Entrepreneurship and Small Business Management: Ventures & Brexit

This report provides a comprehensive overview of entrepreneurship and small business management, exploring various types of entrepreneurial ventures, their similarities and differences, and the impact of Brexit on small and medium-sized enterprises (SMEs). It delves into entrepreneurial activities such as planning, brainstorming, and strategic marketing, highlighting the skills and mindset required for successful entrepreneurship. The report also examines the impact of micro and small businesses on the national, regional, and local economy, emphasizing their role in innovation, job creation, and economic growth. Furthermore, it discusses the typology of entrepreneurship ventures, including corporate, social, scalable start-ups, and public sector entrepreneurship, analyzing their differences and similarities. The report concludes by emphasizing the importance of creativity, innovation, and a strong understanding of market demands for entrepreneurs to thrive in a competitive environment.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1. Range of entrepreneurial ventures and the way they relate to the typology of
entrepreneurship..........................................................................................................................3
P2. Similarities and differences between entrepreneurial ventures............................................6
LO 2.................................................................................................................................................7
P 3 How micro and small business impact economy..................................................................7
P 4 Importance of Small Businesses and Start-ups contribution after 'Brexit'............................8
LO 3 ..............................................................................................................................................10
P 6 Entrepreneurial Motivation and Mindset............................................................................10
LO 4...............................................................................................................................................11
P 7. Presenting how family background and experience can foster entrepreneurship..............11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship can be explained as the procedure of designing, launching and running
a new business which is created by a group of people known as entrepreneurs. It is willingness
and capacity to organize and develop a business venture with many risks so that meaningful
profit can be generated. Successful entrepreneurs learn from the best and always nurture long
term relationships. They trust their own gut instinct and evolve with times (Cooper and Folta,
2017). This report describes various types of entrepreneurial ventures, similarities and
differences between them, impact of Brexit on small and medium sized enterprises, skills of
successful entrepreneurs and the way experience and background of entrepreneurs can hinder
entrepreneurship. Students will learn about skills of small firm’s owners and understand reward
and risk in starting a business. All aspects acquired by small business owners are discussed. This
type of management requires entrepreneurs to use the sum of knowledge, expertise and education
to run their enterprise.
LO 1
P1. Range of entrepreneurial ventures and the way they relate to the typology of
entrepreneurship
Entrepreneurship can be defined as a process of making businesses in order to generate or
scale up profit. It is combined with labour, land, natural resources and capital that produces
valuable net income. It involves risk-taking and is important part of country's ability to succeed
to increase competitive global market place. Entrepreneurial activity is phenomenon associated
with entrepreneurship. Entrepreneurial activities are as follows:
1. Planning the next product: Owner should develop such product where more money can be
made. Better quality results in high sales (Meyer, Neck and Meeks, 2017). To serve customers in
the best way, good business should be build up and for this, creativity has to be there in products.
2. Brainstorming of business: Every business has another opportunity or adventure to be
captured. Potentiality should never be restricted and planning of business should keep going.
3. Mentoring colleagues: Entrepreneurship mentorship is very powerful and incredible.
Employees and other colleagues are always inspired from mentors and respect their ability.
4. Strategic planning of next Marketing Move: Every entrepreneur has marketing ideas.
Successful owners are well skilled in marketing more than business set up.

