Skills of Successful Entrepreneurs

This assignment discusses the skills and traits that make entrepreneurs successful, such as time and money management, risk-taking, and open-minded attitude. It uses the example of Sir Jack Cohen, who transformed a small grocer shop into the leading supermarket chain Tesco, to illustrate how these skills can be applied in practice.

Entrepreneurship
and
Small Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Presenting different types of entrepreneurial ventures..........................................................3
P2 Presenting the similarities and difference between entrepreneur ventures............................4
P3 Presenting different data to illustrate impact of micro and small business on economy.......6
SME helps in growing and developing of Economy in many ways these are:...........................6
P4 Importance of small business and business start-up to the growth of social economy..........7
TASK 2............................................................................................................................................8
P5 Characteristic trait of Jack Cohen or other entrepreneurs and how they are different from
other managers............................................................................................................................8
P6 Reflecting Jack Cohen entrepreneurial motivation and mind set..........................................9
P7 Presenting how background and experience can foster entrepreneurship...........................10
CONCLUSION..............................................................................................................................11

INTRODUCTION
Entrepreneur plays an important role in very small as well as large business. The report
helps to understand the meaning and scope of entrepreneurship and also presents different
barriers to start up business. The report deals with Jacob Edward Cohen who is one of the best
entrepreneur in UK and opens a largest store TESCO in United Kingdom. It presents different
types of entrepreneurial ventures and also explore the differences and similarities between them.
The report also interpret different data and present how it micro and small business impact on the
economy of UK. It explain the importance of small business to the growth of social economy and
also present the economy of UK and the importance of society. The report presents characteristic
of Jack and other entrepreneur. The report assess how Jack's entrepreneurial personality is
different from other which reflect their mindset and entrepreneurial motivation. The report also
examine that how background and experience can prevent or hinder the entrepreneurship.
TASK 1
P1 Presenting different types of entrepreneurial ventures
Entrepreneur refers to those person who are willing to develop or organize any business
along with their risk as well as profit and Entrepreneurship is the study of how a new business
are created or the actual process of starting a new business by a successful entrepreneur. There
are basically four types of entrepreneur ventures and these are mentioned below:
 Small Business Entrepreneurship: This type of business refers to independently-owned
and their aim is to fulfill all the needs and demands of their family members. Their
objective is to grow their business into ling term business in order to maximize profit
with possibility of eventual sale to employees or their family members (Cooper and Folta,
2017). They did not take loans from ventures and they used to take loans from the banks
or micro loans and even generated revenue or can take loans from their relative or family
members.
For example, restaurants, beauty parlour, small retail stores etc.
 Large company Entrepreneurship: they mainly offers new products and most of them
grow through innovations by using different technologies in order to attract their
customers and their aim is to maximize profit. They used to follow different rules and

regulations made by the customers and implement those into their business. For Example:
TESCO, General Motors etc.
 Social Entrepreneurship: it refers to those entrepreneur who mainly focus on creating
new products in order to fulfill or solve the needs of society. They are generally non-
profit organizations whose aim is not to collect revenue or not to acquire market share.
Their goal is to make the world a better place for people. Examples, those organization
who work for the welfare of society (Kirzner, 2015).
 Wennekers and Thurik: Entrepreneur are those who have the skills to promote their
business in further level of success. Through their empirical research, they want to
enhances their competitive advantages in market but they work in small firms only.
Wennekers also states that these type of entrepreneur understand the role of
entrepreneurship in the growth of economy.
 Schumpeterian Entrepreneur: This type of entrepreneur basically work in order to
contribute in their economic growth as well as through their innovative skills they want to
develop the business and promote them for their future growth.
 Intrapreneur: This are those entrepreneur who promote through their different
innovative things and through marketing they develop new strategies and promote their
business for profit maximization. They mostly work in large firms with a good idea of
promoting the project into forward direction.
 Managerial Business owner: This type of entrepreneur are those person who have small
business but they are known by their different attributes as per the interest of the
company. Such as owner, manager and entrepreneur owner and entrepreneur owner
manager.
Typologies of entrepreneurship
 Serial Entrepreneur: These are those entrepreneur who continuously comes up with
their new ideas and then start their business. Through their new and innovative ideas they
further expand their business and also create firm structure to maintain the focus.
 Based on Gender: when the business are owned and managed by the men then they are
called men entrepreneur. On the other side, if women are defined and managed the work
then the business are owned by the women.

