Entrepreneurship and Small Business Management Report for Semester 1

This report provides a comprehensive analysis of entrepreneurship and small business management, encompassing various aspects of entrepreneurial ventures. It begins by defining entrepreneurship and exploring different types of ventures, including small, large, scalable start-ups, and social enterprises, along with their similarities and differences. The report then examines the impact of micro and small enterprises on the economy, highlighting their contributions to employment, innovation, and economic development. Furthermore, it delves into the benefits of start-ups and small businesses in fostering social economy, emphasizing job creation, tax revenue, and wealth distribution. The report also identifies the traits, skills, and characteristics of successful entrepreneurs, distinguishing them from traditional business managers. Additionally, it explores how entrepreneurial personality reflects motivation and mindset, and discusses the background and experiences that can either facilitate or hinder entrepreneurial endeavors. Overall, the report offers a thorough overview of key concepts in entrepreneurship and small business management, providing insights into various aspects of the field.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1 Kinds of entrepreneurial venture and relation to typology of entrepreneurship.....................3
P2 Similarities and Differences between entrepreneurial venture...............................................4
TASK 2............................................................................................................................................6
P3 Assess and illustrate how micro and small enterprises impact on economy..........................6
P4 Benefits of start-up and small business to the growth of social economy..............................7
TASK 3............................................................................................................................................8
P5 Determine the traits, skills and characteristics of successful entrepreneur which distinct
them from other business manager..............................................................................................8
P6 Determine how entrepreneurial personality reflect motivation and mind set of entrepreneur.
......................................................................................................................................................9
TASK 4..........................................................................................................................................10
P7 Describe the background and experience which hamper or foster entrepreneurship using
relevant example........................................................................................................................10
CONCLUSION .............................................................................................................................11
REFERENCES ...............................................................................................................................1

INTRODUCTION
Entrepreneurship is defined as the process to develop and organize new venture which
helps them to generate profit. This explore new ideas and opportunities which assist them to
develop new product and services in market (Al Omoush, Al-Qirem and Al Hawatmah, 2018).
Entrepreneur is a person who has skills and knowledge to establish the business along with the
risk to handle the business environment. Entrepreneurship is essential in business to improve the
lifestyle and create wealth which help them to grow the success in organisation and develop
economy. Promoting new goods and services in market maximize the job opportunities for the
employees in marketplace. This report covers types, similarities and differences of
entrepreneurial venture, small and micro enterprises impacts on economy, benefits of small
business for the growth of social economy, traits characteristics and skills of entrepreneurs,
aspects of personality which reflect mindset as well as motivation, experience and background
which hamper or foster entrepreneurship.
TASK 1
P1 Kinds of entrepreneurial venture and relation to typology of entrepreneurship.
Entrepreneurship bring innovation in the marketplace by developing new products with
the elimination of existing goods which enhance the growth of economy. Entrepreneurial venture
describes the new plans and bring advance technology in market which helps company to attract
customers. There are many entrepreneurial venture which are explained below:
Small entrepreneurship: It refers to the enterprise which run their business to fulfil own
and family requirement. The examples of small business are consultants, local grocery stores and
medical shops. Advantages of small business is learning opportunities which helps them to
identify different business functions.
Large entrepreneurship: It defines those enterprises which innovate new products and
development based on the requirement of customers needs and desires. For examples, Google,
Morrisons and Sainsbury's. Large business has greater funding to achieve goals which helps
them to increase profitability (Alsos, and et.al., 2019). These enterprises have huge resources
which maximize sales and create greater profit.
Scalable start-up: This type of enterprises initiate their business with new ideas for the
development and expansion of company. Venture capitalists helps businesses financially to find

