UK Economy and Entrepreneurial Success

This assignment examines the influence of global economies on the socio-economic development of the UK following Brexit. It delves into the characteristics, skills, and traits that contribute to entrepreneurial success in building prosperous enterprises. Furthermore, the report analyzes factors that can potentially hinder or promote enterprise growth.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
LO1.............................................................................................................................................1
P1. Different types of entrepreneurial venture and their relation................................................1
P2. Similarities and differences between various enterprises.....................................................2
TASK 2............................................................................................................................................4
LO2.............................................................................................................................................4
P3. Impact of small and micro businesses on the economy........................................................4
P4. Contribution of start ups and SME's in the growth of the social economy in UK after
Brexit...........................................................................................................................................5
TASK 3............................................................................................................................................6
LO3.............................................................................................................................................6
P5. The characteristics, traits and skill sets of two entrepreneurs that are been used by
entrepreneurs to achieve a better success....................................................................................6
P6. Reflection on the entrepreneurial motivation and mindset...................................................7
TASK 4............................................................................................................................................8
LO4.............................................................................................................................................8
P7. Impact of background and experience that can hinder or foster the growth of an
organisation. ...............................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES .............................................................................................................................10

INTRODUCTION
Entrepreneurship is a skill to convert the innovation into profitable business ideas. The
entrepreneur is a person who makes the best out of the available resources and is able to take
risks, growing and developing its business or enterprise. An entrepreneur will bring something
new or create an innovation in the existing idea or the product available in the market. This will
improve the market condition and will open a new scope and sector in market (Abrams, 2017).
The small level business we have taken in consideration is Educ8 Group. It is an enterprise
which works in the digital learning and education. This report will cover the details of various
types of entrepreneurial venture and their similarities and differences. Also, the report will
discuss the effect of micro and small level businesses on the economy and their contribution in
social growth. We will also discuss the traits of entrepreneurs and the factors that can increase or
decrease the growth of an enterprise.
TASK 1
LO1
P1. Different types of entrepreneurial venture and their relation
The entrepreneurial ventures are innovative ideas that are been turned into a successful
business by the entrepreneurs. The entrepreneurs will implement their capital, knowledge
resources and skill sets to develop the enterprise and will also recruit the new employees on
attaining a sustainable growth with common mindset and knowledge (Bhachu, 2017). There are
various types of entrepreneurial ventures which are different on the basis of their investments,
scale of productivity and work power. Some different types of entrepreneurial ventures are:
 Micro level enterprise: These are the enterprise where the individual or the group of
people work together on their own, using their skill sets and knowledge. They either work
in freelance or set up their own workplace to carry out their functionality (De Massis, and
et.al., 2017). Their main goal is to earn a profit and generate enough income or capital to
run their businesses. They often provide services to other enterprises in the market. It
usually consists of serial or female entrepreneurs, who start the various entrepreneurial
operations on their own to gain a better profitability for their venture.
 Small and medium scale enterprise: These are either independently owned or are been
in the small level partnership. They usually don't dominate in their operational field. They
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determine for the growth and work for it (Fini, Perkmann and Ross, 2017). It consists of
the people with common skill sets and knowledge about the field and are comprises
mostly the family members or close ones as the employee. They often invest their own
capital or take loans from bank or can have their personal funds to establish the enterprise
and get its growth. Their main objective is to get a good profit and attain a sustainable
growth. They are small level job providers and generate the taxes. The entrepreneurs of
these ventures are usually female serial and some times social entrepreneur's who work
for the betterment of the society and their businesses or venture.
 Large companies: They are high level enterprise with large investment and job
opportunities. They are, as per the scale, the established and well known firms with large
infrastructure and work force. They are either self sustained or take the help of small and
medium level enterprise to get their work done. They take loans from the banks on vast
scale or generate funds from the stakeholders (Bhachu, 2017). They are mostly
established in partnership and the profit achieved is distributed among the employees and
the stakeholders along with the business partners. They provide jobs on large scale and
are the major tax payers in the economy, contributing to its growth. The entrepreneurs of
these ventures can be female and some times social entrepreneur's who work for the
betterment of the society and their businesses or venture.
