MOMA Foods: Analysis of Entrepreneurship & Small Business Management

This report explores entrepreneurship and small business management in the context of MOMA Foods, a UK-based small business. It examines different types of entrepreneurial ventures, their relationship to the typology of entrepreneurship, and the similarities and differences between them. The report also analyzes the impact of small businesses on the UK economy, using relevant data and statistics to illustrate the contributions of micro, small, and medium-sized enterprises. Furthermore, it delves into the key aspects of an entrepreneurial mindset, including the traits and skills of successful entrepreneurs, and assesses how entrepreneurial personalities reflect motivation and mindset. Finally, the report examines how background and experience can foster or hinder entrepreneurship, linking entrepreneurial characteristics to personal backgrounds and experiences of successful entrepreneurs. The study highlights the significant role of SMEs in the UK economy, emphasizing their contributions to employment, turnover, and innovation.

Unit 9 Entrepreneurship and Small
Business Management
MOMA FOODS
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Table of Contents
INTRODUCTION..........................................................................................................4
BACKGROUND OF MOMA FOODS............................................................................5
LO1 EXPLORE AND ILLUSTRATE THE RANGE OF VENTURE TYPES THAT
MIGHT BE CONSIDERED ENTREPRENEURIAL.......................................................6
P1 DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND THEIR
RELATION TO THE TYPOLOGY OF ENTREPRENEURSHIP...............................6
M1 ENTREPRENEURSHIP IN BOTH PUBLIC AND CORPORATE SECTOR.......8
P2 THE SIMILARITIES AND DIFFERENCES BETWEEN ENTREPRENEURIAL
VENTURES.............................................................................................................10
LO2 THE IMPACT OF SMALL BUSINESS ON THE ECONOMY.............................11
P3 RELEVANT DATA AND STATISTICS TO ILLUSTRATE HOW MICRO AND
SMALL BUSINESS IMPACT ON THE ECONOMY................................................11
M2 THE DIFFERENCES THAT SMALL, MEDIUM AND LARGE BUSINESSES
MAKE TO THE ECONOMY BY APPLYING RELEVANT DATA AND STATISTICS
................................................................................................................................12
P4 THE IMPORTANCE OF SMALL BUSINESSES AND BUSINESS STARTS-
UPS TO THE GROWTH OF SOCIAL ECONOMY.................................................14
LO3 DETERMINE AND ASSESS THE KEY ASPECTS OF AN
ENTREPRENEURIAL MINDSET...............................................................................15
P5 THE CHARACTERISTIC TRAITS AND SKILLS OF SUCCESSFUL
ENTREPRENEURS THAT DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGERS............................................................................................................15
M3 DIFFERENT LINES OF ARGUMENT RELATING TO ENTREPRENEURIAL
CHARACTERISTICS..............................................................................................17
P6 ASSESS HOW ASPECTS OF THE ENTREPRENEURIAL PERSONALITY
REFLECT ENTREPRENEURIAL MOTIVATION AND MINDSET..........................18
LO4 EXAMINE THE DIFFERENT ENVIRONMENTS THAT FOSTER OR HINDER
ENTREPRENEURSHIP.............................................................................................20
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P7 BACKGROUND AND EXPERIENCE CAN HINDER OR FOSTER
ENTREPRENEURSHIP..........................................................................................20
M4 THE LINK BETWEEN ENTREPRENEURIAL CHARACTERISTICS AND THE
INFLUENCE OF PERSONAL BACKGROUND AND EXPERIENCE TO SPECIFIC
SUCCESSFUL ENTREPRENEURS......................................................................21
CONCLUSION............................................................................................................22
REFERENCES...........................................................................................................23
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INTRODUCTION
Entrepreneurs are the owners of the business that are involved in the innovation and
leadership of their business ideas by working independently. They usually inherit
their own ideas and develop business on the foundation of the same and then
manage the business effectively by assuming the risk of the success. On another
hand, a small business is a partnership corporation that may be also in the form of a
sole proprietorship that has comparatively low revenue and low support from the
government. It usually has employees ranging from 15-50 employees. In this
assignment, different and relevant aspects of the entrepreneurship and small
business management will be discussed in context to the Moma Foods that is a
small business enterprise of the UK.
