Small Business Impact and Regulation

This assignment examines the influence of regulation on small business performance. It delves into academic research papers and statistical data to understand how regulations can be both a burden and a benefit for small enterprises. The analysis considers diverse viewpoints on entrepreneurship in emerging markets and the role of government policy in shaping small business success.

ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1. Different types of entrepreneurship ventures and relate it with typology........................1
P2. Similarities and differences between entrepreneurial ventures........................................3
M1. Diverse range of entrepreneurial ventures for public and corporate sector....................4
D1. Scope, development and growth of entrepreneurial ventures..........................................5
LO2..................................................................................................................................................6
P3. Small and micro enterprise affects on the country economy...........................................6
P4. Significance of little and start –ups business will participate for the development of
economy after the ‘Brexit' crisis............................................................................................8
M2. Differentiate between the micro, medium and big enterprise make to the country
economy with the help of statistics data. ...............................................................................9
D2. Small businesses affects the on different stages of country economy such as in a local
and international, regional and national...............................................................................10
LO3................................................................................................................................................10
P5. Identifies the characteristics, and skills, traits the great entrepreneurs.........................10
There are important characteristics and skill or traits discuss in followings:......................10
P6. Entrepreneurial personality reflects entrepreneur motivation and mind-set..................11
D3. .......................................................................................................................................12
LO4................................................................................................................................................12
P7. Aspect and experience of the foster entrepreneurship..................................................12
M4. Entrepreneurial characteristic and motivate of their personality to other and specific
experience of their life..........................................................................................................13
D4. Background and experience motivate entrepreneurs in both ways positive and negative13
CONCLUSION .............................................................................................................................13

INTRODUCTION
Entrepreneurship defines as innovation and creativity. It also helps to gain success to
develop significant advantages. With the help of innovation and creativity, people are motivated
to do their work in systematic way. They make their efforts to develop new business with goods
and services. Main advantages to people who consider innovation is that they have freedom to
pursue their own vision (Braunerhjelm, Ding and Thulin, 2018).
Present study is based on case study of Joe woods who is successful owner of IT
business. This enterprise mainly facilitates with several numbers of companies who process
credit, debit card payment from vendors. There are different kinds of ideas promoted to
recognise Joe and senior managers in the particular company.
The present report helps to include examination of the different kinds of entrepreneurial
ventures that can be relate with it with typology of entrepreneurship. Furthermore, it covers
skills, traits and characteristics that are needed in successful entrepreneurs those possess different
qualities from the managers.
LO 1
P1. Different types of entrepreneurship ventures and relate it with typology
Entrepreneurship considers creative and unique ideas that increase significant results in
positive way. Therefore, high profitability and effectiveness will continuously gain to operate
successful operations (Trehan, Higgins and Jones, 2018). Following are different types of
entrepreneurship ventures and their typology has been explained to gain desired results: Small business entrepreneurship: This kind of venture consist their operations as unique
and innovative entrepreneurial ventures that influence each individual towards the
enterprise. As a result, it is important to consist appropriate plan to start venture and
assess market competition. There are several businesses exists that perform similar work
who have some small competitors in different areas of the world. For example, it includes
grocery stores, barber shop, travel enterprises, etc. All these kinds of people have skills
that involves innovative ideas and process in the enterprise. It influences number of
people for the firm which impact significantly (Smallbone, Welter and Ateljevic, 2014).
Furthermore, it provides opportunities to increase fund and operate functions as well.
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Main typology of this entrepreneurship considered is that entrepreneurs determines their
operations to accomplish goals as per aims and objectives at small level. Typology of this
entrepreneurship is that every individual perform function to feed their family member. Saleable start up entrepreneurship: Furthermore, saleable entrepreneurs determines their
innovation with attraction of several number of customers together. In order to implement
effective results, favourable idea has been promoted to attain more innovations.
Opportunity also increases for entrepreneurs to get high investment and increase brand
image as well. In the particular venture, unique idea has been promoted to get several
numbers of customers. In this kind of venture, typology has been promoted to provide
innovation and different products to attract customers (Braunerhjelm, Ding and Thulin,
2018). Social entrepreneurship: Moreover, such entrepreneurial ventures assist to provide social
services in particular community to increase welfare of people. Social entrepreneurship
not consist for earning profit and revenue. In this regard, typology includes to serve
effectively and efficiently to deal with social group (Kitching, Hart and Wilson, 2015). Serial entrepreneurship: Such entrepreneurs consists of future oriented products and
services to look upon unique elements. As a result, they concentrate on customers’
requirements which accomplishes in a systematic manner. In this consideration, typology
mainly deals with innovative features and creativity. Hence, successful operations
considered to maintain effectiveness (Henry, Foss and Ahl, 2016). Female entrepreneurs: This kind of entrepreneurs possess ideas and opinions to develop
more significant advantages to expand business operations. They are mainly focused on
international market with effective management skills.