 Social good enterprise: They are either owned by an individual or a group of people
which work for a social cause. Their investment is majorly their personal funds or the
support they get from the government or other NGO's along with the support from SME's
and the larger enterprises. Their size and operational ability may vary and can they
mostly work for the philanthropic activities. They lay a major impact on the society as
they work for its betterment and growth (Hornsby, and et.al., 2017.). Their profit is been
shared among the employees and is not been taken by the developers. They usually work
for the improvement of the social economic and health conditions in the society and
improve the standard of living of the people. They can either get the support from the
various enterprises in the market. It basically consists of the social entrepreneur's who
want to work for the betterment of society.
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P2. Similarities and differences between various enterprises
As there are various types of the enterprises operational in the market, there is a mutual
connection between them. The various business enterprises that are operation in the market are
interdependent on each other to carry out their operation's and functionalities (Collins, 2017).
The similarities between various entrepreneurial ventures are:
 They all need investments on the initial as well as on the operational level to run their
operations. It can be either the personal funds or capital, loans or the money invested by
the investors or the stakeholders in the company.
 They all need skilled and knowledgable labour and work accordingly to meet the
customers or the market requirements (Huq, and et.al., 2017). They will have a common
mindset and goal of the enterprise growth and will use their various skills to promote the
growth of the company or the enterprise.
 They will work for the value creation and will perform accordingly to attain the better
market share and customer satisfaction level. They work for the growth of the company
and will take the measures to maintain and increase it in the positive side (Hardy and
Maguire, 2017). This helps the company or an enterprise of any scale, meet its market
goals.
But, despite the similarities, there are some major differences in the overall functionalities and
performance scale of the various entrepreneurial ventures that are been operational in the market.
Some major differences of the various entrepreneurial ventures are:
 There is major difference in their scalability. Where the micro level enterprises usually
operate on the local level, the SME's and the social may have the branches in various
cities or states. The larger enterprises are usually operational on national as well as the
international level.
 The scale of their capital investment and the profit will also be different and as per their
operational ability and functionality (Dimov and Dimov, 2017). While the micro level
and SME's usually has their own fund and capitals, the larger enterprises rely on the
stakeholders and banks for their capital requirements. The social groups rather rely on
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their products and services and the funds or support they get from various NGO's and
enterprises.
 Even their profitability will also vary. The Micro level enterprise has the profit of their
own and is usually not shared. The profit or the revenue generated by SME's is been
further used for carrying out the operations and functionalities of the company and
salaries of the employees (Abrams, 2017). Larger enterprise too, use their profit margin
for the development of the enterprise but it is shared among the business partner's and the
stakeholders. The social groups will use the profit for developing more innovative ideas
for the betterment of the society.
Small enterprise Large enterprise
 Their operational capabilities and
capacity is low or limited.
 They have high operational capacity.
 Their budget is limited.  They have high amount of findings.
 Usually owned by a single person.  Owned in partnership or collaboration.
TASK 2
LO2
P3. Impact of small and micro businesses on the economy.
The SME's and the micro businesses plays a very crucial role in the growth and
development of the economic conditions of a nation. They are the major player in the market as
they directly interact with the customers and get the knowledge about their requirements. They
will work as an intermediate between the larger manufacturers and the customers. Besides this,
they will help to promote the products or the services that are been manufactured and provided
by the larger enterprises (Bhachu, 2017). They improve the quality of work, standard of living
and the income scale of the market. They create a newer market base and open a fresh scope in
the economy of the country. They promote the sustainable growth and brings a better stability in
the economy of the nation. Besides this, they also promote the growth of the newer enterprises
by supporting them and provides essential support and financial help to the emerging companies
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or the enterprises. Thus, in this way they contribute to the growth of the economic stability of the
country.
