Report on Role of Entrepreneurship in UK economy after Brexit
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Added on 2020-06-03
Report on Role of Entrepreneurship in UK economy after Brexit
Added on 2020-06-03
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ENTREPRENEURSHIP
INTRODUCTIONEntrepreneurship can be described as series of activities that include the launching,development and running of different type of business. Entrepreneurship has become one of theimportant pillar that is driving the economy of U.K. (Blackburn, Har and Wainwright, 2013).Entrepreneur through the help of entrepreneurship is able to provide country with differentservices and products. There is no question regarding the role of this activity in enhancing theeconomy of country, many other nation such as China has supported the role and importance ofit. In current time economy of UK has been able to earn huge revenue because of this activity.This report will discuss the important role played by entrepreneurship in UK economyafter the event of Brexit. Other that this it will focus on different type of entrepreneurial ventureand typology entrepreneurship. The report will also present major difference between differenttype of entrepreneurship venture and also the skills, characteristics and trait of entrepreneur. Theemphasis will also be lay on two famous entrepreneur and factors that hindered their growth andsuccess. TASK 1P1 Variety of businessperson project and their abstraction to classification of entrepreneurshipEntrepreneurship can be describe as activity that are needed to settle or establish asbusiness by an individual in order to make profits. There are different type of entrepreneurshipventures based on the aim and objective of person. These companies are based on small scalebusiness or on the product and services they provide to their customers (Bridge, and O'Neill,2012)Concept to entrepreneurship: This structure has shown its effectiveness in not onlydeveloping countries but also in developed countries. There are many reason why people aregaining more and more interest in this type of firm some of which are mentioned below.Maximize profit.Desire to control over the future aspect and important decision of firm. Measure taken by government in order to promote this business.This enterprise not only create great employment opportunities but are also able to earnmaximum profit by selling their products. Different type of entrepreneurship are mentionedbelow1
Small business entrepreneurshipThis is a standout amongst the most broad method for beginning a business. This venturemay incorporate little basic supplies stores, travel agency of other small business. The aim of thistype of business is to earn enough to meet the basic requirement and hardly are profitable. Smallbusiness entrepreneurship consist of any people who own their own business. The employees inthis business are generally included family member or local people (Carraher,and Pardon, 2015).They do not aim for expansion or rule over company their only aim is to earn enough so that theycan feed themselves. Small business entrepreneurship contribute a major portion in UKcompanies and are responsible for 99.7% and is also responsible to employee more than 50% ofnon governmental workers. The basic typology used by these people is to earn profit for family.Scalable start-up entrepreneurship:These people start company with a aim and objectives and work toward it. They moveforward with a vision and knows that one day their vision will change the look of world. Theyattract financial funds from venture capitalist. They are known to hire only best. Their main jobis to investigating for unquotable and ascend able enterprise model. Sizeable organisation entrepreneurshipThis company are known for their finite lifetime and innovative ideas, and offer of newproducts. This new product generally include variation and added feature to core products. Thiscompanies get majorly affected by customer perception, legislature, technology, etc. Thetypology in this is to expand large market and increase their market share (Gill and Biger,2012)There are different kinds of entrepreneur ventures few are mentioned belowSurvival: This type of entrepreneur work on small land with only few assets, this are verysmall in scale. The basic fund on which it operates depend on cash or barter basis.Life style speculation: This organisation change the lifestyle of the people in the areawhere they invest. They target particular area and launch their products. They also investin that area from time to time so that it can keep growing. Managed growth venture: This ventures are made on the regular basis in firm. This helpin bringing the improvement in the working and condition of entity. They come with newproducts and innovative idea on regular basis so that they can survive in market.Serial entrepreneur: This type instead of using traditional idea come up with innovativeidea and see to the day functioning of the new firm in addition to it they also hire2
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