Entrepreneurship and Small Business Management Report: Brexit Analysis

This report delves into the multifaceted world of entrepreneurship, examining various types of entrepreneurial ventures, including small businesses, scalable start-ups, large companies, and social enterprises. It provides a comparative analysis of these ventures, highlighting their similarities and differences, and explores the crucial role of small businesses and start-ups in fostering economic growth, particularly in the context of the post-Brexit social economy in the UK. The report analyzes data related to employment generation and growth rates within the small and medium-sized enterprise (SME) sector, providing insights into their contribution to the economy. Furthermore, it examines the characteristics, traits, and skills of successful entrepreneurs, as well as the factors influencing their motivation and mind-set, offering a comprehensive overview of the entrepreneurial landscape.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Various types of entrepreneurial venture..............................................................................1
P2: Similarities and difference among entrepreneurial venture..................................................3
TASK 2............................................................................................................................................4
P3: Analysis of the data...............................................................................................................4
P4 Contribution of small businesses and start-ups in growth of social economy after Brexit....6
TASK 3............................................................................................................................................8
P5: Characteristics, traits and skills of successful entrepreneurs................................................8
P6 The way in which entrepreneurial aspects reflects entrepreneurial motivation and mind-set9
TASK 4..........................................................................................................................................10
P7: The way in which background and experience can foster entrepreneurship.......................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is one of the crucial processes that act of creating a business for the
purpose of earning maximum profit. They are able to take first steps into making the nation an
effective plan for all those that are working within an organisation. It used to play an eminent
role in the economy development of the countries because it would maximum amount in the
national income. An individual that can create an innovative idea and formulate for successful
business growth in order to make sufficient amount of profit for the company is been categories
under the head of successful entrepreneurs. The primary objective of this particular report is to
support new venture and start-ups. It would consist of various types, similarities and variances of
entrepreneurial venture. Apart from this, different ways in which micro and macro factors are
affecting the economy after Brexit is being covered under this report. Along with this
characteristics, traits and skills of entrepreneur and their motivation in which overall experience
can increase entrepreneurship that are discussed under this project (Mariotti and Glackin, 2015).
TASK 1
P1: Various types of entrepreneurial venture
Nowadays, it has been seen that most of the companies are looking to increase their
business with latest ideas and skills. It can only be possible in case an individual can make its
own efforts to attain maximum benefits in near future time.
Entrepreneur: It is known as a person that can create or implement latest ideas into the
business. The concept of innovative thinking is basically associated with the latest and modernise
products and services that can attract maximum number of customers at the same point of time.
The entrepreneur is can generate high level of profit with the proper utilisation of resources
efficiently. It can be possible with the assistance of reliable decision making in context to attain
overall aims and objectives of an organisation. Entrepreneurial venture can be defined as one of
the effective aspects of an organisation that places innovation and resourcefulness at their heart
in respect to produce economic as well as social value. It aimed on delivering provide advisory
services to early and middle phases of any companies (Schaper and et. al., 2014). They also
worked with difficult industries in re-aimed the business model in accordance to get the exist
point. It consists of effective and reliable use of present resources so that business can attain their
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target in allotted period of time. there are various types of entrepreneurial venture. Some of them
are:
Small business entrepreneurship: It is said to be those business that are operating
independently in small units. The size of all those types of business organisation is very limited.
The sources of funds are depending on the industry or sectors they are associated with them.
Scalable start-up entrepreneurships: It is one of the crucial types of person that tends to
create an innovative idea and look for a repeatable business model. It used to implement latest
venture that is willing to be formulate in the chosen market. Under these types of
entrepreneurships, the owner would not be able launch the business in wide market as there is no
possibility of being taking place into the market.
Large company entrepreneurship: These types of entrepreneurial venture are basically
associated with the wide and well organised unit. These business must be grow with the
assistance of sustaining proper innovation that can offering latest and attractive products and
services to the customers.
Social entrepreneurships: These types of business venture are implemented into the
market to launch latest products and services. It is totally related with overall development of the
society in order to satisfy the demand of the customers. Primary motive of this business is to
make a better place of work in the world.
