Entrepreneurship and Small Business Management-by Tausif Mulla

Entrepreneurship and Small Business Management
-by Tausif Mulla
1
Learning Outcome 01:
Explore and illustrate the range of venture types that might be
considered entrepreneurial
Assess the impact of small business on the economy
Determine and assess the key aspects of an entrepreneurial
mindset.
Examine the different environments that foster or hinder
entrepreneurship
2
Concept of Entrepreneur
Who is an 'Entrepreneur‘?
An entrepreneur is an individual who, rather than working as an
employee, runs his/her own business and assumes all the risks
and rewards of a given business venture.

Entrepreneurship is the propensity of the mind to take
calculated risks with confidence to achieve a pre determined
business or industrial objective.
It is the risk taking ability of an individual coupled with correct
decision making.
3
Who is your favorite entrepreneur?
Concept of Entrepreneurship
4
https://www.youtube.com/watch?v=VkQw4NQk2YE
5
Motivation
Passion
Creativity and Persuasiveness
Versatility
Superb Business Skills

Risk Tolerance
Drive
Vision
Flexibility and Open-Mindedness
Authoritativeness
Characteristics of an Entrepreneur
Source: https://www.monster.com/career-
advice/article/entrepreneur-traits
6
https://www.youtube.com/watch?v=s7N-9E_e-wk
7
8
Activity
Search for famous entrepreneurs and briefly talk about their
ventures
9
Hardworking
Energetic

Resourceful
Visualizes change (ex: Chromebooks by Sundar Pichai)
Planner and believes in systematic work
Motivation towards achievement
Creative
Clarity
Confidence
Dreamer
Instinct
Qualities of Entrepreneurs
10
Joseph A Schumpeter view’s
The Entrepreneur is an individual who introduces something
new in the economy-
A method of production not yet tested by experience in the
branch of manufacturing.
A product which the consumers are not yet familiar (Ex: Tesla
solar roof tiles)
A new source of raw material (Ex: New processor for mobiles)
New market (Ex: Tata Nano in European market)
11

Peter Drucker’s views
Entrepreneurs are innovators.
Entrepreneur is one who always searches for changes, responds
to it as an opportunity. Ex: Mark Zuckerberg
Innovation is a specific tool of an entrepreneur hence an
effective entrepreneur converts a source into a resource
12
Scope of Entrepreneurship
Perception of market opportunities (original or imitative).
Gaining command over scarce resources.
Marketing of the product and responding to competition.
Dealing with the public bureaucracy (concessions, licenses,
taxes).
Management of human relations within the firm.
Management of customer and supplier relations.
Financial management.
Production management records, supervision, coordinating input
flows with orders, maintenance.
Acquiring and overseeing assembly of the factory.
Industrial engineering (minimizing inputs with a given
production process).
Upgrading processes and product quality.
Introduction of new products.
Scope of Entrepreneurship by Kilby
13
Qualities and Attributes needed to become a successful

Entrepreneur
High level of motivation
Risk-taker
Self-confident
Excellent Leadership qualities
Good Business acumen
Managerial competence
Problem solving attitude
Flexibility and adaptability
Realistic approach to planning
Ability to perceive opportunities and threats
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10 core principles of Entrepreneurship
https://s-media-cache-
ak0.pinimg.com/564x/19/f5/6b/19f56b44d3b0f575a0f615a72707
cae3.jpg
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Activity
Entrepreneur’s name:
Business name:
Type of Business:
What kind of business do you run?
How long you have been in this business?
What was your inspiration for starting the business?
What is one thing you wish you would have known prior to
starting your own business?

What advice do you have for entrepreneurs who are just starting
out?
Interviewing an Entrepreneur
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Trends affecting the economic growth are:
Technology as a reservoir
Competition in domestic and international markets
Role of inventions
Government as stimulator
Entrepreneurial and Intrapreneurial development.
Innovative capital formation
Active financial sector
Progressive management
Quality as a goal
Supremacy of the customer
Collaborative relationships
17
Why entrepreneurs are important to the economy?
https://www.youtube.com/watch?v=KEuTpRkZqiY
18
Theory of High Achievement by Mc Cleland

3 Basic Needs
Need for Achievement
Need for Affiliation
Need for Recognition
McClelland identified 2 characteristics of Entrepreneurship.
Doing things in a new and better way
Decision making under uncertainty
19
20
Advantages of developing and encouraging Entrepreneurship
Employment Generation: The entrepreneurial ventures are
generally started in small-scale, utilizing the labor intensive
techniques. Therefore, these venture generate a lot of
employment for the regional manpower.
Distribution of Economic power: Small-scale Business are the
seed-bed for entrepreneurship therefore they help in equitable
distribution of economic power instead of it getting

concentrated in the hands of certain big industrialists.
Optimum utilization of regional resources: The small-scale
entrepreneurs generally rely on the regional resources for their
production needs.
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Advantages of developing and encouraging Entrepreneurship
(cont..)
Meeting the demand gap by seizing appropriate opportunity:
Entrepreneurs have the knack of seizing the opportunities
existing in the environment as pointed out earlier. Therefore
they always study the demand gap keenly and utilize their
entrepreneurial ventures too meet such demand gaps.
Export potential: Whenever entrepreneurial ventures are the
results of innovations, they create an opportunity for export. As
we are aware a number of entrepreneurial ventures are the
results of innovation. Hence, they always add to the export
potential.
Regional Development: Regional development is one of the key
advantage of entrepreneurial ventures.
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The individual. Individuals who initiate, establish, maintain and
expand new enterprises generate entrepreneurship in a society.
Environment. This factor is constituted by the socio-political
and economic policies of the government and financial
institutions and the opportunities available in a society as a
result of such policies.
Socio-cultural factors. Entrepreneurs grow in the traditions of
families and societies and internalize certain values and norms
from these sources. The contribution from these socio-cultural
factors, in the process of transmission, gets filtered through the
individual whom it seeks to influence.
Support system. Support systems that work for the development
of entrepreneurs include financial and commercial institutions,
research, training, extension and consultancy services, as also
large industrial units interested in developing ancillary
industries.
Factors Influencing Entrepreneurship
23
https://www.youtube.com/watch?v=D3yNfU-svAU
24
Activity
Name your favorite entrepreneur : ______________
Name of the venture: ________________

Life story: _______________
His/her trait as an entrepreneur: __________________
Where has the business reached now: _________________
25
26
SharkTank
https://www.youtube.com/watch?v=9oj8WWLqy9o
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Types of Ventures
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Sole Proprietorship
One of the most popular business types, namely because it's one
of the simplest and only requires an individual.
In a nutshell, a sole proprietorship is a business that's owned by
just one person.
There isn't a legal or financial distinction between the business
and the business owner, which means that you as the business
owner are fully accountable for all of the profits, liabilities and

legal issues that your business may encounter.
Instead, just by owning a business on your own, a sole
proprietorship is automatically associated with your new
business.
Keep in mind, however, that depending on your product or
service (and your location), you may need to access a specific
license or other documents.
29
Advantages of Sole Proprietorship:
Many sole proprietorships are one-owner businesses.
An individual owns and operates the business and is responsible
for all business transactions.
He may or may not have any employees.
He can close it, sell it or pass it down to his heirs at any time.
A sole proprietor pays taxes as a part of his individual income
tax filing.
Some businesses may require licensing.
However, the costs of obtaining a license for sole proprietors
are substantially less than those for corporations.
Start-up costs for sole proprietorship are very low.
30
Disadvantages of Sole Proprietorship:
The main disadvantage of sole proprietorships is the owner's
personal liability for all debts incurred by the business.
Creditors may come after an owner's personal assets if a small
business is unable to cover debts.

Sole proprietors may have difficulty obtaining business loans.
Financial institutions are reluctant to lend to them as many
small business loans go into default when companies struggle to
stay afloat.
While a sole proprietorship does not pay taxes, the owner may
have to pay higher taxes as his profits increase.
31
Two heads are better than one, right?
A partnership might be appropriate if your business is owned by
two or more people.
Keep in mind that with this type of business, business
responsibilities, including financial and legal, fall upon each
business owner.
Depending on how the ownership is divided (either equally or
not), there are different types of partnerships for you to explore
from a legal standpoint.
A partnership does require that you register your business with
your state and establish an official business name.
After that, you'll then be required to obtain a business license,
along with any other documentation that your state office can
help you with.
Partnership
32
Advantages of Partnership:
Capital – Due to the nature of the business, the partners will

fund the business with start up capital. This means that the more
partners there are, the more money they can put into the
business, which will allow better flexibility and more potential
for growth. It also means more potential profit, which will be
equally shared between the partners.
Flexibility – A partnership is generally easier to form, manage
and run. They are less strictly regulated than companies, i n
terms of the laws governing the formation and because the
partners have the only say in the way the business is run
(without interference by shareholders) they are far more flexible
in terms of management, as long as all the partners can agree.
Shared Responsibility – Partners can share the responsibility of
the running of the business. This will allow them to make the
most of their abilities. Rather than splitting the management and
taking an equal share of each business task, they might well
split the work according to their skills. So if one partner is good
with figures, they might deal with the book keeping and
accounts, while the other partner might have a flare for sales
and therefore be the main sales person for the business.
Decision Making – Partners share the decision making and can
help each other out when they need to. More partners means
more brains that can be picked for business ideas and for the
solving of problems that the business encounters.
33
Disadvantages of Partnership:
Disagreements – One of the most obvious disadvantages of
partnership is the danger of disagreements between the partners.
Obviously people are likely to have different ideas on how the
business should be run, who should be doing what and what the
best interests of the business are.
Liability – Ordinary Partnerships are subject to unlimited

liability, which means that each of the partners shares the
liability and financial risks of the business. Which can be off
putting for some people. This can be countered by the formation
of a limited liability partnership, which benefits from the
advantages of limited liability granted to limited companies,
while still taking advantage of the flexibility of the partnership
model.
Taxation – One of the major disadvantages of partnership,
taxation laws mean that partners must pay tax in the same way
as sole traders, each submitting a Self Assessment tax return
each year.
Profit Sharing – Partners share the profits equally. This can lead
to inconsistency where one or more partners aren’t putting a fair
share of effort into the running or management of the business,
but still reaping the rewards.
34
Limited Partnership
A limited partnership, or LP, is an offshoot version of a general
partnership, and while it may not be as common, it's a great bet
for businesses who are looking to raise capital from investors
who aren't interested in working the day to day aspects of your
operations.
With an LP, there are two sets of partners, one of which is
known as a general partner.
The general partner is usually involved in the everyday business
decisions, and has personal liability.
On the other hand, there's also a limited partner (typically an
investor), who are not liable for debts and don't partake in
regular business management of said company.
Just like a general partnership, if you enter an LP agreement,
you'll need to register your business with the state, establish a

business name.
35
Corporation
A corporation, is a fully independent business (when public)
that's made up of multiple shareholders who are provided with
stock in a new business.
The only problem with this is that your profits will be taxed
twice, both at the corporate level and at the personal level.
Don't let this fact deter you however - this is extremely
common, and if you currently work for a company with multiple
employees, that's likely the business structure they're using.
Most likely, if you're starting off as a smaller business,
particularly one that only operates online, declaring yourself as
a corporation wouldn't be appropriate.
But if you truly are a corporation, you'll need to file very
specific documents with the state, followed by obtaining the
appropriate business licenses and permits.
36
Limited Liability Company (LLC)
An LLC is a newer type of business that is a blend between a
sole proprietorship and a corporation.
Instead of shareholders, with LLCs, owners are referred to as
members.

No matter how many members a particular LLC has, there must
be a managing member who takes care of the daily business
operations.
The main difference between an LLC and a corporation is that
LLC’s aren't taxed as its own business entity.
Instead, all profits and losses are moved from the business to
the LLC members, who then, instead of having to report
business finances on a corporate return, can report profits and
losses on a personal federal tax return.
The nice thing about pursuing an LLC is that members aren't
personally liable for business decisions or actions of the
company in question, and there's far less paperwork involved in
creating an LLC as compared to a corporation.
37
Nonprofit Organization
It’s a business organization that's intended to promote
educational or charitable purposes.
The "non-profit" aspect comes into play in that any money
earned by the company must be kept by the organization to pay
for its expense, programs, etc.
Keep in mind that there are several types of nonprofits
available, many of which can receive "tax exempt" status.
This process requires filing paperwork, including an
application, with the government for them to recognize you as a
nonprofit organization.
Depending on the parameters of your new business, they'll be
able to tell you which category you best fall under.

38
Cooperative
A business that's fully owned and operated for the benefit of the
members of the organization that use its services.
In other words, whatever is earned by the cooperative is then
shelled out among the members themselves, and aren't required
to be paid out to any external stakeholders, etc.
Unlike other types of businesses, which have shareholders,
cooperatives sell shares to cooperative "members," who then
have a say in the operations and direction of the cooperative
itself.
The main difference in the process of becoming a cooperative,
as opposed to the other types of businesses listed, is that your
organization must create bylaws, have a membership application
and have a board of directors with a charter member meeting.
39
Type of Business Ownership
https://www.youtube.com/watch?v=gG9JRCTpklA
40
Advice for entrepreneurs by Richard Branson
https://www.youtube.com/watch?v=VH35Iz9veM0
41

Franchisee
FRANCHISOR OR FRANCHISEE?
A franchise is merely a legal document that defines a
commercial relationship between the owner of a trademark or
trade name and an individual or group that wants to use that
identification in business.
If you own a trademark you can choose to distribute your
product all by yourself, or you can create a contract with others
who wish to distribute the product you created.
In the simplest form, a franchisor owns the right to the name or
trademark, and sells that right to a franchisee.
This is known as a product/trade name franchising.
The franchise often provides a full range of services incl uding
site selection, training, product supply, marketing plans, and
even assistance in obtaining financing.
42
ADVANTAGESDISADVANTAGESEstablished product or
serviceHigh costs of agreementTechnical and managerial
assistanceToo high expectations of successQuality control
standardsOver dependenceLess operating capitalFixed
performance standardsHigher probability of
survivalCompetition with performance of other
franchiseesOpportunities for growth, sub
franchiseesRestrictions on freedom of decisionPotential lower
cost supplies because of quantity purchasingNo choice of
suppliersUse of franchisor’s secret methodsFear of termination
of agreement

Franchisee Pro’s & Con’s
43
Franchisor needs to provide…..
Promotional assistance in the form of a marketing plan,
promotional materials, advertising, publicity etc.
Assistance in selection of area site.
Adequate insurance coverage (fire, inventory, burglary, accident
and health insurance, liability etc.).
A trademark that will distinguish the business from competition.
Guidelines on the purchase of inventory and equipment.
Written requirement on restrictions on goods sold.
Restrictions as they apply to competition with other company
franchisees.
Terms of agreement and renewal
44
Activity
Plan a franchisee for a kindergarten school in UAE?
Points to cover:
Name of the kindergarten
Capital needed to take up the franchisee
What type of licenses are required?
Space requirements
Staff requirements
Age groups
Price points for Day care, Playgroup, LKG, UKG

Marketing support provided by the Franchisor
What royalty will you charge?
45
SharkTank
10 most successful SharkTank businesses
https://www.youtube.com/watch?v=pjKbagr2Bvg
46
If you wish to be an entrepreneur, ask yourself a few basic
questions:
Is your business a charity or is it for-profit?
Is your business a partnership?
How much personal liability are you comfortable with
accepting?
How much equity can you give to raise the capital?
How many employees will you need in first 3-6 months?
47
Types of Entrepreneurs
1) Trading Entrepreneur:
As the name itself suggests, the trading entrepreneur undertake
the trading activities.

