Entrepreneurship & Small Business Management

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Entrepreneurship & Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
Task1................................................................................................................................................3
P1 Entrepreneurship in business environment and there different typology..........................3
P2 Comparison between entrepreneurial ventures.................................................................4
M1 Diverse range of entrepreneurship enterprise..................................................................5
Task2................................................................................................................................................6
P3 Impact of micro and small business on economy with statistical data..............................6
P4 Growth of social economy because of new start-ups and small businesses......................8
M2 Difference made by micro, small and medium business in economy..............................9
Task3................................................................................................................................................9
P5 Characteristic traits and skills of successful entrepreneurs...............................................9
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset..................11
M3 Entrepreneurial characteristics.......................................................................................12
TASK 4..........................................................................................................................................13
P7. Background and experiences which can either hinder of foster entrepreneurship.........13
M4. Analysis of the link between entrepreneurial characteristics and the influence of personal
background and specific successful entrepreneurs...............................................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship can be considered as capacity of an individual to begin business which
is small in size however with new thoughts and inspiration. It tends to be said as procedure of
making, handling and executing new thoughts for setting up another business with high measures
in relation to risks. The individual who make these thoughts and execute them are known as
business visionaries (Parker, 2018). There business is small size in nature that is the reason they
are called small size companies. These are the significant piece of any nation which it in
improving monetary condition and expanding gross worth of a country. Report will consider the
information about the impact of these little business people on the financial, political, and
different components of country.
Task1
P1 Entrepreneurship in business environment and there different typology
Entrepreneurship can be considered as an effective process which helps needy in
fulfilling different needs and requirements and this consists of an innovative idea where a person
specifically takes risks for the purpose of making profits of the different products and services
offered by the company. In present time, there are ample number of entrepreneurship types and
some of these are presented underneath-
Small business entrepreneurship : UK consists of private venture business enterprise
this is on the grounds but it has gigantic benefits with modest quantity of risk factors. These
business has modest number of labourers which can be relative of business visionaries or the
entrepreneurs where some normal case of these are a small shop, small retailer, bistro
counselling and so on.
Scalable start-up entrepreneurship: another crucial sort of enterprise the proprietor has
faith in development thoughts and there imagination. Number o individuals work in firm on
development essential items which help them in maintaining their business. These firm principle
work is to give new featured products and services to there customers. There is not as much as
group labour in firm (Kuratko, 2016).
Social entrepreneurship : These are those entrepreneurship firms who work as social
organization . They collect funds for solving the issues related to society, culture and
environment. These firms take there social responsibilities as key factor for their survival.

Large company entrepreneurship : These organizations are those which have there long
presence in all of the market like international or national level, yet need to make better than ever
products with the assistance of development in there firm for coordinating interest of clients and
in view of progress in innovation, taste, inclination, and culture of clients. These firm nave to run
there new item alongside existing results of association.
Typology of entrepreneurship
These are various type of ventures in entrepreneurship which are classified on the basis of
size, motive , task style and plan. Some of these are mentioned below :
Survival ventures : Usually such projects often created for either the sole aim of
surviving. They just have to serve the function in full and there would be no potential
investments in these projects afterwards. They has limited funds with particular to carry out most
of the operation even though they have no financial relationships as all of the research ids are
performed via currency.
Lifestyle Ventures : Associations coming under these are said to be new associations or
small expansion business which are surrounded to help in satisfying needs of business visionary
in making its remuneration. The measure of individual working here will stay steady with no
alteration in activities of business.
Managed Growth Ventures : These association is to accomplish stable development .
These endeavors are structure to set up imaginative thoughts for building up marketing area for
new item which incorporate statistical surveying and market entrance. These are medium size
association (Burns, 2016).
Aggressive Growth Ventures: These are enormous scope association which create
there capital with the assistance of offers and debentures. These principle centre is around
utilizing improved innovation and solid inspiration process with great advancement.
P2 Comparison between entrepreneurial ventures
There are various types of entrepreneurship firms which are stated above in this report.
Now the similarity and dissimilarity between this firms will be identified which is mentioned
below :
Types of enterprises Similarities Differences

