Impact of micro and small business on the economy

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................3
P1. Examine different types of entrepreneurial ventures and its relation with typology of
entrepreneurship..........................................................................................................................3
P2. Similarities and differences between entrepreneurial Ventures ...........................................4
TASK 2............................................................................................................................................6
P3. Interpret data and statistics to illustrate impact of micro and small business on the
economy. ....................................................................................................................................6
P4. Importance of small businesses and start ups in society growth after Brexit.......................7
TASK 3............................................................................................................................................8
P5. Mini Research to determine characteristics, traits and skills of entrepreneurs.....................8
P6. Aspects of entrepreneurial personality that reflect entrepreneurial motivation and mindset
.....................................................................................................................................................9
P7. Background and Experience that hinder or foster entrepreneurship ..................................10
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship refers to an business activity carried by businessperson to carry out
process in effective and efficient manner. It is concerned with emerging with new and fresh ideas
into market place. They basically focus on set target and work accordingly. Every business
combine with number of factors of production like labour, land, capital and other types of
resources of distinct nature. Moreover, it operates in small scale having limited number of
capital. This assignment highlights the case of various number of small businesses that were
created after Brexit in UK. There are number of entrepreneurship business which are different
from each other on particular basis (Ackermann, 2012). On the other hand, there are number of
factors that are present internally or externally which have huge impact on business operations.
All these aspects are included in this report. Hence, to run business it is necessary for
entrepreneurs to possess certain attribute or characteristics which make them successful
businessman in future. UK government is making lot of initiatives and plans to encourage the
process for post 'Brexit' to germinate and develop economy in sustainable manner. They are also
providing assistance in carrying out such business in proper and suitable way.
TASK 1
P1. Examine different types of entrepreneurial ventures and its relation with typology of
entrepreneurship
Ventures are something that is set up in response to some innovative ideas and creation.
They are targeted to some set goals and objectives. Their basic aim to earn huge profits and
sustain high growth in already established market place.
Entrepreneur refers to a people to whom new thoughts and ideas of initiating some
process different from others is raised. It is their responsibility to manage all resources in
significant manner so that their ultimate goals can be achieved. They have to be prepared
themselves for facing any risks that may arise during business life (Blackburn and Hart, 2013).
There are various types of Entrepreneurial undertakings that are discussed below:
Large scale entrepreneur: As the name suggests they deal in large scale operational
business involving huge amount of capital and resources. Hence, their transactions are carried in
different manner as compared to small sized business.

Small scale business: It is carried out by single person who initiate their plan in specific
period of time. In society there are number of general stores, plumber and carpenter shop,
tourism agency, all these are included in small scale enterprises. In accordance to UK data it is
find out that there are around 5.5 million small scale business. The basic characteristic associated
with this enterprise is that these carry out their business through hiring own family members so
that labour changers can be saved. They take loans either from banks or use their own savings.
Social enterprises: These type of organisations focus on providing social services to
people of society. They execute work voluntarily to carry out some society welfare activities.
They want to contribute their services towards society where they are living. It comprises of non
cooperative enterprises that may play different functions related to imparting education, helping
poor people etc.
Start up business: It refers to opening a new venture that is not been initiated by anyone
else, that is why it is known as start up business. They take aid from various investors who invest
in them to carry out operations. They focus on grabbing number of opportunities that are present
in business environment and control threats in effective manner.
Relationship of topologies with entrepreneurship:
There are number of topology that are related with entrepreneurs some are discussed below:
Social entrepreneurs: They perform their tasks for society upliftment whether it is
related with education, food security, health safety of poor people etc. they basically work on
non profit criteria (Bruton, 2010).
Female entrepreneurs: Under this, females carry out business of their own. They work
as an individual businessman, where they handle their obstacles and risks that get arise in future
time. One of the best example of female entrepreneurship business is Oprah Winfrey, which is a
film production company.
Serial Entrepreneur: In this type of business, single person generate thought of running
a new business and after sometime, handover to some other person and continue the same
process (Preuss, 2011).
P2. Similarities and differences between entrepreneurial Ventures
Every business which is carried out in society is somewhat similar and different on
various grounds, which is mentioned below: