Entrepreneurship and Small Business Management: A Comprehensive Analysis

This report delves into the multifaceted world of entrepreneurship and small business management, exploring various types of entrepreneurial ventures, their contributions to the UK economy, and the characteristics of successful entrepreneurs. It examines the role of micro and small businesses in driving economic growth at local, regional, national, and international levels. The report also critically analyzes the influence of personal background and experience on entrepreneurial success, drawing insights from the case study of Nom Foods and other independent research. Through a comprehensive analysis, this report provides valuable insights into the dynamics of entrepreneurship and its significance in the UK economy.

Entrepreneurship and Small Business Management
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Table of Contents
Introduction:....................................................................................................................................4
Task 1:.............................................................................................................................................5
1. Identify the various types of entrepreneurial ventures, and explain on how they relate to the
type of typology of entrepreneurship...............................................................................................5
2. Investigate the similarities and differences between entrepreneurial ventures............................6
3. Discuss the diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector................................................................7
Task 2:...........................................................................................................................................10
a. Evaluate critically the contribution of micro and small businesses to the U.K economy in the
last three years. Please support your analysis with recent data.....................................................10
b. Examine the role of small firms and their contribution to the economy at local, regional,
national, regional and international levels.....................................................................................10
c. Discuss the importance of small businesses and business start-ups to the growth of the UK
economy.........................................................................................................................................11
Task 3:...........................................................................................................................................12
1. Determine and analyse the characteristic traits and skills of a successful entrepreneur that
differentiates them from other business managers. Illustrate your answer with examples from the
case study.......................................................................................................................................12
2. Assess and analyse how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset?................................................................................................................13
3. Explore and examine different arguments relating to entrepreneurial characteristics, such as
are entrepreneurs born or made? Can anyone learn to be an entrepreneur?..................................14
4. Examine, using relevant examples from the case study, how background and experience can
hinder or foster entrepreneurship...................................................................................................14
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5. Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs. Critically evaluate how the
background and experience influences entrepreneurs, both positively and negatively. Illustrate
your answer by comparing and contrasting examples that you have researched independently
from the case study........................................................................................................................15
Conclusion:....................................................................................................................................17
Reference list:................................................................................................................................18
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Introduction:
The significance of entrepreneurship has emerged a lot in the modern days due to the increased
demand of the people in UK. In this regard, the importance of small business and its
management has become more important. Small business manager or the owner if the company
is responsible for managing all the aspects of the company. In UK there is a growing importance
of entrepreneurship for the development of the country. Therefore, there is an emergence of
small business entrepreneurship and its management in the nation. Management of business is
very essential to achieve the target of the company. Small business entrepreneurship has
flourished in UK for the economic growth of the country.
In this report, there is a need of running successful business with the help of the Billionaire
Richard Branson as the person provide simple trick for business to be successful. In this case,
study Sir Branson acts a mentor in the small business committee. Entrepreneurship has been
introduced among the young adults within the country.
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Task 1:
1. Identify the various types of entrepreneurial ventures, and explain on how they relate to
the type of typology of entrepreneurship.
Entrepreneurship is necessary for the smooth running of the business. It has been observed that
different organisation have different entrepreneurial ventures it depends on the setup of the
company. There are four types of entrepreneurial ventures are discussed below:
Small Business Entrepreneurship: According to Zahra and Wright, (2016) in UK there are 5.7
million small businesses. The business is started by an individual with few resources and new
planning. It comprises of new product that has demand in the market. In this sector almost 50%
people are working (Fsb.org.uk, 2018). Small business Entrepreneurship mainly includes grocery
stores, consultancies, etc. In this organisation, there are mainly the family members who are
engaged in the work. The target of the business is to have supply of food to the family. A huge
capital in not required to invest in the entrepreneurship.
Start-up Entrepreneurship: In this kind of entrepreneurship, the individual wants to change the
world with their innovative ideas. To start the business it requires huge amount of funds and
investors for the business. The management recruits skilled and experienced employees for the
organisation. Their main motive is to expand the business rapidly. The management always
ready to take any challenges for the organisation. Silicon Valley is the example for such
entrepreneurship (Yamakawa et al., 2015).
Large Entrepreneurship: The large entrepreneurship has a very big life cycle in the business
market. The large entrepreneurship always works on innovation, by producing new product
variety, which attracts the people (Hmieleski et al., 2015).There are many external factors that
create pressure on the organisation such as legislation, modern technology and diverse demand
of the consumers and for this the organisation always comes up with innovative products.
