Analyzing Small Business Research and Reports

This assignment requires analyzing various research papers and reports related to small businesses, including the impact of leadership on innovativeness, gender differences in entrepreneurship, and the role of small businesses in the UK economy. The documents provided include academic journals, articles, and online resources that discuss topics such as corporate entrepreneurship, regulation dynamics, and network capabilities. The assignment aims to understand the importance of small businesses in the economy and how they can thrive in a post-Brexit landscape.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Examine different types of entrepreneurial venture and how they relate to the typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and differences between entrepreneurial venture...............................................3
LO 2.................................................................................................................................................5
P3 Interpret relevant data and statistics that how micro and small business impact on economy
.....................................................................................................................................................5
P4 How small business and start-ups contribute to growth of the social economy after Brexit.6
LO 3.................................................................................................................................................7
P5 Characteristic, skills and traits of two successful entrepreneurs............................................7
P6 How aspects of entrepreneurial person ability reflect on motivation and mind-set..............9
LO 4.................................................................................................................................................9
P7 How background and experience can hinder or foster entrepreneurship...............................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship considers innovative functions and operations in different areas of the
world that assists to organise and manage business venture through risk taking. Entrepreneurship
is the most important process to develop social, environmental and economic growth. It is the
setting of implementing new sources and creates new productive product or services for the
betterment. (Kuratko, Morris and Schindehutte, 2015).
In the present study, discussion on successful entrepreneurs have been done with their
innovative characteristic, traits and skills. It creates opportunity to learn and gain knowledge
with accomplishment of goals and objectives. In the society, it prosperous to reward and
encourage entrepreneurial activity to gain level of success, prosperity, growth and opportunity.
For gaining insight information of the present report, it covers different types of
entrepreneurial venture and typology of different entrepreneurship program. Furthermore, it
demonstrates similarities and differences between successful entrepreneurial venture. Moreover,
it explains about characteristic, skills and traits of successful entrepreneurs and their ability
which reflect on motivation and mind-set. At last, it explained about background and experience
which helps to hinder or foster entrepreneurship program in successful manner.
LO 1
P1 Examine different types of entrepreneurial venture and how they relate to the typology of
entrepreneurship
Who is an entrepreneur ...?
There are different types of entrepreneur venture which is based on different concepts.
Such as small, big, social, freelancer etc.. It is responsible to take all risks and rewards in
business venture (Kuratko, Hornsby and Hayton, 2015). Different entrepreneurial venture and
typology of entrepreneurship explained under here:
Entrepreneurial venture
 Small business entrepreneurship: Small business entrepreneurship consist of
different sectors such as grocery stores, consultants, travel agents, internet commerce
store fronts, electricians, etc. Enterpenure can run business with own management
and effectiveness. Generally, they hire local employees and family members that bare
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profitable outcomes (Yan and Yan, 2016). As a result, they generally perform
functions to feed their family and make high profits.
 Scalable start-up entrepreneurship: Scalable start-up entrepreneur’s businesses starts
company with knowing from day one on vision that can change the world. With the
help of investment, financial investors are attracted with venture capitalists. Hence,
they hire best and brightest people who can perform job in better way (Brush and
Greene, 2015). They are generally looking to make expansion of the organisation in
different areas.
 Large company entrepreneurship: Large businesses consider appropriate life cycle
which assists to make sustaining innovations at workplace. Therefore, they offer new
products that are variants with core products. Existing businesses can perform their
functions either through acquiring innovative or attempting to build disruptive
products (Brush and Greene, 2015).
 Social entrepreneurship: Social entrepreneurs consider their operations to focus and
create products and services with innovation to solve social issues. Scalable start-up
businesses accomplish their goals to make world better. They are not considered
taking market share or create wealth for founders. These businesses can be
developing in terms of profit, non-profit or hybrid (Brush and Greene, 2015).
Typology of entrepreneurship
There are Large number of typologies of entrepreneurship that helps to enhance growth
of the economy. In this consideration, entrepreneurship develop with innovation of new products
and services to accomplish core concepts. This is because, changes in customer taste, new
technologies, legislations, etc. create pressure for disruptive innovations (Curran and Storey,
2016). Entirely it has typology to develop new customer in new market. Medium level
entrepreneurship: Medium level entrepreneurship determine operations and functions to focus on
vision that can be change in whole world. It helps to attract investment as financial investors to
hire best. These kinds of entrepreneurs have typology to attract people with solve problem with
new products and services (Ahlstrom and Ding, 2014). Another kind of typology such as Small
level entrepreneurship These kinds of business develop operations and functions in grocery,
consultant, travel agent, etc. They are more barely and profitable business that assists to perform
functions with own businesses. Small level entrepreneurship possess typology to deal in
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innovation to feed their family and earn profit. They regulate functions and operations to perform
functions in creative manner (Acs, Audretsch and Licht, 2016).
P2 Similarities and differences between entrepreneurial venture
In order to consider different kinds of entrepreneurial venture, following are differences
and similarities explained:
Similarities and differences between large scale and small scale entrepreneurial venture
Large scale entrepreneurial venture Small scale entrepreneurial venture
Similarities
In the large-scale entrepreneurship main aim is
to earn profits to develop it at global level.
Therefore, it assists to focus on the more
effectiveness significant advantages.
In addition to this, small scale entrepreneurship
is also looking for more profits and revenue. It
assists to focus on development of the business
in different areas of the world (Audretsch,
Kuratko and Link, 2015).
Furthermore, in this aspect innovation also
create to attain more significant advantages
which would be beneficial to create something
new.
In this context, small business implements new
and innovative idea that assists to meet with
development of the operations and functions in
systematic manner.
Large organisation is the another based on
some aims and objectives. Every organisation
needs to adopt changes for innovation and
development. It is the another similarity
between small and large type of organisation.
Small organisation is the another kind of
technology which conduct new sources and
also need better environmental goals. Small
firms are also needs to make adopt new
changes and goals.
Differences
Large scale entrepreneurship looks with more
and high quantity in products and services of
the business with using more aspects of the
operations and functions
In small scale entrepreneurship there are very
less number of quantity to look for the business
development and outcomes.
In the large entrepreneurship, there are variety
of options available through which businesses
In the small-scale entrepreneurship less
number of tools and techniques requires
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can perform creative operations. Besides, large
organisation have large capital to be invest on
new technologies
promoting desired level of results (Laudano,
Marzi and Caputo, 2018). on the other hand,
small scale company does not have enough
amount to invest on the functional activities.
Similarities and differences between social and scalable entrepreneurial venture
Social entrepreneurial venture Scalable entrepreneurial venture
Similarities
Social entrepreneurial venture considers with
social needs and requirements that assists to
meet with innovative results and outcomes. In
this regard, benefits of the society successfully
develop in the country.
Scalable entrepreneurship venture considered
their operations with innovative ideas for
taking several advantages in the venture. It will
assist to focus on social benefits (Acs,
Audretsch and Licht, 2016).
Social entrepreneurship is the use of start-up
companies and other entrepreneurs to develop
fund and implement successful operations and
workplace to gain more profitability.
This kind of businesses also take start-up
operations with innovative ideas and searches
with repeatable business model. It turn to take
high growth, profitable company that assists to
entering in to large market areas
Differences
They are not taking measurement of profit in
their success.
In this context, entrepreneurs take
consideration of profits and revenue that assists
to meet with desired level efficiency.
It creates advantages to focus on the only
social benefits that are undertaken to focus on
the society.
In this context, entrepreneurial venture newly
emerged for business venture to meet with
desired results (Audretsch, Heger and Veith,
2015).
It considers commercial strategies that assists
to maximise improvements in financial, social
Concept of the scalable entrepreneurship
business establishes for the development of
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and environmental well-being. It considers
maximisation of social impact on the desired
level efficiency (Zacca, Dayan and Ahrens,
2015).
new ideas and opportunities in successful
manner.
LO 2
P3 Interpret relevant data and statistics that how micro and small business impact on economy
Small and micro business has an important role in the UK. This is because, it contains
different perspective to ascertained significant advantages at workplace. They provide
employment opportunity in the country which helps to increase standard of living of people. As a
result, profitability and productivity can be builtEconomic review: Apr 2017. in successful
manner. Small business is the backbone of UK economy (The importance of small businesses in
the UK economy, 2015). It helps to drive growth, opening new markets and creating jobs with
innovations. Furthermore, it encourages competition which bring fresh ideas that assists to face
challenges as well.
It can be stated that small and micro businesses of UK is continuously growing.
Therefore, it helps to increase standard of living of people, employment opportunity, etc. GDP
growth estimates from 2008 to 2009 in downturn. Therefore, it let with certain improvements
with using additional data that validate information to conduct survey. Short term output also
successfully develops to focus on increasing positive growth. Improve trade in goods position
also develop to make desired results efficiency (Kitching, Hart and Wilson, 2015). Cut cost and drive profitability: this is the fist impact that SMEs given on the growth of
economy. Small and micro businesses consist low cost so that high profitability drive to
accomplish desired results at workplace. In this regard, country can easily develop
effective results in particular business. On the basis of profitability, they can easily gain
high level of efficiency (Kuratko, Hornsby and Hayton, 2015). Help ensure regulatory compliance: it is the another small scale factor, Furthermore,
there is one other importance that consider by small and micro business is that they can
easily cope up with the latest technology and ensure all regulatory framework also
helpful. In order to maintain more effectiveness, it can be stated that compliance is also
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major perspective that need to be measure by business. It assists to focus on the desired
results (Laudano, Marzi and Caputo, 2018). Support with export efforts: In order to gain support, small and micro businesses make
extra efforts that assists to meet with innovative results and outcomes. In this regard, all
country will get maximum profits and revenue in successful manner. With this regard,
relations with other nations also successfully develop that assists to maintain high profits.
They can easily gather raw material from different areas of the world and countries as
well. It will assist to deal in different areas that helps to meet with creativity (Audretsch,
Heger and Veith, 2015).
 Strengthen marketing pitch: Small and micro businesses are fully attached with
marketing of the whole country. This is because, it will assist to gain more effectiveness
at workplace. Furthermore, it is successful strength in which innovations successfully
develop. With consideration of the aim and accomplish objectives, innovation is useful
perspective that assists to meet with desired level of efficiency (Dunne, Aaron and Geho,
2016).
P4 How small business and start-ups contribute to growth of the social economy after Brexit
After Brexit, start-up businesses continuously grow for the social economy. Performances
of UK economy is central to current assessment which create effect on UK economy. In this
regard, UK is voted to leave EU so that they can contribute to make innovations in the country.
However, GDP of the country also falling so that small businesses face struggle to keep
effectivenes. It creates several benefits in the UK to develop significant advantages at workplace.
Small businesses also more localise in certain regions after Brexit. Therefore, businesses will get
several benefits to promote more desired level of efficiency to make effectiveness (Acs,
Audretsch and Licht, 2016).
Overall 0.5% growth also develop in successful manner that assists to develop UK
economy to do their operations. Better performances also expected to perform functions in the
successful country. Economies not only fallen down in overnight. It is also successfully
developed in the businesses of UK to leave EU. Furthermore, small businesses and the UK
economy in general context which would be beneficial to make desired level efficiency. Largely
small business considers innovations that assists to meet with effectiveness in the whole nation
successfully (Kuratko, Morris and Schindehutte, 2015). However, EU generally operates in
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single market with several number of members. As a result, it can be stated that free up trade and
widely it is reported to maintain effective results.
Moreover, market also face issue of inflation so that it creates impact on the whole
functioning of the country which need to be reduced to operate in successful manner. After
Brexit, the country gets benefits to do their businesses in other countries easily (Ahlstrom and
Ding, 2014). It assists to gain GDP data that is useful to focus on the maximum number of
customer requirements. Economy does not get any impact to do businesses. However,
depreciation and appreciation create major impact on the results. From 2017, onwards UK
economy overcome their issues and problems with implement appropriate plan and manage it for
uncertain period. Brexit create several opportunities for the UK to raising them tends in areas of
SME’s so that particularly in early stages it assists to focus on the business journeys.
In order to starting new businesses in current landscape it is essential to deal with great
energy, commitment and courage. It creates several opportunities that contain huge sources to
gain competitive advantages. As a result, it is easier to reach for customer goals. Furthermore,
fluctuating in the exchange rates also create advantage to transfer goods in different areas of the
world easily. As a result, it will develop more significant advantages to focus on the SME
development (The Brexit opportunity: How small businesses can thrive in a post-Brexit
landscape, 2018).
LO 3
P5 Characteristic, skills and traits of two successful entrepreneurs
In all over the world, there are several entrepreneurs who work to gain significant
advantages in their ideas and opinion. There are two successful entrepreneurs such as Bill Gates
and Larry Page. Bill gates is one of the most well-known person and entrepreneur for American
Technology which is second richest person in the world. Gates grew up in the country with
began tinkering with personal computer at early stage. On the other hand, Larry page is co-
founder of Google which is considered as one of the best search engines in entire world. It is one
of the largest enterprise in the world (Curran and Storey, 2016). Here are some skills and
characteristics of these two successful entrepreneur which differentiate them from managers:
Characteristics
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 Risk taking: Risk taking is one of the important characteristics of entrepreneurs. It is
important element that need to be consider to take risk from the several operations. This
is because, starting new business is risky so that it is very important to perform new
venture (Audretsch, Kuratko and Link, 2015). On the other hand, Manager always
follows the structure of company without involvement their own interest.
 Creativity: Entrepreneurship is important aspect in which creativity also develop to
attain desired results. In this regard, Larry Page and Bill Gates are successful
entrepreneurs to brought innovative products in the market. On the contrary, manager is
different from leaders they are not created something they just followed the past structure
and repeat the same in the management activities. (Acs, Åstebro and Robinson, 2016).
Skills
 Creative thinking: Every entrepreneur in the business possess creative thinking, so that
entrepreneurship get successful outcomes. It assists to focus on the innovative ideas that
make desired level results. Bill Gates possess this skill to develop their effectiveness.
 Leadership: Another skill of successful entrepreneur is leadership which assist to lead
whole team to gain desired results (Zacca, Dayan and Ahrens, 2015). Larry Page possess
leadership skills so that desired level efficiency will be develop in desired manner.
 Strong work ethic: Strong work ethic is also important skill of successful entrepreneur
that assists to meet with desired level efficiency in successful manner (Brush and Greene,
2015). This skill implemented to develop effectiveness of Larry Page and Bill Gates
towards new products and services.
Traits
 Passion and motivation: Every entrepreneur possess passion and motivation towards
their work that assists to accomplish aims and objectives with business development
process. In this regard, desired level results can be developed that meet with creativity.
 Adaptability and flexibility: Successful entrepreneurs also possess capabilities of
adaptability and flexibility (Henry, Foss and Ahl, 2016). This is because, in innovations
and creativity they need to focus on the adaptability and motivation characteristic that
would be beneficial to attain more desired level results.
 Strong money management: Furthermore, strong money management is also needed as
a trait in Bill Gates and Larry Page. It will assist to focus on the desired level of
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efficiency with innovations (Javalgi, Martin and Van Dyke, 2018). On the other hand,
manager just only perform its own task for the sack of their own interest.
P6 How aspects of entrepreneurial person ability reflect on motivation and mind-set
Entrepreneurs possess different kinds of abilities and skills that assists to accomplish desired
level results at workplace. In this context, entrepreneur is an actor those have ability and drive to
carry out innovations, characteristics with new source of material. In addition to this, it also
assists to develop new product in new market and with new organisational principles. In order to
carry innovations, entrepreneurs will develop their functions and passive abilities to perform
several functions and operations. With respect to carry out the ideas, it can be stated that
entrepreneurs need to collaborate enterprise, employees, etc. to perform several functions and
operations. In order to get maximum success, it can be stated that profit is not prime motivation
for entrepreneurs. In a creative phase, it will assist to become idea and realising it with creative
perspective (Kuratko, Hornsby and Hayton, 2015).
One of the potential motivator factor also assists to perform several functions and operations
in order to gain desire level results. In this consideration, successful ideas implemented that is
more important to assess degree of autonomy. It is more important concept that assists to focus
on the profit maximisation. It is not successful factor of motivation but also focuses on the
successful implementation of the ideas. Bill Gates and Larry Page consider successful operations
in their life to promote entrepreneurship in successful way. It will assist to take appropriate
actions and describe characteristics of such a person to develop more desired results. There are
something special to correlate with desired level efficiency. Successful entrepreneurs will be
successfully implement their characteristics to understand the mindset of the entrepreneur
(Kitching, Hart and Wilson, 2015).
LO 4
P7 How background and experience can hinder or foster entrepreneurship
Bill Gates is successful entrepreneur that assist to focus on the different kinds of
innovations in positive manner. Towards the successful planning, Bill Gates operate as
successful entrepreneur in just 25 years. With this regard, aptitude for computer programming
perhaps because of his father's influence. In 1973 Gates entered in Harvard. With his own
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admission he was get successful outcomes to operate in large areas. He helped to expanded
applications and software continued to grow desired results. Gates also announced that Microsoft
was developing on the basis of GUI operating system. With the help of generate high amount of
capital, success could be gain in the country overnight (Yan and Yan, 2016). When windows
finally released in 1985, Gates predicted to pleased with rip-off to the system.
