Report on Entrepreneurship and Small Business Management for Mars & Co

This report provides a comprehensive overview of entrepreneurship and small business management, focusing on the case of Mars & Co, an international consulting firm. The report begins by defining entrepreneurship, entrepreneurial ventures, and various types such as large, small, social, and scalable ventures. It explores the relationships between entrepreneurial typologies and ventures. The report then analyzes the differences and similarities among various entrepreneurial business models. Furthermore, it examines the significance of entrepreneurial ventures, particularly small and medium enterprises (SMEs), and their contribution to the economy at local, regional, and national levels. The report includes statistical data illustrating the impact of SMEs and start-ups on economic growth and employment. Finally, it delves into the characteristics, competencies, and background factors that influence entrepreneurial success, along with the prospects and motivations of entrepreneurs.

Entrepreneurship
and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1............................................................................................................................................1
P2............................................................................................................................................3
M1:.........................................................................................................................................4
D1: .........................................................................................................................................5
TASK 2............................................................................................................................................5
P3............................................................................................................................................5
P4 ...........................................................................................................................................7
M2:.........................................................................................................................................8
D2:..........................................................................................................................................9
TASK 3............................................................................................................................................9
P5 ...........................................................................................................................................9
P6..........................................................................................................................................11
M3.........................................................................................................................................12
D3:........................................................................................................................................12
TASK 4..........................................................................................................................................13
P7..........................................................................................................................................13
M4: ......................................................................................................................................14
D4:........................................................................................................................................14
CONCLUSION .............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is refers as the process of introducing, creating as well as operating new
ventures. It is the ability as well as willingness for organising, managing, developing enterprises
through taking risk for making profitability. The individuals who develop as well as operate
enterprises are considered as entrepreneurs. Moreover, this is very essential for have competent
and skilful entrepreneur in order to run business in successful manner. Likewise small business
management are accountable to manage several operations as well as various activities of firm.
They are responsible to utilise its skills as well as knowledge for attainment of objectives
efficaciously (Eniola and Entebang, 2015). As per the scenario the chosen company is Mars &
Co. which is a international consulting firm. Its headquarters is in Paris, France and having 7
office in all over the world. This report covers the various entrepreneurial ventures types as well
as its relations along with the classification of entrepreneurship. Distinguish as well as
sameness among ventures of businessperson, applicable statistics as well as information in order
to illustrate small as well as micro enterprise effects upon economic system, small enterprise
significance as well as start- ups towards development of societal economic system, successful
business men traits, characteristics as well as competencies. Moreover, the businessperson
prospects which reflects businessperson mindset as well as motivation are mentioned. Apart
form this, enterpriser background as well as experiences which may obstruct and foster
entrepreneurship are also mentioned in this particular assignment.
TASK 1
P1
Entrepreneurship is considered as the process for developing new business as well as
taking risk for gaining profitability. It is also known as an act of production and investment
opportunity, creating as well as handling ventures in order to undertake the functions of
production, organising inputs like labour, capital, launching of new techniques, material and
others (Berisha and Pula, 2015).
Entrepreneurial venture:
This is considered as the firm that concentrate upon performing innovation as well as
self-seeking for producing economical as well as societal value. It basically concentrate on
rendering services of consultancy for both firm middle as well as early. The entrepreneurial
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venture role is distinguish from each others that depends upon the process of company. So, the
firm have to concentrate upon entrepreneurial venture in order to develop new opportunities for
individuals.
Various entrepreneurial venture types:
There are many forms of businessperson venture that are discussed below: Large enterprising venture: This is considered as the venture that is large in size as well
as acquire more market share. These are the firms that develop by providing new
products, sustaining technologies, innovation and many others (Krajňáková, Navikaitė,
and Navickas, 2015). In this, products are produced according to the requirements of
customers demands and requirements. Such as Microsoft, Google and others. Small enterprising venture: This is considered as the venture that is generally small in
size which have less number of employees and few capital. In order to operate such
business, they recruit competent local person of country for performing the work. It
involves carpenter, electricians and many others. In respect of U.K., currently there are
5.82 million small business that have approx 0 to 49 staff. Social enterprising ventures: This is considered as that entrepreneurship that basically
concentrate upon facilitating or developing new goods or services in order to resolve
society requirements and issues. It can be profitable, non profitable or both. This develop
world better than gaining profitability for sustaining into society. For example: NHS,
Oxfam and many others.
 Scalable enterprising venture: The entrepreneurs concentrates upon initiating firm with
an aim which can modify the world (Sondari, 2014). They grab the attention of investor
of investment. For performing the activities as well as operation of the business, they
recruit effective as well as competent staff for working performance. Such as Instagram,
Facebook any many others (What Is Entrepreneurship? – Types & Importance, 2019).