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Social Entrepreneurship: The social entrepreneurship carries out business for social causes in
the society. The main goal of the business is to improve the life of the people. The success is not
measure in the making profit or loss of the organisation. The organisation works for improving
the problem of the common people(Yamakawa et al.,2015). The examples of social
entrepreneurship are TOMS, Grameen Bank, Badala.org etc. The aim of the entrepreneur is gain
large scale change in society, taking feedback and refining, always innovative and finds solution.
2. Investigate the similarities and differences between entrepreneurial ventures.
It has already been stated in the above part that four types of entrepreneurial ventures so there
will be similarities and differences among them in the running the business.
Similarities of entrepreneurial ventures Differences of entrepreneurial ventures
 The similarities for the four ventures is
to get success by establishing the
business
 To make profit by increasing the sales
revenue
 Different financial goals
 Risk and reward
 Value creation
 Marketing communication
Similarities of the entrepreneurial ventures are very less among the four ventures. The main aim
of all the ventures is be successful by establishing the business with good strategies. The other
similarity among the ventures is to earn profit for the organisation, as it required for the growth
and improvement of the organisation (Kellermanns et al., 2016).
There are various differences among the entrepreneurial ventures. The differences are stated
below:
Different financial goals: The financial goal is different in different ventures; the small business
and large business entrepreneur wants to achieve financial independence with the help of
profitable business. The large entrepreneur believes in creation of wealth. The business generally
passes to the future generation. The social entrepreneur always has difficulty in taking decision
to solve the social problem and to make profit (Dutta and Folta, 2016).
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Risk and Reward: The small entrepreneur looks for the opportunity in the business to make
good fund in short period of time. The large entrepreneur focus to get reward and risk in the mid
of the year (Caliendo et al., 2015). The entrepreneur always accepts risk to accomplish, which is
much higher in the midterm of the exit value.
Value Creation: It has been observed that the business entrepreneurs provide values to the
customers by giving competitive prices and better products also other services in the market.
Whereas social entrepreneurs are focused on, the creation of the social values with the creation
of economic values (Karimi et al., 2016).
Marketing Communication: Marketing plays a vital part in the growth of the business
entrepreneur. The business entrepreneurs spend huge amount on marketing their products with
the help of the communication like TV and print media. Social entrepreneur takes the help of
organic social medium and the words of the people for marketing about their products to the
mass (Kellermanns et al., 2016).
3. Discuss the diverse range of entrepreneurial ventures to demonstrate an understanding
of entrepreneurship in both the public and corporate sector.
The corporate sector entrepreneurship is the business taking part in the economy to make profit.
This business is not governed by any government. Whereas public sectors are mainly
government property and gives government services.
Public Sectors:
Hiring workers who display entrepreneurial behaviours in public sectors is very important. The
workers should have interest in the organisation for any innovation. The organisation provides
personality testing, providing opportunities for the growth of the workers. Monetary
compensation to the employee of the organisation by means of incentives, rewards etc. It
develops the performance of the employee. It is important to make the goal clear to the
employees to achieve the same, while taking the challenges of the organisation (Pauwels et al.,
2016). Skill, services and product gets fast growth in the public sector with innovation. If the
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Government in UK is achieving the goals then the public agencies, programs and also the
employee will be growing well.
Corporate Sectors:
Entrepreneurship is needed in the corporate sector to promote and maintain the performance of
the corporate competitiveness in the organisation. The entrepreneurial performance provides the
organisation to build new business strategies for revenues. The various range of
entrepreneurship improves the work culture with the help of promoting the product and process
by innovation. It is the corporate entrepreneurship, which enhances performance of the
organisation by taking risks, also by developing in new products, services in the competitive
market. It also includes the change in the internal behaviour of the organisation (McKeever et al.,
2015). It is the tool for growth of the business, growth of revenue, increasing profitability,
innovation in the products, etc.
4. Critically examine the scope, development and growth of entrepreneurial ventures.
The improvement in the entrepreneurial ventures has been observed in UK because of the
entrepreneurial abilities. Entrepreneurial aspirations look after the risk factors, innovation and
other international UK ventures are still a weak place compared to other countries. UK position
was not good as per the Global Entrepreneurship and Development Index after US, Canada and
Australia. Recent researches have showed that UK rank has improved now over the last three
years. In the recent report UK’s rank is highest in the history. The entrepreneurial ventures are of
great significance in each and every company. The scope of development is rising due to
recession is diminishing now in UK. People of the nation have set their mind to develop in new
business for that reason their more investment. Hence, there is automatically scope for making
more revenues by setting new business. Every organisation has to follow the strategy of the
above-mentioned four entrepreneurial venture’s principles and goals for the smooth running of
the business. As there are new, business people of the country will be recruited in the companies
thus increasing the chance of getting skilled and experienced employee (Acs et al., 2017).
