Entrepreneurship and Small Business Management

This report provides a comprehensive analysis of entrepreneurship, covering various types of entrepreneurial ventures, their impact on the UK economy, and the role of small businesses in the social economy. It examines the characteristics, traits, and skills of successful entrepreneurs, highlighting the importance of entrepreneurial motivation and mindset. The report also explores how background and experience can hinder or foster entrepreneurship.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Presenting different types of entrepreneurial ventures..........................................................1
P2 Presenting the differences and similarities between entrepreneurial ventures......................3
P3 Presenting how micro and small business creates impact upon economy.............................5
P4 Explaining How important small business and business start and contribute the growth of
the social economy after Brexit...................................................................................................6
P5 Presenting the characteristic, traits and skills of two successful entrepreneurs.....................7
P6 Assess How Aspects of the entrepreneurial personality as discussed in P5 reflect
entrepreneurial motivation motivation and mindset...................................................................9
P7 Explaining how background and experience can hinder or foster entrepreneurship...........11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
In 1919 TESCO was founded by Jack Cowen. With his £30 demobilization money he
purchased a surplus NAAFI stock and resold it on a market stall in Hackney. With the sales he
doubled his money and continue to purchase the surplus and resale it at the market, and he soon
became an owner of numerous market stalls. In 1924 he created the TESCO brand name with the
first two TESCO stores opening at Becontree and Burnt Oak in 1931. By 1939 Cohen owned a
hundred TESCO stores. TESCO brand continued with a wining and innovative market strategy
by innovating the sales process by becoming the first company to offer online service in the face
of TESCO direct, TESCO for first time the self service tills. That continued growth resulted in
64bil gross turnover, with the only registered loss in 2015 of pre-tax loss of 6.4 bil. When the
company again managed to implement a successful strategy by purchasing Londres, and Londres
owned Bookers. This led to the company survival and beating the upcoming competitors like
Aldi and Lidl. By developing multibillion businesses Jack Cohen proved to be an entrepreneur
with very successful business strategy and by managing to sustain and leave a history of a nearly
100 years old business (Tesco plc, 2018).
P1 Presenting different types of entrepreneurial ventures
American economist Rawhouser, Cummings and Newbert (2019) defines the
entrepreneur as: ‘They are the one who always searches for a change and responds to it and
exploits it as an opportunity”. Therefore, Innovation is a specific tool which is used by an
entrepreneur, through which they can easily accept the changes and apply them into the working
area.
As Scarborough (2016) says that: ‘The entrepreneur shifts economic resources out of an
area lower into an area of higher productivity and greater yield’
American economist Kirzner (2015) defines the entrepreneurs as innovators who drive
the creative-destructive process of capitalism.
Moreover, Entrepreneurship can be defined in few words by the combination of activity
and willingness to develop, organize and manage a business venture along with any risks in order
to achieve goals or make profits. There are different entrepreneur venture such as:
Micro business- This types of business are basically set up in order to fulfil the needs of
their family and there are around 18 percent of the micro business in UK. As this business do not
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need any extra cost for setting up their business and require less than 10 employees & turnover
under £2 million per annum.
Small business- In UK, almost more than 90 percent families are engaged in small
business. The person run their own business and also hire local employee or family member.
Their main aim is to feed their family and make a profit. It requires less than 50 employees &
turnover under £10 million (Saebi, Foss and Linder, 2019).
Medium business- In UK, there are many business which are based upon medium
company. It requires less than 250 employees & turnover under £50 million. Basically, this type
of business are based upon the agriculture and also helps to feed their families.
Large business organization- This type of business have finite cycles and the
entrepreneurs who work in this are quite innovative and always tries to provide the best quality
of products to their customers. Their main aim is to earn large profit and accept changes, new
technologies. There are over than 250 employees work in large business & it annual turnover
over £50 million (Sutter, Bruton and Chen, 2019).
