Impact of Socio-Economic Factors on Small Businesses

This assignment requires a critical analysis of how socio-economic factors influence the success of small businesses. Students are expected to examine various research papers, identify key trends, and synthesize their findings into a comprehensive report. The focus should be on understanding the complex interplay between economic conditions, social norms, and the performance of small enterprises.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P.1 Different types of entrepreneurial venture and link with typology..................................3
P.2 Similarities and difference between lifestyle and social entrepreneurship......................4
TASK 2............................................................................................................................................6
P.3 Micro and small business impact on economic development .........................................6
P.4 Importance of small business and business start-up in organisation................................7
TASK 3............................................................................................................................................8
P.5 Characteristic and skills of successful entrepreneur........................................................8
P.6 Entrepreneurial personality reflects motivation and mind set .........................................9
TASK 4............................................................................................................................................9
P.4 Entrepreneur background and experience is help hinder and foster entrepreneurship....9
CONCLUSION .............................................................................................................................10
REFERENCE.................................................................................................................................11

INTRODUCTION
Entrepreneur is an individual, who rather than employees and set up a business, taking a
financial risk in hope of profit. In this way, entrepreneur is person is focus on innovation in every
new project. In this context present report is based on tread development council. This is
basically located in Hong Kong based manufacture, trader and services provider (Powell, and
Eddleston,, 2017). This report is focus on belt rode initiatives (BRI) is a development strategy
prospered by china. It main aim is connectivity and cooperation between two countries. In this
context entrepreneur is focus on innovation and invention to achieve objective.
TASK 1
P.1 Different types of entrepreneurial venture and link with typology
Entrepreneurial venture is most important part of new business and help to increase
performance level in market. In this report is focus on new business on the BRI and help to
different entrepreneurial venture are as follows :-
 Small business entrepreneurship :- In small business inculcates grocery store,
consultant, travel agent etc. they are anyone who run his/her business and hire local

employees and family member in small business. In this small business is most are beryl
profitable. There are main aim of small business is feed the family and make a profit
(Mamabolo, Kerrin, and Kele, , 2017). They fund there business friends and family or
small business loan. In Hong Kong location is to be focus on each and every small
business entrepreneurship venture. For example :- In small business enterprise the best
example is mint.com it is small fish going up against and ocean for major banks.
 Scalable start up entrepreneurship :- In such way entrepreneur is start there new
project knowing for day one to that their vision is change the world. They are focus on
equality crazy financial investors venture capital. In this way focus on best financial
investors (Carter, and Tamayo,, 2017). In this factor their job is to investigation for
decent business model. In this context scalable entrepreneurship is kind up little
proportion entrepreneurship.
 Large company entrepreneurship :- In large company is long life cycle and grow with
the help of innovation, new product offering in market. It is help to change in customer
taste and new technology and new legislation and new competitors etc (Ramadani, . and
et.al 2017). it is help to more innovation and large companies to create new products. In
such a way large company, size and culture make use of innovation and difficult to
executive in market. In large company is focus on more and more innovation is help to
introduce new idea in market and increase the level of effectiveness in market.
Entrepreneur is only person who introduce new thing in market with innovation. They are
focus on new technology in work place.
 Social entrepreneurship :- In social entrepreneurship is focus on the creating products
and services to solve social needs and problems. In social entrepreneurship is main goal
is make the world better place not to increase market share. This types of business are
non profit, for profit and hybrid. For example :- In social entrepreneurship BLAKS
MYCOSKIE is the TOMS founder. Its popularity has spared like wildfire and entire
business to build around the idea to help people is needed (Ramadani, and et.al 2017). It
is help to development of society and increase the performance level in market. In this
venture is focus on improve society condition and improve with the help of innovation is
market.

 Life style entrepreneurship venture :- In life style entrepreneurship is focus on there
development program held in tread development council and handle all kinds of risk in
new business (Bhagavatula,, Mudambi,. and Murmann, 2017). In life style
entrepreneurship is doing business in freedom and they make sure they can run there
business in anywhere in world.
All such is entrepreneurship venture and help to understand entrepreneurial work and activity. It
is help to increase the level of performance and maintained the growth rate in market. They are
focus on equality crazy financial investors venture capital. In this way focus on best financial
investors and improve the performance level in market (Hamid and et.al 2017). All such venture
is most important to define the entrepreneurial personality and innovation techniques is to be
used in market.
P.2 Similarities and difference between lifestyle and social entrepreneurship
In this context focus on the similarities and difference between the toe entrepreneurship
and help to increase the level of performance. In such way, such kind of similarities are as
follows :-
Similarities
Social entrepreneurship Life style entrepreneurship
It creates new products and development in
market. (Ribeiro-Soriano, and et.al ., 2017)
It is also focused on new products and services
in market.
It is help to use more innovation in work place. It introduces new things with the help of
innovation.
It main goal is make the better world. It main aim to increase market value and
improve working condition.
Difference
Social entrepreneurship Life style entrepreneurship
In social entrepreneurship create new products
and services in work place.
It is focus on the development programme.
In social entrepreneurship is focus on make the In life style providing reward of people and

