Entrepreneurship and Small Business: Analysis of Ventures and Brexit

This report provides an overview of entrepreneurship and small business management, examining various entrepreneurial ventures and their classifications, including survival, managed growth, and aggressive growth ventures. It explores the similarities and differences among these ventures, emphasizing the importance of profit-making and innovation. The report also analyzes the impact of micro and small businesses on the UK economy, highlighting their role in job creation and economic growth. Furthermore, it assesses the effects of Brexit on SMEs, discussing both the challenges and opportunities that have arisen, such as changes in trade and currency value, and the potential for SMEs to benefit from new business relationships with non-EU countries. The report emphasizes the importance of understanding and adapting to these changes for the continued success of small businesses.

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Learning Outcome Assessme
nt
Criteria
In this assessment you will have the
opportunity to present evidence
that shows you are able to:
Task
Numbe
r
Evidence
Page
number
LO1. Explore and illustrate the range of
venture types that might be considered
entrepreneurial
P1 Examine different types of entrepreneurial
ventures and explain how they relate to the
typology of entrepreneurship.
1 5-8
P2 Explore the similarities and differences
between entrepreneurial ventures.
1,2 5-8,9-11
LO2. Assess the impact of small
businesses on the economy
P3 Assess and interpret relevant data and
statistics in your mini-research, to
illustrate how micro and small
businesses impact on the economy.
2,3 11,12,13
P4 Explain how important small
businesses and business start –ups will
contribute to the growth of the social
economy.
3,4 13,14
LO3. Determine and assess the key
aspects of an entrepreneurial mind-set
P5 Determine the characteristics, traits
and skills of successful entrepreneurs,
which differentiate them from other
business managers.
3,4 12-14
P6 Assess how aspects of the
entrepreneurial personality reflect
entrepreneurial motivation and mind-
set.
4 14
LO4. Examine the different
environments that foster or hinder
entrepreneurship
P7 Examine , using relevant examples
obtained through your mini-research,
how background and experience can
hinder or foster entrepreneurship.
4 14
Please see that you include the Turn-
it-in report. This work will not be
Report attached: Yes
No
If no Reason: % of the turn it in
report.

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Entrepreneurship
and small business
management
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INTRODUCTION
The under report is taken in order to learn about entrepreneurship, its scope. Report
contains various aspects which describes the functioning of entrepreneurship and barriers faced
by them. Through this readers will gain details about nationalistic civilisation and economic
system on them. Further, exploration about their personalized features and effect on situational
factors such as learning and inheritance (Schaper and et.al., 2014). Also, there is discussion
about how SME supports in country development and about societal economy and enterprise.
Through the report, understand the balance of risk and reward in starting a new venture and then
investigating and reflection of their own traits. Illustration about the great business developer in
organisation and how they focus on localised, individual and general understanding in order to
understand and develop their business.
Task 1
1.1 Identify entrepreneurial ventures and determine various entrepreneur topologies
Being an entrepreneur requires various skills and factors like they need to be daring to
take risk in business, ready to start new things and various efforts to make profit in organization.
Every business requires the entrepreneur in order to start it in new ways. Today, successful
business is run by the entrepreneurs of that time. Entrepreneur have to identify bright side and
have developed the skills in order to start a new business, but it can result in positive as well as
negative. In established companies, entrepreneurship is a big demand. Whether the business is
small or large, it must be entrepreneurial to survive. There are various entrepreneur ventures on
the basis of various classification (Griffith, 2015). Hence the study is about the entrepreneurial
ventures according to identity based perspective. Through identity based perspective there are
four types of classification:
 Survival Ventures: It includes the small business. It provides basic support to the
entrepreneur as well as his family which helps in family existence. The business may not
be registered, has no particular premises, no business banking relationship. The
organization are independently owned and operated for the profit motives which actually
doesn’t involve the innovation. These are completely handled by the family business and
to make the business that is profitable and sustainable. Such business involves business
like restaurants; retail stores; construction firms; agriculture. For doing the business they
take loan from bank, family and friends. Possible outcomes of small businesses are that it
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can provide jobs and the employer's payroll taxes. In a city's infrastructure, they provide
products and services which are an important part of it.
The business is done for earning profit which requires proper use of entrepreneurial
ability, capability, desire and motivation (Carraher and Paridon, 2015). Here through a self
directed business, main goal is to earn a long term residual income which involves developer's
dedication and expert advices. Firm comprises of self-employed single person and have small
works to perform. For doing the business the fund is provided by friends or by loans. Although
these companies doesn't generate great revenue or product. Person earning only can enhance
their quality of life. This business also involves the business like micro entrepreneur and
freelancer.
