The Impact of Entrepreneurship on UK's Economy

The assignment discusses the significance of entrepreneurship in the UK's economy, highlighting the importance of small businesses and their contribution to economic growth. It also explores the impact of Brexit on the country's monetary position and the role of technology in driving innovation. The document includes a review of relevant literature, including studies on entrepreneurial intent and the effects of entrepreneurship education. The summary concludes by emphasizing the need for further research into the relationship between entrepreneurship and economic growth in the UK.

ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
LO 1.................................................................................................................................................1
P1) Different types of entrepreneurial ventures and relation with typologies............................1
P2) Similarities and differences between entrepreneurial ventures............................................2
M1) Range of entrepreneurial ventures.......................................................................................5
D1) Critical evaluation on scope, development of entrepreneurial ventures..............................5
TASK 2............................................................................................................................................6
LO 2.................................................................................................................................................6
P3) Impact of micro and small businesses on country's economy..............................................6
P4) Impact on social and economic performance of UK as starting up new businesses after
'Brexit'.........................................................................................................................................8
M2) Differences in small and large businesses to make economy.............................................9
D2) Critical evaluation on impact of small businesses on economy........................................10
TASK 3..........................................................................................................................................10
LO 3...............................................................................................................................................10
P5) Characteristics and skills of entrepreneurs.........................................................................10
P6) Impact of entrepreneurial personality on motivation and mind set....................................12
M3) Lines of arguments relating to entrepreneurial characteristics..........................................12
D3) Evaluation on entrepreneurial characteristics to be successful entrepreneur.....................13
TASK 4..........................................................................................................................................13
LO 4...............................................................................................................................................13
P7) Background and experience influence on entrepreneurship...............................................13
M4) Relation between entrepreneurial characteristics and its impact on personal background
...................................................................................................................................................14
D4) Critical evaluation on link of entrepreneurs' characteristics with getting success.............15
CONCLUSION..............................................................................................................................15
REFERENCE.................................................................................................................................16

INDEX OF TABLES
Table 1: Differences between entrepreneurial ventures...................................................................3

ILLUSTRATION INDEX
Illustration 1: Uk's economy position..............................................................................................6
Illustration 2: Investment in technology in UK...............................................................................7
Illustration 3: Impact of Brexit on UK economy.............................................................................8
Illustration 4: Entrepreneurial skills...............................................................................................10

INTRODUCTION
Establishments of small business enterprises influence on country's economic growth at
higher level. It is related with improving education and employment by which entire
development of a nation is recognised. The present report is based on understanding significance
of entrepreneurship in UK's growth as of impact of Brexit. In this regard, different
entrepreneurial ventures and their typologies are to be discussed. However, impact on setting up
of new entities on country's growth can be identified in this report. Likewise, entrepreneurs'
characteristics and unique qualities are to be discussed that lead to get succeed in their ventures.
Along with this, entrepreneurs' characteristics and skills are to be identified for unique
achievement and contributing in country's development. However, importance of establishing
new entities for country's development is to be understood in this assignment.
TASK 1
LO 1
P1) Different types of entrepreneurial ventures and relation with typologies
Entrepreneurial ventures are identified in different ways such as; social, scalable, small
level and so on (Bae and et.al., 2014). However, new entities are established for different
purposes, scope and visions impact on growth of entity and nation as well. Various
entrepreneurial ventures can be discussed below: Small business entities: Setting up business and unique creations at small level come
under this venture which contributed in increasing country's economic position (Baker,
Grinstein and Harmancioglu, 2015). In this regard, new creations and businesses are
operated at small level initially. Scalable entrepreneurship: This venture is created for the purpose of expansion of any
company in context to creating innovations in its business operations (Bird, 2015). It is
risky and challenging for the entity to develop new products and attracting customers
towards it. Large company level entrepreneurship: A developing company also enter into
entrepreneurship as of investment on business operations for getting unique
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achievements. For instance; purchasing new machinery equipment for improving
products' quality services, establishing new entities for its expansion and so on.
 Social entrepreneurship: Entities which set up for contribution in nation's social
development at most come under this venture. For example; establishment of NGO,
foundation, charity trusts etc (Bruni, Gherardi and Poggio, 2014). Therefore, social
entrepreneurship aims to improve social status of the nation at maximum level.