 Lifestyle entrepreneurship: In addition to this, such kinds of entrepreneurs focuses on
future development activities to handle risk and obtain successful results at workplace. It
helps to handle risks and concentrate on future development programs (Javalgi, Martin
and Van Dyke, 2018).
P2. Similarities and differences between entrepreneurial ventures
In order to determine different types of entrepreneurial ventures, certain similarities and
differences can be seen among entrepreneurs. Hence, it includes following description:
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 Size and structure: Within the successful entrepreneurial venture, it can be stated that the
small business consists of crucial elements to gain more desired results at workplace. In
order to compare large businesses, SME provides unique quality of goods and services to
deal with several numbers of customers. For instance, Tesco and Asda are big players in
retail sector who consist their functions with innovative ideas. Moreover, in saleable
entrepreneurship venture size and structure determine less importance as per other
businesses (Braunerhjelm, Ding and Thulin, 2018). Aims and objectives: There is another difference is that aims and objectives of different
venture continuously develop to increase opportunities. With the help of innovative work
and performances, more revenue increases with innovative and creative ideas. As a result,
quality of products and services assists to accomplish desired results. (Kitching, Hart and
Wilson, 2015).
 Source of finance: Another difference in the firm is to obtain finance with different types
of entrepreneurship. As a result, it is essential for them to arrange fund to expand
business in new areas. In order to compare with social entrepreneurs, they focus on
welfare of society and not earn more profits. Hence, similarity defines as to possess
unique concept to attain desired results (Trehan, Higgins and Jones, 2018).
Similarities
Lifestyle ventures Serial ventures
Requirements of human resource management
team with skilled employees
There is also a requirement of skilled
employees in order to make successful HR
team.
Innovative features implemented to increase
more profits and revenue.
Originate ideas also possess to develop
enterprise work performances
They have risk capabilities They possess capacity to take risks
Differences
Lifestyle entrepreneurs have focus on the
reward which helps to encourage several
Serial administrator target on ideas and strategy
to start new company to perform regular
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people to enjoy their passion functions (Smallbone, Welter and Ateljevic,
2014).
They are also concentrated on lifestyle
activities to attain more desired results.
They consist concentration on regular
functioning for new consideration.
Similarities
Female entrepreneurs Male entrepreneurs
Female looks forward to expanding their
operations in international areas.
Male entrepreneurs also look to elaborate their
functions in global places.
Less turnover in the market Male entrepreneurs have less bread in the
market (Laudano, Marzi and Caputo, 2018).
Differences
Less number of women entrepreneurs working
to make innovative ideas and operations
Maximum numbers of entrepreneurs are male
in international market.
Encompasses around 1/3rd from all over
entrepreneurs
Majority of male entrepreneurs work in
international areas
M1. Diverse range of entrepreneurial ventures for public and corporate sector
In order to determine successful entrepreneurship program, it can be stated that
entrepreneurs perform their innovative ideas to start and run with limited resources and planning.
They are responsible to take risks and rewards in different sectors of public and corporate.
Business ideas usually expands for new products and services with existing business model. In
this way, diverse range of benefits are also generated successfully which helps to increase
significant advantages at workplace. Instead of diverse range of entrepreneurial venture, it has
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been seen that public and corporate sector is able to gain more desired results (Carsrud and
Brännback, 2014).
In the entrepreneur venture of public enterprise, businesses have different line of products
to increase their shares in stock market. Hence, it helps to reduce liability with numerous number
of people who are attached with the organisation. In order to consider example of successful
entrepreneurship firm within the corporate field is W.L. Gore which is a multinational enterprise
specialised in their products in different areas. Apart from this, serial entrepreneur within the
corporate sector are considered as innovator who starts their venture in a successful manner. It is
easily turns into the public sector operations which develop desired results as well (Qian and
Haynes, 2014).
D1. Scope, development and growth of entrepreneurial ventures
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In corporate sector entrepreneurship, businesses consider their part in economy to earn high
profits and revenue. With this regard, government play important role through encourages
different corporate and public sectors businesses. All entrepreneurial ventures continuously grow
to operate their functions in significant advantages. As a result, successful results will be gained
to develop innovative functions (Chell, Spence and Harris, 2016).
LO2
P3. Small and micro enterprise affects on the country economy
After Brexit, it affects the country’s economy and also minimizes growth rate. In this
way, huge amount of business operations and functions impact by Brexit. As per survey, it
identified that 90% of overall 6-5 million private sector are small business and also continuously
increasing enterprises and providing economy growth in UK. Brexit has impacted on big
companies in UK and also micro and small business across the world. In UK, there are 6.7
million small organizations established their business all over the world. There are 60% private
firms provide employment for people (Braunerhjelm Ding and Thulin, 2018). Micro and small
business are backbone of economy to increase the country’s economy in marketplace. Brexit
affects the small and large organizations. There are 600 million consumers who uses different
products and services. Small organization uses new techniques for increasing their productivity
and profitability in marketplace. As per survey, it can be determined that small organization
planning for protecting their business from Brexit because it affects business process and
generate obstacles in organizations. Brexit is a major problem in business operations and
functions.