world better place not to increase market share. increase the level of competition.
It is focus on generating profit and
performance of positive impact on working
condition.
In lifestyle entrepreneurship do not care about
the existing strategy in work place. They enjoy
there work what they are doing.
In social entrepreneurship is focus on innovate
idea and potentially to solve community
problem. (Bhagavatula,, Mudambi,. and
Murmann, 2017)
In life style entrepreneurship is doing business
in freedom and they make sure they can run
there business in anywhere in world.
There are about the difference between social and lifestyle entrepreneurship and increase the
level of performance in market. In this way, both are different form each other and doing work
with the help of innovation. In this way, there are some example of life style and social
entrepreneurship are as follows.
Social entrepreneurship :-
 Bill draytom :- He is a redness of current charier of ashoka. Originator for the Public, an
organization that is consecrated to finding and helping social enterpriser around the
world. It is work on the process of leading of social business organization and physical
process of ownership.
 Muhammad yunus :- Yunus is a quite figuratively written a book on social
entrepreneurship and unselfish his expertness in micro economics and social capitalism
(Bhagavatula,, Mudambi,. and Murmann, 2017). Yunus is the founder of the Grameen
Bank, an organization that furnish microcredit debt to those in condition to help them
germinate financial self-autonomy with the assist of social group multitude.
There are some example of social and life style entrepreneur and increase the level of
competition in market. In this context life style entrepreneurship example are as follows :-
 The most famous life style entrepreneur is Pat Flynn is founder of The Smart Passive
Income, one of the most popular blogs on marketing, business, and entrepreneurship. He
makes is money form courses sale, marketing and book sales etc.

TASK 2
P.3 Micro and small business impact on economic development
In such a way micro and small business is give impact on economic development and
help to alteration the level of carrying into action in market. In this context is focus on the small
business enterprise tread development council is help to economic development . In this way,
focus on some factor are as follows :-
 Job creation :- In job creation is a provision of new opportunities for paid employment
and spaciously those who are unemployed in work place. This small sector organisation
is help to development of new job in market and help to remove unemployment structure
and reduce unemployment rate in economic condition (Ramadani, and et.al., 2017). Job
creation is a positive impact and increase the level of performance in market.
 High worker productivity :- In this factor is to be focus on the owner is more directivity
involvement in business (Bhagavatula,, Mudambi,. and Murmann, 2017). It is help to
owner and manger can check easily the productivity of employees in work place. It is
help to save cost in organisation.
 Unemployment reduction :- In this factor micro and small business is help to reduce the
unemployment and increase the level of performance in market. Tread development
council is help to introduce new job and alteration the level of employment for economic
development (Hamid and et.al 2017). The small business growth in a country is deal
with both sustainable development in employment generation and long term growth form
government in job creation programmes.
In this suit small business have generated 64 % new job in market and paid 44 % in united state
private pay roll. It is about crucial factor to indefinite quantity the level of carrying into action
and maintained the growth rate in market. Micro and small business is give positive impact on
the level of performance and maintained the growth rate. In economic condition business cycle
in give ups and downs in market. In this factor economic factor is focus on job, production and
sale in market place. Each such factor is help to maintained the growth rate and increase the level
of performance (Ramadani and et.al 2017). Micro and small business is most important for
change the carrying into action level and well-kept and change economic status in employment
sector.

