Entrepreneurship: Types, Impacts, and Contributions in the UK Economy after Brexit

ENTREPRENEURSHIP
1 | P a g e

Table of Contents
Introduction............................................................................................................................2
Methodology...........................................................................................................................3
The different types of Entrepreneur ventures and their relation.............................................3
Similarities and difference between entrepreneurial ventures................................................4
Impacts of small and micro business......................................................................................6
Contribution of SME’s in economy after Brexit....................................................................7
Skills and traits of successful entrepreneurs...........................................................................9
Importance of entrepreneurial personality helps in business...............................................10
Effects of background and experience on entrepreneurships...............................................10
Conclusion............................................................................................................................11
Reference List.......................................................................................................................11
2 | P a g e

Introduction
Entrepreneurship has helped in economic growth for various countries such as China and the
South Asian nations. The growth of small business and business start-ups has helped in the
economic progress of the countries and reduction in the level of poverty by the countries that
has promoted entrepreneurship. Hence the UK government is also promoting the idea of
entrepreneurship after ‘Brexit' for economic growth. In this research report, the researcher
acts as a consultant and discusses the opportunities the entrepreneurs have in the UK and
what the barriers the start-ups face. The different types of entrepreneur ventures, as well as
their relationships, are discussed. All the different forms of entrepreneurial ventures have
certain similarities and some differences which are also discussed. The limitations the
entrepreneurs face and also how the personals influence the motivational of the entrepreneur
is elaborately explained. Entrepreneurship appeared to be successful in some countries and
also help in income distribution along with increasing employment and government
infrastructures. The government revenues also increased in the form of taxes or foreign
exchange rates by supporting trading between natures. This report highlights the impacts of
small business on the UK economy and some examples of successful entrepreneurs.
Methodology
The researcher explains the following report as a consultant to an entrepreneur. The
evaluation of the success of other SMEs is discussed. Secondary data is used for preparing
this report. Examples and information from websites, journals, and books are collected to
discuss the effect of entrepreneurship in the economy. The method is qualitative and many
pieces of evidence of successful companies are highlighted.
The different types of Entrepreneur ventures and their relation
Entrepreneurs are individuals who prefer to run a business on their own by taking the risks
existing in an economy. The people take initiatives to run small businesses and enjoy the
benefits of those businesses. The entrepreneurs are the decision maker of their own business I
respect to the production and supply of good and services. The capital initially invested is
risky and profit or loss is shared within that small business. The ideas through which the
small business is setup are innovative and the process of designing along with channelizing
the new ideas in the form of business by an entrepreneur is called entrepreneurship. Through
entrepreneurship, the entrepreneurs get the freedom to work with different and unique ideas.
3 | P a g e

There are different types of entrepreneurial ventures and the characteristics of each are
different. There may be small entrepreneurships which may be developing for daily purposes.
There may be travel agents, small grocery shops, beauty parlours, consultants or etc. the
profits earned are self-sufficient and provides almost 50% self-employment opportunities in
the economy (Fairlie and Holleran, 2012). The other type is scalable start-up entrepreneurship
where the investments are made to open a company based on some visions. Financial
investors such as the venture capitalists may invest if they find the ideas interesting and the
business operations are based on some model. Funding is done through loans from some
financial institution or through some family or friends. Such start-ups are based on
innovations and have been successful in the areas such as Silicon valley, New York, South
Asian regions such as Bangalore, Israel, Shanghai which attracts risk capitals. Another type
of entrepreneurship is large companies. They have greater hold in the market however the life
cycles are finite. Along with the change in consumers tastes and preferences or demands the
innovations related to the products shall also change. Change in technologies requires
changes in innovations to introduce new products in the market. Another type of
entrepreneurship is Social in nature. Social entrepreneur’s tries to make the economy a better
place and hence focuses on producing goods and services that might benefit the society.
However, there exists the different type of entrepreneurs depending on the mindset of the
individuals. The past studies have explained the various topologies in entrepreneurs. There is
an entrepreneur who is always sceptical and links the success of a business with luck and
destiny. There is also craftsman entrepreneur or an opportunist’s entrepreneur. Miles and
Snow state there are four types of entrepreneurs such as prospector, Follower, innovator and a
reactor (Zhao et al. 2010). The conceptualisation of the ventures helps in distinguishing the
entrepreneurship. Entrepreneurs can be also a female or a male entrepreneur, a social or a
serial entrepreneur and depend on the capabilities of taking risks the ventures typologies vary.
The typology consists of a research entrepreneur where the individual always researches
news strategies on any scenario and capital risks are involved. Such research and learning
lead to the success of the start-ups. A social entrepreneur invests in ventures that would help
the society and are determined towards the success of the projects. The finnCapp is one of the
successful ventures in the UK that has contributed largely to the countries GDP.
4 | P a g e