Besides this, they are one of the basic job providers to a larger number of employees. The
companies like Educ8 Group will provide the skilled and knowledgable candidates a better
corporate exposure. The SME's and micro businesses will increase the jobs and will generate a
better revenue for the economy of the nation. They will also prepare the good employees for the
functioning in the larger enterprises. They also support the larger businesses and provide them
with the required raw material or the services they want to carry out their functionalities. They
will do the best to gain the profit and forms a major part in the tax payers. Thus, they will help in
development and growth of the economy of the nation. In the developing countries, they play a
very crucial role. In 70% to 80% cases, they create jobs on wide scale, provide employments and
professional trainings to improve their skill sets and knowledge. Other than this, they generate a
better revenue, thus improve the quality of market conditions and contribute in the growth of the
economy of the country. They increase the GDP of the nation promoting a sustainable growth in
the development of the economy of the country (Chaston, 2017). In 60% of the developing
countries, the major part of the tax comes from the SME's that are operational and functioning
actively in the economy. They are the major part of the market and thus lays a direct impact on
its growth along with the economic conditions.
P4. Contribution of start ups and SME's in the growth of the social economy in UK after Brexit
The Brexit was a major decision in the political, social and economic condition of the
UK. The decision of UK separating from the EU was a major reason that cause a disturbance in
the market as well as the economy of the nation. As the UK separated from the EU, the business
ties and relations between various countries were adversely affected. But it also opened a newer
scope of development and growth of the trade and businesses in the UK for the other countries
too. The Brexit has created an ideal condition to increase the trade and establish a start up or a
SME in UK. This will provide a social as well as the economic stability to UK and improve its
trade relations with the countries outer than the EU (Collins, 2017). When UK was a part of EU,
there had been many trade and business restriction's that are been imposed on the country which
restricted the efficient trade flow within the various countries and also avoided the global
exposure which was required by UK for the better development of the economy and is important
for the country. It was bounded by the decisions made by EU to develop the economic
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conditions. But after Brexit, now UK is free to take the decisions related to its social as well as
the economic conditions.
As the economy of UK will need a support for its growth and development, this will
create a good environment for the development for the start ups and SME's, which will
contribute in the growth of economic condition of UK. The start ups will help the country
increase the economic growth and meet the trade or business requirements of UK. The start ups
will not only provide the employments to the candidates in the UK, but also brings the foreign
investment to the country which will contribute in the growth of the economy in UK. They will
work accordingly to improve the work condition of their firm and meet the customers
requirements in UK. The start ups will help in contributing the growth and sustainability of the
economic condition of the UK. As after the Brexit, there will be no trade restriction on UK,
which will increase the chances of getting more and more foreign investment in the country
which will increase the setting up of more small businesses and start ups in UK. Besides this, it
will give the rise to the global exposure to the UK which it needs at this point of time. The newly
established start ups will attract not only the local employees but also from abroad (De Massis
and et.al., 2017). The employees will apply for jobs in UK from all over the world which will
increase its social diversity and improve the socio economic conditions of the country. The
employees from various countries and social background's will work in the newly established
start ups and small businesses which will help the growth of the social equality and maintain a
better social diversity among the citizens of UK. Besides this, the economic improvements that
will be practised by the country will help the companies to plan accordingly and develop a better
work environment and betterment in the start ups and small businesses. Apart from this, the
government too will promote the growth of start ups and small businesses in the country which
will increase the number of Start ups in the country (Dimov and Dimov, 2017). The UK will
provide the essential support and environment to nurture the newly established start ups and
businesses. This will make UK as a hotspot for the growth of the SME's and start ups in UK.