Small v/s Large Business
enterprise
 When it comes to
promoting, for
grabbing the attention
of customers it can be
said that promoting
done by both large and
small business
organisations are in the
same way like e-
marketing or traditional
approaches.
 Basically, small
organisations forms
business at small level
and large business
organisations performs
business at
international level.
Social v/s Scalable Enterprise  Scalable and social
enterprise basically
service to the society
which can be
considered as a
similarity for both of
the organisations.
 More innovative ideas
are taken into
consideration by
scalable enterprise
rather than the social
organisations.
Lifestyle and survival
Entrepreneurial Venture
 Both of the
organisations performs
business to earn profit
through delivering the
lifestyle or for the
survival.
 Lifestyle ventures have
there key focus on
market trends and
analysis market
condition for attracting
customers through
effective marketing and
branding.
M1 Diverse range of entrepreneurship enterprise
In a business domain there are different sorts of enterprise firm and they have distinctive
factor and effect on business of so it need to obviously look at the every one of these styles have

some similitude and some distinction so utilizing legitimate style is must for agent in there
association (Read and et. al., 2016).
Task2
P3 Impact of micro and small business on economy with statistical data
Small and Micro business play an important role in the economy of UK by providing
employment as well as goods and services. Micro organizations also provide services to the large
firms. Research show that micro businesses create large percentage of new jobs which give
economic advantage to the country. Theses businesses are micro in nature and generate small
amount of revenue as compare to large businesses but contribute huge amount over the growth of
the economy. Small and micro enterprises help in improving the standard of living of people by
providing employment. Small businesses provide source of income and people become financial
independent.
These enterprises support contemporary practices which attract the investors with this
flow of foreign currency increase and this improve the economic condition of UK. Small
businesses help in economical development of the country. According to the UK government
there is considerable influence of small and micro businesses on the economy of nation and
business environment. There is 87% contribution in UK business by small and micro enterprises.
More than 4 million small and micro enterprises entrenched in UK and contribute approx. 6.1%
to the national gross domestic production and highly support in the development of UK’s
economy. These businesses provide growth to the economy and also help in reducing poverty
and generate high level of employment and create opportunities for the people of nation.

Illustration 1: Impact of Economy on UK, 2018
The above stated graph presents that micro industry in UK increase the growth rate
approx. 88% as compare to GLLCP after the Brexit and other political unpredictability. Small
and micro enterprises are the fastest and rapidly growing industries in the UK. This improve and
increase performance of the country’s economy. UK need to focus on all the elements related to
the small and micro enterprises because they have great impact on the economy of the country.
Share of small businesses in United Kingdom
Rapid growth in the small and micro organizations have great influence on the economy
and also help in increasing the employment rate of nation by 2%. Small and micro enterprises
generate employment in UK approx. 1.5 million in the year. These firms generate small amount
of revenue but improve the standard of living and generate huge amount of employment and
these enterprises include various programs at small level to create innovative ideas and methods
which help in improving the infrastructure of the organizations. By having some clear analysis
there are few effects of small enterprises on nation are -
Job Creation – Small and micro enterprises generate high level of employment
opportunities. Newly established companies need staff members which creates jobs in the market
this is done to provide growth to the newly established businesses. This increase the standard of
living and help in fulfilling need of employment of the nation. Micro and small business
enterprises generate more than 2.50 million jobs for the UK government. This also encourage
and attracts female candidates of UK according to the UK government approx. 50% of women
get employment in small and micro enterprises. This bring women empowerment in UK. Small
and micro enterprises are really the job creator for the UK. These businesses majorly attract local
candidates so with this a people need not to find work in another city they can work closer to
their homes.
Environmental Benefits – Small and micro enterprises also provide benefits to the
environment. Mainly small business enterprises are located near city areas may reduce use of
automobile, traffic congestion and UK government encouraging and motivating employees to
use bicycle, walking to reduce the air pollution in order to protect the environment.
Increasing the Tax Base – Micro and small enterprises help in increasing the level of tax
basses. Some of the small enterprises’ taxes stay within the local economy and this help in

