Entrepreneurship and Small Business Report: Case Studies and Analysis

This report delves into the realm of entrepreneurship and small business management, focusing on different types of entrepreneurial ventures, including small business, scalable start-up, large company, and social entrepreneurship. It examines the characteristics and skills of entrepreneurs, contrasting them with those of business managers, and analyzes how personal backgrounds can influence entrepreneurial success. The report includes case studies of Elizabeth Gooch (EG Solutions PLC) and Tom Mercer (MOMA Foods), exploring their entrepreneurial journeys and impact on the UK economy. It further differentiates between social and lifestyle entrepreneurship, highlighting their objectives, mindsets, and value creation strategies. The report also discusses the UK's favorable economic environment for start-ups and the significant contributions of small and micro businesses to employment and overall economic growth. The analysis covers the impact of these businesses on the UK economy and the role of start-ups in meeting customer needs and providing innovative products. The report concludes by emphasizing the importance of these ventures in the well-being of the country.

Entrepreneurship and
Small Business

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examine different types of entrepreneurial ventures and how they relate to the..............3
typology of entrepreneurship ventures..................................................................................3
P2 The similarities and differences between social entrepreneurship and lifestyle
entrepreneurship.....................................................................................................................4
TASK 2 ...........................................................................................................................................6
Covered in PPT.......................................................................................................................6
TASK 3 ...........................................................................................................................................6
P5 Determine the characteristic traits and skills of entrepreneurs and how they are
differentiated from those of business managers.....................................................................6
P6 Assessment of the personality of Elizabeth Gooch and Tom Mercer that reflect their
mindset and motivates their ventures.....................................................................................7
P7 How personal background and experience can hinder or foster entrepreneurship...........8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
This study has been created on the entrepreneurship and small business management.
Entrepreneurship and small business can be defined as the start-ups that are new and innovative
and employee less amount of people in it. This study has been carried out on the two cases that is
Elizabeth Gooch and EG Solutions PLC and other one is Tom Mercer and MOMA Foods. They
are the start-up and the small business in the UK (Schaper and et. al., 2014). The main aim of the
study is to support line manager at the Entrepreneurship and Small Business Management
Council to contribute for the resources that are used by line managers. In this study several
ventures that are the part of entrepreneurial group have been explored, growth and development
ventures have been examined, impact of the cited ventures on the UK economy, environment
that hinder growth and characteristics skills of entrepreneur have been analysed in the study.
TASK 1
P1 Examine different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship ventures
Entrepreneurship is a process that is used by an entrepreneur in order to established their
own business so that their overall profits can be improved. They are the one who takes financial
risks in order to improve their growth. In the first case, Elizabeth is a CEO of EG solutions who
establish their own business by taking the fund from friends and family. In the another case, Tom
mercer start their own business and open a shop so that healthy food can be provided to the
people.
There are different types of entrepreneurial ventures in the market and they all perform
their operations in an efficient manner so that they can accomplish their objectives. Every person
start their business on the basis of particular vision and mission. Through this, they will be able
to give the direction to their employees so that they performed in order to serve the quality
products to their customers (Bridge and O'Neill, 2012). Entrepreneur is the owner of their own
business and they set the goals so that they can improve their growth at the marketplace. There
are four kinds of entrepreneurial ventures such as:
Small business entrepreneurship: There are many small business organisations that are
established by an individual so that they can fulfil the desires of their customers. There are
approx 5.3 million start-ups which perform their operations in United Kingdom. For example,

grocery shop, retail store, agents are some of the small businesses that are run by an
entrepreneur. These people hire workers from their family members so that they can improve the
growth of their firm. In order to start their business, they take fund from their family members or
financial institutes. As per the case study of Elizabeth, she started her business by taking the fund
such as £1,000 from their family and friends. Entrepreneurs are one who start their business by
taking some risks. These can be related to the factors such as finance and so on. Small business
entrepreneurship is related to the entrepreneur key venture so that their overall performance can
be improved.
Scalable start-up entrepreneurship: These types of entrepreneurs are the one who start
their business with a vision and mission. They recruit the skilled and knowledgable employees so
that they can improve their growth and generate more revenues. They perform their operations in
an effective manner so that they can take their business towards large scale so that high profits
can be achieved (Dennis Jr, 2011). Managerial business owners are the one who are very
challenging and innovative towards their activities and operations that they have to perform in an
efficient manner. They are responsible to perform their business in an ethical manner so that
overall goals can be achieved in right direction.
Large company entrepreneurship: These types of entrepreneurs perform their operations
at large scale and along with this they follow a life cycle so that they can improve their growth in
the market. They focuses on the needs and demands of their customers so that their overall
satisfaction can be increased. They have many competitors in the market so manager of large
enterprise have to perform competitive strategies so that they can achieve competitiveness.
Intrapreneur is an entrepreneur in the large business organisation who uses their skills in order to
enhance the profitability of an organisation. They are focusing on the processes or activities that
rather than whole company.
Social entrepreneurship: These types of entrepreneurs are the one who create products
and services so that they can fulfil the social needs (Gorgievski, Ascalon and Stephan, 2011).
Their main aim is to improve the welfare of the society and to enrich the society.
These different types of entrepreneurial ventures are related to the typology:
The accomplished entrepreneur: This type of entrepreneurs follow all the stages of the
entrepreneurship so that they can achieve success in the market. Mainly these people are large
scalable entrepreneur who focuses on the needs and demands of their customers.

