Entrepreneurship & Small Business Management

This document discusses the different types of entrepreneurial ventures and their relation to the typology of entrepreneurship. It also explores the similarities and differences between these ventures. Additionally, it examines the impact of small businesses and startups on the economy and their role in the development of the social economy.

Unit 9:
Entrepreneurship &
Small Business
Management

Table of Contents
INTRODUCTION.......................................................................................................................................3
P1) Discuss different types of ventures initiated by entrepreneurs and explain how they are related with
typology of entrepreneurship...................................................................................................................3
P2) Discuss similarities and differences between different types of entrepreneurial ventures.................5
M2) Discuss range of entrepreneurial ventures with an aim to depict understanding of entrepreneurship
in respect of public as well as corporate sector........................................................................................6
TASK 2.......................................................................................................................................................6
P3) Demonstrate data and statistics to show the impact of small as well as micro business on economy 6
P4) Discuss how small business and startups are helpful in development of social economy.................8
M2) Evaluate how large, medium as well as small enterprises differ from each other with the help of
necessary data and statistics.....................................................................................................................9
TASK 3.....................................................................................................................................................10
P5) Discuss, characteristics, skills as well as traits of successful entrepreneurs....................................10
P6) Discuss how entrepreneurial personality reflect entrepreneurial mind set and motivation..............12
M3) Present different arguments in terms of entrepreneurial characteristics.........................................13
TASK 4.....................................................................................................................................................13
P7) Examine how background and experience can foster and hinder entrepreneurship.........................13
M4) Discuss link between entrepreneurial characteristics and influence of background as well as
personal experience with the help of relevant examples of successful entrepreneurs............................14
CONCLUSION.....................................................................................................................................15
REFRENCES............................................................................................................................................16

INTRODUCTION
Entrepreneurship is a crucial activity under which new business ideas and innovations are
undertaken by individuals in order to bring unique products & services in market place.
Entrepreneurs are those individuals who bear risk with an aim to develop new as well as
innovative products (Welter, Baker and Wirsching, 2019). Innovation plays a vital role in
entrepreneurship as it is essential to survive in market place for longer run. For this,
entrepreneurs develop technical products and services for earning higher profits to accomplish
predefined objectives. The current report is based on two entrepreneurs such as Elizabeth Gooch,
a female entrepreneur who is founder of EG solutions. In this, the other entrepreneur is Tom
Mercer who has started a food venture named as Moma Foods. Different types of entrepreneurial
ventures have been discussed in the present report. It also includes skills, attributes, as well as
traits of the successful entrepreneur. At the end, impact of personal experiences as well as
background has been also included in the following report.
P1) Discuss different types of ventures initiated by entrepreneurs and explain how they are
related with typology of entrepreneurship
Entrepreneurship is an activity under which an individual undertakes new and innovative
business ideas to start a venture and to bring unique product and service in market place. For this
purpose, different types of entrepreneurial ventures are mentioned below:
Large company entrepreneurial venture: It is sated that these kind of business ventures
work at large level and offer variety of goods and services to customers. These companies
generally function at global level with huge investment and ample of resources. Large companies
have started with an aim to earn substantial profit by acquiring large share in market place. It is
analyzed that there is nearly 250 employees work in a large corporation. In addition, there is a
huge scope to earn substantial profit by expanding business at large level. There are some
examples of large companies are Google, Apple, Microsoft, Amazon and more.
Scalable entrepreneurial venture: Here, entrepreneurs undertake innovative ideas and
thoughts with an aim to bring unique products & services in market place. In addition, they also
perform different activities so that the idea can be converted in real context. These kind of
entrepreneurs also take assistance of other competent as well as qualified person to bring more