They procure the finished products from the manufacturers and
sell these to the customers directly or through a retailer.
These serve as the middlemen as wholesalers, dealers, and
retailers between the manufacturers and customers.
A) Based on the Type of Business:
48
2) Manufacturing Entrepreneur:
The manufacturing entrepreneurs manufacture products.
They identify the needs of the customers and, then, explore the
resources and technology to be used to manufacture the
products to satisfy the customers’ needs.
In other words, the manufacturing entrepreneurs convert raw
materials into finished products.
49
3) Agricultural Entrepreneur:
The entrepreneurs who undertake agricultural pursuits are called
agricultural entrepreneurs.
They cover a wide spectrum of agricultural activities like
cultivation, marketing of agricultural produce, irrigation,
mechanization, and technology.
50

B) Based on the Use of Technology:
1) Technical Entrepreneur:
The entrepreneurs who establish and run science and
technology-based industries are called ‘technical
entrepreneurs.’
They use new and innovative methods of production in their
enterprises.
51
Smart Flower Solar Panels
https://www.youtube.com/watch?v=WuZFG1R0hyY
52
2) Non-Technical Entrepreneur:
Based on the use of technology, the entrepreneurs who are not
technical entrepreneurs are non-technical entrepreneurs.
The forte of their enterprises is not science and technology.
They are concerned with the use of alternative and imitative
methods of marketing and distribution strategies to make their
business survive and thrive in the competitive market.
Ex: Dealer of a generator
53

C) Based on Ownership:
1) Private Entrepreneur:
A private entrepreneur is one who as an individual sets up a
business enterprise. He / she is the sole owner of the enterprise
and bears the entire risk involved in it.
2) State Entrepreneur:
When the trading or industrial venture is undertaken by the
State or the Government, it is called ‘state entrepreneur.’
3) Joint Entrepreneurs:
When a private entrepreneur and the Government jointly run a
business enterprise, it is called ‘joint entrepreneurs.’ For
example, DEWA & EMAAR Properties
54
D) Based on Gender:
1) Men Entrepreneurs:
When business enterprises are owned, managed, and controlled
by men, these are called ‘men entrepreneurs.’
2) Women Entrepreneurs:
Women entrepreneurs are defined as the enterprises owned and
controlled by a woman or women having a minimum financial
interest of 51 per cent of the capital and giving at least 51 per
cent of employment generated in the enterprises to women.

Arianna Huffington
Sara Al Madani
55
E) Based on the Size of Enterprise:
1) Small-Scale Entrepreneur:
An entrepreneur who has made investment in plant and
machinery up to AED 500,000 is called ‘small-scale
entrepreneur.’
2) Medium-Scale Entrepreneur:
The entrepreneur who has made investment in plant and
machinery above AED 500,000 but below AED 2.5 Million is
called ‘medium-scale entrepreneur.’
3) Large-Scale entrepreneur:
The entrepreneur who has made investment in plant and
machinery more than AED 2.5 Million is called ‘large-scale
entrepreneur.’
http://www.yourarticlelibrary.com/entrepreneur/top-10-types-
of-entrepreneurs-explained/40648/
56
Development of Start-up
57

Growth of Start Up
58
How DropBox was started?
59
How was SnapChat Started?
60
How AirBnB was started?
61
Who is a Serial Entrepreneur?
An entrepreneur who continuously comes up with new ideas and
starts new businesses.
As opposed to a typical entrepreneur, who will often come up
with an idea, start the company, and then see it through and
play an important role in the day to day functioning of the new
company.
A serial entrepreneur will often come up with the idea and get

things started, but then give responsibility to someone else and
move on to a new idea and a new venture.
This can be a good thing if the individual has lots of unique
ideas and is the best one suited to get each one started, but can
be a bad thing if the individual stops putting time into a
company that needs his or her help, in order to try to move
forward with a new idea that may or may not succeed.
Mark Cuban – Owner of NBA Dallas Mavericks | Shark Investor
on Shark Tank
62
Activity
Name each type of entrepreneur
Trading Entrepreneur
Manufacturing Entrepreneur
Agriculture Entrepreneur
Technical Entrepreneur
Non technical entrepreneur
Private entrepreneur
State entrepreneur
Joint entrepreneur
Based on gender
Small scale entrepreneur
Medium scale entrepreneur
Large scale entrepreneur

63
Corporate Entrepreneurship – defining the concept
Corporate entrepreneurship is the process by which teams
within an established company conceive, foster, launch and
manage a new business that is distinct from the parent company
but leverages the parent’s assets, market position, capabilities
or other resources.
64
Who is an Intrapreneur?
Intrapreneur is a person who focuses on innovation and
creativity, transforms dream or idea into profitable venture by
operating within organizational environment.
Entrepreneurship within an existing business.
Example – 3M
65
How to create Intrapreneurial environment in the corporates?
Research and Development

Funding
Creating a climate / ecosystem
Training & Development
Reward System
Multi-disciplinary Team
Commitment
Examples: 3M, GE, Apple, Google,
66
Corporate Entrepreneurship Process
Strategic Renewal
Innovation
Corporate Venturing
67
Creating an Innovation Culture for Corporate Entrepreneurship
The story of innovation has not changed. It has always been a
small team of people who have a new idea, typically not

understood by people around them and their executives.
Eric Schimdt – Former CEO Google
68
69
70
Challenges for young Entrepreneurs
71
Entrepreneurship in Public Sector
Public entrepreneurship is defined as the generation of a novel
or innovative idea and the design and implementation of the
idea into public sector practice.
[Public entrepreneur is] an individual who undertakes
purposeful activity to initiate, maintain or elevate one or more
public sector organizations.
Individuals who generate, design, and implement innovative
ideas in the public domain are called public entrepreneurs.

72
Comparing Independent, Corporate, and Public Entrepreneurs
Category Independent Entrepreneur
Corporate EntrepreneurPublic Entrepreneur
Organizational
type
New enterpriseExisting business Public sector
organizationPerson Independent founderCorporate executive
Public officer Main activityCreate and grow business
Create value within an innovate project
Create value for citizens by bringing together unique
combinations of resources
Skills Know business intimately, more business acumen than
managerial or political skill
Strong technical skills or product knowledge; good managerial
skills; weak political skills
Strong political skillsRisks and failure Assumes considerable
financial and personal risk
Likes moderate risksCalculated risk-taker
73
Comparison between Entrepreneurs and Intrapreneurs
ParametersIntrapreneurial CharacteristicsEntrepreneurial
CharacteristicsPrimary motivesFreedom and access to corporate
resources. Proactive but does respond to corporate rewards
and recognition.Wants freedom. Goal oriented, self-reliant
and self motivatedTime orientationDepending on venture, 5-
10years. Looks for incremental achievements.Depending on

venture 5-10 years. Looks for incremental achievementsSkills
and experienceMuch like the entrepreneur, but doesn’t get
discouraged by hierarchy.Knows business very well and can put
together resources.EnvironmentsSame as entrepreneur plus must
deal with corporate environment.Macro-environment and
microenvironment relevance.ResourcesDerived primarily from
slack within the OrganizationAssembled and acquired from the
factor markets for resources.Failure and mistakesSensitive to
corporate attitudes. May attempt to hide errors. Will learn from
mistakesLearns from mistakes. Pays for own errors. All errors
public and visible.DecisionsNeeds to get others to share vision.
More willing to accept compromise.Follows own vision and
makes own decisions. May not compromise.Attitude to
bureaucracy Dislikes the system but has learned to live
with and manipulate it.May have one done well in the system,
but grew impatient and left to start own venture.Risk
preferenceAccepts moderate risk. Puts career and job on the
line.Accepts moderate risk. Has money, reputation in jeopardy.
Attitude to status Considers corporate symbols demeaning
and worthless.Willing to accept long period of low status until
venture is a success.
74
Social Entrepreneurs
A person who pursues an innovative idea with the potential to
solve a community problem.
These individuals are willing to take on the risk and effort to
create positive changes in society through their initiatives.
Examples of social entrepreneurship include microfinance
institutions, educational programs, providing banking services
in underserved areas and helping children orphaned by epidemic
disease.
The main goal of a social entrepreneur is not to earn a profit,

but to implement widespread improvements in society.
However, a social entrepreneur must still be financially savvy
to succeed in his or her cause.
Muhammad Yunus – Founder of Grameen Bank
75
Selfless entrepreneur on Shark Tank
Social Entrepreneur on SharkTank
76
Activity
Look for a social entrepreneur.
Study the life of the entrepreneur
What change he/she brought to the society?
Can you replicate the same venture in UAE?
77
Social Entrepreneur in food industry
78