 Scalable Startup Entrepreneurship: they are quite different from the small scale
entrepreneurship and they mostly try to innovate and uses high advanced technologies in
order to create new market place and change in current market place. Their aim is to use
advance technologies into the business and even they attract investment from passionate
Venture Capitalist such as government grants, subsidies or their personal funds
(Entrepreneurial Ventures, 2018).
They are directly linked to the typologies of the entrepreneurship and as per the Author
Smith, who define two type of entrepreneurs one is craftsman and another is opportunist
entrepreneur and the main factor which makes them different from each other is the growth
orientation of opportunist entrepreneur but later on its is further modified by different author and
these typologies help in making decision process for the business growth and development. Later
on, Miles and Snow developed four basic types of typologies which are prospector, Innovator,
follower and reactor (Storey, 2016). These typologies are mostly help to understand the nature of
relationship between a type and its subject/ object. Entrepreneurs are mostly concerned with
these typologies in order to motivate their staff for the well functioning and to achieve all goals
and targets of a company. They are also help to identify the factors that affect the future progress
of a company as well as their actions.
P2 Presenting the similarities and difference between entrepreneur ventures.
There are basically four types of entrepreneur ventures and they all have similarities as
well as differences which makes them unique from each other. These are mentioned below:
Similarities: small business entrepreneurship are mostly achieve financial independence
and their aim is to build profitable business. In order to achieve the goals, they can transfer the
business into their family members. on the other side, large business entrepreneurship, also wants
to generate more income by using different innovative products to their business. All the
entrepreneurship ventures aim is to serve the best products to their customers and wants to fulfill
their demands. While starting a business, they all take risk whether the business will be
successful or not. However, scalable and large business entrepreneurship uses different
innovative products which help to provide better products to their users. Well mannered small
companies always tries to adapt anticipating market trends and use different technologies in
order to achieve the targets of the companies while on the other side social entrepreneur also

make new offers in order to fulfill the demands of society (Parker, 2018). The time and attention
of entrepreneurial management is always diverting to find out new products and services.
Through their innovations, they always try to attract wide number of customers and reach to the
further level of success. Basic similarities between all the entrepreneurship ventures is they all
take loans from bank in order to grow their business and achieve their defined objectives. All the
entrepreneur ventures aim is to provide best products or services to their customers and tries to
fulfill their demand.
Differences:
 Aim: Scalable enterprises are mostly come up with new innovative products and they are
totally different from other entrepreneur ventures their aim is to generate significant
wealth for the investors. On the other side, small business enterprise's aim is to only earn
good revenue from the business and to grow their business more in order to generate
more profit. Its main objective is to generate a payroll taxes and jobs for the unemployed
people in United Kingdom. While large company entrepreneurship main aim is to
maximize more profit as compared to other and social entrepreneurship aim is to serve
the products for the welfare of the society (Lipset, 2018).
 Employees: Large companies have greater number of employees as compared to other
ventures while social entrepreneurship have sufficient number of employees as compared
to others because they work for the uplift the standard of living which is totally different
from others ventures.
 Capital : For small business, they take loans from their family members while large
companies they use bank loans for their business growth. On the other side, social
enterprise, they uses charity funds for the better growth of the business (Freel, 2018).
 Turnover: Large business venture basically help in the economy of the UK but small
business contribute their big amount in the economy of UK such that basically they
contribute almost 90 percent of their money for while on the other side social
entrepreneurship makes only 10 to 15 percent of their amount.
 Purpose: small business helps to fulfill all the needs and demands of their family
members while Large business main purpose is to to maximize profit and on the other
side social entrepreneurship helps for the welfare of the society.