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BACKGROUND OF MOMA FOODS
Moma Foods was established in 2005 by Tom Mercer that was motivated by the
frustration of the old unhealthy breakfast. It expanded in Waterloo by opening a stall
in Canary Wharf and Vauxhall and since then it is growing. It is now selling in many
supermarkets in the country and also at airlines and high street shops. The products
that it offers include Porridges, Oatie Shakes, Muesli, Smoothies and Muesli mix and
many more. Thus in 2009, it had nearly 25 people as employees and is selling
through UK internet retailer i.e. Ocado (McAllister, 2016).
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LO1 EXPLORE AND ILLUSTRATE THE RANGE OF VENTURE TYPES
THAT MIGHT BE CONSIDERED ENTREPRENEURIAL
For the manager of Moma food that is a small business enterprise that is based in
the UK, we will explore the different entrepreneurial ventures and the topology. We
will also trace out the similarities and differences in these ventures with the role of
the entrepreneurship in the public and the corporate sectors.
P1 DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND THEIR
RELATION TO THE TYPOLOGY OF ENTREPRENEURSHIP
Entrepreneurship is regarded as the capacity of a business owner to run and
manage a business venture through his innovation and leadership by taking all the
business risks to reap out profits. An entrepreneurship may include a new business,
start-ups, social entrepreneurship, large company entrepreneurship and small
business entrepreneurship.
Some major types of entrepreneurial ventures may include the following:
Intrapreneur
An Intrapreneur is a version where he is an employee with high authority and support
to render a new product for a company that aims to generate revenue in long-term.
Intrapreneur does not face the risk of failure of the product and is paid salary
irrespective of the product fails to make production (Mariah, 2017).
Lifestyle venture
Under this type of venture, the owner of the business has full control of the business
to run and operate it successfully which is referred as the lifestyle firms. These are
flexible ventures and are focussed to render funds to the lifestyles of the owners. In
this type of ventures, there is the flexibility of timings, attire and the working patterns
and there are huge profits with unity in interest and hobbies of entrepreneurs. The
sole purpose does not lie upon earning the profits but the focus is more laid upon the
life rewards to the people.
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Social entrepreneurs
Social entrepreneurs are the one that opens their ventures with the sole aim of
driving innovation and transformations in the field of education, human rights and
health-related areas. They focus on overcoming the traditional business practices
and solve social problems. They are the one that achieves large-scale and social
change through a new invention and creates ecological value by optimising the
financial value. They utilise a social approach to solve a social problem through
innovation (Abebe, et al. 2016).
The topology of entrepreneurship is categorised on the basis of the motives of the
ventures that are undertaken. Some undertake the venture with the sole aim of profit
maximisation while some undertake for the social welfare. There are also some
entrepreneurs that fall under the topology of the growth prospects. Like the case of
Moma Foods that is carrying its business with further growth prospects and to
expand its business other parts of the country as well (Autio, et al. 2014).
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M1 ENTREPRENEURSHIP IN BOTH PUBLIC AND CORPORATE SECTOR
Entrepreneurship in the public sector has been referred as the innovative initiatives
of the public that helps in generating the economic prosperity by engaging in the
creative activities to effectively face the uncertainties. The entrepreneurship in public
sectors aims to reduce heterogeneity and remove the diversity by developing new
technologies and bringing out more innovation in the economy. In public sector, the
role of entrepreneurs is to find new ways that will help in better collaboration with the
changes in the societies and governmental areas. They usually render support to the
governments and strive to attain finance and funds from the government through
partnerships (Barber, et al. 2016).
