Impact of Small and Start-up Businesses on UK Economic Development after Brexit

The assignment content emphasizes the importance of small and start-up businesses in the UK's economic development after Brexit, as well as the characteristics that successful entrepreneurs possess, such as a competitive spirit, risk-taking, and learning skills that differ from those of business managers. The references provided are academic studies that support these points, including articles and books on small business performance, entrepreneurship, and entrepreneurial orientation.

Entrepreneurship And Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship..........................................................................................................................3
P2 Similarities and difference between entrepreneurial ventures...............................................4
TASK 2............................................................................................................................................6
P3 Asses and interpret the relevant data and statistics, illustrate how micro and small business
impact on the economy...............................................................................................................6
P4 Explain how important small business and business start-up will contribute to the growth
of the social economy after brexit...............................................................................................7
TASK 3............................................................................................................................................8
P5 Determine the personal traits and characteristic of two successful entrepreneurs and how
they are different from the other business managers..................................................................8
P6 Asses how the aspects of the entrepreneurial personality reflect the motivation and mindset
.....................................................................................................................................................9
TASK 4..........................................................................................................................................11
P7 How experience as well as can hinder or foster entrepreneurship.......................................11
CONCLUSION..............................................................................................................................12
REFERNCES.................................................................................................................................13

INTRODUCTION
Entrepreneurship in which there is an activity of designing, managing and starting new
firms. They are those person who take risk and formulating the plan for business. In the present
research project report, there is a exist on Brexit and European union that gives the more
opportunities to the small and start-up enterprise ( Blackburn,Hart and Wainwright, 2013). In
the report there is a discussion on the type of venture entrepreneurial and analyse the similarities
as well as difference among all the entrepreneurial. In this research there is also a two successful
entrepreneurial characteristic are different form the business manager. Furthermore, there is also
study on the experience boost or hinder the entrepreneurship.
TASK 1
P1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship
Entrepreneurship that majorly those who take risk in the uncertainty situation and make a
strategic plan to allocate the limited resource more effectively. In the Brexit,UK there are
different types of entrepreneurship who start-up their business that leads to economic growth in
the countries. Thus, the small business enterprise they are the main contributor for the economic
development. The entrepreneurship are those who have a capability and will power to establish ,
manage and organise a venture firm and take risk for the purpose of taking risk. There are
various type of ventures entrepreneurship in the UK that are explained below-
 Innovative entrepreneurship- This type of venture entrepreneurship are very innovative
in ideas of start-up a new firm. They introduce a new techniques, ideas, technology and a
new product in the new market (Bridge and O'Neill,2012 ). They contribute to the
country for the economic development by create something innovate and these types
entrepreneurship are take the new challenges. Thus, it will assist them to create a new
image in the mind of its customers. It include mainly small medium enterprises,
innovative business, young and high-growth firms. They take the risk as well as take the
new opportunities without any hesitation that help them to establish a unique ideas for the
management.
 Adoptive entrepreneurship- In this type of venture entrepreneurship not develop any
new innovative ideas, technology, process, methods and any new product. They only

adapt those innovation which are develop by the innovative entrepreneurship. Thus, it can
be said that they imitate the new ideas of others firms and they suitable for the developing
countries ( Bridge and O'Neill,2012). The people in these country are those who are in
need of imitating entrepreneurship as they are not easily adjust the new technology. For
this reason, these people imitate the knowledge, skills, methods and process etc. The
nature of these venture entrepreneurship are adoptive that leads to face less uncertainty as
compared to the innovative entrepreneurship. They alter its existing process, methods,
technology the gives them an opportunity to improve its goods more effectively.
 Fabian entrepreneurship- The nature of Fabian entrepreneurship are very lazy they not
easily accept the new innovative ideas. They used the old traditional methods, process
and technology in the manufacturing process. Thus, these entrepreneurship are fear to
accept the innovative technology as they only adapt when the innovate methods are tested
by others. In that situation the used new method in the production process and also when
they start become failure in the competitive market. It means that they are not take the
new challenges as well as not interest in accept the new technology.
 Drone entrepreneurship – In that entrepreneurship they run their business activities
with the old traditional methods in the manufacturing process. The nature of these
enterprise is very conservative as they does not like to establish or adopt the new
innovative technology. Thus, in the long time period they loose their existence if they
face any difficulty in the competitive world. It is because in the failure situation they does
not like to adopt the new technology that leads loose its presence in the competitive
market.
 Serial entrepreneurship- They are those type of entrepreneur who come together with
the new innovative ideas and develop a new firm. They often come with new ideas to
start new venture and it give responsibility to other people.
P2 Similarities and difference between entrepreneurial ventures
There are various type of venture entrepreneurship that have some similarities as well as
dissimilarities that are described below-
Similarities and difference in the innovative and adoptive entrepreneurship

