Entrepreneur and Small Business Management

This document provides an overview of entrepreneurship and small business management. It discusses different types of entrepreneurial ventures, their similarities and differences, and their impacts on the economy. It also explores the role of micro and small businesses in the UK economy.

Entrepreneur and
small business
management

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1.................................................................................................................................................1
P2.................................................................................................................................................3
TASK 2............................................................................................................................................6
P3.................................................................................................................................................6
P4.................................................................................................................................................9
TASK 3..........................................................................................................................................11
P5...............................................................................................................................................11
P6...............................................................................................................................................12
TASK 4..........................................................................................................................................13
P7...............................................................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is defined as running or performing new business. Also, this is regarded as
formative method in which individuals consider risk to develop and operate business effectually
while ensuring larger growth and profitability. Additionally, the people who develop these
ventures are called entrepreneurs (Doktor and Bui, 2018). Along with this, it is the capability or
willingness for managing as well as developing new business through considering several forms
of risk to gain huge profits. Some topic are discussed in this assessment are venture of
commercial as well as their relations with typology, comparison and similarities among them.
Moreover, the interpretation of appropriate data and statistics, effectiveness of small and start up
business upon economy as well as characteristic traits and skills of successful entrepreneurs.
Apart from this, the background and experience can hinder or foster entrepreneurship are also
discussed in this report.
TASK 1
P1
“Entrepreneurship refers to the ability further to willingness to expand, organise and manage a
industrial corporation mission at the side of any of its risks to make a profits”
“An intrapreneur is a part of the existing business enterprise who works for the company and
does not have the authority to take selections independently.
Entrepreneurship is defined as the method to develop new ventures at marketplace with aim of
maximising sales as well as profitability margin. Moreover, this is also called business. Along
with this, the person who develops these enterprises are called entrepreneurs. Along with this, it
is undertaken as competencies for developing or managing new business through considering
several types of risks in order to develop larger profit (Giones and Brem, 2017). In this, business
person conducts these businesses and facilitates products or services to their clients. In this
context, there are essentially four kinds of entrepreneurial venture which are mentioned below:
 Small business entrepreneurship: Respective business performs through individuals at
their own risk. Additionally, these include hair stylists, plumbers and many more. Along
with this, they main aim of this is to obtain limited profit and try to attain its fundamental
expectations. Also, there are around 5.7 million of small entities that performs their
ventures into United Kingdom.
1

 Large company entrepreneurship: Respective entities are that who is conducting its
practices at larger level. In addition to this, it is a kind of firm that have large staff and
also facilitates their fuller potential for attaining their business goals. In addition to this, it
requires many funds to perform activities in effectual way. Such as H&M and so on.
 Social entrepreneurship: Respective entrepreneurial venture are developed for
facilitating product or services for societal welfare. Along with this, the social business
individuals are performing its business practices for not acquiring profitability but aim to
attain the societal expectations (Mugler, 2017). Furthermore, social businesses are
performing its practices for enhancing living standards of individuals. For example: NHS,
Oxfam and many more.
 Scalable start up entrepreneurship: This incorporates entities that has comparative
larger growth rate to other firm within marketplace. in addition to this, it conduct
practices of business for rendering innovative as well as creative goods or services to
clients. Furthermore, they have effectual mission and vision for changing the overall
world or attain customer’s expectation through facilitating them several forms of
innovative items. For example, Google, Microsoft and so on.
Typologies of entrepreneurship
This is undertaken as essential aspects that are use for describing various prospects that
depends upon survival, developments and many more (Devece, Peris-Ortiz and Rueda-
Armengot, 2016). Thus, entrepreneurship typologies are depends upon the firms are discussed
below:
 Growth firms: Respective entity are conducting their practices of business for obtaining
huge profitability and growth. Along with this, it includes business that have higher rate
of growth in comparison to other firm into same sector. Furthermore, these entities are
focused related to products or services rendering that become competent to attain
audience’s expectation to develop marketplace and maximise consumer base through
satisfying targeted clients needs.
 Lifestyle firms: The business within these prospects is conducting their operations as well
as providing numerous job opportunities with intent of maximising revenues. Along with
this, it is forms that focused towards enhancing individuals or societal lifestyle. In
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addition this, it is related with societal firms as both performs its practices to maximise
the living standards of society.
 Survival ventures: these are considered because the ventures which can able to facilitate
simple subsistence to entrepreneurs. the main motive of respective mission is to maintain
further to accomplish the economic duty of employer. moreover, this kind of project may
be registered or now not registered, commercial enterprise do no longer personal any
form of unique premises or infrastructure and it has some belongings. a number of the
examples of this are Amazon dealers, cleansing ventures, unfastened lance photographers
and lots of greater.
 Corporate entrepreneurship: Respective typologies may be undertaken as
entrepreneurial practices that are implemented into large firms like exploration of entity,
diversification of entrepreneurial practices for sustainability as well as others. For
instance, Tesco, grocery ^ petrol station, country side construction Inc. Co-op Food, it is
a brand that devised for food retail business of customers co-operative movement within
UK.
 Social entrepreneurship: Respective entrepreneurial venture are developed for
facilitating product or services for societal welfare. Along with this, the social business
individuals are performing its business practices for not acquiring profitability but aim to
attain the societal expectations (Mugler, 2017). Furthermore, social businesses are
performing its practices for enhancing living standards of individuals. For example: NHS,
Oxfam and many more
For those reasons, it has been determined that there are several entity which may be labelled
within particular components that depends on its goals or reason. Moreover, the entrepreneurial
venture and typology are vital into categorising various forms of entity and compare their intent
of performing its activities. In addition to this, the huge firms conduct its operations for business
that enhance as well as gain effective profit (Sadeghi and et. al., 2019). Whereas smaller firms
are effectual deal that focused towards its survival into market area.
P2
There are differentiations and similarities within whole above described the entrepreneurial
ventures.
Basis Small size Large size Social Scalable
3