Fig: Elements of Public Entrepreneurship
Source: https://smallbusiness.yahoo.com/advisor/blogs/smallbiz-vote/initiative-
support-entrepreneurial-revolution-212834930.html
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Corporate entrepreneurship is a venture that starts new products and services within
a corporate form or brand and all the teams within the organisations are rendered
freedom on coming up with new ideas and products. Corporate sector also renders
support to them even to start a new venture. Entrepreneurship in corporate sector
promotes innovativeness, risk taking, proactiveness and autonomy that faces
competitiveness and come up with fresh startups (Duval‐Couetil, 2013).
Fig: Entrepreneurship in corporate sector
Source: http://www.alierenbalikel.com/en/different-perspectives-on-corporate-
entrepreneurship/
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P2 THE SIMILARITIES AND DIFFERENCES BETWEEN ENTREPRENEURIAL
VENTURES
There are many entrepreneurial ventures that can be differentiated on the basis of
motive, motivation, outcome and process. Some of the similarities and differences in
the entrepreneurial ventures can be discussed as under:
Social entrepreneurship
Social entrepreneurship is a type of venture that is contributing towards solving the
social problems by identifying the social impacts and creating a value for the society.
The main aim of this entrepreneurship is to achieve the social welfare through
achieving secure funding. They also aim to integrate the economic issues together
with the societal issues. In this type, there is an emotional desire that drives towards
improving the social and economic conditions of the world and they are less deprived
to earn profits (Gallucci, et al. 2015).
Lifestyle entrepreneurship
In case of a lifestyle Entrepreneur, the profit motive is replaced by passion and he
combines personal talents and interests that help him to earn a living. He
intentionally makes a choice of a business model that will develop and grow his
business in long terms ensuring a viable living and sustainable growth (Sheehan,
2014). There is personal freedom and more family time as compared to corporate
entrepreneurs earning a living motive inspires them to work towards self-employment
and getting a balance in their life. There are clear exit strategies in their business
and they own strong control on their business and aim to reach the global market.
Serial entrepreneur
A serial entrepreneur is the one that starts new business and series of new
businesses with new ideas and usually undertakes high business risks and
innovation, they have a high level of experiences and starts new businesses and
later transfers their ownership to others. The responsibility is transferred to another
entrepreneur and move forward with new ideas (Randolph, et al. 2017).
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LO2 THE IMPACT OF SMALL BUSINESS ON THE ECONOMY
P3 RELEVANT DATA AND STATISTICS TO ILLUSTRATE HOW MICRO AND
SMALL BUSINESS IMPACT ON THE ECONOMY
Micro and small business in the UK economy is generating a strong impact as they
are the one that offers many employment opportunities to a large population and is
rendering diverse opportunities to new markets and businesses. For an economy,
the small and micro businesses have formed as a backbone for the economy as in
the economy of the UK maximum businesses are small and medium in nature. In the
last five years through the recession, the micro-enterprises in the UK are responsible
for the majority of the job creation opportunities that usually renders nearly £25-500
million turnovers. In the economy of the UK, the start-up businesses number since
2013 is rising with a speed and is favouring the economic climate of the UK. In the
UK nearly 99% of the businesses are falling under the small or medium businesses
(Small Business Statistics, 2017).
When we witness an impact of the small businesses on the economy of the UK we
will undertake the metrics of turnover that renders nearly £1.6 trillion of turnover in
2014 and is continuously whopping 47% of the overall turnover to the private sector.
It also creates several opportunities for the people of the country as it employs nearly
24.3 million of people in the UK and thus contributing to the economic growth of the
country. In the economy of the UK SME also proves to be the major drivers of
innovation, growth and competitiveness as nearly 37% of the SMEs are reported to
be engaged in the innovative activities (Rhodes, 2017).
Thus the economy of the UK is greatly impacted from the Small and Medium-sized
businesses as it has benefited the economy by rendering healthy financial climate
that facilitates the growth of these businesses as well as people of the country.
Moma Foods is a food and Beverages Company in the United Kingdom, the
statistics of the food company in the UK contributes to total Gross Value added of
the agri-food sector in 2016 to nearly £112.0bn and is increasing with years.
According to the data of the Food sector, there was an increase that witnessed by
76.0% between 2000 and 2016 (Small Business Statistics, 2017).
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