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

This report examines the key aspects of entrepreneurship and small business management through a case study of Moma Foods, a UK-based food and beverage company. It explores different types of entrepreneurial ventures, their impact on the economy, and the characteristics and motivations of successful entrepreneurs. The report also analyzes the influence of personal background and experience on entrepreneurial success, highlighting the challenges and opportunities faced by Moma Foods.

Unit 9 Entrepreneurship and Small
Business Management
MOMA FOODS
1

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
3

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.
4

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.
6

Social entrepreneurs
Social entrepreneurs are the one that opens their ventures with the sole aim of
driving innovation and transformations in the field of education, human rights and
health-related areas. They focus on overcoming the traditional business practices
and solve social problems. They are the one that achieves large-scale and social
change through a new invention and creates ecological value by optimising the
financial value. They utilise a social approach to solve a social problem through
innovation (Abebe, et al. 2016).
The topology of entrepreneurship is categorised on the basis of the motives of the
ventures that are undertaken. Some undertake the venture with the sole aim of profit
maximisation while some undertake for the social welfare. There are also some
entrepreneurs that fall under the topology of the growth prospects. Like the case of
Moma Foods that is carrying its business with further growth prospects and to
expand its business other parts of the country as well (Autio, et al. 2014).
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M1 ENTREPRENEURSHIP IN BOTH PUBLIC AND CORPORATE SECTOR
Entrepreneurship in the public sector has been referred as the innovative initiatives
of the public that helps in generating the economic prosperity by engaging in the
creative activities to effectively face the uncertainties. The entrepreneurship in public
sectors aims to reduce heterogeneity and remove the diversity by developing new
technologies and bringing out more innovation in the economy. In public sector, the
role of entrepreneurs is to find new ways that will help in better collaboration with the
changes in the societies and governmental areas. They usually render support to the
governments and strive to attain finance and funds from the government through
partnerships (Barber, et al. 2016).
Fig: Elements of Public Entrepreneurship
Source: https://smallbusiness.yahoo.com/advisor/blogs/smallbiz-vote/initiative-
support-entrepreneurial-revolution-212834930.html
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Corporate entrepreneurship is a venture that starts new products and services within
a corporate form or brand and all the teams within the organisations are rendered
freedom on coming up with new ideas and products. Corporate sector also renders
support to them even to start a new venture. Entrepreneurship in corporate sector
promotes innovativeness, risk taking, proactiveness and autonomy that faces
competitiveness and come up with fresh startups (Duval‐Couetil, 2013).
Fig: Entrepreneurship in corporate sector
Source: http://www.alierenbalikel.com/en/different-perspectives-on-corporate-
entrepreneurship/
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P2 THE SIMILARITIES AND DIFFERENCES BETWEEN ENTREPRENEURIAL
VENTURES
There are many entrepreneurial ventures that can be differentiated on the basis of
motive, motivation, outcome and process. Some of the similarities and differences in
the entrepreneurial ventures can be discussed as under:
Social entrepreneurship
Social entrepreneurship is a type of venture that is contributing towards solving the
social problems by identifying the social impacts and creating a value for the society.
The main aim of this entrepreneurship is to achieve the social welfare through
achieving secure funding. They also aim to integrate the economic issues together
with the societal issues. In this type, there is an emotional desire that drives towards
improving the social and economic conditions of the world and they are less deprived
to earn profits (Gallucci, et al. 2015).
Lifestyle entrepreneurship
In case of a lifestyle Entrepreneur, the profit motive is replaced by passion and he
combines personal talents and interests that help him to earn a living. He
intentionally makes a choice of a business model that will develop and grow his
business in long terms ensuring a viable living and sustainable growth (Sheehan,
2014). There is personal freedom and more family time as compared to corporate
entrepreneurs earning a living motive inspires them to work towards self-employment
and getting a balance in their life. There are clear exit strategies in their business
and they own strong control on their business and aim to reach the global market.
Serial entrepreneur
A serial entrepreneur is the one that starts new business and series of new
businesses with new ideas and usually undertakes high business risks and
innovation, they have a high level of experiences and starts new businesses and
later transfers their ownership to others. The responsibility is transferred to another
entrepreneur and move forward with new ideas (Randolph, et al. 2017).
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LO2 THE IMPACT OF SMALL BUSINESS ON THE ECONOMY
P3 RELEVANT DATA AND STATISTICS TO ILLUSTRATE HOW MICRO AND
SMALL BUSINESS IMPACT ON THE ECONOMY
Micro and small business in the UK economy is generating a strong impact as they
are the one that offers many employment opportunities to a large population and is
rendering diverse opportunities to new markets and businesses. For an economy,
the small and micro businesses have formed as a backbone for the economy as in
the economy of the UK maximum businesses are small and medium in nature. In the
last five years through the recession, the micro-enterprises in the UK are responsible
for the majority of the job creation opportunities that usually renders nearly £25-500
million turnovers. In the economy of the UK, the start-up businesses number since
2013 is rising with a speed and is favouring the economic climate of the UK. In the
UK nearly 99% of the businesses are falling under the small or medium businesses
(Small Business Statistics, 2017).
When we witness an impact of the small businesses on the economy of the UK we
will undertake the metrics of turnover that renders nearly £1.6 trillion of turnover in
2014 and is continuously whopping 47% of the overall turnover to the private sector.
It also creates several opportunities for the people of the country as it employs nearly
24.3 million of people in the UK and thus contributing to the economic growth of the
country. In the economy of the UK SME also proves to be the major drivers of
innovation, growth and competitiveness as nearly 37% of the SMEs are reported to
be engaged in the innovative activities (Rhodes, 2017).
Thus the economy of the UK is greatly impacted from the Small and Medium-sized
businesses as it has benefited the economy by rendering healthy financial climate
that facilitates the growth of these businesses as well as people of the country.
Moma Foods is a food and Beverages Company in the United Kingdom, the
statistics of the food company in the UK contributes to total Gross Value added of
the agri-food sector in 2016 to nearly £112.0bn and is increasing with years.
According to the data of the Food sector, there was an increase that witnessed by
76.0% between 2000 and 2016 (Small Business Statistics, 2017).
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12