Meaning It is the venture that
performs their
venture at smaller
level.
These ventures
perform their
business at huge
scale with assists to
emphasise upon
particular areas
because of the facts
the single element.
These entrepreneurial
ventures perform
their business to the
welfare of society at
moderate level not
large or small.
These
entrepreneurial
ventures that
perform at smaller
level.
Objects These ventures aim
to obtain huge
profit as well as so
achieve success.
This entrepreneurial
ventures intent to
render expansion of
economical practices
of firms (Kibler and
Kautonen, 2016).
These ventures
object to perform for
welfare as well as
societal development
and accomplishing
its requirements.
These firms aim to
gain profitability
through expansion
of operating
practices.
Example
s
Hair stylist,
electricians and
others.
H&M, TESCO,
Marks & Spencer
and others.
Oxfam, NHS and so
on.
Microsoft, Google
and others.
Risks It is less risky. It is also medium
risky.
It is not so much
risky as they have
support of
government.
It is more risky.
Job
security
In this the job
security like Fruit
sellers as well as
Turkish groceries is
higher as there is
In this, job security
is low as there is
higher supply of
workforce.
In this, the job
security is medium in
comparison to
workforce supply.
Here in, the job
security is normal
and workforce
supply is also
4

lower supply of
labour.
normal.
Number
of staff
10- 49 50-200 above Not fixed average
Some more differences are:
Differences
Personnel- The personnel in small entrepreneurial business enterprise do no longer exceed 50.
the quantity of employees in scalable begin up business enterprise is specifically based at the
shape and length of the organisation. employees in large entrepreneurial corporation can be more
than hundred. the size company and the range of employees inside the agency is relying at the
sort of business organisation of social entrepreneurial ventures.
Structure- Organisational structure of small entrepreneurial organizations is not right and it's far
often seen that they are run by manner of a single character who is sole owner for every so often
in partnership. Scalable begin-up entrepreneurship is normally in a shape of agency or limited
partnership. The structure of these massive entrepreneurial establishments are very complex and
such corporations can be private limited or public limited. The social entrepreneurial
organizations are usually trusty based organizations.
consequently, it is able to be concluded that the dangers worried, number of employees,
investment required and styructure of a majority of these typologies of entrepreneurs are unique
but the objectives of thse businesses continue to be same that is to meet numerous desires of the
customers.
SIMILARITIES:
 Whole entrepreneurial ventures capitalise on innovation as the fundamental factors to attract
huge number of audiences as well as consequently accumulate effective market value.
 Whole entrepreneurial ventures tend for satisfying the expectations and desires of market as
well as accomplish equal chances for attaining success.
 All entrepreneurial ventures borrow capital from various venture capitalist as well as
investors in order to explore its firm at potential marketplace
 All of them work towards serving innovative services or products with usages of creativity
and new ideas.
5