Enterprise can be defined as another name for business. They take initiative by taking
risks through investing, setting and running up a business. It runs in the form of sole
proprietorship, partnership, corporation, Limited Liability Company (LLC) and professional
company. Enterprise has huge requirements for compatibility, availability of resources,
scalability, security and performance among various things. Business entrepreneurs need
innovative and creative skill to generate ideas (Eckhardt, Ciuchta and Carpenter, 201). They are
energetic, risk aware, determined and communicative with their views. In order to start and
properly manage enterprise they have to understand needs of consumers and should be aware of
market forces. There are different types of entrepreneurs like Serial, Intrapreneur and Owner-
Managers.
Serial Entrepreneur Intrapreneur Owner-manager
1. Serial entrepreneur comes
with new and innovative
ideas to start a new business.
1. Intrapreneur employee is
assigned with a responsibility
and support to create new
product without concern of
generating any revenue for
the firm.
1. In many companies, owner-
manager are major forces
behind business and can be
considered as an activator for
change in the business.
2. They are risk taker and
have strong network. They
seek a mentor who is expert
in marketing, law and
business management.
2. They use entrepreneurial
skills instead of acquiring risk
associated with activities
related to them (Chakravarty
and et.al., 2017). Their
capabilities and resources are
generally at their disposable.
2. They are budget oriented.
Managers are salaried and do
not take risk for company.
They are just employees and
have formal approach towards
it.
3. They are independent. They are dependent on
another company.
4. Owner of company is
independent while manager is
dependent.
MICRO, SMALL AND MEDIUM ENTERPRISE
MICRO SMALL MEDIUM

1. Micro enterprise is a small
business which usually
employs few number of
employees.
1. While, small enterprises are
privately owned organisations
in the form of partnerships.
They lead business in a
positive direction and adapt
changes by understanding their
own strengths and weaknesses.
1. Medium enterprises play
certain role in nation's
economy.
2. It normally possesses ten
people and get initiated with
small amount of capital. It is
specialized in providing goods
and services in local areas.
Retail businesses are found in
small businesses and they
directly contact with
customers.
2. Range of fifty employees
are there in small scale. They
are labour intensive and
managers have maximum
motivation to work (Johnson,
Madole and Freeman, 2018).
Business entrepreneurs
conceive idea for fresh
products or services and
generate business in which
idea is converted into reality.
These may be found in small
or big businesses.
2. Employees in medium scale
are up to two hundred and
fifty. They create new jobs and
rely on personal funds and
loans from friends or families.
TYPOLOGY OF ENTREPRENEURSHIP VENTURES
Typology of entrepreneurship follows the term corporate, enterprise, business and
functional level. Typologies can be used to understand relationship between type and subject of
business as well as bring greater credibility to learning process. They improve effectiveness and
efficiencies of organizations in which they deal. There are various types of entrepreneurship
ventures:
Corporate entrepreneurship: It is a process which develops new services, products and
finally generates revenue through entrepreneurial action and thought process. It is essential in
large companies. Main task of leader is to provide such environment in which entrepreneurial
activities and thinking are encouraged (Mamabolo, Kerrin, M. and Kele, 2017). Like, they are

highly motivated towards corporate business and drive to build trust which inspires other
employees and colleagues. It sets context for growth and innovation. This also helps in providing
view of the process, resources and environment which are required to motivate , support and
engage in the firm and develop entrepreneurial thinking and action. These firms perform better
and achieve higher level in difficult situation. It can be said that corporate entrepreneurship is
difficult to achieve. There are three elements which can be described in this type: People, process
and place. People are considered as leaders that process a fix set of behaviour and action oriented
competencies. Processes and systems support action and entrepreneurial thinking (Obschonka,
and Stuetzer, 2017). Lastly, place, is an environment structure that contribute to
entrepreneurship, growth and learning.
Public sector entrepreneurship - On the other hand, public sector entrepreneurship is the
proclamation of new public policy that creates higher economic prosperity by transferring a
status-quo economic environment into contributing that is engaged in creative activities. It is
affected by effectiveness of knowledge networks and ability of same economic entrepreneurship
to exploit diversity.
Scalable Start-up: This entrepreneurial venture is emerged which focuses to meet
demand of marketplace and problems are developed through business model around services,
products or processes. These aim to meet demands of market place and effectively design
scalable business model. Maturity and size of start up ecosystem is where it is initiated and
grows. Finally, it affects success and volume of them (Harley and et.al., 2018). It consists of
individuals i.e. mentors, entrepreneurs and angel investors, institutions and government
entrepreneurship programs and firms.
Social Entrepreneurship: It is the use of other entrepreneurs and start-up to develop, fund and
apply environmental solutions to cultural, environmental and social issues. This concept may be
applied to various range of organisations with different aims, beliefs and sizes. It supports
cultural or social goals and aim to provide employment. It has qualities of goal-setting and
problem-setting.
P2. Similarities and differences between entrepreneurial ventures
Difference between entrepreneur ventures
Corporate Social Entrepreneur Scalable Entrepreneur Public Sector

