Role of Small Business in Improving Growth of Social Economy after Brexit

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different kinds of entrepreneurial ventures and its related typologies..................................1
P2 Similarities and Difference between entrepreneurial ventures..............................................3
TASK 2............................................................................................................................................4
P3 Interpret and assess how small & micro enterprise impact on economy...............................4
P4 Role of small business in improving growth of social economy after 'Brexit'......................7
TASK 3............................................................................................................................................9
P5 Characteristics, traits and skills of successful entrepreneurs and differentiation with
manager.......................................................................................................................................9
P6 Skills of entrepreneurs which shows entrepreneurial motivation and mindset....................11
TASK 4..........................................................................................................................................13
P7 Factors which hinder or foster entrepreneurship.................................................................13
CONCLUSION..............................................................................................................................14

INTRODUCTION
Entrepreneurship is the procedure who individually begins their business and bear all
risks as well as losses through themselves. It is an changing process for creating wealth through
taking higher risk within their enterprises (Blackburn, Hart and Wainwright, 2013). It can be in
any form like as cost, time, quality and many more. Entrepreneurs have lots of innovative and
new ideas which help in producing new products in the marketplace. With this, it is important for
entrepreneur to be creative and innovative in order to attract high numbers of buyers.
Management of small business is the procedure of managing operations as well as activities
which is conducted in small business for maintaining and controlling them in an effective
manner. In this assignment, it includes various kinds of ventures and its typologies. In this, they
also analyse experience as well as background of entrepreneur which foster and hinder the
entrepreneurship.
TASK 1
P1 Different kinds of entrepreneurial ventures and its related typologies
Entrepreneurial Ventures
This venture is same like a regular business but it is not so. It is a enterprise which is run
by creative or innovative people and they know how they can grab opportunity to manufacture
economic as well as social value in their enterprise effectively. This is very fast in creating
wealth with higher risk in order to produce services and goods.
Entrepreneur
Entrepreneur begins their own business as well as run their enterprise functions with
limited resources. This person is only responsible in order to make innovative as well as new
goods through bearing all risks and losses by themselves (Bridge and O'Neill, 2012).
Types of entrepreneurs Serial entrepreneurs: Individual person begins their own business in a continuous
manner as well as sell it at the stage of later. In this, they are having various types of new
and innovative ideas as well as finance. Social entrepreneurs: In this, individual person mainly focus on solving problems of
society instead of earning higher level of profits. This type of persons are more capable
and ambitious in handling essential social issues are faced by society members.
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 Female entrepreneurs: These type of entrepreneurs run whole enterprise in which
mainly it involve women's. These enterprises are owned as well as regulated by women
itself. In this, entrepreneurs are responsible for creating 50% employment.
 Male entrepreneurs: These entrepreneurs are responsible for running and controlling
ventures that are solely lead by them. The main aim of these entrepreneurs is to gain
competitive advantage at market place through provision of unique products to appeal
effectively to customers.
Entrepreneurship
It means as the capabilities as well as willingness to organise, develop and manage a
business venture by taking high risk in order to gain profits. This is a person who run as well as
develop all the business activities by themselves.
Kinds of entrepreneurial ventures Small business entrepreneurship: As per current scenario, there are 6 millions small
business which are running within present market in UK. It includes various types of
business like as grocery stores, travel agents, electricians, consultants and many more.
These all run their own business by their own risks as well as profits through themselves.
In United Kingdom, there are around 5.7 million of small businesses which provide the
employment opportunities to local people for the purpose of enhance their living
standard. Large business entrepreneurship: These can be referred to as those organisations which
conduct their activities with the sole motive of providing best quality products and
services to people. These entities emphasize upon innovation and leverage the same to
attain growth and popularity at market place. Such entities are aimed at fulfilment of
needs and preferences of customers so as derive maximum contentment from them.
 Social Entrepreneurship: In this type of business are running to provide benefits to
society through giving them goods according to their needs. They produce healthy
products which do not provide harm to society in negative way (Carsrud and Brännback,
2011). These are mainly innovators and their focus on developing the services or
products which can solve social problems and requirements.
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