Impact of Brexit on Social Economy

This assignment examines the multifaceted impacts of Brexit on the social economy. Students are tasked with analyzing the economic consequences of Brexit for small and medium-sized enterprises (SMEs), considering factors such as access to finance, trade agreements, and market volatility. Additionally, the assignment delves into the effects of Brexit on employment patterns, skills gaps, and social welfare programs. By critically evaluating diverse sources, students will develop a comprehensive understanding of how Brexit has reshaped the social landscape.

Entrepreneurship and small
business management

Table of Contents
.........................................................................................................................................................1
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and typology of entrepreneurship.....................3
P2 Similarities and differences between entrepreneurial ventures.............................................4
TASK 2............................................................................................................................................6
P3 Small business impact the economy and data and statics for mini research.........................6
P4 Importance of small business and Growth of social economy after Brexit...........................7
TASK 3............................................................................................................................................8
P5 Characteristics, traits and skills of two successful entrepreneur............................................8
P6 Entrepreneurial personality and entrepreneurial motivations and mindset............................9
P7 Background experience foster entrepreneurship..................................................................11
CONCLUSION..............................................................................................................................12
REFERENCE.................................................................................................................................13

Illustration Index
Illustration 1: Impact on social economy after Brexit.....................................................................9
INTRODUCTION
Entrepreneurship defined as the process of designing, introducing and running the new
business which is a typically a small business and start-up the small company and offering the
new product, services and process (Barringer, 2012). The people who starting the small new
business are known as the entrepreneurs. Entrepreneur defined as the the capacity of a person
and his willingness to start, organise, manage and develop a new business venture with the risk
in order to make profit. The entrepreneurship is focus on lunching or introducing the new
businesses collectable to the risk involved in the introduction of the new business. When a
entrepreneur starting a business then he have to face many problems like lunching of business,
lack of funding and bad business decisions, economical changes, lake of market demand ans
many more. Entrepreneurship is expanded to inform an individual how identify the opportunities
evaluate these opportunities and then decide to explore them to introducing his business in
market. The entrepreneur use the opportunities to develop new product and services.
TASK 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship defined as a process in which an individual starting or introducing the
new business. The person who starting his new business known as the entrepreneur. Before

starting the business he analyse the different opportunities. Theses opportunities helps his to
evaluate the different related risk to his business and provide his a base for his business. The
entrepreneur analyse and evaluate these opportunities and implementing them in his business.
The entrepreneur use these opportunities to develop the new products and services.
There are four types of entrepreneurship which define the different small business these
are a follow:
1. Small business entrepreneurship
2. Scalable start up entrepreneurship
3. Large company entrepreneurship
4. Social entrepreneurship
Small business entrepreneurship: Small business entrepreneurship defined as when a
person starting his business at small level (.Bosma and Levie, 2010). In small business
entrepreneurship it include the grocery stores, hairdressers, consultant, travel agent,internet
commerce store fronts, carpenters, plumbers, electrician etc. they start their business at their own
level. In their business they hire local employees or their family members. Most of these
entrepreneurs are hardly profitable (Brut, 2010). Their success is to feed their family and make a
effective and efficient profit which can help them to satisfy their needs and wants. Their main
aim is to earn that profit which can help them to satisfy their basic needs not take an bid industry
and millions business. They can not provide the scale to attract the venture capital, they fund
their business through their friends, family, and through small business funds.
Scalable start up entrepreneurship: Like small business Scalable start up entrepreneurship
in which the inverters and venture inverters do their business. These entrepreneurs start their
business and company knowing from the starting day that their vision could change the world.
These entrepreneurs attract the investors to their business through equally crazy financial
investors and venter apolitical. These entrepreneurs hire the best and brightest employees in their
business. These entrepreneurs job is to search the best , repeatable and scalable business models.
Large company entrepreneurship: the large company entrepreneurship have the limited
life cycle. Most of the entrepreneurs of this entrepreneurship go through the sustaining
innovation, offering the new products that are different close to their midpoint of products. When
there is change in customers taste, new technologies, government, entrance of new competitors