Entrepreneurship typologies:
These refer as study of entrepreneurship and studying its different ways. However, for
different variety of entrepreneurial ventures, typologies are practised. In this regard, knowledge
regarding entrepreneurship and its ways get increased impact on business operations and getting
unique achievements. In addition to this, different ideas are generated to meet targets and
increasing efficiencies in wide range (Bruni, Gherardi and Poggio, 2014). Thus, entrepreneurial
ventures are linked with their typologies also impact on getting success and creating unique
quality featured in its products and services.
P2) Similarities and differences between entrepreneurial ventures
There are different kinds of entrepreneurial ventures related with accepting challenges
and creating unique quality features. They all aim to increase efficiency in business operations
and expansion of the entity. It influences social, economic and employment sector of the country
by which different ideas are generated for improving nation's effectiveness as well (Carland,
Carland and Stewart, 2015). However, similarities and differences between these entrepreneurial
ventures can be understood as follows:
 Similarities:
Entrepreneurial ventures are related with creating innovations in business operations and getting
unique achievement in it. In accordance to this, these all ventures targeted to contribute in social
and economic growth of the country at higher level also impacted on business' efficiency.
Including this, employment sector of the nation get improved influences its development in all
ways (Carraher and Paridon, 2015). Likewise, increasing entities influences country's monetary
position positively also remain effective for increasing competitiveness in comparison to other
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nations. However, all entrepreneurial ventures are established for social and economic
development of the nation effectively.
 Differences:
Although entrepreneurial ventures are established for contribution in country's development in
respect of social, economic and employment (Castello, Barbera and Vaara, 2016). But, these are
different in context to aims, scope and other aspects of business. However, comparison among
different entrepreneurial ventures can be understood as follows:
Table 1: Differences between entrepreneurial ventures
Base Small level Scalable
entrepreneurshi
p
Large company
entrepreneurial
venture
Social
entrepreneurshi
p
Aim Setting up new
entities at small
level.
To contribute in
country's
economic growth
To reduce
unemployment
Creating
innovations in
business
operations
Balancing entire
business
operations as well
working for
scalable
performance of
the entity.
Adopting
technological
advancement and
working for
improving
business'
performance
Increasing
productivity and
profitability of the
entity.
To contribute in
social
development of
the country
To increase
public welfare at
higher level.
Scope Increasing small
scale entities for
country's
economic growth.
Creating balances
in business
activities and
improving its
efficiency at
maximum level.
Expansion of
entity in different
ways as; adopting
new technologies,
improving
performance and
Increasing social
welfare and
people's trust with
operations of non-
profit
organisations.
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profitability on
large scale.
Fund required Moderate fund is
required
High level of
fund is required
for innovations
Highest level of
fund is required
for technological
advancement and
new creations in
business
operations at
maximum level.
Low and
moderate fund is
needed for social
welfare and
opening new
entities.
Risk level Moderate risks High level of
risks for making
market position
and business
operations.
Considers as the
highly risky and
challenging
entrepreneurial
venture in
comparison to
others.
Lower risk
occurred in
comparison to
other ventures.
However, entrepreneurial ventures are similar and different from each other as
established for different purposes and scope. It influences improvement in country's effectiveness
and growth properly. It is for creating innovations in business operations and improving quality
services at higher level.
M1) Range of entrepreneurial ventures
It is recognised that entrepreneurial ventures are useful for creating uniqueness in
business operations and business' performance at higher level. Therefore, social and economic
growth of UK can achieve. In addition to this, it is beneficial for business' effectiveness and
adopting technological advancement as well contributing in country's growth (Charness, 2014).
Moreover, various ideas are generated for innovations and uniqueness in business activities.
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Thus, various entrepreneurial ventures have maximum ranges to develop and improve its
operations.
D1) Critical evaluation on scope, development of entrepreneurial ventures
On critical evaluation, it is evaluated that entrepreneurial ventures are different in ranges,
aims and scopes. Similarly, it is quite challenging and risky for any entity to adopt new changes
and getting success. Likewise, there is risk in getting success and working for entity's growth
further. For example; due to changes in market price, people's interests impact on innovations
and business operations adversely (Cherny and et.al., 2016). Moreover, differences in scope and
purposes affect development and creations in business activities negatively.
TASK 2
LO 2
P3) Impact of micro and small businesses on country's economy
It is considered that small and micro businesses impact on UK's monetary performance
increasingly. In this regard, eduction, economic, social and other sectors get improved in wide
range (Dooley and Kenny, 2014). In accordance to this, it is analysed that UK's monetary
position has developed as increasing in small businesses. It can be understood with the help of
following statistical data:
5

Illustration 1: Uk's economy position
(Source: Increasing small enterprises impact on UK's economy, 2016).
