Entrepreneurship & Small Business: A Review

This document provides a comprehensive review of current trends and topics within the field of entrepreneurship and small business. It examines various aspects including financing challenges, the impact of sustainability on businesses, ethical considerations for small-business owners, and the role of public policy in fostering entrepreneurial growth. The review draws upon a selection of academic sources to offer insights into the evolving landscape of entrepreneurship.

Entrepreneurship and Small
Business Management
(Opportunities towards Small
business post Brexit for UK)

Contents
Introduction:................................................................................................................................................3
Task 1..........................................................................................................................................................4
P1 Different types of entrepreneurial ventures and their relation with typologies...................................4
P2 Similarities and differences between entrepreneurial ventures...........................................................5
Task 2..........................................................................................................................................................6
P3 Assessment and interpretation of data to analyse micro and small-business impact on the economy.6
P4 Importance of small-business or start up in social economy after Brexit............................................7
Task 3..........................................................................................................................................................8
P5 Determination of characteristic, traits and skills of successful entrepreneurs.....................................8
P6 Identify various aspects of entrepreneurial personality.......................................................................9
Task 4........................................................................................................................................................11
P7 Background and experience that can foster entrepreneurship...........................................................11
Conclusion:...............................................................................................................................................12
REFERENCES..............................................................................................................................................13

Introduction:
Entrepreneurship is defines as the process in which includes designing, launching and
running a new venture. It generally described as the capabilities or abilities for developing,
organizing and managing the business firm with bearing risks for the purpose of achieving
growth and earns profits. The person who create his own business are called entrepreneur. The
small scale enterprise owners are responsible for managing the entire business operations in
effective manner. Entrepreneurs required using their skills, knowledge and abilities for handling
the venture in critical situations. Brexit is terms which mean British Exit from European Union.
There was major impact on small business firms during Brexit because of changes in rules and
regulations as well as some environmental factors also affected on it (Ackermann, 2012). In this
report, it will define different types of entrepreneurial ventures and its relations with typologies.
It also defines some differences and similarities between these ventures. Small and micro
businesses have major impact on economy as well as contributions to the growth of society. In
this determines various traits, skills of successful entrepreneurs. This assignment will assess the
several personalities that reflect and motivates to people and also defines background which
hinders entrepreneurship.
Task 1
P1 Different types of entrepreneurial ventures and their relation with typologies.
Entrepreneurs are those who start their own business at small level with some resources
and take responsibility to manage entire organizational functions or activities for earning more
money or generating profits. Small businesses enterprises are developing very fast in present
scenario, there are various entrepreneurs in the world who started their firm at micro level and no
the have become successful businessman. Entrepreneurial ventures are categorized in various
types for understanding this concept.
Entrepreneurial: An entrepreneur is a person who comes and starts the business with bringing
some resources for running it in effective manner. They come up with new ideas, innovations
and always prepare for taking any kinds risks (Blackburn And Wainwright, 2013). Entrepreneurs
focus on producing new products and services instead of existing product in the market. Their
main motive is to earn high returns or more revenues.
Entrepreneurship: It is related with bugger organizations as in this entrepreneurs are
highly motivated, proactive and action-oriented people who are able to make any kinds of
decisions regarding the business as well as take innovative products and services. Thus, they
focus on creating a new ventures and make better positions in the market. Entrepreneurs are
multitalented because they can handle entire workforce with managing available resources
among various activities.

There are different types of entrepreneurial ventures that help in understanding about small
business firms such as:
Small business entrepreneurship: In this denoted that small start ups which still small
businesses and these are very beneficial for the country because it helps in contributing economy
growth and support in employment. In this included various businesses such as grocery stores,
hairdressers, travel agents, internet commerce, plumbers, carpenters, electricians etc. they are
any one for starting the new ventures as can be family members or hire employee (Bridge and
O'Neill, 2012). Their main aim is to earn money as well as make profits.
Scalable startup entrepreneurship: These types of entrepreneurs are believes that their
ideas and visions will change the world. They generally attract more investors such as equally
financial investors or venture capitalist for the purpose of financing the business. They appoint a
best or talented person who is able to attracts or bring huge investment and their basic work is to
find a repeatable as well as scalable business model.
Large company entrepreneurship: they have finite life cycle. Most of large firm believes
in growing through sustaining innovation, offering new products which are different from core
products, changes in customers taste and choices as well as new technologies legislations etc.
their size of business is very large because they deals with numbers of operations and activities
in the organization regarding selling or purchasing goods or services and keep innovating within
the firm.
Social entrepreneurship: they are innovator who creates new products and services for
the purpose of fulfilling social demand and needs as well as solve their problems. Their main
objective is to make the world a better place instead of generating profits or revenues.
Related with different typologies:
Startup Company: it is type of entrepreneur venture that newly emerge. These are
growing fast and their main aim is to meet a market place. It is requires for developing a viable
business model for innovative product, services, process or a platform. A startup is a firm that
designed to effectively develop as well as validate a scalable model.
Venture capital: it is type of private equity which is generally form of financing as they
provide funds to small business, early stage, emerging firms with having motives for gaining
high growth potential. Ventures capital firms focus on investing in these small businesses in
exchange of equity and ownership stake (Bruton, 2010). They usually take risks for providing
funds to start ups with hope that these firms will becomes successful.
Strategic management: in this defined that it helps in formulating and implementing the
goals and objectives of the organizations. It takes initiatives on the behalf of owners which is

related with consideration of resources as well as internal and external environment that can be
affects on the business operations.
P2 Similarities and differences between entrepreneurial ventures
An entrepreneur is a person who starts a new venture and takes responsibility for running
the business as well as handles its operations in effective manner. They manage their business
with limited resources and proper planning and also take risks and rewards of his or her business
venture. There are different kinds of ventures with similarities and difference that helps in
understanding the term of entrepreneurial such as:
Lifestyle entrepreneurship: An individual who come up with new ideas, innovations and
creative thinking for producing products and services as they starts a business not for generating
profits rather for the purpose of altering lifestyles (Ahlstrom, 2010). They focus on life reward in
the business so he does good in his life according to the passions.
Social entrepreneurship: it means several tools and techniques through which companies
are set up and entrepreneurs for the purpose of developing, funding and implementing solutions
to social, cultural as well as environmental issues.
Topic Social entrepreneurship Lifestyle entrepreneurship
Investment These entrepreneurs have a goal for
expanding their business from the
first stage to another so that they
focus on attracting more investors
for bringing investments within an
organization.
They believe in operating their
business with their own money so
they do not seek investors.
Exit strategy Social entrepreneurs have a option
as he always has an exit strategy.
Lifestyle entrepreneur is not limited
as they can conduct their business at
anywhere so there is no limitation
regarding locations.
Profit seeking They generally seek to profits as in
the case of failure, entrepreneur
cannot be sustained in the market.
In this entrepreneurship style,
entrepreneur will not run after
getting profits because they run the
organization for not earning profits
but for the purpose of lifestyle.
Donation Social entrepreneur donate as well
as provides funds to charity when
they will become rich.
Lifestyle entrepreneur does not
believe in giving charity or
donations.
Working hour Social entrepreneurs are always
ready for doing work as extra hour
They focus on maintaining the work
the life balance.
Organizational
goals
Social entrepreneurs consider
achieving predetermined goals and
objectives of an organization.
Lifestyle entrepreneur always focus
on achieving lifestyle goals by
considering smartness within the
firm.
Making Social entrepreneurship is generally It does not seeks to make any kinds

corporations concern with corporations at a level
of time.
of corporations
Task 2
P3 Assessment and interpretation of data to analyse micro and small-business impact on the
economy
Micro and small businesses are very important as these supports in contributing national
economy. It is concerned with enterprises such as a person who starts his own business for the
purpose of earning profits as well as more income within the firm. Their main focus is to develop
the enterprise and create wealth maximizations. In such kinds of businesses there are some
limitations as less employees works and there must be not more than five including owner, who
are responsible for managing or maintaining entire team workforce and business operations for
increasing the more revenue and generate profits. They also take responsibility for financing to
the firm (Burns, 2010). Any person or group of people starts firm by bringing some resources
and personal property. There can be negative impact in the case of business failure and if a firm
get succeed then entrepreneur will get funds by running an effective organization. Small and
micro business support in contributing economic growth as well as provide employment
opportunity to social people so that poverty can be decreased. They generally come with new
ideas and innovations that create tough competitions in the market. It is very helpful for country
development as they can increase their GDP growth rate.
Small and micro firms has major impact as it support in several areas and improve
financial position so that economy can be increased and country can be developed in appropriate
manner. In the time of Brexit, there were some critical conditions in the marketplace because of
changes in rules, regulations as well as policies so these factors directly affected on the small
scale businesses in the UK. Entrepreneurs had to face various kinds of issues or problems during
the separations of European Union. So problems were like manufacturing goods and services,
recruitment and selections and many areas. Therefore, Government of UK formulated various
rules and regulations as well as tax rates for the firms.
P4 Importance of small-business or start up in social economy after Brexit
Startups and small business are the hopeful business which is the good contributor on national
growth in the United Kingdom. Brexit is a portmanteau of "British" and "exit". During the
Brexit, there are many circumstances occurred and that leaded to more complexities for new
ventures. During this time, every businessman was confused for taking decisions regarding
business expansions and starting it ups (Chittithaworn, 2011). So it became a big hurdle for every
entrepreneur. After the Brexit, UK government redefined rules and regulations for new business
ventures. The term social economy means society with economics and economics are affected
from small businesses because small business supports people to increase their life standards and

