Managing Brexit and Petroleum Deficiency: Study on Small Entrepreneurs of UK

This research investigates the ways used for managing serious issues such as Brexit and petroleum deficiency and cost for small entrepreneurs of UK. It examines the benefits of entrepreneurship and leadership for small entrepreneurs of UK while managing all issues effectively.

Research Proposal
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Table of Contents
INTRODUCTION...........................................................................................................................3
Research aim:...............................................................................................................................3
Research objectives:....................................................................................................................3
Research question:.......................................................................................................................3
LITERATURE REVIEW................................................................................................................4
Strategies and change management.............................................................................................4
Entrepreneurship and leadership of business ventures................................................................5
Relationship between strategies and change management, and Entrepreneurship and leadership
of business ventures.....................................................................................................................5
Importance of the research...........................................................................................................5
RESEARCH METHODOLOGY....................................................................................................7
My expectations...........................................................................................................................9
POTENTIAL OUTCOMES............................................................................................................9
CONCEPTUAL MAP:..................................................................................................................10
GANTT CHART...........................................................................................................................10
RISK REGISTER..........................................................................................................................11
REFERENCES..............................................................................................................................13
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INTRODUCTION
Entrepreneurship can be defined as the process of starting a new business with a tendency
to create their own venture. The person who run their own business is known as entrepreneur.
The small entrepreneurs in UK has faces serval issue with the call off of Brexit agreement.
Brexit is the trade agreement which is signed between the Europe and UK so that they can trade
freely in the non EU market with the motive of cresting positive impact (Frederick, O'Connor
and Kuratko, 2018). But after the withdrawal the small business has face serval issue which
impact their business performance and productivity. Another issue that is being faced by UK
small entrepreneurs are of the deficiency of petroleum because of increasing use of oil and fuel
by many new sectors. In this research report major issue and the way will be discussed which
will help them to overcome from the challenges that are faced because of Brexit, petroleum
deficiency and increasing cost. To see the impact of these, issue the five small entrepreneurs
which is chosen are Red Rock Consulting, Home Instead, Kyan, Oscar and RH Amar.
Research aim:
“To investigate the ways used for managing serious issues such as Brexit and petroleum
deficiency and cost: A study on small entrepreneurs of UK”.
Research objectives:
 To determine the issues of Brexit and petroleum deficiency and cost on small
entrepreneurs of UK
 To identify the ways or strategies that small entrepreneurs of UK used for managing
above mentioned all serious issues
 To examine the benefits of entrepreneurship and leadership for small entrepreneurs of
UK while managing all issues effectively.
Research question:
 What are the issues of Brexit and petroleum deficiency and cost on small entrepreneurs of
UK?
 What are the ways or strategies that small entrepreneurs of UK used for managing above
mentioned all serious issues?
 What is the benefits of entrepreneurship and leadership for small entrepreneurs of UK
while managing all issues effectively?
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LITERATURE REVIEW
This is that section in the research report which contain all the past publish information from
various secondary source. This section helps the researcher to gain detailed understanding about
the chosen topic in deeper sense. Literature review also helps in knowing the gap between past
investigation and present research.
Strategies and change management
Change management is defined as the effective methods and manners in which an
organisation describes as well as develop chances in both its external and internal process. As
per the view of (Chenli, Bannerman and Abrokwah, 2021), there are so many issue which were
faced by the small entrepreneurs of UK due to the withdrawal of Brexit agreement, petroleum
deficiency and cost. The major issue which where faced by the Small ventures is earning revenue
so that they can run their business in smooth manner. When Brexit was announced all the free
trade between the UK and Europe impact their productivity and increase the cost of production.
The market share for the company Home instead has lower down. Their sale is at risk and
operating their business after the Brexit became difficult. RH Amar importing activities faces lot
of difficulties as their international export of goods and service has impact. The performance of
the small venture faces lot of hurdle as running their business with low capital is impossible. To
run their business either they need to supply less or raise their capital from various source
(Galán-Gutiérrez and Martín-García, 2021).
According to Lobley, Winter and Wheeler(2018), there are various ways or strategies that
can be used by the entrepreneurs so that they can manage their problem in more effective
manner. One of the approach that they can used is to instead of recruiting staff from other
country they can hire labour from the UK. The labour market of the UK is strong which will help
them to cut the unnecessary cost and solve the problem of cost deficiency. Another strategy that
can be acquired by them is to face the challenge of petroleum deficiency is that instead of
manufacturing product in different part and depending upon various suppliers they can rely on
few of them to manufacture and distribute their goods and services. Small entrepreneur can also
adopt the strategy of attracting more buyers from non-Europe market after the Brexit o that they
can make a brand presence in other countries (Chenli, Bannerman and Abrokwah, 2021).
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Entrepreneurship and leadership of business ventures
As per the view of Kolb (2020), small entrepreneurs can effectively manage their issue and
can gain benefits with the help of entrepreneurship and leadership. Entrepreneurial leadership is
the concept through which companies can make strategic planning for the risk, dynamic and
change that occur so that quick decision can be made. The benefit that can be obtained while
using this is can make better decision for the problem so that companies performance and
productivity can be improve. Another benefit that can be gained is making a good collaboration
of the activities in small venture which can reduce their cost which was earlier spent von
duplication of work. If companies like Red Rock Consulting, Home Instead, Kyan, Oscar and
RH Amar effectively with with Brexit than they can Create a working environment which is
more trustworthiness (Papadopoulos, Baltas and Balta, 2020).
Relationship between strategies and change management, and Entrepreneurship and leadership
of business ventures
Entrepreneurship and leadership are two important part of the success of business venture.
Strategic entrepreneurship integrates the opportunity-seeking component of entrepreneurship
with the advantage-seeking method of strategic management. In this approach, a business
venture develops entrepreneurial processes to create current as well as future competitive
advantage within promising product markets. This research is linked with the strategies and
change management for example: Brexit and petroleum deficiency are main issues and for
overcoming these, change management and strategies adopted by a researcher. Leadership is
important for business venture by improving their growth and success within minimum time
period. There are certain leadership styles such as autocratic, democratic. These are main styles
that helps a leader in adopting any changes as well as overcoming the issue of Brexit and
petroleum in effective and efficient manner.
Importance of the research
This research is important and significant for entrepreneurs by reducing the issue of Brexit and
petroleum on their business operations. This research helps them by providing accurate
information regarding the benefits of entrepreneurship and leadership in managing business
performance. Change management is also important for entrepreneurs in managing changes
effectively. Therefore, this research is highly essential in overcoming the challenges of Brexit
effectively. This research is also important for various stakeholders such as researcher, students
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and business ventures. For a researcher, this research assists them by improving their research
skills such as data collection, time management etc. For students, current study helps them by
improving their knowledge about the ways used for managing serious issues such as Brexit and
petroleum deficiency and cost. For business venture, this research assists them by overcoming
the challenges of Brexit and petroleum deficiency and cost on them. Current research is also
important in reducing the challenges of Brexit, petroleum deficiency and cost by providing
accurate information regarding the ways and strategies. For reducing the issue of Brexit, there
will be a requirement of hiring more talented employees as they play an important role in
retaining knowledgeable employees at workplace.
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RESEARCH METHODOLOGY
Research methodology can be defined as systematically procedure for identifying,
analysing and interpreting the data. This is a vital section in any research because validity and
reliability of the information depends upon the methodology chosen. This section also helps in
attaining the aims and objectives in more accurate manner. There are two type of research
methodology which are Quantitative and Qualitative. Quantitative research methodology gathers
and analyse numerical information. Qualitative methodology identifies and evaluate non
numerical data. In the present research, investigator will be choosing Qualitative information for
getting more insight about the topic. This will be also benefited as detailed understanding can be
which will help in developing more skills and knowledge (Frederick, O'Connor and Kuratko,
2018 ).
Research philosophy: It is the set of belief which tell about the types of information that
need to be gathered and analyses. Philosophy are classified into two parts which are positivism
and Interpretivism. Positivism philosophy gathers and analyses numerical data which is in the
form of quantity. Interpretivism philosophy gathers and evaluate non numerical data which is
based on words or statement. In the current investigation Interpretivism philosophy will be used
to know the data type which is to be gathered and analysed. The main reason to choose this
philosophy is because it helps in to have more insight on the information in detailed manner. The
another reason behind the selection of interpretivisim philosophy is it will help in collecting,
evaluating and using of qualitative data within minimum time period.
Research approach: This is that part of the methodology which will test the hypothesis and
theories based on research topic. Deductive and inductive are the two research approach.
Deductive test the theories and hypothesis which are based on quantitative data and inductive
approach evaluate theories and hypothesis based on qualitative information. In current
investigation Inductive approach would be used to test the new theories and hypothesis which are
based on Qualitative information. This will also assist in analysing the non-numerical
information in more accurate manner (McKelvey and Lassen, 2018). In this research, inductive
approach will be applied by an investigator because it assists in evaluation of qualitative gathered
information in less time and within minimum amount of capital.
Research strategy: Research strategy are used to gathers the data from various
approaches based on the type of information. There is various type of research strategies which
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are survey, qualitative interview, case study, action research, experimental, systematic literature
review and many more. In the present research Qualitative interview research strategy will be
chosen by the investigator to collect information in words and statements. This is used by the
examiner because it will aid them to have information which is gathered in detailed manner. As
well as face to face interaction can be made which will help them to see the emotional and
sentiments attach by the respondent. Interview is a chosen strategy because it helps in collecting
of qualitative information from the minimum number of respondents. In this, 5 semi-structured
interview questions are prepared for answering the information regarding small entrepreneurs
from 5 respondents.