Gates also worked on improvement in Windows. Subsequent version of the program also
get faster and froze less frequent. Third party programmers began to develop windows based
programs with own Microsoft applications. Life story of the Bill Gates remind American dream.
Due to the hard work, he got prosperity of the enterprise and award of the richest person on Earth
(Laudano, Marzi and Caputo, 2018). Along with this, Larry Page also get success with
concentrate on computer program. He had created search engine that listed results as per
popularity of the pages. In this regard, Google has become most popular search engine from
1998. Per day it gets most popular search engine around 5.9 billion as per research in 2013. On
August 2015, invention in this aspect also develop in successful manner. Larry Page consider
idea into action in which creativity, innovation and risk taking capabilities involves. On the basis
of commercial activities, primary purpose of entrepreneurship education has been accomplished.
In a European context, entrepreneurship consider management of small business and growth
which is oriented to attain more significant results. Different studies also shown that training and
education assists to accomplish individual objectives that can be thrive to attain more desired
results (Guiliani and Torrès, 2018).
CONCLUSION
From the above report, it can be stated that entrepreneurship is innovative program that
assists to meet with desired results. In this context, report carry different kinds of entrepreneurial
ventures that assist to meet with desired level efficiency and effectiveness. It helps to understand
different aspects of typology of businesses. For instance, different kinds of entrepreneurial
venture consider as large-scale, small-scale, scalable, social, etc. They all considered their
functioning to make innovate results at workplace. Furthermore, report summarised about
contribution of small businesses on growth and economic performances of the UK. In this
regard, after Brexit the country get several benefits to promote their small businesses in different
areas. It assists to develop significant advantages with maintain relationship with other nations.
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Moreover, report articulated about the characteristic, skills and traits of successful
entrepreneurs. In this context, report discussed about Bill Gates and Larry Page who invest and
became successful entrepreneurs in the whole world. It assists to develop more creative ideas and
opinion which assists to focus on the desired level efficiency. At last, background and experience
of selected successful entrepreneurs to get several benefits.
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REFERENCES
Books and Journals
Acs, Z., Åstebro, T. and Robinson, D.T., 2016. Public policy to promote entrepreneurship: a call
to arms. Small Business Economics. 47(1). pp.35-51.
Acs, Z.J., Audretsch, D.B. and Licht, G., 2016. National systems of entrepreneurship. Small
Business Economics. 46(4). pp.527-535.
Ahlstrom, D. and Ding, Z., 2014. Entrepreneurship in China: an overview. International Small
Business Journal. 32(6). pp.610-618.
Audretsch, D.B., Heger, D. and Veith, T., 2015. Infrastructure and entrepreneurship. Small
Business Economics. 44(2). pp.219-230.
Audretsch, D.B., Kuratko, D.F. and Link, A.N., 2015. Making sense of the elusive paradigm of
entrepreneurship. Small Business Economics. 45(4). pp.703-712.
Brush, C.G. and Greene, P.G., 2015. Women's entrepreneurship. Wiley Encyclopedia of
Management. pp.1-5.
Curran, J. and Storey, D.J., 2016. Small firms in urban and rural locations. Routledge.
Dunne, T.C., Aaron, J.R. and Geho, P.R., 2016. The impact of leadership on small business
innovativeness. Journal of Business Research. 69(11). pp.4876-4881.
Guiliani, F. and Torrès, O., 2018. Entrepreneurship: an insomniac discipline? An empirical study
on SME owners/directors. International Journal of Entrepreneurship and Small
Business. 35(1). pp.81-101.
Henry, C., Foss, L. and Ahl, H., 2016. Gender and entrepreneurship research: A review of
methodological approaches. International Small Business Journal. 34(3). pp.217-241.
Javalgi, R.G., Martin, S.L. and Van Dyke, K.A., 2018. Identifying Motivational Factors
Impacting Entrepreneurship: Evidence from an Emerging Economy. KnE Social
Sciences. 3(10). pp.138-144.
Kitching, J., Hart, M. and Wilson, N., 2015. Burden or benefit? Regulation as a dynamic
influence on small business performance. International Small Business Journal. 33(2).
pp.130-147.
Kuratko, D.F., Hornsby, J.S. and Hayton, J., 2015. Corporate entrepreneurship: the innovative
challenge for a new global economic reality. Small Business Economics. 45(2). pp.245-
253.
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