The adaptive and innovation have a some similarities in terms its nature they both are
used the innovate ideas, methods, techniques, process and new product. Therefore, they are the
contributor as well as leader that gives the country for the economic growth that impact
positively. They both are high-talents, knowledge and have a core-skills. In addition,with the
similarities in both the venture entrepreneurship but they are major difference in the innovative
and adaptive entrepreneurship. The first difference in both the entrepreneurship in terms of its
nature the imitate are conservative as well as lazy in nature. Thus, on the other side, the
innovative entrepreneurship are very active and creative in nature they also try to develop a new
ideas, innovative, methods, procedure and new product for the countries. Therefore, there is also
a difference in the presence of entrepreneurship in the different countries.
The enterprise who make the new innovate ideas as well as techniques they develop their
business in the developing countries(Cruz and Nordqvist,2012). Whereas, the adaptive
entrepreneurship engage their business activities and function the weak industrial areas as in that
particular region the people are required of innovative techniques. The another difference among
both the entrepreneurship is that the adaptive entrepreneurship are those who used the new
innovative ideas but they are not develop by the themselves. They adapt or copy the new
innovative ideas that are established by the other enterprise and they wait for the right time to
imitate the new methods. The innovative entrepreneurship establish the new ideas, product,
method and process by their own. The accept the new challenges in the uncertainty by take a risk
in its business.
Similarities and dissimilarities of Fabian and Drone entrepreneurs
There is a also a difference as well as similarities among the Fabian and Drone
entrepreneurship. They both does not like to accept any change in the method and process in the
manufacturing process (Cruz and Nordqvist,2012). Along with that, they would like to run their
business activities with the old traditional techniques, procedure and not make any modification
in its existing product. Further, the major dissimilarities among these venture enterprise is that in
the Fabian entrepreneurship they adopt the new techniques as well as methods when they are
suffer from loss. They not easily modify its product they only make change when they feel any
losses in the competitive market. Whereas, the Drone enterprise are different from the Fabian
entrepreneurship as they not survive in the competitive market due its nature. They not adopt the

new innovative techniques till the end of its life which make them failure or loss it presence in
the market.
Similarities and dissimilarities among the imitating and Fabian entrepreneurship
There is a major similarities are found in both the venture entrepreneurship they both
does not develop their own innovative ideas and product as they imitate new methods that are
establish by others. They both are very shy as well as lazy nature to make any experiments and
accept the new challenges. Therefore, they both have a difference in the imitating
entrepreneurship copy the innovative ideas of others and they are test by others. Whereas, the
Fabian entrepreneurship are those who accept the innovative ideas when they feel that they are
failure in the competitive market.
TASK 2
P3 Asses and interpret the relevant data and statistics, illustrate how micro and small business
impact on the economy
The organisation that are run their business at the micro as well as small level gives the
direct impact on the economic of any country. Thus, they contribute in the country that leads to
economic development in many ways. It can be explain with the example, micro as well as small
level business are the main player who contribute in the economic development as they create a
job opportunities. It leads to enhance the employment level which also impact positively on the
economic growth rate. In addition, these type of businesses provide the products or services to
the nation that will enhance the GDP rate of the nation (Kreiser and Davis,2010). Therefore, the
small and medium size enterprise are those who run their business activities with the less than 50
employees. They carry out the day-to day operations more effectively and they are the main
contributor. In the UK economy they contribute more than 33% of total employment in these
country.
The country established the new start-up business in the year 2013 and 2014 who
contribute the more in the economy that develop the overall growth of the economy of the UK
country. There are various parameters that can taken for the concern for the evaluating the affects
of UK overall economy for the development of micro as well as small enterprise. The most
important parameter is a total turnover in the year 2014 of micro as well as small businesses that
are majorly contribute to the UK economy that is £1.6 trillion approximately. Thus, it leads to