and many more. These all thinks create pressure to the entrepreneur for develop more disruptive
innovation and it requiring the large companies to crate the entire new product or services..
Social Entrepreneurship: Social entrepreneurship defined as in which the innovators who
focus on crating products and services that solve social need and problems of the peoples. But
like scalable entrepreneurship start up their goal is to make the world a better place, not make
market share and to create to financial effective condition for the founders of the business. They
may be non profit and inter crossed.
P2 Similarities and differences between entrepreneurial ventures
There are some important differences and similarities theses are as follows
 Goals: for the business entrepreneur the success is most important means to achieving
the financial and business goals and objectives that help them to conform to the interest
of their shareholders by remorseless chasing speedy growth and the profitability (Dacin,
Dacin and Matear, 2010). On the other hand the social entrepreneur has to make difficult
decision to making a balance between the sustainable profits and his own double
mottoes of social impact.
 Mental attitude: It is the ons of the most important and biggest difference between the
small entrepreneur and the social entrepreneur that the way they perceive
entrepreneurship itself. Difference between thee money and the passion is the biggest
difference (Defourny and Nyssens, 2010). The social entrepreneur's aim is to build and
enterprise around the different causes than reconnoitring for the opportunities to engage
in the market. On the other hand the small entrepreneur aim is to earn the profit to
survive in the market.
 Value creation: The business entrepreneurs deliver the value to their customers through
the competitive pricing and through the better products and service offerings.. the social
entrepreneur is primary focus on the creating the social values through the positive
impact on the target communication with the creation of economical values. The social
entrepreneur's is the only target that he can provide the more effective and efficient
services to the society.
 Market communication: the businesses enterprise scale and the philosophy is depend on
their marketing efforts. The big business enterprise excess the big budget and the
business entrepreneurs spend a big amount on the mass media like Television and the

print media. On the other hand the social entrepreneurs employ r the their integrated
social media tactics and word of mouth marketing to reach the society and their
customers.
 Value perception: the big business entrepreneurs the values lies for them on the profit
that entrepreneurs and the investors expect to make the product establish itself in a
market. The business entrepreneurs is want to establish their product in the market so his
enterprise can earn the more and more profit. On the other hand the social entrepreneurs
his value for the profit is provide the most effective and quality products and services to
his society and his customers (Drucker, 2014).
TASK 2
P3 Small business impact the economy and data and statics for mini research
Small business can impact the economy both in the negative way and in the positive way.
The small business can effect the economy positively. Small enterprises provide the benefits to
the economy (George and Bock, 2011). The small business enterprise provide the many job
opportunities to the unemployed candidates. The big business enterprises also support the small
business enterprises because these also give benefits to them. Many small business enterprises
make the profit at huge level. Small enterprises also proved the benefits to the society through
providing the effective services and products in very low cost. The small enterprises also affect
the economy. When a person start hie small business then it is not important that he will
defiantly get the success. Sometimes he fails to achieve t his desired goals and objective. He fails
to runs his business successfully. When r their business fails then it will affect the economy
because their resources are waste and the investment in the business also waste. The
unsuccessful business affect the resources and financial resources.
 Background of the entrepreneurs: for small business owner it is very difficult and
challenging and difficult to survive in the market. The small business entrepreneurs
comes from the different backgrounds. The each entrepreneurs is with their own reasons
for pursuing self occupation. Because of the small business entrepreneur business that are
important for the future of the countries. The business of small entrepreneurs is small but
impact on the economy is big.

 Appropriate uses of available resources: The small business entrepreneur sometimes not
use their resource appropriately and effectively. It may be the wastage of the available
resources. The inappropriate use of resources affect the economy. So it is important for
the small business enterprise that they use the available resources in a effective and
efficient way so they can avoid the wastage of the recourse.
 Stability of business: the small business entrepreneur change the place and location of
their business. Because of this their business unstable and ineffective. The instability of
their business affect the economy of the country (Herrington and et.al., 2010). So it is
important for the small business entrepreneur that he not change his business location
frequently.
 Employment opportunities: small business enterprises provide the employment
opportunities for the peoples. It support the development of the economic growth.
Peoples have the many job opportunities because of the small business enterprises.
In 2016, there were 5.5 million small bushiness recorded. An increase of 97000 was
encountered since 2015. Businesses that have employed has increased by 14000. Self employed
bushiness have found growth by 84000. In 2016, 99.3% were SMEs. Overall employment was
15.7 million. Annual turnover was £1.8 trillion (Statistics on small and medium-sized
enterprises, 2017). 1.3 million were employing business in 2016 and non employing businesses
were 4.2 million. 60% of the total were single proprietorships,1.8 million companies were
recorded. 8% was ordinary partnerships. Business population has sustained growth since 2000
with an increase in 59%. Since 2015, 2% growth has been seen.
P4 Importance of small business and Growth of social economy after Brexit
Small business are essential for the success of the economy. Te small business not only
provide the success but but they helps the economy to meets the local need. The small business
provide the requirements of large business enterprises (Karlan and Valdivia, 2011). For being
an successful entrepreneur it require the developing skills, positive attitude, effectiveness and
initiatives to make an innovative contribution for the organization. Small business enterprises
provide and effective support to the big business enterprises. Small business will provide the
effective relationship to the other enterprise. The big enterprises build the effective relationship
with the small enterprise it give benefits to both the enterprises. They provide the support to each

