Entrepreneurship and Small Business Management: A Case Study of Moma Foods

Unit 9 Entrepreneurship and Small
Business Management
MOMA FOODS
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Table of Contents
INTRODUCTION.........................................................................................................4
BACKGROUND OF MOMA FOODS...........................................................................5
LO1 EXPLORE AND ILLUSTRATE THE RANGE OF VENTURE TYPES THAT
MIGHT BE CONSIDERED ENTREPRENEURIAL......................................................6
P1 DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND THEIR
RELATION TO THE TYPOLOGY OF ENTREPRENEURSHIP...............................6
M1 ENTREPRENEURSHIP IN BOTH PUBLIC AND CORPORATE SECTOR.......8
P2 THE SIMILARITIES AND DIFFERENCES BETWEEN ENTREPRENEURIAL
VENTURES...........................................................................................................10
LO2 THE IMPACT OF SMALL BUSINESS ON THE ECONOMY.............................11
P3 RELEVANT DATA AND STATISTICS TO ILLUSTRATE HOW MICRO AND
SMALL BUSINESS IMPACT ON THE ECONOMY...............................................11
M2 THE DIFFERENCES THAT SMALL, MEDIUM AND LARGE BUSINESSES
MAKE TO THE ECONOMY BY APPLYING RELEVANT DATA AND STATISTICS
...............................................................................................................................12
P4 THE IMPORTANCE OF SMALL BUSINESSES AND BUSINESS STARTS-
UPS TO THE GROWTH OF SOCIAL ECONOMY................................................14
LO3 DETERMINE AND ASSESS THE KEY ASPECTS OF AN
ENTREPRENEURIAL MINDSET..............................................................................15
P5 THE CHARACTERISTIC TRAITS AND SKILLS OF SUCCESSFUL
ENTREPRENEURS THAT DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGERS..........................................................................................................15
M3 DIFFERENT LINES OF ARGUMENT RELATING TO ENTREPRENEURIAL
CHARACTERISTICS.............................................................................................17
P6 ASSESS HOW ASPECTS OF THE ENTREPRENEURIAL PERSONALITY
REFLECT ENTREPRENEURIAL MOTIVATION AND MINDSET.........................18
LO4 EXAMINE THE DIFFERENT ENVIRONMENTS THAT FOSTER OR HINDER
ENTREPRENEURSHIP............................................................................................20
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P7 BACKGROUND AND EXPERIENCE CAN HINDER OR FOSTER
ENTREPRENEURSHIP........................................................................................ 20
M4 THE LINK BETWEEN ENTREPRENEURIAL CHARACTERISTICS AND THE
INFLUENCE OF PERSONAL BACKGROUND AND EXPERIENCE TO SPECIFIC
SUCCESSFUL ENTREPRENEURS.....................................................................21
CONCLUSION.......................................................................................................... 22
REFERENCES..........................................................................................................23
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INTRODUCTION
Entrepreneurs are the owners of the business that are involved in the innovation and
leadership of their business ideas by working independently. They usually inherit
their own ideas and develop business on the foundation of the same and then
manage the business effectively by assuming the risk of the success. On another
hand, a small business is a partnership corporation that may be also in the form of a
sole proprietorship that has comparatively low revenue and low support from the
government. It usually has employees ranging from 15-50 employees. In this
assignment, different and relevant aspects of the entrepreneurship and small
business management will be discussed in context to the Moma Foods that is a
small business enterprise of the UK.
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BACKGROUND OF MOMA FOODS
Moma Foods was established in 2005 by Tom Mercer that was motivated by the
frustration of the old unhealthy breakfast. It expanded in Waterloo by opening a stall
in Canary Wharf and Vauxhall and since then it is growing. It is now selling in many
supermarkets in the country and also at airlines and high street shops. The products
that it offers include Porridges, Oatie Shakes, Muesli, Smoothies and Muesli mix and
many more. Thus in 2009, it had nearly 25 people as employees and is selling
through UK internet retailer i.e. Ocado (McAllister, 2016).
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LO1 EXPLORE AND ILLUSTRATE THE RANGE OF VENTURE TYPES
THAT MIGHT BE CONSIDERED ENTREPRENEURIAL
For the manager of Moma food that is a small business enterprise that is based in
the UK, we will explore the different entrepreneurial ventures and the topology. We
will also trace out the similarities and differences in these ventures with the role of
the entrepreneurship in the public and the corporate sectors.
P1 DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND THEIR
RELATION TO THE TYPOLOGY OF ENTREPRENEURSHIP
Entrepreneurship is regarded as the capacity of a business owner to run and
manage a business venture through his innovation and leadership by taking all the
business risks to reap out profits. An entrepreneurship may include a new business,
start-ups, social entrepreneurship, large company entrepreneurship and small
business entrepreneurship.
Some major types of entrepreneurial ventures may include the following:
Intrapreneur
An Intrapreneur is a version where he is an employee with high authority and support
to render a new product for a company that aims to generate revenue in long-term.
Intrapreneur does not face the risk of failure of the product and is paid salary
irrespective of the product fails to make production (Mariah, 2017).
Lifestyle venture
Under this type of venture, the owner of the business has full control of the business
to run and operate it successfully which is referred as the lifestyle firms. These are
flexible ventures and are focussed to render funds to the lifestyles of the owners. In
this type of ventures, there is the flexibility of timings, attire and the working patterns
and there are huge profits with unity in interest and hobbies of entrepreneurs. The
sole purpose does not lie upon earning the profits but the focus is more laid upon the
life rewards to the people.
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