Change in Business Environment after Brexit Assignment

Added on - 21 Jul 2020

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ENTREPRENERUSHIP
Executive summaryThe changing business environment has made it important for the firm to make use ofentrepreneurial skills. An entrepreneur is an important pillar of a firm and their skills are usefulin fostering growth of an organisation. It has been found that brexit has brought a number ofpossibilities for a firm especially a small business. There are different types of skills that anentrepreneur should possess in order to gain success in the market. In UK small business ownerare able to take opportunity of the profitability that is earned from small and mediumenterprises,. This study is going to discuss about the skills that are required for becoming asuccessful entrepreneur. Furthermore, discussions will be made on understanding types ofentrepreneurship ventures. There is also an attempt made to assess influence of economic growthover a small and medium sized enterprise.2
Table of contentsIntroduction......................................................................................................................................4Task 1...............................................................................................................................................4P1 Carrying out research on types of entrepreneurship...................................................................4P2 Differences and similarities between entrepreneurial ventures................................................6Task 2...............................................................................................................................................7P3 Assessing impact of small business on economy.......................................................................7P4 Contribution of small business to growth of social economy....................................................9Task 3.............................................................................................................................................10P5 Traits of two successful entrepreneurs.....................................................................................10P6 Entrepreneurial mindset............................................................................................................11P7 Influence of background on entrepreneurship..........................................................................13Conclusion.....................................................................................................................................15Reference List................................................................................................................................163
IntroductionEntrepreneurship has proved to be significant for economic growth of an organisation. It hasbeen found a company’s development is solely dependent upon skills of an entrepreneur. It is theresponsibility of an entrepreneur to provide consultation to different aspiring entrepreneurs forhelping them to work in an effective manner. There is a need to conduct a review on the impactof small business over economic growth. In UK, large part of revenue is earned from smallbusinesses. It can be said the UK has more opportunities for start up business and it can be saidthat skills of an entrepreneur seems to be significant in a new business venture. This study isgoing to focus on the different types of entrepreneurial ventures and try to identify similarities aswell as dissimilarities among these ventures. Entrepreneurs are able to foster economic growthwith the help of their skills. Small business has a more opportunity to make use of the leadershipof an efficient entrepreneur.Task 1P1 Carrying out research on types of entrepreneurshipEntrepreneurship refers to starting up of a business by an individual rather than working in thebusiness of another person. An entrepreneur has to face a number of challenges in relation tosalaries of employees and problems arising due to workloads. In UK, small business enterprisesare gaining prominence over the time and an entrepreneur's role in a small organisation becomesall the more important. There are various types of entrepreneurship and it included the following:Start up entrepreneurship:These type of entrepreneurships began with an objective ofgoal accomplishment. As opined byAharonsonet al.(2014, p.10), startup entrepreneursare of the viewpoint that their vision are capable of changing world. They aim at seekinginvestors that are venture capitalist. Startup entrepreneurs try to rely upon a scalablebusiness model. Entrepreneurs of start up business try to invest more capital forexpanding business. A large number of such startups are to be found in places likeShanghai, Israel and New York.4
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