Entrepreneurship and Small Businesses

This report examines the role of entrepreneurship and small businesses in the UK economy, focusing on their impact after Brexit. It analyzes different types of entrepreneurial ventures, their contribution to economic growth, and the characteristics of successful entrepreneurs. The report also explores the influence of background and experience on entrepreneurial success.

ENTREPRENEURSHIP
AND SMALL BUSINESSES

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Analyse different types of entrepreneurial ventures and how they related to typology
entrepreneurship..........................................................................................................................3
P2 Explore the differences and similarities between entrepreneurial ventures...........................5
TASK 2............................................................................................................................................6
P3Interpret statistics and relevant data to illustrate how micro and small business impact on
economy .....................................................................................................................................6
P4 Importance of small business and business start-ups to contribute in growth of the social
economy after brexit...................................................................................................................7
P5 Explain two successful entrepreneur’s characteristics, skills and traits better than other
managers in business...................................................................................................................8
P6 Assess how aspects of entrepreneurial personality reflect entrepreneurial motivation and
mindset........................................................................................................................................9
P7 Influence of background and experience on entrepreneurship..............................................9
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship and small businesses both worked at same motive, the person who
invest money for establishing their business in marketplace by supplying services and products.
They make plans for achieving success in company. This process gives a different type of
learning experience to people who want to build or start up a new organisation. In this study it
reflects the opportunities of small businesses and their impact on UK economy after brexit. The
report describes different types of ventures and typology which is related to each other. After
separation between British and UK it effects economy sector. Entrepreneurship is very beneficial
for growth of UK social economy and also for their development (Schollhammer, and Kuriloff,
2016). This unit explain the traits, characteristic and skills of successful entrepreneur. Describe
the impact of small-business on economy and key aspects of entrepreneurial mentality. This
project explains two successful businesspersons skills and experience; background which hamper
or impact entrepreneurship.
TASK 1
P1 Analyse different types of entrepreneurial ventures and how they related to typology
entrepreneurship
Entrepreneur is a businessman or might be a business woman. This is a process of
establishing own enterprise at large, medium and small level in country. Ducker (2016) explain
the whole entrepreneurship process, it very innovative way towards achieving business goals,
activities and also help to manage organisation by people for the purpose of creating sompany
successful Effective activities business can bring positive changes and organisation
development. For attaining business objectives' successfully, an entrepreneur need to introduce
innovation and creation in their production. This is the best way to grow in work performance.
By collecting all the information which help entrepreneur to build and manufacture production
to increase business growth. In order to make business successful, an entrepreneur needs good
quality of high performance in their work. The main motive of entrepreneurial is to make great
success in their business. After brexit entrepreneur plays an essential role for every sector in UK
economy. They do not take all the credit of organisation development; it distributes in local

economy of their country. After doing research in market area it examines the understanding of
entrepreneurship in public and corporate sector.
There is various type of entrepreneurship which are related to typology.
1. Large company entrepreneurship: Large corporation has a huge amount of investing fund
which help them to expand their business in the world. Most of the companies can grow by
creating new plans, use innovative techniques, offer new service and products etc. the whole
process of runs business is based on financial condition or income source of organisation by
selling products. They are capable to make changes according to people needs and demand.
Large company face many issues in business such as competitors within same field. They can
make pressure over the other organisation for creating more innovation. Large company need to
make whole new process of products sell into new people's in a new marketplace. This type of
ventures faced many problems in the process of establishing new enterprise. For the reason of
competitors, they need to mould whole process of manufacture in products according to changes
in surrounding business's situation and also to the latest trends. All this effort is very effective for
increasing firm growth.
2. Small business entrepreneurship: It defines the activity of small business company. Shatner
(2015) explain fantastic growth in issue of start up in United Kingdom, in year 2015 to 2016.
More than 3630 small business start-ups only in UK. This start up is contribute in economy by
providing employment to (19.8 %) people of UK (Zimmerer, and Scarboroug, 2014). Firms like
regional and local supermarket, stores and internet cafes, carpenter’s business, consultant’s
company’s, mobile shops and many other retailers' are includes in small business. Small business
firm does not generate money as much as the large company entrepreneurship can do.
3. Scalable start-up entrepreneurship: the business that have a goal to changing the full
persisting theory, express Ducker (2015). Scalable entrepreneurial investment focus on quality
and creativity of business aspect. Sclable start up entrepreneur give employment to people the
brightest persons among economy. 'Scale' is the aim of these organisations, which point financial
assets and venture funds for increase.
4. Social entrepreneurship: Entrepreneur of these companies focused to implement services and
products, which they need to be effective for economy and environment, towards the
improvement of people. For better growth of societal system and people they develop products
and services, it is the aim of social entrepreneurship.