It is identified that number of enterprises in UK at small level get increased from 2013.
However, there is constant growth in enterprises and impacted on economic position of UK
positively (Drucker, 2014). In addition to this it is also recognised that due to Brexit, UK's
government made policy for entrepreneurship and encouraging people towards setting up new
entities. It is resulted in financial and social development of the country and influencing
employment sector as well. However, large number of companies get established impact on
business operations and its effectiveness at higher level. In addition to this, it remains helpful for
improving quality services and business operations in terms of technological advancement.
Likewise, improvements in business sector of the country has been recognised for which
employment also get influences positively (Fayolle and Gailly, 2015). Thus, positive changes are
identified in UK and its economic position for which new innovations are created in business
operations effectively.
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In addition to this, increasing in enterprises also impacted technological development of
UK can be understood as follows:
Illustration 2: Investment in technology in UK
(Source: Technological development of UK, 2016).
It is evaluated that there are constant new technologies adopted for improving business
operations in UK impacted on quality services and country's growth positively. Including this, by
adopting digitalisation in business activities, its development has been recognised which impacts
on financial and innovations in business operations. Apart from this, it is also identified that
there is effective balance created between import and export of goods within countries of the
world (Hmieleski, Carr and Baron, 2015). Therefore, UK's economic and technological growth is
identified in terms of adopting new technologies and improving business operations on larger
scale.
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P4) Impact on social and economic performance of UK as starting up new businesses after
'Brexit'
As UK got seperated from EU impacted on its business, economic and employment
sector both positively and negatively. Further, government made policy plans for encouraging
people towards businesses and their establishment. It impacted on economic, social and
technological sectors of the entity increasingly (Mudalige, Ismail and Malek, 2016). Including
this, positive impacts are recognised in country's growth and improving efficiencies at higher
level. However, economic position in respect of GDP of UK after Brexit is identified as follows:
It is recognised that British economy get increased in context to foreign direct
investment. In accordance to this, various positive changes are determined in business and their
improvements (Schlaegel and Koenig, 2014). On behalf of this, forecasting is created for
increasing businesses as well developing new creations in their operations. In this regard,
forecasting on UK's economy is predicted as growing. However, its economy and number of
businesses can be increased at higher level in the future time.
M2) Differences in small and large businesses to make economy
It is recognised that setting up businesses impact on country's economy positively.
Similarly, it is also emphasis on its technological, business, employment and other sectors of
8
Illustration 3: Impact of Brexit on UK economy
(Source: Brexit influence on country's monetary position, 2016).

UK. However, big and small businesses influences economic sector differently as depend on size
of investment. For instance; big companies invest more in comparison to small businesses
therefore, return on them and business operations get impacted (Zhang, Song and Zhong, 2016).
However, establishments of small and large businesses are beneficial to make and increase
economy of UK at higher level.
D2) Critical evaluation on impact of small businesses on economy
As small businesses impact on UK's economy positively but on critical evaluation some
lacks are recognised. Like; government has to invest high level of amount for encouraging
people towards setting up new businesses (Cherny and et.al., 2016). Similarly, due to high level
of competitiveness and changes in technologies as well market prices, small businesses are
unable to afford them. Including this, it is challenging task for setting up any entity and working
for creating innovations in its business operations. Therefore, it is essential for working on
improvement in business operations for small businesses effectively.
TASK 3
LO 3
P5) Characteristics and skills of entrepreneurs
It is essential for an entrepreneur to have knowledge of setting up business operations and
tact to handle situations occurred. For example; problem solving and communication skills,
leadership tact, knowledge of recent business culture, determination etc. It impacts on business'
success and his/her professionalism as well personality. Including this, it is helpful for making en
entrepreneur stronger, more challenging and increases ability to taking risks (Fayolle and Gailly,
2015). In this regard, characteristics and skills of Peter Jones and Richard Branson- CEO of
'Dragon's den' and 'Virgin Group'. As Peter Jones got succeed in operating business in industries
as television, mobile phones, travel/leisure and real estate. And, Richard Branson is CEO of
Virgin group as works for virgin mobile, virgin airways etc. Both of them struggled a lot and
work for getting success in business operations. Likewise, they have some unique qualities that
make them different from other business men. In this regard, characteristics and skills of an ideal
entrepreneur in context to Richard Branson and Peter Jones can be identified as:
 Risk taker and challenging:
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Entrepreneurs are risk takers and challenging which encourage themselves for taking risks and
being initiative. In this regard, they work for handling situations occurred in business operations
during establishments and sustaining its position in market (Drucker, 2014). However, they
accept challenges as technological and new creating innovations in business operations.