efficiency and effectiveness in business. There are some examples of scalable entrepreneurship is
Face book, Twitter, and more (Akpan, 2020).
Small business entrepreneurial ventures: As the name suggests, these ventures are
undertaken by sole proprietor with less amount of finance and other resources. These venture
generally operated within a region to meet with requirements of local people. There is a lot of
competition prevailing within this market as several individuals are undertaking small business
ventures. So, it is vital to have some distinctive capabilities to differentiate venture with other
competitors. By this way, small business personals will be able to survive in market for longer
duration. In case of a small company, there is nearly 10 to 49 individuals work together to attain
common goals. There is huge scope to earn substantial profit margin for further enlargement and
sustainability of business. Now, government also takes initiatives to support and promote small
business ventures. In addition, there are angle investors, venture capitalist to support new
business.
Social entrepreneurial venture: These ventures are also known as non profitable
ventures which are generally started with an aim to promote social well being. Main aim of
social entrepreneurs is to enhance the level of society by providing different products and
services to people. Here, social entrepreneurs always think to bring something new and
innovative within society to improve the overall living standard of people. Social enterprises
generally started at small level and have a scope to serve the society in an efficient manner. For
instance, safepoint, Red cross trust and more which are started with an aim to maximize social
benefits (Donckels and Miettinen, 2019)
Typologies of entrepreneurship:
Aggressive growth ventures: Main aim of a lot of business ventures is to bring innovative
thoughts and ideas in front of people and earn substantial profit margin to ensure long term
growth and sustainability.
Lifestyle venture: These ventures are initiated with an aim to offer higher quality of
goods and services to customers with an aim to enhance their living standard. It is stated that
these units are generally started as well as operated with lower amount of investment.

Manage growth venture: Main aim of these business units is to explore business
functions at wide level to earn substantial amount of sales and profit. Here, entrepreneurs look
forward to expand business at international level (Turner and Gianiodis, 2018). It is analyzed that
entrepreneuership is crucial practice in both public as well as corporate sector. Now, different
type of ventures such as micro, small and medium can be started by an entrepreneur. In this
regards, SME’s play a crucial role to ensure growth and success of overall economy.
P2) Discuss similarities and differences between different types of entrepreneurial ventures
Difference between entrepreneurial ventures:
Small business Large business
 These business are initiated by sole
proprietor with limited amount of funds
as well as resources. These are operated
with an aim to generate substantial
profit margin.
 In this, business is generally managed
as well as controlled by an individual
without taking help of other
individuals. Also, they do not have
necessary resources to appoint
competent as well as experiences
person.
 Majorly, small business function at
domestic level within a particular
region to serve local customers.
 In large business, a lot of competent
and qualifies individuals take part in
daily business functions as it is not
possible to operate business by single
individual.
 Large business entities are managed
and controlled by relevant parties as
they all have interest in business.
 Unlike, small business ventures, large
companies functioned at global level in
different countries with an aim to meet
with requirements of international
audience in significant manner.
Difference between entrepreneuers and business managers
Basis Business Managers Entrepreneur
Meaning Managers are those person
who are responsible to manage
different business functions in
an efficient manner to
Entrepreneurs are those person
who undertake innovation as
well as creativity to bring
something new in market

accomplish predefined
business goals.
place.
Objective Main objective of managers
are to prepare effective
strategies to ensure business
growth and success in future.
Entrepreneurs aim to come
with higher innovation and
unique approaches to enhance
overall societal development.
Power of authority Managers have limited power
as there are also higher
authorities that take the last
decisions (Ferreira, Fernandes
and Ratten, 2017).
Unlike managers,
entrepreneurs are business
owner who take all business
related decisions without any
intervention of other parties.
Similarities between entrepreneurial ventures
There are several ventures are initiated to meet with different aims and purpose. But, the
most common thing in each and every venture is the innovative thought and idea. It is stated that
whether a small, large, social and other venture but main aim of entrepreneur is to come with
innovative approach in order to bring unique as well as advance products & services in market.
Innovation can be understand as the foundation of each and every entrepreneurial unit regardless
their size, aims, resources and more. In addition, all the business units are started with an aim to
generate huge profit (Edoho, 2016). So, it is the major similarity among all the ventured that
these are initiated to earn substantial profit margin. Therefore, there are a lot of differences in
entrepreneurial ventures but there are a lot of factors such as profitability, innovation and more
which bring similarity in all the entrepreneurial ventures.
M2) Discuss range of entrepreneurial ventures with an aim to depict understanding of
entrepreneurship in respect of public as well as corporate sector
There are different types of entrepreneurial ventures are emerging these days such as
social entrepreneurship, innovative entrepreneurship and more. These kinds of ventures are
undertaken in both public as well as corporate sector and play a significant role in growth and
success of respective sector. Impact of entrepreneurial ventures on public and corporate sector is
discussed below:

Public sector entrepreneurial venture: Main aim of public sector ventures is to
maximize societal well being. In this, social entrepreneurs take a lot of steps for overall
development of society. It can be initiated in terms of trust, ventures and more.
Corporate sector entrepreneurial venture: There are different type of corporate ventures
are initiated with an aim to earn potential profit margin by maximizing market share and
bringing creativity as well as innovation in market.
TASK 2
P3) Demonstrate data and statistics to show the impact of small as well as micro business on
economy
Impact of micro business:
There are ample of micro business units are currently working within UK which are
considers as crucial part of overall economy. Micro business ventures work at small level yet
play a significant role in economic development by offering necessary products and services to
individuals within country. These ventures provide quality goods & services to people so that
they can enhance their living standard. SME can be taken as the major part of economy of UK as
majority of business units within country are working under this category. It is sated that there
are more than 5.7 millions organizations working in country in which major part is covered by
SME sector (Ruiz, Soriano and Coduras, 2016). In micro business, there is nearly 1 to 10
individuals work at same time to attain predefined objectives. These entities are also considered
as crucial source of employment generation as a lot of people within UK are working under this
category. So, they are able to generate livelihood which is essential to live a better life style.
Therefore, micro business units put ample of positive impact over economy.

Percentage of SME’s (2021)
With above graph, some necessary information which has drawn through graph are discussed
as under:
 It is analyzed that micro ventures provide significant contribution of 19 % in overall
growth and development of economy of country.
 The contribution of small business is regarded as 24 % in economy of UK. By this way,
these entities play a crucial role in enhancing employment opportunities, innovation witin
country. (Edoho, 2016).
Impact of small business
Small business ventures are initiated by individuals with lower amount of resources and
funds. It is easy for person to start a small business with an innovative thought. These ventures
are backbone of economy of UK as it helps to generate a lot employment opportunities. These
units can be started with limited resources such as finance, human resource and more. Also,
facilitate innovations and creativity within country that is essential to bring unique products and
services in market. It is stated that government of UK also take initiatives to protect as well as
promote small business (Ruiz, Soriano and Coduras, 2016). For this, they provide necessary

funds, expert advice and other assistance with an aim to ensure long term sustainability of small
business units. So, these units give significant contribution in economic growth and development
of country. As per one of the report of UK government, Small entities accounts 6 million
business within country. It is stated that in 2020 the business population has been increase with
1.9 % in country that is crucial for economic growth and development.
The above graph demonstrates that small business generate huge source of employment
so that individuals of UK can fulfill their needs and requirements. It is also monitored that
contribution of small business ventures is really high in ensuring business growth and
employment generation within country. As per the above graph, small business give significant
contribution in employment which is 48% .On other side, large enterprises are able to generate
huge turnover of 53 % and give 40% contribution in employment generation within country.
P4) Discuss how small business and startups are helpful in development of social economy
Small business and startups refers to those entities which are initiated by an individual
with minimum amount of funds and resources. Main aim of stratups is to bring transformation

and innovation within society to ensure development of individuals within country. Social
economy refers to enhance overall societal development and growth so that individuals within
country can attain milestones. For this, there are several social enterprises as well as nonprofit
companies are working within UK. Main aim of social entrepreneurs is to serve the society as
well as nation rather earning profit. In this regards, importance of small business ventures for
social economy are mentioned as under:
Increase job opportunities: Unemployment has become a global problem nowadays due
to less employment opportunities in market. In this condition, startups are really helpful as it not
only bring innovation but also give opportunity to young and enthusiastic persons to depict their
talent. While an entrepreneur starts a business, it generated employment opportunities for several
other person as it is not possible for a single person to perform all the business functions. In
addition, entrepreneurs generally prefer new and young talent to bring creativity within
company. Therefore, entrepreneurs provide opportunity to fresher candidates to learn new skills,
expertise and knowledge at work place which will further help in the career enrichment
(Barnard, Pittz and Vanevenhoven, 2019).
Innovation: It is considered as the foundation of each and every startup. There is always
an innovative approach behind each and every startup with an aim to bring unique products and
services in market. For this, entrepreneurs perform a lot of brainstorming so that they can come
up with highly innovative idea that also beneficial for society. Innovation always bring
enhancement and helps economic growth and development.
Entrepreneurship development: It is stated that small business ventures are started by
enthusiastic people who has zeal as well as potential to convert that small business in large
multinational companies. So, a successful example of entrepreneurship can play a crucial role in
encouraging other people to undertake similar practice. This practice is vital to generate more
and more entrepreneur who will start a small company with an innovative thought. It is
beneficial from societal prospective as it will help to generate employment opportunities as well
as new source of income (Singh and Gaur, 2018).
Promoting research innovation system: While initiating a small business unit, an
individual perform extensive research with an aim to bring unique idea in front of people. In