Characteristics of Social Entrepreneurs
Achieves large scale, systemic and sustainable social change
through a new invention, a different approach, a more rigorous
application of known technologies or strategies, or a
combination of these.
Focuses first and foremost on the social and/or ecological value
creation and tries to optimize the financial value creation.
Innovates by finding a new product, a new service, or a new
approach to a social problem.
Continuously refines and adapts approach in response to
feedback.
79
Growth of Social Economy
Increasing the capacity and sustainability of organizations to
develop, enhance and deliver support programmes and create
more employment opportunities.
Encouraging and supporting social innovation approaches to
tackle poverty, creating stronger links between social economy
organizations, communities, academia and research institutes.
Providing opportunities for individual social entrepreneurs to
participate in a training and leadership activities. This will
improve their motivational skills, knowledge, personal
resilience, and capacity to grow their businesses.
80

Majority of countries set up funds dedicated growth of social
economy.
Social Economy Growth Fund
Social Innovation Fund
Developing Social Entrepreneurs
Objectives:
To support micro, small and medium-sized enterprises
To support social innovation projects.
To support projects which increase R & D capacity and
investment in the social economy
Growth of Social Economy (cont..)
https://rs.boell.org/en/2014/05/06/social-economy-alternative
81
Can you create a social economy?
82
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3
4

Achievement Feedback Summary
Assessor’s Name Prof. Paul Gulston
Pass Merit Distinction Grades Awarded
LO1 Explore and illustrate the range of venture types that might
be considered
entrepreneurial.
P1 Choose an item.
P2 Choose an item.
M1 Choose an item.
D1 Choose an item.
P1 Examine different types
of entrepreneurial ventures
and explain how they relate
to the typology of
entrepreneurship.

P2 Explore the similarities
and differences between
entrepreneurial ventures.
M1 Investigate a diverse
range of entrepreneurial
ventures to demonstrate an
understanding of
entrepreneurship in both
the public and corporate
sector.
D1 Critically examine
the scope,
development and
growth of
entrepreneurial
ventures.
LO2 Conduct and analyse research relevant for a business
research project
P3 Interpret and assess
relevant data and statistics
to illustrate how micro and
small businesses impact on
the economy.

P4 Explain the importance
of small businesses and
business start-ups to the
growth of the social
economy
M2 Evaluate the differences
small, medium and large
businesses make to the
economy, applying relevant
data and statistics.
D2 Critically examine
how small businesses
have an impact on
different levels of the
economy (local,
regional, national) and
in an international
context.
P3 Choose an item.
P4 Choose an item.
M2 Choose an item.

D2 Choose an item.
LO3 Determine and assess the key aspects of an entrepreneurial
mind set.
P5 Choose an item.
P6 Choose an item.
M3 Choose an item.
D3 Choose an item.
P5 Determine the
characteristic traits and
skills of successful

Entrepreneurs that
differentiate them from
other business managers.
P6 Assess how aspects of
the entrepreneurial
personality reflect
entrepreneurial motivation
and mind set.
M3 Explore and examine
different lines of argument
relating to Entrepreneurial
characteristics.
D3 Analyse the
characteristic traits,
skills and motivational
drivers of successful
entrepreneurs,
supported by specific
examples
LO4 Apply a range of leadership approaches to a change
initiative.

5
P7 Examine, using
relevant examples,
how background
and experience
can hinder or
foster
entrepreneurship.
M4 Analyse the link
between entrepreneurial
characteristics and the
influence of personal
background and experience
to specific successful
entrepreneurs.
D4 Critically evaluate
how background and
experience influences
entrepreneurs, both
positively and

negatively, by
comparing and
contrasting examples.
P7 Choose an item.
M4 Choose an item.
D4 Choose an item.
Overall Feedback Summary
General Guidelines
Please read the instructions carefully and tick the checkboxes
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ensure that the signature of
the student is marked in the declaration form.
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prescribed deadline will be accepted
ONLY under the REDO and RESIT submission policy of W
estford.
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mandatory attendance requirement
of 75% and/or a minimum of 50% under extenuating
circumstances approved and ratified by
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(with additional fees applicable)
if the attendance is below 50%.
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followed
Over All Grade Distinction Date Click here to enter a date.
[To Achieve a PASS, all P grade descriptors should be
achieved; To achieve a MERIT, all P and M grade descriptors
should
be achieved; To achieve a DISTINCTION, all P, M and D grade
descriptors should be achieved.]
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work with emphasis on how
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6
Entrepreneurship and Small Business Management: Assignment
Task
Assignment title
LO1: Explore and illustrate the range of venture types that
might be considered
entrepreneurial.
LO2: Assess the impact of small businesses on the economy.
LO3: Determine and assess the key aspects of an entrepreneurial
mind set.
LO4: Examine the different environments that foster or hinder
entrepreneurship.
Scenario:
You currently work for a consultancy firm that provides advice
and market intelligence to
small businesses and entrepreneurs. As part of updating the new
website you have been tasked

with investigating different types of ventures and their i mpact
upon the economy to put on a
webpage. This is a mini research project that is based on a range
of different examples, one of
which should be a local business.
You should choose one example of each type of
entrepreneurship (one of which should be a
local business and the other global). You must describe and
compare different environments
for each of your examples and evaluate their impact on the
economy at different levels.
Primary research could be conducted for your choice of local
business. Primary research may
include the use of interviews, existing videos or questionnaires
completed by practicing
entrepreneurs.
Please ensure that the specific requirements of the M and D
grade descriptors are addressed for
achieving higher grades.
The report (with updates for the website contents and mindset

of the entrepreur) should include
the following:
1. Examine different types of entrepreneurial ventures and
compare their similarities and
differences and discuss how they relate to the business and
typology of entrepreneurship. [P1,
P2, M1, D1]
2. Interpret and analyze the data and statistics collected in your
research and discuss how
small/micro businesses and startups impact the economy.
Discuss how startups and small
7
businesses help the economy grow. [P3, P4, M2, D2]
3. Determine the traits, characteristics and skills of successful
entrepreneurs and discuss
how they differ from other business managers. You may cite
examples form local and
global entrepreneurs from different industries. Assess how
unique aspects of

entrepreneurial personality reflect on entrepreneurial motivation
and mindset.[P5, P6,
M3, D3]
4. Cite relevant examples and examine how background and
experience hinder or foster
entrepreneurship. [P7, M4, D4]
The submission on the LMS is in the form of an individual
written report. This should be written in a
concise, formal business style using single spacing and font size
12. You are required to make use of
headings, paragraphs and subsections as appropriate, and all
work must be supported with research and
referenced using the Harvard referencing system. Please also
provide a bibliography using the Harvard
Referencing System. The recommended word limit is 5000 –
6,500 words, although you will not be
penalized for exceeding the total word limit.

8
REPORT
TYPES OF VENTURES
&
IMPACT IN THE ECONOMY
TABLE OF CONTENTS:
A. WHAT IS AN ENTREPRENEUR
B. TYPES OF VENTURES
C. SIMILARITIES AND DIFFERENCES BETWEEN
VENTURES

D. TYPES OF TYPOLOGY
E. PUBLIC AND CORPRATE SECTOR
F. SCOPE, DEVELOPMENT AND GROWTH OF VENTURES
G. QUESTIONNAIRE
H. IMPACT OF SMALL BUSINESS IN THE ECONOMY
I. IMPORTANCE OF SMALL BUSINESS
J. IMPACT OF SMALL BUSINESS IN THE SOCIAL
ECONOMY
K. DIFFERENCE BETWEEN SMALL, MEDIUM AND LARGE
ENTERPRISES
L. IMPPACT OF SMALL BUSINESS IN LOCAL, REGIONAL,
NATIONAL
AND INTERNATIONAL MARKETS
M. TRAITS OF AN ENTREPRENEUR
N. CHARECTERISTICS OF AN ENTREPRENEUR
O. SKILLS OF AN ENTREPRENEUR
P. DIFFERENCE BETWEEN AN ENTREPRENEUR AND
MANAGER
Q. TYPES OF MOTIVATION
R. BACKGROUND AND EXPERIENCE OF AN
ENTREPRENEUR

9
1. Examine different types of entrepreneurial ventures and
compare their similarities
and differences and discuss how they relate to the business and
typology of
entrepreneurship. [P1, P2, M1, D1]
Answer1) what is entrepreneurship:
The capacity and willingness to develop, organize and manage a
business venture along with
any of its risks in order to make a profit. (WebFinance Inc ,
2017)
P1