P.4 Importance of small business and business start-up in organisation
Entrepreneur is a person is focus on new business and indefinite quantity the plane of
carrying into action in marketplace. In this way small business is help to economic development
in the context of Belt Road Initiatives (Bhagavatula,, Mudambi,. and Murmann, 2017). Small
enterprise may not create as much monetary system as big firm, they are a captious element of
and leading contributor to the capability of local system. In this way some importance are as
follows :-
 Contribution :- In this context is focus on the Little Enterprise Administration, small
enterprise represent 99.7 proportion of all leader stiff. It is help to created more
development and introduce new market in society (Laffranchini, , Braun, and Kim 2017).
Belt Road Initiatives include external finance regulation, antitrust correct, tax, local
employ and situation laws in surroundings factor.
 Economic growth :- In this context economic growth is most important for future
development. In this way entrepreneur is use innovation and new techniques help affect
economic development by furnish work possibility to people who may not be worker by
bigger business firm. In the case of belt road initiatives is help to increase exporter to BRI
countries (Bhagavatula,, Mudambi,. and Murmann, 2017). In this way, promote
industrial restrictions and help to direct investment in market. All such kind of factor is
help to economic development and help to unemployed people.
 Future growth :- In this context entrepreneur is focus on indefinite quantity the level of
carrying into action and preserved the marketplace. Use innovation and techniques is help
to future development in market. Belt Road Initiatives prime example of how a small
enterprise idea can modification the world. Small business organisation that grow into
large enterprise often remain in the assemblage in which the enterprise was first accepted.
TASK 3
P.5 Characteristic and skills of successful entrepreneur
In this context some skills of the successful entrepreneur and help to development of
nature in market. An entrepreneur is only person is focus on more and more innovation in market
and development of organisation condition (Bhagavatula, Mudambi, and Murmann, 2017). In

this way skills of a successful entrepreneur is totally different form manager skills in
organisation. Skills of successful entrepreneur are as follows :-
 Risk taking :- In this context entrepreneur is a person who take risk in new organisation
and small business organisation. To take risk in business is help to make new decision ion
work place (Carter, and Tamayo,, 2017). In this context entrepreneur is focus on new
business and indefinite quantity the plane of carrying into action in marketplace and take
risk for future development in market. An entrepreneur must take risk for successful
business venture in market and help for future development.
 Relationship :- In this context entrepreneur is a person focus on relationship between
employees in organisation (Powell and Eddleston 2017). In organisation employees
relationship is help at the time of innovation in market, productivity and creativity etc. in
all such filed relationship of employees in work place is must.
 Creativity and innovation :- In organisation entrepreneur is person who focus on new
creativity and innovation is work place (Carter, and Tamayo,, 2017). With the help of
creativity and innovation is help to introduce new things in market and increase customer
traffic. Entrepreneur is had special skills and talent like creativity in work place and help
to enhance the work experiences.
All such kind of skills is help to make new changes in market and these skills of entrepreneur is
totality different form manager skills in organisation.
P.6 Entrepreneurial personality reflects motivation and mind set
Entrepreneur personality is help to increase the level of motivation of different
entrepreneur and change the mind set of structure. An entrepreneur is person is focus on new
skills and innovation for future development in market. It is help to maintained the level of
carrying into action in securities industry. Entrepreneur is person is focus on new creativity in
market and help to indefinite quantity the growth rate in marketplace. In such kind of
entrepreneur personality are as follows :-
 Passion :- In there have been whatever symbol who have made more currency than most
of us we’ll dream of, think Bill Gates or Steve Jobs, the realness is that most enterpriser
work an insane asset of hours for little or null (Carter, and Tamayo, 2017). They are
focus on some more important factor and to introduce new technology in market with
passion.

 Strong sense of self :- An entrepreneur is person who focus and face competition in
market. An entrepreneur is help good idea and use idea for better improvement in market
condition (Laffranchini, , Braun, and Kim 2017). New ideas is help to introduce new
technology and new mind set in work place. Entrepreneur is confident about the work
and as per the research work 91 % of entrepreneur is more confident about the work.
 Flexibility :- An entrepreneur is more flexible at the time of work and this quality is help
to change mind set and motived other manager in organisation. Entrepreneur is flexible
and make the adjustment to make the idea feasible in market.
TASK 4
P.4 Entrepreneur background and experience is help hinder and foster entrepreneurship
An entrepreneur background and experience is help to motivate and increased the level of
performance in market. In this way such kind is factor is help to make future decision and
increase growth rate in market. To start a new business is help to background, education and
characteristics is most important factor in business. In this context Business and entrepreneurship
acquisition and experience affect the tendency of individuals to become enterpriser and the
likeliness of their success (Powell, and Eddleston, 2017). There are Acquirement can either be
generic, mention to general transferable skills, or specific to certain work purpose, such as
managing people, calculation, dealing with hazard in work place. All such kind of factor is help
to motivate each and every employees and better the level of carrying into action in structure. To
start a new business is most important is background and education is help to successful
established business in market. It is help to hinder and foster entrepreneur personality and mind
set to new business.
CONCLUSION
Form the above report is focus on the belt rode initiatives (BRI) is a development strategy
prospered by china. It main aim is connectivity and cooperation between two countries. In this
report is focus on the entrepreneurial skills is help to achieve target and motivation of employees
in organisation. In this report different types of entrepreneur venture and different between
entrepreneur venture in work place. As per the above report impact on economic development
and help to increase the level of performance in market. In this context is focus on the small
business enterprise tread development council is help to economic development. Form the above

