Small Business Management and Entrepreneurship

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Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1. Entrepreneurial ventures and their relation with typology of entrepreneurship....................1
P2. Resemblances and alterations between entrepreneurial ventures..........................................3
LO 2.................................................................................................................................................6
P3. The way micro and small businesses impact on economy....................................................6
P4. Way in which SMEs and business start – ups affected after Brexit and help in growing an
economy socially.........................................................................................................................8
LO 3...............................................................................................................................................11
P5. Analysing two successful entrepreneurs based on their traits and proficiencies.................11
P6. The way entrepreneurial personality put its influence on the motivation and mind-set of
entrepreneurs..............................................................................................................................14
LO 4...............................................................................................................................................15
P7. The way entrepreneurship of individuals get affected through their background and
experience..................................................................................................................................15
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

LIST OF FIGURES
Figure 1: Predicted UK contributions to EU Budget.......................................................................6
Figure 2: Value added of SMEs.......................................................................................................7
Figure 3: Brexit impact on SMEs....................................................................................................9
Figure 4: Brexit impact on SMEs..................................................................................................10

INTRODUCTION
Entrepreneurship is the capability of a person (entrepreneur) and his desire to manage a
business venture with taking organisation to growth and success along with handling the risks
and bringing innovation in the processes (Powell and Eddleston, 2017). It is all about
transforming the world by addressing the issues occurring in target markets which is done
through either initiating social change or making an innovative product. In the present report,
different entrepreneurial ventures will be studied along with assessing their relation with
typology of entrepreneurship. Further, the way SMEs and business start –ups help in growing
economy socially after Brexit will be discussed. Moreover, two successful entrepreneurs based
on their characteristics and proficiencies will be examined and the impact of their background
and experience on entrepreneurship will be analysed.
LO 1
P1. Entrepreneurial ventures and their relation with typology of entrepreneurship
Entrepreneurial venture
Entrepreneurial venture can be termed as an undertaking whose main emphasis is on
providing advisory services to the firms that are in their early and mid-stage. However, roles
which they perform vary on the stage on which they are running their business. Scalable start-up entrepreneurship: This kind of venture is started by an individual
founder (entrepreneur) only. In these kinds of ventures, from the very first day of
business, entrepreneurs take initiatives to make their firm grow. Under scalable start-up
entrepreneurship, entrepreneur make efforts to increase the market share and profit with
setting a strong position. However, major focus of this venture is to search the need or
problem prevailing in the market and then setting vision and mission accordingly (Storey,
2017). Main advantage of this kind of entrepreneurial venture is that without having the
additional sky-high incremental costs, revenue of the firm can be increased. Small
business models are followed in this kind of ventures and with the help of same,
innovation and creativity are brought. For example: NHS. Social venture entrepreneurship: Generally, start-up companies use this kind of
entrepreneurial venture. Major emphasis of these ventures is on developing, funding and
executing the solutions to issues related to culture, society and environment. Social
1

entrepreneurs are basically non-profits who make high efforts to generate a positive
return to society. For the same, different kinds of metrics are used by them that support in
earning higher profit (Julien, 2018). These enterprises play a significant role in
supporting the social or cultural goals that are mainly in relation with voluntary sector.
Social venture’s main objective is to provide employment to people and raising money
for community development. For example: Tesco Plc. Small scale venture: In this kind of venture, only a small number of employees are
employed as well as the level of sales is not so high. Small scale ventures are generally
privately owned and operate in market in the form of sole proprietorships, partnerships or
corporations. Entrepreneurs running these kinds of ventures put a limited amount of
capital to start their business and hire mainly local employees (Sharma, 2017). For
example: HTK Ltd., UK.
 Large scale venture: It can be said that under large scale ventures, certain life cycle is
there. With the help of synthesising new products and services, these corporations acquire
sustainability as well as growth in market. These ventures always face high competition
and as per the ever changing environment, it keeps on bringing changes in the offerings
of business depending on the market trends (Dugguh, 2017). Thus, the best ability of
entrepreneurs under this can be seen while adopting imminent changes in business. For
example: Microsoft.
Typology of entrepreneurship
Entrepreneurial typology can be referred as a classificatory scheme. Entrepreneurship
cannot be theorized in once and can be of as many types as possible. Thus, typology is the term
which classifies types of entrepreneurship based on their similarities they possess. Entrepreneurs
within each kind of typology possess similar types of traits that are different from that of other
entrepreneurs.
All these entrepreneurial ventures are related to the typology of entrepreneurship. Some
of these typologies are given as below: Managed Growth entrepreneur: Major focus of these entrepreneurs is always on
attaining the growth and success in business at any cost. For the same, they invest a huge
amount of money along with taking risks so as to earn higher profit. They are responsible
to maintain the growth rate of business for which they re-invented their business to grow
2