Different types of entrepreneurial ventures are sole
proprietorship, partnership, limited
partnership, corporation, limited liability company (LLC), non-
profit organization, co-
operative, franchisee and joint venture.
Sole proprietorship: a sole proprietorship is an organization that
works under 1 single
owner. This is where the person is responsible for its debts. It is
not a separate legal entity.
(Entrepreneur Media, Inc. , 2017)
For this venture type the local company that I have chosen is
Turquoic. It is based only in
the UAE. The owner is Mr. Cristus Cleetus. This enterprise is a
sole proprietorship venture as
it has only 1 entrepreneur who leads the enterprise. It is a local
c ompany as it only works in
UAE. (Cristus , 2017)
The global enterprise that I have chosen for this venture is LNT
Global . It is based in
Singapore. The founder is Mr. Tommy Kwek. This enterprise is
a sole proprietorship venture
as it has only 1 entrepreneur who taken the lead in the
organization. It is a global company as
they have their main branch in 1 location but work with many
organizations around the
world. (LNT Global , 2016)

Partnership: partnership is where 2 or more individuals come
together and pool in money or
any other kind of resource in order to start up a company. They
will be equally distributing
the profits and loss according to the deed. (WebFinance Inc ,
2017)
For this kind of venture the local company that I have chosen is
Al Habtoor Motors. It is
based only in the Middle East market. They have 7 partners.
Each of them is a director of the
company and each of them handle a different function in the
organization. They have a CEO
in Al Habtoor Motors. He is the one who handles all the
situations and various questions that
come up in the organization or market. It is partnership venture
as they have diffe rent people
who come together who come together for the same purpose.
(Dubai Industrial Park , 2017)
The global enterprise for this venture is Betty Crocker’s and
Hershey’s. It is a global
enterprise as they sell their products all over the world. It is
based in Minnesota. Betty
Crocker’s has joined in with General Mills. They in turn worked
together and then they
joined in with Hershey’s. (Anon , n.d)
Limited partnership: limited partnership is when 1 or more
partners are liable to the money
invested in the organization. They do not receive dividends but
get access to the flow of

income and expenses in the organization. (Investopedia , 2017)
10
Corporation: corporation is a separate legal entity from their
owners. Corporations can come
into contracts and take loans like any individual and hence
enjoy the benefits. (Investopedia ,
2017)
Limited Liability Company (LLC): a Limited Liability Company
is a corporate structure.
The members of the organization are not liable to any of the
companies’ debts or l iabilities.
(Investopedia , 2017)
The local enterprise chosen for this venture is Middle East
Plastic Bags Industries LLC. It
is based only in the Middle East market. It is a local enterprise
as they do not sell their
products to any other region other than the Middle East. (Robin
Joseph , 2017)
The global enterprise chosen is Nissan. It is present in some
parts of the world. And the
products that they sell are present where its branch is open.
(Anon , n.d)

Non-profit Organizations: a non-profit organization is where the
organization is tax-
exempt. In this organization the public are offered to give
voluntary donations. In order for
that to take place the organization has to keep their
organizational infor mation open to all, so
that the people giving donations will be able to know as to how
their money is used in the
organization. (Investopedia , 2017)
The local enterprise for a non-profit venture is Al Noor
Training Centre. They are located in
Dubai. It is a local enterprise as they are only open in the Dubai
market. It is a non-profit
enterprise as they do not work with an aim to profits. Instead
they work towards the getting
the welfare of the people. Its founder is HH Sheikh Mansoor
Bin Mohammed Bin Rashid Al
Maktoum, Honorary Patron of Al Noor Training Centre for
persons with disabilities. (Al
Noor , n.d)
The global organization chosen for this venture is a school, it is
Delhi Private School. It is a
global enterprise as they are in some countries with a few
branches. Its founder is Mrs. Abha
Sahgal, and chairman is Mr. Ashok Chandra. They are a non-
profit enterprise as they do not
work to the profit but to the education of children which is their
main task. (Anon , n.d)
Co-Operative: co-operative organization is where there are a

group of owners. Each of them
have an equal control in the organization matters and equal in
adding capital in the
organization. (WebFinance Inc , 2017)
Franchisee: in a franchisee organization the owner or owners
can obtain a license and then
they will be able to sell their products and services legally and
will have access to various
other factors such as knowledge and ideas. (Investopedia ,
2017)
The local enterprise that I have chosen for this venture is
Francrop. It is a local enterprise as
it is located in Dubai and it works only in the Middle East
market. For this reason it is known
as a local enterprise. Its Founder is Mr. Donald Boroian. They
work in many markets. This in
turn leads them to tell others of their success in other markets.
(Francrop Middle East , 2017)
The global enterprise chosen for this venture is Papa John’s. It
is a global enterprise as they
sell their products and service all over the world to many
countries. Its founder is John H.
Schnatter. This is chosen as a global enterprise as they have
their branches in many parts of
11

the world. It is a franchisee as they have licenses to sell their
pizzas in many of their
branches. (Papa Johns International , 2017)
Joint Venture: a joint venture is when 2 or more people come
together and pool in r esources
in order to carry out a common task to start up the organization.
The local enterprise chosen for this organization is Adnoc.
Adnoc is chosen as the local
enterprise as they are only present in the Middle East market.
The CEO of Adnoc is Sultan
Ahmed Al Jaber. This enterprise went into a joint venture with
Masdar as they came together
in order to complete a particular task together. (MASDAR ,
2017)
The global enterprise for this venture I chose is Microsoft.
Microsoft is a global organization
as they work in many parts of the world and sell its products.
Microsoft has got into a joint
venture with GE. Microsoft is a joint venture as they joined
together with GE in order to
create a health helpful product. In GE they work towards
making health care products in the
market. In doing so they got together in order for a common
purpose. The founder of
Microsoft is Mr. Bill Gates and Mr. Paul Allen. (Microsoft ,
2012)

Relation with typology:
Types of entrepreneur typology:
A sole proprietor can be in relation to a trading entrepreneur as
a single person can handle
trading be that with clothes or other factors such as catering and
handicrafts. Trading can also
be in a partnership frim, both can share the profits and losses.
They can also divide on the
amount each is to bring as capital in the organization. A trading
company can also be a co-
operation as it will depend on the type of products and services
that they offer . Limited
Liability Company can be a trading company also as it will
depend according to the deed the
liability will be distributed. They cannot be a not for profit
organization as they are selling
goods and services in order to gain profits. A trading company
can also be a joint venture.
A manufacturing entrepreneur can be a sole proprietor as long
as the person has enough
capital in order to run the whole business on his/her own. It can
also be a partnership as they
will be able to divide everything in the organization. Limited
partnership is also possible as
they will be able to they will be able to distribute the required
necessities accordingly. They
cannot be a non-profit organization as manufacturing will
require profits and increase in the

finances in the organization.
An agricultural entrepreneur can be a sole proprietor as the
owner can have his/her own
field in which he/she is able to grow natural agricultural
material and sell it off. This can be a
partnership and joint venture. They cannot be a non-profit
organization as they will
require the latest technology in order to get the best results
from the field.
A technical entrepreneur can be a sole proprietor, if he/she has
the skills to do many
technical matters. This kind of enterprise can be a partnership, a
limited liability company
or a joint venture. In doing so they will be able to get more
income and profits. It cannot be
a non-profit organization as in order to give the best to their
customers they will require the
latest kinds of technology and various kinds of techniques. They
will also re quire man power
in order to come up with various ideas and skills in the
organization.
12
Non-technical entrepreneur can be a sole proprietor as a per son
single handled will be

able to use different methods in order to market their products
and services. This kind of an
enterprise can be a partnership, joint venture or a limited
liability company. They can be
these as they will be able to earn enough and they will be able
to get their best from their
organization.
Private entrepreneur is mostly a sole proprietor. As this is when
a person handles the
business separately and is responsible for every decision and
takes all the decisions.
State entrepreneur is where is where the government is the one
that takes up the
organization and makes the decisions and handles it. This can
be any of the ventures such as
sole proprietorship, partnership, limited partnership,
corporation, Limited Liability
Company, non-profit organization, co-operative, franchisee and
joint venture.
Joint entrepreneur is where the government and the private
business owners join together in
order to work to a common goal. The kind of ventures can be
partnership, corporation, and
joint venture and so on.

