Analysis of Entrepreneurship and Small Business

The provided document is a detailed analysis of entrepreneurship and small business. It includes topics like institutional theory and entrepreneurship, sustainable entrepreneurship, and small business management. The document also covers the influence of personality traits on social entrepreneurship start-up intentions and how public procurement contributes to entrepreneurship and small business policy. Additionally, it discusses the importance of contextualizing entrepreneurship and provides a summary of research in the field of entrepreneurship.

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 a creative activity in which adopt new procedures rather than
procedure. It is closely related with innovations, new ideas and unique creation as well as largely
depends on the person's ability to respond these aspects. They have their objectives or aim for
economic success which is based on effective utilisation of available resources for better
production. In this involved various inputs factors such as combination of land, labour, capital
and other materials for generating revenues. Small-businesses are the start-ups which are owned
or operated by an entrepreneur and it is small in size (Ackermann, 2012). In this report, there will
be discussion on Brexit which means denotion of exit taken by Britain from European Union.
This assignment will explain different types of entrepreneurial ventures and their relation with
typologies as well as similarities and differences between them. In this interpret relevant data for
analysing micro and small-business impact on economy or their contributions in social
economies after Brexit. Some characteristics, traits and skills of entrepreneur will be discussed
here. It will explain about the background and experience of a person that can hinder or foster
entrepreneurship.
TASK 1
P1. Entrepreneurial venture and its relation with different typologies of entrepreneurship
Entrepreneurial ventures are defined as the firm in which brings new ideas, innovation,
creativity and various opportunities for the purpose of producing unique goods and services or
generating revenues for social values and economic conditions.
Entrepreneur is an individual who comes up with new thoughts or ideas as well as frame
it for developing a business. He manages all limited resources like land, capital, manpower and
finance in an effective manner for achieving the set goals and gaining more profits. They are
always ready to take any risk or bear losses while running the business.
There are some key entrepreneurial ventures like:
Small business entrepreneurship: It is a small organisation where one or more
individuals come up with several resources, innovation, objectives and specific plan for starting
their own venture and invest huge funds but lower segment in which they state the business for
generating profits (Blackburn and Hart, 2013). In this includes general stores, carpenters, tour
and travel agency, saloon or parlour etc. according to latest data of UK, it has been found that
1

approximate 5.7 million small business are there and made up approx. 99.7% companies; all
non-government workers. They generally hire their family members for running the business so
that they can feed them and earn money. Entrepreneur collects funds from his family, friends and
any business loans from banks.
Scale start-ups: In this, individuals start a venture with innovative idea by considering
that their vision will change the world in future. Entrepreneurs always try to attract more
investors as they have unique quality as well as ability to bring more investment from venture
capitalists (Bridge and O'Neill, 2012). In this, they hire suitable candidates who are capable, able
and confident for running the business in an effective manner. So, scalable model supports in
using the best methods that helps in reducing any uncertainties and cost.
Large scale enterprises: In such kinds of businesses, they operate large activities or
operations at a broad segment for effective business development. Therefore, they do day-to-day
or range of transactions. Generally, large organisations have life cycle in which they grow by
new innovation, launch or offers variety of products and services in the market place.
Social enterprises: These types of businesses generally focus on social services as they
always try to fulfil customer's needs and wants by providing the best quality of products and
services. So, they focus on society or social values as well as on their welfare for meeting
expectation level.
Relation with typologies of entrepreneurship
Here are different types of entrepreneurs and their relations with typologies such as:
Female entrepreneurs: This is an important entrepreneurial venture where females start
or operate their own venture. She is able to organise and manage entire workforce because she
has quality to take any kinds of risks as well as make decisions. Oprah Winfrey is the biggest
example of successful female entrepreneur as she has a film production company. So, there are
number of females who created their successful businesses in the market and inspire others as
well.
Serial entrepreneur: Individuals continuously come up with new ideas and innovation
for starting a business. He takes responsibility for starting a successful organisation and handover
to someone else. He moves again for new venture so their major role is to set up the small firm
by getting ideas and give to other person (Bruton, 2010). Example of Andreas von Bechtolsheim,
a co-founder of Sun Microsystems as he left his company for establishing Granite system
2