M2 THE DIFFERENCES THAT SMALL, MEDIUM AND LARGE BUSINESSES
MAKE TO THE ECONOMY BY APPLYING RELEVANT DATA AND STATISTICS
When we talk about the differences and impacts that the small, medium and the
large businesses contribute to the economy we will consider some relevant facts and
statistics that can be applied to trace out the desired. According to the data, there
were nearly 5.7 million private sector businesses in the start of the year 2017 and
these businesses in the economy of the UK employs about 41,000 employees in
2016. Small businesses help in raising the living standards of people as it offers
various job opportunities as in the economy of the UK Small businesses accounted
for 99.3% of the private sector businesses and out of which 99.9% of them were
small and medium-sized (Rhodes, 2017).
Similarly, Moma Foods is a small business enterprise that is focussed on rendering
healthy breakfast solutions to the people through online channels and also through
supermarket chains.
The small and medium enterprises contribute to nearly 16.1 million of employment
opportunities in the UK and it reaps into annual turnover of £1.9 trillion. According to
the statistics, there has been a rise in the 64% of the businesses since 2000 and the
private businesses sector has increased to 4% (Rhodes, 2017).
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According to the share of the enterprises in the UK in 2017 the share of small,
medium and large enterprises are depicted in terms of employment, turnover and the
businesses which are depicted as under (Barber, et al. 2016):
Fig: Share of enterprises in the UK private sector in 2017
Source: BIS, 2017
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P4 THE IMPORTANCE OF SMALL BUSINESSES AND BUSINESS STARTS-UPS
TO THE GROWTH OF SOCIAL ECONOMY
The social economy is the combination of diverse enterprises and organisations that
share common values and do not have governmental interventions. These include
SMEs and large companies that operate in economic sectors. It undertakes the
study of the social behaviour and economic behaviour of a nation that satisfies the
needs of the sectors that are usually ignored (Schaper, et al. 2014).
Start-ups businesses always impact a customer as it always brings about new an
idea that leads to the development of the social economy. They always bring in
about some changes in the global economy. The importance that it renders is due to
the value that these deliver to their customers. Due to the start-ups, many young
talents are provided growth opportunities and witness a high growth career. Start-
ups contribute towards injecting the competition and innovation in the economy and
helps in the development of the social economy (Kuratko, 2016).
On another hand, small businesses fail to generate money as the large corporations
generate. In the social economic context, the small businesses contribute towards
the societal developments by contributing towards the welfare of the society by
bringing up the growth and innovation in the established businesses. These also
render employment opportunities that ultimately hike the standards of living of people
and help in the growth of the economy (Sundararajan, 2014). And in the perspective
of the social economy, these small businesses may contribute by becoming large
corporations in future and stimulating the local economy.
The small businesses and the start-up businesses help in enhancing the gross
domestic product and rendering nearly 60-70% of job opportunities. These also
contribute to the social economic development by reducing the poverty rate and
driving fresh talents towards overcoming the challenges of the economy. It also
leads to the lifestyle growth by contributing towards the growth of the society and
rendering financial support as well (Kuratko, et al. 2014).
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LO3 DETERMINE AND ASSESS THE KEY ASPECTS OF AN
ENTREPRENEURIAL MINDSET
P5 THE CHARACTERISTIC TRAITS AND SKILLS OF SUCCESSFUL
ENTREPRENEURS THAT DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGERS
For an entrepreneur to be successful some traits and skills are mandatory that he
should keep on developing so as to achieve the desired goals. These skills and traits
should be developed over time so as to carry effective motivation and
encouragement of the employees towards the desired objective of the business.
Some of the characteristics traits that an entrepreneur should possess are
underpinned:
 For the entrepreneur of Moma Foods, he should be a risk taker by devising
new ideas so that the business could be expanded by taking risks and
maximising the benefits for the business (Sundararajan, 2014).
 He should be confident enough about the success and desired returns so that
all the threats are easily solved and success could be achieved in a motivated
manner.
 The entrepreneur of Moma Foods should be creative enough to continuously
introduce in the business new products and services so that the customers
can be kept satisfied through continuous innovation.
 He should also be goal oriented which will keep him focused on his desired
goal of expanding the business and attaining greater success.