P3 Presenting different data to illustrate impact of micro and small business on economy
Small and Medium Sized firm has played a great contribution in the growth of economy.
They are the major source of providing new jobs as 99% of Private Sector is held by SME's.
Small sized firm are the seedbeds of Innovation and thus help in flourishing the growth of
economy. In 2015, there were 5.4 million private sector businesses in which there were 1.3
million employing businesses that accounts for 60-70% of total employment in United Kingdom
(Westlake and et. al., 2012).
SME helps in growing and developing of Economy in many ways these are:
Economic Growth: Small sized business plays a vital role in economic growth as most SME
jobs are in services sector that accounts for two-third of economic activity and employment
in OCED. Further, SME play a vital role in developing and boasting local economies of the
region as they promote usage of local resources and talent for their business and employ
local people which help in increasing contribution of local economies.
More over the number of Small Sized businesses grew by 18% whereas Medium
Sized business grew by 21%. There was downfall in the growth of Large business by 3%
due to merger and takeover activity. Job Creation: Small business plays a major role in creating job opportunities in the
economy as SME are more labor intensive rather than capital intensive. In 2016, SME
employment was 15.6 million that accounts to be 60% of total employment in private
sector. The employment in large sector was 10.5 million that accounts to be 40% of total

private sector jobs thus, it can be interpret that SME are the major source of Job creation
in the economy.
Turnover: It is important to calculate the economic growth and contribution by any sector in
economy. Small and Medium Sized business has shown an impressive growth given
contribution of £1.8 trillion that accounts to 47% of all private sector businesses (Gonçalves,
Carrara and Schmittel, 2016).
Large business shows more turnover then SME as they contribute£ 2.0 trillion
hat accounts to 53% of total turnover contribution by private sector business in United
Kingdom. Small business are the backbone of the industry because they contribute their big portion
in the economy of the UK. Through their innovative ideas and driving growth small
business encourages to flourish. The small business size firms of the UK are beneficial
and have symbiotic relationship with the country's overall performance. Even they
contribute around 46 percent of the total amount and raise the economy of the UK.
Impact on Industry: United Kingdom is composed of two main form of industry that is retail
and manufacturing. Almost every three businesses out of ten falls into this category. Further,
Wholesale, retail and Repair accounted for 15% of all SME employment and over one-third
of SME turnover in the UK private sector. Thus, it can be interpreted how much SME
contributes in the growth and development of United Kingdom.
P4 Importance of small business and business start-up to the growth of social economy
Small business are vital to success and growth of United Kingdom economy. They help
in job creation, economic growth, local and regional development, encourages healthy
competition, etc. thus, contribution made by Small business is vital and important for the growth
of social economy. It influences Social economy in various ways: Create Stability: Small business help in creating stability as they generate revenue and
financial strength that help in creating stable economy. They provide resources,
Products/services which is required by large corporations, citizens and government
department. Balanced Regional Development: Small business help in developing backward regional
areas as they set up new businesses and industries for the growth of these less developed
area. This result in developing of infrastructure, better links to road and railways, stable

