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Entrepreneurship and Development of UK after Brexit - Assignment

   

Added on  2020-10-04

14 Pages4299 Words25 Views
EntrepreneurshipPolitical Science
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Entrepreneurship 1
Entrepreneurship and Development of UK after Brexit - Assignment_1

CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3(P1) Discuss several types of entrepreneurial ventures and outline how they relate to thetypology of entrepreneurship..................................................................................................3(P2) Discuss similarities and differences between entrepreneurial ventures.........................4TASK 2............................................................................................................................................5(P3) How SME impact on UK economy by supporting with statistics and data .................5(P4) Discuss effect on small businesses after Brexit..............................................................7TASK 3............................................................................................................................................8P5 Requirements of traits, skills and abilities to become a successful entrepreneur. ...........8P6 Aspects impacting on motivation and mind-set of an entrepreneur..................................9TASK 4..........................................................................................................................................10P7 Justification on how early life experiences and background of a person impacts onhindering or fostering the entrepreneurship.........................................................................10CONCLUSIONS............................................................................................................................12REFERENCES..............................................................................................................................122
Entrepreneurship and Development of UK after Brexit - Assignment_2

INTRODUCTIONEntrepreneur tends to supply goods and services in that manner which eventually satisfiesconsumers at large basis. It is therefore, most vital part in business as without them, businesscannot be establish with much ease. The enclosed report deals with the topic of entrepreneurshipand overall development of UK after the Brexit and how businesses are affected. Theentrepreneur tries to fill up the gap between needs and demands of customers and theirpreferences (Mary, Ngozi and Simon, 2015). They provide them with handful of goods andservices which provide them with delightful experience and they are mesmerised with it. Therole of entrepreneur is much vital for the business for establishing its viability and continuity sothat it may satisfy customers in effectual manner. As such, they have the responsibility toprovide effective and better quality goods to society for their better enlistment. The goods andservices which are imparted by them become the source of satisfaction of consumers as they areable to fulfil their demands and needs in effective way. As, economy of nation needs efficiententrepreneurs so that they may innovate new ideas to do business and as a result, growth ofnation may be accomplished.TASK 1(P1) Discuss several types of entrepreneurial ventures and outline how they relate to the typologyof entrepreneurshipThe different types of entrepreneurial ventures are as follows:1. Small Business Entrepreneurship- Small businesses consists of are grocery stores, travel agents, consultants and many more.They maybe anyone who run his own business. Local employees are hired by them toaccomplish tasks. They are mostly profitable as they run on small basis. They basically runbusiness to fulfil the needs of family and make a profit (Ribeiro-Soriano, 2017). They do nothave large capital so they take loans for successful working of their businesses in effectualmanner.2. Scalable Start up Entrepreneurship-3
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Scalable start-ups are the entrepreneurs which start a company in mind that his visionmay change the world. They seek investment from financial investors of same nature of this typeof entrepreneurs. They hire best of workers. They search for repetitive and scalable decision andthey search for a business model (Fritsch, 2013). When they identify it, more venture capital isrequired by them to inject their business successfully.3. Large company Entrepreneurship-Large companies have huge growth and as such requires huge capital to functionproperly. They expand throughinnovation, offering new products etc. There are several changeslike people changing taste and preferences, modern technologies, laws, competitors, etc. mayinculcate pressure for more innovationand requiring large companies to create new products tosell in the markets.4. Social Entrepreneurship-Social entrepreneurs are innovators who mainly focus on developing products so thatthey fulfil needs of society and its problems. They may be non-profit, profit, or hybrid. Theremain aim is to provide basic needs to society so that they may fulfil the desires. Unlike fromscalable start-ups market share or to help in increase in wealth for owners.This may relate to typology of entrepreneurship which consists of opportunities which istaken by entrepreneurs so that he may fulfil demands of public at large and may earn profits ineffectual manner. The above types of entrepreneur may be used in relation to opportunities ofentrepreneur by which he supplies goods and services to society. (P2) Discuss similarities and differences between entrepreneurial venturesStart up Entrepreneurs are forces behind the planning and launching of new business enterprises.They involve starting from the life of business and throughout its life span. They handle majorissues starting from the company's designing and forming of product to assess efficientproduction methods and identifying customers (Gwija, Chuks and Chux, 2014). A small-businessentrepreneur is who operates an enterprise that has survived the start-up stage. Main aim ofentrepreneur is to inject company to perform efficiently. In some cases, he may bring otherexperience entrepreneur to seek assistance.4
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