Entrepreneurship & Small Business Management: Unit 9 Report ASDA

This report provides a comprehensive analysis of entrepreneurship and small business management, focusing on various types of entrepreneurial ventures, their similarities and differences, and their impact on the UK economy. It explores the significance of micro and small businesses, including start-ups, in driving social economy growth. The report identifies key characteristics and skills of successful entrepreneurs and assesses the entrepreneurial mindset, using ASDA as a case study to illustrate practical applications of entrepreneurial principles. The document also highlights the role of small businesses in generating employment, fostering innovation, and adapting to economic changes, ultimately contributing to the overall development of the social and economic landscape.

Unit 9 Entrepreneurship and
small business management

Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Different types of entrepreneurship and their relation.................................................................3
Impact of micro and small businesses.........................................................................................5
Similarities and differences between entrepreneurship ventures.................................................6
Importance of small businesses and Start-ups for growth of the social economy.......................8
Characteristics traits and skills of successful entrepreneurs........................................................8
Entrepreneurial personality reflect entrepreneurial motivation and mind-set...........................10
Examples of entrepreneurship...................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is termed as the purposeful plan of action of a businessperson. In this it
will try to modernize the manner of something and requires to change the world with their
orientation of the perspective. As there are various features that will monitored by entrepreneur
like hard work, self-sufficiency and individuality, highly positive and preparation and
establishing skills etc. Such features will help businessperson to positively run their free
enterprise and small companies (Inada, 2020) . The management consider in this report is
ASDA. The company have various set of the competitive benefits of their free enterprise
company. ASDA is a retail company that provides grocery and clothing products and services to
their consumers. It is based on UK. This report will survey various types of free enterprise
ventures that will explore their correspondences and changes. It will also demonstrate that how
micro and small business will create have an impact on economy that will clarify an essentiality
of small business and start-ups. It will also identify the various features and abilities of an
effective businesspersons. In the end of the report it will assess an entrepreneur’s mind-set that
how they get encouraged for their work and give an applicable example to clarify their adoptive
free enterprise.
TASK
Different types of entrepreneurship and their relation
Entrepreneurial:
In this type of organisation an entrepreneur is an individual who begin their company
with limited incomes. Such type of free enterprise is completely advanced that are related to any
present business sections. In this, entrepreneur take high risk to course the company. It is
generally classified in new product growth and novelty of the business model. In this, an
individuals has highly concentrated on their thought of ideas that try to execute it and in an
adequate manner to lead the business (Bürger, and Vecco, 2020). Although in business venture
indecision is high and at will affects whole company and its growth if some issue is rise up.
Intrapreneur-ship:
In this type entrepreneurs that are believed that misplaced and disappointment that will
not affect any personal cost. Intrapreneur-ship is essentially that a large management of
entrepreneurs. In which they are dynamic and ready to do whatever for their perspective. As they

also take creativities to execute their perspective with the restriction of management. They
always concentrates on particular problems and they have skills to find better answer for
management by provide innovative thought of facilities. In Intrapreneur-ship entrepreneurs are
work with liberty and their main features is actions and individuality for their work in the
management.
Managerial:
The venture will considered on the decision-making manner that controls the candidates
and staff faculty for their work and presentation (de Blasio, and et.al., 2020). In this
management, some candidates have power to change candidate and the work and situation as per
to their presentation. As such candidates that are on higher location in the management. They
will lead the candidates for work and make sure that they are maximising their work presentation
as effectively. In managerial free enterprise the candidates that have role and responsibility for
day to day work actions.
Scalable start-up:
As these types of projects to know their vision and they will also have mannered on their
mission that they can modify the world. They will influence an investor by their perspective and
by their self-confidence. By their knowledge these management will develop various relationship
in market. Such type is generally concentrates on enhancement of the product and facilities of
quality.
Large company entrepreneurship:
Such type of organisation concentrates on attaining targets and goals. In this type of
management, large numbers of candidates that are working. Their main goals that is to maximise
their deals and increase their effectiveness and efficiency.
As various types of business management that are related to various free enterprise typology like
small profit undertakings, lifestyle schemes and high development management (Khan, and
et.al., 2020). As these ventures help management to grow their business and maximise their
effectiveness.
Small profit ventures:
Such organisation that are not concentrating on their extraordinary development. It is best
example that is small shops in cities that are run for small returns, and they have 4 to 5

