Entrepreneurship and Small Business Development

This assignment delves into the multifaceted world of entrepreneurship and small business development. It examines various aspects that contribute to success, including funding sources, ethical considerations, sustainability practices, and the impact of public policy. The text analyzes scholarly research and provides insights into how entrepreneurs navigate challenges and create thriving ventures.

Entrepreneurship and Small
Business Management
(opportunities towards small
business post Brexit)

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Entrepreneurial venture and its relation with different typologies of entrepreneurship .....1
P2 Similarities and differences of various entrepreneurial ventures...........................................3
TASK 2 .........................................................................................................................................5
P3 Assessment and interpretation of data to analyse micro and small-business impact on the
economy......................................................................................................................................5
P4 Importance of small-business or start up in social economy after Brexit..............................6
TASK 3............................................................................................................................................8
P5 Determination of characteristic, traits and skills of successful entrepreneurs.......................8
P6 Identify various aspects of entrepreneurial personality.........................................................9
TASK 4 .........................................................................................................................................10
P7 Background and experience that can foster entrepreneurship.............................................10
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11

INTRODUCTION
Entrepreneurship is simply a process through which entrepreneur comes in market it is
the entire process of launching, designing and running a venture. Main objective of these are to
generate more and more revenue with minimum utilisation of resources. Entrepreneur are the
risk taker and they come with new innovative ideas and creativity (Ackermann, 2012). This
assignment discuss on Brexit which gives impression of dividation taken by Britain from
European Union. Below mention report explain various types of entrepreneurial venture and
their relation with different typologies along with this similarities and differences of several
entrepreneurial ventures. In this construe related information for examine micro and small-
business effect on economy or their effort in social economies after Brexit. Some characteristics,
attribute and skills of businessperson will be discussed here. In the last it also discuss
background and experience that can foster entrepreneurship.
TASK 1
P1. Entrepreneurial venture and its relation with different typologies of entrepreneurship
Entrepreneurial ventures are known as are the firm which comes with new innovation,
ideas, creativity and several opportunities. This also help in economic development as well as
satisfy customers with goods and services served by them.
Entrepreneur are the person who comes with new innovation and latest products in
market. They are the risk taker and converter of raw material into finished goods. Resources can
be land, manpower, capital and finance these should be manage in effective manner so that
organisation can achieve their goal and objective this will result in generating revenue.
Below mention are some keys entrepreneurial ventures likes are as follows:-
Small business entrepreneurship: this is an small organisation where an individual or
two person come with an idea to start their own business. Main motive to start these to rise their
own as well as their family members living standards and also for earning profit. Small business
mainly includes bakery shop, general stores, travel agency, saloon and parlour etc. as per the
current data of United Kingdom there are 5.7 million small business (Blackburn and Hart, 2013).
For starting these kind of business entrepreneur take funds and money from their bank, family
and family. Staff working in these enterprises are mostly family member of owner so that money
don't go out and they increase life style of their own family members.
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Large scale enterprises: these kind of organisation run at large level and having many
employees for meeting day to day activities of company. Such kind of organisation have their
product life cycle that is introduction, growth, maturity and the last is decline. They require more
and more innovation in products when they are at decline stage. They come with creativity and
new products in market.
Start-ups: in this an individual come with new ideas and innovation in market by the
though of changing world and earning more and more profit (Bridge and O'Neill, 2012). They
need investment for growth of their business so for this, entrepreneur attract investors as much as
they can for investment purpose by their innovative product. For running business they hire
employees who are capable and having ability, skills, knowledge to perform work required for
achieving goal and objectives.
Social enterprise: these type of organisation are fulfil social needs of society as well of
individual also. They do market research for analysing needs, want of customers and current
market trends so that they can fulfil all these requirement.
Relation with typologies of entrepreneurship
There are various types of entrepreneurs and they have relations with typologies are explained
below:-
Female entrepreneurs: these kind of enterprises are run by female because they have
capabilities of risk taking and decision making. She is the owner of such organisations and the
only lady who manage entire workforce. Best example of such is Oprah Winfrey she is the
owner of film production company. There are many females who have their own successful
company.
Serial entrepreneur: when individual comes with new ideas and innovation in market
for starting a new business (Bruton, 2010). Serial entrepreneur are the one who take
responsibilities for starting a business and then afterwards handover this to someone else. This
type of person then move towards the next venture and main motive of these are to start new
business by innovative ideas and then handover this to other persons. Andreas von Bechtolsheim,
he is the founder of Sun Microsystem after establishing this they leave it for new company
Granite system after this also they move to other ventures for bringing new ideas in market.