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According to the chart, many organization uses different technology to increase their
productivity in marketplace. Brexit is a major issue and obstacle in global market.
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Illus
tration 1: Percentage of Small organization
(source: Percentage of SMEs(%))
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Micro and Small business helps country to maintain their growth rate. They provide the
best quality of services and product in marketplace. Small business mainly focuses on increasing
the business operations and functions. There are many businesses established in UK. As per
survey, in 2014 there are 5.6 billion small firms emerged and innovates new ideas for growth and
development. 70% business firm covers the entire market and also enhances their products and
services in international marketplace (Carsrud, and Brännback , 2014). In this way, it will reduce
the poverty in country and also increases employment opportunities which is beneficial for
human and organizations. Small scale firm provides many options related to job opportunities,
schemes etc.
Impact on economy-
Economic powerhouse- In UK, the small and micro business are booming. The number
of small business increases because many people attracts towards their services and products.
Location- Small firms and entrepreneurs find out the best way to promote their services
and products in market. It also expands business in other countries to sell products by online.
Society- In UK, many people start their own business at age of 30-40 and rate of
entrepreneurship has increased in global world during last 10-20 years. For growth and
development, Small organization uses different technology and innovative ideas. It is necessary
part for companies to maintain their services.
P4. Significance of little and start –ups business will participate for the development of
economy after the ‘Brexit' crisis
Start- up business and Small are backbone of UK’s economy and contributes by
providing job opportunities to people. Start-ups develop an effective strategy and planning to
increase their productivity and profitability (Chell, Spence and Harris,2016). Small business
helps country’s economy because it will balance conditions and situations of economy. In Small
firms, there are 250 employees working together. On the other hand, start-up firm has only 5-10
employees working together. There are many start-up businesses established in UK.
Start-ups and small business contributes to innovative ideas, employment or adaptability
which helps for increasing their popularity in marketplace. Small business plays an important
role for driving the economic growth.
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Competitiveness- Small and Start-up business is useful for country’s economy because it
helps organization to maintain the competition level in global marketplace. There are various
small organization established in UK. (Henry, Foss and Ahl, 2016). Small and Start-up business
uses modern technology and innovative ideas for growth and development.
Employment- small and start-up contributes to increase the employability in marketplace.
In Uk, 2.7 million jobs created in marketplace and there are many chances to get job
opportunities in small business.
Economic growth- Small and start up business contributes to deal with the big
organization by providing important resources and completing business operations and functions.
M2. Differentiate between the micro, medium and big enterprise make to the country economy
with the help of statistics data.
Small business- Small business are established by family members and partners. The
important decisions related to business are taken by owner. Small organization plans strategy for
short term. Generally small business is located in local markets and target customers. Small
business is useful for country’s economy because small firms provide job opportunities to
people.
Medium business- Medium scale firm are mostly private. The important decision is taken
by owner and CEO (Javalgi, Martin and Van 2018). This organization plans an effective strategy
for long term. They mainly focus on increasing the business and generate high revenue so that it
is helpful for country’s economy.
Large business- Large scale firms are mostly public and they follow specific
management process to manage the business activities. Large organization give many career path
and different programs for people. Big companies generate high revenue in marketplace which is
beneficial for country’s economy.
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D2. Small businesses affects the on different stages of country economy such as in a local and
international, regional and national
It can be impact on the economy of country in different ways such as national, local,
international and regional.
Local – Small business targets local areas and customers to provide the best quality of
product and services in marketplace.
Regional- Small business focus on the traditional, culture and social communities to
provide the facilities and services according to their needs. Small firms maintain the relationship
between social communities.
National and international- Small firms export and import the product and services in
international market(Javalgi, Martin and Van 2018). Small organization plan an effective
strategy for growth and development. Many customers attract towards their services and
products which helps for increasing their productivity and profitability in marketplace.
LO3
P5. Identifies the characteristics, and skills, traits the great entrepreneurs There are important
characteristics and skill or traits discuss in followings:
Innovator-Thomas Edison is very intelligent person and also have skill and knowledge
to innovate new idea for growth and development. Thomas Edison always innovate new ideas in
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Illustration 3: Statistic Data
(Source: Statistic Data, 2017)

their business. Thomas Edison is a very intelligent person and always innovate new idea for
growth and development. Bill gates has efficient people to manage the business process
effectively and efficiently. (Kitching, Hart and Wilson, 2015).