 Managed Growth Ventures: This works on a practicable firm structure and earn profit
over few time, examples include various types of development which can be related to
launching of product, joining the new market, structure or location, any things which is
related to the business development. Company uses supportive elements in order to grow
which are society and local people to enhance their brand. Mainly investment is done on
the ongoing developed companies.
 Aggressive Growth Ventures: It's famous for its another name which is antelope. Such
firms mainly comprised of the IT companies. In order to earn market growth and
profitability they are mainly focused on the innovation and developments. The business
expansion can be globally and can comprise as many as thousands of employees.
This are various topology of entrepreneur ventures:
 The Manager Entrepreneur: Once manager entrepreneurs gain sufficient funds, they
involves with start-ups and face the risky stages. Their major belief is that they consider
themselves as entrepreneur as during the start-up they to contributed in the company.
 The Setup for Success Entrepreneur: Earlier in their periods the have faced great failure
but with new innovation they got success (Carland, Carland and Stewart, 2015). The were
great failure in their business lifestyle. They need great motivation and support to be
positive and develop something new.
 The Lifestyle Entrepreneur: It includes those people which are happy in their life and
doesn't want any changes. They are much aware of entrepreneurship but they don't do
anything actually.
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 The Cash-flow Entrepreneur: Money is the only main focus of a cash flow entrepreneur.
Some people like to make more money or are over engaged in this things. Though,
entrepreneurship includes the profit earning and money but they have the main focus on
the innovation and new techniques development.
 The Wannabe Entrepreneur: They have a lot of their spirit. They are business dreamers
which always dreams to have good ideas, money. They think that where ever they invest
money should double which is not required for being an entrepreneur (Arshed, Carter
and Mason, 2014).
 The Headlines Entrepreneur: People using entrepreneur for the fame are called the
Headline entrepreneurs. They always wants to be in headlines and they try to be in front
page.
 The Better World Entrepreneur: These entrepreneurs doesn't work for money but for the
betterment of the world in order to make good place. This seems a good goal of course
but often quite contrary to being a good entrepreneur. Being a successful entrepreneur
doesn’t mean to screw the world. But the first focus should be in making your company
more successful..
1.2 As part of your research investigation, explore the similarities and differences between
entrepreneurial ventures.
Here are the similarities between the entrepreneurial ventures. That all the entrepreneur is
made to earn profit with their innovative ideas (McKeown, 2017). They have the potential to
reach the market and achieve their goals and objectives. Entrepreneurs,without any plans take
calculated and unknown risks, start business with a revolutionary invention. Young
entrepreneurs who are inexperienced, follow their passion. Before taking the first
step,Entrepreneurs complete extensive research. Entrepreneurs start with sufficient capital
investment and a sound business plan. These are the common traits a successful entrepreneur
has. They all stay focused and inspire their employees and manage them to create new and best
out of everything possible. Although there is various
difference which are mentioned below:
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Task 2
2.1 Assess and interpret relevant data and statistics in your mini-research and impact of
micro and small business on the economy
Micro business is those which have less than 5-6 members in the company. These are
generally the family members of the house. They earn the profit and share among them. In UK
there are 99% of business which are organized and managed by micro business. They earn profit
in millions.
Small Business are those who have less than 100-250 staff members in the organization.
They run the organization in order to earn profit. Company earn profit shared by the organization
members and have profit in millions. Small business need to face various challenges to get
growth. Regulations, red tape and access to finance are few of its challenges. UK economy
consist of various small businesses which drives growth, open new markets and create jobs for
the economy. Small business bring new and emerging ideas which encourage innovation in
social and economical environment. It stimulates others to adapt new environment. Encouraging
small businesses in UK will help the country to flourish. British enterprise brings the confidence
to improve the ongoing economy in order to accelerate growth in it and giving ambitions to both
home country and overseas country. Opportunities is the other factor that can help the country to
grow. However, it is important to focus on bigger picture and critically analyse the challenges
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such as prohibitive regulation, red-tape and access to finance (Wang, Jessup and Clay, 2015 ).
Impact can be assessed in the long run if UK starts progressing in small businesses and provide
the support which is required by these kinds of businesses. According to the research of BSI
(British Standards Institution) half of the small business feel that they are not operating
efficiently. About two fifth of the small business owners thinks that it is difficult to grow in such
a competitive environment. Moreover, three fifth firm owners lacks confidence and ability to
generate profits for three years continuously.