Social entrepreneurs: social factors includes education, health, environment and
enterprise development many more. They generally work on these kind of elements for economic
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development. This type of entrepreneur develop organisation which can be for profit as well as
for non-profit therefore, Bill Drayton is the best example of this he is the founder of current chair
of Ashoka.
P2 Similarities and differences of various entrepreneurial ventures
From various research it has been analysed that there are various entrepreneurial venture
and they have some similarities as well as differences also which help in easy understanding
them. These are described below:-
Lifestyles ventures Serial ventures
similarities Similarities
 These kind of ventures invest money in
such market where competition is at its
high and having cut-throat competition
so that organisation can build their
image in market as well as in customers
eyes also.
 Entrepreneur are confident about their
innovation and creativity that they will
satisfy customers needs and wants
(Burns, 2010).
 Main objective of them is to focus on
innovation and bringing new product
which help then in generating revenue
as well as for growth also.
 Owner of these venture believes that
they have to perform well so that can
achieve success as well as stability.
 They mainly focus and also crucial
about bringing new ideas and
innovation in market that don't exist
before for capturing entire market.
 For attracting customers these ventures
comes with unique products and
something new.
 Such entrepreneur invest huge funds
huge amount in developing business
plan and use various promotion as well
as advertisement tools for attracting
customers.
 They try to bring always new process,
strategies and thoughts so that can be
applied in organisation for smooth
working.
Differences Differences
These kind of organisation invest huge amount
for achieving competitive advantages and also
Such organisation mainly focus on producing
unique products and services which don't exist
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for creating demand in market this is the major
difference between these kind of ventures and
others.
in market already so that they can easily attract
and encourage customers to purchase their
goods. Serial entreprenure sell their business to
other to continue that and satisfy needs and
demands of customers. Individual work
efficiently and effectively for capturing
opportunities exists in market (Chittithaworn,
2011).
Male entrepreneurs Female entrepreneur
Similarities Similarities
 Male entrepreneur are more compare to
females and they thing that they are
able or capable to bear risk.
 The ideas, creativity and innovation
they bring in market about these they
are confident (Burns, 2010). This is
enough to take decision regarding
business policies and strategies.
 Female entrepreneur have capabilities
of handing various task at a time. They
are having such capabilities of running
enterprise and achieving objectives and
goals.
 Such entrepreneur as multitalented and
they can handle various work at a time
in effective manner.
Differences Differences
They generally focus on improving business as
well as such entrepreneur work hard for
achieving their well define objective and goals.
Main motive of hard work is to create brand
image as well to gain loyal customers in
competitive atmosphere.
Women entrepreneur are polite and
sophisticated in nature they have capabilities of
managing various task at a time and can deal
with clients in proper way. They are
multitasker and can manage their personal and
professional life separately.
From above explanation it is easy to understand that every entrepreneur have various
differences and similarities which differentiate them from each other but mainly organisation
have common objectives of maximise profit as well as fulfil demand of customers.
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TASK 2
P3 Assessment and interpretation of data to analyse micro and small-business impact on the
economy
Now a days there is large number of micro and small business in country and these also
contribute to economy development. These can be start by individual or also can be group of
people for earning maximum profit as well as to satisfy need and demands of customers. Small
business having single owner or partnership cannot be more than five instead of this they
generally have less number of employees (Chittithaworn, 2011). These owner generally share
responsibilities as well as divide profit according to their investment ratio. For starting a
business there is need of resources and funds for this purpose they use their savings or personal
property for starting new company as well as also can take loan from banks. When someone
comes with new idea and technologies then government also promote them by giving giving loan
at less interest rate. These are help in raising economy, living standard of people, also create new
ideas and most important increase GDP of the economy. They also help in removing
unemployment by providing employment opportunities to people.
Micro enterprises gives support to country development in various field such as financial
support, economic growth as well social development also. They help in increasing GDP(gross
domestic production) because entrepreneur comes with various innovative as well as creative
idea. Small and micro business contribute in country many ways such as: employment
opportunities, bring new products and innovation in market, as well as opportunity for financial
independence also. At the time of, Brexit there was very bad condition of market this directly
affect small business because of changes in policies, rules and regulation. The same effect United
Kingdom market and also the companies exist in their business environment. At this time
entrepreneur and other businessman face many problems at the time of separation. Many changes
made some of them are increase in tax rates, legal policies and legislation also code of conduct.
