Small Business and Entrepreneurship Studies

This assignment delves into the realm of small business management and entrepreneurship, covering a wide range of topics from startup growth and maturity to sustainable development and public policy levers. It includes an extensive list of references to various academic articles, books, and journals, providing a comprehensive study guide for students and researchers in the field.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................3
P1. Examine different types of entrepreneurial ventures and its relation with typology of
entrepreneurship..........................................................................................................................3
P2. Similarities and differences between entrepreneurial Ventures ...........................................4
TASK 2............................................................................................................................................6
P3. Interpret data and statistics to illustrate impact of micro and small business on the
economy. ....................................................................................................................................6
P4. Importance of small businesses and start ups in society growth after Brexit.......................7
TASK 3............................................................................................................................................8
P5. Mini Research to determine characteristics, traits and skills of entrepreneurs.....................8
P6. Aspects of entrepreneurial personality that reflect entrepreneurial motivation and mindset
.....................................................................................................................................................9
P7. Background and Experience that hinder or foster entrepreneurship ..................................10
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship refers to an business activity carried by businessperson to carry out
process in effective and efficient manner. It is concerned with emerging with new and fresh ideas
into market place. They basically focus on set target and work accordingly. Every business
combine with number of factors of production like labour, land, capital and other types of
resources of distinct nature. Moreover, it operates in small scale having limited number of
capital. This assignment highlights the case of various number of small businesses that were
created after Brexit in UK. There are number of entrepreneurship business which are different
from each other on particular basis (Ackermann, 2012). On the other hand, there are number of
factors that are present internally or externally which have huge impact on business operations.
All these aspects are included in this report. Hence, to run business it is necessary for
entrepreneurs to possess certain attribute or characteristics which make them successful
businessman in future. UK government is making lot of initiatives and plans to encourage the
process for post 'Brexit' to germinate and develop economy in sustainable manner. They are also
providing assistance in carrying out such business in proper and suitable way.
TASK 1
P1. Examine different types of entrepreneurial ventures and its relation with typology of
entrepreneurship
Ventures are something that is set up in response to some innovative ideas and creation.
They are targeted to some set goals and objectives. Their basic aim to earn huge profits and
sustain high growth in already established market place.
Entrepreneur refers to a people to whom new thoughts and ideas of initiating some
process different from others is raised. It is their responsibility to manage all resources in
significant manner so that their ultimate goals can be achieved. They have to be prepared
themselves for facing any risks that may arise during business life (Blackburn and Hart, 2013).
There are various types of Entrepreneurial undertakings that are discussed below:
Large scale entrepreneur: As the name suggests they deal in large scale operational
business involving huge amount of capital and resources. Hence, their transactions are carried in
different manner as compared to small sized business.

Small scale business: It is carried out by single person who initiate their plan in specific
period of time. In society there are number of general stores, plumber and carpenter shop,
tourism agency, all these are included in small scale enterprises. In accordance to UK data it is
find out that there are around 5.5 million small scale business. The basic characteristic associated
with this enterprise is that these carry out their business through hiring own family members so
that labour changers can be saved. They take loans either from banks or use their own savings.
Social enterprises: These type of organisations focus on providing social services to
people of society. They execute work voluntarily to carry out some society welfare activities.
They want to contribute their services towards society where they are living. It comprises of non
cooperative enterprises that may play different functions related to imparting education, helping
poor people etc.
Start up business: It refers to opening a new venture that is not been initiated by anyone
else, that is why it is known as start up business. They take aid from various investors who invest
in them to carry out operations. They focus on grabbing number of opportunities that are present
in business environment and control threats in effective manner.
Relationship of topologies with entrepreneurship:
There are number of topology that are related with entrepreneurs some are discussed below:
Social entrepreneurs: They perform their tasks for society upliftment whether it is
related with education, food security, health safety of poor people etc. they basically work on
non profit criteria (Bruton, 2010).
Female entrepreneurs: Under this, females carry out business of their own. They work
as an individual businessman, where they handle their obstacles and risks that get arise in future
time. One of the best example of female entrepreneurship business is Oprah Winfrey, which is a
film production company.
Serial Entrepreneur: In this type of business, single person generate thought of running
a new business and after sometime, handover to some other person and continue the same
process (Preuss, 2011).
P2. Similarities and differences between entrepreneurial Ventures
Every business which is carried out in society is somewhat similar and different on
various grounds, which is mentioned below:

Serial Ventures Lifestyle Ventures
Similarities Similarities
 These type of business wants to carry
out new and creatives ideas that has not
been occurred yet in market place.
 They always concentrates on full-filling
customer's demands and wants by
supplying them objects or products of
their types.
 They spend big amount of money in
their enterprise along with
advertisement campaigns.
 They also come up with new things and
concepts to full fill the demands of
prospective buyers who are bringing
huge revenue for them.
 They regularly upgrade themselves to
reach good heights and able to face
competition in set market place.
Differences Differences
In this type of enterprise, single person carry
out the business organisation in order to full
fill their customer's requirements and needs.
They succeed in establishing successful image
in customer's mind therefore, they are able to
retain them for long period of time. After
sometime, they handover to other party and
shift their focus on other areas (Nga and
Shamuganathan, 2010).
Their basic aim is to establish their image
strongly in customer's mind hence, they spend
large amount of money in such processes.
Female Entrepreneurs Male Entrepreneur
Similarities Similarities
 They are not less than businessman,
who carry out their work with correct
 They also make their business plan in
respect to business environment and

process. They are multi task performer
that carry out their business operations
in accordance to requirements of
business environment.
deliver products and services to
customers in market.
 They also face threats and opportunities
associated with their business.
Differences Differences
Females are soft in nature and behaviour, they
can create conducive image in minds of public.
They are considered all rounder in their work.
They have best quality of balancing their
personal life with professional life.
They are stiff in their nature and direct their
path in accordance to set objectives and end.
They only wants to develop their business
image in market and earn huge profits in set
time period.
TASK 2
P3. Interpret data and statistics to illustrate impact of micro and small business on the economy.
Every business whether it is large sized or small scale, play prominent role in economic
growth. They significantly add their percentage in GDP growth and helps in earning outcomes of
particular time. Small scale businesses operates at micro level which is run by group of people
having intention of earning huge net income and market growth. Small scale business have less
amount of capital and workers who carry out their work process in small scale (Burns, 2010).
They have to arrange their own capital by borrowing from bank or using their savings in working
process. This can pose a destructive effect on business structure sometimes, if it does not work
efficiently. They contribute high percentage in national income. Thus, they are responsible for
generating employment opportunities for people of economy. During Brexit, the situation is
worse in the market area as it impact the small scale enterprise due to modifications in policies,
rules or objectives. It entire market is gets impacted due to this process. There is adverse
situation when, there is detachment of European Union(EU). Whole society gets affected due to
hike in tax amounts, alteration sin legal procedures and many other key areas got changed.
Elements affecting small or micro enterprise are formulated below:
Changes on local society: Any business or organisation in society helps in growing
economy as it helps in increasing efficiency and productiveness of that particular area. As they
involved themselves in producing local products or goods that help in accomplishing local