Typology of entrepreneurships: It has been seen that all the above discussed ventures are
associated with the entrepreneurship. There are certain typologies that are given below:
Male: These entrepreneurships is basically aimed on male people those are operating
business in most of the nation. The decision making talent can be varying as per the genders.
Female: In the present situation, it has been seen that there are various female
entrepreneurs that are growing drastically with more pleasant as compare to men. Thus, it has
been seen that they would have maximum eligibility to regulate their business (Burns and
Dewhurst, 2016).
Managing growth: Under this types of entrepreneurship, the entire authority is being
managed between males and females. Both can be work together and determine for the faster
growth of business in coming period of time.
All the above described typologies are related to different entrepreneurial ventures
because now a days different types of businesses are operated by male, female and both of them.
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Most of the businesses are operated under managing growth and the operations are executed by
both of them appropriately.
Evidence: National Association of Women Business Owners is a business venture that
provides great opportunities to the women and it is also operated by only women. It is a social
entrepreneurship venture whose typology is Female.
Kauffman is an organisation where managing growth typology is followed by the
employees and the executives and both are treated equally. Male and female get equal
opportunities and they work together for the betterment of the organisation.
There are various business organisations are operating their business in the market and
they are of different kinds. Some of the business are operated by males, females and some of
them are executed by both. For all the business entities it is very important to effectively conduct
operations so that success can be attained in future.
P2: Similarities and difference among entrepreneurial venture
There is various small business, scalable start-ups, wide company as well as social
entrepreneurship:
Basis Small business Scalable start up Large company Social
entrepreneurship
Definitio
n
It has been seen that
medium size
organisation those
are operating within
business in small
level.
Under this types of
business which are
planning to attain
their aims in
efficient manner.
These companies
would have
sufficient amount
of cycle. They can
offer innovative
products because of
customer
preferences
changes.
According this
venture which is
known as
innovators that are
associated with the
products which can
satisfy social
requirement of
various customers.
Character
istics
It best part of this
business is that they
would have limited
amount of resources
It aims is to
generate maximum
capital to fulfil
overall growth as
It is regular process
that can varies as
per the demand of
skilled customers.
All kind of
essential support of
government and
resources are
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and have less
control of
government.
well as expansion of
an organisation.
clearly available to
them.
Role These types of
business are having
clear aimed of
earning sufficient
amount of profit
through available
resources.
The primary role of
these organisation is
to look for
repeatable models.
The main role is to
deliver best
facilities in their
production process.
The aim is to draw
the attention of
customer with their
innovative
products.
Objective
s
In this types of
business, they do
have the maximum
chances of growth
also they would
have other support
as well.
To attract maximum
investors on the
basis of their capital
investments.
They would have
entirely based on
creating customers
taste, adoption of
latest technology.
To deliver all kind
of necessary
benefits to the
society in the form
of creating job
opportunities.
From the above mentioned entrepreneurial venture which would have different kind of
similarities are discussed underneath:
 The most interest facts about all the venture is to aimed with customer demand and
satisfy all their specific requirements.
 They used to provide and draw the attention of customer by providing products or service
to the market in order to establish the business more effectively.
 Each and every venture is based on an innovative idea which is been generated through
skilled entrepreneurial talent (Ligthelm, 2010).
TASK 2
P3: Analysis of the data
It has been seen that small and medium business enterprises used to contribute to the
overall development and stability of an organisation. Small or micro organisation used to
contribute overall development and growth of their economy. As, there are various micro
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enterprises that can run their business in the market at very large scale level. Such types of
organisation used to provide huge prosperity and can support through contributing a wide
amount in the total growth of an economy (Neck and Greene, 2011). All those business which
are moving running properly can assist in developing various sustainability for the company
coming period of time. Most of the business would have valuable opportunities that can be
grabbed in respect to perform their operations in more accurate manner. It is more impressive
which can operate business with minimum funds, lack of support and with ineffective data. But
this cannot affect their ability of working within an organisation. They would have skills and
knowledge which can assist in managing the organisational activities in effective manner. There
are various crucial data which would be collected from different resources which will provide
valuable information about the current position of the economy. It can be related with the below
mentioned points:
Employment generation: There is various numbers of small levels of business owners
which are not working. In fact, they are mostly considered as sole traders that can work
independently for sustaining their life in effective manner. Instead of this, all of them are having
valuable opportunity to increase their talent which would be crucial for economy development.
High growth rate: It is all about the growth than SMES which are really used to
contribute in wide number through launching products with the help of creative ideas. It simply
means that, innovation can be the major of country revenue as, it help in keeping latest market
and increase chances of competition (Nga and Shamuganathan, 2010).
The results of growth and other increment in the overall development of an economy is
been mentioned with the help of chart.
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Interpretation: According to the above chart, it has been seen that employment size of all
manufacturing industries are reliable for the production of around 45%. Whereas, size of small
employment which ranges from 10to 49 is been around 40000 pounds, medium sector is having
50 to 99 employment that provide a total of 52000 pound of opportunity. Hence, more than 100
is going to increase maximum percentage of growth level in an organisation.
P4 Contribution of small businesses and start-ups in growth of social economy after Brexit
There is huge support of small business in the growth of social economy of UK. One of
the greatest of source of employment and income in UK is small business organisations as they
hold around 95% of market. The contribution of small business and start up can be seen more
after the impact of Brexit. This is the situation when UK exits from EU (Gorgievski, Ascalon
and Stephan, 2011). Impact of that can be ascertained from the aspect that large number of
restrictions is faced by UK relating to trade. The major move which has been taken by the UK
government in this regard to overcome from this situation is about promoting the venturing of
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small business organisations and new start-ups. Further, such kind of move has huge benefit in
social development of economy of UK that can be understood from the points defined below:
Employment generation: One of the aspect from which development perspective can be
ascertained from the venturing of small business organisation and new start-ups is that large
number of employment are generated within the country that provides an income source to the
local individual of society and plays huge role in envelopment of their per capita income.
Improved living standard: Generation of large number of large number of employment
within the home country provides an opportunity to enhance their income sources and live
healthy life. This will prove as great move that also help in enhancing their business sector as the
increased per capita income to spend more for the purpose making their livelihood better.
Innovation of new products: Development of small business and new start-ups also
having significant contribution in the process of building new and innovative products which are
more reliable in nature and cost efficient too. This will provide an opportunity to the local
individuals of UK to consume better quality products (Fassin, Van Rossem and Buelens, 2011).
As a valuable results, they are now very much effective through coming up with latest
solution, maximum creative ideas and introducing more opportunities for every skilled individual
in respect to access capital. However, most of the legal bodies used to play a vital role though
enacting smart accounts and tax structure that can assist in new venture and small firms during
the time of operating their business. Instead of this, it would aid in controlling the best
possibilities of fraud that can incurred at the marketplace. Along with this some of the crucial
factors that can indicate the SMEs as a results for success of UK economy. Few of them are
discussed below:
In the starting phase, it aids in creating latest job role because in UK along with 99.3% jobs
are developed through private sectors in the initial level of 2016. Mainly, employment in small
business was almost 15.7 million out of which 62% is all from only private sectors.
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Analysis: According to the above chart, it has been seen small business are playing and vital
role in development of the economy of UK in accordance to medium as well as large
organisation. Like, about 99.3% small business are examine at the marketplace from which a
total of 33% are its total turnover and 48% are employment are formed through these
organisation. Hence, it has been clearly shown that small firms are contributing more as compare
to large firms (Brexit’s impact on small businesses, 2018).