at a fast pace. Along with this, these entrepreneur always focus on creating something of
long term value. In comparison to other entrepreneurs, they take more risk as the
investment they make is huge (Hornsby, 2018). These entrepreneurs are mainly suitable
for scalable start-up entrepreneurship as aim of both is to earn high profits and revenues
with bringing innovation in business.
 Lifestyle entrepreneur: Lifestyle entrepreneurs are the one who start their business with
an aim of a particular lifestyle. Although, they remain in business but have leverage to
live in a certain place with having the complete freedom to pursue another passion. These
entrepreneurs are mainly famous for dealing in higher value activities. They mainly get
better returns for what they have invested (Scarborough, 2016). In most of the cases,
lifestyle entrepreneurs in an existing business desire for the freedom of autonomy and
choice which with being an entrepreneur does not remain with him. Social venture
entrepreneurship suits best with these kinds of entrepreneurs as main emphasis of these
firms is on improving the status of society and so as with lifestyle entrepreneurs (Hatten,
2015).
Conclusion
Overall, it can be said that entrepreneurship typologies play a vital role in identifying the
key differences within a number of entrepreneurs. These typologies help in making better
predictions regarding the behaviour and success of an entrepreneur by which to make evaluation
of their responses becomes easy.
P2. Resemblances and alterations between entrepreneurial ventures
Large Small Scalable Social
Differences
The main emphasis of
large ventures is on
increasing the
profitability and
improving position in
the market. To gain
higher market share is
Under small scale
entrepreneurial venture,
the capital invested in
lower as compared to
other organisations
(Saleem, 2017). Major
aim of this kind of
These ventures mainly
have low level of risk
because as the amount
that they invest in
business is not so large.
Thus, the market share
of these ventures is also
This is the venture
whose main motive and
major orientation is on
the betterment and
increasing living
standard of society,
taking care of people as
3

it’s another objective
(Cornée, 2017). This
firm mainly focuses on
bringing effective
changes in the business
to adjust with the
current trends of
market. As these firms
operate on a large
scale, their business
tasks also work on a
huge platform. In large
corporations,
entrepreneurs mainly
use money related
assets from investors,
financial speculator and
securities (Amato and
Pierro, 2017).
venture is to maintain
the financial position of
business in market to
sustain for longer
duration. These
ventures generally
employ 5-10
employees with gaining
annual revenue of
around £50, 000 to
£100,000 while starting
up the business. Major
role which these
ventures play is to
empower the
entrepreneur in a way
that his
entrepreneurship will
get improved as well as
efficient (Mamabolo,
Kerrin and Kele, 2017).
small. Major aim of
scalable ventures is to
meet the essential
requirements of society
with setting low
speculations (Campbell
and Park, 2017). These
undertaking are aim at
expanding the business
and gaining higher
benefits.
well as of the
environment in which
the firm is operating
(Choi and Suh, 2017).
It can be said that main
role of social
entrepreneur is to
improve three areas
associated with
business i.e.
environment, people
and society. With
developing high quality
products and services,
these firms influence as
well as improve the
ongoing condition in
business environment
(Linton and Solomon,
2017).
Similarities
Large Small Scalable Social
Like all other kinds of
ventures, large venture
is also emphasizing on
earning higher profits
with bringing creativity
and innovation in
business.
Its major focus is also
on improving the
quality of products and
services to gain higher
market share in the
market and gain a
sustainable position
Alike large and small
scale ventures, these
undertakings also focus
on gaining higher
market share and
profitability along with
satisfying the needs of
Major emphasis of
these ventures is on
taking care of
environment, people
associated with
business and society by
developing high quality
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(Dees, 2017). target audience (Freel,
2018).
products and services
like other ventures.
M1. Facts of entrepreneurship in public sector
Entrepreneurship is being possessed not only in private sector but having a huge presence
in public sector too in the present era as societies have changed a lot. Due to recession as well as
economic fluctuation in the UK, public sector is required to bring necessary changes in their
business activities. After getting rise in the demands on accountability, entrepreneurs in public
sector initiated preferring smaller sizes of units as now-a-days, there is no monopoly of any firm
operating in this sector. Today, public sector firms are focusing more on enjoyment and
motivation of work to increase the productivity.
D1. The development and growth of entrepreneurial ventures
The first stage of entrepreneurial growth is generation of income that gets started in a
firm with effective entrepreneurship. However, if it is ineffective, consequences may be in the
form of reduced productivity, sales, profits and thus, market and goodwill. It can be critically
assessed that in today’s scenario, entrepreneurs are taken as the creative destroyers of tradition as
they are inseparably related with innovation and growth as well as always in search of
opportunity to offer a product or service with better use. Entrepreneurs have the potential to
groom and develop their human resources which leads a firm to attain higher success and
growth. However, on the other hand, ventures may go into loss as well if entrepreneurs do not
have in-depth economic insight or a clear sense of opportunity.
LO 2
P3. The way micro and small businesses impact on economy
Micro business refers to the trade that operates on a very small level with having not more
than two employees. While, small business can be termed as any company that is employing less
than 100 paid employees. However, many small businesses employ no more than a few dozen
employees and run operations at a lower level. On the other hand, medium sized organisations
are those which are having at least 100 and less than 500 employees.
In the UK, micro and small businesses are growing at a significant rate. As per the survey
conducted, in the year 2015-16, there were more than 3500 start-ups in the UK approximately
5