Men entrepreneur an entrepreneur which is mainly earned by a
male figure. And this is
controlled and managed by a man. A male can get into any sort
of venture such as sole
proprietorship, partnership or co-operation.
Women entrepreneur when an entrepreneur is a female and it is
owned by a female, hence
they are able to work with the whole organization following her
guidelines. A women can
also hold any kind of enterprise such as a sole proprietorshi p,
partnership, non-profit
organization or even a joint venture.
Small scale entrepreneur is when a business consists of a very
few employees. This factor
can differ from place to place. In the UAE market the number of
employees gives
The idea on what type of organization it is. This can have
ventures such as sole
proprietorship as they will have few employees to work with.
Medium scale is when the number of employees are more than a
small scale entrepreneur but
less than a large scale. The types of ventures can be sole
proprietorship, limited liability
Company, partnership and more.
Large scale is when the number of employees are large. The
kind of ventures can be

partnership, corporation, co-operative, franchisee, Limited
Liability Company and
more.
In relation to the 2 main enterprises chosen for interview are:
Sole Proprietorship: the enterprise chosen is Turquoic. It is
technology based, as the
entrepreneur and his employees are technical in nature. The
work that they do is technical as
they work on helping other enterprises in order to improve or to
create websites. 2 nd it is
ownership based, it is specifically a private entrepreneur. This
is so because it is solely
owned by 1 entrepreneur. 3rdly it is gender based, this is so as
it is owned by a male
entrepreneur. 4t h it is a size based enterprise, it is a small -
scale enterprise as based on the
market that they are working on. It is working in the UAE
market. This market determines if
an enterprise is small, medium or large based on the employee
size. The amount of
13
employees present in the enterprise is medium hence it is
determined as a medium scale
enterprise.

Limited Liability Company: the enterprise chosen is Middle
East Plastic Bags Industries
LLC. It is business based enterprise and to be more specific it is
a manufacturing
enterprise. It is so as their enterprise makes plastic products
hence they are a manufacturer.
2ndly it is based on ownership, which is a state entrepreneur.
This means that the enterprise
is in the hands of the government. They provide the necessities
for the organization such as
subsidiaries. 3rd it is based on the size of the enterprise, the
size of the enterprise depends on
the number of employees working in the enterprise. The number
of employees is large hence
according to the UAE market it is dependent on the number of
employees hence it is a
medium enterprise.
P2
Similarities of limited partnership with other partnerships:
In all kinds of partnerships it is required that all the partners, be
it 2 or more, are required to
give in an amount of resources to the company and an amount of
assets. They should be
involved with every matter in the deed. Such would be the
amount of profit and loss
distribution, revenues and so on.

Differences of a limited partnership with other partnerships:
A general partnership would require that all the matters be
confirmed in a partnership deed.
In a joint venture the partners will only be together till a
particular project is complete. But in
a limited partnership it is very important that the partners
distribute the required amount of
liabilities of the organization. (Investopedia , 2017)
Difference between a local and global enterprise:
Table 1: sole proprietor
Turquoic LNT global
The similarities is that in a sole proprietorship they have only 1
enterprise owner.
They work in the UAE market only. They work with other
enterprises all over
the world.
Table 2: partnership
Al Habtoor Motors Betty Crocker & Hershey
The similarities is that they have 2 or more owners of the
enterprise.

This enterprise has 9 directors who are also
entrepreneurs of the enterprise.
This enterprise is based on both the brands
and each have their own equal rights.
Table 3: non- profit organization
Al Noor Delhi Private School
The similarities is that they work towards the welfare and
increasing the s tandard of
society.
Works towards removing the disability of
kids in the society only in the UAE market.
Works towards educating the kids in society
and improving standard of life. They work
14
in many countries. And many in the UAE
market itself.
M1
Connection of venture to public and corporate:

A corporation can be open in a corporate sector. In a public
sector a corporate company can
also work as they look to the public in order for the company to
grow.
A not for profit organization can work in the public sector as
they get their funds from the
public and hence they need to open up their organizational
details to them.
A co-operative organization can be open up to the corporate
sector as they look into other
organizations for support and hence they will be able to raise
funds in their organization. Also
they obtain many legal rights from the governments.
A corporate sector entrepreneur is also called intrapreneur. An
intrapreneur is, a person
who is an entrepreneur inside an organization and at the same
time does not take in the risks.
In relation to the sole proprietor which is a local organization
chosen is Turquoic. This
enterprise is a sole proprietor venture and it works in the public
and corporate sector. It is in
connection with the public sector as it is open to people who
want to open up a new
enterprise and those who need websites and Turquoic services.
It is also in connection with
the corporate sector as they work in a manner that helps them in
order to get in conne ction
with other organizations and enterprises.

In relation to the Limited Liability Company which is Middle
East Plastic Bags Industries
LLC, they are in connection with the corporate sector as they
sell their products to the
retailers and they in turn are able to sell it to retail stores. They
are not in very close
connection with the public sector directly as they are a
manufacturing company.
D1
Scope, development and growth with ventures:
Sole proprietorship:
Scope: the scope of sole proprietorship depends on if the pe rson
has come up with such a
creative idea that he or she will be able to create it. And at the
same time it should not be
present in the current market. Such type of company can have
many benefits, but it is
important for that owner to realize that they are supposed to
make something completely
different that the world has not seen in order to keep alive in
the market. (Sindhuja , n.d)
Development: the development of a sole proprietor company
will depend on the economic
situation of the country. For example in South Africa according
to the new report, the

economy was just developing. This in turn helped the
government to encourage sole
proprietary companies. This in turn boosted up the country to
increase in sole proprietary
companies. Alongside that they were able to go well as they
made products and services
which the people in that region had not be accessible to.
(Khanna , 2014) so the development
of this venture will be high when the economy is low and they
are able to get new kinds of
products to their customers. The development will likewise be
low if the country is developed
and the customers are open to a global market.
15
Growth: the growth of a sole proprietor company is increasing
compared to other ventures.
More of the people in the economy prefer to work for
themselves and not under anyone. 60%
of new jobs are sole proprietary. They use other features such as
amazon in order to keep
their products such as inventory. That also supports them in
order to move their products to
many places. (Wiederman , 2013)
In Turquoic the scope of the enterprise is that many in other
enterprises and organizations

will require such work and help done on websites. This ensures
that many organizations and
enterprises will be able to take the help required by them. Their
development is clearly seen
by many. The enterprise started off with only 1 person who is
the entrepreneur. Then he
slowly bought in people in the organization who had the skill
and talent in order to get the
work done and then accordingly they are able to work for many
enterprises and
organizations. The growth is seen thought the amount of
enterprises that they work for.
Partnership:
Scope: the scope of partnership will depend on the price
expected by the government in order
to get the deed ready. In the current market if the partners have
enough capital then they will
be able to work and get the deed. The amount of capital with
each of the partners will depend
on the company being established or not. (American Academy
of Orthopaedic Surgeons ,
2017)
Development: as according to the way partnership have
remained strong has helped in the
development of this venture. Some factors are:
Benefits: as long as the benefits between both the partners is
equal and agreed upon the n only
can there be a common ground and easy flow of decisions in the
organization.

Deed: the expectations and deed of partnership should be clear
to both the partners. In such a
situation the partners will be able to focus on the right matters
and this in turn will help them
in order to give the best in the organization. (Hull , 2013) the
further development of a
partnership deed in an organization will further depend upon
how the economy runs and how
the people interact. For example it is a common trend in
America for people to work more in
individuality than in groups. Hence depending on the structure
of people the organization will
run.
Growth: the growth of this venture in an economy will depend
only on how well the benefits
and deeds worked in the economy.
Limited Partnership:
Scope: the scope of limited partnership will completely depend
on the economy that the
organization works in.
Development: the development of the limited partnership
venture depends on the way that
that type of organization or venture runs in the economy and
how much it is accepted by the
market and consumers.