candidates. They are a self-governing business person that will help them to take their own an
excellent for their small profitable.
Lifestyle ventures:
In these entrepreneurs concentrates is to maximise the high profit. They need to attain
their targets and aims to growth their situation in market. They run the business and continue by
their own decisions that are based on their own lifestyle (Xian, Jiang, and McAdam, 2021).
Lifestyle ventures that are usually start their business from their desire and with new perspective
to make turnover.
High growth ventures:
Mainly in their main aim is to increase an extreme profit as much as they can. They are
mainly concentrates on development of the business and to attain huge profit. For this, they try to
secret in their efficiency and facilities.
Impact of micro and small businesses
In UK economy micro and small businesses that are creating the huge impact. As they are an
essential for the country’s economy. In UK, popular of the business that are working in micro
and small business like local goods to small mechanical corporations that will provide the local
facilities to the costumers. Micro and small business are backbone of the country. As there are
5.7 million micro business are functioned that are affects companies’ economy, driving
development, opening new markets and will provide service in the country. In 2018 projected 5.2
million business that are micro and small business that are created huge influence on UK
economy (Hashom, and et.al., 2020). Small and micro business that are independent with less
than 250 candidates. In these they are generally operated two types of business as first one is
household businesses in these they generally work in rural and semi urban field of areas and
modern small business they are concentrates on innovation and technology.
As there are several manner that which small business that have an impact on an
economy development that are as follows:
Generate employment opportunities - Unemployment develop a high course have an
impact on country's economy rate. Employment provide constancy in economy rate and in UK
micro and small business that are operating on the large scale and it provides several
employment chances in the country. As around 16.3 million candidates in UK that are work in
micro and small business.

Generate competitions and encourage further innovation - As they also provide skills and
ideas to the country to make market place livelier (Baradaran, and et.al., 2020). Start-ups like
UBER, Airbnb etc. are given an enormous impact on economy and all these start-ups that are
started as micro or small business.
Quickly adapt changes in economy - Small and micro organisation that are independent and
consumer oriented that will are affected by economic changes that's why they can easily adapt
new set of changes to endure in that condition as effectively.
Similarities and differences between entrepreneurship ventures
As there are several similarities and changes that are present in different free enterprise
ventures like public, private and social ventures. In these schemes comparisons and differences
that are as follows:
Attributes Public Ventures Private ventures Social Ventures
Definition It is termed as management
that will help the person and
society for their
improvement.
Private venture is
termed as management
in which less number of
candidates that are
working to earn profit
and for the development
of the company.
This is termed as non-
profit management
that is work for society
growth and to develop
the change.
Goal Main aim is to help public
and society and will provide
solution for their issues by
making profitability.
Their main aim is to
attain their goals and
aims and maximise as
their presentation as
well as effectiveness.
As these management
have main targets is to
provide more social
terms to the customers
by their facilities.
Strategy
Development
They utilise various plan of
actions to create society and
public so that they can
deliver the best answers for
their issues.
They try use different
plan of actions that can
rise their income and
expenses.
In these organisation
plan of actions that is
growth for
improvement of the
people and public to

make profit.
Revenue
Source
In these income that are
produced by various taxes
like income tax, corporate
taxes etc.
Private ventures
revenue sources that are
loans and local
stockholders.
For these management
main revenue source
that are donations and
personal investment by
holders.
Profit
distribution
Company profit is
distributed as between
various stakeholders,
employees and providers.
In this profit allocates
among investors and
stakeholders.
As these ventures main
targets is to provide
service to culture so
their profit distribution
as also in between
society and for their
betterment.
Value Terms of values for public
and for the culture that can
effect situation.
As these standards are
concentrates on earned
more profits.
It is created social
values for society
development.
Stakeholders As there are different stake
holders such as owners,
employees, depositors,
suppliers, national level
shareholders etc.
It involve the various
manner like
government, owners
and investors.
Its stakeholders are
customers,
businessman,
investors, funders etc.
Example The best example for public
venture is ASDA retail
company that will provide
product and facilities for
public solution and as per to
their desires.
The best private venture
example in UK is Swire
that is provided
property growth
services in UK. They
will also provide
various facilities to earn
profit and to develop
their company in the
Its best example in UK
is Social employment
empowerment that is
functioned in England
and will provide
support too public to
get service. Its vision
is to deliver chances to
all for employment

management. and for development
of the society.
Importance of small businesses and Start-ups for growth of the social economy
Small businesses that are enhancing their work performance and productivity day by day to rise
their development in the market for higher term growth. As there are various small businesses
and micro business that are directly and indirectly affect the social economy. As there are several
business that are working for social advantages and for society enhancement (Kabugi, Karega,
and Waweru, 2020). Start-ups and small company growth that plays an essential role in
development of social economy. It will provide employment in the society and creative and
innovative field to develop an impact on the society. Small company and management will help
public to create themselves with their goods and facilities and as above mentioned in UK
majority of company are small and micro business that's why their development is also an
important for the social budget. Small business is plays the manner in the social cheap because it
involve the charity that based management, non-profit management and it involve cooperative
management that will provide social facilities to the public for enhancement in the society and
these business also help in growth.
Start-up will provide more influence in financial growth of the country by providing
employment chances. It also maximise the issue and problems as because to candidates that are
busy to attain their goals and redundancy rate that is also maximise. In recent manner, the more
than three million individuals that are connected by social economy and in this small company
and start-ups that are playing major persons. They are providing various proposals to the society
that help in social economy they will offer training and growth programs that will employees to
upgrade their familiarity that will help them to deliver the facilities to the society. Small business
also an essential in the society as because it will provide facilities and goods as rapidly it will
also provide service chance to skilled or unskilled peoples to develop healthy competitions in the
marketplace.
Characteristics traits and skills of successful entrepreneurs
As there are various traits and skills that have an affect entrepreneurs to stay encouraged
and motivate to help them to attain success in their free enterprise business. Some characteristics
and skills that are as follows:

Hard Working:
The abilities that will help an entrepreneurs to maximise success in their company. Hard
working nature will help them to perform on their dreams and on their perspective of role. It also
help them that how hard perform to make the path for successful company (Di Paola, 2020).
Hard work develop positive impact on businesspersons' lifetime. For example hard working
abilities to help make their name in the industry.
Ability to take risks:
They might have this abilities to develop change in world and for successful company in
the business. Skills of risk taking aids an entrepreneurs by maximising their journey as the term
of the learning procedure to involve possible disappointments. It also helps a businesspersons
that how to become more stimulating. For example by taking risk and try their luck in stuff
investment and it provide them the result in their goodwill now they are the richest
businesspersons in UK.
Proper Planning: Manner of the making decisions with proper development that help
businessperson in an efficient organization and development in their professional and employee
presentation. It also helps to the company like effective management that help staffs to maximise
their working skills and efficiency and it also increases effectiveness.
Creativity: For become successful businessperson and to make their conditions in business
entrepreneur that might have originality abilities (Oppong, Singh, and Kujur, 2020). This skill
will helps in modest benefits that will also provide consumers to influence and exclusivity in the
business.
Self Confidence: Such features will help businessperson to believe in themselves and their
thoughts. It also helpful for businesspersons to done their project as easily and it also helps them
to comprehensive their goals and aims as effectively.
Money Management: It is an essential typical for businesspersons because it helps them in their
economic management. Such an individual also will helps them by given that proper direction
and information as about to their asset and as related as their financial organisation.
Adaptability: This skill provide opportunities to the entrepreneurs to work in any environmental
change in business and it also helps to create constant profit for the company without affected by
any internal and external factors.

All these characteristics and skills are extremely helpful for top entrepreneurs in UK such as J.K
Rowling etc. for their successful commercial and to get the name in the list of top
businesspersons in the UK.
Entrepreneurial personality reflect entrepreneurial motivation and mind-set
Entrepreneur’s personality will reflect by various factors and these factors will help them
to develop their positive mind-set and stay encouraged as towards to their targets and thoughts
(Ojong, Simba, and Dana, 2021). As these various factors that are as follows,
Lifestyles: Entrepreneurs lifestyles will affect their business and free enterprise. Lifestyle will
offers encourage in management and it also develop an operative and an optimistic mind-set of
businessperson that the business to become an effective.
Family upbringing: If an individual is born an entrepreneur house then it has more balances that
their background that have an affects their attitude and they got notice in free enterprise and
company. In most of the cases poverty and big thoughts of the individual with high encourage as
also to influence as towards to a free enterprise and their concepts that might change the world.
Cultural difference: It will help businesspersons to gather various source of data and it also help
them how these ethnic change and information of knowledge that will be utilised to improve
most nominal results. Ethnic difference will also helps entrepreneurs to allocate various persons
and tasks according to their information and services it helps candidates.
Personal Motivation: It is an essential factor that develop businessperson’s personality and
reflect their outlooks (Ratten, and Jones, 2020). Entrepreneurs know that for success in their
industry their internal motivation that is the only main factors that they can utilise to stay
encourages as towards their targets that will help them by providing an efficient outcomes.
Persuasive communication: Such factors that help businesspersons in an important and handling
their business. It develop reflective nature of businesspersons that help them in an effective
statement to make strong customer base.
All these issues that can help businesspersons and reflect their mind-set character and give them
encourage to develop in business with higher presentation.
Examples of entrepreneurship
Success of businessperson will depends on the background from which he or she is coming. It
has been created the great effect on the individual life. By such past experiences the individuals

who get encourages to start their own small company to make all likely have an effort to provide
an efficient commodity for the benefits of the society. As such experience will help them to work
day and night for the development of the company (Mohezar, and et.al., 2020). Less or limited
resources directed them as per to take safe decision for the benefits of the society. Family is the
first place from where an individual learn new products and lessons of life. As an experience that
will remains with an individuals by his life wherever they go. Here we deliberated as about two
entrepreneur JK Rowling background and its impact on their success.
JK Rowling born on 31 July 1965 at England. His childhood was nothing but pleasant.
His father follows a strict discipline which Rowling and his cousin has to follow it in their
regular life. She found escape from his father by his writing skills (Ab Wahab, and et.al., 2020).
With pen, young Rowling written the world of his own imagination where life is perfect and
beautiful, persons are always happy and all is in the control. At the 20, she involve in writing and
their drives the customized with his writing. After that he take his writing seriously and start
producing the business. Her positive contextual and knowledge in life encourage him to do
dissimilar from others.
CONCLUSION
As per to the above mentioned report it has been concluded that, the report expresses about
the business project. This report states about the diverse sorts of business ventures and their
position is also stated in this report. Besides this, how micro and small trades influences the
economy is also defriending in this report. To demonstrate the impact of micro and small
company in the economy as there are some statistical source of information that also stated in
this report.

REFERENCES
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