people needs and wants. Hence, directly or indirectly they contribute important part in
development of local economy.
Changes on economy of country: Small businesses or enterprises assist in contributing
certain amount of percentage in GDP of nation. They also play conspicuous role in import-export
system of the country. There are number of concepts related to it like custom duties, export
charges etc. all these get affected due to this.
Locational Changes: These helps in designing infrastructure in proper manner which is
directly linked to grow local societies in appropriate and proper manner. It also helps in leads to
generation of employment opportunities for local people.
P4. Importance of small businesses and start ups in society growth after Brexit
UK government provide support to small scale enterprises so that they grow in proper
direction. During Brexit, there are number of hardship that newly established business have to
face. Entrepreneurs were under dilemma to take decisions in respect to enlargement of business
organisations. They have to change their rules and decisions regarding it. Government of UK
after Brexit, have laid down some rules to grow new ventures. They play very important role in
enhancing quality of society so that living standard of people can increase. Start ups business are
considered important part of economy as they are appeared as a successful business in future
period of time. Hence, government also provide support to them in raising their current image to
momentous level (Chittithaworn, 2011). They make proper arrangement of needful finance and
resources that provide help in growing their business. Exclusive methods involved in economy
growth, which are discussed below:
 Establishment of new small business aids in building healthy and supportive environment
in various areas. Business environment is dynamic in nature, which keeps on changing
with due course of time. Therefore it creates healthy competition in market area.
 Creation of micro businesses helps in creating employment opportunities in economy
where it is functioning.
 UK government is supplying number of plan of actions and steps in developing small
start ups so that they work to best of their abilities and add value to nation.
 They provide full attention in making environment clean and pollution free so that it
remain healthy for future generation.

 Various business undertaking contribute in minimizing unemployment ratios of society
in significant manner (Ligthelm, 2010).
 Government also put efforts in providing equality among businessman, as they want to
make nation of equality. Female and male entrepreneurs are encouraged to carry out their
business idea freely in society.
 Resources are available in limited quantity hence, it is very important for business people
to utilize these materials properly so that it leads to fulfilment of their set targets or
outcomes. They also focus on putting these resources in a wise manner.
TASK 3
P5. Mini Research to determine characteristics, traits and skills of entrepreneurs
Every entrepreneurs do not succeed in their life as they may lack certain characteristics in
them. Hence, to become a successful entrepreneur in life there are certain skills, qualities that an
individual should possess in himself. It is not an easy task, there are number of difficulties or
problems that have to be faced in business life. As every coin has two sides, similarly there are
examples where some businessman have become successful in their life and now is operating at
big level, on the other side there are cases where individual have to close down their business
organisation as it do not run successfully (Cowling and Ledger, 2012). Therefore, it is important
to have specific skills or qualities to be a entrepreneur in life. Not everyone can possess such
characteristics in them. There are certain learning skills, abilities that should be present in
accurate amount. There are set examples of certain leaders who are successful in their fields:
Bill gates: He is among the richest person in the world. He is co-founder of Microsoft
company, which is a established software enterprise over nation. The turnover of this company is
very high and contribute highly in outcomes of economy. He initiated for very small level and
now reach to at maximum growth.
Steve Jobs: He is the co founder of Apple company. He is a normal man having common
background. He establish his image in front of nation after working hard in his life. He has
struggled so much and its results are in front of everyone. He is now example for many
entrepreneurs of world. On the other side he is a drop out from college as well. But his hard work
and determination has made him most successful entrepreneur of world.

From above set examples it is very clear that no one is born entrepreneur, everyone have
to develop themselves to reach that heights. Some characteristics are discussed below:
Innovator: Every entrepreneurs should be innovative in their ideas to stand apart from
other competitors. Customers always want new ideas in their products and services. Therefore it
is very essential for entrepreneurs to be innovative in ideas (Dennis, 2011).
Hard working: Hard work always pays. Every businessman should be hard working.
There are number of challenges and risks associated with business plans. They work hard to get
results in proper time. They want to attain their final objectives and plans successfully.
Therefore, this characteristics should be possessed by every individual.
Adopting Risks: Business have to face risks in various ways. It is required by
entrepreneur to be risk taker, so that they can carry out business operations in effectual way.
Risks are considered part and parcel of business life. There are different nature of complexities
associated with it.
Flexible decision making: Business environment is dynamic in nature, it keeps on
changing with time. Hence, business man have to be flexible in their decision. So that they can
make changes accordingly.
Smart player: Modern period of time require business man to play smart in business
environment. There are number of competitors available in market area which are operating in
same segment. Hence, they have to take decisions very promptly and should enjoy benefit of first
mover advantage.
P6. Aspects of entrepreneurial personality that reflect entrepreneurial motivation and mindset
Every individual is consist of distinct identity that is different from each other. There are
different personalities that affect minds of other and motivate them to perform efficiently some
elements are discussed below:
Out Spoken: Business man have to be out spoken, because than only they can share their
thoughts, ideas with other people. It is their duty to influence mind of prospective customers in
order to increase their sales volume and gain set outcomes. There are certain problems or issues
that have to be communicated in effective way, so communication system should be establish in
proper manner(Down, 2010).