addition, entrepreneurs also undertake research so that they can develop innovative products and
services. By this way, other young people also get encourage to come up with unique ideas for
significantly contributing in the growth & development of economy.
M2) Evaluate how large, medium as well as small enterprises differ from each other with the
help of necessary data and statistics
There are nearly 5.6 million organizations are operating in UK. In private sector, business
increases with 3.5% every year. There is nearly 35600 medium as well as 7700 larger entities are
started in the year of 2019. In large entity, nearly 250 workers work at same time to attain
predefined business objectives. Whereas, small and medium entities are operated with a strength
of 10 to 50 individuals. In addition, these units are also different in terms of size, purpose as well
as resources. So, there is huge difference among all these business units which need to measure
in an efficient manner.
TASK 3
P5) Discuss, characteristics, skills as well as traits of successful entrepreneurs
Elizabeth Gooch Tom mercer
Skills Delegated: An entrepreneur
need to delegate towards work
in order to attain predefined
objectives. Here, Elizabeth
Gooch is highly delegated and
always work to meet with
deadlines in an efficient
manner.
USP( Uniqueness): In the
current environment, it is vital
to maintain uniqueness. In this
regards, ideas, approaches of
Elizabeth Gooch is completely
unique and different that are
Influencer: It is analyzed that
Tom mercer possess some
unique as well as different
competencies thus able to
have great influence over
other people.
Curiosity: An entrepreneur
needs to have higher curiosity
to learn new things and
concept. This inquisitive
behavior of respective
entrepreneur makes him differ
from others.

helpful in ensuring long term
sustainability in market.
Characteristics Money Minded: It is stated
that main aim of each and
every business unit is to earn
profit. So, Elizabeth is a
money minded lady who keep
switching from jobs and
eventually started own
business for earning huge
profit.
Passionate: It is an imperative
characteristic which
continuously keep a person
engage towards set goals. It is
analyzed that Tom mercer is
highly passionate towards his
goals and always put full
efforts to attain those goals
within stipulated period of
time (Landström and Harirchi,
2018).
Traits Innovation: It is considered as
the basis of entrepreneurship.
First step of entrepresuiship is
to have a creative as well as
innovative thought. Here,
Elizabeth decided to develop
such a company that is
providing consultancy services
to clients with the help of
software called operational
intelligence (Baker and
Powell, 2019).
Innovation: It is analyzed that
idea of respective entrepreneur
is highly innovative as it is
based on food innovation to
provide healthy food to
customers
With the above discussion, it is analyzed that there are some essential characteristics,
traits which are crucial part of overall personality of an entrepreneur. These traits are not only
essential but also differ an individual from other and vital to get success in the field of
entrepreneurship.
P6) Discuss how entrepreneurial personality reflect entrepreneurial mind set and motivation