M1
Entrepreneurship is very important in every sector either public or corporate.
Entrepreneurial ventures are three types large company entrepreneurship, small business
entrepreneurship, social entrepreneurship and scalable start up entrepreneurship. They performed
their work individually without any restrictions. They are responsible for reward and risk of
business in public and private sectors. Their business strategies are very different and unique
within innovation for both sectors. Their target is high for achieving goals. Entrepreneur is a
business man who invest money or funds in business to earn profit.
D1
After brexit small company impact on economy, entrepreneurial ventures decrease recession day
by day, as increase development and scope sector in UK. This process help people for investing
money in new business young generation focused on this method.
P2 Explore the differences and similarities between entrepreneurial ventures
Similarities
They both also have some similarities. Social
business aim is to work for providing
development of people, society environment in
UK. They played an important role in creating
healthy and developing structure of economy.
By working on this process it generates
effectivity and efficiency among employee or
business performance (Kirzner, 2015).
Entrepreneurship of business motive is to
generate profit and revenue. The aim of these
ventures is to make profitability for
organisation. They face a lot of competitive
environment in marketplace. They focused on
the quality of products and services of their
ventures, through this process they can achieve
Differences
Social entrepreneurial and business
entrepreneurship both are different from each
other. They both are work equally but with
different style, motive, prospects, ideas,
technique and process. Their main role is to
increase growth of employee and firm or
decrease employee turnover because it impacts
on their high performance work.
Entrepreneurial ventures have investment
funds which helps to grow maximum market
shares.

business objectives and goals. All
entrepreneurial ventures have a similarity of
taking risk at small or large levels. Their goals
are also based on financial situations. They
also support economy of UK by providing jobs
and give compensation and employee
recruitment within high work force
TASK 2
P3Interpret statistics and relevant data to illustrate how micro and small business impact on
economy
Figure 1Statistic data
Source: UK Small Business Statistics. 2016
Small and micro business impact UK. At the time of 2015-2016 3500 business get start-ups
alone without any help. Economic and political factors are in favour for starting a new business
and companies’ growth in UK, which impact economy. This is the main contribution by small
and medium size enterprises towards economy, for this purpose law-making and political
features are favouring nation in its financial and economic position. There are many factors who
give their contribution to raise economic environment and make stability in UK countries. Both
business impact on economy by providing resource of raising company rate and profit turnover.

15 micro business increase turnover alone in year 2014- 2015. Their total turnover is 13.7 %
(Goss, 2015). They are given equal opportunities by risen employment during tough time. 27
Million people get employee role in small and micro business.
Small business impact can be shown in each and every stage of economic development
(Zimmerer, and Scarboroug, 2014). After the researchers get in formation 25.7% workforce has
worked in UK. Small business gets increase more than compare to the large one.
P4 Importance of small business and business start-ups to contribute in growth of the social
economy after brexit.
It has been discussed above that social economy growth can be impact after brexit
through small business economy because they contribute a large scale of job facilities to UK
people after the separation. They run such small business in country which increase stability and
employment in society. There are so many people are get hire by the SME’s. they played an
important role as a life a saver. Within this support business get raise their profitability by
creating high workforce and adding younger persons as an employee in SME’s. the another
result of their contribution is that flow of cash in economy became grow effectively. After brexit
many small ventures get successful and emerged, they start up opening their new business ideas
which also help them to give more contribution to UK. These is the best opportunity for United
Kingdom population to grab it and take as a challenge which raise their effectiveness and
efficiency of work in any sector of business world. Statics data will be based on gathering all the
information about the growth of economic sector of UK after or before brexit (Guerrero,
Cunningham, and Urbano, 2015) This info clear SME’s doubt. The main motive of small
economy businesses to make stability in country in the UK. They modify the whole structure of
population after brexit by providing or contributing the best support through employment.
M2
Small and large businesses apply better support plans in economy. SME’s help by
providing jobs this will improve their financial conditions and people get support or feed their
families after brexit in UK. They both make economy creative and effective through employment
services. All statistics and data has been shown above the points clearly. Population financial
conditions get increase after providing employments to them. SME’s need workforce who help
them to run their business successful, so at that time the economy also need work to feed their