 Creative ideas and strong determination:
It is recognised that Richard Branson create ideas for uniqueness in business operations and
having strong determination towards getting success (Dooley and Kenny, 2014). Similarly, Peter
Jones got fail in business time as for implementing activities but her strong determination power
leads to get succeed. However, entrepreneurs' creative and unique ideas as well strong
determination impacted on their skills and business operations positively.
 Clear vision and strategies:
Peter Jones has clear vision towards working for creating unique operations to get succeed in
business operations. Similarly, he has potential to handle any situation occurred in business with
patience which leads him to get succeed in promoting television serious which is known for
BBC, Dragon's Den at most (Charness, 2014). Likewise, preparing systematic strategies with
strong visions and goals are effective for reaching set targets and accepting challenges in
business operations.
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Illustration 4: Entrepreneurial skills
(Source: Skills of an entrepreneur,
2016).

 Confidence and strong working ethics:
It is most essential quality for an ideal entrepreneur top have confidence for whatever he/she is
going to. Accordingly, he/she must have trust on self towards taking step and considering ethical
considerations during business operations. For having these characteristics, Richard Branson and
Peter Jones got succeed in their business filed as for increases their abilities and attitude for
accepting new challenges in the near future as well.
P6) Impact of entrepreneurial personality on motivation and mind set
It is needed for an entrepreneur to have skills and increasing them effectively impacts on
working abilities. Including this, it encourages them towards being more encouraged and
handling occurred situations with patience and confidence at higher level (Carraher and Paridon,
2015). Moreover, it is beneficial for motivating them towards accepting challenges and working
for new creations in business operations more efficiently. However, by reading motivational
articles and stories of Richard Branson and Peter Jones, it is observed that getting success in
business once influence for further implementation and taking risks more in upcoming time.
Including this, it is beneficial for having strong and positive mindset towards new opportunities
in business. Similarly, it supports them for encouraging in the future time towards building up
confidence and having strong vision for the future business operations.
In addition to this, it is also observed that having entrepreneurial skills remain supportive
for stronger determination and working ethics towards business activities (Bruni, Gherardi and
Poggio, 2014). Moreover, it is for enhancing strength and more confident towards grabbing new
opportunities and reducing problems. Likewise, it increases learning and working abilities for
continuous learning and building up trust towards further business operations. However, it is
useful for personality development of an individual as well enhancing working abilities for
facing issues occurred during business operations as well working for staying confident and
learning new tactics for doing business more efficiently. In addition to this, professionalism,
attitude and perception of an individual get changed also encourages for accepting new
challenges and improving business' performance at higher level. Therefore, entrepreneurial
personality and quality features impacted on an individual's behaviour as well business
knowledge at maximum level.
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M3) Lines of arguments relating to entrepreneurial characteristics
Entrepreneurial characteristics are effective for increasing working efficiencies and
determination towards business' success in wider range. It influences them for taking more risks
and handling occurred situations in business operations. Similarly, they develop knowledge
towards business basics and innovations for improving working qualities at higher level (Bae and
et.al., 2014). On contrary to this, some arguments are recognised such as; less confidence to face
failure, lack of knowledge for handling situations occurred during business operations and so on.
However, discouraging after getting failure and fear to taking new steps demotivated an
individual. Therefore, some oppositions are also identified which requires to be reduced and
developing skills. Similarly, for maintaining confidence towards taking challenges and step
forward leads to improve business performance and entrepreneur's personality. Including this,
practising business efficiencies and reading books increases knowledge towards handling
situations and increasing quality of business activities at higher level. Thus, for improving
entrepreneurial skills, business and working practice is essential to build up his/her confidence at
most.