overall development of turnover in the country. It can be asserted with these fact, the data show
the most surprising facts is that the turnover is about the £1.6 trillion that are contribute by the
private sector that is 47%. Along with that, the both the enterprise small and micro business is
also help in enhancement of unemployment rate. Therefore, it has been critically evaluating that
the small businesses that are operating in the country are not necessary a employer. It can be
explained with the help of example the some of the small businesses enterprise are the sole
traders and they operate their business by their own. It does not require a employees to run their
business as they operate them independently. They contribute to the economic by developing the
new innovative business ideas within the country.
The small and micro business keep the market fresh by bringing the new as well as fresh
products or services that are demanded by the customers. From the above facts and figures that
shows clearly that the small and micro level business contribute more to the economic
development. Thus, it is only possible if the government contribute by provide them a financial
assistance support to these type of businesses. The government have to provide the financial
subsidies and aid to the small as well as micro level business. It will assist them to carry out its
business activities more effectively and smoothly.
P4 Explain how important small business and business start-up will contribute to the growth of
the social sector, charity and government
The Brexit exist from the European union which is the most critical decisions that can be
taken. The start-up business and small business have face the issue of Brexit in the sales as well
as generate the revenues ( Kreiser and Davis,2010). Let can be explain with the example, with
the exist of Brexit with the European union most of the business not able to enhancement of
profit and revenues. Further, it also impact negatively on the UK economy that also affect the
overall economic development of country in the initial stage of Brexit. However, the small and
start-up business are the major player who contribute in the overall economic development that
give the value to the UK's economy. The predictions made by the expertise in the financial as
well as economic which make assumption that the UK country face the economic issues after
Brexit. The impact negatively that leads to slower economic growth rate, compressing the
income level and no huge investment made by the any businesses. Therefore, after the Brexit the
small and micro level business as well as start-up firm are those who contribute more in the
economy that leads to overcome from the negative economy produce in the economy. They are

frequently develop the innovative products or services by the start-up business and micro level
business that maintaining the demand in the UK marketplace. In addition, investment made in
the start-up business that directly leads to slow rate of growth in an economy.
It has been asserted that the government support the huge in terms of financially that are
directly resultant into that the economy become more stable. Thus, it leads to grow in an
economy and the large firm carry out the business activities that are operated in the country. The
sales volume are dramatically result into negative and they are not able to overcome from these
issues that are produced by the Brexit. There is huge opportunities of growth to the small and
start-up business in the UK country but they were not much interested in investing in the
European union after the existence of Brexit. Thus, it can be said that they made a huge
contribution in the development of economic growth by bringing the new innovative products or
services by these type of business. These help the country to grow the economy from the adverse
impact made after the exit of Brexit.
TASK 3
P5 Determine the personal traits and characteristic of two successful entrepreneurs and how they
are different from the other business managers
There is a two successful entrepreneur in the UK that made them more popular due to
strong skills, characteristic, traits and personality. The first successful entrepreneur is the Peter
Jones and he is the most popular businessmen in the Tycoon. Thus, he is the most popular in the
BBC 2 television. However, he have a major interest in the various industries that are the mobile
phones, travel, real-estate and television industries etc. Peter Jones have a characteristic and traits
that made them successful entrepreneurs are the personnel planning in which they manage the
everything in advance. They analyse the situation of every firms with the help of planning and
they conduct the depth research that all are relate to the business activities (Lim and Envick,
2013). For this, they gather the useful information from various areas and analyse as well as
interpret the data. It help them to make conclusion of various business facts that are available
within the firm. Along with that, the another characteristic that made them more successful in its
business that is the high-level of confidence that help them to done the business more smoothly
in the various different situation that are occur in the organisation. The high-level confidence
give the strength mentality to accept the biggest challenges more effectively. Thus, they are able
to make the decision on the immediate and they are those person who are always looking for the

new challenges. They peter jones focus on the challenges that gives them highest rewards that
make them more successful in its business in the UK country. The another trait of these
entrepreneur is that is the learning skills that helps them in get the latest as well as update
knowledge in various fields that leads to brining the innovative ideas. The peter jones are those
entrepreneur who constantly learn the fresh things that are updated regularly in the business
environment. He learn as well as observe the fresh data by reading the new journals, books and
suffering the internet that helps them to beat the competitors.
There is a another successful entrepreneur is a Alan Sugar in the UK country and he is
the successful in the consumer electronics industry. He is also well-known for the developing the
brand in the computer. He has a unique characteristic, skills and traits that make them more
passionate in his business. Thus, it helps them to done the work at the beginning and done the
task at the end more effectively. He also enjoy the work at the night days and also done them for
the longer duration. The unique characteristic in the Alan Sagar that makes them unique is that
they have an ability to take the new challenges for themselves without hesitating. It leads to
develop the new product with its skills in the consumer electricians industry. In addition, the
another personal traits that presence in it are the competitive spirit that assist them to take the
biggest challenges that win the situation as well. He is also a risk taker in the competitive world
as they also start-up its businesses with his qualities and skills. Thus, they now capture the
biggest market share that build a image in the mind of its clients. They also deliver the new
products with high-quality that assist them to generate the revenues and earn higher profits.
In the above personal traits and characteristic of the peter jones and Alan Sagar are the
successful entrepreneurial in the UK country. Thus, business manager characteristic, skills and
traits are different from the mentioned successful entrepreneurial (Naudé, 2010). The major
traits of the business manager that helps them to build a strong relationship with superiors and
subordinates. It help them to respecting all the values as well as culture of every member in the
organisation. Thus, it will help the employees to develop the new innovative ideas as well as
express their views more effectively. The another skills of business manager is that they invite
the participants to share their points of view in the decision-making process. In addition to this,
the business manager have a listening power skills and communication skills they help them to
keep the feedback with the customer more effectively and also transfer the message more
effectively.