In modern days, there is need of innovation as per the demand of the market, so there is scope of
new innovation in the products, services and process in an organisation in UK. As per the market
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report the scope and growth has been observed mainly in the small and medium
entrepreneurship. There is more scope in creating new business thus helping in the growth of the
economy and the organisation is also making profit from the business. It has also been observed
that the different factors of entrepreneurship in UK like capability, attitudes and the goals are
always well balanced so this part needs to be balanced to achieve more growth, development
and in entrepreneurial ventures. It will give satiability in the different ventures and mainly to
small entrepreneurship. Thus it will give the organisation to flourish the business more rapidly
by looking the profitability of the organisation (Henry et al., 2015).
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Task 2:
a. Evaluate critically the contribution of micro and small businesses to the U.K economy in
the last three years. Please support your analysis with recent data.
According to Fsb.org.uk, (2018) small business is the heart of UK economy, which gives growth,
providing new jobs etc. Small business has developed the country by means of innovation in the
product and the process as a whole and the details analysis are provided below:
 In UK 5.7 million business in private sector during the beginning of 2017.
 There is an increase of 197,000 since 2016. It has increased to 2.2 million, which is more
than in 2000.
 Employing business and the number gradually enlarged by 41,000 (+3%), which is since
2016, and the non-employing number of businesses increased by 155,000 (+4%).
 Small businesses comprises nearly 99.3% of all private sector at the beginning of 2017
and small and medium sized were of 99.9%
 The overall employment in small and micro business was 16.1 million; 60% comprises
the private sector in UK
 The yearly turnover of small and micro business was £1.9 trillion and the private sector
turnover in UK was 51%.
b. Examine the role of small firms and their contribution to the economy at local, regional,
national, regional and international levels.
Small business firms are the core of UK economy. It is the main reason for growth and
improvement in the country. The small business strives for innovation in their products and
services. The business also faces challenges in various fields be it social, political, economic and
technological. The management of the organisation looks after the products and the services they
deliver. The small firms play a vital role in developing the economic growth by means of
providing new jobs both locally and internationally. 95% of enterprises are small enterprises
which gives employment to 60 % -70% of employment in all other countries. The production,
innovation and the competitiveness has developed in the small enterprises. It results in job
turnover and also in churn in market of labour and it is an important part of the competitive
process. Growth can only be possible by innovation and the people will be attracted towards the
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product and services. It will increase in the profit by increasing the sales revenue of the
organisation (Sunley and Martin , 2017).
c. Discuss the importance of small businesses and business start-ups to the growth of the
UK economy.
Small business and the business start-ups are participating mostly in the growth of the UK
economy.
Importance of small business in the economy of the Country:
 The firm is always ready to take any challenges and risk, thus resulting in new business
stream
 It main goal is to achieve the success and the profit margin of the organisation
 The company is self motivated and dependent on others can take business decision of
their own, which is good the improvement of the business
 The company believes in the competitiveness as it boost the to take new project and
innovation in the organisation
 Believe in building personal relationship within the organisation and also out of the
organisation which is good the growth of the business
Importance of business start-ups in the economy of the Country:
 New employment for the people of the country and giving a scope for job creation
 It increase the income of the individual and also of the nation and thus increasing profit
margin of the organisation
 Start up businesses have good share in the business as it has been observed in the market
report that 5.4 million private sectors were in 2015 which has increased to 146,000 since
the year 2000.
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Task 3:
1. Determine and analyse the characteristic traits and skills of a successful entrepreneur
that differentiates them from other business managers. Illustrate your answer with
examples from the case study.
A successful entrepreneur has many skills and traits that differentiate them from the managers.
Moreover, an entrepreneur are confident than the business managers and open to accept
challenges. In the case study it is observed that Steph Croft-Simon, Nom Foods founder was
aware about the challenges she was going to face in getting hold of the market for launching
simple popcorn, yet she chose to take up the challenge and as a result of that her business has
attracted lost of customers even after the presence of big rivals in market. A successful
entrepreneur is very organised and disciplined, they tend to work in an effective manner and
avoid all the distractions that hold them from reaching their goals (Kirzner, 2015).
A successful entrepreneur organises and plans every step that helps them to reach their goals and
function in the market. In the case study, it is observed that though it was difficult to search for a
manufacturer who would help Steph Croft-Simon to launch popcorn, still she planned every step
in an organised manner and tracked a manufacturer to proceed within gluten free production.