other. The business activities also can be improve when the two enterprises work together. The
small business enterprises provide different benefits which are as follow:
 Developing the interpersonal relations: Small business enterprises are effective to build
the personal relationship with the customers, their employees and with the suppliers.
When a person starting the small business it is important him to know about whom he
dealing with how to interact with the other persons how to build the contacts with
important persons. The most important thing for the entrepreneur that he interact face to
face with others persons.
 Responding flexibly to problems and the challenges: in the small business there are
many different series of dictation and the little power structures. The large business
enterprises set the different ways of effectively operating the business and establishing
the effective procedures the are difficult to modification. The small business enterprises
are much far more flexible. The small business enterprise can reach the decisions very
easily and effectively. The small business enterprises can make the decisions quickly and
easily (Kirzner, 2015).
 Innovation and inventiveness: the small business are very well positioned to introduce
and effectively develop the new ideas and strategies. because the owner of the business
nit having to report and not wait for the approval from any other because the entrepreneur
is the owner of his business so he have not to wait for any other instructions.
 Low overheads: Because of the small scale of business operations, the small business
enterprises business have lower overhead costs. The small business enterprise operate the
small land site with the low heating and lighting costs and they have to pay limited and
low rates if rant and other rates to pay (Lee-Ross and Lashley, 2015).
 Catering for limited or the niche markets: the large business with the large and high
overheads have must produce the high levels of outputs to extended the costs. On the
other hand the small business enterprises able to make a effective profit with the much
lower sales-figures. The small enterprise easily sale their products and service in the
small market
UK economy will slow down in current year 2017 as compared to previous year. In 2016,
recorded GDP of UK was 1.8%. But there was rise in economy in last three months of the year.
GDP increased by 0.7% from 0.6%. Business investment fell down by 1% till September. There

was decrease of 53.3 PMI in February from 54.5 in January. After Brexit pound also fell which
was 15% lower when comparison is made to dollar and when comparison is made with euro,
there was 12% fell.
TASK 3
P5 Characteristics, traits and skills of two successful entrepreneur
Bill Gates is one of the most successful entrepreneurs. He is the founder of the Microsoft
which become the world's largest PC software company. Bill gates optimise his skills and
develop many new strategies for his business. He has the ability to run the business effectively.
Bill gates have always a clear vision in his mind about his business. He never stop to develop his
skills. He have the desire to get the success and build the effective personality. He always
motivate the other entrepreneurs. The family supports him to perform his all activates in his
buiness.
The second successful entrepreneur is the Steve jobs. Steve jobs light the PC revelation
and made Apple as an icon of the America business. He is one of the most famous successful
entrepreneur. He always motivate the the other small business entrepreneurs through his
Illustration 1: Impact on social economy after Brexit
(Source: How has the economy fared since the Brexit vote?, 2017)

motional stories. He always inspirer the small business entrepreneurs. Steve jobs always being as
an role model for the entrepreneurs (Mariotti and Glackin, 2013).
Characteristics of entrepreneurs:
 Vision: It is important for every entrepreneur that his vision about this goals and
objectives always clear. With the clear vision the entrepreneur is better motivated r
towards his goals and objectives.
 Desired to control: Entrepreneur have to control his business activates and the process of
his business.
 Risk tolerance: For being an successful entrepreneur it is important that he have the risk
tolerance because he have to face many difficult situations.
 Optimism: Optimism is very important for the entrepreneur because it help him to asset
and help in through the tough times (Oosterbeek, Van Praag and Ijsselstein, 2010).
Traits of a entrepreneur:It is not important that ever entrepreneur has the same traits and
skills. Because they come from the different places, different living standerds, income brackets
and the social classes and the different education levels. The successful entrepreneur have the
some important traits. These traits are as follow:
 Full of determination: When a person want to be an entrepreneur then he have to set the
very clear and effective achievable goals and objectives. Growing the business
effectively, hiring the new employees are also the goals of the entrepreneur which ere to
be executed successfully
 Not afraid to take the risk: The successful entrepreneurs takes the major risks and they
also have paid off in a big way. The risk occur when the entrepreneur making the
business work with such a small amount of capital. Many people assume that it is not
possible to start a business with the minim amount of capital. but it is not difficult to the
risk taker for staring the business with this minim capital.
P6 Entrepreneurial personality and entrepreneurial motivations and mindset
The entrepreneurial aspect defined as the highly important for the every entrepreneur. It
provide a socio-economy successfulness to the entrepreneurs. The entrepreneurial aspects have
the significant correlation with the business creation and the business success. It is important for
the entrepreneurs that they fully motivated towards their gaols and objectives which help them
the successful business foundation and business success. The entrepreneurs motivated by

