Entrepreneurship and Small Business Management : Brexit

Entrepreneurship and Small Business
Management

TABLE OF CONTENTS
INTRODUCTION......................................................................................................................3
1. Examining different types of entrepreneurial ventures and relates the same with the
typology of entrepreneurship..................................................................................................3
2. Explaining the similarities and differences between entrepreneurial ventures .................4
3. Assessing the impact of micro and small business on economy .......................................7
4. Presenting the manner in which small business and new start-up will contribute in
economic growth after brexit.................................................................................................8
5. Defining skills, traits and characteristics of two successful entrepreneur..........................8
6. Explaining how background and experience hinder or foster entrepreneurship..............11
CONCLUSION........................................................................................................................11
REFERENCES ........................................................................................................................13

INTRODUCTION
Entrepreneurship implies for the capacity as well as willingness in relation to
developing, organizing and managing business venture. With the motive to attain profit
margin and create effectual image at marketplace entrepreneurs laid emphasis on taking risk.
In the recent times, individuals make focus on starting their own venture for getting the
desired level of profit margin. In this, report will provide deeper insight about differentent
entrepreneurial ventures. Further, it will also highlight the extent to which different types of
entrepreneurial ventures differ from each other. Report also shed light on the level to which
small business units contribute in the economic growth and development. Besides this,
impact of Brexit will also be discussed in the context of small businesses and new start-up. It
also entails the skills and characterises possessed by successful entrepreneurs. Such report
also defines way in which educational background and experience level fosters
entrepreneurial activities.
1. Examining different types of entrepreneurial ventures and relates the same with the
typology of entrepreneurship
Entrepreneur may be defined as a entity who organizes, manages and identify risks
associated with the business. Entrepreneurial ventures can be described and presented in the
following manner:
 Small businesses: Such category includes privately owned corporation, sole
proprietorship and partnership firm. Small businesses are characterized with less
number of employees and less revenue (Bruton, Ahlstrom and Li, 2010). Examples of
small businessperson stores, consultants, travel agents etc. In UK, small businesses
prefer to hire local personnel and family members. Small business entities run their
operations with an objective to attain high profit margin. However, such kind of firms
does not lay focus on industry take over or making £100 million business.
 Large businesses: Big size entrepreneurship firms are characterized with finite life
cycles. Large business units having more personnel and make focus on both profit as
well as sales revenue. As per laws, large sized companies must have at least 5000
employees and sales revenue higher than 1.5 billion Euros. Such kind of business
units lays emphasis on growth through sustaining innovation and offering new
products or services (The Four Types of Entrepreneurship, 2018). Technological

variants, changes in customer preference etc. offers opportunity in front of large sized
businesses to come up with innovative products
 Scalable start-ups: It refers to the start-up which is initiated by the individuals who
look for repeatable and scalable model. Scalable start-up includes viable business
model which in turn helps in responding marketplace need as well as problem
prominently. Thus, individuals with innovative ideas and concepts can start scalable
start-ups.
 Social entrepreneurship: Firms which make efforts and create new products or
services for solving needs as well as problems of society recognized social business
entrepreneurship (Dacin, Dacin and Matear, 2010). Social firms can be distinguished
as a profit making, non-profit or hybrid.
Thus, according to the aim and objectives one can start new venture and thereby would
become able to carry out operations more effectually. From assessment, it has identified that
entrepreneurs are distinguished or presented in the basis of their characteristics. Types of
entrepreneur are enumerated below:
 Innovator: Such kind of entrepreneurs lay focus on building competitive edge over
others by offering innovative products or services. This kind of typology is also
highly associated with scalable start-ups which emphasizes on introducing innovative
ideas and concepts.
 Small business owner or manager: Business entity who starts with small amount for
maximizing productivity and profitability fall into this category. It is closely linked
with small business units which makes efforts for getting high level of sales and profit
margin.
 Risk –oriented: Entrepreneurs who fall into this category prefer to take more risk for
attaining success. Hence, business entities who are characterized with such behaviour
offer or introduced completely new product in the market.
2. Explaining the similarities and differences between entrepreneurial ventures
By doing assessment following similarities and differences have found in the
entrepreneurial ventures such as: