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Entrepreneurship Assignment: Brexit in UK
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Added on 2020-06-06
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ENTERPRENEURSHIP
TABLE OF CONTENTSINTRODUCTION.....................................................................................................................................3TASK 1.......................................................................................................................................................3P1. Illustrate different types of entrepreneurial ventures and its relation with entrepreneurship typology.................................................................................................................................................................4P2. Differences and Similarities between different entrepreneurial ventures...........................................5TASK 2.......................................................................................................................................................6P3. Illustrate statistics and data to interpret impact of micro and small scale business in the economy...6P4. Importance of small businesses and startups in society growth after Brexit......................................6TASK 3.......................................................................................................................................................7P5. Mini Research to determine characteristics, traits and skills of entrepreneurs...................................7P6. Aspects of entrepreneurial personality that reflect entrepreneurial motivation and mindset..............8TASK 4.......................................................................................................................................................9P7. Background and Experience that hinder or foster entrepreneurship..................................................9CONCLUSION..........................................................................................................................................9REFERENCES........................................................................................................................................10
INTRODUCTIONEntrepreneurship is an act of performing activities and operations related to business. Theperson who come up with this type of work process is known as entrepreneur. They always comeup with innovative ideas and action that contribute in achieving final set goals and targets. Every business work along with combining efforts of different factors of productions that include land, labour, capital. They are utilized together and work towards single vision. This project throws light on case of Brexit in UK. It highlight the impact on small scale businesses. Moreover, it alsohighlight the skills, qualities that must be possessed by success entrepreneurship. Business have to operate in the environment which keeps on changing with time. Hence, there are number of factors that are present inside or outside the world. These have to be examined by management to reduce its impact at significant level. UK government has contributed in increasing the processof post “brexit”, they have made lot of measures to promote small scale business and able to attain market growth in competitive business environment. There are different type of business organization having diverse functions and responsibilities. They also acquire different capital that could be executed in proper way so that their mission could be accomplished.TASK 1P1. Illustrate different types of entrepreneurial ventures and its relation with entrepreneurship typologyVentures are business firms which are set up in result of innovative thoughts and beliefs. They have some goals and objectives that have to be achieved in given time frame. Every business entity come into existence to earn good market share and growth. It is their duty to acquire and use all resources in effective and efficient manner. There are number of ventures thatexist in market having certain responsibilities and perform diverse functions. Their basic aim to produce goods and services to satisfy customer’s needs and wants and establish good image in their minds so that they can sustain for longer period of time (Kirzner, 2015). There are several entrepreneurial firms exist in business world that are mentioned below:Small sized business organization: This is set by an individual who perform all functions on its own. They himself gather all resources and carry out it operations. These include, small shops, general stores, showrooms, agencies etc. According to the data gather by UK government it has been observed that there are approx. 5.0 million business that are operating in small scale. They do not hire labors from outside but have their own family members that directly helps in saving their extra cost.Large scale business organization: they are different from small scale firms in terms of capital, operations, resources and many other things. They have distinct way of performing actions. New established entrepreneurs: they are also known as startup business. They have some unique ideas which have not been taken up by anyone else in the market yet. Hence, they have opportunity to grab it and establish it with higher growth. There are number of risks that are
associated with it hence, there are measure to control these challenges (Schaper, Weber, and Gibson, 2014).Business providing social services: This type of business firm is established for giving social services to the society. They only aim to increase quality of people living in area. It include services like supplying education facility to students and aiding needy people in form of housing, food, cloth facility.Relationship of entrepreneurship with topologies:Female entrepreneurs: in this type of typology female carry out business work operations. They work similarly to other business man and manage all problems by themselves without any fear. Oprah Winfrey, is one of the example in this category (Kuratko, 2016).Social entrepreneurs: they are consider nonprofit organizations that aims not to receive profit or gains but make efforts to increase value of society. So that people living should have high standard of living. Serial business entity: in this type of typology single man carries out the process of institution himself. They also take challenges and risks that come across in their business life. P2. Differences and Similarities between different entrepreneurial venturesThere are number of business entities having diverse nature and functions they perform. There are several advantages and disadvantages attached to it (Bridge, and O'Neill, 2012). Male entrepreneursFemale entrepreneurSimilaritiesSimilaritiesThey draw business plans for their working process who carry out their operations in successful manner so that their set vision and mission can beobtained.They have to face number of challenges, threats that are present in outside business environment. They also make their policies and rules to work accordingly. They are known as multi worker as they work all activities simultaneously.They contribute good percentage in CSR activities while business operations. DifferencesDifferencesThey have different nature as compare to female entrepreneurs. They are rigid in natureand only work in particular direction that is toearn high financial gains.Females work in distinctive nature as they have soft and creative mind. They can perform different work operations at the sametime. They also use their innovative minds to stand with other opponents.Lifestyle venturesSerial VenturesSimilaritiesSimilaritiesThey always come up new and unlike ideas. Their basic motive is to meet They also carry out their business process on accordance to market
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