Kinds of Typology:
There are basically three kinds of typology that are discussed below: Survival ventures: This is considered as those ventures that basically concentrate upon
the intent of gaining livelihood for living of family as well as do not explore operations of
the enterprise at larger level. This involves grocery store, hair dressers and many others.
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 Managed growth business: This is considered as the business that are performed by
experts who are competent in gaining profit through making money. It is the venture that
are run with intent of obtaining more returns.
 Growth ventures: This is the business which is developed for gaining profitability or
revenue by utilising creative ideas for the attainment of competitive advantages.
Relationship of entrepreneurship typology with entrepreneurial venture
Entrepreneurial Venture Relation To Typology of Entrepreneurship
Large business This entrepreneurial venture is related with managed
growth typology for changing world through performing
innovation.
Small business This entrepreneurial venture is related with survival
typology as they are concentrated upon surviving into
market area.
Social business This is entrepreneurial venture is related with lifestyle
typology for enhancing market share through
accomplishing the needs of society.
Scalable business This entrepreneurial venture is related with growth
typology in order to gain profitability by new ideas as well
as innovations.
P2
The differences as well as similarities among entrepreneurial business are discussed
below:
Basis Small
entrepreneurial
venture
Large
entrepreneurial
venture
Scalable
entrepreneurial
venture
Social
entrepreneurial
venture
Definition This is considered as
business that
basically set up to
This is considered
as business that
concentrate upon
This is considered
as business where
entrepreneurs
This is
considered as
business that
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operate its
operations, activities
at smaller level.
operating its
ventures at larger
scale and also
concentrate on
performing
innovation for
producing new
goods or services.
invest its capital for
starts-ups that is
scalable in nature.
perform their
activities at larger
level with the
intent to facilitate
quality products
to clients
efficaciously.
Aim The aim of this is to
sustain at market
area through
accomplishing basic
requirements of
customers
efficaciously.
Its aim is to
become more
competitive at
market area
through producing
creative goods or
services.
The aim of this is
to reach at huge
number of
customers through
performing
analysis as well as
understanding its
requirements and
demands
efficaciously.
Its aim is to
perform for
facilitating social
welfare to
customers for
gaining profit
ratio.
Examples Hair dresser,
carpenters and many
others
Microsoft, Google
and so on.
Facebook,
Instagram etc.
NHS, Oxfam and
many others.
Similarities:
 The main objective of whole business is to gain profitability as well as survive at market
area through accomplishing requirements and demands of societal individuals.
 Whole ventures drive towards producing as well as creating products and services with
utilisation of innovative, creative and new thoughts.
 All the business have to take capital from several investors as well as capitalist for
expanding its enterprises at marketplace.
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M1:
Public entrepreneurship
This is considered as that enterprises that are totally or partially owned as well as
controlled through state or public authority. The government possess whole rights upon
facilitating guidance to business for developing efficacious decisions. There are some enterprises
that are included into public ownership for societal advantages. Such as national audit
commission, telecommunication and so on.
Corporate entrepreneurship
This is considered as the evolution of new opportunities as well as ideas into established
or huge business that can directly drives towards enhancement of business profitability as well as
maximising competitive position of existent businesses (Chowdhury, Alam and Arif, 2013). It is
for larger firm that can bear huge risk for innovation, guiding their groups as well as leaders for
enhancing corporate level business. Few examples of corporate sector are Facebook, IBM and
many others.
D1:
The entrepreneurial ventures are crucial as another kinds of enterprises. The development
as well as scope of respective sector is enhancing due to low investment into enterprises as well
as various youth concentrate upon operating its own company instead of performing job of 8
hours that 9 to 5. There is development of entrepreneurial venture due to new innovation and
thoughts possessed through persons. As per the national statistics report, the entrepreneurial
venture are very much essential for each level of firm. The development as well as scope is
enhancing as the recession is reducing continuously within UK. Individuals are currently
investing into new entities apart from its own as well as younger generation are very much
concentrated to perform their own ventures rather than doing jobs. So, entrepreneurial venture
scope are maximising. On the another side, no firm will be smoothly performed without
appropriate formate of entrepreneurial ventures. Currently, individuals are so much innovative as
well try to engaged into many ventures. The statistics clearly states that development and scope
of different ventures that are wholly open for SME's as about 99.03%of overall entities are
performed through SME'S Business. Therefore, it is higher profitability (BUSINESS
POPULATION ESTIMATES FOR THE UK AND REGIONS 2016. 2019.).
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TASK 2
P3
Micro business is considered as an organization whose sales as well as assets is less then
$ 250000 per year. It is considered as the sub characteristics of small business as well as
developing various kinds of industries. This is the form of owned company as well as partnership
which includes huge number of staff in comparison to micro and another (Chowdhury, Alam,
and Arif, 2013).