that were contributing highly in the economy of nation. However, in that duration, economic and
political condition of nation were playing a vital role with the support of which small businesses
flourished in the market. UK is getting huge support with the help of political and legislative
factors by which financial and economic position of nation has improved (Kerzner and Kerzner,
2017). Plenty of factors are there that provide high contribution in making the economic
condition of UK strong that helped small businesses to grow at a high rate. Some of these factors
are like annual revenue turnover and the growth of respective industry.
Figure 1: Predicted UK contributions to EU Budget
(Source: SME Performance Review, 2018)
In the year 2014-15, employment rate in the UK has increased as more than 27 million
people were employed and turnover of small businesses was accounted to £5.7 billion or it can
be said that overall turnover of small businesses was around 13.7%. Thus, it can be said that
from the overall people employed in the UK, 25.7% are working in small scale businesses. It is
clear from statistics given that in the overall economic growth of United Kingdom, small
businesses have higher contribution in comparison to large organisations (CULVERHOUSE,
2017). As small businesses majorly emphasise on introducing creativity and innovation in
products and services through improving their strategic and operational areas, it is leading to
growth factor of the nation. While, on the other hand, large corporations do not give much focus
on innovation and creativity in their processes.
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Figure 2: Value added of SMEs
(Source: SME Performance Review, 2018)
It can be said that without innovation and creativity in businesses, attaining growth
sustainability is not at all possible for organisations in the long run. This is the reason that small
businesses have acquired business and market leadership (Sheffield, 2017). During global
recession of 2007-08, small businesses in UK proved to be highly helpful for economy as they
easily surpassed the difficulties as well as challenges that nation was facing and so, helped the
economy. However, it can be said that there were three industries mainly that played a crucial
role in the economic growth of nation in recession i.e. hospitality, wholesale retail and real-
estate. As per the survey conducted in 2016, the revenue generated by nation through these three
industries was approximately 39.8%.
P4. Way in which SMEs and business start – ups affected after Brexit and help in growing an
economy socially
‘Brexit’ is actually the British exit that refers to separation in between Great Britain and
European Union (EU) which happened in June’ 2016. For the same, majority was in favour of
referendum i.e. 51.9%. As per the final decision took place, England and Wales became agreed
to favour the decision to leave EU while, on the other hand, Scotland and Northern Ireland
decided to be with it only. However, still there is not a definite separation as by the end of March
7

this year, there will be negotiation regarding the decision and only after that, final judgement will
take place. It can be said that, after this decision, UK faced a lot of challenges and adverse
effects as foreign trade has declined in the nation (Sheffield, 2017). But, after ‘Brexit’, these
were the small businesses that played a significant role in maintaining the economic position of
country and highly contributed in improving the economic condition. SMEs and business start-
ups have number of employees more than 10 as well as their total turnover is less than 2 million.
Government of UK helped small businesses and start-ups in the way of supporting new
entrepreneurs by providing several offers so that economy can revive.
8

Figure 3: Brexit impact on SMEs
(Source: Impact of Brexit on Businesses in the UK, 2017)
As per the survey conducted in 2016, SMEs were more confident about their prospects
for the upcoming year 2017 for own business even though they were not sure about the future of
their industry after Brexit. According to survey conducted by Enterprise Nation and Amazon UK
9

for tracking the growth of SMEs, it was estimated that these firms have increased projections of
growth of revenue by 2.3% in the year 2018. On the other hand, eBay conducted similar survey
according to which 46% of these businesses were very sure about their growth prospects while,
19% were not sure and expressed pessimism (Powell and Eddleston, 2017). Due to Brexit,
currency fluctuations are very high presently and so, online businesses have also felt the pressure
as they are needed to increase their costs. It can be seen that SMEs always react to changes in a
better and an easy way in comparison to large scale organisations. These businesses always offer
stability and flexibility with an equal measure.
Figure 4: Brexit impact on SMEs
(Source: Impact of Brexit on Businesses in the UK, 2017)
Social and economic development can be seen in the nation as small scale business and
new start-ups provided lots of employment opportunities to the unemployed people and made
high contribution in removing the poverty (CULVERHOUSE, 2017). Therefore, it can be said
that through these businesses, flow of cash within the economy has increased. The local and
regional population is getting lots of benefits and improving their living standards by getting
employed in these firms. So, it is clear that small businesses and start-ups serve as spine or one
of the main components for economic growth as well as sustainability of nation. After Brexit, it
has been noticed that small businesses apart from generating employment opportunities also led
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to modernize the entire financial structure of United Kingdom along with the lifestyle of people
(Storey, 2017). Thus, it is very clear that SMEs and new start-ups play a crucial role in the
success and in improving financial position of nation.
M2. Analysing whether medium and large businesses make negative impact on the
economy
Medium and large businesses usually comply with requirements that need higher
disclosure as they are having wider access to a large range of external funds. Thus, the main
negative impact which these firms have on economy is that a lot of amount is spent by them, not
always in relation with benefitting the society and thus, they create wastage of resources. Also, if
talk about total labour force, it can be said that relations in between labour regulations and
governance of product market are not positive and so, it can be said that impact of labour
regulations is very high which is leading firms not to make higher profits. In an over regulated
economy, medium and large businesses do not flourish and put a negative impact on economic
position of nation.
D2. Critically examining what is not agreed in the development and growth of
entrepreneurial ventures
Issues related to globalization and human resource management while focusing on
development and growth of entrepreneurial ventures are not agreed and acceptable on the cost of
exploiting economy and workforce in firm. Today, firms are focusing on product and service
innovations to earn higher profits but, for the same workforce is being exploited by making them
work for longer hours and providing minimal wages. Also, with globalisation, entrepreneurial
ventures are getting internationalized and having presence in many nations. However, it can be
critically examined that new firm creation and entrepreneurship does not always guarantee
growth and sometimes, lead business to incur losses.
LO 3
P5. Analysing two successful entrepreneurs based on their traits and proficiencies
For assessing the characteristics, skills and traits of successful entrepreneurs, two well-
known personalities i.e. Peter Jones and Bill Gates have been considered which are given as
below:
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Bill Gates
Bill Gates is known form Microsoft Corporation as he is the founder of same as well as
running it with making business the world’s largest PC Software Company. He is an American
business magnate who is known as the best entrepreneur of personal computer revolution.
Characteristics of Bill Gates: Faith in himself and in team – One of the main characteristics of Bill Gates is to always
have faith in himself and in his team. (Rampton, 2016). This made him different from
other entrepreneurs as in situations where he remained calm, maximum businessmen
panic and not even motivate their team.
 High risk tolerance – Bill Gates was always ready to take risks and so, started a risky
business venture without giving a second thought. He made a huge investment even when
he had a failed attempt in his prior trial of setting a venture.
Skills: Leadership – Bill Gates is a great leader as he is always ready to solve the queries of his
team or employees and stood by their side in any situation in which they are facing any
kind of issue or challenge (Julien, 2018).
 Creative thinking – With his creative thinking only, Bill Gates set an example in the
world of something which no one even thought of. He proved that every individual has
something different which makes them unique from others. Bill Gates has never followed
other’s footsteps but made his own.
Traits: Having vision – Bill Gates is a man with vision and it was his vision only that pursued
him to create Microsoft software, a graphical interface. Bill Gates was never satisfied
with only product, he always wanted more. He decided to have a complete product line
and hire people accordingly. This ability of him made it easy for others to apply what he
did in their entrepreneurship.
 Caring about people – Bill Gates had a life full of philanthropy and humanitarianism. He
always wanted to be known not only because of his professional accomplishments but
also, for the way he addressed world’s deepest inequalities (Dugguh, 2017). This caring
and empathy made people to stand behind him. It made him distinct from other
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entrepreneurs as goal of maximum businessmen is on personal growth while, he worked
for growing others.
Peter Jones
He is also a British entrepreneur who is having the BBC two television shows i.e.
American Inventor (American television series) as well as Dragon’s Den. Peter Jones is having
keen interest in television, retail, mobile phones and many other businesses.
Characteristics of Peter Jones: Focused and determined – Peter Jones is having one speciality unlike of other
entrepreneurs that he is passionate about all his companies and always eager to help
people who are behind them to attain his set goals with determination. Recently, Peter
Jones has launched a college that is the UK’s first National Enterprise Academy and
seeing the excitement of students over there to learn business, he gets motivated to drive
his business forward (Sharma, 2017).
 Perfectionist – Peter Jones is a real perfectionist about his every work and so, he made
his people understood too for achieving the targets in a systematic and effectual manner.
He had a lot of learning and experiences in the past which made him a perfectionist.
What makes him different from others is that Peter Jones is whatever today is because of
his past experiences only.
Skills: Team player – Peter Jones was having one of the most important skills being an
entrepreneur i.e. to run a team successfully. He believes that for successful entrepreneurs,
it is important to recognise that these are the team members only who make a leader
successful which makes him different from others as focus of maximum businessmen is
on earning higher profit at any cost.
 Problem solving – Problem solving skill of Peter Jones also played a significant role in
his life as he always believed that one of the key components to entrepreneurship for an
entrepreneur is to make efforts to bring innovation (Harris, 2015).
Traits:
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 Caring – For Peter Jones, maintaining relationships with people is the key to his success.
He is always ready to cherish the business as well as personal relationships. His theory is
to treat people in which he wants to be treated by them.
 Influence – Like all businessmen, Peter Jones also want his business partners to grow but
his way of influencing them is to make the work and responsibilities understood by his
own actions. He always make efforts recognise the weaknesses of employees and then try
to fill the gap in their skills, knowledge and abilities (Freel, 2018).
P6. The way entrepreneurial personality put its influence on the motivation and mind-set of
entrepreneurs
Bill Gates – It is clear that from teenage only, Bill Gates was interested in having his own
business which has motivated him to attain the targets where he is now today (Rampton, 2016).
He is a kind of person who is always interested to look out for the needs of people and then
providing something to them which can satisfy the same to utmost level. He never became under
confident and even in crisis situation, he remain motivated and encouraged his team as well. He
is a transformational leader whose leadership can be followed by many of today’s entrepreneurs
who are passionate, focused as well as determined towards achieving their aim. This reflects the
trait of his personality which leads to entrepreneurial motivation and shows his mind-set i.e. to
care about his people.
Peter Jones - He is a very good team player and understands that it is not possible to attain
success without having the help of others (Harris, 2015). This skill of him always motivated his
entrepreneurial capability to run business successfully and to encourage his team too. He
believes that there is no business without problems and so, a leader is needed to have the skill to
solve them effectually. According to Peter Jones, people are the lifeblood for his business and so,
he cares for them like his own family. It reflects that mind-set of Peter Jones as it shows that he
cares about his people and a good hearted person with having skill to take his people along with
him.
Personalities of entrepreneurs play a crucial role in their entrepreneurship. At the grass
root level, number of factors are there that affect success of entrepreneurs. Personality traits like
creativity, innovativeness, ability to make decisions, sincerity and commitment, etc. that are
there in Bill Gates and Peter Jones lead them to attain higher success. Thus, it can be said that
14