Below mention help in understanding micro and small business and their impact on economy:-
Impact on local: start ups and venture gives their direct impact on locality development
by giving their effect to other to start something their own to grow economy and also encourage
other to start something their own which help them in raising living standard (Cowling and
Ledger, 2012).
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Regional impact: regional development also done with the help of starting ventures so
that country infrastructure improve in proper manner. Start ups and ventures come with job
opportunities in market that directly help in fulfilling needs of individual as well as their family
and standard of living. The same also help in maintaining clean and healthy surroundings.
Impact on national economy: small and micro enterprises gives their lots of
contribution in economic development as well as also in growth of Gross Domestic Production.
Entrepreneur mainly support in increasing export and in decreasing import and some other in tax
rates, custom duties and also help in economic growth also (Dennis, 2011).
Above mention are the impact of small and micro enterprises on economy at various
factor of country. Apart from upper explanation there are many more benefits of there
organisation and the same is in the trend now a days.
P4 Importance of small-business or start up in social economy after Brexit
Start-ups and small business are one of most crucial sector for enhancement of growth of
any nation in terms of social , economic and finance and specially in case of Brexit of Britain
from European Nation will more contribute towards the nation growth. Their are many of
circumstances occurred during the time of Brexit happened for so many of years. There are
hurdles like unemployment increasing , existing jobs cut-off, nation GDP decreases ,no new jobs
creation happens , no new ventures came into market for business and many more .During the
time period of Brexit, every sector either social or economic of a country will be negatively
affected and ultimately this is the loss fro a developed nation. But after the Brexit
happen,Government of UK formulate various rules and regulations in a very effective and
simplified way for their small-business and start-ups for betterment in terms of social , economic
growth for individual or as a group of an organization (Down, 2010).
After formulation of policies in simplified manner ,this small-business and start-ups
sector will help in solving the problems which created during the Brexit time-period through
providing employment opportunities for locals which provide financial assistance and also
enhanced their living standards . British government have given financial assistance to small-
business and start-ups through providing loans or monetary resources to them with minimum
interest rates which are feasible and viable for entrepreneurs and small-business for setting their
new business in a country.
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After Brexit happens ,there are numerous modification occurred in old rules and
regulations and policies or procedures for providing better opportunities specially for business
which have to followed by entrepreneurs and small -business and also by existing business . So it
has proven that small and micro businesses and entrepreneurs play essential role in the nation
development and its economic growth. They are helpful in creating job or work for peoples
which support in reducing poverty and unemployment in the country.
Here are several ways for social and economic growth such as :
1. Start-ups will find new and innovative way of solving the existing problems such as
pollution ,traffic and many more through the utilization of latest technologies with
modern equipments (Fassin and Buelens, 2011).
2. Start-ups and small-business sector helps in generating employment opportunities for
very large section which will give their support in maintaining and balancing
employment ratio and also helps in reducing poverty ratio of a country.
3. Start-ups helps in developing and maintaining healthy environment with the creation of
good and viable infrastructure at regional and historical places or monuments.
4. Start-ups maintain the environment as clean and green with latest and innovative
technology with the help of modern equipments.
5. Entrepreneurs have superior kind quality of knowing about how to manage the work and
They are helpful in creating job or work for peoples which support in reducing poverty
and unemployment in the country.
6. Here are several ways for social and economic growth such as :utilise available resource
in effective manner so that they can get maximum outcomes from minimum inputs in a
very effective way.
7. Government of UK support Gender Equality that every person of their country can start
their firm whether male or female, according to capabilities or capacities.
8. Small-business and start-ups of UK specially after Brexit plays important role for
betterment of nation in terms social growth , economic growth and also provide financial
assistance in GDP of a nation by contributing high level of revenues or incomes
formation GDP.
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TASK 3
P5 Determination of characteristic, traits and skills of successful entrepreneurs
Every person have some qualities same as a successful entrepreneur having such qualities
through which they are more effective. Their is requirement of some skills, traits and
characteristics which is necessary for running a business. Entrepreneurs are the risk taker they
come with new ideas and innovation in market mainly they are motivators or encourager
because they comers with new product and services in business environment. For smooth
working of organisation their should be requirement of time to time innovation in existing goods.