The various entrepreneurial ventures are the various types of businesses defined by their
number of employees or by their turnover registered at the end of the financial year. In the model
of Wennekers and Thurik the three types of entrepreneurs are:
 Schumpeterian entrepreneurs- they operate in the micro, small and the medium business
venture. They are owners and directors of organizations. They are categorized as being
innovative and creative and resourceful. Jack Cohen started as a small entrepreneur and
by being innovative, consistent and creative, he grew in to managerial entrepreneur. This
type of entrepreneurs are usually operating in micro or small businesses.
 Intrapreneurs- employees working for companies and they innovate and come up with
ideas within the business. They use their own ideas in the workplace and usually by
recommending something, they risk their own time, position and reputation (Dees, 2017).
 Managerial-business owners: They own and usually manage a large business organization
and their aim is not primarily profits, but innovations and development of new products
(Hitt and Duane Ireland, 2017).
These are also depended upon the typology of the entrepreneurs such as :
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Scalable start up: This are quite different from other entrepreneur such as their main
vision is to change the world. They also attract different investment in order to run a business at
further level of success. For this reason, they also hire the best candidate for the business.
Serial entrepreneurs: This entrepreneur continuously come up with new ideas and then
help a person to start its business. Also takes part in every business activity through their
innovative ideas.
Freelancer: This entrepreneurs take their decision by their own and also describe new
and innovative ideas in order to run a business at further level of success. They also have a bond
and through good collaboration, they help business to attain its goals.
P2 Presenting the differences and similarities between entrepreneurial ventures
Similarities: As thoroughly examined in P1, the entrepreneurial ventures can be defined,
divided or structured depending on various elements within the business organization. The
businesses can be defined by their size- micro, small, medium or large business organization, and
the elements defining the size of the business are either by the number of employees or the gross
turnover. Despite their size, number of employees or pre taxed turnover, the various business
ventures have a common goal of achieving profits, which can guarantee the business
continuation of services and the business existence (Kuratko, 2016). Other similarities amongst
the business ventures are external market factors, various market challenges they meet and the
various legislations, which all companies needs to adhere such as, Consumer Rights Act 2015,
GDPR 2018, H&S at work Act 1974 etc.
Other external factors affect in similar way the business ventures are the current
government and the various law amendments, the business law and the various business
regulations and last but not least all companies are legally obliged to fill in tax forms and
contribute with taxes at the end of the tax year. As all the companies main aim is to generate
revenue and feed their family. The entrepreneurs who work in this sector are quite risked taker
and sort out all the issues and provide ideas in order to cope up with adverse situations (Storey,
2016). All kinds of entrepreneur having one thing is common, that each entrepreneur wants to
take its business from small to large level in order to meet out the company objectives and goals.
Similarities of all entrepreneur are make them common in terms of earning profit and wants to
take business at higher level. Moreover, another similar thing or chracterstics of all entrepreneur
are they need some short of capital to invest new things. Some of them are borrow money from
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friends, relatives. Or some big entrepreneur borrows money from financial institutions. In order
to meet out the company objectives and goals.
Other factors defining the market place and the functions of the business organizations is
the implementation of their business strategy. Despite the size, structure or the various strategies
used, they all aim at creating value for their customers, selling products and services and law
compliance. Despite their strategies all companies are ‘united’ by common goal of achieving
pre-tax profits and guaranteeing their market place by being competitive and able to adapt to
market changes.
Differences: All the entrepreneurs uses different strategies in order to take a business at
further level of success. For example a company using a defender strategy will not aim at
developing new products or services like the prospector company, but will rather optimize the
current services and invest in efficiency, where the prospector is inclining to take risks and
experiment on the market with new products or even new business strategy (Cooper and Folta,
2017).
Despite the company size, various strategies, the functions or methods used by the
various companies, they are all united in the common goals of achieving successful business
objectives and registering company profits. Adding value to products and services and
contributing the society by paying taxes, employability and engaging in the business world are
results of business initiation, innovation and consistency in persuading the business success. The
size of the company defines the company structure, therefore different sized companies are
having different structure- taller for bigger organizations, or flat for smaller business ventures.
The large organizations are, with dedicated departments executing specific functions – HR,
accounts, operations etc., where the smaller business ventures are functioning like decentralized
entity, where more responsibilities are focused over one or few people (Burns, 2016).