 For an entrepreneur, he should possess traits such as independence that will
help him to guide and direct the business operations towards the desired
goals and carry out the operation with high autonomy and managing the time
effectively (Kuratko, 2016).
 The characteristics traits must also include the traits of being an effective
planner that will effectively draw out the plans and manage the operations of
the business
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 He should also be a great manager that will help in effectively utilising the
limited resources and effectively deal with the outside world.
 His traits should also include a better understanding that will help him in being
empathetic towards his employees so as to better motivate them and support
them to bring out excellence in their working (Duval‐Couetil, 2013).
For the entrepreneur of Moma Foods apart from the characteristics traits some skills
also need to be accomplished which includes the following:
 Entrepreneur of Moma Foods should be a great leader with effectively
demonstrating the leadership skills that includes inspiring the employees and
motivating them to gate the work done within a time frame so as to achieve
the desired objectives (Curran and Storey, 2016).
 He should possess excellent communication skills so as to openly discuss
and understand the problems of its employees and to effectively able to sell
its products to the market.
 He should also have management skills that will involve planning, controlling
and directing skills so as to carry out all the management tasks effectively
keeping in purview the finance and marketing functions.
 He should also possess the human management skills so as to foster better
customer relations and maintaining personnel relations which help in carrying
out the business operations (Drucker, 2014).
 He should be creative and innovative so that new product range could be
brought in the business and all the areas that remain undiscovered and
undeveloped can be developed.
 He should be a better stress manager so that through his skills he can deal
with the situations and overcome the stress.
Thus through effectively utilising the entrepreneurship traits and skills, the
entrepreneur of Moma Foods can achieve excellence the desired goals of
maximising the profit and expanding its business operations.
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M3 DIFFERENT LINES OF ARGUMENT RELATING TO ENTREPRENEURIAL
CHARACTERISTICS
Every individual entrepreneur has some unique traits that form his characteristics.
There are different lines of arguments that relate to the entrepreneur characteristics
which when opposed may lead to the failure of the successful entrepreneur.
Are entrepreneurs confident?
Every entrepreneur must be confident that depicts a hallmark of the entrepreneur. If
any entrepreneur lacks confidence then his success may be hindered.
Are entrepreneurs passionate about learning?
Often autodidactic learning is the main base of characteristics traits of entrepreneurs
that includes quick learning from surroundings and own mistakes. The one that does
not possess the passion for learning is not considered as a successful entrepreneur
(Drucker, 2014).
Are entrepreneurs dedicated?
Under this argument, the dedication of entrepreneurs is checked that affects the
whole business through plans, visions and dreams achievement. The commitment
and dedication of the entrepreneurs will decide the success rate and will drive
positive outcome (Burns, 2016).
Are entrepreneur good communicator?
Effective relationship building is also necessary for entrepreneurs which they can
build through effective communication. They should also be great listeners the one
that supports this argument is considered to be successful entrepreneurs.
Is entrepreneur effective team player?
This argument supports the quality of an entrepreneur that is an effective team
player and works in partnership with others to achieve the desired goals and
objectives (Curran and Storey, 2016).
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P6 ASSESS HOW ASPECTS OF THE ENTREPRENEURIAL PERSONALITY
REFLECT ENTREPRENEURIAL MOTIVATION AND MINDSET
There are different motivations and mindsets for an entrepreneur some may get
motivated from the profits while some get motivated from the autonomy. So some
aspects that the entrepreneurial personality that is reflected is through the behaviour
of a person which may depict the following common behaviours:
Impartial
These personalities are of impartial nature and are bias-free with everybody
Optimistic
These participants are positive nature and are risk takers (Caliendo, et al. 2015).
Observant
They are of examining nature and prefer to carefully examine and analyse the things
before taking any action
Dependable
These personalities are highly dependent upon others and seek for the advice of
others for every decision
Extravert
These personalities are open to interaction with all and are open to communication
with everyone
Introvert
These personalities do not prefer to interact with others and usually reserved type
(Zhao, 2016).
Well cultured
These personalities are nurtured well and are culturally sound which depicts their
entrepreneur traits.
19