Another trait that differentiates a successful entrepreneur from a manager is the level of
confidence. It is observed in the case study that even if popcorn market of UK was competitive
still, Nom Foods found its way because of the confident founder who believed that there was a
place for simple popcorn that will attract the customers (exerted from the case study). The
outcomes clearly state that she was not wrong to think that her product will influence the
customers even in the presence of competitors.
Self-starter is another skill that an entrepreneur pursues; they eventually set their own parameters
and start everything by themselves (Drucker, 2014). Even in the case study, this skill is found in
Steph Croft-Simon because when she wanted to launch Nom Foods, she had to set her own
parameters stating how her popcorn will be different from others as it will be gluten free and
simple. She initiated the idea all by herself and launched it after overcoming few challenges. A
successful entrepreneur is always open to competition, even in the case study it is seen that even
after knowing that the competitors can be a threat for the business still Nom Foods was launched
and functions well in the market.
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2. Assess and analyse how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset?
Entrepreneurial personality is the combined approach of skills that differentiates them from
others. Personality of an entrepreneur relies on their confident, proactive, and open to challenges,
optimistic, determined and creative approach (Burns, 2016). Even in the case study it is seen that
Steph Croft-Simon, founder of Nom Foods is optimistic, determined, self starter and open to any
challenges and competitions in the market. The personality traits help an entrepreneur to
motivate themselves and work more effectively. It is observed in the case study that due to the
skills and traits Steph Croft- Simon, founder of Nom Foods was able to stand up to the
competitive market and launch her products without any external permission. For an
entrepreneur their internal skills help them to set their own goals and plan ways to achieve those
by themselves. The personality trait of an entrepreneur helps them to motivate themselves in
spite of competitive market threats as well as other marketing challenges.
The personality of an entrepreneur helps them to repurpose products and target a new market.
The determined personality of an entrepreneur helps them to motivate themselves by stating that
there is no such activity that cannot be done if tried hence, entrepreneurs often have the concept
of trying new things and finding ways to succeed in those (Storey, 2016). An entrepreneur
enhances people skills, which helps them to interact with people and confide them about the
purpose. An entrepreneur follows severe work ethics which constantly motivates them to work in
ethical manner and not choose any wrong path to achieve success. Entrepreneurs are very
passionate about their work and this reflects on their mindset as they plan to achieve the highest
rank and once they reach that point they try to proceed further. The entrepreneurs take every
second as an opportunity and utilize it to succeed in their objectives, as they are very confident
about their work. Their confidence helps them practise a mindset where nothing is impossible.
Motivating themselves to focus on their goals makes them open minded towards every
challenges. Entrepreneurs believe that they can perform any activity better than others and they
have a very creative nature that eventually helps them set their own records and proceed towards
achievements (Storey, 2016).
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3. Explore and examine different arguments relating to entrepreneurial characteristics,
such as are entrepreneurs born or made? Can anyone learn to be an entrepreneur?
The discussion behind a success of an entrepreneur is a very common one. According to
Brenkert, (2017), entrepreneurs are born and not made. The reason behind this statement is that
an entrepreneur is able to discover their strengths and weaknesses naturally without any external
help and this helps them to succeed in every chosen path. However, the studies also depicts the
fact that having entrepreneurial genes is not the solo cause for a person to choose that as a career
but there are also few factors that the person considers. On the other hand, Parker, (2018) opines
that entrepreneurs are made and no person is born with entrepreneurial genes. This is because
entrepreneurs prepare themselves to observe things in a different manner and resolve issues in a
different way. Entrepreneurs pursue within them the skills that make them successful and those
skills are not adapted through genes. Entrepreneurs are different because they have the ability to
succeed in every aspect. Entrepreneurs continue to reinvent and develops themselves so that they
can succeed even under tough challenges. Entrepreneurs are made because they undergo a
constant process of tracking their performances so that they can handle the business in a perfect
way. However, most of the studies on whether entrepreneurs are made or born depicts that they
are made. This is because practise, concise and confidence can help a person to turn into a
successful entrepreneur.
Learning to be an entrepreneur is possible and can be done by self-development and performance
tracking. To become a successful entrepreneur a person needs to learn to be optimistic at every
situation, stop wasting any time, have self-confidence, matured enough to take up any challenges
and most of all a person needs to be passionate and open-minded (Kuratko, 2016). The success
behind an entrepreneur lies on their nature of work. In order to learn to be a successful
entrepreneur a person needs to find opportunities and have the tendency to start something on
their own. Hence, it can be said that a person can turn into an entrepreneur if they have the
ability to adapt any circumstance and take up every obstacle as a part of success line.