Focused: Business man have to be focused in their work to achieve final goals and
objectives. This is indispensable that entrepreneur should adopt number of constituents in
encouraging personnel to establish good relations with them. Proper direction and path help them
to focus on their work in proper way.
Experience holder: Experiences helps in acknowledging the skill and working style of
individual. This makes them proficient in their work and contribute in their abilities. There are
number of factors that are present inside and outside of business which impose huge impact on
organisational structure (Fassin and Buelens, 2011).
Influential: It is the duty of entrepreneur to influence behaviour of customer and other
people. The basic and ultimate aim or objectives have to be attained in appropriate manner.
Hence, they have to possess influential behaviour.
P7. Background and Experience that hinder or foster entrepreneurship
To start a new venture or business it is mandatory for entrepreneurs to take a smart step
in initial stage. There are number of hindrances or problems that are associated with new
establishment thus, it is necessary to underline such causes so that proper attention can be made.
Business man have to take proper steps to minimize different barriers in proper format so that
they can achieve their final goals. Individual's experiences and backgrounds helps in framing a
powerful and successful businessman. Background refers to the belief, culture, family
background, customs to which these people are attached. All such elements are used to make
personality of people. These are formulated in correct manner and aids in final purposes. If for
instance background of individual is weak and is not financially strong, it is directly linked to
poor performance in business as the satisfactory capital will not be available to carry out
business operations (Hall, 2010). On the other hand if individual have sound financial
background it will help in future for facing difficult position that may occur.
On the other hand, Experience involves all those situation which had happened in past
time. These cases provide learning to entrepreneurs, as they are aware in advance about the
conditions that may occur in future time. Therefore, it is useful for entrepreneurs to be
experience holder. These backgrounds and experiences helps in fostering the entrepreneurship
activity. Experiences play a very important role in entrepreneur's life. It basically furnish the

basis of learning while performing work. Bad and good experiences, both contribute in
individual's working style as they get something to learn in return (Daneke, 2010).
CONCLUSION
It can be concluded from the report that entrepreneurship is a innovative action
performed by individual. They apply their ideas and thoughts in action to carry out their business
for attaining final objectives that is profitability and productivity. This assignment also throw
light on various types of ventures which can be small sized or large scale enterprises. The
condition of Brexit have cause lots of changes in business environment. UK government have
also show their strong interest in constructing businesses enterprises so that they can contribute
in economic growth. There are certain attributes that should be conferred in businessman in order
to carry out their business successfully. The importance of background and experience of
entrepreneur also influence the style of working.

REFERENCES
Books and Journals
Ackermann, S.J. ed., 2012. Are small firms important? Their role and impact. Springer Science
& Business Media.
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Bruton, G.D., Ahlstrom, D. and Li, H.L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Chittithaworn, C., and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
Cowling, M., Liu, W. and Ledger, A., 2012. Small business financing in the UK before and
during the current financial crisis. International Small Business Journal. 30(7). pp.778-
800.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business ethics.
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Hall, J.K., Daneke, G.A. and Lenox, M.J., 2010. Sustainable development and entrepreneurship:
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448.
Ligthelm, A.A., 2010. Entrepreneurship and small business sustainability. Southern African
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pp.259-282.
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business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
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Shane, S., 2012. Reflections on the 2010 AMR decade award: Delivering on the promise of
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Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship theory and Practice. 35(1) pp.165-184.