As all the entrepreneurial ventures are different in the terms of size such that in UK,
small and medium size business are occupied the highest portion and on the other side, large
business have their own rules. All the business have their own objectives such that large business
main aim is to generate more revenue while small business aim is to serve for the family and
meet out their demands. Moreover the revenue generated by all the firms are different from each
others (Brunswicker and Vanhaverbeke, 2015). Therefore, the entrepreneurs work under each
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sector are also differ such that entrepreneur who work under large business have different level
of thinking as compared to small and medium business.
P3 Presenting how micro and small business creates impact upon economy
Micro and small business are integral part of UK economy and also helps for the growth
of an economy. Such that 99% of the business are run in UK are based upon small and micro
business. As per the data collected, small business create the greatest impact upon UK economy
and it can be discovered in recent statistics, published by the UK government. The statistics are
outlining that there are 5.6 million registered micro and small businesses in UK, 33,000 medium
organizations and as large organizations are registered 7000 companies. By further examine of
the data, we can discover that micro and small businesses are representing 99.3% of all
registered business in the UK, which can translate in to how important they are for the UK
economy and what is their impact and contribution (Zhou, 2016). By looking in to the number of
employment given by the different organizations, reveals that the micro and small business are
employing over 12.8 million people, in comparison to medium 3.297 million people and large
10.577 million people, which concludes that the small and micro business are employing greater
amount of people that the medium or the large businesses. Those numbers presented in
percentage, translates as:
 Micro and small business 48% of all employment of all businesses.
 Medium businesses- 12% of employment.
 Large businesses- 38% of employment registered in UK.
In terms of the employment in the private sector by the micro and small businesses, this
represents a huge amount of people employed, compared to other businesses. The other factor
defining the size of the company is the company pre-taxed turnover. In the recent government
statistic the micro and small businesses have registered a turnover of over £1.6 trillion, medium
turnover over £540 billion and large organizations have registered a turnover of £1.8 trillion
(Contribution of Small business at UK economy, 2019). By comparing the stats of turnover and
employment, it comes on the surface, that due to the lesser turnover and higher number of
employment, the micro and small business sector is contributing with more taxes to the UK
economy, therefore their role is crucially vital for the economic stability and status.
By looking in government spending and government taxes we can conduct a further
examine of the government statistics. Corporation Tax- £45 billion, contributions from Council
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Tax- £27 billion, £102 billion from VAT etc. As for any other economy, the more gross turnover,
the better for the UK economy, which results in more money received from taxes. Another factor
affecting the economy is the number of employees, because the more people are employed, more
taxes will be contributed in the forms of NI contributions. The higher level of employment is
important, because money are not wasted, but rather utilized for the current government needs
and invested in future economy expansion (Trianni, Cagno and Farné, 2016). By having more
people employed, means that less people are on job seeker allowance or universal credit,
classified as unemployed- therefore the government can use that money elsewhere. As per the
previous statistic results, the micro and small business employee a greater number of people,
therefore they contribute a lot more to the economy, than the medium or the large businesses.
From the balance we discover that more money has been spent than collected in the economy,
which results in deficit of 91 billion.
Thus it shows that small and micro businesses in UK shared a mutually beneficial
relationship with overall country's economy. Micro and small business are important because
they contribute with great amount of taxes, also offer a higher rate of employment, which
employment have increased the turnover by 7% the same year and by 2% the year before. Apart
from this, the small business owners are take the decisions by their own and it has been analysed
that while the economic climate of the UK is quite favourable to start up a business. So we can
conclude that this trend is good, because it is less dependent and less reliant on medium and large
organizations, which in turn helps the UK economy (Rawhouser, Cummings and Newbert,
2019).
P4 Explaining How important small business and business start and contribute the growth of the
social economy after Brexit.