different thinks like self confidante family and friends. The successful entrepreneurs and their
stories also motivated the individual to being successful in his business.
Bill gates is one of the most successful entrepreneur and he always motivate the peoples
who wants to start their business. Like Bill gates an individual can also be successful in his
business. Bill gate always being confident whatever he do. His self confidence always motivate
him towards achieve his desired gaols and objectives (Santos, 2012). He effectively develop his
strategies and plans for his business. Before implementing the strategies and plans he always
analyse them. Effective analysis support him to evaluate his strategies successfulness.
Steve job also one of the most successful entrepreneur. He also motivate the peoples who
wants to start their own business. He is always motivated by his family. Steve jobs always
confident whatever he do in his entrepreneurship. Every entrepreneur can become successful by
demotivate him . Steve job is always desired to achieve his goals and objectives. He effectively
develop his plans and strategies (Barringer, 2012). He always evaluate the strategies before
implement ting them.
Aspects of entrepreneurial personality: there are some important aspects of
entrepreneurial personality these are as follow:
 Passion and motivation: for being ans successful entrepreneur it is important that the
entrepreneur have to be passionate about his work what he doing. He always motivated
towards his business. The passion and motivation of the the entrepreneur will determine
him to success in his entrepreneurial venture.
 Risk taking: The entrepreneurs are the risk takers. They are always ready to go into the
future uncertainties. But it is also important that all risk takers are not successful
entrepreneurs. The successful entrepreneurs are take the risk for the money, time and
many other unknown. The entrepreneurs keep their resources, plans and strategies for
dealing with the uncertainness. When evaluating the risk the successful entrepreneur can
find out the uncertainties and can make the solutions to sole these uncertainties and
problems.
 Self Belief: The entrepreneurs enjoys whatever they do in their business. They believe in
themselves and they are always confidante towards their business. They always dedicated
to their work and business. They have to focus on their idea and strategies. It is important

for them to believe themself and believe whatever they do. But the other side
incontestable discipline and the dedication is required for their business.
 Understand the offering and the market: It is important for the entrepreneur that he know
about his product offerings and his products, services. He have also know about the
marketplace where his products and services are sale out (Bosma and Levie, 2010). It is
also important for him that he have the information about the changing market
conditions, change in customers needs and wants, competitors moves and their strategies.
P7 Background experience foster entrepreneurship
The entrepreneurship affected by the economical changes and the innovation in the
technologies (Drucker, 2014). The same time the economical changes and innovation also
provide the benefits to the entrepreneurship. The entrepreneur is important to crate the different
opportunities for the society which give them the effective products and services. The changes in
the economics affect the entrepreneurship both in positive and negative way. When the changes
in the economics polices then there is the chances for the entrepreneurs that the polices give
them some benefits and and effectiveness to their business. But it is not important that economic
polices always give them benefits. Some time these polices also affect the entrepreneurship and
the business of the entrepreneur.
The entrepreneur develop new plans and procedure for his business and business
activities. It is important for the entrepreneur that before implementing the plans and procedures
he have to effectively evaluate them. Many developing economics polices affect the environment
close to the entrepreneurial opportunities. These developing polices create the some barriers to
the entrepreneurship and the usual challenges that the entrepreneur face them with the financial
problems and market access. The entrepreneur have to turned their attention towards building the
entrepreneurship polices. Because these polices are very important for their effective running of
business. This attention of the entrepreneur indicate the identification of the need for the
modification and the support for entrepreneurial activities.
The Background experience of the entrepreneur foster the entrepreneurship:
 Entrepreneurs experience: the experience of the entrepreneur support the different
activates. All the past activities of the entrepreneur in his business will support him in his
future business and entrepreneurship. The entrepreneur can manage all the activity

according to his past experience. Because he have the idea which activity can affect his
business and which activity is important for his business.
 Entrepreneurs past experience of success in his business: the past experience of the of
success of the entrepreneur can provide him a strong and effective base to how to
perform all the business activities, what are the implications of the different business
activities (Welter, 2011). With the positive experience the entrepreneur can manage all
his business activities effectively and efficiently.
 Evidence of the business and innovation: The background of the entrepreneur may affect
the business (Santos, 2012). It also give the direction to the entrepreneur about different
activities of his business. Background of the entrepreneur helps him in his business. It
provide support in his business activities. Background like family, friends support the
entrepreneur in his business. They provide support in his business and motivation.
CONCLUSION
From the above report it has been concluded that the entrepreneurship is the process of
developing and designing the new business activities for running or introducing the new business
in the market. The small business management define as managing all the activities of a small.
The entrepreneur defined as the person how have the capacity to run his business effectively and
efficiently. In this report The two most famous and successful entrepreneurs and their business
activates are also describe. Bill gets in one of the most famous and successful entrepreneur. He
always believe in his self. He always motivated and supported by his family and friends. He
achieve many awards and rewards in his life for his many business activities. Steve jobs is also
on of the most successful entrepreneur. He achieve many awards and rewards in his business
and in his life. He is always motivated by his family and his friends. They always support him
towards his business and in his life.

REFERENCE
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new theory and how we move forward from here. The academy of management
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Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
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