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Impact of Small Business on Economy after Brexit

University: Regent College London

  • Unit No: 12
  • Level: Undergraduate/College
  • Pages: 17 / Words 4337
  • Paper Type: Business Plan
  • Course Code: MGT501
  • Downloads: 196
Question :

These are the following questions that enlist and full fill the requirement of the brief.

  • Explore the illustrate the range of various types of ventures which might be considered in entrepreneurship.
  • Analyse the impact of small businesses on the economy.
  • Determine the key aspects of an entrepreneurial mindset.
  • Explore the different environments which foster or hinder entrepreneurship.
Answer :

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 the first steps into making the nation an effective plan for all those that are working within an organization. It used to play an eminent role in the economic 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 a sufficient amount of profit for the company is been categorized under the head of successful entrepreneurs. The primary objective of this particular report is to support new ventures and start-ups. It would consist of various types, similarities, and variances of an 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 these characteristics, traits, and skills of entrepreneurs and their motivation in which overall experience can increase entrepreneurship are discussed in 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 economy. 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 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. 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.

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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
Definition 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.
Characteristics It best part of this business is that they would have limited amount of resources and have less control of government. It aims is to generate maximum capital to fulfil overall growth as well as expansion of an organisation. It is regular process that can varies as per the demand of skilled customers. All kind of essential support of government and resources are 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.
Objectives 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 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.
  • 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.

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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 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.

  • 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:

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.

 You can also view- Characteristics and Traits of Successful Entrepreneur - Henry Ford

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 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 musical sector. Life experiences and back ground of entrepreneurs help them to get success in future a detailed analysis on these factors are as follows:

Henry Ford: He was an American Captain of industry and a business magnet. He is the founder of Ford motor company. All the experiences and back ground of him are as follows:

Back ground:

  • Henry Ford was born on a farm as his father was a farmer.
  • In year 1879 he left his home to become an apprentice machinist in Detroit.

Experience:

  • In year 1891 he became an engineer with the Edison Illuminating Company of Detroit.
  • In Year 1896 a meeting of Edison Executives has been attended by him.

Back ground and experience of Henry Ford has helped him to achieve success because various problems have been faced by him in his childhood which has helped him to deal with all the failures appropriately. As he become an engineer in 1891 which directed him through out the way of success.

 Mark Zuckerberg:

He born on 14 may 1984 in new york. Now he is the co founder and chief executive officer of Facebook. He have 2 sisters and two children and a net worth of us dollar 55 billion.

Family background

  • Mark Zuckerberg born in well educated family.
  • His father run a dental clinic and mother was a psychiatrist.
  • He have three siblings. His father ran the clinic attached to the family home.

Educational background

  • He had developed the interest in computer at early age. So that his parents hire a private computer tutor for him. He take his graduate course from mercy collage.
  • Later he studied at Harvard university.

Experiences

  • He developed the zuknet messaging programs at his early age.
  •  After that he developed various computer games with his friends just for fun.

These experiences helps in his success because later he developed Facebook app which get popularity very fast. The educated family background means him a lot because he got full support for his studies and advance computer education.

At the same point of time, getting experience can also impact an individual in positive as well as negative manner simultaneously. For example, if people have a very tough life in his past then he can easily be able to understand the issues of efforts in coming period of time. But, in case they comes from negative experience from his initial stages the chances of growth can be more and that is the only person who can become more famous in near future. However, if a person cannot experience any tough situation in past then he can be more casual towards their goal and thinking very narrow toward their career.

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CONCLUSION

From the above project report, it has been concluded that entrepreneurship is an effective capability of an individual that is able to make an innovative and effective aspects for an organisation. It will assist them in attaining overall aims of an organisation in which they are going to open into the new market. There are various types of venture that are operated by various entrepreneurs in respect to attain maximum market share and client. For this purpose, certain skills, capability and characteristic and traits can be assisting them to become more motivated to guide them while launching their business. After the case of Brexit small business have been contributing higher quantity in the national profits as most of the large business are affected due to Brexit.

REFERENCES

  • Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan International Higher Education.
  • 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. 98(3). pp.425-453.
  • Gorgievski, M.J., Ascalon, M.E. and Stephan, U., 2011. Small business owners' success criteria, a values approach to personal differences. Journal of Small Business Management. 49(2). pp.207-232.
  • Ligthelm, A.A., 2010. Entrepreneurship and small business sustainability. Southern African Business Review. 14(3).
  • Mariotti, S. and Glackin, C., 2015. Entrepreneurship & small business management. Pearson. 
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