Entrepreneurship and Small Business Management

This report discusses different types of entrepreneurial ventures, typology of entrepreneurship, the impact of micro and small businesses on the economy, and the characteristics and skills of successful entrepreneurs. It also explores the similarities and differences between entrepreneurial ventures and assesses relevant data and statistics. Additionally, it examines the importance of small businesses and business startups to the growth of the social economy.

Unit 9
Entrepreneurship and
Small Business
Management

Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and typology of entrepreneurship......................3
P2 Explore the similarities and differences between entrepreneurial ventures...........................4
TASK 2............................................................................................................................................5
P3 Interpret and assess relevant data and statics to illustrate how micro and small businesses
impact on the economy of nation.................................................................................................5
P4 Explain the importance of small businesses and business starts-ups to the growth of social
economy.......................................................................................................................................6
TASK 3............................................................................................................................................7
P5 What are the characteristic, traits and skills of successful entrepreneur:...............................7
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind set.................................................................................................................................9
TASK4...........................................................................................................................................11
P7 Examine the background and experience of two entrepreneurs which hinder and foster their
entrepreneurship.........................................................................................................................11
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneur is an individual who innovates the new ideas of business into reality while
bearing high risk and enjoys the high rewards on the success of new ideas. They are those
individuals which full fill the demands of the public in a different way which helps them in
raising the standards of the individuals. Entrepreneurship is the activity of setting the business
with a hope of profits. They start their small or large businesses to help in the growth of
economy (Kurilova and et. al., 2019). This report determines the various types of
entrepreneurship and different types of typologies along with the similarities and differences
between them. Further, it has been discussed about the impact of micro and small business on
economy with their static data. This report also talked about the characteristic, traits and skills
required by the successful entrepreneurs and different between the business manager. At the end
of the report, it talks about the aspects of entrepreneurial personality which reflects on their
motivation and mind-set along with, what is the background and experience of Zuber and
Mohsin Issa.
TASK 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship.
Entrepreneurs are those individual who founds a new idea to make a business. They
launch their own idea in the market with the aim to earn profits. Entrepreneurship is the process
of developing, launching and running an overall business. The ventures have their own purpose
to stand in marketplace formed by entrepreneurs (Akpan and et. al., 2020). They are under
different categorise which are as follows:
 Small Business entrepreneurship: A majority of businesses are small. Their motive is to
generate profits to fulfils the needs of their family. The size and scope of these ventures
are narrow because they work at a small scale and access to near down places only. These
ventures has less than 50 workforce in their organisation. Example: Davison Canners,
Fourex etc. Large Company Entrepreneurship: These companies have the finite amount of life
cycle. These companies have an advance professional techniques and know how to
sustain their status in the marketplace. They have huge amount of capital. They create
new products and techniques to satisfy the customers satisfaction. When the small

company succeeded in their business plan then they can have converted into Large
Businesses entrepreneurs. Example: Amcor Plc, ASOS Plc etc.
 Scalable Starts-ups Entrepreneurship: these are the ventures which has an idea to
change the world with their new invention. These company's look into the things which
are absent in market. Example: Revolut, Bulb, Trova etc.
Typologies of entrepreneurship
Business ventures engaged in various types of typologies which are helps the business in
their development and works more efficiently (Omoush and et. al., 2018). They are of different
types which are as follows: Lifestyle Enterprise: In this ventures are working for increasing the life style of their
customers by operating their business. This typology seems under social business
entrepreneurs.
 Growth of the organisation: This type of business ventures working only for maximize
the amount of profit. These firms tries to develop their products and services for making
the changes in the existing products which helps the firm in increasing their efficiency
also to improve the share in market. This falls under the small and large business
entrepreneurs.
P2 Explore the similarities and differences between entrepreneurial ventures.
There are different types of entrepreneurial ventures with some similarities and
differences and these are as follows:
Similarities between Small business, large business and Social Enterprise:
 They all work for satisfying the needs of the customers. They work for the upliftment of the society as a whole by proving the job opportunities to
the local level which helps them in satisfying their personal needs also.
Differences
Basis Small Businesses Large company Social
Entrepreneurship
Scale These business are
operated at small level
with small amount of
These business
company which are
done at high scale with
These are those
entrepreneurs which
works to satisfy the

capital and employees. huge amount of
capital.
needs of the society.
Purpose The main objective of
these businesses are to
generate profits to
satisfy the needs of
their family (Almeida,
Daniel and Figueiredo,
2019).
These organisations
works earn huge
amount of profits by
their innovative ideas.
Their main purpose is
to uplift the standard
of the society. By
increasing their
standard of living.
TASK 2
P3 Interpret and assess relevant data and statics to illustrate how micro and small businesses
impact on the economy of nation.
In the growth of economy of nation, the business organisation plays an important role.
They provide the revenue in the growth of nation. There are three types of business organisation
which contributes in the growth of the economy which are as follows: Small business enterprise: In this type of organisation, they employee less than 50
workforces to generate the profit which may extends to £5million. They provide growth
in economy at low scale but generate employment opportunities in country. Medium business enterprise: They employs more than 50 employees but less than 250.
They generate profits in the range of £5million to £20million. They play an role in
generating high number of employment opportunities and works to satisfy the needs of
the public. Large business enterprise: They provide employment opportunities for more than 250
workers. They generate profits of more than £20million. They are access at the global
level.
Impact of SME on economy
 Local impact: Micro and Small business enterprise has a direct impact on the economy as
they directly deal with the local customers. These types of business provide the product