TASK 2
P3.
The micro and small business has crucial impacts on the economy of the country. As it
provides essential opportunities for economy and person development. in addition to this, it has
been ascertained that from previous some years both middle as well as small business are
developing in rapid way in United Kingdom that perform as main sources of income generation
for country (Malgas and Zondi, 2020). In addition to this, this has been determined that, these
businesses provides various kinds of benefits to economy as well as individuals in effectual and
efficient way. Thus, some impacts of small and medium size business are discussed below in
respect of United Kingdom:
Business Type of Micro and Small Businesses in UK, 2019
As per the above given graph, it has been determined that both micro and small firms are
classified into various sectors that includes non innovators (23.9%), non exporters (33.2%),
innovators (12.2%) as well as exporters that is 13.6% accordingly. According to this, it have
been determined that both small and medium scale firms has fuller size contribution within
United Kingdom economical system as well as individuals growth (Ramadani and et. al., 2019) .
The firms that facilitate additional advantages in various manner which appreciably complement
USA opportunity boom charged into effectively outline as well as effectual manner.
6

The small, medium and large business has various differences which aids country’s
economy for developing in effective and efficient way. Few differences are described below:
 Small: The small firms assist monetary system into development as well as growth.
Moreover, there is around 10 to 49 person who performs its work into small firm and also
allows monetary benefits by providing jobs to various UK individuals.
 Medium: In this, there are around 50 to 250 staff into medium size business that
contributes its potential to attain its objectives. Furthermore, those plays vital role in
respect of financial sustainability (Karimi and et. al., 2016).
 Large: These are known to be large business as they are huge into period within
evaluation to small and medium enterprises. As medium firms employs above 250 staff
who allows them to attain objectives at determined time duration.
7

Illustration 1: Role of Start-ups and Small Businesses
(Source: The Role of Start-ups and Small Businesses in Today’s Economy, 2018)
The small business has affects upon various economical level. So, SME’s have affects
upon economy are discussed below:
 Local impact: Small and medium size has affects on regional economical level through
accomplishing the desired at local level as through facilitating them satisfaction.
Additionally, this has been determined that both small and medium businesses are also
facilitating opportunities of employment to local individual’s which effectually useful to
develop the economy of United Kingdom (Mandhachitara and Allapach, 2017).
 Regional impact: As per the above chart, it have been evaluated that small business have
crucial affects upon region as it drives towards economical national growth. Furthermore,
this has been also monitored that both small and medium business existence renders
several advantages’ to nations like value of innovation enhances, technology
advancement and others.
 National and international impact: It has been determined that small business assists
countries like UK government through maximising its economy (Liguori and et. al.,
2019). In addition to this, this efficiently enhances global image of nation at huge level.
Apart from this, based upon determination of small business also effectually increases the
flow of creativity into nation which promote economical situation of UK.
8

P4
The smaller as well as start up are regarded as crucial aspects of UK economy development
as they are rendering large number of job opportunities for person which drives them towards
maximisation into individuals lifestyle (Olanrewaju and et. al., 2020). Thus, there are few vital
prospects in which both small and start up business plays essential role into societal economical
development which are described underneath:
 Improve the standards of living: Through facilitating effectual opportunities of jobs both
small as well as start up business are developing crucial development within living
standards of person. As this have been determined that United Kingdom have around
99.9% of business which are performing its practices as small and medium size as well
as additionally are effectual in gaining about 5% of turnover. Along with this, it
efficiently enhances their living standards through maximising per capita income.
 Development of job opportunities: This has been determined that there are several kinds
of industry which are conducting its practices as small and start up business. In addition
to this. Whole these are relatively facilitating vital opportunities of job for huge base of
person which consider as essential aspects for economical development of United
Kingdom’s people. Furthermore, this directly maximises the societal economical growth
in effectual and officious way.
Based upon the above discussion, it has been determined that both small and start up
commercial business contributes in effectual manner towards economic system of UK (Morris,
Shirokova and Tsukanova, 2017). As this enhances their person standards of living, employment
chances and many others. Moreover, this is also helpful for country in respect to elevate their
market areas at international level.
9