Research choice: There are three kinds of research choice that is Mono method, mixed method
and multi method. If either one of the data form is to be collected that is quantitative and
qualitative then mono methods will be used. Mixed method collects both type of information and
mulita methods obtained both data more than multiple times. In present investigation researcher
will be selecting Mono method to collect only one single information. This will be benefited as
only qualitative information is to be gathered from the respondent
(Chenli, Bannerman and Abrokwah, 2021). Qualitative is a chosen choice within a current study.
Main purpose behind the use of qualitative choice is it helps in gathering of in-depth information
from the selected participants. As compare to the quantitative research, qualitative is more time
and cost effective choice.
Time horizon: It is the time framework which shows the point of time the information
need to be collected from the respondent. Cross sectional and longitudinal are the two-time
horizon. Cross sectional collects the data for the single time in whole research and longitudinal
collects the data multiple time for the same topic. In current research topic cross sectional time
horizon will be selected by investigator because it will help them to gathers information in
shorter time period.
Data collection: Data collection is the technique which is used by investigator to gather
the information from the participants by using different data sources. Data collection is divided
into two sources which are primary and secondary data source, primary data source collects fresh
information which will be using for the first time by the researcher. The sources to collect
primary information are questionnaire, interview etc. secondary sources gather second hand data
which is used multiple time by many researchers. In present investigation examiner will be
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chosen primary source to collect information related to the study. For collecting fresh data, the
research instrument that will be used is interview (Galán-Gutiérrez and Martín-García, 2021).
Q1. According to you, Brexit and petroleum deficiency and cost are major challenges effected on
your business?
Q2 What are the challenges you faced while managing serious issues such Brexit and petroleum
deficiency and cost?
Q3 What solution was found by you for managing serious issues such Brexit and petroleum
deficiency and cost'?
Q4 What are the benefits of entrepreneurship and leadership that you gained while managing all
issues effectively?
Q5 As per your view point, what is the major issue that has impacted on their business
performance and growth in UK?
Data analysis: Data analysis is the method of evaluating and measuring the collected
information in more accurate manner by using the tool. The two data analysis tools are frequency
distribution and thematic. Frequency distribution analyse quantitative data and thematic measure
qualitative data. As per the requirement thematic data analysis will be used for the current
investigation.
Sampling: Sampling is the methods of selecting respondent from the whole population.
Probability and non-probability are the two sampling methods. Probability sampling is used
when the respondent is to be selected in fair and equal manner. On the other hand, non-
probability sampling chose the participants on biased manner. In current investigation, researcher
would be selecting probability sampling and in that random sampling method will be used. The
sample size for current research will be 5 small entrepreneurs from UK (Lobley, Winter and
Wheeler, 2018). Within this research, probability sampling is used because it not requires
maximum time and helps in selection of limited number of respondents.
My expectations
My expectation after this research is use of qualitative research is useful and effective in
collecting in-depth information within less time period. Interview is used for collecting
information in numerical manner. My expectation is to achieve research aim and objectives
through the research questions. I also expect to improve my various types of research skills such
as time management, data collection, decision making and many others. All these are effective
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skills for me because with the use of these, I can easily attain my personal and professional goals
and objectives. Along with this, I also expect to help small entrepreneurs by providing accurate
ways about the reduction of challenges that are related with Brexit and petroleum deficiency and
cost.
POTENTIAL OUTCOMES
The potential outcome to conduct the research is that it will helps them to know the
strategies that can be used by the small entrepreneur so that they can overcome from the problem
faced by them. The ways which they can use to solve the issue related to Brexit and petroleum
deficiency. Brexit has long term impact over business performance of business ventures. There is
a positive impact of Brexit on small business such as having effective communication company
can reduce levels of stress and uncertainty. Oil price increases are normally supposed to rise
inflation as well as reduce economic growth.
CONCEPTUAL MAP:
From the above mentioned conceptual framework, it has been determined that the labour
market of the UK is strong which will help them to cut the unnecessary cost and solve the
problem of cost deficiency. Another strategy that can be acquired by them is to face the
challenge of petroleum deficiency is that instead of manufacturing product in different part and
depending upon various suppliers they can rely on few of them to manufacture and distribute
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their goods and services. Small entrepreneur can also adopt the strategy of attracting more buyers
from non-Europe market after the Brexit o that they can make a brand presence in other countries
(Chenli, Bannerman and Abrokwah, 2021).
GANTT CHART
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RISK REGISTER
Risk Likelihood Risk Rating Treatment/control
methods
Responsibility
Lack of resources Low 6 By prioritizing the
deliverables and resources
are used such as
communication, Time etc.
Researcher
Lack of
knowledge
High 7 I have lack of knowledge
regarding how to complete
full dissertation within
Researcher
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minimum time period. For
overcoming this risk, I used
Gantt chart. This helped me
by providing accurate
information regarding the
starting and ending dates of
each activity.
Safety issues Low 3 By providing information
to employees related with
mental and physical health
hazards
Researcher
Communication Medium 7 Can take the help of written
communication method to
treat this risk
Researcher
Time High 9 Could use the technique
time management so that
effective allocation of time
in different activities can be
made
Researcher
Cost Low 5 Can effective use
budgeting method
Researcher
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