Contribution of SME's on economy
The contribution of small and medium enterprises on economy at several level are
discussed below: Local level: The SME's effects local economy as well as its activities as well as
operations. This facilitates contribution in respect of facilitating job opportunities to local
individuals so that it can live a happy life. Regional level: The local economy assists in providing job opportunities for obviating
unemployment from regional level. The competent as well as capable employees
contributes more into organisational growth and development for attainment of
objectives.
 National level: The small and medium enterprises is effected at national economy as this
have large presence into UK in which 15 million person are employed from such firm.
This is very essential for firm for brining innovation as well as innovative ideas for
development at market area.
6Illustration 1: Impact of SMEs on economy.
(Source: Brexit’s impact on small businesses: the experts may be spot on after all, 2019)

From the above data, this have been concluded that small and medium enterprises plays
an essential role into UK economy. The information presents that there are about 5.7 million
small and medium enterprises into UK marketplace which involves private jobs 60%. It aids into
business growth and development efficaciously. There is growth into SME that have facilitated 2
million job from year 2010 as well as render 73% private jobs to person. Few of the
development are discussed below:
 There are around 5 million small and medium enterprise into UK which provides 60% of
private jobs.
 Small and medium enterprise are responsible for the growth rate of economy by creating
2 million jobs to country.
According to the facilitated data, this have been summarised that SME aids into country's
contribution in respect of job opportunity as well ass development of economy. With such
business, country may simply grow as well as develop into competitive marketplace.
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Illustration 2: The Role of Start-ups and Small Businesses in Today’s Economy
(Source: The Role of Start-ups and Small Businesses in Today’s Economy.
2019)

From the above bar chart, it sis analysed that, small business facilitates 99.3% of private
business at at beginning of 2016which leads towards 33% turnover as well as 48% employment
to person. Moreover, the job facilitated through small and medium enterprises was 15.7 million
that is 60% of overall private jobs. Also, the whole turnover was £1.8 trillion out of which 47 %
are private sectors turnover in UK.
P4
For developing as well as sustaining into competitive marketplace, this is crucial for
enterprise to do innovation into products and services. Social economy is developed by rich
diversity of several firms as well as business such as social , foundations, associations and many
others who share common features as well as value such as person is primacy and many more
(Collins and et. al., 2017). This is basically created for facilitating advantages to individuals of
society effectually and efficaciously. The small business and start-ups aids into growth of
country's social economy which formed several opportunity into market area. The significance of
small as well as start up business for social economy growth are discussed below:
Significance of small business to social economy growth
Small business facilitates several opportunities for the development of social economy
that are as follows: Local hiring: Small business run its ventures at local market which hire local person that
developed job opportunities for them. It leads towards social economy development or
growth.
 Competition: The local individuals have low demand in comparison to others which
facilitates opportunity in order to render products or services as per its needs for beating
competition (Why Are Small Businesses So Important for the Economy, 2019).
Significance of start up to social economy growth
The some significance of starts-ups for the social economy development are: Bringing values of proactivity within society: The start up business change the societal
value as well as concentrate upon bringing new mind set which depends upon scoiety
knowledge and innovation (Kautonen, van Gelderen and Fink, 2015). An individuals of
society have realised that it possess accountability for performing towards growth of
career.
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 Employment opportunities: Start- up assists in developing huge opportunities of job that
aids into country's economic growth. In this, it presents healthy core of economy
effectually and efficaciously. In case new venture wants to sustain for longer duration
then they has to render job to person (THE IMPORTANCE OF STARTUP COMPANIES
FOR ECONOMIC DEVELOPMENT, 2019).
M2:
Small and medium enterprises are considered as the focal point in facilitating shape to
European Union which leads towards development of job opportunities, innovation, economic
growth and so on (Schaper and et. al., 2014). The small, medium as well as large enterprise
facilitates its contribution into national economy. From the above data, small enterprises have
employed about 69.7% of private employee, medium size have contributed 17.8% of
employment development as well as large venture create 14.7% contribution into country's
economy.
D2:
As per the article of The conversation, Small business have assists into country's growth
effectually and efficaciously. They has contributed into growth at whole three level of economy
like national, regional as well as local for profitable results. Small enterprise contribute at local
economy in respect of creativity as well as development with facilitating job opportunities to
individuals. In context of regional economy, small ventures may develop job opportunities as
well as developing living standards of person in order to obtain satisfied life. Likewise, small
enterprise effect economy at national level in respect of developing strong relation among
partners, enhance profitability as well as market share efficaciously. In addition to this, The
small business and start-ups aids into growth of country's social economy which formed several
opportunity into market area.
TASK 3
P5
All entrepreneurs posses specific number of traits & skills which helps them in
conducting of operations and functions in a more proper manner. Behind every successful
entrepreneur there is lot of hard work involved which helps them in getting a present position.
There are some specific traits & skills which makes a person different and those skills are
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