entrepreneur Entrepreneur
1. Business
Entrepreneurs aim at
wealth and profit.
1. Social Entrepreneur
emphasis on
ecological health and
well-being.
1. When sales volume
increase, profit margin
is improved.
1. It generates greater
public policy
initiatives.
2. Main goal is to
expand business and
provide growth for
shareholders.
2. Central end goal is
not fortune or profit
(Marques and et.al.,
2018). They involve
themselves with little
financial resources.
2. It aims is to meet
continuous market
demands
2. It provides services
to the community and
various societies.
Entrepreneurial ventures rely on creative designs and planning method. All of them
surrounds a new idea or a product rather than existing model.
LO 2
P 3 How micro and small business impact economy.
Companies which have done best in long run are inspired, creative and innovative. These
organisations never copy. IT firms develop technologies and leverage ideas in the market to
become successful. Creativity is set up of knowledge, imagination and evaluation. More ideas
will be formed if there will be greater knowledge base and innovative pattern. Then these will be
converted into process through various levels like discovery, invention and creation. Innovation
and creation should be based on several strategies which will boost up company's ability
(Rawhouser, Cummings and Newbert, 2017). Innovation depends on knowledge and it refers to
implementing of any idea. There are various sources through which ideas can be developed:
1. Consumers: They are considered as major source or final focal points for entrepreneurs. They
take care of their needs which help in generation of input and support a new venture.
2. Existing Companies: With the help of existing potential entrepreneurs and intrapreneures can
measure their competitive market value and products and services which leads to more attractive
goods and commodities.

3. Distribution channels: They are familiar with the requirements of the market demands which
are good source new ideas. They not only help in marketing the offerings but channel members
help in finding partially met needs which lead to innovation of new products.
4. Government: This helps in finding product ideas in two ways i.e. it helps in obtaining
numerous product possibilities which assist entrepreneurs in specific ways like product details
and secondly government regulations can be found out in the form of fresh product ideas.
5. Research & Development: This is the largest source of generating new idea for entrepreneurs.
A well-equipped and formal research & development department helps in conceiving and
generating new and successful product ideas.
Besides this, there are internal as well as external sources for the development of new and
renovated ideas. These include lead users, customers, suppliers, competitors, trade fairs,
customer service, employees and sales force.
Impact of Small Businesses on National, Regional and Local Economy
Small Businesses impact local economies by bringing innovation and growth to the
society and help to stimulate economic growth by providing employment opportunities. Majority
of the business employ less than ten people which accounts for 33% of employment. 58% of
small businesses were reported with anticipated revenue of 9.1% on an average (Meyer, Neck
and Meeks, 2017). In 2017 there were 5.7 million small and medium scale businesses which was
99% of over all businesses. These have joined sustainability which will include providing
improved data quality and innovation would be encouraged by seeking feedback from customers,
investing in resources and undertaking research and development tasks.
P 4 Importance of Small Businesses and Start-ups contribution after 'Brexit'
Brexit induced uncertainty and negative impact on UK economy. Export-oriented and
innovative small industries were more concerned about the changes of Brexit. Small and medium
size enterprise were left with social, political and economic charges. At consumer level, UK's
wealth of small enterprises will be leading the charge of unknown economy. They were
becoming more aware to buy products and services online. Number of self-employed workers
increased in UK so services offered at shop front as well as online were both better (Johnson,
Madole and Freeman, 2018). Small and medium scale industries combines 73% of net private
sector job in UK which creates around 2 million since 2010. Thus, Brexit has important

implications for UK's economy. Total employment in SMEs was 16.1 Million and 60% of all
private sector employment in the UK.
Major government survey has been analysed to assess the impact of Brexit on small
businesses. It is having material impact on behavioural expectations of managers and
entrepreneurs within businesses. Various enterprises thought of boosting up economic growth
and productivity that have the serious reservations for Brexit in the future success. SMEs are
more susceptible as they have lower field of operation. Outlook can be positive for entrepreneurs
and prospective business owners. They would maintain their success. Factor which would help
them is rise in technology which would establish their companies. It is especially helpful for
these firms to start out with minimum budget. Huge number of recruitment agencies are falling
under SMEs. They could flourish despite of Brexit. Almost 10% rise in agencies are there as
compared to past years (Obschonka and Stuetzer, 2017). Consumers are spending bigger and
larger in businesses because of Brexit, situations are clear for personable and smaller
entrepreneurs which provide quality wise goods and commodities rather that quantity. Recent
financial crisis, discomfort can be seen with globalisation model for large companies. As per
small entrepreneurship, acute uncertainty can be discovered particularly in ownership especially
in family-owned or urban-located businesses.
Across UK, uniform concerns are not felt related to Brexit. It resulted reduced access to
external finance, lower level of capital, minimized innovative activity and lower level of growth.
Some other factors affected are future plans for capital investment within innovative small
businesses. EU operates with single market within with members of it could trade with export-
import duties. There was a big impact on UK economy as pound fall down by 15% against other
currencies and weak pound is putting up inflation that could increase the price of services and
goods in the UK. It created impact on GDP of economy. Decrease in GDP will have huge impact
on small business in terms of entire activity of consumers and businesses that would probably
purchase products and services (Harley and et.al., 2018). There was 0.5% growth in services
which rose up to 0.8% and declination in manufacturing and construction. Small business is
more effective by government support. These are also impacted on society through growth of
self employment and technologies. Small business adapt e-commerce and online transaction of
goods and services. This helps to easily selling of products and services. SMEs contributes to
development of many sectors such as manufacturing, agriculture and IT sectors. More creation of

SMEs for development of UK economy. They are increasing ideas, innovation and skills. SMEs
enter into new countries for expanding their business. These are accounted for 99.3% of all
private sector business at start of 2017.
LO 3
P 5 Carry out a mini-research to determine the characteristics, traits and skills of two successful
entrepreneurs, which differentiate them from other business managers.
The capacity or having willing nature to do things or manage a business along with risks
are the entrepreneurs. Thus, people who creates new business by designing and launching rather
than working as a employee and assumes all the risks and rewards are called entrepreneurs.
Thus, entrepreneur is innovator, source of bringing new ideas, goods and services. They have
skills and initiative that is required to meet future needs. Thus, the characteristics, skills and traits
of Richard Branson and Peter Jones has been discussed below-
Richard Branson:
Richard Branson showed his desire to become an entrepreneur at the young age. His first
adventure was a magazine named Student. The main characteristics of him was that he has
ability to think in different manner and has a willing nature to listen and learn. Richard Branson
has excellent communication skills and think big (Marques and et.al., 2018). He says that
successful entrepreneur learn from failures and move on. He has a variety of skills that made him
successful entrepreneur. Respecting his employees is the main quality of Richard Branson which
leads him to success.
Peter Jones:
Peter Jones has set up a business of computers of his own brand and has interest in
various industries of television mobile phones and real estate. The core characteristics are
determination, perseverance and tenacity. He battled against all the negativities to build his
business. The skills of this business tycoon was to visualise the aim and take actions accordingly.
Thus, his main quality is that he is committed towards the decision and make the things happen
and the persistence, passion for expansion and determination made success as the only option for
Peter Jones.
Determination and persistence towards the work helps in increasing the self motivation
which leads to success and motivation is that key that makes the individual to decide to take
action (Rawhouser, Cummings and Newbert, 2017).