The small commercial enterprise has additionally helped the unemployed human beings a
hazard of getting work as they are intending more in the hiring of the no longer so certified
humans that have led the lower in unemployment. Nevertheless, sooner or later they have got
turn out to be a purpose to improve the unemployment price in the United Kingdom Market and
are getting the big help to build up their financial circumstance. The UK commercial enterprise
has a totally aggressive attitude toward business ventures which makes them horrific at customer
support altogether. The small commercial enterprise does not get a whole lot attention, which the
UK enterprise receives with the coolest mind-set closer to the clients. The UK Administration
has at the least 99 percentage of small businesses, which were private sectors inside the starting
of the yr 2018. The employment fee expanded to sixteen million, and the personal sectors were
the first one to rent new employees selling employment and in go back increasing the monetary
fame of the UK. The unemployment fee became relieved from the 12 months 2018 in a
wonderful rate boosting up the economic fame of United Kingdom. The quit 12 months turnover
of the small enterprise organisation of the United Kingdom turned into close to- about 2.5
million, which become received from the small enterprise organizations. Most of the turnover
came from the mounted from the small non-public sectors which constitutes 50 percent of the
United Kingdom financial system.
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TASK 3
P5.
The skills, characteristics and traits of successful entrepreneurs like Zuber and Mohsin Issa
are discussed below:
Entrepreneurs Characteristics Traits Skills
Zuber
and
Mohsin Issa
Passionate: This is
vital entrepreneur’s
characteristics which
would aids them in
becoming successful
(Doktor and Bui,
2018). In addition to
this, this particular
characteristics
possessed by both
brothers that are
Zuber and Mohsin
Issa which could
assists them to
experiences several
innovations into their
ventures.
Risk taker: This is
undertaken as vital
traits of entrepreneurs
which would aids to
implement any
creative thoughts
which come in the
entrepreneur’s mind.
Furthermore, the
ability to take risk is
more helpful for
business person in
effectual way and
performs its venture
operations. This
particular trait aids
Zuber and Mohsin
Issa for turning into
several new enterprise
ideas like deal in
petrol retailing,
supermarket and
many more.
Decision making skills:
This skills are possessed
into all business person
as it would aids them to
develop timely and
formulate fast decisions.
Furthermore, there are
several opportunities
which bring and
implemented into quick
manner so that the
possibilities of loss is
less. Therefore, Zuber
and Mohsin Issa both
brother has this skills as
it permits them for
grabbing the
opportunities of adding
additional retailing to its
petrol stations (Giones
and Brem, 2017).
Differences among entrepreneurs and business manager
11

Basis Entrepreneurs Business Manager
Meaning Entrepreneurs regarded as
individual who develops
business, through undertaking
monetary threats with aim to
gain profit (Mugler, 2017).
Managers are the one who
take accountability of
controlling and managing
staff.
Decision making They intuitive decision
making.
They have calculative decision
making.
P6.
Entrepreneurial motivation is undertaken as growth of new business chases and enthusiasm
for surviving through those firms is directly related with encouragements of entrepreneurs.
Additionally, entrepreneurs mind set is regarded as specific perception manner where person
comes in reach of challenges (Devece, Peris-Ortiz and Rueda-Armengot, 2016). Entrepreneur
mind-set is described as a nation of thoughts that familiarizes individual conduct in the direction
of entrepreneurial conduct closer to results in addition to sports activities. it's been recognized
that folks which are having entrepreneurial mindsets are mainly drawn inside the route of
innovation, opportunities further to new price creation. So, for representing the personality of
entrepreneurs OCEAN Model is used and discussed below:
 Openness: It consists of that person who desires to attain knowledge related to new
topics. additionally, it carries insightful and additional innovative tendencies. moreover,
people who have this type of persona trends are greater worried to experience new studies
and desires to benefit new matters. almost about modern-day selected marketers this is
Zuber and Mohsin Issa, it can be said that every one of those entrepreneurs’ are fairly
open to study new matters as they believes that by way of doing so it would be much less
tough for them to appearance after new opportunities and grasp them efficaciously with
the improvement and more suitable skill in appropriate manner.
 Conscientiousness: Respective personality includes those individuals who are more
dependent and represents self discipline as well as understand aim of their
accomplishment. Individuals who have high conscientiousness highlights individuals are
more focused on their attainment of gaols. With reference to Zuber and Mohsin Issa, it's
12