Elizabeth Gooch: Here, Elizabeth is a female entrepreneur who successfully performed
different activities that are undertake by an entrepreneur. She successfully break the prevailing
stereotype in the society that a woman is not meant for entrepreneurship. Elizabeth has gain
utmost success in respective and considered as an inspiration for other females within country. In
addition, she has been awarded as a successful entrepreneur in UK. She has started her career
with HSBC bank at very early age and then switch to one of the consultancy company to gain
better experience and exposure. Afterwards, she got a thought to start her own business thus
started EG solution on her own basis without taking help of any other individual. Elizabeth is
able to manage the business successfully and generate substantial turnover of euro 6,00,000. In
addition she also focuses to provide better services to clients and consider as one of the most
successful female entrepreneurs western UK (Mallett, 2019).
Tom Mercer: Tom Mercer is an innovative entrepreneur who started a food based
business with an aim to serve healthy food to the society. The main idea behind starting this
business is to produce healthy food so that people can get a better lifestyle. However, he faced
ample of difficulties in terms of getting acceptance in society and more. Tom Mercer used to
manage the job and entrepreneurship at the same time during initial days by working round the
Clock. For this Tom Mercer also associated with other person to convert the idea into reality.
After going through with the tough time, he got success and now has a staff of 25 people along
with 10 stalls within country. Therefore, he is considered as a role model for those young and
enthusiastic individuals who wish to come with some innovative and unique idea to serve the
society.
M3) Present different arguments in terms of entrepreneurial characteristics
It is analyzed that each and every individual has some personal characteristics, traits as
well as skills which differ them from other individual. These characteristics and skills are crucial
part of overall personality of an individual and play a vital role in ensuring their success and
growth. For instance, to be a successful entrepreneur there are some skills such as innovation,
risk taking ability, passion and so on. It is imperative for an entrepreneur to have these kind of
skills and characteristics to get success in their respective career. Here, it is monitored that both
the entrepreneur Tom Mercer and Elizabeth have distinct characteristics and skills thus they are
able to get success and fame in their respective career.

TASK 4
P7) Examine how background and experience can foster and hinder entrepreneurship
It is analyzed that personal experience as well as background play a crucial role in
influencing entrepreneurial practices. These past experiences are also helpful in development as
well as enhancement of entrepreneurial practices. In this regard, the relevant examples are
mentioned below:
Elizabeth Gooch: It is stated that Elizabeth started her career with job in HSBC in early
and then switch in other company which was a consultancy to gain better exposure and enrich in
respective field. It is sated that Elizabeth did not belong to an entrepreneurial background and did
not go to the university but even then have the courage and enthusiasm to start something of her
own. After gained required expertise and knowledge, she started her own business named as EG
solutions to provide consultancy as well as training services to client organizations. Here, the
previous experience helped Elizabeth to undertake different functions of new venture in an
efficient manner as she was already well versed in facing business related difficulties and
constraints (Mallett, 2019). Therefore, the background from which Elizabeth belongs is not
relevant but with relevant experience and knowledge she managed to get huge success.
Tom Mercer: Tom mercer is a management graduate and comes from a humble
background. From initial days, he has dream to have own business by undertaking an innovative
ideas. He used to talk with people about it even while doing the job he used to work on own idea
simultaneously. So, Tom Mercer has expertise in different fields such as sales, marketing,
finance and more that helped him to become the new food venture successful. Due to relevant
marketing experience, he was able to sold Moma at Superamarkets, retail stores, airlines of UK.
With this passion, Tom was able to achieve success in business by facing a lot of difficulties. It is
sated that Tom Mercer faced several difficulties to convert the idea into reality but he faced all
the difficulties with great consistency and always follow the passion with optimistic attitude.
With this attitude, experience, Tom is able to get the success and now owns food startup called
MOMA foods within country. So, it is stated that experiences as well as background put a
significant impact in affecting future practices of entrepreneurs.

The above stated examples demonstrate that personal experiences as well as background
play a crucial role in affecting entrepreneurial practice of an individual. These factors are really
vital to grow in the field of entrepreneurship (Dvouletý, 2017).
M4) Discuss link between entrepreneurial characteristics and influence of background as well as
personal experience with the help of relevant examples of successful entrepreneurs.
In each and every entrepreneur, there are some inherent characteristics, traits which differs them
from other person. In addition, personal experiences as well as background also affect the
success and growth of entrepreneur. As per the given scenarios, Elizabeth and Tom mercer both
are the successful entrepreneur having some specific characteristics such as innovation, passion,
delegation and more. In addition, past experiences as well as backgrounds of both individuals
play a crucial role in making their overall entrepreneurial journey successful.

CONCLUSION
It is summarized that entrepreneurship is an activity that is concerned with undertaking
risk to bring innovative products and service in market. Different kind of business ventures such
as small, large, social and more are undertaken to meet with different purpose. In addition, there
are a lot of business ventures of different size and scope such as small, large and medium are
initiated by entrepreneurs which differ from each other in terms of size, scope, purpose and
more. It is concluded that all the entrepreneurs have some specific characteristics, skills and their
personal experiences as well as background also affect entrepreneurial practice.

REFRENCES
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