Growth: the growth of the organization will depend on how they
work together in the
organization as a whole. It is important that the employees
know as to how the organization is
growing as only then will they be able to decide on how they
should have the control in the
organization.
16
Corporation:
Scope: the scope of a corporation in an economy will
completely depend on if there are many
people who are interested in that particular activity. When
people who come together in order
to do a task together then they will be known as the
organization that fulfils corporation.
(Kim & Kogut , 2012)
Development: the development of a corporation sector company
will depend on the
economy. The economy supports the corporation then they will
be able to know as to how to
develop the economy.
Growth: the growth of a corporation sector takes place and then

they will be able to grow in
the economy that they are present in.
Limited Liability Company (LLC):
Scope: the scope of a limited liability company will also be
depended on the economy. If the
economy is a well to do economy then people in the economy
will be ready to take up
liability and hence that will lead to this venture in the economy
growing.
Development: the development of this venture in the economy
will ensure that the economy
is needing this venture in order to make the economy grow in an
overall.
Growth: the growth of this venture in an economy will help the
m in order to grow and do
well. When the economy takes in such companies that are in this
venture they help them.
The enterprise is Middle East Plastic Bags LLC the scope is
really high as they create
products that are very useful to many customers. The
development is seen as they have
grown through the many years. The growth is seen through the
many retailers that they have
been in contact with.

Non-profit organization:
Scope: the scope of a non-profit organization is to help the
economy grow for the welfare of
the people. These kind of organizations help the people in order
to be better developed in a
country and economy.
Development: the development of a non-profit organization
depends on the amount of
volunteers are there for the donations of the economy and the
country.
Growth: the growth of the economy will help the people in
order to build up the GDP of the
country as the welfare of the people will be good.
Co-operative:
Scope: the scope of a co-operative organization will be
according to if the people in the
economy are ready in order to work in such an organization.
Development: the development of a co-operative organization
will depend on how the
organization works in that field and economy.
Growth: the growth of the organization will be dependent on
how far the organization will
run.

17
Franchisee:
Scope: the scope of a franchisee will depend on what the
organization wants to sell. In doing
so they will be able to know as to what are the requirements.
Development: the development will depend on how much the
customers will prefer their
products and services compared to their competitors.
Growth: the growth of the franchisee will depend on the
development of the franchisee in the
country.
Joint venture:
Scope: the scope of the joint venture in a country will also have
other factors such as the legal
requirements on the country.
Development: the development of the joint venture will depend
on how far the organization

will grow and then it becomes widely accepted.
Growth: the growth of this venture in an economy and country
will be based on the
development of the organization.
2. Interpret and analyze the data and statistics collected in your
research and discuss
how small/micro businesses and startups impact the economy.
Discuss how startups
and small businesses help the economy grow. [P3, P4, M2, D2]
Answer2) the 2 local enterprises that have been interviewed are
Turquoic and Middle East
Plastic Bags LLC.
P3
The summary is given below.
18
From this graph we see that both the entrepreneurs think that
confidence is a really important
factor that is required in an organization. then comes other

traits.
19
The capital which is brought for Turquoic is personal. And the
motivation is the experience
that hee has faced in the makret. The LLC has thecapital bought
in from loans and
investments and the motivation is the demand that is required in
the market.
For Turquoic the employee size is 5-10 which makes it a small
enterprise. The LLC
employee size is 40-50 which makes it a medium enterprise.
20

Small and micro businesses impact in the economy:
Growth: the economic growth would mean that, at time small
businesses have a chance of
growing to a large enterprise and moving into being global or
international market. When an
organization grows in an economy then they have high chances
of growing the economy that
they are working in. the economy will grow when the
organization includes the local people
in the community by providing them employment. Then when
employment rate i ncreases
21
then the GDP of the country increases. When the GDP of the
country increases then
automatically the economy grows.
Mapping: it is important for a small business in order to look
into the future. When they do
they will be able to go into a large and international market.
When an organization looks into
the future that means they need to study the market. In studying
the market they will be able
to know as to where the need is for their product or service. In
doing so they will be able to
help in the economy in solving their problems and giving the
need goods and services for

their direct needs. In doing so the company will be able to help
the economy to grow.
Giving: a small business also a local business is a type of
enterprise that will give back to the
economy. In other words they provide employment and various
other factor in the local
community. When the organization is able to give back to
economy then they will be able to
provide more to the economy which helps them in order to make
the eco nomy grow in which
they are working in. this helps the economy to grow and in turn
helps the country to grow.
(Moussa , 2015)
Based on the response…
Above is the response that we have received from the 2
enterprises.
The first is Middle East Plastic Bags Industries LLC. We can
see that they are an
organization that is still growing in the economy and has helped
many in the run.
The second response is Turquoic. They are grown and are still
continuing in the same
process, and helped out in other entrepreneurs in order to grow.
In doing so they help in
giving back to the economy after growing to an extent.
P4

Importance of small business:
Employment: due to small businesses present in the economy it
helps the people or the
citizens in the economy in order to get employment. This in turn
increases the employment
rate in the economy and in turn country.
Minds: when the small enterprises encourage the employees or
people to work then in turn
they also help them in order to use their common sense and to
be innovative in their work.
This creates the employees to be creative in various matters.
This in turn helps the country in
order to have marketable employees as they start getting
innovate.
Exporting: the exporting experience in the small businesses
helps the enterprises in order to
know as to what are the requirements in order to export a
particular product. (Wright , n.d)
Small business impact on social economy:
22
A small business can have an impact on a social economy as
they work in the local market

and they will understand as to how to get the customers and how
to satisfy them or to solve
their local issue in that economy. Hence they will be able to
give in their full on their social
responsibility in the organization. (Ellsberg , 2011 )
M2
Difference between small, medium and large:
The difference between a small, medium and large enterprise is
that, in a small and medium
enterprise the amount of work done in the IT (information
technology) department is very
low. That is the work done is by people who will do the basics
of the IT in the enterprise.
They are known as the IT administrator or any such title.
In a large enterprise the IT department is given of very high
importance. The work done in
this department is very important. This is due to the complex
structure that the large
enterprise have. The employees working in the IT department
will be those who have
expertise on that particular field.
The local sole proprietor, Turquoic enterprise selected is a
small enterprise and hence all the
work done is not by those with much of expertise on many field
but just in the one area which
they will be working for.
The local enterprise chosen for the Limited Liability Company

is Middle East Plastic Bags
Industries LLC. It is medium sized industry. Hence it has those
working in a different
department and only those working in these kind of ventures
work in the field of study.
D2
Small business impact on local, regional, national and
international community:
Local: small businesses are seen to have a greater impact in
economies nowadays. Small
businesses make the economy grow and make a ‘multiplier
effect’. This is seen when money
is given out within an economy then it generates more value in
that economy itself. This in
turn can lead to enterprises giving out in charity within the
economy. (Spors , n.d)
A local enterprise can be the enterprise Turquoic. They work
only in the local market with
those organization with whom they are able to keep in close
contact with. They helps other
organizations around them to grow. In doing so they help the
community in order to increase
in its living standards and their employment rate.
Regional: according to the report, the small businesses are able
to see as to what the current
issue is being faced by the people living in that region. Then
they in turn are able to look into

it and give effective solutions and at the same time they will be
able to find out as to what is
the most convenient way for the people to access the solution
being provided. (Miles , et al ,
2007)
A regional enterprise example is Al Habtoor Motors. They work
in the regions. And in
various other regions too. They see as to what the difficulties in
transport that those in that
region face and accordingly add them into their product.
National: the amount of small businesses in a country is huge.
This in turn helps the economy
grow which in turn helps the country to grow too. The number
of employees taken in an
enterprise will help them in order to increase the amount of
employment rate in the country.
23
This leads to employees growing to be more innovate and
understanding. When we see in an
economy the number of people employed this in turn bring our
trust towards the economy.
This helps the country to grow. (Kmurray , 2014)
The national enterprise can be the organization Adnoc which

went into a joint venture with
Masdar. They worked in a particular place and the effects has
multiplied into the places
surrounding them.
International: small businesses do have a huge impact globally
also. When an enterprise is
going global they in turn have already the best staff recruited
and at the same time they give
off a really good pay to those employees. This helps them in
order to know as to what will be
required by a society. When they realize that they study the
market more and then go global
in selling their products and services. (Littlefield , 2011)
An international enterprise is Microsoft. They are headquartered
in one country but work in
many parts of the world and at the same time they sell their
products and services to many
parts of the world.
3. Determine the traits, characteristics and skills of successful
entrepreneurs
and discuss how they differ from other business managers. You
may cite
examples form local and global entrepreneurs from different
industries.
Assess how unique aspects of entrepreneurial personality reflect
on
entrepreneurial motivation and mindset.[P5, P6, M3, D3 ]