professionals and talented employees. This organisation launch new goods in the existing
market. Scalable start-up enter into huge market and meet the demand of product which is
offered by business. This generate revenue by increasing product line, it create economies of
scale with cost minimization.
Social entrepreneurship: This states that they create products to overcome the social
needs. The purpose of this enterprise is not to maximize profit in the business. Examples of
social entrepreneurship are Helpsy and Matr Boomie. These entrepreneurs are the person who
create their entity to generate social value (Alvarez and Barney, 2020).
Typology of entrepreneurship
Growth: It describes as the business to accomplish and boost the sales and revenue by
reducing cost in company which helps them to achieve organisational objectives. Social and
small business is included in the typology of entrepreneurship to develop the growth of
enterprise. Business growth is essential to attain performance and increase business operations.
Lifestyle: It is defined as the behaviour, attitude and opinions of group of individuals.
This is the factors which signifies the standard of living and needs as well as wants of customers.
Scalable start-up and large enterprises contain in lifestyle growth typology to change according
to the style and trend in market.
P2 Similarities and Differences between entrepreneurial venture
Basis Small Large Scalable Social
Meaning Business is managed
and organised by
individuals and have
few members to
perform work.
This enterprise
have large
resources to launch
new products in
market, huge
annual turnover
and market share.
Scalable start-up
define as changes
in business process
to maximize
operations in
company.
It refers to
approach which
provide solutions
to social as well as
culture problems.
Purpose The aim of this
enterprise is it create
job opportunities
and generate profit
The purpose of
large enterprises is
to expand their
business by
Scalable start-up
enterprises is
important to
compete and
The purpose of
these entrepreneur
focus to solve
social issues by

to support their
family.
offering new
products and
services in
marketplace.
update existing
products with
unique ideas in
market which
result in increase
business
profitability.
innovating new
ideas and
strategies.
Size and
scope
The size of small
enterprises is less
than 50 employees.
The produce goods
and services at
micro level .
These are the
enterprises where
entrepreneur
perform their
business at huge
scale
Scope of this
enterprises helps
them to grow their
business with new
ideas which help
them to expand the
company.
The focal point of
this enterprises is
to stable and
develop the social,
economic as well
as culture value.
Examples David Canners,
Fourex and
Marshfied bakery
are small enterprises
in UK.
For example
Tesco, M&G and
Barclays are large
organisations.
Revolut is the
scalable startup in
United Kingdom.
Examples of
Social enterprises
in UK are
Cafedirect and
Caledonia
Cremation.
Similarities of entrepreneurial venture:
Entrepreneurial venture such as large, small, scalable and social enterprises have same
motives and objectives, innovating thinking to promote new products and services. These
businesses meet customer requirement to fulfil the needs and desire of consumers which helps
them to grow their business. Objectives of entrepreneur is to follow current market trend to
expand their business that maximize productivity as well as operations. Similarities of
entrepreneurship venture is offer their products to stay in competitive position (Durán-Sánchez
and et.al., 2019). Thus, all the entrepreneurship establish for the purpose of providing goods and
services by delivery unique things which helps them to increase productivity.

The difference between serial entrepreneur, entrepreneurs and owner managers.
Basis Serial entrepreneur Entrepreneurs Owner managers
Meaning It refers to person who
continue innovate
products and services
and bring new thoughts
to start their business
venture.
It signifies to set up
organisation to take
profit and bear their
own risks in
enterprise.
It is defined as the
employees who work
in company with the
other persons in their
families as they
manage and control
their organisation.
Risk They are mega risk taker
as they have many
challenges in many
enterprises.
In these type of
entrepreneurship,
entrepreneur bear all
risks such as financial
and competitive risks.
The face few risks as
they solve there
issues with the top
management.
TASK 2
P3 Assess and illustrate how micro and small enterprises impact on economy
Micro enterprises is defined as small business who invest their funds with small amount
of money. This business develops the employment opportunities and generate income which
maximize the business productivity. On the other side, Small enterprises is essential to economy
as it builds local communities because entrepreneur earn money for their own living. Micro and
small enterprises as essential for UK economy growth to open new markets which help company
to grow with the innovation of new product and services (Farinha, Ferreira and Nunes, 2018).
In small business, turnover signifies the development of business which impact small and
micro enterprises. It generates job opportunities for workers which helps company to complete
their task in an efficient manner. On the other hand, innovation is important to create new
products and services for the development of economic growth which result to maximize
productivity and for better outcome. Thus, employment, turnover and innovation impacts on UK

economy (Fayolle, 2018). Economic development is when organisation use advanced
technologies for the improvement in standard of living which result to maximize business
activities and operations. They give economy with supply of skills and thoughts and make
market more dynamic.
Source: Impact of small enterprise on UK economy (2019)
Small business plays an essential role in the contribution to growth of economy. From the
above graph it shows that businesses is 99.3% as compared to medium and large enterprises as
company quickly adapt new product and services in marketplace which lead to increase in
growth. On the other hand, employment is 48% because small business create job opportunities
to skilled as well as unskilled workers in the market. Employment growth in enterprises
maximize the productivity. Turnover of small sectors account for 33%. Turnovers is high as
compared to large and medium company which reflects increase in sales and revenue in business
as compared to large sectors. Small enterprises is important for UK economy which is identified
by UK government to maximize the country's productivity (Freiling, Harima and Heilbrunn,
2019).
Illustration 1: Impact of small enterprise on UK economy(2019)