family and themselves. They support SME’s by working in their business effectively within high
effort. This decision increases the progress of UK.
D2
Small and large businesses trade their products at low level stage. After brexit foreign investor
get decrease and economy effectiveness get lower more than the other countries. SME’s support
to raise foreign currency by growing in their business.
Local, national, regional all sector impact on economy in UK. They all worked for
increasing stability among population. They also work to increase economy financial and
lifestyle structure.
P5 Explain two successful entrepreneur’s characteristics, skills and traits better than other
managers in business
Richard Branson is well known business tycoon in the world. He is interested to run
many productions such as mobile phones, television, leisure or travel etc. they earn $367 million
by running their businesses. Their passion is to became a successful entrepreneur than the others.
They run an academy which design to build entrepreneurs within having great tools to set their
mind get success. All is that need to belief them self before starting a new business. They work
for those people who have a capability to grow in their life’s and achieve their goals by high
performance worked. He is one of the most successful entrepreneur in United Kingdom (Leutner,
and et.al., 2014). They have a motivation spirit in themselves. He is a man within true spirt of
work. Peter Jones is a person who belief that they can make high success. They give high
performance worked in their company within great workforce. He very successful businessman
because he is passionate about their work. They run television programs such as American
inventor, Dragon’s Den, tycoon and many others. Peter Jones is founder of telecommunication
industry “ Phones International Group”. He supported tennis academy at the age of 16. He is
very focused in their work. They can mange workforce by rewarding employees.
Mark Zuckerberg is an American technology entrepreneur. He is leading and co-
founding Facebook as its chairman and chief executive officer. He is known as a software
developer. He is disciplined person, they focused on making business performance more
effective than the other company. They create innovation to attract more people for using there
services. He is very creative in their worked. He is a man with clean focus. He has a spirit to give
high performance work in business. He is creative in thinking. They also have a quality of

leadership. They can give their great services through managing people by using new techniques.
All is that they need to make strategies which is different and unique to other organisation. He is
a self learner. They can learn and understand things, changing in marketplace realize mark about
the whole process of marketing. They stay up to date on new technology and systems according
to company trends. He is a self reliance person. Marks also make changes in themselves by
reflecting what happen in past which helps them to plan for future.
P6 Assess how aspects of entrepreneurial personality reflect entrepreneurial motivation and
mindset
Richard Branson and Mark Zuckerberg they both are successful entrepreneur in UK. All
their characteristic, skills and traits motivate to perform effectively in their business to increase
their growth. They both are very hard working persons. Their aim and motive are same. Passion,
resilience, strong sense of self, flexibility and vision these are the five personality traits of
entrepreneur. Entrepreneurial are motivated to their work. They are not dependent on manager
and employee to push them toward their business objectives and goals. Entrepreneurial
personality is that they are collaborative and communicative. Their creative nature resolve their
problems, these features or qualities motivate them. Communication skills increase positivity
among in their employee which makes them more creative. Healthy environment at workplace
also motivate entrepreneurial and set their mind to work more hard for achieving business
objectives (Leutner, and et.al., 2014). All the process is very beneficial for company growth and
productivity. Choosing great ideas and plans for business develop entrepreneurial mind set. Their
strong vision and mission is the main purpose of entrepreneur. They both are capable to accept
all the business's challenges within having a great work force in their companies. Self trust,
patient mindset, positive, learning, goal setting and courageous mindset is the feature of
successful entrepreneur.
M1
Entrepreneurial characteristic, pessimism, realism and optimism. Their approach towards
their business is different, this is influenced by characteristic, traits of their individaual
personality.
D1

