Impact of Entrepreneurial Ventures on Social Economy

This report discusses the different types of entrepreneurial ventures, their impact on micro and small businesses in the UK, and their contribution to the growth of the social economy after Brexit. It also highlights the importance of entrepreneurial personality, motivation, and characteristics in business success.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION ..........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Different types of entrepreneurial ventures and relationship-...............................................1
P2 Similarities and difference between business entrepreneurial venture – ..............................2
LO 2.................................................................................................................................................3
P3 Micro and small business impact on the economic- .............................................................3
P4 Small business contribution to the growth of social economy after “brexit” .......................4
LO 3.................................................................................................................................................5
P5 Characteristic, trait and skill of entrepreneurial and different from other manager .............5
p6 Impact of entrepreneurial personality to motivation and mind set .......................................6
LO 4.................................................................................................................................................7
P7 Background and experience can hinder or foster entrepreneurship conclusion reference ....7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship is a process of starting business, in which, they develop business
model, term and conditions. It gives guidance about how the operations will be managed,
directed and controlled for achieving set objective. Entrepreneur made number of decisions
i.e. resource allocation and its use, uniqueness and creating value. In business man and
entrepreneur is different from each other. This report aim is define different type of
entrepreneurial venture and similarity and differences between entrepreneurial venture and
impact of micro and small business on economy of the UK, and it is contributed the growth
of the social economy after “brexit” or define characteristic, trait and skill and who to
different from business manager. In this define reflect entrepreneur mind setup.
LO 1
P1 Different types of entrepreneurial ventures and relationship-
Entrepreneurship is activity for setting a business. It gives the capacity to organisation
to organise and develop, mange a business with taking risk in order to make a profit. These
types are- Survival venture –This type of business may be registers or not. In this type of
entrepreneur having few assets no relationship with bank related. This type of
business is started for push factored and operated in highly competitive and price
based. This type of business enters motivated by push factor. (Ramadani and Hisrich,
2015). Life style venture – This type of entrepreneur stable income stream for owners based
on a work able business and in this type of entrepreneur reinvest and this is located on
the single location, and employ. This is not seek meaningful expansion or growth. It is
difficult to achieve economy based benefits. Managed growth venture- It this type of entrepreneur doing work on business model
and going on stable growth Life style venture over time and doing business on session
like on occasion launches new product periodic entry in new market location staff,
development and regional brand. In this business re investment is going on but growth
guided ongoing (Ingemar 2015).
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 Aggressive growth venture – This is basically based on technology venture with
strong innovative and growth. Thiols type of venture create new market and focus on
the national or international, market.
Typology of ventures- in this explain 4 venture represent and explain stages of
development. Some venture are start out individual and this dimension of taking experience
in individual business. Like these type of venture work in the different department (Karanja
and et.al. 2013). Life style venture is work for re investment and this is going on old business
growth. It is done help to open location, failure business to s the business exists to provide for
basic personal financial needs, once costs are covered there is general case flow, new product
launch. Management growth venture is suggested they identity of business and play role for
increasing external stakeholder. While aggressive growth venture is made to specific
identities, and share particular core character stick and share certain element.
P2 Similarities and difference between business entrepreneurial venture –
Entrepreneur venture is all are work for they set up business they main point is set
they business with well fair of the society that 4 type of enterprise is doing work for they
society and earn, only like aggressive venture give they society ns the business exists to
provide for basic personal financial needs, once costs are covered there is generally cash
fellow technology and work in this update knowledge about they business and define attract
to customer for business.
Business is use they new different type off the technology. They define through our
business technology and in this society take innovative things. Managed venture are also
work for they society they focus on they community and creating value in this also use
ruining business. In this organisation and company give direction and new market image
because it is the based on technology when an enterprising give new technology then this
work doing like new product marketing then its doing help to launch, attract customer
(Schaper and et.al.,2014). Margining value in market that product. In this including and give
they best for customer. Lifestyle also the business exists to provide for basic personal
financial needs, once costs are covered there is generally give the something new and
direction off the business this is In 4 type of business entrepreneur having such type of
differences -
Survival entrepreneur Lifestyle entrepreneur Managing aggressive
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entrepreneur entrepreneur
This entrepreneur
increases annual
growth rate in day to
day
This type of
entrepreneur increase
weekly and Monty
operation
This type of
entrepreneur increase
over profit and growth
in 1,2 year.