that is also beneficial for generating jobs for the peoples. To make people interested in starting a
business, government of UK helps small business by providing funds and loans with minimum
interest rates.
After Brexit, there are many new policies and procedures are made which was forced to be
followed by entrepreneurs. It is a proven fact that small and micro business play important role
in the country development and as well as for GDP growth (Cowling, 2011). They are very
helpful for creating a job for peoples so that it reduces poverty and increases employment in the
country.
There are some ways for economy growth as follows:
 Small business provides employment or job chances to the people so that helps in
reducing unemployment and poverty of a country.
 Government of UK supports everyone to start their own business whether they are male
or female and of any legal age group, so that they can easily start their business in the
growing market of UK. Government of UK also provides freedom for entrepreneur for
starting the business as per his/her capacity and capabilities.
 Startups are very helpful in maintaining a good healthy environment and create good
infrastructure in rural locations.
 Generally, Small business produces effective goods and services in a very cheap cost and
sold to them who can’t purchase costly items (Ledger, 2012).
 By this, they are fulfilling needs of poor peoples and also that reduces loads to the big
businesses that can’t sale their items on lower cost.
 Entrepreneurs know how to manage the work by utilizing available resources in very
effective manner so by that resources maximum outcome can be generated.
 Small business contributes in society development and encourages clean and green
environment.
 After Brexit, small business and startups are having more privileges than the big
companies and the initial cost of small business in lower than the big business and also
small businesses can easily managed.
Task 3
P5 Determination of characteristic, traits and skills of successful entrepreneurs
Business managers and Entrepreneurs are two different entities. Where a Business
manager manages the started business and controls the flow of execution with limited time duty
but an entrepreneur is one who leads and generates a new business by using his imagination and
vision power. A successful entrepreneur must have great imagination, Optimistic, Adventures
personality, risk taking capabilities, motivation, self- starter and a creative person. On the other
side, Business managers can’t take that much of risk. A business manager and entrepreneur both

focuses on the growth of the business, for this both Business manager and Entrepreneur must be
visionary. Managers can be innovative but they do not start new business but Entrepreneur starts
a new business and opens a new market of possibilities.
Figure 1 Quality of successful entrepreneur
For example, Steve jobs, Founder of Apple, when started apple, that was a new innovation in
technology and he took the risk of changing other people’s way of communicating. He was
extremely fearless and confident to take big decisions (Dennis, 2011). He took many decisions
in his life career which was controversial and in many points that risked the future of the
company. There were many bad times for Apple too but patience of Steve jobs encouraged him
to stay on a decision. Now Apple is the leading company which is a leader in many sectors with
having $900 Billion net worth.
On another side, Bill gates, founder of Microsoft, was fascinated by computers when he
was young and he spent most of his time in learning how to program. This shows that he pursued
what he loves. In an interview Bill gates stated that his first love is computer and he is very
passionate about it. Bill gates were seen a vision that in every home there may be personal
computers. He is a very visionary person. Bill gates used to work overnight and that’s the hard
work that makes Microsoft the biggest software company of the world. Bill gates believe on keep
on trying. In initial starting of Microsoft, they are failed many times to make a successful
operating system but they keep on trying and finally they created Windows Operating system
which is having 70% of market sharing. Microsoft’s vision believes in innovation. The
technology we are seeing around us, is the innovation of Microsoft.
So by this we can easily found that every Entrepreneur can be a business manager but a business
manager can’t be an entrepreneur by nature of working.