personality of entrepreneurs proves to be one of the major factors in influencing their
entrepreneurship.
M3. Examining arguments “are entrepreneurs born or made” and “Can characteristics be
learnt and adopted by anyone?”
The justification of same lies in the middle however, if based on examples set by Mark
Zuckerberg, Bill Gates, Peter Zones, etc., it can be said that maximum entrepreneurs are born,
not made. But, on the other hand, it can be critically assessed that entrepreneurs are born with
their innate traits but later, with experience, they learn a lot of skills and abilities. With time,
when entrepreneurs go through difficult situations and undertake new tasks, they get more
experience and become confident enough to deal with challenges which improves their
entrepreneurship. Overall, it can be said that entrepreneurs are born with special traits but learn
many abilities later with experience.
D3. Relevant theory
The way entrepreneurial personality reflects entrepreneurial motivation and mind-set can
be understood with the help of relevant entrepreneurship theory like Social Marginality Model.
According to this theory of entrepreneurship, people having strong similarities in between their
personal attributes as well as they work they are performing lead to create success and improve
society’s status and they become highly motivated with same. The unconventional patterns of
behaviour are developed in these people with this theory and so, their potential to become
effective entrepreneur increases.
LO 4
P7. The way entrepreneurship of individuals get affected through their background and
experience
In either hampering or encouraging the entrepreneurship, upbringing and understanding
of entrepreneurs play prove to be highly influential. As per the entrepreneurs chosen above, with
reference to Peter Jones and Bill Gates, the way their background and experience affected their
entrepreneurship positively and negatively will be understood.
Background:
Bill Gates: In the age of 13 years, an American business magnate, today known as Bill Gates
who is successfully running his organisation, Microsoft Corporation, wrote his first software
15