business that produced networks switches and also he moved in other companies or changed the
venture with unique ideas as well as creativity
Social entrepreneurs: In these types of ventures, they drive as social innovation and
transformation in various fields such as educations, health, enterprise development and
environment (Burns, 2010). They generally focus on building sustainable organisation which can
be either profit or not-for-profit companies. Example of Bill Drayton who is founder and current
chair of Ashoka.
P2 Similarities and differences of various entrepreneurial ventures
From the mini-research, it has been found that there are various differences and
similarities among entrepreneurial ventures which described about them in effective manner.
These are as follows:
Lifestyles ventures Serial ventures
Similarities Similarities
 These types of entrepreneurs believes
in investing money at there, where are
cut-throat competition so that they can
build their market image.
 They are confident regarding their
innovative ideas for producing featured
products and services which will satisfy
consumer's needs or wants.
 They always focus on bringing
creativity in their products by
considering that it will generate higher
revenues and more profi1ts.
 Entrepreneurs believes that they are
able to perform best for achieving
success and brings stability growth.
 These types of entrepreneurs are
curious about to bring new ideas and
creativity in the business that are not
exist in the market.
 They come up with unique plan and
create something new for attracting
more customers.
 Entrepreneur modifies their existing
goods as well as launch new featured
products or services for competing with
various competitors (Chittithaworn,
2011).
 They invest huge funds to generate or
develop new business plan as well as
create demand among customers
through promotions and publicity.
 They always tries to bring new things
3

and creative thoughts that can be
applied in the organisation.
Differences Differences
The major difference between them is that
these entrepreneurs invest more funds than
other or spent money for the purpose of
achieving competitive advantage and create
demand in the market.
Individual work hard to get success and find
the way for gaining opportunities to show their
talents by creating new ideas and innovative
things (Burns, 2010). They focus on producing
unique product and services which are not exist
in the market, so that they can attract more
customers and satisfy their desired
expectations. These entrepreneurs generally
sell their business to others for continuity and
move on in another areas.
Male entrepreneurs Female entrepreneurs
Similarities Similarities
 The male entrepreneur thinks that they
are able to bear any types of losses and
uncertainties while operating business.
 They are confident regarding their
unique ideas, innovation as well as their
capabilities which are enough to make
decisions for managing entire business
operations.
Female entrepreneurs are also able to handle
multiple tasks at same time and they have
capabilities for running the business and
achieve goals or objectives.
They are multitalented because they perform
several task in a certain time period and
maintain all works in effective manner.
Differences Differences
They generally feels and make themselves
strong for making effective decisions and work
hard to improve the business performance in
critical situations. They focus on building good
Women are polite in their behaviours so that
they can handle customers in sufficient
manner. They have various qualities because
they are multitasker and maintain the relations
4

brand image among competitors and also try to
to maximise their wealth to achieve future
growth. They concentrate on generating more
revenues or profits through investment.
among people. Female entrepreneur manage
their personal and professional life at the same
time.
So, these following similarities and differences support in understanding about various
entrepreneurial ventures as well as their nature of business for adopting best strategies according
to the organisation and generate profits (Chittithaworn, 2011). Entrepreneurs have common
objectives as they work hard to maximise the size of firm and increase their revenues as much as
possible.
Task 2
P3 Assessment and interpretation of data to analyse micro and small-business impact on the
economy
Micro and small-businesses play important role in contributing national economy. It can
be defined as the enterprises which start by an individuals and group of persons form the purpose
of earning profits and maximising the wealth of organisation. In small-businesses, less
employees works as there should be not more than five including owner, who take
responsibilities for managing as well as operating the business organisation for generating more
incomes and share the profits among them. They also are responsible for financing the whole
firm. Individuals generally use their resources or personal property for start the new venture. It
can be impact negatively in case of business failure and if the firm success then entrepreneur will
get more funds from running business (Cowling and Ledger, 2012). So small and micro
businesses are helpful in contributing national economy and its growth which helps in country's
development and they come with different backgrounds as well as create new ideas and
innovative things so that country can grow and increase GDP rate. They also support in
providing employment opportunities to the society people so that poverty can be reduced.
Small firms support in various fields for improving financial conditions and economic
positions for country development. So they are helpful in increasing national GDP growth
because entrepreneurs comes up with effective new innovation and creativity fin the business for
generating revenues so that these start ups support in economy growth by more investment.
5

Small-businesses and micro firms can be contributes in three ways such as providing individuals
opportunity for achieving financial independence, encourage innovation as well as create
employment opportunities. In the time Brexit, there was very critical conditions of the markets
because it affected on the small organisation because of changes in rules, regulations and
policies. It also affected entire markets of UK and its companies from various environmental
factors. Businessman and entrepreneurs had to face several problems at the time of separation of
European Union (EU). Changes was increasing tax rates, legal policies as well as code of
conducts etc. Brexit factors affected various business operations such as producing goods and
services, recruitment and selections process and many other areas (Dennis, 2011). There are
some criteria defined that helps in understanding micro and small-business impact on the
economy so these factors are given below:
Impact on local: New ventures and start ups is very supportive in the development of
locality as it is the engine of growth which encourage to citizen and government for adopting and
acquiring local goods and services to grow. They also enhance or motivate individual to come
and start their own venture by giving support and inspirations so that they bring ideas and unique
creativity for establishing effective business. Therefore, they stimulate local economies for the
development of country.
Regional impact: They support in contributing the regional development by starting
ventures so that infrastructures can be improve in appropriate manner. Start up also helps in
developing community or society through creating healthy and clean environment, so regional
areas can be developed. New ventures create more job opportunities for societal people for
fulfilling basic needs and increase their standard of living.
Impact on national economy: Small organisations contributes in growth of GDP of the
nations so that country's economy can be developed. Entrepreneurs support in decreasing import
and increase export in the country such as tax rates, custom duties and many more rates for
generating economic growth.
P4 Importance of small-business or start up in social economy after Brexit
Start ups and small business enterprises are contributing in national growth by providing
various support in the UK. There are many of circumstances occurred in the time of Brexit
because that situations created more complexities for new ventures as Brexit that means British
and Exit from European Union (Down, 2010). In that situations, every businessman was
6

confused for taking decisions regarding business expansions, so it created many hurdles for
every entrepreneurs. After the Brexit, Government of UK formulate various rules and regulations
for micro and small-business because they helps in increasing economy conditions. Relationship
of society with economy is called social economy which affected from small business enterprises
as they support to people in increasing their level of standard and provide job opportunity to
them. Government helps to start ups in providing funds or loans with minimum rates so that
more people can get interest to set up their own new venture and contributes in nation
development. After Brexit, there are many changes occurred in such as new policies and
procedures which have to followed by entrepreneurs, so it has proven that small and micro
businesses play important role in the country development and its economic growth (Fassin and
Buelens, 2011). They are helpful in creating job or work for peoples which support in reducing
poverty and unemployment in the country. Here are some ways for economy growth such as:
 Micro and small firm generally produce effective goods and services in cheap cost and
sell those in lower prices so that customers can purchase the items and satisfy their
needs or wants which helps in increasing consumption of goods from better production.
After Brexit, entrepreneurs feel relax from inflations rates which has been decreased.
 Start ups helps in maintaining healthy environment and create good infrastructure in
regional locations.
 Micro and small industries also support in balancing and maintaining employment ratio
by reducing unemployment.
 Government of UK support in equality that every person can start their firm whether
male or female, so they can set up business according to capabilities or capacities.
 Entrepreneurs know very well hoe to manage the work and utilise available resource in
effective manner so that they can get maximum outcomes from minimum inputs.
 They maintain the environment as clean and green so they contributes in society
development.
 Small-businesses provide employment or job chances to people that helps in reducing
unemployment and poverty of the country.
 Micro firms support in increasing economy growth of the country and companies of UK
contributed high level of revenues or incomes after Brexit.
7

Task 3
P5 Determination of characteristic, traits and skills of successful entrepreneurs
A successful entrepreneurs must have qualities which made them more efficient. They
requires some traits, skills and characteristic for running an enterprises. Entrepreneurs are
inspired and motivated so that they able to take any kinds of risk and uncertainties and think big
to produce new products and services. They create new ideas and innovation through their talent
for leading an organisation in effective manner. Many of entrepreneurs are here who started from
micro level and now they have become successful entrepreneurs and leading big organisation in
the competitive world. There were some myths that entrepreneurs are born not made because it is
charismatic and they have inherent quality which get by born (Hall, 2010). But some of experts
said that successful entrepreneurs can be made by gaining some knowledge. They expressed that
any person can become an entrepreneur by adopting or acquiring skills and abilities, learnings,
educations, training so that they can build successful organisation in the market. There are some
famous persons who started their own venture and now they are successful entrepreneur.
Illustration 1: qualities of successful entrepreneurs
Steve Jobs: He was co-founder of Apple company. He started his business after
struggling in his life as their success story is provide inspirations to young generation and
motivate them that how he set up the business. Jobs was facing financial problem so that he
dropped out from college and then he and his friend started Apple computer company that
changed consumer electronic industry. His net worth is $8.3 billion.
8