P4 Benefits of start-up and small business to the growth of social economy.
Social economy is defined as it is organised by institutions, foundation and social
enterprises which share common goals. Start-up and small company is a business which intend
to succeed in competitive market. Benefits of small and start-up business which are explained as:
 Maximise the tax base: Small business generate huge revenue and sales which
contribute higher taxes to government which improves the communities and develop the
economic growth. This sum of money is used by communities such as polices,
institutions and fire departments which impacts on social economy.
 Job creation: This enterprise creates more job opportunities for workers from large
business because in UK most of the individuals are self employed or work for small
sectors (Hytti, Blackburn and Laveren, 2018). It retain skilled employees who launch
new products to implement the existing ideas as it affect social economy.
 Economic Development: Promoting new product and services to attract new and
existing customers for the development of business as well as economic growth. Thus, it
create job opportunities to perform task in timely manner which generate income.
However, it impacts positively on economy.
 Changing business environment: Changes arises due to wants and desires of customers
which is adapted by small enterprises than large and medium organisation. Small
business follow the changing trend based on taste and preferences of consumers.
However, they use new technology to attract them which develops economic growth in
society.
 Wealth creation and sharing: Formulating the business, entrepreneur funds their own
capital from banker and venture capitalist. Thus, it lead to distribution and create wealth
which helps them to achieve goals of economic development. However, this benefit small
organisation to survive in competitive market (Kleine, K., Giones, F. and Tegtmeier, S.,
2019).
Creativity: It states that it is the ability of individual person who give new ideas,
launching of new goods or services and do that think which has not done before.
Innovation: It is define as updating and implementing new things in order to gain
competitive edge and improves efficiency in business.

How business protect intellectual property rights.
Copyright: It states that the only owner have legal right to recreate the work and this is
based on the laws of copyrights.
Patent: This is the right that is the legal right to exclude all the selling, using as well as
making of the products. In context to Mohisn Issa and Zuber use the patent for their intellectual
property such as Asda.
TASK 3
P5 Determine the traits, skills and characteristics of successful entrepreneur which distinct them
from other business manager.
Successful entrepreneur is a person who creates new business venture with unique ideas
each day to achieve success and have attitudes toward goals. Entrepreneur has different quality
such as self discipline, risk taking ability and creative thinking for the growth of business. Trait
is defined as entrepreneur have different quality, behaviour, characteristics and skills of people.
Mentioned below are skills and characteristics of Zuber and Mohsin Issa:
Characteristics of Zuber:
Confidence: It is the important characteristics of entrepreneur which helps them to bring
new product and services in market. They are confident to handle the difficulties and problems to
operate their business in the marketplace. Thus, they are able to succeed in business
environment. Zuber have this characteristics to launch products (Kloepfer, K. and
Castrogiovanni, G. 2018). He is different from other manager as they are confident to manage
their work not on offering ideas.
Passion: It is the characteristics of entrepreneur which is best to motivate themselves.
They focus on what they want to do and find solutions to overcome difficulties. This helps them
to achieve goals and business objectives. Zuber has passion to accomplish goals and increase
operations. They are different because passion is what entrepreneur creates and venture
performance to keep going on whereas manager passion is to identify the balance of
communication and skills.
Characteristics of Mohsin Issa:

Motivation: It motivates Mohsin to achieve targeted goal in the company which helps
them to increase the business growth. He is different from other manager because manager focus
on operating activities and have internal motivation to succeed in work.
Creativity: Creativity is the talent to launch new product in different ways. Mohsin Issa is
a creator of innovating petrol station in different areas which helps them to increase sales and
revenue in business (Litau, 2018). As compared to other manager as manager takes lot of time
and afford to bring new products and services in marketplace.
Skills of Zuber:
Leadership skills: This skills helps them to motivate team members in organisation.
Entrepreneur acts as supervisor as well as leader to manage and control the individual employees
towards the accomplishment of goals. Zuber understand the skills and knowledge of employees
which help them to develop strategic planning.
Critical thinking skills: Zuber has this skills to solve the issues and circumstances which
help them to make decisions and problem solving. Critical thinking is important skills to
implement the changes and improve business plans in organisation.
Skills of Mohsin Issa:
Communication skills: It is the important skills for successful entrepreneur such as
Mohsin Issa because with the skills they spread their ideas and communicate through advertising
and social media which help them to target their goals. This skills has to control and manage that
promote the business (Nakara, Messeghem and Ramaroson, 2019). It is the skills inspire
individual employees top perform their task towards business goals.
Innovative skills: In this type of skills manger objective is to plan strategic ideas whereas
entrepreneur has ability to launch new products and services in market. Mohsin Issa contain this
skills as he focus on expansion of petrol stations in multiple areas. In changing market condition,
innovation is the one method to satisfy the needs of customers and take competitive advantage.
P6 Determine how entrepreneurial personality reflect motivation and mind set of entrepreneur.
Personality traits refers to a people's characteristics, ideas, attitudes and behaviour.
OCEAN model is known as Big Five personality traits. This model is explained below:
Openness: It is defined as creating new thoughts, attitude, innovation and behaviour. Openness
helps entrepreneur to launch new product and services to accomplish the pre determined goals.
They offer new thing to compete from competitors.

Conscientiousness: This is the people who follow rules and regulations, hard worker and
attentive to plan schedules to attain the goals. They perform their work in timely manner to
succeed in business environment.
Extraversion: It describes the entrepreneur who are talkative, physiological and
emotional. They identify their concern outside the company and interact with people who are
talkative. It signifies to enjoy human interaction and feel energetic in the working environment
(Thompson and Byrne, 2020).
Agreeableness: It signifies those who are careful, sympathetic and cooperation.
Entrepreneur is agree to go alone and care other people who positively collaborate with
individual team members. These ate the skills which make appropriate plans to attain business
goals.
Neuroticism: This is the trait where individuals have characteristics such as fear, anxiety
and guilt and many more. They are the person who do not enjoy their life. They find tough
situations and challenging situation in the workplace.
Mohsin Issa posses openness personality trait as he launch products and add more petrol
stations in United Kingdom. He come up with new thoughts to maximize success as well as
growth in business and attain targeted goals of the organisation. On the other side, Zuber have
conscientiousness and agreeableness which consider that he focus on plans, perform task
effectively and build strong relationship with customers which helps entrepreneurs to inspire
them and set a particular tasks to achieve effectively.
TASK 4
P7 Describe the background and experience which hamper or foster entrepreneurship using
relevant example.
Background Mohsin Issa was born in Blackburn in year 1971. He was educated from
Witton Park High School, England. Mohsin parents came from India to
work in textile industries.
Zuber was born in Lancashire, Blackburn in year 1972. He is younger
brother of Mohsin Issa. Education of Zuber is from Witton Park High
School. His parents came from Gujarat work in textile industry and then
run his owned petrol station.

Nationality Citizenship of Mohsin Issa and Zuber is British.
Experience Initially, Mohsin Issa took a rent on garage and perform their work to
collect money which help him to purchase petrol station. Issa run his
business activities on daily basis. He co-founded Euro Garages in
England.
Zuber with his brother acquire petrol station in Bury, Greater Manchester.
He manage and control the strategy as well as he responsible for
acquisition. Both brother acquire 762 convenience stores in U.S.
Background and experience foster their entrepreneurship as they initiate business with
single petrol stations in Bury in year 2001 which help them to succeed then they owned Euro
Garages. They expand their enterprise with 5200 petrol station and recruit 33000 workers to
perform task in an efficient manner (Umar, Sasongko, and Aguzman, 2018). Both Mohsin Issa
and Zuber known as remarkable entrepreneur. Mosin Issa and Zuber decide to growth their
company with adding new petrol stations in England. This all approach foster their
entrepreneurship to maximize profitability and helps to improve productivity and activities in
business.
Determine link between characteristics, background and experience of successful entrepreneur.
Characteristics of Zuber is confidence and passion which helps him to build confidence
among them to launch their products to satisfy customers and meet their requirement. With the
help of this characteristics, he take many challenges to succeed in business. Another
characteristics is passion which assist him to focus on their objectives as they are motivated
towards goal. On the other hand, Mohsin Issa has characteristics such as creativity and
motivation, this characteristics is to create new ideas, thoughts to remain competitive in the
market which help them to motivate their employees to complete their task in timely manner.
This characteristics develops them to own their Euro garages to succeed (Zhang and Acs, 2018).
They succeed in purchasing UK market from Walmart. However, they become successful
entrepreneur from their experience and background.
Rewards and risks of business start up: Starting of new business involves risks as well as
reward. Rewards in business start up involves the ultimate control of their business profits and
incomes. On the other hand, risks involves production, market, financial as well as team risk.

