UNIT 9 ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT: MILTONS (WALLPAPERS) LIMITED

UNIT 9 ENTREPRENEURSHIP AND
SMALL BUSINESS MANAGEMENT
MILTONS (WALLPAPERS) LIMITED
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Table of Contents
INTRODUCTION.........................................................................................................4
BACKGROUND.......................................................................................................... 5
LO1 EXPLORE AND ILLUSTRATE THE RANGE OF VENTURE TYPES THAT
MIGHT BE CONSIDERED ENTREPRENEURIAL......................................................6
P1 EXAMINE DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND
EXPLAIN HOW THEY RELATE TO THE TYPOLOGY OF
ENTREPRENEURSHIP..........................................................................................6
M1 ENTREPRENURSHIP IN BOTH PUBLIC AND CORPORATE SECTOR.........7
P2 EXPLORE THE SIMILARITIES AND DIFFERENCES BETWEEN
ENTREPRENEURIAL VENTURES.........................................................................8
LO2 ASSESS THE IMPACT OF SMALL BUSINESS ON THE ECONOMY.............10
P3 INTERPRET AND ASSESS RELEVANT DATA AND STATISTICS TO
ILLUSTRATE HOW MICRO AND SMALL BUSINESS IMPACT ON THE
ECONOMY............................................................................................................10
M2 THE DIFFERENCES SMALL, MEDIUM AND LARGE BUSINESSES MAKE
TO THE ECONOMY, APPLYING RELEVANT DATA AND STATISTICS.............13
P4 THE IMPORTANCE OF SMALL BUSINESSES AND BUSINESS STARTS-
UPS TO THE GROWTH OF SOCIAL ECONOMY................................................15
LO3 DETERMINE AND ASSESS THE KEY ASPECTS OF AN
ENTREPRENEURIAL MINDSET..............................................................................16
P5 THE CHARACTERISTIC TRAITS AND SKILLS OF SUCCESSFUL
ENTREPRENEURS THAT DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGERS..........................................................................................................16
M3 DIFFERENT LINES OF ARGUMENT RELATING TO ENTREPRENEURIAL
CHARACTERISTICS.............................................................................................18
P6 ASSESS HOW ASPECTS OF THE ENTREPRENEURIAL ASPECTS
PERSONALITY REFLECT ENTREPRENEURIAL MOTIVATION AND MINDSET
...............................................................................................................................19
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LO4 EXAMINE THE DIFFERENT ENVIRONMENTS THAT FOSTER OR HINDER
ENTREPRENEURSHIP............................................................................................21
P7 EXAMINE, USING RELEVANT EXAMPLES, HOW BACKGROUND AND
EXPERIENCE CAN HINDER OR FOSTER ENTREPRENEURSHIP...................21
M4 THE LINK BETWEEN ENTREPRENEURIAL CHARACTERISTICS AND THE
INFLUENCE OF PERSONAL BACKGROUND AND EXPERIENCE TO SPECIFIC
SUCCESSFUL ENTREPRENEURS.....................................................................22
CONCLUSION.......................................................................................................... 23
REFERENCES..........................................................................................................24
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INTRODUCTION
A person that takes risks in the business and discovers the potential market by
setting up a business is termed as an entrepreneur. He has the capacity to develop
and manage effectively the business ventures by taking all the risks and earning
profits. This is called seeking entrepreneurship starting a new business. They ensure
success in the dynamic world and mitigate the competitiveness in the global
marketplace (Curran and Storey, 2016). A business unit that is operated and owned
independently is called small business enterprise. It usually seeks to employee less
number of employees and ends up having the small volume of sales. This can be in
any form as to corporations, sole proprietorship and the partnerships. Thus different
aspects of the entrepreneurship and small business management will be discussed
in the following report.
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BACKGROUND
Miltons (wallpapers) Ltd is an organization that is offering to Northamptonshire,
Bedfordshire and in Cambridgeshire a variety of quality branded products that too at
very competitive prices. This enterprise seeks to offer the quality brands that
contribute to the success in the fashion and achieve success. This offers gardening
products and powered gardens tools and other range of fencing and panels too. This
is specialized in selling specialist wallpapers. It also renders decorating goods, DIY,
Pet products and the garden products with total 10 branches in the UK. It has a staff
of nearly 101- 250 people and was established in 1948 by the managing director Mr
M H Taylor (Sundararajan, 2014).
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LO1 EXPLORE AND ILLUSTRATE THE RANGE OF VENTURE TYPES
THAT MIGHT BE CONSIDERED ENTREPRENEURIAL
P1 EXAMINE DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND
EXPLAIN HOW THEY RELATE TO THE TYPOLOGY OF ENTREPRENEURSHIP.
Entrepreneurial ventures are the organisations that focus on innovation and
opportunism that drives them towards the economic value generation for their
businesses. These can be majorly categorised as small and medium business
ventures and the big business ventures (Pfeifer, et al. 2018).
The various types of ventures of entrepreneurial are as under:
Smaller profit venture
These are the small business which aims to render decent lives and prefer to remain
small. This venture does not have a profit earning motives and often seek for self-
generated funds. They exit the firm by closing do3wn the venture and then make
their exit (Mauer, et al. 2017).
Lifestyle venture
In this type of venture, the small company is operated and run by the owners with full
control and ownership. The lifestyle firms are carried out of the households and are
present in the market to fund the requirements of the households and the lifestyles of
owners.in this type of entrepreneurship, there are flexible work hours and attire. The
fund is raised through the means of debt and profit earning is generally the motive of
these ventures.
High growth ventures
High growth ventures cover those ventures that are in existence for the profit and
growth maximisation. Their aim is to grow and expand their business. They always
seek for better opportunities and strategies that aim to p[promote an develop their
new products. They raise funds from the pool of investors that helps to gain working
capital (Zhao, 2016).
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