Bill gates: He is richest person and most successful entrepreneur in the world. He is co-
founder of the Microsoft company as it is worlds largest PC software firm. His net worth is
approx $79 billion. He also started it from micro level as he came up with new ideas and
inventions.
So, it is required to have some unique qualities and skills for running the organisation in
appropriate manner and increase profits.
Hard worker: Person should be hard workers who has ability to handle or perform
critical task or jobs. Entrepreneurs are always prepared to face any kinds of challenges and
circumstances and they do not afraid from risk or uncertainties (Daneke, 2010). They work hard
till get success whether it's day or night whatever but they focus on achieving goals and
objectives.
Motivation: Successful entrepreneurs required this skills so it is most important traits.
Thy should be self-motivated as well as passionate about their works so that they can perform
their task without feeling bored and also focus on development or improvements of work
productivity of the firm like Oprah Winfrey.
Risk taker: Person should have quality to take risks whenever occurs in the business so
that they can run it effectively (Ligthelm, 2010). They must be able to adopt strategies and make
favourable decisions for the company and find the suitable ways for surviving from these
situations.
Flexible and dynamic: The Successful entrepreneurs are flexible in their nature as they
always ready to adapt changes as well as face challenges which is depends on environmental
factors for example case of Brexit that occurred suddenly and affected the business at various
ways, so that entrepreneurs should prepare for facing all those situations and must be adoptable
any changes for business growth.
P6 Identify various aspects of entrepreneurial personality
Personality described about the person and find the entrepreneurs qualities and it affects
on the individuals capacities that how he can perform any business activities according to their
abilities. There are several factors that helps in determining the personality that needed for
influencing mindset and motivate to other, some components are:
9

Agreeableness: In this, person required to being focussed for organisational goals and
create positive behaviour at work place. Therefore, they use various tools and techniques for
motivating employees so that good relations can be maintained.
Extraversion: Entrepreneurs must be out spoken as they should able to share their ideas,
opinions, views and ideas without any barriers and with confidence (Nga and Shamuganathan,
2010). This is very important for influencing mindset of individuals and motivate them for freely
sharing their problems or issue.
Conscientiousness: It emphasis on orientation for achieving desired goals and objectives
so that entrepreneurs should be oriented for organisational aims for the purpose of influence the
mindset of employees.
Openness to experience: This is the most important aspect of the entrepreneurial
regarding their personality as they should ability to experience about fresh situations. Business
environment is changeable because it surrounds from various factors that can be affects on the
business so that individual must be ready for dealing with innovative things for running the
business in effective manner and achieve predetermined goals.
Task 4
P7 Background and experience that can foster entrepreneurship
It is very difficult to start a new firm because there are various circumstances that occurs
while starting a business. Businessman have to face many situations or problems regarding the
operations as they get touch from various types of barriers that impacted on business process and
its activities. Person's backgrounds and experiences play an important role in making them
successful entrepreneurs. Individual's personal background includes several aspects that he faced
in his life such as family, school, college and the society that they belongs to. So these all
components influence the individual behaviour and their personality which helps in making
effective organisation (Preuss, 2011). For the successful entrepreneur, values, educations,
cultures and beliefs play vital role. If these are not learning and acquiring then it can be impact
on the business as they might be able to take decisions at the work place and it may create
barriers in achieving particular goals and objectives.
Experience consider various situations that have faced in the past life. In the case of
investments, if a person faced any losses regarding funds then they will always feel scared from
10

taking risk related to investment. Same again, if a person faced the situations about fraud
incident in previous life then it will create difficulties for that person to trust on someone easily.
So, if it is considered then they will not able to build good relations with people.
CONCLUSION
From above the report, it has been concluded that entrepreneurs are those who come up
with ideas, innovations, creativity, resources and capital to start the new venture for the purpose
of achieving goals and maximise the profits. In this study, discussed about various types of
entrepreneurial venture and their relations with typologies like small-business, serial, female and
social enterprises which helps in contributing in economy development of the country. Brexit
affected the business from its factors such as changes of rules and regulations. In this report
explained characteristic and skills of successful entrepreneur. It also defined the impact of
background and experience that influence individual behaviour for brining new innovative ideas.
11

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
Small Business Management. 49(1). pp.92-106.
Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business ethics.
98(3). pp.425-453.
Hall, J.K., Daneke, G.A. and Lenox, M.J., 2010. Sustainable development and entrepreneurship:
Past contributions and future directions. Journal of Business Venturing. 25(5). pp.439-
448.
Ligthelm, A.A., 2010. Entrepreneurship and small business sustainability. Southern African
Business Review. 14(3).
Nga, J.K.H. and Shamuganathan, G., 2010. The influence of personality traits and demographic
factors on social entrepreneurship start up intentions. Journal of business ethics. 95(2).
pp.259-282.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Schaltegger, S. and Wagner, M., 2011. Sustainable entrepreneurship and sustainability
innovation: categories and interactions. Business strategy and the environment. 20(4).
pp.222-237.
Schaper, M.T. And et.al., 2014. Entrepreneurship and small business.
Shane, S., 2012. Reflections on the 2010 AMR decade award: Delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
20.
12

Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship theory and Practice. 35(1) pp.165-184.
Online
skills of entrepreneurial development. 2017. [Online] Available through:
<https://www.slideshare.net/krishnashah5891004/ram-power-point-presentation>
13