P6 Identify various aspects of entrepreneurial personality
Personality performs a major role in any business success. A person’s personality affects a
business to move on. The personality should be motivating for others. Personality is the
characteristics of the person, so that we can say that, this is a person’s characters that show his
behavior (Down, 2010). A person’s characteristic exposes his behavior and that behavior
exhibited in his activity.
Examples of personalities are:
Extraverts – Extraversion is defined as a behavior where someone enjoys being around
people more than being alone. An example of extraversion is when someone always likes to be
around people and enjoys being the center of attention.
Introverts – the act of directing one's attention toward or getting gratification from one's
own interests, thoughts, and feelings.
Steve Jobs was so fearless that he was not afraid of anything and also He was optimistic,
adventures, independent, dependable (depend on people and people depend on him)
 Observant – He was a keen observer. He used to observe the companies surrounding and
competition environment. He also observed the consumer behavior regarding to their
products and he checks what the employees want. Apples success shows that if we
observe consumers need and greed then we can easily found a possible market and can
sell our products without much hassle.
 Impartial – Steve jobs was fair for anyone. They didn’t do partiality. From top managers
to lower lever employee, he treated them equally (Fassin, 2011). If a task is given by him,
then that is equally divided into the team so that by showing team work they achieve the
team’s target.
 Dependable – He was dependable on his core working team for decisions. He believes in
walking together instead of running alone. Apples core management team is very close to
the decision makers. If apple is going to launch a new product or service then it is a
decision of a team.
 Adventures personality – He took risk many times so that without being afraid of
anything he stands on his decision. He likes adventure in life.
 Independent – Steve jobs was independent in taking decisions. He listen everyone’s
point of view before taking a strong decision.
 Persistent – He was a persistent person. In many critical situations he proved that
persistence.
 Charming – The presence of Steve jobs in his work location always motivates and
encourages the co-workers.
 Optimistic – Apple’s success depends upon the optimism of its founder. He was a
positive thinker.

 Reliable and Trusting: Apple’s worker trust on him. They never argue on the decision
taken by him.
 Self-Starter – Steve jobs was a self-starter. Apple was founded in the garage with a
passionate vision and hardworking team.
Task 4
P7 Background and experience that can foster entrepreneurship
Background and experience of the entrepreneur can hinder or foster the business. It depend lots
of on the entrepreneur as his experiences and backgrounds becomes his mindset and his mindset
shows in his activities (Rossem, 2011). The thinking and the capabilities of an entrepreneur lies
on his background and his experience. For example, if an Entrepreneur got major loss in his
previous textile business then in future he will think twice before entering into this business
again as he has a bad experience with this business. Mainly the background of the business
owner shows his capabilities and understanding level. If the entrepreneur belongs from a well
settled rich family then there are chances that the entrepreneur doesn’t understand the value of
money. Normally, in another scenario suppose if his family business is iron parts and he will do
innovation in this business only as he is aware of all the factors of that business. So that
backgrounds and experience of the entrepreneur affects his decisions.
Samsung’s entrepreneur who founded Samsung Company, the first business he builds was
trucking business. Lee Byung-chul was the founder of the Samsung Group and he is one of
South Korea’s most successful businessmen (Hall and Daneke, 2010). By separating with the
Hyundaichaebol, Samsung now became South Korea’s largest business group.
He took loan and it didn’t work then how Samsung can be such big company. Many
companies take loan take risk because they may not be able to pay the loan. The loan can hinder
the company progress for moving forward. This is the challenges. Problem facing businesses
need immediate attention. If entrepreneur can’t access funding it can hinder the business,
business objectives and entrepreneur ambitions. If an entrepreneur go to bank and can’t take
money it can put stop to all his ideas. Banks are selecting during to luck of track record and poor
performance.
Challenges that are facing entrepreneurs, small business enterprises:
Peoples have ideas but to turn that idea into reality, everyone needs funds. If they can’t arrange
the fund, that lack of fund can kill the idea. So this is hinder for the business and in opposition if
they are able to arrange funds then this can foster to the business. For research and development,
money plays a very important role (Ligthelm, 2010). But a small business can’t handle the
expenses of research so that is hinder for that business. That’s the reason that big companies who
have lots of money, can only come out with new ideas and innovative products.

Technology also can hinder the ambitions of business:
Technology can also hinder a business. If suddenly technology changes and the competitive
company takes that advantage then we left behind and all our consumers switch to that company
(Nga and Shamuganathan, 2010). If we have a strong team for that to keep an eye on
technological changes then we can achieve more success and that can be a foster for our
business.
Conclusion:
From the above project report, it has been concluded that entrepreneur is an individual
who creates his own business with bringing some resources. There are wide scopes of small or
micro business firms because they support in increasing national economy and provide
employment opportunities to the society people so that poverty can be reduced. This report
covered various types of entrepreneurial ventures and their relations with typologies. It also
defined some differences and similarities between various ventures. There were some micro and
small business impacts on the economy through mini-research and it also contribute in social
economy. In this considered two successful entrepreneurs as Steve Jobs and Bill gates who
started business from small scale. Characteristics, skills and traits of successful entrepreneurs are
discussed in this. This assignment considered personality that reflects the motivations and
background as well as experience of which hindered entrepreneurship.

REFERENCES
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