Project Report on Small Business Post Brexit for UK

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and the way they are related to typologies.......1
P2 Similarities and differences between entrepreneurial ventures.............................................3
TASK 2............................................................................................................................................6
P3. Mini-research, to illustrate how micro and small businesses impact on the economy.........6
P4 Significance of enterprise start up's and small business........................................................8
TASK 3..........................................................................................................................................10
P5 Skills, traits and characteristic of entrepreneurs..................................................................10
P6 Entrepreneurial personality impact their mind-set and motivation......................................11
TASK 4..........................................................................................................................................11
P7 Background and experience can foster and prevent entrepreneurship.................................11
CONCLUSION..............................................................................................................................12
REFERENCES .............................................................................................................................13

INTRODUCTION
Entrepreneurship is a process of establishing new business organisation in the target
market through new ideas and creative products. This process includes innovative thoughts of an
individual that helps to build a successful firm to achieve competitive advantages from the
market. It is not about creating a new business venture but also to manage all business activities
and execute them in an effective and appropriate manner. In this process, it is the main
responsibility of individuals to utilize all business resources effectually and earn higher revenue
easily (Fayolle, 2013). In this process, an Entrepreneur is required capital or fund, land, labour,
machinery, plant and appropriate resources to earn higher profit and revenue through their
products and services. This project report is all about Opportunities towards Small business post
Brexit for UK because newly established business organisation facing various effects of popular
term for the perspective withdrawal of the UK from the European Union. Main purpose of this
report is to identify different types of entrepreneurial ventures and the way they relate to the
typology of entrepreneurship and it also includes various effect on UK business.
TASK 1
P1. Different types of entrepreneurial ventures and the way they are related to typologies
Entrepreneur is an individual person who established various ventures to get higher profit
after providing effective products and services to customers. They take higher risk to establish a
new organisation in the competitive market. For this, they create an effective objective and future
goals that are needed to be fulfilled or achieved by their own or employee's effective
contribution. Different types of business ventures assist for attempting desired objectives and
fulfilling them appropriately. There are different types of entrepreneurial ventures like-
Small Scale Entrepreneurship – These types of businesses are established at a small
scale to fulfil customer's living needs easily. Through this type of business, entrepreneurs easily
survive their living needs and improve living style appropriately. Main objective of these
businesses is to gain higher profit for building a large scale organisation easily. Such type of
entrepreneur collects the capital through bank loan and family fund, etc. (Hlady-Rispal, 2014).
Scalable Start-up Entrepreneurship – These entrepreneurs are very creative and they
develop effective ideas for their business organisation. They collect capital and fund through
various sponsors and banks to establish a private venture easily. Main objective of these
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individuals is to expand their business and earn effective income through products and services.
This type of organisation helps to increase employment services for various candidates who
provide their services to achieve organisation's goals effectively.
Large scale Entrepreneurship – These business organisations are established at a large
scale and they take a proper time to provide their products and services in market. Their owner
starts a business organisation through effective and appropriate idea as well as a specific fund for
implementing business activities. These business organisations take a leading position in market
and compete with large scale business organisations. Main objective of large scale business is to
earn higher profit the cover all over cost of organisation easily (Kiss, Danis and Cavusgil, 2012).
Societal Entrepreneurship – Main motive of these type of organisations is to provide
their products and services for society’s welfare and improve standard of living of society
members. These types of business organisations are helpful for people and they provide effective
growth of economy. They easily create their own image and market place through products and
appropriate services.
There are various typologies of entrepreneurship that are explained as below -
Serial Entrepreneur – These types of entrepreneurs create an effective idea and
thoughts to make various changes in the target market. Such type of individuals are easily build a
market place of their business organisation in competitive market easily and the provides more
innovative products and services then existing one. Through these ventures, markets get new
practices and activities as well as effective ideas (Kuratko, 2016).
Survival Venture – These types of individuals and business organisations are connected
with small scale ventures whose main motive is to survive in the target market through their
products and services. For them, it is very hard to make their own image in market so, for this,
they use various tools such as effective cost, easy location, products and different services as
well. Main objective of these ventures is earning income for satisfying their wants and needs.
Lifestyle Venture – These organisations are more updated with society and cultural
changes in an economy. Their main objective is to provide effective products according to latest
trends, fashion, customers and market demand. These organisations are working on a large scale
to provide their products and services on international level and they provide employment
services to a large number of workers.
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