Many of business owners come with small business but after sometimes capture whole market
and become a well stable large enterprise. Many of the myths are give for entrepreneur one of
them is entrepreneurs are born not made because it is attractive and they have built-in quality
which are from birth of a person (Hall, 2010). Apart from this some authors say that a person
after getting several skills and knowledge become a successful businessman. It simply says that
any simple human being can become the same by gaining several knowledge and skills required
for maintaining themselves in competitive business environment. Earning profit is second term
for this firstly sustaining in environment full of competition is necessary. There are some good
example of ventures who are now successful entrepreneur.
Illustration 1: Quality of successful entrepreneur
Steve Jobs: he is the man who is founder of Apple company. As every person struggle
many in life for success same as Steve Jobs is the one who all does these and there are many
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motivation stories of this man in magazines or in google also which help in encouraging or
inspiring youngsters to do something different which takes you up to your high. Their are
financial problem in Jobs life because of that he dropped his college and after that Steve and his
friend start a company of computers which change electronic industry name as Apple. $8.3
billion is the net worth of company.
Bill gates: he is the founder of Microsoft company which is largest computer software
enterprise. Net worth of his company is $79 billion the same person also start his company from
micro level and now its top most company. Bill Gates is the richest person and also successful
entrepreneur (Daneke, 2010).
Some qualities required in successful entrepreneur and their skills and knowledge are
given below:-
Hard workers- the person who is hard worker and having ability to do anything that can
be successful businessman in future. Entrepreneur requires capability to face various challenges
and situation that comes in competitive market.
Motivation: it is the tool which help in achieving target and encourage a person to do
something different as well as better for their future and also for their family. Motivation can be
self and from other also this technique help them in doing work efficiently and effectively.
Risk taker: Entrepreneur are the risk taker in business environment because without risk
no one can maximise profit. For bringing new technologies and techniques in market there is
requirement of taking risk.
Flexible and Dynamic: successful entrepreneur should be flexible in nature because of
changing business environment. Businessman have to adopt various techniques and tools that
can help them in maintaining themselves in competitive environment (Nga and Shamuganathan,
2010).
P6 Identify various aspects of entrepreneurial personality
Individual personality describe about nature and capability of person entrepreneur having
capability of taking risk and bringing new product in market (Preuss, 2011). There are various
factors which help in identifying as well as analysing individual personality and also influence
mindset of individual and encourage other, some of them are explained below:-
Agreeableness: in this factor person have to focus on business goal and objective as well
as they have to create positive environment in organisation so that employees work smoothly.
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Extraversion: businessman should have that much capabilities so that they can share
their ideas and innovation with others.
Conscientiousness: It accent on orientation for desired goal by organisation so that
businessman should be oriented for goals and objective of company.
Openness to experience: this is an beneficial aspect which help entrepreneur
encouraging nag motivating them for developing and growth of their business.
TASK 4
P7 Background and experience that can foster entrepreneurship
For starting a new business there is requirement of many things that why it as difficult for
an individual to start a venture. Things required for the same are: money, employees, experience,
skills and knowledge. Entrepreneur face many difficulties and have to solve many problem to
sustain in competitive environment (Ligthelm, 2010).
Experience and background play vital role in starting new business. Individual experience
, education, culture and belief also play such roles that is needed in start up. Experience is
important so that they cannot make these mistakes in future and work efficiently for better flow
of company.
CONCLUSION
As per the above discussion it get concluded that small business entities plays an imperative role
in growth and success of every economy. It contributes in improving the living standard of
people by providing them qualitative products as well as job opportunities. Apart from this, there
are several types of entrepreneurial, i.e. copycat, researcher and the skeptical entrepreneurs. Bill
Gates and Steve Jobs are the two successful entrepreneurs who have effective and innovative
skills which aids them to attain their career goals and objectives. Furthermore, family
background, education level and other elements can also affect entrepreneurial mind set and
personality.
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REFERENCES
Books and Journals
Ackermann, S.J. ed., 2012. Are small firms important? Their role and impact. Springer Science
& Business Media.
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Bruton, G.D., Ahlstrom, D. and Li, H.L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Chittithaworn, C., and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
Cowling, M., Liu, W. and Ledger, A., 2012. Small business financing in the UK before and
during the current financial crisis. International Small Business Journal. 30(7). pp.778-
800.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
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Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
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perceptions of business ethics and CSR-related concepts. Journal of Business ethics.
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Hall, J.K., Daneke, G.A. and Lenox, M.J., 2010. Sustainable development and entrepreneurship:
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Ligthelm, A.A., 2010. Entrepreneurship and small business sustainability. Southern African
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Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
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Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
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Online
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