improving the community same as this some of the small and micro organization taxes help in
the development and growth to the national economy. Small and micro organization is really
help full for the UK government because these firms increase the rates of tax in the nation.
Contribution to Innovation – Small and micro enterprises are very innovative and creative
in their work. Most of the small firms survive in the competitive market because of their unique
and innovative ideas and programs. Entrepreneur’s innovative and creative ideas increase the
number of small and micro enterprises in the UK. Because of country’s innovative and creative
small businesses UK is on number one on the list innovative countries in the world(Fotopoulos
and Storey, 2019)
P4 Growth of social economy because of new start-ups and small businesses
Social economy is the arm of the economics which shows relationship between the social
and economic factors. It analyze how social laws, ethics and values attract the customer towards
the products and services. Brexit is the huge social mistake in UK and this also affects the small
and micro enterprises in UK. This social blunder increases the inflation rate and decrease the rate
of currency in UK. Small and micro enterprises are really helpful for UK government because
they help the country to overcome from this situation. Which is stated in the graph below –
After Brexit there is continuously increase in the GDP of UK. Rapidly increase in the
number of small enterprises and their innovative ideas and theses enterprises also generate high
level of employment all these things help in improving the condition of UK after Brexit. These
small enterprises bring innovative products and services in UK market and also increase the
standard of living of local people. Small and micro firms increase approx. 6% GPD growth of the

country. These firms also help in maintaining per capita income in entire UK. These micro firms
maintain and build effective private sectors and also boost Foreign Direct Investment in business
environment.
M2 Difference made by micro, small and medium business in economy
There is great impact of small, medium, micro enterprises on the economy of the
country. Because these industries are the job creator and generate more than 2.5 million job in
UK. These firms also help in investing in FDI from various nations (Frederick and et. al., 2015)
Task3
P5 Characteristic traits and skills of successful entrepreneurs
The Characteristics, traits and skill of successful entrepreneurs that differentiate them for
business manager.
Elizabeth Gooch
Elizabeth Gooch is considered as the seventh most successful entrepreneurs in the UK by
Management today in 2006 (Kolb, 2020). Elizabeth is founder and CEO of EG solutions.EG
solutions work over the selling of selling operation management software which useful in
improving the performance and efficiency of Client Company.
Characteristics
Flexibility-In this parameter, Elizabeth Gooch is ready to changes the operations of
process and offering according to the condition. For the solution of any difficult problem, they
always show flexibility in thought process due to get an appropriate and innovative solution.
Passion- It is the main motivation for a successful entrepreneur. Elizabeth Gooch is also
dedicated to become a finance journalist in UK for this an entrepreneur also put some pressure
and confident for any work that how to do it for more success and flourish.
Traits
Risk tolerance- For the growth of the business, every business man need to take risks and
make changes. Elizabeth Gooch is never step back in dealing with the new clients which is also
helpful in the growth of their business.
Decisiveness- Elizabeth sorted the task priority wise and after that taken the decision
which helps in completing the task smoothly even in under pressure situations.
Skills