Planner- Thomas Edison and Bill gates has quality to plan an effective strategy
according to the needs and requirements of business. First of all, it took out the market situations
and conditions. Both the successful entrepreneurs have implemented new planning for growth
and development.
Positive behaviour- Thomas Edison and Bill gates motivate their employee towards the
growth and development. They have ability to face any challenging situations in effective way
because of their positive attitude. It also develops working environment of employee.
P6. Entrepreneurial personality reflects entrepreneur motivation and mind-set
Bill gates is a successful entrepreneur and developed his own organizations in
marketplace. A successful entrepreneur has unique personality to analyse the entire personality
and their motivational.
Competitiveness- Bill gates had competitive mind-set to achieve goals and objectives.
Bill gates has ability to understand the need and requirement of business process. (Laudano,
Marzi and Caputo, 2018). They have established Microsoft company in marketplace because Bill
gates have better idea to develop the business.
Passion- Bill gates has passion for computers and software. Bill gates is sucessful
entrepreneur that passion to achieve their specific goals and objectives.
Agreeableness- Bill gates is kind person and understand the problem of employee in the
organizations. Bill provides the best working culture to their employee for growth and
development(Javalgi, Martin and Van 2018). It required for each and every organization to
manage their business process effectively and efficiently.
Neuroticism- Neuroticism is a type of characteristics that is change the efficiency
according to nature of human such as emotional etc. Bill gates have special characteristic to
control and manage their emotions and behaviour towards their employee. They have skill to
manage the business operations and functions.
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Openness- Bill gates try to achieve their goals and objectives. They have unique
personality to coordinate with the employee. It required for organization to manage their
business process effectively and efficiently.
M3. Entrepreneurial Characteristics
Entrepreneur characteristics is playing an important role in growth and development
because they have ability to handle any situations and conditions in proper ways (Qian and
Haynes, 2014). There are some important characteristics of successful entrepreneurs.
 Entrepreneurs are risk takers and ready for future development. A successful entrepreneur
always believes in hard working and is dedicated towards their work.
 A Successful entrepreneur implements innovative ideas in the business process.
D3.
There are some important characteristics, skills and traits of Bill gates as followings:
Analytical- Bill has analytical and creativity skill to invent new approach in the business
development process (Smallbone, Welter and Ateljevic, 2014). Bill is the most famous and
successful entrepreneur to invent new idea and having ability to jump from other creativity. This
trait assists the entrepreneur to achieve their goals and objectives.
Open-minded- Bill always open minded to gain all the information to improve the quality
of product. They have specific idea which is helpful for better way to identify the need and
requirement of business.
Passion- Bill gates has passion for computers and software. It also establishes their own
company that is Microsoft. This organization is based on information technology to provide the
best quality of product and services in marketplace. Bill always focus on their goals and dreams.
LO4
P7. Aspect and experience of the foster entrepreneurship
Experience is playing important role of every entrepreneur because it will develop
capability to manage business operations and function effectively and efficiently. According to
bill gates background, his father was a lawyer. Bill's family is supportive to encourage towards
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their goals and achievements(Javalgi, Martin and Van 2018). At early age, establish their own
business and organization. Because they have skill and knowledge to understand the requirement
of business operations. Bill faced many problems and issues but the family support and
influenced him to achieve goals and objectives. According to the experience, Bill learned many
things in life. Bill has a positive attitude towards employees and encourages them to achieve
their goals and targets.
M4. Entrepreneurial characteristic and motivate of their personality to other and specific
experience of their life
Family background is playing an important part in an entrepreneur’s life. For example-
Bill gates becoming successful entrepreneur and his family support and encourage towards their
dreams.
D4. Background and experience motivate entrepreneurs in both ways positive and negative
Background and experience influences or inspires the successful entrepreneur in both
ways such as positive and negative.
Positive way to inspire entrepreneur- Background and experience have a positive impact
on the entrepreneur because they have increased their ability to understand the requirement of
business activities. Experience is helping entrepreneur to identify business logic and their
performances.
Negative way to inspire entrepreneur- background and experience plays an important role
in entrepreneur’s life because they will learn many things from their experience. It is required for
entrepreneur to build their ability to manage the business process in a proper manner.
CONCLUSION
As per discuss, it concludes that it is summarised that entrepreneurial venture consists
successful operations and functions. In this regard, within the UK different kinds of
entrepreneurial ventures such as social entrepreneurial, saleable entrepreneurial, start-up, etc.
Furthermore, this report also describe the positive and negative impact of micro and small
businesses on country's economy. This mainly concern about the various types of ventures such
as medium, small, etc. All these kinds of enterprises help to develop their functions in
international context.
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Further, it also discusses about characteristics, traits, skills required such as analytic,
passion and open minded of entrepreneur that is assist for achieving their specific goals and
objectives. As per systematic analysis, it can be stated that characteristics assists to relate
important benefits at work place.
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