Entrepreneurship and Small Business Management Post Brexit for UK
Added on 2020-09-03
15 Pages4648 Words31 Views
Entrepreneurship and SmallBusiness Management(opportunities towards smallbusiness post Brexit for UK)
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different entrepreneurial ventures and their relations with several typologies ofentrepreneurship..........................................................................................................................1P2 Similarities and differences of various entrepreneurial ventures...........................................3Task 2 ..............................................................................................................................................5P3 Interpretation of relevant data to analyse micro and small-business impact on the economy.....................................................................................................................................................5P4 Importance of small-business or start up in social economy after Brexit..............................7Task 3 ..............................................................................................................................................8P5 Determination of characteristic, traits and skills of successful entrepreneurs.......................8P6 Identify various aspects of entrepreneurial personality.........................................................9Task 4.............................................................................................................................................10P7 Background and experience that can foster entrepreneurship.............................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurship is an activity in which individual adopt new strategies and ideas ratherthan old procedures. It is related with new creativity, ideas and innovation for creating effectivegoods and services and it is depends of individual's capacities and abilities that how they respondto these aspects. Entrepreneurs come up with their ideas and objectives for the purpose ofgenerating profits and increase revenues through allocations of proper resources among variousproductions activities. Small-business and starts ups are firms which operated by an entrepreneuras this report is based on entrepreneurship and small-business enterprises (Ackermann, 2012). Italso will define Brexit which is Exit from European Union and it is denotions that taken byBritain. There are some entrepreneurial ventures and their relations with typologies will discuss.Similarities and differences of several ventures also discuss. This will analyse micro businessimpacts on economy and their contributions in social economies in Brexit time. It will definevarious characteristic, skills and traits of successful entrepreneur and their background forhindering entrepreneurship. TASK 1P1 Different entrepreneurial ventures and their relations with several typologies ofentrepreneurshipEntrepreneurial ventures generally concern with small firms which starts with briningnew innovative ideas and creative thinking by an individual for producing unique products andservices. Their main aim is to earn profits and generate incomes with small investment for socialvalues as well as economic conditions.Entrepreneurs are individuals who starts their own ventures with brings new thoughts,ideas and innovation for developing an organisation (Blackburn, 2013). They come up with theirresources such as land, manpower, capital and also manage all these in effective manner forgetting best outcomes. They are more powerful for handling business in any situations andalways ready for taking risks for smooth running of business. There are different types of entrepreneurial ventures such as:Small-business entrepreneurship: This is small firm in which two or more persons cometogether with various resources or bring their assets, creative thinking, ideas, innovation andplans for starting a new venture and achieve common goals. They invest more funds but their1
segmentation is lower in which they operate the business for getting profits. Some ventures areincluded in this such as general stores, travel agency, parlour, saloon and carpenters etc. as perthe data of UK businesses, it can be analysed that there are approx 5.7 million small-business andthey operated or made up around 99.7% companies for all non-government employees. In suchkinds of businesses they hire their family members for running an organisation so that they canearn money for feeding their family. Funds can be arranged through family, friends and businessloans from any local bank.Scale start-ups: This is also types of small business in which an individual starts a newventure for creating wealth and he has visions that he will change the world in the future (Hart,2013). Their major role is to attracts more investors towards organisation as they share theirinnovative ideas with them. They are very talented to bring more investment in the firm fromventures capitalist. For this purpose, they hire suitable, capable and confident for running anorganisation in appropriate manner. In this, scalable model use for reducing uncertainties andcosts.Large scale enterprises: In this, they operate large activities and their segment is broadfor the development of effective business. They work on daily basis as day to day transactionsoperated there. Large corporate businesses have their own life cycle in which they grow businessby new innovation, launch variety of products or services at the market place. Social enterprises: These kinds of business works for society as they focus on socialservices by providing best quality of products or services so that customers can be satisfied.Therefore, firm try to fulfil social demand and expectation regarding consumers goods and alsofocus on their welfare or social values.Relations with various typologies of entrepreneurshipFemale entrepreneurs:In this kinds of entrepreneurial venture, women starts and operatetheir own business. Females are very talented in managing the entire workforce as they takeresponsibility to handle the business and ready to bear several kinds of risks during running anorganisation (Bridge, 2012). They have quality to make better decisions and they are polite totackle the situations. For example Oprah Winfrey, she is successful female entrepreneur andowner of film production company. There are more successful women who operated business atglobal level. 2
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