In 2, 5 year
annual
growth .
This is focus on selling
whatever they have
In this they having
maintenance of
working.
They having
incremental strategic.
They focus ion
sociability
This type of enterprise
non of structure use
for ruining business.
They having simple
business style.
They use managing
business to functional
and centralized.
They use
product and
market based
techniques.
LO 2
P3 Micro and small business impact on the economic-
In UK 44.1% area having by small business in exporting firm. This is play so much
contribution value in exports. In UK all type of business running but small area of business
cover 44.1% par and large type of business having 9% area and medium type of business
covering 46.1% so we can say small and micro size business having lots ODF area of they
business and play wild role in this sector(Hatten 2015). Good exported by small firms were
value at $1.4 billion Small business export the martial goods in whole sale trade 39.5%
contribution give in all export business. This graph is show the condition of UK and value of
hall type of business. So they can say small business is having lots of value and give the
contribution in GDP sector.
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(Source: The state of business Britain, 2016)
They can in other graph small sector of employment is having 48% value and other
side large small business employment having 40% and mediocre size business is having 12%
employment. Small sector business is giving lots of extra contribution in employment. Small
sector business is also giving 33% a contribution in turnover. Medium size business having
14% and large size business having 53% of they turnover. So large size business is giving
205 extra but not so bad small size business is giving 21% extra contribution in turnover.
Small size of business is also 99.3% area cover (Burrows, R. ed., 2015). So in UK 99.3% small
and medium size companies also increase thy labour productivity and management practice.
P4 Small business contribution to the growth of social economy after “brexit”
“Brexit” is applied in UK 23rd June 2016. Since this is applied then entrepreneur,
investors, business and public has been facing many problems they didn't understand what
The state of business Britain. 2016 going on. That time negative impact on the economy. That
time realize of 0.5 percent into perspective, it is important to note that in Q2 the figure were
0.7%, so it is ultimately showed the decline in the rate of UK economy (Buckley, and Casson,
2016). That time figure were projected to 0.3%it may be worst come in quarter and beat the
expectation small business is the blood of UK and having wild range in GDP (Mariotti and
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I
llustration 1: Contribution of small, medium and large companies in UK

Glackin, 2014). Falling GDP is large impact on small business. The 0.5 % growth was mainly
services which grew 0.8%, when GDP is decline in construction and manufacturing. Small
business are also more struggle face. In front of Large firm and small business facing much
problem.
Overall 0.5% growth has been welcomed as a sign of the UK characteristic, trait and
skill of entrepreneurial and different from other manager economy increase much better
economic did not jut fall down. UK having lots of confidence and growing at 0.2%higher
then in right now expected that time overall figure was 0.5% decline and right now UK
current growth rate is down from 0.7 %in.
LO 3
P5 Characteristic, trait and skill of entrepreneurial and different from other manager
An entrepreneur al has many character stick such as-
 Goal oriented – an entrepreneur is setting goal and achieve it so they have these
qualities. They are give succeed of over business and remove all problems. They
make plan and ways to achieve it they have always clear mind setup and clear ideas.
every entrepreneur set and develop business because they want to achieve some goal.
 Look continuously opportunities to improve- they also have these qualities because
every situation is an opportunity in business. They also have innovative and generate
ideas. They look around all type of activities and focus on that situation.
 Committed on their word- every person not get succeed in first time so entrepreneur
have some passion and try to 2 time on they achieving goals. They are commuted to
related business and try to try until they not get succeed. An entrepreneur is basiclly
word of mouth if they something its mean they do .
 Willing to take risk- an entrepreneur believing on self and try again ad again and they
having confidence all aspect of life.
Trait of and entrepreneur-
 Tenacity- n this trait every entrepreneur face they failure but that not mean they set
they start will again and get succeed. But they don't repeat expansion triggered
mistakes, including an invoicing.
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 Passion- a successful entrepreneur are having passion because they know how to they
get success how many times he, she faces they failure. This type of quality give the
motivation to other. They not have passion then how to survive in business.
 Self belief- it is they key of entrepreneur trait in business need lots of confidence on
self. Then a person get enter ship.