Reliable
These entrepreneurs are of the mindset of trustworthy and highly reliable on oneself
for the decisions (Duval‐Couetil, 2013).
Independent
The activity that shows higher independence of the entrepreneurs as they do not
seek anybody else’s advice depicts the independence personality.
To identify the mindset of an entrepreneur the personality characteristics and the
motivational structure needs to be understood. The personality traits can be
understood by the investigation of self-employed personalities which fall as under:
Agreeableness
This personality of entrepreneur has high bargaining power with cooperation with
other members of business (Barber, et al. 2016)
Extraversion
He should have a personality that is energetic and is of extravert nature
Conscientiousness
He should have his orientation on achievement and fulfil his duties with
conscientiousness
Emotional stability
He should possess strong emotional stability and should remain positive in times of
stress too (Autio, et al. 2014).
Openness to experience
He should be open to new ideas and should inject innovation by seeking new ideas.
Thus these combinations of the personality of an entrepreneur will help in
discovering the motivation and the mindsets of entrepreneurs.
20

LO4 EXAMINE THE DIFFERENT ENVIRONMENTS THAT FOSTER OR
HINDER ENTREPRENEURSHIP
P7 BACKGROUND AND EXPERIENCE CAN HINDER OR FOSTER
ENTREPRENEURSHIP
Some of the threats of a business easily are resolved by the background and
experiences of an entrepreneur. Due to the work experience and backgrounds of an
entrepreneur many opportunities may also be explored that can prove beneficial for
the small business enterprises.
Form the case of Moma Foods Tom has struggled a lot when he was not able to
grab a place for business since his establishment in 2005. The place to conduct
business was difficult to identify. He lacked the work experience and his background
also created a hindrance for him. He initially started his business at the railway
station that was also faced with many difficulties as at station many facilities were
unavailable. So after this, the business was installed outside the station. Through
some the business skills possessed by Tom, he was able to successfully grab a
place in a supper shop during the period of recession which fostered his
entrepreneurship and helped him in a great way (Abebe, et al. 2016).
Thus it is quite evident that the background and experience of the entrepreneurs can
greatly help them in fostering or hindering the opportunities due to the presence of
the backgrounds and experiences.
21

M4 THE LINK BETWEEN ENTREPRENEURIAL CHARACTERISTICS AND THE
INFLUENCE OF PERSONAL BACKGROUND AND EXPERIENCE TO SPECIFIC
SUCCESSFUL ENTREPRENEURS
There are some factors of an entrepreneurship such as risk-taking, initiatives,
independence and responsibility that helps entrepreneurs to ensure success.
Through the knowledge of an entrepreneur, the personal background and
experience can be set out effectively. Thus the personal backgrounds and the
experiences of an entrepreneur is a way ahead in establishing a link between the
entrepreneurial characteristics which ensures the success to a great extent (Mariah,
2017).
Usually, between entrepreneurial characteristics and the personal background and
experiences influences, there is a presence of a link that is vital for entrepreneurship.
Like in case of Moma Foods Tom faced some difficulties due to backgrounds which
created a hindrance to his success and business operations. But with a passage of
time, he was able to overcome the hindrance due to some entrepreneurial
characteristics that were present in him and thus he was able to manage and draw
back his success in life. Through his risk-taking and initiative taking Tom was able to
move his ship outside the railway station and through his creative thinking, he started
a mobile shop outside the railway station that has helped him to overcome the issues
faced by him and fostered his success in the business operations. Through his
experience, he was able to get a space in a supper shop which helped to mitigate
the hindrance of space and helped him to carry out effectively his business
(McAllister, 2016).
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CONCLUSION
This report for the manager of Moma Foods is of great importance as the various
important aspects of entrepreneurship and small business management have been
effectively demonstrated in it. The knowledge has been rendered by different types
of entrepreneurship ventures with the roles in the public and corporate sector. The
differences in few types of entrepreneurship have helped to trace back the basis for
the differences. We have also extended better insights about the UK economy and
the extent to which it is impacted by the Small, medium and large businesses. The
importance of the start-ups and the small business has also been understood with
reflection to the social economy. Some of the key aspects related to the
entrepreneurial mindsets and motivation have helped to trace out the personalities of
entrepreneurs with the examination of different arguments. In later part of this report,
the entrepreneurial motivation and mindset have been reflected by assessing the
aspects of entrepreneurship. An importance has been highlighted of the work
experiences and the personal backgrounds that are vital for entrepreneurs to
overcome the hindrance and foster the success of entrepreneurship taking an
example of Moma Foods.
23

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