Answer3)
P5
Traits of successful entrepreneurs:
Determination: one of the trait would be that the entrepreneur
will have to be very
determined in order to know as to what will be their main goal
and what they would want to
do in the organization. It is important that they know what their
focus is which in turn will
lead to success.
Risk: the risk is a common factor that every entrepreneur will
have to take up in any
organization. The more there is risk then more there is gain, in
terms of profits.
Confidence: it is important that the entrepreneur has full
confidence in his workforce and at
the same time he has confidence in the work that the
organization is working forward to.
Failure: every entrepreneur should know that failure is a very
common factor in being an
entrepreneur. The person can learn well from his mistakes. This
in turn helps them in o rder to
know as to where they need to work on as an organization.
Passion: the entrepreneur should have a passion towards the
work. In order for that to happen
the person should know as to what his interests are and then

work accordingly to that.
Able to sell and promote: the entrepreneur should have the
ability to sell and promote their
products and services. (Smale , 2015)
Traits as per the respondents:
24
As per the 2 respondents we can see that both believe that
confidence is required by
entrepreneurs. This will be so that they will learn that they need
to go out into the competitive
market and to give out their product and to show how it is better
than their competitors.
The next trait chosen is risk, this is because the market might
already have products and
services similar to the enterprise offered. Hence going into the
market and not knowing if it
will turn out to be a profit or loss is a risk that the enterprise
will have to take up.
The next trait is passion, this is most required by an e
ntrepreneur as when a person has a
passion to do a particular thing then the person will be able to
do it in the long run even if the

business takes time to grow.
The last trait is perseverance, this trait comes in line with
passion. As the entrepreneur will
have to have perseverance in order to see the success that will
follow up in the long run that
the enterprise might take up.
Characteristics of entrepreneurs:
Motivation: the entrepreneur should be a person who motivates
the people in the organizat ion
and in turn knows ways to get motivated in order to complete a
particular task.
Creativity: it is important that 1 of the characteristic of the
entrepreneur is that he is creative.
When the person is creative then they will be able to motivate
others in the organization to be
creative also.
Skills: the work that the entrepreneur does should be one that
helps them in order to do the
work right. The skills should be acquired by the entrepreneur
and if he does not have the
skills then it is important that they have they have employees
who have that particular skill.
(Agrawal , n.d)
Skills of an entrepreneur:

Resiliency: this is the capability in order for a person in order
to work out through any
problem and to solve them. This gives the person the ability in
order to know as to how he or
she should run the company.
25
Focus: It is important for an organization in order to do the
assigned work and to work in that
task force. The entrepreneur should know as to how he or she is
to maintain focus and thi s
will help him in order to gain success in the organization.
Invest: it is important that the entrepreneur has an investment
and has a goal in the long term
run. In doing so they will be able to know as to how to run in an
organization. investments in
the long term will help them in order to know as to what will
have to be done in the future of
the organization.
Sell: the entrepreneur in order to earn profits has to sell or
know in order how to sell the
particular product and in turn will know as to what is required
and expected from the product.

Learn: it is important that the entrepreneur learns from his
mistakes. In doing so they will be
able to make their organization go in a better way and pattern.
(Aileron , 2013)
What an entrepreneur is:
An entrepreneur is a person who takes the initiative in order to
start an organization in a
different kind of venture. (WebFinance Inc , 2017)
What a manager is:
A manager is a person that is responsible for a few people who
are under him or her in order
to complete a particular task or to get some work done.
(WebFinance Inc , 2017)
Difference between entrepreneur and manager:
An entrepreneur is a person who is more on getting work done
by people and not just by
motivating them to get more creative or to learn more ideas. A
manager is one who will try to
find the necessities to be done in the organization and then to
get the work done. It does not
depend upon what the employees in the organizatio n are doing.
It depends on if they are
doing what they are told.
Examples of local and global :

Local: as for sole proprietorship the enterprise chosen is
Turquoic. This enterprise has an
entrepreneur and not a manager. The entrepreneur is the one
who makes decisions and give
order to make in the enterprise. The whole enterprise is run by 1
person only and with few
employees. The industry that they work in is to help in technical
problems that other
organizations or enterprises face.
Global: the global enterprise is LNT global . It is run by only 1
entrepreneur, hence it is a sole
proprietorship. This only runs with working with other
organizations and other enterprises all
around the world. All the decisions are taking with 1
entrepreneur which is 1 person. The
industry that they work in is a consultancy firm where they help
in the benefits of the
organizations in order to grow.
P6
Entrepreneur motivation:
Desire: every entrepreneur has a motivation in order to do
something new in an organization.
It is very important that they understand as to what is require d
by their customers and to
accordingly satisfy them.

26
Independence: entrepreneurs are people who prefer in order to
be independent in the work
that they do. They prefer to find out the solutions of their
customers and then at the same to
work for their best.
Experience: the entrepreneur will be a person who is more open
to get more experience in the
work that he or she is doing and working in.
Demand: when the demand of the products or service of the
entrepreneur increases then it
becomes a source of encouragement to the entrepreneur. (Sinha
, n.d)
Relate to the entrepreneur:
The motivation that one entrepreneur has received is the market
demand. When the need
raises in the market then it motivates the entrepreneur in order
to satisfy that need i n the
market.
The 2nd response is that the entrepreneur has seen as to how
doing such a business in this
market will help other facets to grow. In doing so the number of

employment and
organizations goodwill can also grow.
M3
Lines of entrepreneurial characteristics:
It is important that an entrepreneur is the one that takes up any
decision in an enterprise. In
doing so he or she will be able to build up the need in order to
make the enterprise work and
understand as to what all is required in the organization.
But sometimes the concept of motivation is less in some
organizations as the enterprise is
always a fast running enterprise that they work into going into
new ideas and new fields
every day that motivation of employees takes place naturally. It
can also be the working
environment and facilities that the organization provides for
motivation.
D3
Examples of motivation:
The entrepreneur working in Middle East Plastic Bags
Industries LLC, his motivation is the
experience that he has faced in the market and the need and
demand he has seen growing in
the market.
The 2nd entrepreneur got his motivation from his experience.
He has an experience of

studying about the field that he works in. when the need and
idea came up and when he saw it
being accepted in the market he turned his experience into a
working idea.
4. Cite relevant examples and examine how background and
experience hinder
27
or foster entrepreneurship. [P7, M4, D4]
Answer4)
P7
Background and experiences:
Background and experiences can foster and hinder an
entrepreneur.
Experience:
For example UBER. Founded by Travis Kalanick. The
experience that he faced in his life
made him think of the idea of UBER. Him being present and
able to put up his brand through
various ways has helped them in order to bring up the company.
(Anon , n.d)
Background:

An example for Elon Musk. He was a person who had studied in
physics and had later left
from college in order to continue in a field that interested him
and he started improvising in
products. (Ashlee , 2015)
There are also other examples of people who have had no
experience or background in any
sort of education related to the product created. Some examples
are:
There is an example of Chris Guillebeau. He started writing
books and then started basing it
on how to motivate entrepreneurs in order to start their own
business. Entrepreneurs read his
books and then they learn on how to start their own start-up
businesses. (Anon , n.d)
M4
Link of characteristics and background and experience:
Motivation, skills and creativity are some of the main
characteristics. They help the
entrepreneur in order to work towards one particular goal. The
work can also be their passion
as that will be the main reason for which they will take the
business ahead. A main example
will be Elon Musk. He is a person who had a passion in which
he was able to go ahead with
what he studied, got the motivation to go ahead with it, put in
his own creativity and then
added his skills into this factor and then this helped him in
order to become successful in the

work and his passion.
D4
Positive and negative influence:
In an enterprise failure is a factor that will come in an
organization. So it is important that the
entrepreneur is one that will have to look ahead and be able to
absorb the failure and to go
ahead despite the circumstances that they face. It is important
that the organization has to
identify as to what is needed and required in the organization.
For example:
Sir James Dayson:
He was an entrepreneur who had started up by trying to start up
a new vacuum machine. It
did not work for many trials and was rejected various time in
the British market place. And
now has succeed. (Patel , n.d)
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32

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