4. Examine, using relevant examples from the case study, how background and experience
can hinder or foster entrepreneurship.
In the case study, it is observed that experiences foster entrepreneurship. This is because prior
experiences work as a lesson that influences proper entrepreneurship in future. In the case study
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it is seen that Steph Croft Simon, founder of Nom foods took up the challenge of starting new
range of popcorns even after the presence of rivals and this is because she was confident that if
she starts a different range of popcorns she will be able to attract the customers. She is very
optimistic and open to competitors, as the rivals are big businesses they incorporate various
marketing strategies to sell their products. Simon never took these strategies as a threat instead
she believed that when the competitors are promoting their products then eventually it is
impacting the market of Nom Foods in a better way (exerted from the case study). This is
because if the rivals are working to make popcorn a famous snack then customers are also
getting attracted towards Nom Foods. This thought of Simon sheds light on her confidence level
and highlights her nature towards challenges.
Prior experiences have helped Simon to start Nom Foods on her own even if she faced few
challenges in finding a manufacturer. Not only Nom foods but the competitors also face
challenges because of the growing sales and market of potato crisps but Simon marked herself as
a successful entrepreneur even after those challenges (exerted from the case study). From the
case study it can be observed that entrepreneurs need to identify the challenges and plan their
ways accordingly as Simon did. She was aware about the fact that she is entering a market that
has many obstacles but her passion and confidence made her create a unique range of products to
attract the customers. For a proper entrepreneurship, it is very important to be determined
towards the goals and avoid every distraction that works as an obstacle in reaching the goal. The
first step to become a successful entrepreneur is learning about the target market and identify if
the market is profitable or not. The fulfilment of this objective is observed in the case study as it
is seen that Steph Croft Simon had already analysed the market before entering it (exerted from
the case study).
5. Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs. Critically evaluate how
the background and experience influences entrepreneurs, both positively and negatively.
Illustrate your answer by comparing and contrasting examples that you have researched
independently from the case study.
Being a successful entrepreneur is not an easy task, as it needs incorporating of few skills and
traits. An important part of successful entrepreneurship is effective decision making and it is
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quite evident that an introvert can never be able to take instant and effective decisions. Personal
experiences influence an individual both positively and negatively, however, the case study
sheds light on the positive impacts of personal experiences on practising effective
entrepreneurship. Furthermore, the negative impacts of personal experiences on entrepreneurship
occur due to self-sufficiency and extroversion (Luca and Robu, 2016). On the other hand,
managerial experience of entrepreneur sometimes affects the growth of the business.
Entrepreneurship is something that is related to a person’s involvement and optimism skills
(Meyer et al., 2017). In the case study, it is observed that personal experiences help an
entrepreneur to start and succeed in something new whereas it also influences negatively on
factors like lack of proper market penetration (exerted from the case study). This is because the
case study shows that lack of proper market penetration is influencing market positions and
profit gain.
Self-employment is an important trait of entrepreneurship and that is why is a person is
dependent on other person to start something then that particular person will never be able to
become a successful entrepreneur. A person having a shy attitude is not considerable as a
entrepreneur because an entrepreneur needs to be open-minded and must be able to welcome
every challenges they face. The case study highlights the fact that a person needs to be
passionate towards their goals and they must eliminate every possible disturbance, which stops
them from reaching their objectives (exerted from the case study). A person who is able to
connect with people cannot be marked as a successful entrepreneur and this is because a
successful entrepreneur has the ability to connect with people. In other words, it can be said that
entrepreneurs needs to motivate themselves and try improving their weaknesses so that they can
turn into a successful entrepreneur (Liang et al., 2015) From the case study, it is observed that an
entrepreneur is a person who has the knowledge about market conditions and the competitors. It
is also observed that any unethical consideration is not tolerable for entrepreneurship and this is
because maintaining ethics is another important quality of an entrepreneur.
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Conclusion:
Hence, it can be concluded from the above that entrepreneurship is the activity that involves few
traits and skills that helps a person to start a business. Entrepreneurship is the willingness of
repurposing something and targeting a new market. . A successful entrepreneur is very organised
and disciplined, they tend to work in an effective manner and avoid all the distractions that hold
them from reaching their goals. It is also understood from the above that proper practise, self-
development and confidence can help a person to turn into a successful entrepreneur. In order to
establish a proper entrepreneurship, it is very important to be determined towards the goals and
avoid every distraction that works as an obstacle in reaching the goal. Entrepreneurs are very
passionate about their work and this reflects on their mindset as they plan to achieve the highest
rank and once they reach that point they try to proceed further.
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