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TASK 3
LO3
P5. The characteristics, traits and skill sets of two entrepreneurs that are been used by
entrepreneurs to achieve a better success
The entrepreneurs are the people who turn the innovative ideas into the successful
businesses which help them to gain a better sequential and sustainable growth in the market. An
entrepreneur will never back off to take the strong decisions and risks of the market and will
always think to improve the work quality and share of its enterprise in the market as compare to
its competitors (Fini, Perkmann and Ross, 2017). He will bring out the assessment of the
customers requirements and will come up with the most precise, innovative and effective
solution to meet the requirement of the customers. Some major traits and qualities that are been
possessed by this two entrepreneurs are the major reason for the success of their enterprise are:
1. Steve jobs: Steve jobs is the most revered and respected among the entrepreneurs that
have been successful in their enterprise. His deep and far vision in regard of technology
and timely assessment of the customers requirements and then coming up with most
effective and innovative solution made 'Apple Inc.' a house hold name and one of the
most developed and valuable technology brand in the world. His ability to take risks and
courageous approach to explore the new segments of market helped him to gain a better
access of the market as well as customers. Besides this, his positive thinking and
motivational leadership qualities help the company to develop a sustainable market
position. Apart from this, his ability to take timely and strong decisions also affected the
Apple Inc. to develop a better work process which helped the company top come up with
better and innovative products and services (Hardy and Maguire, 2017). Steve jobs
appointed the people with equal passion and love for the innovation and technology as his
own and build a team of experts who contributed in the immense success of the business
enterprise. Apart from this, his never give up attitude and excellent communication skills
helped him to meet the market challenges and cope up with the competition (Hornsby and
et.al., 2017). His confidence and creativity not only helped Apple Inc. to produce better
and innovative products and services, but also emerge as a market leader. Besides this,
the excellent use of marketing and effectively using it for the promotion of products and
services is the major reason behind the success of Apple Inc.
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2. Mark Zuckerberg: One of the youngest billionaire in world and the founder of the
social networking site Facebook, Mark is considered as one of the most passionate
entrepreneur of the Silicon Valley. His passion and determination to bring the whole
world together and closer is visible in the services of Facebook. His ability and
confidence of taking risks, opting newer technologies and measures to meet the
requirements of the customers and approach to provide the customer or the user with the
best service experience is the key factor of his success (Huq and et.al., 2017.). His
creativity and adaptability helps the company to come up with better and innovative
services. Besides this, the ability to connect with people and very good interpersonal
skills are also a major break through for him to promote and develop his product.
P6. Reflection on the entrepreneurial motivation and mindset
From the qualities and the traits that are been discussed above, I have learned that to be a
successful entrepreneur, one must be determined, passionate and dedicated towards its goals. I
am deeply motivated and inspired by the traits, skills and qualities of the entrepreneurs which
made them as well as their enterprise a major success, that are been discussed above. I strongly
believe that to be a successful entrepreneur, one must have a deep s well as the far vision in
regard to its goals. Also, the importance of hard work and smart approach can't be denied.
Having a positive attitude towards the work and never giving up despite the failure is also very
important (Schmalz, Sraer and Thesmar, 2017). To be a very successful entrepreneur, one must
be adaptive to change. An ideal entrepreneur regularly assess the market trends and the taste of
the customers to know their demands and solve any issue they are facing. This will not only help
him to develop and come with better and innovative services, but also build a better connection
with its user and customers.
Besides this, the courage to take the strong, right and timely decision for the betterment
of the services is also very important. The discipline and the better management skills are one of
the core trait or quality that is very important for the success of the enterprise. The entrepreneur
must be confident about the decision that are been required for the development and the
betterment of the company (Schwens and et.al., 2017). Apart from this, I learnt that, the
entrepreneur must have a feeling of self initiation and creativity along with a competitiveness to
succeed in the market. Apart from this, he must be able to work with ethics and in fair manner to
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improve the brand image and interpersonal relation not only in his organisation but also with its
customers and competitors.
It involves the OCEAN approach where:
Openness: the above discusses entreprenuers are quite open to any sort of change or alteration
requires with the time.
Conscientiousness: they are self disciplined and very work oriented with the positive attitudes
towards their operations motivating to develop such attitude.
Extraversion: the capability to convince and attract people is also a major trait that helps in the
effective management of the various operations of the company. This trait is very useful to get
success.
Agreeableness: The entrepreneurs accept and agree to the opinions of others, which is an
essential trait to acquire.
Neuroticism: they avoid feeling or facing the dark emotions such as anger depression etc to
sustain the productivity.
TASK 4
LO4
P7. Impact of background and experience that can hinder or foster the growth of an organisation.