The fundamentals of the social economy are the consumption of goods and services
represented in the social economy. The social economy is represented in over 50% in four main
areas- education, business support and consultancy, employment skills and retail. When
assessing the statistic, the result is visible, with registered growth of 50% in those four main
areas (Terjesen, Hessels and Li, 2016). On a different scale, the social economy has over 70,000
social enterprises according to government statistics, from 70, 000 they contribute with 24 billion
turnover, and from those 76% of businesses- 50% made profit- or 26% percent break event. For
example in Scotland there are 5,000 registered social enterprises, with turnover of 3.6bil. In
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Wales the social enterprise business brings in 1.7 billion, and when deducted from the total of 24
billion, then 18 billion are contributed from England, and by looking at the number of registered
social enterprises at least 62,000 exist and are registered in UK.
Social enterprise contributes towards the better world and positive change of the society,
through business. The main purpose of the SE is not to maximize profits. The business start ups,
can be defined as a micro business and in a combination with the small business they could be
defined in one of the two ways- either by number of employees, or turnover we define the small
business by employees,10-49, and turnover 2-9 million. By accessing the data we can find what
is the importance, using the information available here. Up to 84% of the business.
In conclusion it can be registered that business start-ups and small businesses represents
94% of the social enterprises. In addition out of the 70.00 enterprises are small and business start
up and 94% of the start ups are accounting for the 24 billion industry, therefore they are crucial
to the growth of the social enterprise and they are making a large contribution in the social
enterprise sector. And in order to increase the sector growth, more small business and business
start ups needs to be registered, therefore the more business start ups lead to more growth.
P5 Presenting the characteristic, traits and skills of two successful entrepreneurs
Robert Kiyosaki, is one of the top businesses man and able to strongly visualize their
main goals. He is ready to take risks and learn through failure, which also helps him to be very
creative, committed and determined. As, entrepreneurs are obsessed by the opportunity, which
makes them highly motivated. The characteristic traits are presenting one side of the
entrepreneurial qualities; another part from their character is their typical set of skills and the
ability to utilize their skills and fulfil their ideas and goals. Some main characteristic and traits
of Robert Kiyosaki are listed below:
 He has the ability to managing money which is very important quality for any business
owner.
 He have a critical thinking which is another important quality that helps him to take
better decision for the welfare of the company.
 Robert also have the motivational skills which helps him to keep encourage their
employees in order to raise the production level. So that it will help to increase the profit
of the firm.
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 Due to having a critical thinking, he also hire the right people so that it will be help to
increases the production level of the firm (Saebi, Foss and Linder, 2019).
 He also have strong vision and communication skills through which he can easily
motivates their employees.
Oprah Winfrey is another entrepreneur who also open her own show as she has many
entrepreneurial skills. Her characteristic are as follows:
 She is one of the most creative person and have leadership skills which makes her
different from others.
 She also has interpersonal skills and always encourage other. She also has an ability to
sort out problems between their employees and take better decision.
 She is quite focus on her work and know the ways to manages the peoples in order to
build a scalable company.
 She also have strong vision which general manger do not posses. Through effective
vision, she adopts many new strategy in order to run her business in better way.
It has been analysed that entrepreneurs posses different skills and they make themselves
different from others. Good managers sets targets, sets budgets, sets realistic goals within time
frame. They are quite honest and have an ability to listen and be open in communication,
approachability, fairness/impartiality, understanding, flexibility, caring, integrity, reliability,
confidence, ethics (Sutter, Bruton and Chen, 2019). They have good industry knowledge of the
industry they work at, they have very good time management skills. While on the other side,
entrepreneurs set strategy through their effective vision power and as they posses good and
effective communication skills which keep encourage their employees to raise the performance.
Further it is also realised that manager is supporting people by giving them recognition
and supporting employee growth, interpersonal style and integrity and monitoring direction. On
contrary, entrepreneurs motivate their employees. Managers qualities have a crucial role in
building trust in organization, they only complete the allotted or assigned work. While on the
other hand, entrepreneurs set goals which can be achieved by effective team power (Dees, 2017).
As describe, Robert Kiyosaki and Oprah Winfrey also uses their entrepreneurial skills and
which is quite different from the general managers and these traits makes them different from the
managers of a company.
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P6 Assess How Aspects of the entrepreneurial personality as discussed in P5 reflect
entrepreneurial motivation motivation and mindset.