There are so many characteristic, skills and traits of entrepreneurs, which help them to
motivate themselves. Communication skills, motivational skills, collaboration etc. all impact on
their personality.
P7 Influence of background and experience on entrepreneurship
There are various factors that impact on success of entrepreneur to great extent. These
components not only affect decision-making process but also influence their personal
professional life as well. Education, culture, economic condition, traits are several elements that
have high impact on entrepreneurship. Education and experience are two essential factors that
contribute in raising personality of individual. Education level and experience help person in
becoming a mogul (Kirzner, 2015). For example: Richard Branson is the successful business
owner who has the ability to take risk. This risk taking capability has been developed within him
from early experiences. He believes that each challenge can create opportunity as well
(McClelland, 2015). This positive behaviour of individual has supported him to start a new
business and establish its successfully. In past he has faced many challenges but rather than
feeling demotivated he has converted all its issues into opportunities. Richard is the founder of
Virgin group (Kuratko, 2016).
He always wanted to become an entrepreneur but he was not good in education. But due
to supportive family background he becomes able to fulfil his desires. His mother was also an
entrepreneur; this has motivated him to move ahead to fulfil his dreams. He has faced failure
many times but learnt a lot from his failure. All his experiences and background has helped him
in his foster entrepreneurship (Cooper and Folta, 2017). Another example of successful
entrepreneur is Mark Zuckerberg who has launched a new social application Facebook. He was
good in education and was having excellent technical skill. He has learnt many things about
programming from his father. Initially he was unable to convenience investors for this Facebook
application. He had faced negative situations but as he has learnt a lot from his background and
previous life. All these things have supported him in raising self-motivated and self-managed
skills within him (Burns, 2016). This has supported him in becoming a successful and well-
known entrepreneur.

The entrepreneur who plans to start a new venture has to take huge risk. Entrepreneurs
always calculate challenges and find out the potential solution for the issues that they are facing.
Their experiences and background always encourage them to perform well and always feel
motivated. This makes them able to reach to the target and establish a business successfully. If
the persons do not have good educational background or belong from different culture (Kirzner,
2015). Then in such condition person may face issue in making communication with others. All
these things create problem for individual in managing the business and dealing with challenges.
On other hand if the person has supportive family, good education level, positive life experiences
then this may foster in order to meet with target.
M4
There is strong interrelationship between entrepreneurial characteristics and background.
Many times background hinders the success of person. Mark Zuckerberg and Richard both very
belong to different backgrounds. But their self-managed, motivated skills have helped them in
turning risks into opportunities (Kuratko, 2016). Mark belonged from poor family; he was
unable to get money from his father. That is why he has used his communication and motivation
skills in order to convenience investors. This fosters person and supported in gaining lifelong
experiences. All these things have developed risk-taking capabilities and have given amazing
knowledge to both these persons (Cooper and Folta, 2017).
D4
Background and experience of entrepreneurs influence the entrepreneurship in both
positive and negative manner. Sometimes background creates issues or many times it develops
opportunities for individual. As in the case of Mark his family was really supportive and in case
of Richard he has learnt many things from his mother. Both backgrounds have created
opportunities for entrepreneur and they have gained success in life (Burns, 2016). But if family
does not support person and there is negative background then it may hinder success. Life
experiences teach many things to individual, it raises skills and make the person able to find
solution for each issue that have been faced in the past. Sometimes negative experiences
demotivate individual that creates issue for them to take correct decision.

CONCLUSION
Above these study it has been concluded that entrepreneurship is very important for any
sector for the purpose of running business successfully. In the further study mention many types
of entrepreneurs ventures which related to different types of entrepreneurial typology. After the
brexit UK population get decrease in their growth in every sector of country. In UK there are so
many small businesses who had a similarities and differences between entrepreneurial ventures.
They impact economy at large level. This study defines the process by introducing or analyse
how SME's contribute for increasing and developing growth of economic in UK. The experience
and background of entrepreneur reflect their hinder and foster.

REFERENCES
Books and Journals
Barringer, B.R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
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Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship. pp.348-367.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Goss, D., 2015. Small Business and Society (Routledge Revivals). Routledge.
Guerrero, M., Cunningham, J.A. and Urbano, D., 2015. Economic impact of entrepreneurial
universities’ activities: An exploratory study of the United Kingdom. Research
Policy. 44(3). pp.748-764.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Leutner, F and et.al., 2014. The relationship between the entrepreneurial personality and the Big
Five personality traits. Personality and individual differences. 63. pp.58-63.
McClelland, D.C., 2015. Characteristics of successful entrepreneurs. The journal of creative
behavior. 21(3).pp.219-233.
Schollhammer, H. and Kuriloff, A.H., 2016. Entrepreneurship and small business management.
RE Krieger.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
Zimmerer, T.W. and Scarboroug, N.M., 2014 Essentials of entrepreneurship and small business
management. Prentice-Hall.
Online

UK Small Business Statistics. 2016 [ONLINE] Available through:
<https://www.fsb.org.uk/media-centre/small-business-statistics>