report is focus on entrepreneur motivation and mind set is help to gain the level of carrying into
action and preserved the development rate.
REFERENCE
Books and journals
Amato, C and et.al 2017. Regulatory modes and entrepreneurship: the mediational role of
alertness in small business success. Journal of Small Business Management.55(S1).
pp.27-42.
Bhagavatula, S and et.al. 2017. Management and Organization Review Special Issue ‘The
Innovation and Entrepreneurship Ecosystem in India’. Management and Organization
Review.13(1). pp.209-212.
Bhagavatula, S., Mudambi, R. and Murmann, J.P., 2017. Management and Organization Review
Special Issue ‘The Innovation and Entrepreneurship Ecosystem in India’. Management
and Organization Review.13(1). pp.209-212.

Caputo, A and et.al 2017. Female entrepreneurship in developing contexts: characteristics,
challenges and dynamics.
Carter, M. and Tamayo, A., 2017. Entrepreneurial and Intrapreneurial Skills of Managers as
Determinant of Organizational Performance of Small and Medium Enterprises in Davao
Region, Philippines.
Fayolle, A and et.al 2017. Entrepreneurship in Family Firms, Business Families, and Family
Business Groups.
Hamid, A.B.A and et.al 2017. Comparative analysis of managerial practices in small medium
enterprises in Malaysia. Jurnal Kemanusiaan, 4(2).
Kong, E. and Ko, S., 2017, December. A Team Exercise as a Teaching Tool for Online Students:
Learning for Knowledge Sharing, Team Skills and Resource Management. In 14th
International Conference on Intellectual Capital Knowledge Management &
Organisational Learning: ICICKM 2017 (p. 139).
Laffranchini, G and et.al 2017. THE PRICE TAG OF FAMILY BUSINESS INVESTMENTS:
TRADING ENTREPRENEURSHIP FOR SOCIOEMOTIONAL WEALTH. In United
States Association for Small Business and Entrepreneurship. Conference Proceedings (p.
138). United States Association for Small Business and Entrepreneurship.
Laffranchini, G., Braun, M.R. and Kim, S.H., 2017. THE PRICE TAG OF FAMILY BUSINESS
INVESTMENTS: TRADING ENTREPRENEURSHIP FOR SOCIOEMOTIONAL
WEALTH. In United States Association for Small Business and Entrepreneurship.
Conference Proceedings (p. 138). United States Association for Small Business and
Entrepreneurship.
Mamabolo, M.A., Kerrin, M. and Kele, T., 2017. Human capital investments as sources of skills:
An analysis at different entrepreneurship phases. The Southern African Journal of
Entrepreneurship and Small Business Management.9(1). p.12.
Powell, G.N. and Eddleston, K.A., 2017. Family Involvement in the Firm, Family‐to‐Business
Support, and Entrepreneurial Outcomes: An Exploration. Journal of Small Business
Management.55(4). pp.614-631.
Ramadani, V. and et.al 2017. Entrepreneurship and Management in an Islamic Context.
Springer International Publishing.

Ramadani, V., 2017. Alex Maritz is an Associate Professor of Entrepreneurship and Innovation
at Swinburne University of Technology, Melbourne, Australia. Alina M. Zapalska is the
Professor of Economics and Director of the Honors Program at the US Coast Guard
Academy, where she teaches Economics since 2005. Her extensive and varied teaching
experience spans 30 years in the US and. Entrepreneurship and Management in an
Islamic Context, p.243.
Ramadani, V., 2017. Alex Maritz is an Associate Professor of Entrepreneurship and Innovation
at Swinburne University of Technology, Melbourne, Australia. Alina M. Zapalska is the
Professor of Economics and Director of the Honors Program at the US Coast Guard
Academy, where she teaches Economics since 2005. Her extensive and varied teaching
experience spans 30 years in the US and. Entrepreneurship and Management in an
Islamic Context, p.243.
Ribeiro-Soriano, D., 2017. Small business and entrepreneurship: their role in economic and
social development.
Saleem, M.A., 2017. The impact of socio-economic factors on small business
success. Geografia-Malaysian Journal of Society and Space.8(1).
Schenk, H.W.E., 2017. The prevalence and focus of formalised Human Resource Management
practices in a sample of SMEs in the marketing and retail sector of South Africa. The
Retail and Marketing Review.13(2). pp.40-54.
Schjoedt, L., 2017. Entrepreneurs’ Behavior: A Black Box in Entrepreneurship Research.
In Revisiting the Entrepreneurial Mind (pp. 411-423). Springer International Publishing.
Spence, L.J and et.al 2018. Research Handbook on Small Business Social Responsibility: Global
Perspectives. Edward Elgar Publishing.