As thoroughly examined at P5 the entrepreneurs are phenomenon with their unique
understanding of challenges, creative approach to problems, discovering opportunities,
persuading dreams and focusing over success, without giving up after failures, but rather learn
from them and use them as motivator. In order to understand the entrepreneur’s interpersonal
abilities, intentions and how and why they react to problems, a further and deeper examination of
their mindset is needed. Before continuing further, it should be ascertained that entrepreneurs are
people like everyone else, however, what separates them is not the problems, but the how they
react to problems and the solutions they seek. The human mindset is divided in two groups-
growth and fixed mindset (Read and et.al., 2016). The basic understanding of his theory is
defined on how the human think and how far is ready to go. The mindset is depending on degree
of values and believes they have in their minds, which determines whether they are willing to
learn more or not. Typical behaviour for a fixed mindset could be for example the elderly
generations not using or learning Facebook use Twitter. This mind setup and skills of an
individual motivate people to get some new ideas and opportunity for the business growth. In its
foundation, the growing mindset is the one willing to explore, develop and always willing to
build on what has already learned.
The growing mindset personality believes that they can get smarter, believes that can get
smarter, this mindset is motivated in taking action to get smarter. This is a mean to an end and
motivated for a higher need. By gaining new knowledge, there is a process of plasticity, where
neurons are reconnecting with other parts of the brain as a result of learning and developing.
Growth mindset is a kind of mind that turns to explore at given aspect of ideas. The fixed
mindset is stationary and resists expanding further. The entrepreneurial mindset is the one who
creates, always willing to explore, constantly develop and learn, able to adapt and highly
motivated to achieve goals, therefore the entrepreneurs are defined by their growing mindset
personality (Mindsetworks.com, 2018).
In order to understand, why and what drives entrepreneurs, a further examination of various
motivational personalities is needed. Motivation can be explained as desire to achieve the goal
combined with the energy to work towards that goal. The different type of motivations-
achievement motivations- aims to succeed and achieve a specific goal; power motivations-
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power and control; affiliation motivations- ability to relate to people. These motivating factors
can be determined as explicit- taking actions to achieve something, and not as implicit, which are
responses to actions (.Audretsch, 2017). By focusing on the motivating factors we discover two
types of entrepreneurs- opportunist and necessity motivating factors for entrepreneurs.
Necessity motivation for entrepreneurs- for example people who are not happy with their
job, and they want to do something else, or they don’t like what people are telling them and in a
company they don’t think it’s the right way to do think. Other reasons could be, to secure income
and support their family. Necessity in terms of security and dissatisfaction and opportunity in
terms of see opportunity and capitalize in it. Various research tells us that for opportunity driven
entrepreneur motivating factors 59% , saw an idea an opportunity, 24% they had necessity to
supplement their income or were not happy in their job and was dissatisfied with their income.
Additional research tells that when looking in reasons why the entrepreneurs wanted to start their
own business- 4 factors- additional income 42%, to be independent 29%, to be their own boss
25%, 19%- to have job satisfactions.
The founder of TESCO Jack Cohen had a growing mindset, and that is proven by his
actions and successful growing to a multi- billion business. He was always willing to learn and
develop. He didn’t have closed mind, he had an open mind towards opportunity after the WW1.
It could be said that J. Cohen was driven by two factors- opportunity and necessity, because he
saw the end of the First World War and the excessive amounts of stocked food. In terms of
necessity- it could be seen that after his job as RAF pilot, he realizes the need to be able to
support a family (Terjesen, Hessels and Li, 2016). This was reflected in personality- hard
working Jewish background, educated in financial discipline, he saved all his money, which
successfully used later.
Present study will be taking two successful entrepreneur who invest their full efforts to
their business to get the best success level into the business industry. Robert Kiyosaki Oprah
Winfrey they are two successful entrepreneur who belongs to different background but having
same skills and motivation power to take some great steps towards their business performance.
Moreover, successful entrepreneur are always motivated and challenging to take risk and start
their own business into best productive manner. In order to meet out the best developing result
and growth. Both entrepreneur are motivated, creative, risk taker, optimistic all those traits and
skills helps them to motivate their mindset towards the great opportunity.