Communication- Elizabeth is one of the good communicator in the way to communicate
her ideas and thoughts in a very simple and easy way which helps clients, peers, customer and
partners to easily understand it.
Strategic thinking-In this parameter, Elizabeth tried to find the problem and demonstrate
opportunities for growth (Fotopoulos and Storey, 2019). Elizabeth finds out the innovative
solutions and identify easier path for it and all of it done in sort time interval as well as in low
budget.
Tom Mercer
He is the owner of MOMA Food and a successful business entrepreneur. He establishes
MOMA Food Company in 2006 (Saebi, Foss and Linder, 2019). Due to have different skills,
characteristics and traits, he successfully incorporates this firm.
Characteristic
Futuristic- Tom has goal oriented and know that what exactly they want and always do
as per to that objective which aimed to accomplishing the work in upcoming time. Because an
entrepreneur always looks forward or move forward to attain vision.
Creativity-Tom is the creator of new thoughts that assist to be successful in the business
of this the person think outside the box and look for the great growth options and come with the
innovative solution to offering effective services through MOMA food and earn profit.
Traits
Adventurous- Tom has the quality of risk taking so with the help of it, they covert their
dreams by incorporating MOMA food business. The will of risk taking help in to be a successful
business person ad earn more profit for long term survival and growth of the firm.
Persuasiveness-Tom has the ability to convince or persuade any individual who adopt a
desired of thinking to do something different and be successful and earning profit.
Skills
Networking- Tom creates range of network by transmitting thoughts and information to
individual and delivering accurate message to the right people. Cause of sharing accurate about,
people trust over the business and make contribution in the success of it by buying goods and
taking the benefits of food services.

Decision making- This entrepreneur has good decision making skill because by
determining all the situation of business area as per their dream he set up MOMA food venture.
So that they can better serve society and earn profit.
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.
The Characteristics, traits and skill of successful entrepreneurs that differentiate them for
business manager.
Elizabeth Gooch
Elizabeth Gooch is considered as the seventh most successful entrepreneurs in the UK by
Management today in 2006 (Kolb, 2020). Elizabeth is founder and CEO of EG solutions.EG
solutions work over the selling of selling operation management software which useful in
improving the performance and efficiency of Client Company.
Characteristics
Flexibility-In this parameter, Elizabeth Gooch is ready to changes the operations of
process and offering according to the condition. For the solution of any difficult problem, they
always show flexibility in thought process due to get an appropriate and innovative solution.
Passion- It is the main motivation for a successful entrepreneur. Elizabeth Gooch is also
dedicated to become a finance journalist in UK for this an entrepreneur also put some pressure
and confident for any work that how to do it for more success and flourish.
Traits
Risk tolerance- For the growth of the business, every business man need to take risks and
make changes. Elizabeth Gooch is never step back in dealing with the new clients which is also
helpful in the growth of their business.
Decisiveness- Elizabeth sorted the task priority wise and after that taken the decision
which helps in completing the task smoothly even in under pressure situations.
Skills
Communication- Elizabeth is one of the good communicator in the way to communicate
her ideas and thoughts in a very simple and easy way which helps clients, peers, customer and
partners to easily understand it.
Strategic thinking-In this parameter, Elizabeth tried to find the problem and demonstrate
opportunities for growth (Fotopoulos and Storey, 2019). Elizabeth finds out the innovative

solutions and identify easier path for it and all of it done in sort time interval as well as in low
budget.
Tom Mercer
He is the owner of MOMA Food and a successful business entrepreneur. He establishes
MOMA Food Company in 2006 (Saebi, Foss and Linder, 2019). Due to have different skills,
characteristics and traits, he successfully incorporates this firm.
Characteristic
Futuristic- Tom has goal oriented and know that what exactly they want and always do
as per to that objective which aimed to accomplishing the work in upcoming time. Because an
entrepreneur always looks forward or move forward to attain vision.
Creativity-Tom is the creator of new thoughts that assist to be successful in the business
of this the person think outside the box and look for the great growth options and come with the
innovative solution to offering effective services through MOMA food and earn profit.
Traits
Adventurous- Tom has the quality of risk taking so with the help of it, they covert their
dreams by incorporating MOMA food business. The will of risk taking help in to be a successful
business person ad earn more profit for long term survival and growth of the firm (Fotopoulos
and Storey, 2019).
Persuasiveness-Tom has the ability to convince or persuade any individual who adopt a
desired of thinking to do something different and be successful and earning profit.
Skills
Networking- Tom creates range of network by transmitting thoughts and information to
individual and delivering accurate message to the right people. Cause of sharing accurate about,
people trust over the business and make contribution in the success of it by buying goods and
taking the benefits of food services.
Decision making- This entrepreneur has good decision making skill because by
determining all the situation of business area as per their dream he set up MOMA food venture.
So that they can better serve society and earn profit.
M3 Entrepreneurial characteristics
Each and every businessperson are those individual that are beneficial to form innovation
and creation in existing market. Moreover, as per trait theory, individuals are born not made as it