P6 Asses how the aspects of the entrepreneurial personality reflect the motivation and mindset
The above two successful entrepreneurs have a various type of skills, traits and
characteristic are the learning skills, passionate, take the biggest challenges, make planning in
advance, competitive spirit etc. Thus, it give the motivation and mindset that are described
below- Visualising the real customer as well as social value- The ability in the successful
entrepreneurial is that to take the biggest challenges and it is made it possible only when
gives the satisfaction to the actual customers and also enhance the social value. Thus, it
will motivate them and also made the mindset to resolve the actual problem. It will
enforce them to develop the innovation high-technology. It also help them to establish the
best solution that helps them to resolve the problems more effectively. Build the strong relationship within and outside the firm- The competitive spirit in
the successful entrepreneurial that helps them to make the successful in the competitive
market. For this, they try to develop the strong relationship with the other people by his
effective communication skills. They engage with the the people that are outside the firm
are the governments, suppliers and customers. It gives them an opportunities as well as
helps them to resolve the issue of business more effectively. Therefore, they also build
strong relationship inside the firm are the superiors, subordinates as well as employees
etc. Acceptance the accountability as well as full responsibility- The entrepreneurial that
makes them successful in its industry if they take the risk and accept the new challenges.
Thus, it help them to motivate and sets the minds themselves as they done all the
responsibility in the business without make any excuses ( Nga and Shamuganathan,
2010). They are those person who are not look for the shortcuts to done the jobs and the
nature of these entrepreneurial is a risk taker. They set their minds by accept the new
challenges in the difficulty condition also when the market are in uncertain that helps
them to beat the competitor. Self-understand as well as others- The successful entrepreneurial are those who are try
to develop the understanding level with the others individuals in the enterprise. They
make their mindsets through the greatest belief. Thus, the understanding level with the

other peoples will be enhance when they gives the respect of individual's opinions and
views that leads to successful in the firm. However, there are various types of
characteristic as well as skills in the successful entrepreneurial that are differ from the
other business manager.
TASK 4
P7 How experience as well as can hinder or foster entrepreneurship
The background as well as experience helps the enterprise to run its business activities
more smoothly. Thus, it made them successful only when they are already engage with the same
field if it not that hinder the entrepreneurship. It leads to done all the business activities in the
wrong way. It can be explain with an example a person who are from commerce background and
have an experience in the same field for some time period. Thus, these person wants to start-up
their business and they think for the establishment in their same field in which they are already
experience. In that case, the individuals go with the consultancy firm to know how the start-up
their business by proper guidance. Thus, it help them to boost up their entrepreneurship and other
things they can easily done more effectively if they wants to start-up its business in the
commerce background. It majorly includes develop the office accountant and if they wants to
develop the business in the technical field then they cannot develop the business activities more
effectively. The person who are wants to start their business in the technical field and in that
situations they go with the consultancy firm that surely helps them a lot.
The entrepreneurship are those who are actively participate in the new challenges and
develop the new ideas that help them to generate the new ideas that helps them to make
effectiveness in the organisation (Storey and Greene,2010). Thus, they can easily take the new
risk and makes the plans in advance so, they can able to increase the efficiency of the
organisation. The person is already experience with the techniques that helps them to grow the
business and also enhance the service quality also. In the entrepreneurship activities, I am able to
enhance my skills that assist me to adapt the biggest challenges as well as grow my business as
well. Therefore, there are various tools help to grow the small business by developing the
innovative ideas that ensure the better quality of services. Thus, it leads to contribute more in the
overall economic development and also expand business in various field are finance and
production firm.

CONCLUSION
Summing up the whole report, it has been concluded that there are different types of
venture entrepreneurial in the UK country are the innovative, imitate, drone and Fabian
entrepreneurial. Thus, it has been analyse that the innovate are those venture enterprise who are
always look for the new challenges as well as establish the new ideas and methods, whereas, the
imitate entrepreneurial are just apposite to the innovative as they adopt the innovative ideas of
others. On the other hand, the Fabian are those who are not easily accept the new techniques and
they made changes only when they feel that the old traditional techniques make them failure in
the competitive market. Further, there is also analyse that small and start-up business contribute
there major part in the economic development in the UK country after the Brexit exist with the
European union. There is also analyse that the successful entrepreneurial have the competitive
spirit, risk taker, learning skills etc. that are differ from the business manager.

REFERNCES
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