according to the purchasing power of their customers. They provide job opportunities to
provide the basis standard of living to the workforce nearby.
(Source: The Role of Start-ups and Small Businesses in Today’s Economy, 2018) Regional Impact: in relation to regional aspect The SME is also providing the
employment opportunities which helps the organisation in expanding their firm. This
helps in fulling the basic needs of every individual.
 National Impact: Small and micro business organisation has an impact on the economy
on the national level because they perform their functions at less money. Their aim is to
promote their innovative idea to increase the rate of profitability and productivity of the
firm (Amoroso and Link, 2018). This helps in enhancing the revenue of the government
which directly and indirectly used for the growth of economy. It also helps in filling the
gap between poor and rich people.
P4 Explain the importance of small businesses and business starts-ups to the growth of social
economy.
Every small business enterprise is the backbone of the economy. It helps the owners to
generate profits. They use to fulfil the demands of the people in exchange of money. They play a
significant impact on the economy which are as follows:

 They provide job opportunity and helping the workers in achieving their basic standard of
livelihood. They provide jobs generally to the local people and helps in developing the
skills of the individuals.
 Both starts-ups and small business organisations enhance the standard of living of local
people. This can be done by providing the good quality of goods and services.
Accordingly, customers can avail those things.
 With the nearest shops people can avail the goods and services quickly. Shops can be of
grocery stores, sanitary items, medical stores, petrol pumps, meditation centres etc. these
services can be used by the people in their day to day activities because they are the part
of their living (Baldacchino, 2021).
 Small businesses and starts-ups helps in shaping the economy of nation. SMEs make
around 99% of all businesses currently operating in UK, there are millions of people
employed their this can be called as the collective success of the nation (Bionic's Guides
to business essentials, 2020)
 These both helps in creating the opportunities for the people living there, so that it will
be helpful to satisfy their personal needs and wants.
It can be said from the above mentioned points that, Small and medium business enterprise helps
in enhancing the growth of the economy. It motivates the individuals to initiate their new ideas to
satisfy the demands of the customers.
TASK 3
P5 What are the characteristic, traits and skills of successful entrepreneur:
A success full entrepreneurs must have some good qualities which helps him in the
growth of his innovation and which differentiate them from the business managers. This helps
the firm in improving their productivity and profitability of the business (Kreiser and et. al.,
2019). In this report the two entrepreneurs are chosen which are Zuber and Mohsin Issa of
Walmart, they are Billionaire brothers who made money in petrol stations and now succeeded in
buying Walmart, whose characteristic, skills and traits are discussed below:
Characteristic of an successful entrepreneurs are as follows: Disciplined: For being successful in any kind of business the entrepreneur must be
disciplined towards their target. They must eliminate the distractions from their lives so

that it will be easy for them to focus on their targets. Their overreaching helps them to
reach their goals (Bhat and Singh 2018). They have to plan and focus on the ways to
achieve the outcomes. They use to make new steps every day to achieve their set goals in
an effective manner. Open Minded: The successful entrepreneur must be open minded. They always welcome
to learn new things ( Bruton and et. al., 2018). The new ideas always get out the new
potential of business. This increase in skills, efficiency and workflows of the
organisation. Creative: The individuals who have a creativity in their minds those can become a good
and successful entrepreneur. They have a good and new techniques to overcome with the
situations (Umar, Sasongko and Aguzman, 2018). These peoples use to recreate the
things into the new.
 Determination: The successful entrepreneurs are always determined on their set goals
which makes them, different from others. They don't get fear from the other threats. They
use to believe in achieving the set goals by trying and trying on the same things in a
different manner.
Though the above mentioned characteristics, are founded in both entrepreneurs i.e. Zuber and
Mohsin Issa, which helps them in achieving their set targets and goals (Dias and et. al., 2019).
These characteristics differentiate them from business managers because they have less level of
patience by which they are unable to take proper decisions and the managers are not hard worker
which makes them unsuccessful in achieving the targets of the organisation.
Skills Innovative things: the entrepreneurs must have an innovative think. So that it will helps
them in solving the problems at organisation. This skill helps both entrepreneurs of
Walmart in becoming successful as this helps them in resolving the problems which
arises at their workplace (Sar, 2017).
 Leadership: This skill helps in both entrepreneurs of Walmart in leading their staff so
that they can easily achieve their set goals, helps in guiding them and motivate them to
increase the amount of efficiency.
Traits