CONCLUSION
From the above project, it is analysed that entrepreneur is defined as individual who form
a new venture and take advantage of rewards. Entrepreneur is a creator, innovator and build
unique idea in different way. It is essential in economy which is useful to predict wants and
desire to bring new goods and services in market which helps them for growth opportunities.
There are different entrepreneurship venture which is small, large, scalable start-up and social
enterprise which has differences along with the similarities. Turnover, employment and
businesses impact of micro and small on UK economy. Benefit of small and start-up business are
maximise the tax base, job creation, economic development, changing business environment and
wealth creation and sharing which contribute to the growth of social economy. Mohsin Issa and
Zuber has different characteristics and skills which are different from other manger such as
Confidence, passion, motivation, creativity as well as skills include leadership, critical thinking
communication, innovative. Background and experience foster entrepreneurship of Mosin and
Zuber.

REFERENCES
Books and Journal
Al Omoush, K. S., Al-Qirem, R. M. and Al Hawatmah, Z. M., 2018. The degree of e-business
entrepreneurship and long-term sustainability: an institutional perspective. Information
Systems and e-Business Management. 16(1). pp.29-56.
Alsos, G.A. and et.al., 2019. Effectual exchange: from entrepreneurship to the disciplines and
beyond. Small Business Economics, pp.1-15.
Alvarez, S. and Barney, J. B., 2020. Has the concept of opportunities been fruitful in the field of
entrepreneurship?. Academy of Management Perspectives. 34(3). pp.300-310.
Durán-Sánchez, A. and et.al., 2019. Mapping of scientific coverage on education for
entrepreneurship in higher education. Journal of Enterprising Communities: People and
Places in the Global Economy.
Farinha, L., Ferreira, J. J. and Nunes, S., 2018. Linking innovation and entrepreneurship to
economic growth. Competitiveness Review: An International Business Journal.
Fayolle, A. ed., 2018. A research agenda for entrepreneurship education. Edward Elgar
Publishing.
Freiling, J., Harima, A. and Heilbrunn, S., 2019. Refugee Entrepreneurship A Case-based
Topography. Machmilan.
Hytti, U., Blackburn, R. and Laveren, E. eds., 2018. Entrepreneurship, innovation and
education: frontiers in European entrepreneurship research. Edward Elgar Publishing.
Kleine, K., Giones, F. and Tegtmeier, S., 2019. The learning process in technology
entrepreneurship education—Insights from an engineering degree. Journal of Small
Business Management. 57. pp.94-110.
Kloepfer, K. and Castrogiovanni, G. J., 2018. Entrepreneurship: venture creation subprocesses,
subdomains, and interfaces. International Entrepreneurship and Management Journal.
14(3). pp.681-696.
Litau, E., 2018, August. Entrepreneurship and economic growth: A look from the perspective of
cognitive economics. In Proceedings of the 2018 9th International Conference on E-
business, Management and Economics (pp. 143-147).
Nakara, W. A., Messeghem, K. and Ramaroson, A., 2019. Innovation and entrepreneurship in a
context of poverty: a multilevel approach. Small Business Economics, pp.1-17.
Thompson, N. A. and Byrne, O., 2020. Advancing entrepreneurship as practice: Previous
developments and future possibilities. In Research Handbook on Entrepreneurial
Behavior, Practice and Process. Edward Elgar Publishing.
Umar, A., Sasongko, A. H. and Aguzman, G., 2018. Business model canvas as a solution for
competing strategy of small business in Indonesia. International Journal of
Entrepreneurship. 22(1). pp.1-9.
Zhang, T. and Acs, Z., 2018. Age and entrepreneurship: nuances from entrepreneur types and
generation effects. Small Business Economics. 51(4). pp.773-809.
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