P 6 Entrepreneurial Motivation and Mindset
Entrepreneurial motivation and mindset can be described in the following ways as
discussed above. Main key aspects are as follows:
1. Curiosity: Successful entrepreneurs possess inquisitiveness. They keep their mind active.
This strengthens up their ability to investigate with fresh perspective. Entrepreneurs
always ask questions and are ready for competition so that they can learn differently and
become inspiration. Considering all different things at their position for value creation
and try to learn from their achievers.
2. Commitment: Commitment always keep them going while passion results in initiating
business and allows successful entrepreneurs to preserve whenever required. Essential
part of entrepreneurial activity is repeated rejection and disappointed from which they
learn continuous (Chakravarty and et.al., 2017). They prevent from spoiling their self-
esteem and aim at yesterday's lessons. They have learning attitude of looking with
motivation ahead. This drives them with continuous motivation which results in
producing meaningful results.
3. Optimism: These entrepreneurs have maintained optimistic attitude. Being optimistic for
any particular condition means approaching it positively.
Above characteristics helped in understanding management of business. Cultural
differences affected critical thinking and entrepreneurs developed creativity and became
financial independent for their businesses. They have willingness to start their business. Good
idea of starting a business by adapting changes of market, customer feedback or realization that
could make commodities better. Successful entrepreneurs are passionate and curious for their
work. They have learning experiences and their family members support their ideas which results
in big companies.
LO 4
P 7. Presenting how family background and experience can foster entrepreneurship
Family background: Background creates great impact on every individual such that
family's financial status is not so strong such that Joe Woods leads to become a famous
entrepreneur in world. Family has not as much resources that will help woods to become an
educated person but his father help Joe in his educations and always support to face any

challenge (Lounsbury and Glynn, 2018). While on the other side his family also did not have as
much infrastructure that will help him to become best such as no transportation facilities but his
parents always motivate them and as he take his education from high school that also creates
positive impact on Wood's life such that he start becoming positive towards his work. With his
father's motivating power he passes all hurdles that are come in his life and now becoming one of
the best entrepreneur in his University.
With his family background, his education also plays an important role to foster
entrepreneur. Having a strong knowledge related to business start up and he always valuing time
which help him to faces many challenges. On the other side, having a joint family will always
creates hindrances for the success of Joe because his family is not capable to fulfil all needs of
their family that is why he initially denied the opportunities to enjoy but later on when he know
the importance of money, he do work hard in order to grab all chances to becoming a successful
entrepreneur (Naranjo-Valencia and et.al., 2018). That is how, family background and education
hinder as well as foster Joe Woods personal life.
Experience: Initially, started his career as a coach in 1992 and learn so many leadership
and motivational skills that help him to manage his work properly while on the other side, he
faces many big challenges that creates obstacles in his personal as well as professional life. But
as the time passes, he realize that this is not a good place to stay for a long time. As in 2004, he
started working as a defensive back coach where he start learning another entrepreneurship skills
however it has been critically evaluates that in this time Joe was start feeling depressed because
he wants to become an entrepreneur but he work as a coach that creates negative impact on his
personal life (Parker, 2018). And as the time passes, and in 2006 he was hire as a defensive
coach where he learn some technical and interpersonal skills and known by many person because
of his great efficiency and dedication towards his work. Overall, his past experience makes Joe
a good motivational and inspirational person which is quite necessary key aspect to become an
entrepreneur and now Joe Woods is well known entrepreneur in a world who has many
leadership quality such as focus, dedication, good management skills, motivator etc. This shows
how experience makes a man perfect to face any challenges and solve big issues.