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P7 Explaining how background and experience can hinder or foster entrepreneurship.
Entrepreneur is the person in persuasion of ideas, dreams and /or opportunities, regardless
of resources, conditions, environment and influence of other peoples opinions. The essence of
the entrepreneurial spirit attitude, believe and intention is that no matter the availability of
resources the entrepreneurial will chase dream, idea and opportunity, by been determined and
self motivated. Entrepreneurial spirit is energized and constantly driven by the vision and the
mission (Giaoutzi, Storey and Nijkamp, 2016). The entrepreneurial intentions, decisions and
actions are influenced personal factors, like personal traits, demographic backgrounds and also
from external contextual factors like social, environmental or political factor. The external
factors have influence over people’s perception, believes, attitude and intra personal values.
Additionally it affects personal moderating factors like skills, training, and contextual factors-
available resources, finances. All those external and internal factors result and define the
entrepreneurial intention. And entrepreneurial intention lead to entrepreneurial action. There are
given some potential trait and thoughts of two successful entrepreneur that uses their experience
and growth for the best growing performance in order to meet out the target performance.
The multi-million property investor Robert Kiyosaki, grew in a very poor area in Hawaii.
His father was a respected school teacher and was always persuading his kids for higher
education and better results. However, Robert was a failing student and was not able to perform
and fulfill his father’s expectations. On the other hand Robert K. had a friend, from a wealthy
family, his friend’s father was not as educated, but he was developing a successful business and
gave valuable life lessons to Robert, by making him understand the value of hard work and
creativity (Tolbert and Coles, 2018). Despite that his job at oil rig made him draft exempt from
military service, Mr. Kiyosaki gave his job at oil rig, and volunteered in the Vietnam War. As a
military he received life lessons on discipline, courage, honesty and teamwork. This reflects the
importance of experiences. His experience give opportunity to make the best output to their
career. On the other side, Robert not good at studies, but their excellent experiences helps him to
get a wonderful place in life. Individual educational background both are the best essential
features that helps to meet out the best objectives. Successful entrepreneur get huge success by
its educational background and experince.
Another example of a good entrepreneur that makes the best outcome results and make
the new effective learning sources and helps to get the best outcome results for the career. Oprah
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Winfrey was sexually abused as child. Then later in life she lost a child at the age of 14. What
happened in to her personal life, shaped and developed her as very compassionate, sincere and
carrying person. She is able to understand and connect with people. And when the opportunity
came in 1978, and combined with her skills, attitude, beliefs and intentions resulted in her
successful ‘Oprah Winfrey Show’. The contextual moderating factors, were the opportunity and
resources to start the show. She had the skills and the abilities to lead that show, and she had the
entrepreneurial intentions and actions to successfully start and lead the show. In her case the
success arrived, when opportunity and skills met. She had a wonderful experience in her life.
That helps her to start their own show (Acs and et.al., 2018). She got their skills by their
excellent experiences and goals. In order to make that, it affect the new managing level and
effective career outcomes.
In order to make the good skills and knowledge and make the best forming result
outcomes and new managing skills.
As a general rule most self made millionaires, have the attitude of constant determination,
until they succeeded and until they achieve their goals, despite their numerous failures, they keep
on going without giving up, and that later turned them in to billionaires. They learned from their
failures. The failures of the entrepreneurs are more than their successes, and maybe we can
discover and compare the statistic of failures in attempts and why most entrepreneurs fail (Fitz-
Koch and et.al., 2018).
CONCLUSION
As per the basis of above section it has been concluded that entrepreneurship venture is
the most essential tool to grow the country economic growth. Apart from that, entrepreneur
experience is the best experience to make innovative and creativity development for their
surroundings within working environment. Present study based on small entrepreneur where
study focused on different types of entrepreneur ventures such as small, large and medium
entrepreneur. Also study described about the serial entrepreneur and some typologies of
entrepreneur. Further study explained the impact of small entrepreneur after the impact of Brexit
on the UK economy. Moreover, study also explained about two successful entrepreneur and their
motivation level on its businesses. Report also concluded that how individual experience and
educational background help to get more success in the career.
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