supply of electricity and water, development of school and hospitals in these backward
areas (Amendolagine, Capolupo and Ferri, 2014). Developing personal relationship: Small business basically help to maintain the personal
relationship between employees and customers which no other entrepreneurship will
maintained that is why to start up the business with small business is helpful.
 Low overhead and response quickly: The biggest advantage to start up the business is to
have low overhead cost as compared to others which creates direct impact on the social
economy and in small business there is little hierarchy and it is quite flexible as compared
to others and also reach the quick decision whenever it is required.
 There is a huge importance of small business and business start up to growth of social
economy as it also help in the country's economy. This business not only help in success
stories but they also help to meet the demand of local peoples need. It has been analyzed
that most of the UK business are small and generally people try to invest their money on
small business in order to grow.
 The small business are not require any extra expenses in order to strat up new business.
Therefore, it is mostly prefer by the peoples to start their business at small level. Even the
starting cost of the business are not as much high as large business are, hence to start the
business with small business is quite beneficial for the people who are looking forward to
start a new business.
 There are various advantages of introducing small business because to start with this
they contributed in the improvement of social economy (Benefits of Small Business,
2018). They also help in bringing the growth and innovations to the community in order
to meet the basic need of the society.
 The small business basically aim is to attract talent who invent new products and to
implement new innovations or solutions for the existing ideas. The biggest advantage of
small business is they prepare to take risk and gives an opportunity to stay ahead in the
competitive market.
M1
Entrepreneurship is the simplest activity which is done to establish the business in order
to taking the financial risk in the hope of profit earning. It further divided into many sections
such as small business entrepreneurship, large company, scalable start ups.

M2
There are various types of entrepreneur ventures that play an important role in different
countries economy and these are small business entrepreneurship, large company, scalable start
up companies and social entrepreneurship. They all have different aim and objectives in order to
fulfill the demand of customers (Hitt and Duane Ireland, 2017).
D1
The growth of ventures are helpful to the economy of the country and as a result, these
help to raise country economy. The growth and scope of venture especially in small scale will
help for the economy of the country and it will help to raise profit.
D2
Small business have wide scope in United Kingdom and they creates wide impact on the
business as well as entrepreneurs too. The scope and growth of the business is totally depend on
the skills of an entrepreneur. Small business help in maintaining the sustainability in the
economy of the nation.
TASK 2
P5 Characteristic trait of Jack Cohen or other entrepreneurs and how they are different from
other managers
Enclosed in PPT
P6 Reflecting Jack Cohen entrepreneurial motivation and mind set
Enclosed in PPT
P7 Presenting how background and experience can foster entrepreneurship
Enclosed in PPT
M4
Entrepreneurial characteristic such as good leadership qualities and motivation skills also
influence the personal background. In the context of Jack Cohen, he also possess best qualities to
become a good entrepreneur and also faces numerous problems which are directly relate to their
past but he remain unaffected and as a result become one of the best entrepreneur in UK.
D3
Jack Cohen was one of the best entrepreneur who founded TESCO at very young age and
now the company is one of the best leading supermarket in UK. This is basically done by Jack

because of having motivation skills and good marketing strategies and have good background
experience which came up from his past experience (Parker, 2018). Jack also have courage and
energetic with innovative thinking that makes him different from others and with his critical
thinking and good motivator, become one of the best entrepreneur in UK.
D4
Jack Cohen background is not as much good as other such that their financial status is not
as strong which help Jack to work as per the needs. On the other side, Simon Cowell who is an
English Reality show judge also did not have good background. But they both struggle and
achieve the goals and objectives of their future requirement. They both show that background
and experience influence entrepreneur by both positive and negative way.
CONCLUSION
This report concludes that Entrepreneur are people who grabs the opportunities, take risk
and create innovative products that helps in promoting economic development. Entrepreneur
emerges from different forms of entrepreneurial ventures and through their innovative outlook
they create great opportunities for development and promotion of economy of UK. Further, these
Small and micro businesses create a great impact on developing and promoting social and
economic growth of country by creating stability, job opportunities and generate revenue to the
society. Further, the report shows how the characteristics, traits and skill of successful
entrepreneurs help them to differentiate it from other people. Entrepreneur has the skills like,
Time and Money management, risk taking and Open-minded attitude which help him to grab
each opportunity and transfer it into reality. Sir Jack Cohen has used its entrepreneurial traits and
skills to create small grocer shop into leading Supermarket chain Tesco which is third largest
retail company in the world.

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Entrepreneurial Ventures. 2018. [Online]. Available through:
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