The determined entrepreneur: These entrepreneurs are more determined towards their
work and their goals. Scalable and small business entrepreneurship ventures create their own
vision so that they can enhance their growth in the market than any other competitive firm.
The research entrepreneur: There are some entrepreneurs who perform research in the
market so that they can establish their business (Carraher and Paridon, 2015). They are more
focusing on the learning activities so that they can perform their operations in an efficient
manner. Large business enterprise conduct a survey in the market so that they will be able to
identify the needs of the people. On the other hand, new start-ups also perform these activities so
that they can attract new customers. For example, Tom mercer first conduct a research in the
market and then start their business.
P2 The similarities and differences between social entrepreneurship and lifestyle
entrepreneurship
There are many entrepreneurs who perform their operations in the market on the basis of
their aim and objectives. Everyone wants to grab an opportunity that will lead them towards
success. There are two distinct types of entrepreneurs such as social and lifestyle entrepreneurs.
They both perform their operations in an efficient manner so that they can enhance their growth
and welfare of the society (Fassin, Van Rossem and Buelens, 2011). Their are some differences
and similarities between these types of business owners are: Objectives: Social entrepreneurs are the one who create innovative and quality services
for the people so that they can fulfil their social needs. Their main aim is to enrich the
society and to attain the sustainable profits. On the other hand, there are some lifestyle
entrepreneurs whose main aim goal to increase the market share and generate more
revenues. Mindset: This is the biggest difference between the social entrepreneurs and lifestyle
entrepreneurs that in which direction they lead their business (Chittithaworn and et. al.,
2011). The first one establish their business in order to reduce the poverty in the country
and the another one focuses on the money and capital. Along with this, on the basis of
their mind set they set their visions so that they can provide quality services to their
consumers. Value creation: The lifestyle entrepreneurs are focuses on the needs and demands of
their consumers. They offer innovative and quality products to their consumers as

compare to the other competitive firm. On the contrary, social entrepreneurs offer value
services to their consumers so that they can improve welfare in the society. They gave a
positive impact on the society so that overall economic growth can be improved.
 Marketing communication: lifestyle entrepreneurs are the one who perform promotional
activities so that they can increase the brand awareness among all the people of the
country. They spent a lot on these advertising activities. Fro example, they can use radio,
social networking sites, newspapers and so on (Sampaio, Thomas and Font, 2012). On
the other hand, social entrepreneurs are the one who didn't use these promotional
activities as they believe in work of mouth marketing strategies.
As per the case study of Elizabeth Gooch, she is the lifestyle entrepreneur who perform
activities so that they can improve their growth in the market. Along with this, they attract
investors towards their services so that their overall profitability can be achieved. For example
the another case study is based on Tom mercer who open their business named as MOMA food.
They established their businesses so that they can offer healthy and quality food to their
customers.
The similarity between the social and lifestyle entrepreneur is that they both perform their
operations for their customers so that they can fulfil their needs and demands. Along with this,
they both perform activities so that they can improve their growth in the market.

TASK 2

They are contributing for the betterment of the UK economy. They generally have less
employees and so the less revenue is generated, but these small and micro businesses are
contributing much to the economy of UK which helps the economy and country to rise in a good
proportion and giving these business a good chance to grow and maintain their worth in the
market.

Currently UK economy is favourable for the start-ups or small or micro businesses. The
case studies discussed in this study that is EG solutions PLC by Elizabeth Gooch and MOMA
foods by Tom Mercer are the type of small or micro businesses that have impact on economy of
UK. UK economy helps in improving the turnover of the small and micro businesses , that is
obviously a good sign for such businesses. It helps them to grow in the existing and new market.

Small and micro businesses also have impact regarding employment, although small and micro
businesses don't employee much employees in their organisation but they employ 24.3 million
people in the UK, which is an account of 60% of private sector employment.
These businesses allow active firms to grow above unproductive ones. Small and micro
businesses have played an important role in taking the UK out of recession that gives a strong
impact on the UK economy. In UK manufacturing, retail and repair of motor vehicle are the
largest industries and these small and micro businesses are important part of these economic
activities. 46 % of the small businesses revenue comes from these sectors. Small and micro firms
have beneficial and good impact on the overall economy of the country. UK's current economy is
the facilitator of the small and micro businesses.

They are playing an important in the well being of the country. Because of such
businesses or small businesses the economy of the UK is developing day by day which is
beneficial for the country as well as for the employment activities in the country that helps in
decreasing the unemployment ratio and contributing to its growth. The cited companies are also
helping in increasing the current economy of UK.