indicates that every person adopts entrepreneur competencies which they implement in their
business activities and operations (Ikebuaku and Dinbabo, 2018). Each person has their own
capabilities which they can accept from any situation or observation that help them to perform
their best in an effective manner. To gain development and success, businessperson learns or
acquires skills and qualities which lead them to gain competitive edge in market.
TASK 4
P7. Background and experiences which can either hinder of foster entrepreneurship
Elizabeth Gooch:
Background: Elizabeth received sustainable inheritance from her father, in order to who
conduct the investigation and build an effective idea of an IT company which is one of the
famous brand in all over London which is EG Consulting (Ikebuaku and Dinbabo, 2018).
Experience: Elizabeth started working for HSBC Bank from the age of 18 which has
helped her in getting the financial related information for a particular new business and gained
the knowledge of how workers can effectively be utilised in a company like EG consulting.
Basically, it can easily be said that the past experiences along with the background from
which she belongs has helped her in achieving different range of goals and becoming the seventh
most successful entrepreneur in United Kingdom (Fotopoulos and Storey, 2019).
Tom Mercer:
Background: this entrepreneur was the graduate from Cambridge University and has been
a efficient management consultant with Bain and Co. This is where he specifically gained
knowledge about different business ideas and led him to enhance their performance level through
opening the business within food Industry named as Moma foods.
Experience: being an efficient worker as a management consultant with Bain and Co.,
And before going to the workplace he used to blend smoothies with oats for the breakfast which
has helped him in developing this idea of pre-prepared blend along with the commuters.
Therefore, it can easily be said that the experience on the background from which tom
belongs to who has helped him in gaining competitive advantages and lead to enhance the
chances of the innovative idea which was developed to gain benefits in a short period of time.

M4. Analysis of the link between entrepreneurial characteristics and the influence of personal
background and specific successful entrepreneurs
Considering the above information it can easily be said that, focusing upon different
skills like futuristic, creativity, and more has helped Tom and Elizabeth enriching to new goals
and objectives and becoming the first successful entrepreneurs in United Kingdom (Ikebuaku
and Dinbabo, 2018).
CONCLUSION
According to the given report it tends to be presumed that, business enterprise is that
procedure which is legitimately connected with chance. This report says that as small scope firm
should be proactive and imaginative which will lead in achievement of their business enterprise
and encourage them log endurance. It likewise distinguish the effect of various professional
small, medium and enormous scope on entire industry and there significance to industry.

REFERENCES
Books and Journals
Kolb, B., 2020. Entrepreneurship for the creative and cultural industries. Routledge.
Fotopoulos, G. and Storey, D.J., 2019. Public policies to enhance regional entrepreneurship:
another programme failing to deliver?. Small Business Economics. 53(1). pp.189-209.
Saebi, T., Foss, N.J. and Linder, S., 2019. Social entrepreneurship research: Past achievements
and future promises. Journal of Management. 45(1). pp.70-95.
Dimova, R. and Pela, K., 2018. Entrepreneurship: structural transformation, skills and
constraints. Small Business Economics. 51(1). pp.203-220.
Aftan, Y. and Hanapi, M., 2018. The impact of entrepreneurial motivation on small business
performance in Iraq. International Journal of Academic Research in Business and Social
Sciences. 8(1). pp.409-419.
Ikebuaku, K. and Dinbabo, M., 2018. Beyond entrepreneurship education: business incubation
and entrepreneurial capabilities. Journal of Entrepreneurship in Emerging Economies.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Read, S., and et. al., 2016. Effectual entrepreneurship. Routledge.
Frederick and et. al., 2015. Entrepreneurship: Theory/Process/Practice with Student Resource
Access for 12 Months. Cengage AU.