The background support and the field experience is very important to maintain the quality
and sustainability of the growth of the organisation. To maintain the work standard and meet the
customers demand is the major goal of the company. Besides this, the support of the financial
background is very necessary for the start up or a SME. The background will not only help the
company to initiate the basic functionality, but also to tackle any sort of economical disturbance
that may affect the profitability and performance of the company. Besides this the knowledge
background is also essential to run the business effectively (Sutter, Bruton and Chen, 2017). The
field knowledge will help the entrepreneur to manage its operations and work accordingly. This
will help him to effectively analyse the risk factors and the scope of growth in the business and
how to manage them to attain a better market growth and customer satisfaction level.
Besides this, the knowledge also plays very crucial role in the development and growth of
the company. The effective and efficient knowledge about the business, strategies, its
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requirements and the strengths and weaknesses is very important for the better growth of the
business. The knowledge about the product and services that are been available and using the
skills to develop a better and innovative product is very necessary. The entrepreneur will use his
knowledge and skill sets to come up with the better solution of a real time problem to make the
life of people easy and comfortable (Stuetzer and et.al., 2017). The precise use of the available
background support and the field knowledge can prove as a better fostering or growth factor for
the company. Besides this, it will also help him to plan for the future strategies and how to meet
the up coming challenges of the market. For instance, Steve Jobs had no deep knowledge or
experience in the computer development or IT fields, yet he managed to develop one of the most
valued IT firms with his positive attitude and determination.
CONCLUSION
Thus, from the report it can be concluded that the entrepreneurship is an effective tool to
change the innovative and effective business idea of product or service into a successful
enterprise. It is an approach which includes the effective use of the services, raw material and the
other resources that are been used to develop a better product by the enterprise. This report
focused on various types of entrepreneurial ventures and their interdependency with their
similarities and differences. The report also covered the impact of start ups and SME's in a
country's economy and their impact on the socio economic growth of UK after Brexit. Report
also cover the traits, characteristics and skill sets of the entrepreneurs that help them to gain
success and build a better enterprise. Apart from this, the report also cover the factors that can
affect the growth of the enterprise.
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REFERENCES
Books and Journal
Abrams, R.M., 2017. Entrepreneurship: A Real-World Approach.
Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Chaston, I., 2017. Entrepreneurship. In Technological Entrepreneurship. pp. 1-24.
Collins, J., 2017. Beyond entrepreneurship.
De Massis, A., and et.al., 2017. Sector-Based Entrepreneurial Capabilities and the Promise of
Sector Studies in Entrepreneurship.
Dimov, D. and Dimov, D., 2017. Towards a qualitative understanding of human capital in
entrepreneurship research. International Journal of Entrepreneurial Behaviour &
Research. 23(2). pp.210-227.
Fini, R., Perkmann, M. and Ross, J.M., 2017, January. The Impact of Hybrid Entrepreneurship
on Individual Performance in Research Organizations. In Academy of Management
Proceedings. Vol. 2017. No. 1. pp. 14241.
Hardy, C. and Maguire, S., 2017. Institutional Entrepreneurship and Change in Fields1. The
SAGE Handbook of Organizational Institutionalism. pp.261.
Hornsby, J., and et.al., 2017. Entrepreneurship Everywhere... Across campus, Across
communities and Across borders.
Huq, A., and et.al., 2017. All the world’sa stage: transforming entrepreneurship education
through design thinking. Education+ Training. 59(2). pp.155-170.
Schmalz, M.C., Sraer, D.A. and Thesmar, D., 2017. Housing collateral and
entrepreneurship. The Journal of Finance. 72(1). pp.99-132.
Schwens, C., and et.al., 2017. International Entrepreneurship: A Meta‐Analysis on the
Internationalization and Performance Relationship. Entrepreneurship Theory and
Practice.
Stuetzer, M. and et.al., 2017. Entrepreneurship culture, knowledge spillovers and the growth of
regions. Regional Studies. pp.1-11.
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Sutter, C., Bruton, G.D. and Chen, J., 2017, Entrepreneurship as a Solution to Desperate Poverty:
A Review and Future Directions. In Academy of Management Proceedings. Vol. 2017.
No. 1. pp. 14047.
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