016) .
Employment opportunity-: When new organisation or venture establishes so
increasing more employment opportunity for individuals in order to reduce the
unemployment rate of country. In addition to this, it helps for those individual who capable
and able to performing task or doing job effectively. These impact the economy due to
increasing the growth as well as national income of country. When new venture established
so easily grape market opportunities in order to main aim for the future success and growth of
new business venture.
Decline poverty-: When established new organisation so decreasing unemployment
which helps to reducing poverty and improve the situation of country. It includes exploit new
opportunities which leads to increasing the living of standard of community.
TASK3
P5 Examine the traits, characteristics and skills of successful entrepreneur
Skills are essential to perform predefined work in an efficient manner as it helps to get
success and explore in future career. There are some essential characteristics that differs a
person from others and provide them diversity. For the current report Issa brothers who
recently take over the retail giant based on UK has been taken into consideration.
SKILLS Zuber Issa Mohsin lssa

Delegated-It is crucial to be a
successful person. Zuber is a
delegated person towards his
work and give due respect to
employees by taking their
suggestions (Runyan and
Covin, 2019).
USP (Uniqueness)-Ideas and
approaches applied by
respective entrepreneur is
unique that differs him form
others.
· Influencer-He has great
personality by which people
are get influenced and follow
him. As, he uses effective
methods to perform a task in
better manner.
· Curiosity-To be a successful
entrepreneur, it is essential to
be eager to learn new and
innovative approaches. It is
analysed that Mohsin Issa is
always be curious to explore
the world in order to improve
skills and knowledge.
Characteristics
Money minded-Main motive
to initiate a business entity is
to earn potential profit margin.
Zuber Issa always tries to
adopt effective ways to earn
higher revues as he is money
minded person. He always
believes to grab the available
opportunities of growth and
Passionate-It demonstrates
passion of a person to do
something and evolve new and
innovative things. Mohsin Issa
is passionate about his work
and believes to complete
assigned work on time
(Scarborough, 2016).

success.
Calm- To be a successful
person, it is essential to deal
with things calmly and
patiently. It is an important
trait of Zuber issa that he is
softly spoken and calm.
Traits
Innovation- it refers to come
up with a new product that
provides an\ competitive edge.
Zuber issa believes in
innovation as well as
diversification so that he
diversify in entirely different
filed by acquiring grocery
giant ASDA. This deal proved
beneficial for him and will
provide huge benefits in
upcoming years (Schape,
2016).
Innovation- Mohsin Issa,
undertakes advance and
innovative methods &
approaches to enhance their
business level and to provide
better services to end users in
order in improve their standard
of living.
Comparison between entrepreneur and business managers
Basis Business Managers Entrepreneur
Meaning Management of firm as well
as employees are maintain
and monitor by managers.
Person who arranges all the
resources, manpower, funds
necessary to undertake a
business venture is known as
an entrepreneur.
Objective Main purpose of a manager is
to meet with the deadlines by
completing the project in
predefined period of time.
Here, objective of an
entrepreneur is to develop is
to take risk and develop
innovative as well as unique
products and services.

Power of Authority Managers own limited power
and authority that can be only
used at workplace to get
work done in an appropriate
way.
Entrepreneurs are the owners
of business thus have higher
power to take all decisions on
individual basis without
consult to any other person
within company.
P6) Analyze how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind set
Trait refers to the special characteristics of a person that create difference and
essential to explore in career. It comprises purpose, attitude of an individual along with
experience level that shape overall personality. Different characteristics of both entrepreneurs
Zuber and Mohsin Issa are mentioned below:
Zuber Issa- He is an innovative person who always wishes to develop unique things
to enhance customer’s satisfaction and improve overall profitability of entity. Primarily he
was in petroleum business and own 5200 petrol stations within UK and European countries.
Due to diversification and undertake something new he stepped in retail industry by
acquiring one of the leading retail giant ASDA that was previously owned by Wal-Mart.
Zuber issa is billionaire but believe in simple living and high standards. In addition, he
emphasis to provide quality services to buyers in order to maintain existing brand image
(Singh and Gaur, 2018)
Mohsin Issa- Mohsin issa is a passionate about his work as he believes to work hard
to get success. That is a reason that both brothers are able to handle such a huge business in
an efficient manner. There are huge employee’s base in company that is handling by Mohsin
and his fellow brother in an appropriate way. In addition, he is a great influencer and affects
others with his strong self made personality. Also, he is a great motivator and always
encourages staff members to achieve set goals. These all qualities will help Mohsin to
become a get more success and growth in upcoming years.
TASK 4
P7) Analyze how experience and background affect entrepreneurship
Issa brothers are millionaires and owns ample of petrol stations within UK. Their past
life and experiences play a major role in shape their overall career and personality. Now, they

have become major stakeholders in ASDA by acquiring its large number of shares. They
were born in Blackburn in the year of 1971. Their parents belong to India and played a major
role in their success by providing the essential life standards and principals. They buy first
petrol station in 2001 where Zuber was responsible for strategies formulation and Mohsin
handles operation functions of entity. They face ample of hardships and difficulties at early
stage of their career as they do not have sufficient money to start their first petrol company.
Both brothers worked hard to get success and make such a large business empire within UK.
These experiences help them to operate business more effectively and to deal with certain
situations in an appropriate way. Therefore, past experiences are essential and play major role
in overall career growth of an entrepreneur.
CONCLUSION
From the above report it has been concluded that, each and every business established
to earning profit and sustain at marketplace for longer period of time. It include exploit the
new opportunities in order to creating job opportunity and enhancing living of standard. They
developing new strategies due to produce unique and innovative products and they offer to
customer which helps to achieving higher level of satisfaction. In addition to this, reports
about for those who become successful entrepreneur in order to family support and growth of
business for longer period of time.

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