been analysed all of those marketers have been particularly disciplined that allows them
out in succeeding of their respective location and acquire achievement rapid inside the
entrepreneurial task in proper way.
 Extraversion: Respective personality traits involves that individuals who are very much
assertiveness, energetic and more. Also, extroverted person are more dominant than
introverted. In context of Zuber and Mohsin Issa inclusion of this persona factor helps
entrepreneur in determining answers for the problems this is being faced by means of
them in their respective agencies.
 Agreeableness: Respective traits involve individuals who are cooperative, friendly and
many more. Also, these people are trustworthy, challenging and competitive. In context
of chosen entrepreneurs such as Zuber and Mohsin Issa, it's been analysed those
entrepreneurs are highly cooperating those who stocks sturdy courting with the all
commercial company related human beings that in the end allows them out in reaching
success in fast manner.
 Neuroticism: Respective personality traits are undertaken as emotional stability and
consider as adverse degree of emotions. Additionally, it includes individuals who are
emotional in nature and are generally tensed as well as few time moody. In context of
chosen entrepreneurs that is Zuber and Mohsin Issa, it could be stated that it's miles
relatively important for those marketers to ensure that they need to growth the level of
emotional affects in their work as it'd have an effect on their overall performance in
adverse way.
So, After analysing whole above OCEAN model personality traits, it has been evaluated that
both bothers Zuber and Mohsin Issa and have conscientiousness personality traits because of that
it may become competent to gain several opportunities like both have more than 5, 200 petrol
station and essential into U.S. & Europe. They also employs above 33, 000 individuals (Sadeghi
and et. al., 2019).
TASK 4
P7.
The background and experiences are regarded as primary approach for individuals in
context to this, this has been analysed that entrepreneurs are much influences by their educations,
13

family and others along with experiences that they have within its entire life. Therefore, based
upon the provided case study, the entrepreneurs consider for it is Zuber and Mohsin Issa. Both
are the two Billionaire brothers in United Kingdom. Additionally, it gain funds in petrol station
and growth into buying huge UK supermarket which is renowned as ASDA.
Background
Both brothers named as Zuber and Mohsin was born into Blackburn in year 1972 and
other on 1971. Its parents were from Gujarat, India whose name was Vali and Zubeda and then
came to United Kingdom for performing the task into Textile industry as well as also owned
petrol station. Along with this, both brothers were gain educations at Witton Park High School
(Kibler and Kautonen, 2016). Furthermore, its childhood was much reserved as well as it
develops within terraced house within Blackburn. Therefore, all these foster both bothers for
becoming competent to do something huge.
Experiences
Zuber and Mohsin Issa both brothers are much renowned Billionaire in British and were
founder of Euro Garages. Moreover, this is undertaken as the petrol filling stations chains that
perform into United Kingdom and Europe. Along with this, before developing Euro Garages
both bothers took out lease on garages and saved few amount to buy their first petrol station.
Furthermore, within year 2001, Zuber and Mohsin Issa both brothers with one petrol acquisition
in Bury, Greater Manchester. Apart from this, both perform its business into much accountable
way. also, into year 2018, they announced that its Euro Garages have obtains in around 762
stores into U.S from Kroger. Thus, the regular achievements foster both brothers for developing
in rapid way as well as become successful in its life.
CONCLUSION
As per the above report, this has been concluded that entrepreneurship plays crucial role
within development of economy. Moreover, there are several kind of business that efficiently
satisfy the audience’s expectation and attain their objectives. Also, entrepreneurial venture and
typology are vital into categorising various forms of entity and compare their intent of
performing its activities. In addition to this, the huge firms conduct its operations for business
that enhance as well as gain effective profit. whereas smaller firms are effectual deal that focused
towards its survival into market area. In addition to this, SME’s has crucial impacts on country as
it aids them to increase its overall GDP that results into economical growth. Apart from this, the
14

successful entrepreneur has many competencies that differentiate them from business managers.
Beside this, its experiences as well as background perform as vital prospects that hinder or foster
its performance and growth all over the world.
15

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