D3) Evaluation on entrepreneurial characteristics to be successful entrepreneur
Having entrepreneurial characteristics and skills impact leads for getting success in
business and being successful entrepreneur. However, it is effective for encouraging an
individual towards improving knowledge and developing skills for handling issues occurred in
business operations. Likewise, strong determination and having working ethics lead him/her
towards being confident and stronger for facing hurdles (Baker, Grinstein and Harmancioglu,
2015). In addition to this, it is helpful for encouraging an individual towards increasing learning
and working attitude influences further business operations and his/her personality. Moreover,
he/she gets more matured towards for expansion of business and improving efficiencies at higher
level. Along with this, it is related with improving quality features and self motivation to get
success on larger scale. Therefore, entrepreneurial characteristics and skills are essential for
increasing working potential and ability to handle problems occurred in business operations more
effectively.
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TASK 4
LO 4
P7) Background and experience influence on entrepreneurship
An entrepreneur develops his/her skills and characteristics by living in suitable
environment. However, background and experience of an individual impacts on skills, behaviour
and working abilities. It is also influences on business performance and entrepreneurship. In
accordance to this, it is in born skill and can be learned through practising as well attending
classes (Carland, Carland and Stewart, 2015). Therefore, working style, personality and
behaviour of an entrepreneur get impacted positively. In this regard, different development
classes are conducted for increasing skills and working tactics for an individual. However,
background from he/she belonged to as well working practices and ethics impact on business
performance and personalty. For practising entrepreneurship, an individual can learn through
attending business and development classes also impacts on working abilities and ideas for
reducing business risks.
Including this, with practising business and working for any entity as of getting
experience influences to be an entrepreneur and focused for getting success effectively.
Likewise, reading articles in books and magazines as well online lines, ventures of successful
business men encourages feeling of being confident. It is for building up an individual's trust and
confidence towards taking risks and initiatives for business and improving working abilities of
an individual. Along with this, it is effective for continuous learning and being determinant
towards reaching to set target effectively. It influences personality and professionalism of
entrepreneur towards business operations and accepting challenges for the further years. Apart
from this, having entrepreneurial characteristics also emerge as in born quality also learn through
their family members (Castello, Barbera and Vaara, 2016). Therefore, entrepreneurial skills are
developed from childhood or can be increased by practising on it. It impacts on background from
where he/she belonged to as well practising manner to increase abilities at higher level.
M4) Relation between entrepreneurial characteristics and its impact on personal background
It is recognised that having entrepreneurial characteristics impacted on personal
background and experience. In this regard, their working abilities and skills to deal with
problems get improved. Similarly, he/she feels more confident towards taking new step and risks
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for business operations. However, it is related with decision making and entrepreneurial skills at
maximum level. In addition to this, personal background and skills of an individual get
developed such as; communication, problem solving, business knowledge and so on. In
accordance to this, these characteristics and skills impact on personal background also increases
experiences effective for further years (Cherny and et.al., 2016). Moreover, variety of ideas are
generated for improving skills and facing situations occurred in personal life and business
operation as well. In accordance to this, he/she becomes stronger and more matured to deal with
new issues with confidence. Thus, entrepreneurial skills influence to learn more and getting
success towards taking new steps in business activities.
D4) Critical evaluation on link of entrepreneurs' characteristics with getting success
It is evaluated that entrepreneurs' characteristics are effective for getting success in
business operations and developing an individual's personality. It influences learning and
working styles of person for which he/she becomes stronger to tackle new hurdles in business
operations (Fayolle and Gailly, 2015). On critical evaluation, it is not needed for all
entrepreneurs to have similar characteristics and working potential for business operations and
dealing with situations occurred in it. However, differences in attitude, perception, feeling down
for getting failure affects personality and working qualities of individual. Therefore, by attending
entrepreneurial classes, learning and working style of an individual can be increased at higher
level. However, his/her personality get improved by which different ideas are generated for
further business expansion and increasing efficiency.
CONCLUSION
It is concluded that increasing small businesses influences country's economic growth. In
this regard, entrepreneurial ventures are identified related with typologies as social, scalable,
small scale and so on. Moreover, impact of Brexit and small businesses on UK's economy has
been understood also impacted on employment and other sectors. In addition to this,
entrepreneurial skills are recognised which encourage for learning more and increasing working
abilities of an individual in this report. Similarly, impact of entrepreneurial on skills and mindset
of business men is evaluated which are linked with personality and business operations in the
future time. However, significance of entrepreneurship and increasing number of enterprises on
economic growth of UK has been understood in this assignment.
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REFERENCE
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Online
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<https://woodfordfunds.com/economic-impact-brexit-report/>.
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