They should have these skill
 Leadership and motivation skill- if you lead and motivate to other than they follow
and vision all things are important in. These quality in an entrepreneur make in self
 Communication skills-a entrepreneur have to able communicate well tos ell your
vision of the future to investor, client, team member, employee etc.
 Personal relationship-an entrepreneur have they business and personal relation but
business thy put all relation in side and they take decision having these qualities.
Difference between business manager and entrepreneur
Business manager entrepreneur
A manger is done work for customer An entrepreneur is done work for they
business
A manger is servant of they business An entrepreneur is owner of the business
They work for salary An entrepreneur is done work for profit
p6 Impact of entrepreneurial personality to motivation and mind set
An entrepreneur always talk with employee and clients to motivate with ideas and
personality. An entrepreneur is they attract to other over personality trait (Blackburn, Hart
and Wainwright, 2013). An entrepreneur is talkative, assertive, energetic is related to ability
develop social network, they can easily create new relation in they society and attract with
talk in business. This type of ability to do help develop new business it is give the motivation
to other and self. An entrepreneur is having good nature cooperative and trustful then other is
described the easily problem and they give motivation and self centres and hard bargain
personality (Buckley and Casson, M., 2016).
If they have emotional like not easily upset cal, then they have developed in self
confidence in self and other. Every entrepreneur is innovation and having good quality of
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imagine then they give experience and create in other and self. Personality trait among self
employed and entrepreneur are extensive. One hand describe a person who is achievement
something new and archive the target. These type an entrepreneur personal trait and
personalty set they other mind setup.
LO 4
P7 Background and experience can hinder or foster entrepreneurship conclusion reference
Background and experience plays a very important role. This is developed they
capacity of doing business and taking risk ability. Some person is having qualities they make
too entrepreneur but family background is not support then that condition is not going. In this
case say some background experience is very important in entrepreneur life. Like a person
have experience and qualities of make entrepreneur but her, him family background not
support to the then how they (Dunning, 2014).started about new business. These in other case
a person don't have any quality of doing business but her, him family background and
member are always doing business then they support and increase the confidence they can do
business And give money (Mariotti and Glackin, 2014). So in this condition doing business is
very easy and they have to quality of taking risk and succeed because experience person
easily give they guidance. Doing business all are depended on the experience and background
a person hinder or foster. A business man wants the son and daughter also join they business
and almost are doing this but whose background is not related to the businesses then every
condition they were going on demotivate.
CONCLUSION
The above report concluded that there are different types of entrepreneurs such as life
style entrepreneurial venture, management entrepreneurial venture, aggressive
entrepreneurial venture. This research define so much impact on micro and small business on
UK environment. In this report define type of contribution to the growth of social economy
after “brexit” and it is described by they graph and type of key entrepreneurial personality
maintain. an entrepreneurial motivate to the other such type of characteristic, trait skill
should available in an entrepreneurial and describe they difference between they a business
manager and entrepreneurial. In this report give they how to a personable background and
experience can hider or foster entrepreneurial.
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REFERENCES
Books and Journals
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics.Journal of small business and enterprise
development.,20(1). pp.8-27.
Buckley, P.J. and Casson, M., 2016.The future of the multinational enterprise. Springer.
Burrows, R. ed., 2015.Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Dunning, J.H., 2014.Economic analysis and multinational enterprise. Routledge.
Hatten, T.S., 2015.Small business management: Entrepreneurship and beyond.
Karanja and et.al., 2013. Small business management.international Journal of Business and
Social Science.4(16).
Mariotti, S. and Glackin, C., 2014.Entrepreneurship and small business management.
Pearson Higher Ed.
Mariotti, S. and Glackin, C., 2014.Entrepreneurship and small business management.
Pearson Higher Ed.
Ramadani, V.E.L.A.N.D. and Hisrich, D.R,. 2015. Entrepreneurship and small business
management.Tetovo: South-East European University (in Albanian language).
Schaper and et.al.,2014.Entrepreneurship and small business.
Online
Ingemar J., 2015. [ONLINE]. Available
through:<httpwww.jmg.gu.se/digitalAssets/1388/1388180_paper_johansson-seva-----
larsson_the-entrepreneurial-mindset.pdf>
The state of business Britain. 2016. [Online]. Available through:
<https://www.enterprisenation.com/blog/posts/the-state-of-business-britain-2016-
micros-and-no-staff-firms-on-the-up-graphic> als
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