TASK 3
P5: Characteristics, traits and skills of successful entrepreneurs
There is various number of people that are presented an innovative development to the
countries. They are more famous for their overall creativity, skills, personalities and latest
qualities. In facts, most of them are inspired all over the members to shape their talent and
determine the meaning of entrepreneurship. At the same point of this, they used to motive other
to take valuable risks that can assist them in increase their overall potential. Therefore, two of the
main entrepreneurs such as Henry ford and Mark Zuckerberg that is more famous for their
abilities and development across the domestic as well as global level (Zhao, Seibert and
Lumpkin, 2010). Henceforth, there are certain characteristic, skills which are possessed by them
are mentioned underneath:
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Henry ford was one of the well known entrepreneurs who is the founder of ford motor
company’s which is known for great inventor of its all time that had entirely valuable for the
society or nation. He was more pacifiers at the time of any kind of wars and act as farmer that
can constructed his own automotive.
Full of interest in his mind: From this early childhood, he was dedicated to know latest
things through using his brain. With that particular ability in his mind he used to invent one of
the famous models which are called as Model-T.
Passion for more: Henry was an individual that can never satisfy with his overall
invention as always new things. As his motivation behind working is to increase invention and
introduced more valuable products in the automobile history.
Quality person: It has been seen that, Henry Ford would always think in doing quality
work and his personality that can show its sole attitude. Like, he only believes in delivering in
offering suitable services and items to their customers under any given condition.
Another one is Mark Zurkerberg which is more famous entrepreneurs that had developed
Facebook and he believes in taking all kind of risk for developing something latest sites. Some of
the valuable features, skills and qualities are mentioned below:
Having a wide vision: As, mark always believes in connecting to the nation by coming
with some innovative ideas. Because of which invented face book for connecting with various
people across the nation (Sahut and Peris-Ortiz, 2014).
Believes in going beyond comfort Zone: In accordance to become more reliable leader he
believes in doing more tough works which is beyond its comfort level. Like attaining plenty of
more activities that are not so easy to do through avoiding his own valuable life.
Willing to make mistake: As per the Zuckerberg most of the mistakes would help us in
making modification in more towards innovations.
All the above described traits and characteristics of Mark Zuckerberg and Henry Ford help
to make appropriate decisions and also guide them to select best ways to overcome the
challenges that may take place in future. All of them has helped them to establish their business
and also helped to achieve success.
P6 The way in which entrepreneurial aspects reflects entrepreneurial motivation and mind-set
As above discussed about two of the main entrepreneurs Henry ford and Mark Zuckerberg
would have certain unique skills as well as qualities which would indicate their inner potential
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and provide motivation to other people. Along with this, both of them used to believe in forcing
other members to introduced up with creativity for putting forward its legs in marketplace. As
valuable results, competition can enhance every individual to shape their skills through getting
more attention toward their overall development. Therefore, certain skills and capabilities can
reflect personality of successful person as motivation for young talent for other such as:
Passionate: Both Henry and Zuckerberg are having more passionate with their work and always
believe in accomplishing project in minimum period of time. The best part for both is having the
creativity to make latest innovation that can encourage other to become similar these two
entrepreneurs.
Critical thinker: As well effective entrepreneurs, it is essential for any person to become more
crucial thinkers in tough situation. It will help the other people, society and shareholders to face
the society with their latest ability and thinking abilities (Facts about Small & Medium
Businesses in UK, 2018).
Visionary: Such kind of entrepreneurs would have long term vision. It is basically indispensable
for every individual for operating their life in reliable manner. This will be helpful for an
individual to determine their goal and life motive and operate on it in more valuable ways.
All the above described qualities of Henry Ford and Mark Zuckerberg motivates
entrepreneurs and also support to make effective mind set so that huge success can be attained in
future. It guides them to set long term goals and make ways to achieve all of them. If
entrepreneurs are having all these qualities then it is easy to achieve success for them.
TASK 4
P7: The way in which background and experience can foster entrepreneurship
As an entrepreneur, it is entirely affected through their overall background and experiences
that is having clear images of a clean career. The family members and other would know that
parent is one of the primary teachers of each child. Like children of sportsperson, professors are
always aimed towards short as well as long term objectives that can inspire from their parent. As,
they would have always motivated with their families to attain certain goal in their coming life.
On the other hand, children can wrong family background can definitely enforce negatively in
the world. Thus, it would have been determine that overall background are basically playing an
eminent role such as just like, Cowell is entirely impacted through his parents as mother in
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