program. He was a Harvard dropout, later of which he found a business called Traf-O-Data in the
1970s along with his friend Allen. However, the product (device to read and process the data of
traffic tapes) was made for the local country that got failed. Even after that, with his continuous
efforts and hard work, he finally became a billionaire in the age of 31 years as he found the
second largest computer software company, Microsoft, across world. He has overcome all the
obstacles that came in his way and never gave up that has led him to attain become successfully
after all his efforts (Rampton, 2016). Only because of the resilience he has shown, today, he is
running the business having net worth of $88.8 billion and set one of the biggest examples in
front of the world.
Peter Jones: Peter Jones is a British entrepreneur has earned hundreds of millions through his
business which is having diverse range of interests. Since his childhood, he loved business and
used to play with his Dad’s office chair with dictating the letters related to office work to an
imaginary secretary. He started his business with computers and a cocktail bar. As Peter was
always having dream as well as passion to become a great and successful entrepreneur, he
progressed his business into TV shows, mobile phones, media, media, property, etc. In his
teenage, he realised that he can be a successful businessman through recognizing his skills and
abilities (Harris, 2015). He even opened a tennis school because of having keen interest in this
sport. Peter always believed that one should start a business in which the person has some
interest to make it successful. By 2006, he found one of the fastest growing businesses i.e.
Phones International Group in Europe with earning a total revenue of more than £220 million. At
present, he is generating sales more than £370 million and teaching businessmen the value of
self-belief and persistence.
M4. Relevant theories to the link
As per the Max Weber’s Theory of Entrepreneurial Growth, it can be said that the
religion to which entrepreneurs belong put a significant impact on their entrepreneurial
development. It says that some religions have their own basic beliefs for the purpose of earning
and obtaining high amount of money. The impact of religion on one can be termed as having
spirit of either capitalism or to do something adventurous. It can be said like in religions of
Hinduism, Buddhism ad Islam, entrepreneurship is not very much encouraged while, in western
countries where Christianity is being followed majorly, entrepreneurship is highly motivated.
16

D4. Arguments on what is not agreed
With studying the way background and experience can hinder or foster entrepreneurship,
it can be assessed that there are many factors like education, family background, culture, etc. that
influence entrepreneurship. However, it can be critically assessed that every factor with impact
on other in the same way is not possible. For example: culture of western nations like UK and
U.S. encourage entrepreneurship while Islamic countries have their values remained immune and
their belief system does not work in similar way. Similarly, family background of one
entrepreneur can prove to be beneficial while that of another may lead to demotivate the person
to go in same line.
CONCLUSION
It can be articulated from the above study that entrepreneurship plays a significant role in
a nation’s ability to grow and develop in dynamic environment with increasing competitive
marketplace internationally. It has been assessed from report that small businesses make a large
contribution in improving the economy of a nation. It has also highlighted that Britain has
embraced the entrepreneurial spirit and promoted small and medium sized organisations to run
their business successfully. It can be said that Brexit did not result in panic rather encouraged
SMEs to establish their own organisations. Further, it can be articulated from the report that it
totally depends on entrepreneur’s skills, traits and characteristics as well as on their background
and experience that whether business will get successful or not.
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Cornée, S., 2017. The relevance of soft information for predicting small business credit default:
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