 Confidence: The entrepreneurs must have a good knowledge of things so that it will
increase the level of confidence. They must clear the doubts. This helps them in
achieving their set targets.
 Risk taking: The entrepreneurs must be a risk taking. They are the one who innovate the
new idea in the existing market. The risk is on the failure of the idea. They must measure
the amount of risk before launching it into the market (Fayolle, Kariv and Matlay 2019).
They are the risk taker they take risk of time, money, energy, skills and resources. Risk is
the reason why many of the individuals fails in starting business.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind set.
In the business, entrepreneurs have many characteristic, trait and skills which makes them
different from others. These factors help them in motivate their workforce in achieving the task
of the organisation as well as mindset of them. This makes them more efficiently in achieving
their goals (Ratten and Ferreira, 2017). OCEAN model can be used to reflect the entrepreneurial
motivation and mindset which are as follows:
1. Openness: This aspect of trait helps in broad their range of interest. These kinds of
individuals are curious to learn about the new things from the world and enjoys new
experience (Hytti, Blackburn, and Laveren, 2018). These kinds of people are more
adventurous and creative. They have a focus to learn trending things. Zuber and Mohsin
Issa having the best level of creativity which helps them in the growth of their business.
2. Conscientiousness: This factor includes high level of thoughts, goods impulses control
and goal approached behaviour. It trends to organise and mindful of details. They have a
goal to finish the important tasks on time. They have a quality to resolve everything even
in the complex situations (Kerpaci, 2019). This helps the organisation to deal with every
problem in business.
3. Extraversion: This factor means the entrepreneurs have a good quality of
communication which helps them to communicate with everyone in the enterprise. The
two entrepreneurs has this quality which helps them in listening the things of their
subordinate also.
4. Agreeableness: this factor says that the person has an ability to listen to the ideas of their
subordinates and applies on them (Kim, Tarabishy and Bae, 2018). The two

entrepreneurs of Walmart are also having this quality which helps their employees to
share their ideas which helps the organisation in achieving their targets in a productive
manner.
5. Natural Reaction: it can be also called as Emotional Stability. This helps them in
measuring the reactions of emotions (Llanos-Contreras, Alonso-Dos-Santos and Ribeiro-
Soriano, 2020). What's the reaction in a negative situation. Two brothers used this model
in their business in handling their working of the business. It helps them dealing with the
situations in a better manner.

TASK4
P7 Examine the background and experience of two entrepreneurs which hinder and foster their
entrepreneurship.
Entrepreneurs are the one who innovates the products into the market to satisfy the needs
of customers and society in a productive manner for generating profits. The experience and
background of the individuals helps in motivating them to initiate new ideas into reality. This
guides their business into a successful project (Lumpkin, Bacq and Pidduck, 2018). The
experience and background of Zuber Issa and Mohsin Issa, which helps them in becoming a
billionaire brothers are as follows:
Background of Zuber Issa and Mohsin Issa:
Zuber and Mohsin Issa are the two entrepreneurs which are migrated from Gujarat, India.
They went there to work into the textile industry and owned a chain of petrol station. Both
brothers completed their educations from Witton Park High School. Both of them took out a
lease on a garage and saved the money for opening their first petrol station and in 2001 they
owned their first petrol pump station in Bury, Greater Manchester. Zuber is responsible for
acquiring more petrol station while the another brother is responsible for day to day working of
their business (Marliyah, 2018). This helps them in increasing their chain of petrol stations.
Experience of Zuber Issa and Mohsin Issa:
Mohsin and Zuber Issa becomes successful from one rented petrol station into a network
around 6000 ports around 10 countries. They decide earn their profit before selling it. They are
now 48 and 49 and tested their idea for “better shopping experience” and tried to offer a good
range of fresh foods with good quality. They attracted their customers with good quality at
reasonable price (Orlandi, 2017). Firstly, they opened Starbucks in UK and now they have more
than 110 stores. They also owned 125 sites of KFC stores in UK. On 2015 the organisation had
grown to 376 sites and expanded their business with the contribution of private equity share.
CONCLUSION
From the above report, it can be concluded that, the entrepreneurs are those individuals
which taken their ideas into the reality which helps them in generating profits. There are variety
of entrepreneurs like small, large, social and Scalable Starts-ups business organisations. In
developing the nation's economy, the small and Starts-ups plays an important role and helps in

improving the living standard of the people. Further, there are many characteristic, traits and
skills required by the entrepreneurs to become successful in their business. Lastly, the
background and experience of two billionaire brothers Zuber and Mohsin Issa were mentioned
which helps them in becoming a billionaire of UK.

REFERENCES
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Ratten, V. and Ferreira, J.J., 2017. Future research directions for cultural entrepreneurship and
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Online
Bionic's Guides to business essentials. 2020 [Online] Available through:
<https://bionic.co.uk/business-essentials/guides/the-role-of-small-businesses-in-the-UK-
economy/>