Unit 9 Report: Entrepreneurship & Small Business Management - Milton's

This report examines entrepreneurship and small business management, focusing on Milton's (Wallpapers) Ltd. It explores various entrepreneurial venture types, including small profit, lifestyle, and high-growth ventures, and distinguishes between public and corporate sector entrepreneurship. The report assesses the impact of small businesses on the UK economy, using data and statistics to illustrate their contribution to turnover and employment. It also delves into the characteristics of successful entrepreneurs and how their backgrounds influence their entrepreneurial mindset. Finally, the report analyzes the importance of small businesses and start-ups to the growth of the social economy, highlighting their role in fostering innovation and competition.

UNIT 9 ENTREPRENEURSHIP AND
SMALL BUSINESS MANAGEMENT
MILTONS (WALLPAPERS) LIMITED
1

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
2

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
3

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.
4

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).
5

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).
6

The different types of ventures are thus found to be related to the topology that has
its foundations on the basis of the profits and growth. The topology of Miltons
(wallpapers) ltd falls under the motive of the growth prospects that aims to ensure
growth in near future together with the profit maximization. They are specialized in
the pet products, gardening tools and wallpapers.
M1 ENTREPRENURSHIP IN BOTH PUBLIC AND CORPORATE SECTOR
Entrepreneurship that helps in gathering the innovative public policy initiatives to
ensure the greater economic prosperity is termed as public sector entrepreneurship.
It is into motive with transforming the status-quo of economic environment to
conductive units that ate more focused on creative activities (Zhao, 2017).
Entrepreneurship in public sectors always seeks to collaborate with the changes
across government and other civil societies. They gain a place as a part of a system
that is in existence to support the government rather than just being an organisation.
Entrepreneurship in a public sector always strives to find a new way to get the
finance and pool the budgets through partnerships and they focus on the outcomes.
Corporate sector entrepreneurship on other hand is all those activities that are
concerned with receiving the organisational sanctions in order to draw out innovative
results. It always renders a process that helps a firm to constantly innovate and
overcome the competitiveness in the global world. It has sole desire to enhance the
efficiency and productivity of the firms and compete internationally (Klotz and
Neubaum, 2016).
Fig: Corporate sector entrepreneurship
Source: https://www.slideshare.net/danielprathikraj/corporate-entrepreneurship-
27491181
7

P2 EXPLORE THE SIMILARITIES AND DIFFERENCES BETWEEN
ENTREPRENEURIAL VENTURES
Some of the similarities and differences within some entrepreneurial ventures can be
traced as under:
Corporate Entrepreneurship
Corporate entrepreneurship is also called intrapreneurship that builds framework
aligning to innovation and growth of the business. They focus more on the profit
earning and wealth aspect. They satisfy the needs of the customers and render
growth opportunities for the shareholders. They might sometimes ignore the
ecological outcomes of the actions undertaken and only are concerned about their
revenues. They render material items and inject in the revenues and returns thereby
(Kuratko, et al. 2014).
Serial entrepreneurship
A serial entrepreneur is the one that constantly erupts with new ideas to start new
businesses and play a vital role in the daily functioning of the business. They initially
take all responsibilities and start new businesses then transfers the responsibilities to
someone else and then step forward with new ideas again. The traits that make it
different from other entrepreneurship are the traits of effective time management and
sale management. A serial entrepreneur stresses on the strategic relationships by
building a strong team of advisors and other partners.
Social entrepreneurship
The main aim of a social entrepreneur is the well-being of a community and they
help to overcome the issues of the public by helping them in resolving the
drawbacks. The goal is not to earn profit rather serve the local needs and wants of
the community in a versatile manner. They focus on rendering good services and
invest their times in transforming the societies (Schaper, et al. 2014).
Sustainable entrepreneurship
8

Sustainable entrepreneurship comes with a sole motive of solving the societal and
environmental concerns. They realise these problems and solves them ensuring a
sustainable development through the corporate activities. The main challenge that is
faced is of gaining the contributions for a sustainable development.
Institutional entrepreneurship
This entrepreneurship has the main motive to render contribution to the changing
regulatory institutions together with the societal and market institutions. They aspire
to change the institutions as the whole and strive towards the sustainability (Storey,
2016).
Thus the main similarities and differences in this entrepreneurship are on the basis
of the purpose of creation which is usually different in all cases. The similarities are
on the basis of the visions, skills position, focus and creative thinking.
9

LO2 ASSESS THE IMPACT OF SMALL BUSINESS ON THE ECONOMY
P3 INTERPRET AND ASSESS RELEVANT DATA AND STATISTICS TO
ILLUSTRATE HOW MICRO AND SMALL BUSINESS IMPACT ON THE ECONOMY
In the economy of the UK, the small businesses offer a diverse range of the
opportunities by rendering various employment opportunities and the new markets
that help in the growth of the economy by bringing in the revenues. This helps in
enhancing the innovation and contributes to the economy of the UK.
According to the business statistics in 2017, the total businesses in the UK
accounted for 5.7 million amongst which 99% of them fell under the Small and
Medium sized businesses. The small and medium businesses employ nearly 0-249
people. Amongst this data 5.5 million of the businesses in the UK were micro-
businesses that seek to an employee only 0-9 people that accounts for 22% of
turnover and 33% of the employment generation. This helps in overall development
of the economy of the UK and helps to keep the sustainable entrepreneurship alive
through economic development of the country by fulfilling the social responsibilities
(Burns, 2016).
The impact that the small and micro enterprises create on the economy of the UK is
that it contributes to a combined annual turnover of £1.9 trillion and it also renders
16.1 million employment opportunities for the economy of the UK (Rhodes, 2017).
As Miltons (wallpapers) Ltd have their traditional business as West End DIY since 70
years and it caters quality wallpapers and paints. It renders excellent services by
strengthening the consumer base. It is into retail sale of hardware, paints and the
glass as specialized products.
10

The statistics of total annual turnover of the retail sales of the DIY supplies and the
decorating in the UK from the year 2008 to 2015 is depicted as under:
Fig: Total annual turnover of retail sales
Source: https://www.statista.com/statistics/309203/decorating-and-diy-supplies-
retail-sales-turnover-united-kingdom-uk/
11

Miltons (wallpapers) Ltd is also into home and garden products to the data related to
the market value of home and garden products in the UK market will also be
provided from 2012 to 2017 which is presented below:
Fig: Market value of home and garden products in the UK
Source: https://www.statista.com/statistics/491352/home-and-garden-united-
kingdom-uk-market-value/
12