According to 2014 report, it has been estimated that out of 5.2 million businesses running
in UK, 99.9% are SMEs. Standards help to push the boundaries and stimulate debate on the most
effective way to do various activities. Aspiring business are trying to flourish and perform the
activities in a better manner ends up evolving in various standards that can be used to perform
several activities differently. Experts across the industry collaborate to draw and discover best
practices. Government activities, testing and certification academia, consumer groups, trade
unions and most importantly, businesses have also held their hands to discover something new
that can help them to flourish in the long run. Employers, running down the business must have
appropriate knowledge in order to ensure customer satisfaction, improve employee engagement
and enabled them to have access to new markets. Various management systems and standards
have been developed to understand the products and services delivered by those businesses.
Also, it helps to manage the organisation as a whole. Based on the standards, it can be helpful to
analyse and evaluate potential and existing customers. It helps to evaluate and predicts that the
company is functioning effectively and efficiently. Moreover, the business is also committed to
quality in the products and services that are provided to the customers.
2.2 Show how SME benefits the country after “Brexit”
Brexit can be defined as the decision to leave the European Union is a bold departure for
the UK (Schaper, 2016). It has created a climate of uncertainty, but also the potential for
opportunity and growth. Brexit's full effect has yet to hit the majority of SMEs in the UK. There
is a mixed confusion, but there is a boom in entrepreneurship. Recent GDP data of UK presents
good news because it shows that The economy of UK company is growing 0.2% which is more
than the expectation. The current growth rate of UK is declining by 0.5% and its still holding
onto preliminary stage so that it is out process to leave the EU. It happened first in the history
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where UK growth failed to outpace that of the euro area. Nothing can change the easily. Small
business should take various measures to welcoming the facts and should be able to do
everything they can do to protect themselves from future uncertainty. A falling pound can have a
great impact on business activity. It is time to be open with suppliers about pricing. In forward
market exchange can be fix for up to 18 months. A huge depreciation cannot be settled in a
overnight. Nothing has changed the relation between UK with EU. The small business can be in
trouble for long-term effects of severing ties with the UK. In 2017 there are going to be many
hurdles in small business companies. The great business relationship got affected due to it and
other countries too have to face it. In 2017, SME have started developing due to less effect and
other factors which included in it. It increased the business growth as now UK can easily make
the business with any other non EU countries to expend their business. There are further some
disadvantages like:
 It created some trade barriers as the other European Union has opposed the decision made
by UK. This affected the small business whose product and services depends on the EU
countries.
 There was decrease in the value of Currency. Pound has reached it value down. This lead
to hike in export and the import of the goods become high. This gave the great disadvantages to
SME as they have to purchase the raw product from the EU countries. Which now were selling
the product at higher rates.
 On the other hand private companies are providing some effectiveness for improving their
living situation of society. Where most of the private companies are contributing towards there
corporate social responsibilities to making there economic improvement. They contribute there
such income amount to maintaining effectiveness in society.
Private companies are rendly impact on there marketplace jobs where they only hire higher
skilled people who has to effectively managed there new technology advancement. On the other
hand small private companies are aid to offering job to average skilled people where it a can aid
to developing economic situation and creating awareness from the unemployment.
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Task 3
3.1 Identify the ways which makes the Business man differ from Entrepreneur. Includes its
characteristics, attribute and skill-set.
Several things are there which makes the successful entrepreneur and other business
manager these are:
o They have the passion and motivation as their fundamental trait. This
helps to make their ideas into venture capitalists (Storey, 2016).
o They must take risk in order to observe the future uncertainty. They take
risk in terms of money and time but they do take care about the other
resources.
o They must be confident, dedicated, self-belief, hard-working and
disciplined towards their work. They must have focus and faith on their
idea.
o Adopt-ability and Flexibility should be strong and feasible. As being
inflexible will lead to failure. They must be able to face the dynamic
market.
o Money management and planning are required as the entrepreneur has to
make lots of investment so they should keep planning and records about
the investment made. There can be chances that after failure there is need
of capital so utilize carefully. Also planning related to many things like
time and other factors should be considered.
Understanding the market offering as the market is dynamic. Left over unconscious about
dynamic changing business needs, rival moves along with different extrinsic factors which can
make failure of great products (Piperopoulos and Dimov, 2015 ).
 Network Abilities and make the exit plan so that whenever help is required following
person can be reached. Network abilities should be increased by seeking more people.
And whenever situation is getting failed they always have some backup plan. Get started
and start investing in new things.
 Always inspire yourself as being a successful entrepreneur. This will help you to get new
ideas and methods and will encourage you.
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